Carrying Value of Property and Equipment and Estimated Service Lives

 

DOLLAR AMOUNTS IN MILLIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DECEMBER 31,

 

 

DECEMBER 31,

 

 

 

RANGE OF LIVES

 

 

2025

 

 

2024

 

Property and equipment, at cost:

 

 

 

 

 

 

 

 

 

Land

 

N/A

 

 

$

86

 

 

$

83

 

Buildings and improvements

 

15-40

 

 

 

1,338

 

 

 

1,253

 

Machinery and equipment

 

5-25

 

 

 

4,286

 

 

 

4,120

 

Roads

 

10-35

 

 

 

798

 

 

 

783

 

Other

 

3-10

 

 

 

70

 

 

 

70

 

Total cost

 

 

 

 

 

6,578

 

 

 

6,309

 

Accumulated depreciation and amortization

 

 

 

 

 

(4,158

)

 

 

(3,980

)

Property and equipment, net

 

 

 

 

$

2,420

 

 

$

2,329

 

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 14, 2025
2023Feb 16, 2024
2022Feb 17, 2023
2021Feb 18, 2022
2020Feb 19, 2021
2019Feb 14, 2020
2018Feb 15, 2019
2017Feb 16, 2018
2016Feb 24, 2017
2015Feb 17, 2016

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.