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Annual report pursuant to Section 13 and 15(d)

PROPERTY, PLANT AND EQUIPMENT

v3.22.0.1
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract] Ìý
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:
(In Millions)
December 31,
2021 2020
Land, land improvements, and mineral rights $ 1,291Ìý $ 1,213Ìý
Buildings 889Ìý 703Ìý
Equipment 8,709Ìý 6,786Ìý
Other 229Ìý 151Ìý
Construction in progress 408Ìý 1,364Ìý
Total property, plant and equipment1
11,526Ìý 10,217Ìý
Allowance for depreciation and depletion (2,340) (1,474)
Property, plant, and equipment, net $ 9,186Ìý $ 8,743Ìý
1 Includes right-of-use assets related to finance leases of $411 million and $361 million as of DecemberÌý31, 2021 and 2020, respectively.
We recorded depreciation expense of $848 million, $298 million and $77 million for the years ended DecemberÌý31, 2021, 2020 and 2019, respectively.
We recorded capitalized interest into property, plant and equipment of $6 million, $53 million and $25 million during the years ended DecemberÌý31, 2021, 2020 and 2019, respectively.
The net book value of the mineral and land rights are as follows:
(In Millions)
December 31,
2021 2020
Mineral rights:
Cost $ 780Ìý $ 773Ìý
Depletion (187) (142)
Net mineral rights $ 593Ìý $ 631Ìý
Land rights $ 406Ìý $ 361Ìý
We recorded depletion expense of $46 million, $8 million and $8 million for the years ended DecemberÌý31, 2021, 2020, and 2019, respectively.