Net property at December 31 was as follows (in millions): | | | | | | | | | | | |
| 2024 | | 2025 |
| Land | $ | 360 | | | $ | 408 | |
| Buildings and land improvements | 13,912 | | | 15,305 | |
| Machinery, equipment, and other | 40,765 | | | 41,056 | |
| Software | 5,694 | | | 6,017 | |
| Construction in progress | 6,240 | | | 4,094 | |
| Total land, plant and equipment, and other | 66,971 | | | 66,880 | |
| Accumulated depreciation | (33,525) | | | (36,305) | |
| Net land, plant and equipment, and other | 33,446 | | | 30,575 | |
| Tooling, net of amortization | 8,482 | | | 6,713 | |
| Total | $ | 41,928 | | | $ | 37,288 | |
Property-related expenses, excluding net investment in operating leases, for the years ended December 31 were as follows (in millions): | | | | | | | | | | | | | | | | | |
| | 2023 | | 2024 | | 2025 |
| Depreciation and other amortization (a) | $ | 3,041 | | | $ | 3,067 | | | $ | 10,254 | |
| Tooling amortization (a) | 2,340 | | | 2,018 | | | 3,198 | |
| Total | $ | 5,381 | | | $ | 5,085 | | | $ | 13,452 | |
| | | | | |
| Maintenance and rearrangement | $ | 1,909 | | | $ | 1,919 | | | $ | 2,137 | |
__________
(a)Included in 2025 is our impairment of long-lived assets, which is reported as part of Cost of sales.
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.