Property, plant and equipment, net consist of the following:
 December 31,
(US$ in millions)20252024
Land$713 $388 
Buildings4,953 1,970 
Machinery and equipment8,225 5,473 
Furniture, fixtures and other1,029 667 
Construction in progress2,074 1,533 
Gross book value16,994 10,031 
Less: accumulated depreciation and depletion(5,316)(4,777)
Property, plant and equipment, net$11,678 $5,254 

Historical Timeline

Fiscal YearFiled
2025Feb 19, 2026Showing above
2024Feb 20, 2025
2023Feb 22, 2024

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.