v3.24.1.u1

Property, Plant, and Equipment | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant, and Equipment | 8. PROPERTY, PLANT, AND EQUIPMENT A summary of the historical cost of property, plant, and equipment is as follows:
thousands |  | Estimated Useful Life |  | March 31, 2024 |  | December 31, 2023
Land |  | N/A |  | $ | 12,442 |  |  | $ | 12,504 |
Gathering systems – pipelines |  | 30 years |  | 5,935,848 |  |  | 5,890,607 |
Gathering systems – compressors |  | 15 years |  | 2,602,110 |  |  | 2,553,602 |
Processing complexes and treating facilities |  | 25 years |  | 3,775,379 |  |  | 3,745,332 |
Transportation pipeline and equipment |  | 3 to 48 years |  | 259,227 |  |  | 259,314 |
Produced-water disposal systems |  | 20 years |  | 1,103,001 |  |  | 1,098,616 |
Assets under construction |  | N/A |  | 560,417 |  |  | 479,368 |
Other |  | 3 to 40 years |  | 909,211 |  |  | 906,088 |
Total property, plant, and equipment |  |  |  | 15,157,635 |  |  | 14,945,431 |
Less accumulated depreciation |  |  |  | 5,432,343 |  |  | 5,290,415 |
Net property, plant, and equipment |  |  |  | $ | 9,725,292 |  |  | $ | 9,655,016 |
“Assets under construction” represents property that is not yet placed into productive service as of the respective balance sheet date and is excluded from capitalized costs being depreciated. Long-lived asset impairments. During the three months ended March 31, 2023, the Partnership recognized a long-lived asset impairment of $52.1 million for assets located in the Rockies due to a reduction in estimated future cash flows resulting from a contract termination notice received in the first quarter of 2023. This asset was impaired to its estimated fair value of $22.8 million. The fair value was measured using the income approach and Level-3 fair value inputs. The income approach was based on the Partnership’s projected future EBITDA and free cash flows, which requires significant assumptions including, among others, future throughput volumes based on current expectations of producer activity and operating costs.

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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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