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Property, Plant and Equipment | 12 Months Ended
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Dec. 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 |  |  | December 31, |
|  | in Years |  |  | 2019 |  |  | 2018 |
Plants, pipelines and facilities (1) |  |  | 3-45 | (5) |  | $ | 47,201.2 |  |  | $ | 42,371.0 |
Underground and other storage facilities (2) |  |  | 5-40 | (6) |  |  | 3,965.5 |  |  |  | 3,624.2 |
Transportation equipment (3) |  |  | 3-10 |  |  |  | 198.9 |  |  |  | 187.1 |
Marine vessels (4) |  |  | 15-30 |  |  |  | 905.9 |  |  |  | 828.6 |
Land |  |  |  |  |  |  | 372.3 |  |  |  | 359.5 |
Construction in progress |  |  |  |  |  |  | 2,641.2 |  |  |  | 3,526.8 |
Total |  |  |  |  |  |  | 55,285.0 |  |  |  | 50,897.2 |
Less accumulated depreciation |  |  |  |  |  |  | 13,681.6 |  |  |  | 12,159.6 |
Property, plant and equipment, net |  |  |  |  |  | $ | 41,603.4 |  |  | $ | 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. We placed a number of major growth projects into service during 2019 including the Shin Oak NGL pipeline, Midland-to-ECHO 2 pipeline, an isobutane dehydrogenation facility, the Mentone and Bulldog natural gas processing plants, and LPG-related expansion projects at our Enterprise Hydrocarbons Terminal.
(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 years indicated:
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Depreciation expense (1) |  | $ | 1,562.6 |  |  | $ | 1,436.2 |  |  | $ | 1,296.1 |
Capitalized interest (2) |  |  | 143.8 |  |  |  | 147.9 |  |  |  | 192.1 |
(1) | Depreciation expense is a component of “Costs and expenses” as presented on our Statements of Consolidated Operations.
(2) | Capitalized interest is a component of “Interest expense” as presented on our Statements of Consolidated Operations.
Asset Retirement Obligations We record AROs in connection with legal requirements to perform specified retirement activities under contractual arrangements and/or governmental regulations. Our contractual AROs primarily result from right-of-way agreements associated with our pipeline operations and property leases associated with our plant sites. In addition, we record AROs in connection with governmental regulations associated with the abandonment or retirement of above-ground brine storage pits and certain marine vessels. We also record AROs in connection with regulatory requirements associated with the renovation or demolition of certain assets containing hazardous substances such as asbestos. We typically fund our AROs using cash flow from operations. Property, plant and equipment at December 31, 2019 and 2018 includes $69.6 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 AROs for the years indicated:
|  | For the Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
ARO liability beginning balance |  | $ | 126.3 |  |  | $ | 86.7 |  |  | $ | 85.4 |
Liabilities incurred |  |  | 5.0 |  |  |  | 24.4 |  |  |  | 4.7 |
Liabilities settled |  |  | (2.3 | ) |  |  | (2.5 | ) |  |  | (2.2 | )
Revisions in estimated cash flows |  |  | (4.8 | ) |  |  | 11.5 |  |  |  | (6.7 | )
Accretion expense |  |  | 7.9 |  |  |  | 6.2 |  |  |  | 5.5 |
ARO liability ending balance |  | $ | 132.1 |  |  | $ | 126.3 |  |  | $ | 86.7 |
The following table presents our forecast of ARO-related accretion expense for the years indicated:
2020 |  |  | 2021 |  |  | 2022 |  |  | 2023 |  |  | 2024 |
$ | 8.2 |  |  | $ | 8.6 |  |  | $ | 9.1 |  |  | $ | 9.6 |  |  | $ | 10.3 |

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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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