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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
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.