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

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
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) 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.
We recorded depreciation expense of $903 million, $932 million and $988 million for the years ended December 31, 2024, 2023 and 2022, 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.
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 
We recorded depletion expense of $29 million, $33 million and $38 million for the years ended December 31, 2024, 2023, and 2022, respectively.