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Acquisitions, Divestitures and Other Transactions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of assets acquired and liabilities assumed | The following table reflects our determination of the fair value of those assets and liabilities (in millions):
Identifiable Assets Acquired and Liabilities Assumed: |  | Estimated Useful Lives (in years) |  | Recognized Amount
Property and equipment |  | 3-50 |  | $ | 1,174 |
Intangible assets |  | 20 |  | 428 |
Working capital and other assets and liabilities |  | N/A |  | (46) |
|  |  |  | $ | 1,556 |
The following table reflects our determination of the fair value of those assets and liabilities (in millions):
Identifiable Assets Acquired and Liabilities Assumed |  | Estimated Useful Lives (in years) |  | Recognized Amount
Property and equipment |  | 3-30 |  | $ | 1,886 |
Intangible assets |  | 20 |  | 1,247 |
Investment in unconsolidated entities |  | N/A |  | 103 |
Working capital and other assets and liabilities |  | N/A |  | (6) |
|  |  |  | $ | 3,230 |
Schedule of amortization expense | Amortization expense was approximately $13 million during the year ended December 31, 2022, and the future amortization expense through 2027 is estimated as follows (in millions):
2023 |  |  |  | $ | 61 |
2024 |  |  |  | $ | 51 |
2025 |  |  |  | $ | 47 |
2026 |  |  |  | $ | 32 |
2027 |  |  |  | $ | 32 |
Amortization expense was approximately $142 million and $28 million during the years ended December 31, 2022 and 2021, respectively, and the future amortization expense through 2026 is estimated as follows (in millions):
2023 |  |  |  | $ | 138 |
2024 |  |  |  | $ | 127 |
2025 |  |  |  | $ | 117 |
2026 |  |  |  | $ | 106 |
Schedule of partners' capital | The following table presents the amounts recognized in partners’ capital associated with this transaction (in millions):
|  |  |  | Recognized Amount
Noncontrolling interests |  |  |  | $ | 2,635 |
Partners’ capital, excluding noncontrolling interests |  |  |  | 595 |
|  |  |  | $ | 3,230 |
Schedule of modified revenue sharing arrangement | Under the MSA, distributions will be allocated as follows (in millions):
|  | Available Cash |  | Distributions Percentages
Tier |  | Annualized |  | PAA |  | Oryx
1 |  | Up to $300 |  | 50% |  | 50%
2 |  | $300 - $428 |  | 100% |  | —%
3 |  | $428 - $815 |  | 65% |  | 35%
4 |  | $815 and above |  | 70% |  | 30%
Pro forma information | These results are not necessarily indicative of the results that might have actually occurred had the merger taken place on January 1, 2020; furthermore, this financial information is not intended to be a projection of future results (in millions, except per unit amounts):
| Year ended December 31,
| 2021 |  | 2020
Total revenues | $ | 42,359 |  |  | $ | 23,536 |
Net income/(loss) attributable to PAA | $ | 524 |  |  | $ | (2,898) |
Net income/(loss) allocated to common unitholders | $ | 324 |  |  | $ | (3,098) |
Basic and diluted net income/(loss) per common unit | $ | 0.45 |  |  | $ | (4.26) |

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