v3.25.4

PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT, NET | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consisted of the following:
(in millions) |  | December 31, 2025 |  | December 31, 2024
Processing units, pipelines and equipment |  | $ | 5,839.3 |  |  | $ | 5,727.4 |
Construction in progress |  | 1,073.5 |  |  | 507.6 |
Land |  | 519.2 |  |  | 527.9 |
Computers, furniture and fixtures |  | 268.5 |  |  | 258.3 |
Buildings and leasehold improvements |  | 210.4 |  |  | 212.1 |
|  | 7,910.9 |  |  | 7,233.3 |
Less—Accumulated depreciation |  | (2,393.1) |  |  | (2,165.6) |
Total property, plant and equipment, net |  | $ | 5,517.8 |  |  | $ | 5,067.7 |
Depreciation expense for the years ended December 31, 2025, 2024, and 2023 was $261.7 million, $255.5 million, and $243.2 million, respectively. The Company capitalized $30.0 million and $18.6 million in interest during 2025 and 2024, respectively, in connection with construction in progress. Sale of Terminal Assets On September 30, 2025, through a subsidiary of PBFX, the Company closed on the sale of two of its non-core refined product terminal facilities located in Philadelphia, PA, and Knoxville, TN, for total consideration of $175.4 million, excluding commissions and customary closing costs. The sale resulted in a gain of approximately $94.0 million for the year ended December 31, 2025, which is included within Gain on sale of assets in the Consolidated Statements of Operations.

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