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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table sets forth our property, plant and equipment by property type, as of the dates indicated:
|  | Estimated Useful Lives (Years) |  | December 31, 2023 |  | December 31, 2022 |  |
|  |  |  | (Millions of dollars)
Gathering pipelines and related equipment |  | 5 to 40 |  | $ | 5,077 |  |  | $ | 4,667 |  |  |
Processing and fractionation and related equipment |  | 3 to 40 |  | 8,591 |  |  | 5,310 |  |  |
Storage and related equipment |  | 3 to 54 |  | 3,330 |  |  | 906 |  |  |
Transmission pipelines and related equipment |  | 5 to 87 |  | 18,551 |  |  | 11,327 |  |  |
General plant and other |  | 2 to 60 |  | 1,002 |  |  | 806 |  |  |
Land |  | — |  | 375 |  |  | 160 |  |  |
Construction work in process |  | — |  | 1,528 |  |  | 1,839 |  |  |
Property, plant and equipment |  |  |  | 38,454 |  |  | 25,015 |  |  |
Accumulated depreciation and amortization |  |  |  | (5,757) |  |  | (5,063) |  |  |
Net property, plant and equipment |  |  |  | $ | 32,697 |  |  | $ | 19,952 |  |  |
The depreciation expense for the years ended December 31, 2023 and 2022, are $736 million and $615 million, respectively. We incurred costs for construction work in process that had not been paid at December 31, 2023, 2022 and 2021, of $242 million, $171 million and $131 million, respectively. Such amounts are not included in capital expenditures (less AFUDC) on the Consolidated Statements of Cash Flows. Magellan Acquisition - In September 2023, we completed the Magellan Acquisition and acquired property, plant and equipment, which primarily include pipeline, pipeline-related equipment, storage tanks and processing equipment, valued at $11.8 billion. Medford Assets - In connection with the Medford incident in 2022, we assessed the property damage to our facility and wrote off assets totaling $46 million, which represents the carrying value associated with certain damaged Medford facility property. These noncash property losses were fully offset by insurance recoveries.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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