Annual report [Section 13 and 15(d), not S-K Item 405]

PROPERTY, PLANT AND EQUIPMENT

v3.25.4
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT
The following table indicates the carrying value of each of the major classes of our depreciable assets:
December 31,
(In millions) 2025 2024
Land, land improvements and mineral rights $ 1,463  $ 1,451 
Buildings 1,205  1,104 
Equipment 11,630  11,119 
Other 357  349 
Construction in progress 655  728 
Total property, plant and equipment1
15,310  14,751 
Allowance for depreciation and depletion (5,829) (4,809)
Property, plant and equipment, net $ 9,481  $ 9,942 
1 Includes right-of-use assets related to finance leases of $576 million and $505 million as of December 31, 2025 and 2024, respectively.
We recorded depreciation expense of $1,145 million, $903 million and $932 million for the years ended December 31, 2025, 2024 and 2023, respectively.
During the second quarter of 2025, the decision to indefinitely idle our Conshohocken and Riverdale facilities occurred. This resulted in accelerated depreciation of $131 million included within depreciation and depletion expense for the year ended December 31, 2025.
The net book value of the mineral and land rights are as follows:
December 31,
(In millions) 2025 2024
Mineral rights:
Cost $ 783  $ 783 
Depletion (301) (287)
Net mineral rights $ 482  $ 496 
Land rights $ 457  $ 467 
We recorded depletion expense of $14 million, $29 million and $33 million for the years ended December 31, 2025, 2024 and 2023, respectively.