Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Estimated Useful Lives 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 27 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
(In Millions)
December 31,
2021 2020
Land, land improvements, and mineral rights $ 1,291  $ 1,213 
Buildings 889  703 
Equipment 8,709  6,786 
Other 229  151 
Construction in progress 408  1,364 
Total property, plant and equipment1
11,526  10,217 
Allowance for depreciation and depletion (2,340) (1,474)
Property, plant, and equipment, net $ 9,186  $ 8,743 
1 Includes right-of-use assets related to finance leases of $411 million and $361 million as of December 31, 2021 and 2020, respectively.
The net book value of the mineral and land rights are as follows:
(In Millions)
December 31,
2021 2020
Mineral rights:
Cost $ 780  $ 773 
Depletion (187) (142)
Net mineral rights $ 593  $ 631 
Land rights $ 406  $ 361