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Property, Plant and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment and Accumulated Depreciation | The historical costs of our property, plant and equipment and related balances were as follows at the dates indicated:
| Estimated Useful Life |  | December 31,
| in Years |  | 2024 |  | 2023
Plants, pipelines and facilities (1)(5) | 3-45 |  | $ | 60,716 |  | $ | 57,983
Underground and other storage facilities (2)(6) | 5-40 |  |  | 4,704 |  |  | 4,401
Transportation equipment (3) | 3-10 |  |  | 272 |  |  | 242
Marine vessels (4) | 15-30 |  |  | 949 |  |  | 935
Land |  |  |  | 424 |  |  | 411
Construction in progress |  |  |  | 4,138 |  |  | 2,245
Subtotal |  |  |  | 71,203 |  |  | 66,217
Less accumulated depreciation |  |  |  | 22,330 |  |  | 20,462
Subtotal property, plant and equipment, net |  |  |  | 48,873 |  |  | 45,755
Capitalized major maintenance costs for reaction-based plants, net of accumulated amortization (7) |  |  |  | 189 |  |  | 49
Property, plant and equipment, net |  |  | $ | 49,062 |  | $ | 45,804
(1) | Plants, pipelines and facilities include distillation-based and reaction-based 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: distillation-based and reaction-based 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.
(7) | For reaction-based plants, we use the deferral method when accounting for major maintenance activities. Under the deferral method, major maintenance costs are capitalized and amortized over the period until the next major overhaul project. On a weighted-average basis, the expected remaining amortization period for these costs is 3.4 years.
Depreciation and Capitalized Interest | The following table summarizes our depreciation expense and capitalized interest amounts for the years indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Depreciation expense (1) |  | $ | 1,974 |  |  | $ | 1,860 |  |  | $ | 1,779 |
Capitalized interest (2) |  |  | 121 |  |  |  | 106 |  |  |  | 90 |
(1) | Depreciation expense is a component of “Third party and other costs” within “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.
AROs | The following table presents information regarding our AROs for the years indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
ARO liability beginning balance |  | $ | 225 |  |  | $ | 234 |  |  | $ | 176 |
Liabilities incurred (1) |  |  | 1 |  |  |  | 5 |  |  |  | 20 |
Revisions in estimated cash flows (2) |  |  | 30 |  |  |  | (12 | ) |  |  | 30 |
Liabilities settled (3) |  |  | (4 | ) |  |  | (13 | ) |  |  | (10 | )
Accretion expense (4) |  |  | 13 |  |  |  | 11 |  |  |  | 18 |
ARO liability ending balance |  | $ | 265 |  |  | $ | 225 |  |  | $ | 234 |
(1) | Represents the initial recognition of estimated ARO liabilities during the period.
(2) | Represents subsequent adjustments to estimated ARO liabilities during the period.
(3) | Represents cash payments to settle ARO liabilities during the period.
(4) | Represents net change in ARO liability balance attributable to the passage of time and other adjustments, including true-up amounts associated with revised closure estimates.
The following table presents our forecast of ARO-related accretion expense for the years indicated:
2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |
$ | 15 |  |  | $ | 16 |  |  | $ | 17 |  |  | $ | 18 |  |  | $ | 19 |
Impairments of Property, Plant and Equipment | The following table presents our non-cash asset impairment charges involving property, plant and equipment by business segment for the years indicated:
|  | For the Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
NGL Pipelines & Services |  | $ | 28 |  |  | $ | 12 |  |  | $ | 23 |
Crude Oil Pipelines & Services |  |  | – |  |  |  | 1 |  |  |  | 3 |
Natural Gas Pipelines & Services |  |  | 7 |  |  |  | 5 |  |  |  | 6 |
Petrochemical & Refined Products Services |  |  | 15 |  |  |  | 2 |  |  |  | 9 |
Total impairment charges for property, plant and equipment |  | $ | 50 |  |  | $ | 20 |  |  | $ | 41 |

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