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Annual report pursuant to Section 13 and 15(d)

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.24.0.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] Ìý
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 $ 1,389Ìý $ 1,388Ìý
Buildings 946Ìý 921Ìý
Equipment 9,680Ìý 9,289Ìý
Other 302Ìý 238Ìý
Construction in progress 590Ìý 552Ìý
Total property, plant and equipment1
12,907Ìý 12,388Ìý
Allowance for depreciation and depletion (4,012) (3,318)
Property, plant and equipment, net $ 8,895Ìý $ 9,070Ìý
1 Includes right-of-use assets related to finance leases of $306 million and $408 million as of DecemberÌý31, 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 $ 783Ìý $ 780Ìý
Depletion (258) (225)
Net mineral rights $ 525Ìý $ 555Ìý
Land rights $ 427Ìý $ 434Ìý