December 31, 2025

December 31, 2024

Capital Assets

Cost

Accumulated
Depreciation

Net Book
Value

Cost

Accumulated
Depreciation

Net Book
Value

Rolling stock

11,182

(5,879)

5,303

8,775

(4,472)

4,303

Enclosures

52,146

(20,281)

31,865

37,632

(18,562)

19,070

Machinery and equipment

11,328

(1,442)

9,886

4,012

(1,208)

2,804

Furniture and fixtures

2,024

(191)

1,833

1,129

(180)

949

Information technology

1,819

(964)

855

1,362

(1,151)

211

78,499

(28,757)

49,742

52,910

(25,573)

27,337

Historical Timeline

Fiscal YearFiled
2025Mar 10, 2026Showing above
2024Apr 11, 2025
2023Mar 6, 2024
2022Mar 6, 2023
2021Mar 9, 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.