v3.25.4
PROPERTY, PLANT AND EQUIPMENT, NET
 12 Months Ended
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 progress1,073.5 507.6 
Land519.2 527.9 
Computers, furniture and fixtures268.5 258.3 
Buildings and leasehold improvements210.4 212.1 
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.