Property, plant and equipment consists of the following at December 31:
20242023
Range of Useful
Lives (in years)
(millions)
Power-generation assets(a)
$16,269 $16,079 3
35
Land improvements and buildings672 669 3
39
Land, including perpetual rights-of-way79 78 
Construction work in progress47 26 
Other depreciable assets472 447 3
35
Property, plant and equipment, gross17,539 17,299 
Accumulated depreciation(2,984)(2,462)
Property, plant and equipment – net
$14,555 $14,837 
________________________
(a)    Approximately 91% of power-generation assets represent machinery and equipment used to generate electricity with a 35-year depreciable life.
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Historical Timeline

Fiscal YearFiled
2024Feb 21, 2025Showing above
2023Feb 21, 2024
2022Feb 23, 2023
2021Feb 23, 2022
2020Feb 16, 2021

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.