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Compensation Related Costs, Retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Defined Benefit Plans Disclosures | The changes in the benefit obligation, the changes in fair value of plan assets, the funded status and the amounts recognized in the consolidated balance sheets for our Pension Plans and other postretirement benefit plans as of December 31, 2024 were as follows:
| Pension Plans |  | Other Postretirement Benefit Plans
Change in benefit obligation: |  |  |
Benefit obligation at beginning of period | $ | — |  |  | $ | — |
NuStar acquisition | 152 |  |  | 12 |
Service cost | 1 |  |  | — |
Interest cost | 5 |  |  | 1 |
Plan amendments | — |  |  | (11) |
Benefits paid, net | (36) |  |  | — |
Actuarial loss and other | 15 |  |  | (1) |
Benefit obligation at end of period | 137 |  |  | 1 |
Change in plan assets: |  |  |
Fair value of plan assets at beginning of period | $ | — |  |  | $ | — |
NuStar acquisition | 178 |  |  | — |
Actual return on plan assets | 12 |  |  | — |
Employer contributions | 5 |  |  | — |
Benefits paid, net | (35) |  |  | — |
Fair value of plan assets at end of period | 160 |  |  | — |
Amount underfunded (overfunded) at end of period | $ | (23) |  |  | $ | 1 |
| Pension Plans |  | Other Postretirement Benefit Plans
Amounts recognized in the consolidated balance sheets consist of: |  |  |
Non-current assets | $ | 24 |  |  | $ | — |
Current liabilities | (1) |  |  | (1) |
| $ | 23 |  |  | $ | (1) |
Amounts recognized in accumulated other comprehensive income (pre-tax basis) consist of: |  |  |
Net actuarial loss | $ | (9) |  |  | $ | — |
Prior service credit | — |  |  | 11 |
| $ | (9) |  |  | $ | 11 |
Schedule of Net Benefit Costs | The components of net periodic benefit cost for the p eriod from the NuStar acquisition (May 3, 2024) to December 31, 2024 related to our Pension Plans and other postretirement benefit plans were as follows:
| Pension Plans |  | Other Postretirement Benefit Plans
Net periodic benefit cost: |  |  |
Service cost | $ | 1 |  |  | $ | — |
Interest cost | 5 |  |  | 1 |
Expected return on plan assets | (8) |  |  | — |
Settlement charge | 2 |  |  | — |
Net periodic benefit cost | $ | — |  |  | $ | 1 |
Schedule of Changes in Fair Value of Plan Assets | The major classes of plan assets measured at fair value for the Pension Plan at December 31, 2024 were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Cash equivalent securities | $ | 80 |  |  | $ | — |  |  | $ | — |  |  | $ | 80 |
Investment trusts(1) | — |  |  | 44 |  |  | — |  |  | 44 |
Fixed income securities | 36 |  |  | — |  |  | — |  |  | 36 |
Total | $ | 116 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 160 |
(1) Includes long-term and intermediate credit bonds.
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the components of AOCI, net of tax:
| December 31, 2024 |  | December 31, 2023
Foreign currency translation adjustment | $ | (1) |  |  | $ | — |
Actuarial gains related to pensions and other postretirement benefits | 3 |  |  | — |
Total accumulated other comprehensive income included in partners’ capital, net of tax | $ | 2 |  |  | $ | — |
Schedule of Expected Benefit Payments | As of December 31, 2024, the following benefit payments were expected to be paid for the years ending December 31:
| Pension Plans |  | Other Postretirement Benefit Plans
2025 | $ | 71 |  |  | $ | 1 |
2026 | 3 |  |  | — |
2027 | 3 |  |  | — |
2028 | 3 |  |  | — |
2029 | 4 |  |  | — |
2030-2034 | 19 |  |  | — |
Defined Benefit Plan, Assumptions | The weighted-average assumptions used to determine the benefit obligations at December 31, 2024 were as follows:
| Pension Plans |  | Other Postretirement Benefit Plans
Discount rate | 5.46 | % |  | 5.64 | %
Rate of compensation increase | n/a |  | n/a
Cash balance interest crediting rate | 2.59 | % |  | n/a
The weighted-average assumptions used to determine the net periodic benefit cost for the period from acquisition to December 31, 2024 related to o ur Pension Plans and other postretirement benefit plans were as follows:
| Pension Plans |  | Other Postretirement Benefit Plans
Discount rate | 5.76 | % |  | 5.74 | %
Expected long-term rate of return on plan assets | 6.75 | % |  | n/a
Rate of compensation increase | n/a |  | n/a
Cash balance interest crediting rate | 4.26 | % |  | n/a

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