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Commitments and Contingent Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2021
Commitments and Contingencies [Abstract] |
Summary of Contractual Obligations | The following table summarizes our various contractual obligations at December 31, 2021. A description of each type of contractual obligation follows:
|  | Payment or Settlement due by Period |
Contractual Obligations |  | Total |  |  | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | Thereafter |
Scheduled maturities of debt obligations |  | $ | 29,821.4 |  |  | $ | 1,400.0 |  |  | $ | 1,250.0 |  |  | $ | 850.0 |  |  | $ | 1,150.0 |  |  | $ | 875.0 |  |  | $ | 24,296.4 |
Estimated cash interest payments |  | $ | 28,488.2 |  |  | $ | 1,272.4 |  |  | $ | 1,232.2 |  |  | $ | 1,194.0 |  |  | $ | 1,152.6 |  |  | $ | 1,118.4 |  |  | $ | 22,518.6 |
Operating lease obligations |  | $ | 471.9 |  |  | $ | 46.3 |  |  | $ | 44.9 |  |  | $ | 40.9 |  |  | $ | 39.3 |  |  | $ | 31.2 |  |  | $ | 269.3 |
Purchase obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product purchase commitments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimated payment obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Natural gas |  | $ | 288.9 |  |  | $ | 72.5 |  |  | $ | 96.2 |  |  | $ | 96.5 |  |  | $ | 23.7 |  |  | $ | – |  |  | $ | – |
NGLs |  | $ | 5,392.2 |  |  | $ | 1,098.3 |  |  | $ | 853.8 |  |  | $ | 745.4 |  |  | $ | 570.8 |  |  | $ | 534.3 |  |  | $ | 1,589.6 |
Crude oil |  | $ | 12,368.2 |  |  | $ | 1,882.8 |  |  | $ | 1,882.9 |  |  | $ | 1,831.9 |  |  | $ | 1,749.1 |  |  | $ | 1,448.4 |  |  | $ | 3,573.1 |
Petrochemicals and refined products |  | $ | 717.8 |  |  | $ | 359.9 |  |  | $ | 230.7 |  |  | $ | 127.2 |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Other |  | $ | 38.0 |  |  | $ | 7.2 |  |  | $ | 7.3 |  |  | $ | 6.7 |  |  | $ | 5.0 |  |  | $ | 5.9 |  |  | $ | 5.9 |
Service payment commitments |  | $ | 239.3 |  |  | $ | 68.7 |  |  | $ | 51.0 |  |  | $ | 20.3 |  |  | $ | 12.9 |  |  | $ | 11.5 |  |  | $ | 74.9 |
Capital expenditure commitments |  | $ | 14.5 |  |  | $ | 14.5 |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |  |  | $ | – |
Operating Leases | The following table presents information regarding operating leases where we are the lessee at December 31, 2021:
Asset Category |  | ROU Asset Carrying Value (1) |  |  | Lease Liability Carrying Value (2) |  | Weighted- Average Remaining Term |  | Weighted- Average Discount Rate (3) |
Storage and pipeline facilities |  | $ | 159.1 |  |  | $ | 159.8 |  | 12 years |  |  | 3.7 | %
Transportation equipment |  |  | 19.6 |  |  |  | 21.1 |  | 2 years |  |  | 2.5 | %
Office and warehouse space |  |  | 166.9 |  |  |  | 194.2 |  | 15 years |  |  | 2.9 | %
Total |  | $ | 345.6 |  |  | $ | 375.1 |  |  |  |  |  |
(1) | ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2) | At December 31, 2021, lease liabilities of $36.3 million and $338.8 million were included within “Other current liabilities” and “Other long-term liabilities,” respectively.
(3) | The discount rate for each category of assets represents the weighted average incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.
Consolidated Lease Expense | The following table disaggregates our total operating lease expense for the years indicated:
|  | For the Year Ended December, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Long-term operating leases: |  |  |  |  |  |  |  |  |
Fixed lease expense: |  |  |  |  |  |  |  |  |
Non-cash lease expense (amortization of ROU assets) |  | $ | 40.6 |  |  | $ | 39.0 |  |  | $ | 42.8 |
Related accretion expense on lease liability balances |  |  | 12.2 |  |  |  | 13.0 |  |  |  | 9.0 |
Total fixed lease expense |  |  | 52.8 |  |  |  | 52.0 |  |  |  | 51.8 |
Variable lease expense |  |  | 1.1 |  |  |  | 0.2 |  |  |  | 6.2 |
Subtotal operating lease expense |  |  | 53.9 |  |  |  | 52.2 |  |  |  | 58.0 |
Short-term operating leases |  |  | 54.5 |  |  |  | 49.8 |  |  |  | 48.6 |
Total operating lease expense |  | $ | 108.4 |  |  | $ | 102.0 |  |  | $ | 106.6 |
Schedule of Other Liabilities | The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Noncurrent portion of AROs (see Note 4) |  | $ | 159.0 |  |  | $ | 137.6 |
Deferred revenues – non-current portion (see Note 9) |  |  | 249.5 |  |  |  | 198.2 |
Lease liability – non-current portion |  |  | 338.8 |  |  |  | 320.8 |
Derivative liabilities |  |  | 1.5 |  |  |  | 17.2 |
Other |  |  | 11.2 |  |  |  | 12.8 |
Total |  | $ | 760.0 |  |  | $ | 686.6 |

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