Annual report [Section 13 and 15(d), not S-K Item 405]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.25.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
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) 2024 2023
Land, land improvements and mineral rights $ 1,451  $ 1,389 
Buildings 1,104  946 
Equipment 11,119  9,680 
Other 349  302 
Construction in progress 728  590 
Total property, plant and equipment1
14,751  12,907 
Allowance for depreciation and depletion (4,809) (4,012)
Property, plant and equipment, net $ 9,942  $ 8,895 
1 Includes right-of-use assets related to finance leases of $505 million and $306 million as of December 31, 2024 and 2023, respectively.
The net book value of the mineral and land rights are as follows:
December 31,
(In millions) 2024 2023
Mineral rights:
Cost $ 783  $ 783 
Depletion (287) (258)
Net mineral rights $ 496  $ 525 
Land rights $ 467  $ 427