Property, Plant and Equipment and Intangible Assets

9 Months Ended

Sep. 30, 2022

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets

	September 30, 2022			December 31, 2021			Estimated Useful Lives (In Years)
Gathering systems	$	10,432.4		$	9,318.2		5 to 20
Processing and fractionation facilities		7,425.4			6,388.8		5 to 25
Terminaling and storage facilities		1,342.1			1,313.8		5 to 25
Transportation assets		2,791.6			2,671.0		10 to 50
Other property, plant and equipment		357.1			340.9		3 to 50
Land		162.7			160.8		—
Construction in progress		657.4			347.0		—
Finance lease right-of-use assets		90.5			55.6		5 to 14
Property, plant and equipment		23,259.2			20,596.1
Accumulated depreciation, amortization and impairment		(9,542.8	)		(8,928.4	)
Property, plant and equipment, net	$	13,716.4		$	11,667.7
Intangible assets		4,379.3			2,642.9		10 to 20
Accumulated amortization and impairment		(1,539.6	)		(1,548.1	)
Intangible assets, net	$	2,839.7		$	1,094.8

During the three and nine months ended September 30, 2022, depreciation expense was $206.5 million and $629.5 million, respectively. During the three and nine months ended September 30, 2021, depreciation expense was $190.2 million and $552.7 million, respectively.

Impairments of Long-Lived Assets

We review and evaluate our long-lived assets, including intangible assets, for impairment when events or changes in circumstances indicate that the related carrying amount of such assets may not be recoverable, including changes to our estimates that could have an impact on our assessment of asset recoverability. There were no impairments of long-lived assets recorded for the nine months ended September 30, 2022 and 2021.

Intangible Assets

Intangible assets consist of customer relationships acquired in the Delaware Basin Acquisition, and customer contracts and customer relationships acquired in prior business combinations. The fair values of these acquired intangible assets were determined at the date of acquisition based on the present values of estimated future cash flows. Amortization expense attributable to these assets is recorded over the periods in which we benefit from services provided to customers.

The estimated annual amortization expense for intangible assets is approximately $243.8 million, $388.4 million, $376.3 million, $334.1 million and $283.9 million for each of the years 2022 through 2026, respectively.

The changes in our intangible assets are as follows:

	September 30, 2022
Balance at December 31, 2021	$	1,094.8
Additions from Delaware Basin Acquisition		1,881.6
Amortization		(136.7	)
Balance at September 30, 2022	$	2,839.7