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10-Q Filing

PLAINS GP HOLDINGS LP CIK: 1581990 Q1 2021
Filing Information
Form Type 10-Q
Accession Number 0001581990-21-000013
Period End Date 20210331
Filing Date 20210510
Fiscal Year 2021
Fiscal Period Q1
XBRL Instance pagp-20210331_htm.xml
Balance Sheet 60 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $25.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $32.00M USD Point-in-time
Restricted cash RestrictedCashCurrent $26.00M USD Point-in-time
Restricted cash RestrictedCashCurrent $38.00M USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $2.55B USD Point-in-time
Trade accounts receivable and other receivables, net ReceivablesNetCurrent $3.40B USD Point-in-time
Inventory InventoryNet $647.00M USD Point-in-time
Inventory InventoryNet $484.00M USD Point-in-time
Other current assets OtherAssetsCurrent $483.00M USD Point-in-time
Other current assets OtherAssetsCurrent $405.00M USD Point-in-time
Total current assets AssetsCurrent $4.43B USD Point-in-time
Total current assets AssetsCurrent $3.67B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentGross $18.62B USD Point-in-time
PROPERTY AND EQUIPMENT PropertyPlantAndEquipmentGross $18.75B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $4.00B USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $4.16B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $14.62B USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $14.59B USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $3.78B USD Point-in-time
Investments in unconsolidated entities EquityMethodInvestments $3.76B USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $1.44B USD Point-in-time
Deferred tax asset DeferredIncomeTaxAssetsNet $1.41B USD Point-in-time
Linefill and base gas LinefillAndBaseGas $982.00M USD Point-in-time
Linefill and base gas LinefillAndBaseGas $983.00M USD Point-in-time
Long-term operating lease right-of-use assets, net OperatingLeaseRightOfUseAsset $378.00M USD Point-in-time
Long-term operating lease right-of-use assets, net OperatingLeaseRightOfUseAsset $361.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $178.00M USD Point-in-time
Long-term inventory InventoryNoncurrent $130.00M USD Point-in-time
Other long-term assets, net OtherAssetsNoncurrent $965.00M USD Point-in-time
Other long-term assets, net OtherAssetsNoncurrent $1.02B USD Point-in-time
Total assets Assets $25.95B USD Point-in-time
Total assets Assets $26.75B USD Point-in-time
Trade accounts payable AccountsPayableTradeCurrent $2.42B USD Point-in-time
Trade accounts payable AccountsPayableTradeCurrent $3.40B USD Point-in-time
Short-term debt DebtCurrent $831.00M USD Point-in-time
Short-term debt DebtCurrent $254.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $1.03B USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $999.00M USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.68B USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.25B USD Point-in-time
Senior notes, net SeniorLongTermNotes $9.07B USD Point-in-time
Senior notes, net SeniorLongTermNotes $9.07B USD Point-in-time
Other long-term debt, net OtherLongTermDebtNoncurrent $311.00M USD Point-in-time
Other long-term debt, net OtherLongTermDebtNoncurrent $265.00M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $317.00M USD Point-in-time
Long-term operating lease liabilities OperatingLeaseLiabilityNoncurrent $303.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $928.00M USD Point-in-time
Other long-term liabilities and deferred credits OtherLiabilitiesNoncurrent $807.00M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $10.57B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $10.51B USD Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 10) CommitmentsAndContingencies - USD Point-in-time
COMMITMENTS AND CONTINGENCIES (NOTE 10) CommitmentsAndContingencies - USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $9.73B USD Point-in-time
Noncontrolling interests PartnersCapitalAttributableToNoncontrollingInterest $9.98B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.50B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.48B USD Point-in-time
Total partners capital PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $25.95B USD Point-in-time
Total liabilities and partners capital LiabilitiesAndStockholdersEquity $26.75B USD Point-in-time
Income Statement 40 line items
Line Item Tag Value Unit Period
Interest expense, capitalized interest InterestCostsCapitalized $5.00M USD 1 Quarter
Interest expense, capitalized interest InterestCostsCapitalized $6.00M USD 1 Quarter
Total revenues Revenues $8.38B USD 1 Quarter
Total revenues Revenues $8.27B USD 1 Quarter
Purchases and related costs CostOfGoodsAndServicesSold $7.37B USD 1 Quarter
Purchases and related costs CostOfGoodsAndServicesSold $7.39B USD 1 Quarter
Field operating costs OperatingCostsAndExpenses $219.00M USD 1 Quarter
Field operating costs OperatingCostsAndExpenses $304.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $68.00M USD 1 Quarter
General and administrative expenses GeneralAndAdministrativeExpense $70.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $178.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $169.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $-2.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $-619.00M USD 1 Quarter
Goodwill impairment losses GoodwillImpairmentLoss $2.52B USD 1 Quarter
