Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.22.4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2022
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 45 years
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.
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