Property, plant and equipment, net at March 31, 2025 and December 31, 2024 are as follows:



($ in millions)	March 31, 2025		December 31, 2024
Property, plant and equipment	$	20,216	$	19,318
Less: Accumulated depreciation		(3,995)		(3,640)
Property, plant and equipment, net	$	16,221	$	15,678

As of March 31, 2025, our materials and supplies were $448 million, as compared to $431 million as of December 31, 2024. Components of this include fiber, network electronics, and customer premises equipment.

Beginning in the second half of 2023, Frontier negotiated payment terms with certain of our vendors, (referred to as vendor financing), which are excluded from capital expenditures and reported as financing activities on the statement of cash flows. During the three months ended March 31, 2025, our capital expenditures were $757 million. During the three months ended March 31, 2025, our vendor financing payments were $16 million. As of March 31, 2025, there was $694 million, $12 million, and $35 million in “Accounts payable and accrued liabilities”, “Other current liabilities” and “Other liabilities”, respectively, for payables associated with capital expenditures, and less than $1 million included in “Other current liabilities” for vendor financing payables associated with capital expenditures. For the three months ended March 31, 2025, we had capitalized interest of $15 million.

Depreciation expense is principally based on the composite group method. Depreciation expense was as follows:


	For the three months ended ‎March 31,
($ in millions)	2025		2024

Depreciation expense	$	365	$	308