Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.4
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT
The following table indicates the carrying value of each of the major classes of our depreciable assets:
December 31,
(In millions) 2022 2021
Land, land improvements and mineral rights $ 1,388  $ 1,291 
Buildings 921  889 
Equipment 9,289  8,709 
Other 238  229 
Construction in progress 552  408 
Total property, plant and equipment1
12,388  11,526 
Allowance for depreciation and depletion (3,318) (2,340)
Property, plant and equipment, net $ 9,070  $ 9,186 
1 Includes right-of-use assets related to finance leases of $408 million and $411 million as of December 31, 2022 and 2021, respectively.
We recorded depreciation expense of $988 million, $848 million and $298 million for the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation expense for the year ended December 31, 2022 includes $23 million of accelerated depreciation related to the decision to indefinitely idle the coke facility at Middletown Works and $68 million of accelerated depreciation related to the indefinite idle of the Indiana Harbor #4 blast furnace.
During the year ended December 31, 2022, we announced the permanent closure of Mountain State Carbon, which resulted in a $29 million asset impairment charge.
The net book value of the mineral and land rights are as follows:
December 31,
(In millions) 2022 2021
Mineral rights:
Cost $ 780  $ 780 
Depletion (225) (187)
Net mineral rights $ 555  $ 593 
Land rights $ 434  $ 406 
We recorded depletion expense of $38 million, $46 million and $8 million for the years ended December 31, 2022, 2021, and 2020, respectively.