Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Estimated Useful Lives Depreciation and depletion are recorded over the following estimated useful lives:
Asset Class Basis Life
Land, land improvements and mineral rights
Land and mineral rights Units of production Life of mine
Land improvements Straight line
20 to 45 years
Buildings Straight line
20 to 45 years
Equipment Straight line/Double declining balance
3 to 45 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
December 31,
(In millions) 2023 2022
Land, land improvements and mineral rights $ 1,389  $ 1,388 
Buildings 946  921 
Equipment 9,680  9,289 
Other 302  238 
Construction in progress 590  552 
Total property, plant and equipment1
12,907  12,388 
Allowance for depreciation and depletion (4,012) (3,318)
Property, plant and equipment, net $ 8,895  $ 9,070 
1 Includes right-of-use assets related to finance leases of $306 million and $408 million as of December 31, 2023 and 2022, respectively.
The net book value of the mineral and land rights are as follows:
December 31,
(In millions) 2023 2022
Mineral rights:
Cost $ 783  $ 780 
Depletion (258) (225)
Net mineral rights $ 525  $ 555 
Land rights $ 427  $ 434