Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies [Abstract]

Summary of Contractual Obligations

The following table summarizes our various contractual obligations at December 31, 2020.  A description of each type of contractual obligation follows:

	Payment or Settlement due by Period
Contractual Obligations	Total		2021		2022		2023		2024		2025		Thereafter
Scheduled maturities of debt obligations	$	30,146.4	$	1,325.0	$	1,400.0	$	1,250.0	$	850.0	$	1,150.0	$	24,171.4
Estimated cash interest payments	$	28,834.6	$	1,294.0	$	1,241.2	$	1,201.0	$	1,162.8	$	1,121.4	$	22,814.2
Operating lease obligations	$	460.5	$	33.7	$	36.1	$	33.2	$	29.9	$	28.8	$	298.8
Purchase obligations:
Product purchase commitments:
Estimated payment obligations:
Natural gas	$	155.0	$	84.6	$	70.4	$	–	$	–	$	–	$	–
NGLs	$	3,908.4	$	685.2	$	696.8	$	494.4	$	436.4	$	336.8	$	1,258.8
Crude oil	$	10,365.7	$	1,390.1	$	1,390.1	$	1,390.1	$	1,354.9	$	1,297.2	$	3,543.3
Petrochemicals and refined products	$	346.1	$	100.9	$	100.9	$	76.0	$	68.3	$	–	$	–
Other	$	25.5	$	5.8	$	5.9	$	6.0	$	5.1	$	2.7	$	–
Service payment commitments	$	278.8	$	62.0	$	59.7	$	42.3	$	16.1	$	12.9	$	85.8

Operating Leases

The following table presents information regarding operating leases where we are the lessee at December 31, 2020:

Asset Category	ROU Asset Carrying Value (1)		Lease Liability Carrying Value (2)		Weighted- Average Remaining Term	Weighted- Average Discount Rate (3)
Storage and pipeline facilities	$	128.0	$	128.7	15 years		4.3	%
Transportation equipment		33.5		35.6	3 years		3.5	%
Office and warehouse space		170.5		184.3	16 years		3.2	%
Total	$	332.0	$	348.6

(1)	ROU asset amounts are a component of “Other assets” on our Consolidated Balance Sheet.
(2)	At December 31, 2020, lease liabilities of $27.8 million and $320.8 million were included within “Other current liabilities” and “Other liabilities,” respectively.
(3)	The discount rate for each category of assets represents the weighted average incremental borrowing rate adjusted for collateralization (if the implicit rate is not determinable).  In general, the discount rates are based on either (i) information available at the lease commencement date or (ii) January 1, 2019 for leases existing at the adoption date for ASC 842.

Consolidated Lease Expense

In total, operating lease expense was $102.0 million, $106.6 million and $86.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.  The following table disaggregates our total operating lease expense for the years indicated:

	For the Year Ended December,
	2020		2019
Long-term operating leases:
Fixed lease expense:
Non-cash lease expense (amortization of ROU assets)	$	39.0	$	42.8
Related accretion expense on lease liability balances		13.0		9.0
Total fixed lease expense		52.0		51.8
Variable lease expense		0.2		6.2
Subtotal operating lease expense		52.2		58.0
Short-term operating leases		49.8		48.6
Total operating lease expense	$	102.0	$	106.6

Schedule of Other Liabilities

The following table summarizes the components of “Other long-term liabilities” as presented on our Consolidated Balance Sheets at the dates indicated:

	December 31,
	2020		2019
Noncurrent portion of AROs (see Note 4)	$	137.6	$	126.9
Deferred revenues – non-current portion (see Note 9)		198.2		197.0
Liquidity Option liability		–		509.6
Lease liability – non-current portion		320.8		171.6
Derivative liabilities		17.2		7.3
Other		12.8		20.0
Total	$	686.6	$	1,032.4