These assets are recorded at historical cost and are depreciated using the straight-line method of depreciation over the estimated useful lives as follows:
 Estimated Life
Buildings and improvements
5 to 40 years
Machinery and equipment
2 to 10 years
Furniture and fixtures
3 to 7 years
Equipment held for lease or rental
2 to 16 years
The components of total property, plant and equipment, net are as follows: 
December 31,
(in millions)20252024
Land, buildings and improvements$512 $477 
Machinery and equipment1,529 1,342 
Equipment held for lease or rental344 328 
Furniture and fixtures162 150 
Construction work in progress175 228 
Other75 61 
Total property, plant and equipment, gross2,797 2,586 
Less accumulated depreciation1,638 1,434 
Total property, plant and equipment, net$1,159 $1,152 
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Historical Timeline

Fiscal YearFiled
2025Feb 25, 2026Showing above
2024Mar 3, 2025
2023Feb 28, 2024
2022Feb 24, 2023
2021Feb 25, 2022
2020Feb 26, 2021
2019Feb 28, 2020
2018Feb 22, 2019
2017Feb 23, 2018
2016Feb 23, 2017
2015Feb 26, 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.