Goodwill impairment losses GoodwillImpairmentLoss - USD 1 Quarter
Total costs and expenses CostsAndExpenses $11.04B USD 1 Quarter
Total costs and expenses CostsAndExpenses $7.86B USD 1 Quarter
OPERATING INCOME/(LOSS) OperatingIncomeLoss $524.00M USD 1 Quarter
OPERATING INCOME/(LOSS) OperatingIncomeLoss $-2.77B USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $110.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $88.00M USD 1 Quarter
Gain on/(impairment of) investments in unconsolidated entities, net GainOnImpairmentOfInvestmentsInUnconsolidatedEntitiesNet - USD 1 Quarter
Gain on/(impairment of) investments in unconsolidated entities, net GainOnImpairmentOfInvestmentsInUnconsolidatedEntitiesNet $-22.00M USD 1 Quarter
Interest expense (net of capitalized interest of $5 and $6, respectively) InterestExpense $108.00M USD 1 Quarter
Interest expense (net of capitalized interest of $5 and $6, respectively) InterestExpense $107.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-31.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-60.00M USD 1 Quarter
INCOME/(LOSS) BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $445.00M USD 1 Quarter
INCOME/(LOSS) BEFORE TAX IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-2.83B USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $1.00M USD 1 Quarter
Current income tax expense CurrentIncomeTaxExpenseBenefit $6.00M USD 1 Quarter
Deferred income tax (expense)/benefit DeferredIncomeTaxExpenseBenefit $52.00M USD 1 Quarter
Deferred income tax (expense)/benefit DeferredIncomeTaxExpenseBenefit $-140.00M USD 1 Quarter
NET INCOME/(LOSS) ProfitLoss $392.00M USD 1 Quarter
NET INCOME/(LOSS) ProfitLoss $-2.69B USD 1 Quarter
Net (income)/loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $-2.11B USD 1 Quarter
Net (income)/loss attributable to noncontrolling interests NetIncomeLossAttributableToNoncontrollingInterest $322.00M USD 1 Quarter
NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP NetIncomeLoss $-581.00M USD 1 Quarter
NET INCOME/(LOSS) ATTRIBUTABLE TO PAGP NetIncomeLoss $70.00M USD 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income/(loss) ProfitLoss $392.00M USD 1 Quarter
Net income/(loss) ProfitLoss $-2.69B USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $178.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $169.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $-2.00M USD 1 Quarter
(Gains)/losses on asset sales and asset impairments, net GainLossOnSalesOfAssetsAndAssetImpairmentCharges $-619.00M USD 1 Quarter
Goodwill impairment losses GoodwillImpairmentLoss $2.52B USD 1 Quarter
Goodwill impairment losses GoodwillImpairmentLoss - USD 1 Quarter
Inventory valuation adjustments InventoryWriteDown $232.00M USD 1 Quarter
Inventory valuation adjustments InventoryWriteDown - USD 1 Quarter
Deferred income tax expense/(benefit) DeferredIncomeTaxExpenseBenefit $52.00M USD 1 Quarter
Deferred income tax expense/(benefit) DeferredIncomeTaxExpenseBenefit $-140.00M USD 1 Quarter
(Gain)/loss on foreign currency revaluation ForeignCurrencyTransactionGainLossBeforeTax $-46.00M USD 1 Quarter
(Gain)/loss on foreign currency revaluation ForeignCurrencyTransactionGainLossBeforeTax $8.00M USD 1 Quarter
Change in fair value of Preferred Distribution Rate Reset Option (Note 8) EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet $-67.00M USD 1 Quarter
Change in fair value of Preferred Distribution Rate Reset Option (Note 8) EmbeddedDerivativeGainLossOnEmbeddedDerivativeNet $26.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $110.00M USD 1 Quarter
Equity earnings in unconsolidated entities IncomeLossFromEquityMethodInvestments $88.00M USD 1 Quarter
Distributions on earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $125.00M USD 1 Quarter
Distributions on earnings from unconsolidated entities EquityMethodInvestmentDividendsOrDistributions $110.00M USD 1 Quarter
(Gain on)/impairment of investments in unconsolidated entities, net GainOnImpairmentOfInvestmentsInUnconsolidatedEntitiesNet - USD 1 Quarter
(Gain on)/impairment of investments in unconsolidated entities, net GainOnImpairmentOfInvestmentsInUnconsolidatedEntitiesNet $-22.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-1.00M USD 1 Quarter
Other OtherNoncashIncomeExpense $-14.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions IncreaseDecreaseInOperatingCapital $-70.00M USD 1 Quarter
Changes in assets and liabilities, net of acquisitions IncreaseDecreaseInOperatingCapital $-128.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $889.00M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $789.00M USD 1 Quarter
Cash paid in connection with acquisitions, net of cash acquired PaymentsToAcquireBusinessesAndInterestInAffiliates $308.00M USD 1 Quarter
Cash paid in connection with acquisitions, net of cash acquired PaymentsToAcquireBusinessesAndInterestInAffiliates - USD 1 Quarter
Investments in unconsolidated entities CapitalContributionsToEquityMethodInvestees $147.00M USD 1 Quarter
Investments in unconsolidated entities CapitalContributionsToEquityMethodInvestees $35.00M USD 1 Quarter
Additions to property, equipment and other PaymentsToAcquirePropertyPlantAndEquipment $245.00M USD 1 Quarter
Additions to property, equipment and other PaymentsToAcquirePropertyPlantAndEquipment $97.00M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets $104.00M USD 1 Quarter
