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Property, Plant and Equipment and Intangible Assets

6 Months Ended

Jun. 30, 2024

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets

		June 30, 2024				December 31, 2023				Estimated Useful Lives (In Years)
Gathering systems		$	11,138.8			$	10,858.3			5 to 20
Processing and fractionation facilities			8,857.7				8,285.5			5 to 25
Terminaling and storage facilities			1,437.8				1,403.9			5 to 25
Transportation assets			3,495.2				3,294.0			10 to 50
Other property, plant and equipment			446.5				430.5			3 to 50
Land			185.6				185.0			—
Construction in progress			1,908.1				1,456.1			—
Finance lease right-of-use assets			373.3				351.9			5 to 14
Property, plant and equipment			27,843.0				26,265.2
Accumulated depreciation, amortization and impairment			(10,951.8	)			(10,458.8	)
Property, plant and equipment, net		$	16,891.2			$	15,806.4
Intangible assets			4,378.0				4,378.0			10 to 20
Accumulated amortization and impairment			(2,214.0	)			(2,027.4	)
Intangible assets, net		$	2,164.0			$	2,350.6

During the three and six months ended June 30, 2024, depreciation expense was $255.3 million and $502.5 million, respectively. During the three and six months ended June 30, 2023, depreciation expense was $236.1 million and $464.9 million, respectively.

Intangible Assets

Intangible assets consist of customer contracts and customer relationships acquired in prior business combinations. The fair value of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers.

During the three and six months ended June 30, 2024, amortization expense was $93.3 million and $186.6 million, respectively. During the three and six months ended June 30, 2023, amortization expense was $96.0 million and $192.0 million, respectively.

The estimated annual amortization expense for intangible assets is approximately $373.2 million, $326.0 million, $279.8 million, $252.2 million and $234.0 million for each of the years 2024 through 2028, respectively.

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- Definition

Property, plant and equipment and intangible assets.

+ References

No definition available.

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- Definition

The entire disclosure for intangible assets and long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ 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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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