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

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.25.4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
12 Months Ended
Dec. 31, 2025
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) 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.
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