The following table reflects major categories of property, plant and equipment and accumulated depreciation as of September 27, 2025 and September 28, 2024 (in millions):
20252024
Land$209 $220 
Building and leasehold improvements7,079 6,981 
Machinery and equipment12,015 11,457 
Land improvements and other575 600 
Buildings and equipment under construction509 705 
20,387 19,963 
Less accumulated depreciation11,183 10,521 
Net property, plant and equipment$9,204 $9,442 

Historical Timeline

Fiscal YearFiled
2025Nov 10, 2025Showing above
2024Nov 12, 2024
2023Nov 13, 2023
2022Nov 14, 2022
2021Nov 15, 2021
2020Nov 16, 2020
2019Nov 12, 2019
2018Nov 13, 2018
2017Nov 13, 2017
2016Nov 21, 2016
2015Nov 23, 2015

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.