Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment and Accumulated Depreciation

The historical costs of our property, plant and equipment and related accumulated depreciation balances were as follows at the dates indicated:

	Estimated Useful Life			December 31,
	in Years			2020		2019
Plants, pipelines and facilities (1)		3-45	(5)	$	49,972.8	$	47,201.2
Underground and other storage facilities (2)		5-40	(6)		4,207.5		3,965.5
Transportation equipment (3)		3-10			204.9		198.9
Marine vessels (4)		15-30			932.7		905.9
Land					371.9		372.3
Construction in progress					1,807.7		2,641.2
Total					57,497.5		55,285.0
Less accumulated depreciation					15,584.7		13,681.6
Property, plant and equipment, net				$	41,912.8	$	41,603.4

(1)	Plants, pipelines and facilities include processing plants; NGL, natural gas, crude oil and petrochemical and refined products pipelines; terminal loading and unloading facilities; buildings; office furniture and equipment; laboratory and shop equipment and related assets.
(2)	Underground and other storage facilities include underground product storage caverns; above ground storage tanks; water wells and related assets.
(3)	Transportation equipment includes tractor-trailer tank trucks and other vehicles and similar assets used in our operations.
(4)	Marine vessels include tow boats, barges and related equipment used in our marine transportation business.
(5)	In general, the estimated useful lives of major assets within this category are: processing plants, 20-35 years; pipelines and related equipment, 5-45 years; terminal facilities, 10-35 years; buildings, 20-40 years; office furniture and equipment, 3-20 years; and laboratory and shop equipment, 5-35 years.
(6)	In general, the estimated useful lives of assets within this category are: underground storage facilities, 5-35 years; storage tanks, 10-40 years; and water wells, 5-35 years.

Depreciation Expense and Capitalized Interest

The following table summarizes our depreciation expense and capitalized interest amounts for the years indicated:

	For the Year Ended December 31,
	2020		2019		2018
Depreciation expense (1)	$	1,681.9	$	1,562.6	$	1,436.2
Capitalized interest (2)		115.0		143.8		147.9

(1)	Depreciation expense is a component of “Costs and expenses” as presented on our Statements of Consolidated Operations.
(2)	Capitalized interest is a component of “Interest expense” as presented on our Statements of Consolidated Operations.

AROs

The following table presents information regarding our AROs for the years indicated:

	For the Year Ended December 31,
	2020			2019			2018
ARO liability beginning balance	$	132.1		$	126.3		$	86.7
Liabilities incurred		4.6			5.0			24.4
Liabilities settled		(1.5	)		(2.3	)		(2.5	)
Revisions in estimated cash flows		6.1			(4.8	)		11.5
Accretion expense		8.2			7.9			6.2
ARO liability ending balance	$	149.5		$	132.1		$	126.3

The following table presents our forecast of ARO-related accretion expense for the years indicated:

2021		2022		2023		2024		2025
$	8.6	$	9.1	$	9.6	$	10.3	$	10.9

Impairments of Property, Plant and Equipment

The following table presents our non-cash asset impairment charges involving property, plant and equipment by business segment for the years indicated:

	For the Year Ended December 31,
	2020		2019		2018
NGL Pipelines & Services:
South Texas natural gas processing plants	$	86.9	$	15.6
Other		121.2		23.5	$	18.6
Crude Oil Pipelines & Services:
Cancellation of Midland-to-ECHO 4 project		42.2
Other		3.3		2.6		11.2
Natural Gas Pipelines & Services:
South Texas natural gas gathering pipelines		37.8
Other		5.5		4.8		13.9
Petrochemical & Refined Products Services:
Marine transportation business		252.1
Other		40.8		4.6		3.1
Total impairment charges for property, plant and equipment	$	589.8	$	51.1	$	46.8