Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment, Net of Accumulated Depreciation

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Property, Plant and Equipment, Net of Accumulated Depreciation
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net of Accumulated Depreciation PROPERTY, PLANT AND EQUIPMENT, NET OF ACCUMULATED DEPRECIATION
 
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
September 30, December 31,
2024 2023
Terminal and related assets    
Terminal and interconnecting pipeline facilities $ 34,209  $ 34,069 
Land 466  463 
Construction-in-process 4,934  3,480 
Accumulated depreciation (6,948) (6,099)
Total terminal and related assets, net of accumulated depreciation 32,661  31,913 
Fixed assets and other    
Computer and office equipment 39  37 
Furniture and fixtures 31  31 
Computer software 129  125 
Leasehold improvements 44  43 
Other 24  21 
Accumulated depreciation (196) (183)
Total fixed assets and other, net of accumulated depreciation 71  74 
Assets under finance leases
Marine assets 583  532 
Accumulated depreciation (96) (63)
Total assets under finance leases, net of accumulated depreciation 487  469 
Property, plant and equipment, net of accumulated depreciation $ 33,219  $ 32,456 
Depreciation expense was $304 million and $296 million during the three months ended September 30, 2024 and 2023, respectively, and $907 million and $887 million during the nine months ended September 30, 2024 and 2023, respectively.