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Property, Plant and Equipment | 3 Months Ended
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Mar. 31, 2019
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Note 4. Property, Plant and Equipment The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated:
|  | Estimated Useful Life in Years |  |  | March 31, 2019 |  |  | December 31, 2018 |
Plants, pipelines and facilities (1) |  | 3-45 (5) |  |  | $ | 44,058.3 |  |  | $ | 42,371.0 |
Underground and other storage facilities (2) |  | 5-40 (6) |  |  |  | 3,703.9 |  |  |  | 3,624.2 |
Transportation equipment (3) |  | 3-10 |  |  |  | 191.2 |  |  |  | 187.1 |
Marine vessels (4) |  | 15-30 |  |  |  | 857.8 |  |  |  | 828.6 |
Land |  |  |  |  |  |  | 365.1 |  |  |  | 359.5 |
Construction in progress |  |  |  |  |  |  | 2,695.3 |  |  |  | 3,526.8 |
Total |  |  |  |  |  |  | 51,871.6 |  |  |  | 50,897.2 |
Less accumulated depreciation |  |  |  |  |  |  | 12,524.1 |  |  |  | 12,159.6 |
Property, plant and equipment, net |  |  |  |  |  | $ | 39,347.5 |  |  | $ | 38,737.6 |
(1)Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets. (2)Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets. (3)Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations. (4)Marine vessels include tow boats, barges and related equipment used in our marine transportation business. (5)In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years. (6)In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years. |
The following table summarizes our depreciation expense and capitalized interest amounts for the periods indicated:
|  | For the Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Depreciation expense (1) |  | $ | 380.6 |  |  | $ | 331.8 |
Capitalized interest (2) |  |  | 36.2 |  |  |  | 58.2 |
(1)Depreciation expense is a component of “Costs and expenses” as presented on our Unaudited Condensed Statements of Consolidated Operations. (2)We capitalize interest costs incurred on funds used to construct property, plant and equipment while the asset is in its construction phase. The capitalized interest is recorded as part of the asset to which it relates and is amortized over the asset’s estimated useful life as a component of depreciation expense. When capitalized interest is recorded, it reduces interest expense from what it would be otherwise. |
Asset Retirement Obligations Property, plant and equipment at March 31, 2019 and December 31, 2018 includes $72.1 million and $72.5 million, respectively, of asset retirement costs capitalized as an increase in the associated long-lived asset. The following table presents information regarding our asset retirement obligations, or AROs, since January 1, 2019:
ARO liability balance, December 31, 2018 |  | $ | 126.3 |
Liabilities incurred |  |  | 0.6 |
Revisions in estimated cash flows |  |  | 0.9 |
Accretion expense |  |  | 2.0 |
ARO liability balance, March 31, 2019 |  | $ | 129.8 |

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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