(In millions)December 31, 2025December 31, 2024
Land and land improvements$449 $425 
Buildings1,867 1,715 
Machinery and equipment6,849 6,472 
Construction in progress386 462 
Total property, plant and equipment$9,551 $9,074 
Accumulated depreciation(5,331)(4,975)
Total property, plant and equipment - net$4,220 $4,099 

Historical Timeline

Fiscal YearFiled
2025Feb 12, 2026Showing above
2024Feb 14, 2025
2023Feb 8, 2024
2022Feb 9, 2023
2021Feb 10, 2022
2020Feb 11, 2021
2019Feb 14, 2020
2018Feb 11, 2019
2017Feb 15, 2018
2016Feb 2, 2017
2015Feb 4, 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.