Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
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) 2023 2022
Land, land improvements and mineral rights $ 1,389  $ 1,388 
Buildings 946  921 
Equipment 9,680  9,289 
Other 302  238 
Construction in progress 590  552 
Total property, plant and equipment1
12,907  12,388 
Allowance for depreciation and depletion (4,012) (3,318)
Property, plant and equipment, net $ 8,895  $ 9,070 
1 Includes right-of-use assets related to finance leases of $306 million and $408 million as of December 31, 2023 and 2022, respectively.
We recorded depreciation expense of $932 million, $988 million and $848 million for the years ended December 31, 2023, 2022 and 2021, 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) 2023 2022
Mineral rights:
Cost $ 783  $ 780 
Depletion (258) (225)
Net mineral rights $ 525  $ 555 
Land rights $ 427  $ 434 
We recorded depletion expense of $33 million, $38 million and $46 million for the years ended December 31, 2023, 2022, and 2021, respectively.