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Commitments and Contingent Liabilities | 9 Months Ended
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Sep. 30, 2024
Commitments and Contingencies [Abstract] |
Commitments and Contingencies | Note 16. Commitments and Contingent Liabilities Litigation As part of our normal business activities, we may be named as defendants in legal proceedings, including those arising from regulatory and environmental matters. Although we are insured against various risks to the extent we believe it is prudent, there is no assurance that the nature and amount of such insurance will be adequate, in every case, to fully indemnify us against losses arising from future legal proceedings. We will vigorously defend the Partnership in litigation matters. There were no accruals for litigation contingencies at September 30, 2024 and December 31, 2023, respectively. Contractual Obligations Scheduled Maturities of Debt We have long-term and short-term payment obligations under debt agreements. In total, the principal amount of our consolidated debt obligations were $32.2 billion and $29.0 billion at September 30, 2024 and December 31, 2023, respectively. See Note 7 for additional information regarding our scheduled future maturities of debt principal. Lease Accounting Matters There has been no significant change in our operating lease obligations since those disclosed in the 2023 Form 10-K. The following table presents information regarding operating leases where we are the lessee at September 30, 2024:
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 | $ | 191 |  | $ | 191 |  | 8 years |  | 4.5%
Transportation equipment |  | 46 |  |  | 47 |  | 4 years |  | 4.8%
Office and warehouse space |  | 172 |  |  | 207 |  | 12 years |  | 3.4%
Total | $ | 409 |  | $ | 445 |  |  |  |
(1) | Right of use (“ROU”) asset amounts are a component of “Other assets” on our Unaudited Condensed Consolidated Balance Sheet.
(2) | At September 30, 2024, lease liabilities of $95 million and $350 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 of either (i) the implicit rate applicable to the underlying leases (where determinable) or (ii) our incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable). In general, the discount rates are based on either information available at the lease commencement date or January 1, 2019 for leases existing at the adoption date for ASC 842, Leases.
The following table disaggregates our total operating lease expense for the periods indicated:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Long-term operating leases: |  |  |  |  |  |  |  |  |  |  |  |
Fixed lease expense: |  |  |  |  |  |  |  |  |  |  |  |
Non-cash lease expense (amortization of ROU assets) |  | $ | 25 |  |  | $ | 18 |  |  | $ | 68 |  |  | $ | 51 |
Related accretion expense on lease liability balances |  |  | 4 |  |  |  | 4 |  |  |  | 12 |  |  |  | 11 |
Total fixed lease expense |  |  | 29 |  |  |  | 22 |  |  |  | 80 |  |  |  | 62 |
Variable lease expense |  |  | 4 |  |  |  | 3 |  |  |  | 12 |  |  |  | 9 |
Total long-term operating lease expense |  |  | 33 |  |  |  | 25 |  |  |  | 92 |  |  |  | 71 |
Short-term operating leases |  |  | 32 |  |  |  | 30 |  |  |  | 91 |  |  |  | 82 |
Total operating lease expense |  | $ | 65 |  |  | $ | 55 |  |  | $ | 183 |  |  | $ | 153 |
Cash paid for operating lease liabilities was $28 million and $21 million for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, cash paid for operating lease liabilities was $78 million and $62 million, respectively. Operating lease income for each of the three months ended September 30, 2024 and 2023 was $4 million. For the nine months ended September 30, 2024 and 2023, operating lease income was $11 million and $12 million, respectively. Purchase Obligations We have contractual future product purchase commitments for natural gas, NGLs, crude oil, petrochemicals and refined products representing enforceable and legally binding agreements as of the reporting date. Our product purchase commitments decreased from $11.9 billion at December 31, 2023 to $9.0 billion at September 30, 2024 primarily due to commitments that expired during the year.

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