Property, Plant and Equipment and Intangible Assets

6 Months Ended

Jun. 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

	June 30, 2022			December 31, 2021			Estimated Useful Lives (In Years)
Gathering systems	$	9,542.9		$	9,318.2		5 to 20
Processing and fractionation facilities		6,508.0			6,388.8		5 to 25
Terminaling and storage facilities		1,335.1			1,313.8		5 to 25
Transportation assets		2,737.8			2,671.0		10 to 50
Other property, plant and equipment		336.5			340.9		3 to 50
Land		169.1			160.8		—
Construction in progress		525.2			347.0		—
Finance lease right-of-use assets		65.7			55.6		5 to 7
Property, plant and equipment		21,220.3			20,596.1
Accumulated depreciation, amortization and impairment		(9,342.0	)		(8,928.4	)
Property, plant and equipment, net	$	11,878.3		$	11,667.7
Intangible assets		2,497.6			2,642.9		10 to 20
Accumulated amortization and impairment		(1,458.8	)		(1,548.1	)
Intangible assets, net	$	1,038.8		$	1,094.8

During the three and six months ended June 30, 2022, depreciation expense was $241.9 million and $423.0 million, respectively. During the three and six months ended June 30, 2021, depreciation expense was $179.1 million and $362.5 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. No impairments of long-lived assets were recorded for the first half of 2022 and 2021.

Intangible Assets

Intangible assets consist of 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 $112.0 million, $106.8 million, $103.0 million, $99.9 million and $97.6 million for each of the years 2022 through 2026, respectively.

The changes in our intangible assets are as follows:

	June 30, 2022
Balance at December 31, 2021	$	1,094.8
Amortization		(56.0	)
Balance at June 30, 2022	$	1,038.8