Property, Plant and Equipment and Intangible Assets

3 Months Ended

Mar. 31, 2023

Property Plant And Equipment And Intangible Assets [Abstract]

Property, Plant and Equipment and Intangible Assets

Note 5 — Property, Plant and Equipment and Intangible Assets

	March 31, 2023			December 31, 2022			Estimated Useful Lives (In Years)
Gathering systems	$	10,518.6		$	10,403.1		5 to 20
Processing and fractionation facilities		7,590.3			7,421.2		5 to 25
Terminaling and storage facilities		1,346.7			1,341.6		5 to 25
Transportation assets		2,989.1			2,919.3		10 to 50
Other property, plant and equipment		395.0			387.6		3 to 50
Land		173.3			163.3		—
Construction in progress		1,085.1			1,011.0		—
Finance lease right-of-use assets		284.3			266.1		5 to 14
Property, plant and equipment		24,382.4			23,913.2
Accumulated depreciation, amortization and impairment		(9,912.4	)		(9,698.6	)
Property, plant and equipment, net	$	14,470.0		$	14,214.6
Intangible assets		4,379.7			4,379.7		10 to 20
Accumulated amortization and impairment		(1,741.1	)		(1,645.1	)
Intangible assets, net	$	2,638.6		$	2,734.6

During the three months ended March 31, 2023 and 2022, depreciation expense was $228.8 million and $181.1 million, respectively.

Intangible Assets

Intangible assets consist of customer relationships and customer contracts 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 $384.0 million, $373.2 million, $326.0 million, $279.8 million and $252.2 million for each of the years 2023 through 2027, respectively.

The changes in our intangible assets are as follows:

	March 31, 2023
Balance at beginning of period	$	2,734.6
Amortization		(96.0	)
Balance at end of period	$	2,638.6