Property, plant and equipment consists of the following (in millions):
 September 30,
2025
September 30,
2024
Land, buildings and structures and leasehold improvements(a)
$554.1 $559.8 
Machinery and equipment(a)
1,154.9 1,149.5 
Office furniture and equipment23.9 24.1 
Mineral interests169.1 170.4 
Construction in progress51.6 56.0 
 1,953.6 1,959.8 
Less accumulated depreciation, depletion and amortization
(1,183.5)(1,153.3)
Property, plant and equipment, net$770.1 $806.5 
(a)     Includes finance lease right-of-use assets. See Note 4. Leases for further information.

Historical Timeline

Fiscal YearFiled
2025Dec 12, 2025Showing above
2024Dec 16, 2024
2023Nov 29, 2023
2022Dec 14, 2022
2020Feb 26, 2021
2019Feb 26, 2020
2018Mar 1, 2019
2017Feb 27, 2018
2016Mar 1, 2017
2015Feb 22, 2016

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.