PROPERTY, PLANT, AND EQUIPMENT – NET.
As of
December 31, 2025December 31, 2024
Land and improvements
$144 $66 
Buildings, structures, and related equipment
2,140 1,943 
Machinery and equipment
2,872 2,705 
Leasehold improvements and manufacturing plants under construction
574 553 
Total property, plant, and equipment, at original cost
5,731 5,267 
Accumulated depreciation
(3,049)(3,080)
Right-of-use operating lease assets, net of amortization(1)
410 364 
Property, plant, and equipment – net
$3,092 $2,550 
(1) See Note 7, “Leases” for further information.

Historical Timeline

Fiscal YearFiled
2025Feb 4, 2026Showing above
2024Feb 13, 2025
2023Feb 6, 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.