Proceeds from sales of assets ProceedsFromSaleOfProductiveAssets $21.00M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $14.00M USD 1 Quarter
Other investing activities PaymentsForProceedsFromOtherInvestingActivities $-3.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-610.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-108.00M USD 1 Quarter
Net repayments under PAA commercial paper program (Note 6) ProceedsFromRepaymentsOfCommercialPaper $-93.00M USD 1 Quarter
Net repayments under PAA commercial paper program (Note 6) ProceedsFromRepaymentsOfCommercialPaper $-410.00M USD 1 Quarter
Net borrowings/(repayments) under PAA senior secured hedged inventory facility (Note 6) NetProceedsFromRepaymentsOfHedgedInventoryFacility $-166.00M USD 1 Quarter
Net borrowings/(repayments) under PAA senior secured hedged inventory facility (Note 6) NetProceedsFromRepaymentsOfHedgedInventoryFacility $89.00M USD 1 Quarter
Distributions paid to Class A shareholders (Note 7) DistributionMadeToLimitedPartnerCashDistributionsPaid $66.00M USD 1 Quarter
Distributions paid to Class A shareholders (Note 7) DistributionMadeToLimitedPartnerCashDistributionsPaid $35.00M USD 1 Quarter
Distributions paid to noncontrolling interests (Note 7) PaymentsOfDividendsMinorityInterest $233.00M USD 1 Quarter
Distributions paid to noncontrolling interests (Note 7) PaymentsOfDividendsMinorityInterest $138.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $112.00M USD 1 Quarter
Other financing activities ProceedsFromPaymentsForOtherFinancingActivities $63.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-686.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-191.00M USD 1 Quarter
Effect of translation adjustment EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-10.00M USD 1 Quarter
Effect of translation adjustment EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents - USD 1 Quarter
Net increase/(decrease) in cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-5.00M USD 1 Quarter
Net increase/(decrease) in cash and cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $78.00M USD 1 Quarter
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $84.00M USD Point-in-time
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $63.00M USD Point-in-time
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $162.00M USD Point-in-time
Cash and cash equivalents and restricted cash, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $58.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $84.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $63.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $162.00M USD Point-in-time
Cash and cash equivalents and restricted cash, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $58.00M USD Point-in-time
Interest, net of amounts capitalized InterestPaidNet $65.00M USD 1 Quarter
Interest, net of amounts capitalized InterestPaidNet $65.00M USD 1 Quarter
Income taxes, net of amounts refunded IncomeTaxesPaidNet $51.00M USD 1 Quarter
Income taxes, net of amounts refunded IncomeTaxesPaidNet $24.00M USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.50B USD Point-in-time
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.48B USD Point-in-time
Beginning balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Net income/(loss) ProfitLoss $392.00M USD 1 Quarter
Net income/(loss) ProfitLoss $-2.69B USD 1 Quarter
Distributions (Note 7) PartnersCapitalAccountDistributions $311.00M USD 1 Quarter
Distributions (Note 7) PartnersCapitalAccountDistributions $185.00M USD 1 Quarter
Deferred tax asset PartnersCapitalDeferredTaxAsset $20.00M USD 1 Quarter
Deferred tax asset PartnersCapitalDeferredTaxAsset $-7.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTax $108.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTax $-327.00M USD 1 Quarter
Contributions from noncontrolling interests ProceedsFromContributionsFromNoncontrollingInterests $1.00M USD 1 Quarter
Contributions from noncontrolling interests ProceedsFromContributionsFromNoncontrollingInterests $8.00M USD 1 Quarter
Other PartnersCapitalOther - USD 1 Quarter
Other PartnersCapitalOther $3.00M USD 1 Quarter
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.50B USD Point-in-time
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $14.48B USD Point-in-time
Ending balance PartnersCapitalIncludingPortionAttributableToNoncontrollingInterest $11.19B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income/(loss) ProfitLoss $392.00M USD 1 Quarter
Net income/(loss) ProfitLoss $-2.69B USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTax $108.00M USD 1 Quarter
Other comprehensive income/(loss) OtherComprehensiveIncomeLossNetOfTax $-327.00M USD 1 Quarter
Comprehensive income/(loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $-3.02B USD 1 Quarter
Comprehensive income/(loss) ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest $500.00M USD 1 Quarter
Comprehensive (income)/loss attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $401.00M USD 1 Quarter
Comprehensive (income)/loss attributable to noncontrolling interests ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest $-2.36B USD 1 Quarter
Comprehensive income/(loss) attributable to PAGP ComprehensiveIncomeNetOfTax $-663.00M USD 1 Quarter
Comprehensive income/(loss) attributable to PAGP ComprehensiveIncomeNetOfTax $99.00M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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