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Property, Plant, and Equipment and Intangible Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment and Intangible Assets

PROPERTY, PLANT, AND EQUIPMENT AND INTANGIBLE ASSETS

Property, Plant, and Equipment

The following is a summary of Property, plant, and equipment by classification:

			Average Estimated Useful Life						December 31,
									2023						2022
			(years)						(millions)
Property, plant, and equipment
Land and other non-depreciable assets			N/A						$	96					$	97
Rights of way and easements			25 to 40						103						103
Pipelines and interconnects			25 to 40						3,460						2,845
Facilities and processing plants			7 to 40						1,234						998
Wells and well equipment			40 to 70						70						70
General plant			3 to 40						40						32
Construction in progress			N/A						279						389
Total Property, plant, and equipment									$	5,282					$	4,534
Less accumulated depreciation									(848)						(728)
Net Property, plant, and equipment									$	4,434					$	3,806

Intangible Assets

The following is a summary of Intangible Assets by classification:

									December 31, 2023																		December 31, 2022
			Useful Lives						Gross Carrying Value						Accumulated Amortization						Net Carrying Value						Gross Carrying Value						Accumulated Amortization						Net Carrying Value
									(millions)
Intangible assets subject to amortization
Customer relationships			25 - 40 years (a)						$	2,252					$	(289)					$	1,963					$	2,252					$	(233)					$	2,019
Contract intangibles			14 - 26 years						18						(13)						5						18						(12)						6
Total									$	2,270					$	(302)					$	1,968					$	2,270					$	(245)					$	2,025

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(a) The useful lives of the customer relationship intangible assets are based on the number of years in which the assets are expected to economically contribute to the business. The expected economic benefit incorporates existing customer contracts and expected renewal rates based on the estimated volume and production lives of natural gas resources in each region.

The following table summarizes estimated customer relationships and contract intangibles amortization expense to be recognized during each year through 2028:

			2024						2025						2026						2027						2028
			(millions)
Estimated amortization expense			$	57					$	57					$	57					$	57					$	57

Depreciation and Amortization

The following is a summary of depreciation and amortization expense by asset type:

			Year Ended December 31,
			2023						2022						2021
			(millions)
Property, plant, and equipment			$	125					$	113					$	108
Customer relationships and other intangible assets, net			57						57						58
Total Depreciation and amortization			$	182					$	170					$	166

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- 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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