(Dollars in millions)

 

December 31,

 

 

 

 

 

2025

 

 

2024

 

 

Estimated life

Land and land improvements

 

$

131

 

 

$

127

 

 

n/a to 15

Buildings

 

 

1,174

 

 

 

1,038

 

 

20-40

Machinery and equipment

 

 

5,090

 

 

 

4,539

 

 

3-12

Construction in progress

 

 

527

 

 

 

629

 

 

n/a

Property, plant and equipment

 

 

6,922

 

 

 

6,334

 

 

 

Less accumulated depreciation

 

 

(4,506

)

 

 

(4,095

)

 

 

Net of depreciation

 

$

2,417

 

 

$

2,239

 

 

 

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 20, 2025
2023Feb 20, 2024
2022Feb 16, 2023
2021Feb 22, 2022
2018Feb 21, 2019

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.