The following table summarizes the details of our property, plant and equipment, including useful lives:

December 31,
(in millions)20252024Useful Lives
Machinery and equipment$705 $618 
3-16 years
Buildings and improvements376 339 
6-50 years
Construction in progress83 80 NA
Land11 NA
Gross property, plant and equipment1,175 1,046 
Accumulated depreciation(728)(636)
Total property, plant and equipment, net$447 $410 
NA = Not applicable; assets categorized as construction in progress and land are not depreciated.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 20, 2025
2023Feb 14, 2024
2022Feb 21, 2023
2021Feb 15, 2022

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.