Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT (Tables)

v3.20.4
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property Plant and Equipment [Table Text Block] Depreciation and depletion are recorded over the following estimated useful lives:
Asset Class Basis Life
Land, land improvements and mineral rights
Land and mineral rights Units of production Life of mine
Land improvements Straight line
20 to 45 years
Buildings Straight line
20 to 45 years
Equipment Straight line/Double declining balance
3 to 20 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
(In Millions)
December 31,
2020 2019
Land, land improvements, and mineral rights $ 1,213  $ 582 
Buildings 703  158 
Equipment 6,786  1,456 
Other 151  101 
Construction in progress 1,364  730 
Total property, plant and equipment1
10,217  3,027 
Allowance for depreciation and depletion (1,474) (1,098)
Property, plant, and equipment, net $ 8,743  $ 1,929 
1 Includes right-of-use assets related to finance leases of $361 million and $49 million as of December 31, 2020 and 2019, respectively.
The net book value of the mineral and land rights are as follows:
(In Millions)
December 31,
2020 2019
Mineral rights:
Cost $ 773  $ 537 
Depletion (142) (134)
Net mineral rights $ 631  $ 403 
Land rights $ 361  $ 12