Property, plant, and equipment, including capitalized interest, are recorded at cost and consisted of the following (dollar amounts in millions):
December 31,
2025
2024
Land, land improvements, and logging roads, net of road amortization$225 $215 
Buildings525 500 
Machinery and equipment2,602 2,457 
Construction in progress298 248 
Property, plant, and equipment3,650 3,419 
Accumulated depreciation(1,941)(1,840)
Property, plant, and equipment, net$1,709 $1,579 

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 19, 2025
2023Feb 14, 2024
2022Feb 21, 2023
2021Feb 22, 2022
2020Feb 18, 2021
2019Feb 13, 2020
2018Feb 14, 2019

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.