Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

The following table presents supplemental disclosures of cash flow information (in millions):


	Year ended December 31,
	2024		2023		2022
Non-cash transactions:
Accruals for capital expenditures	$	149	$	217	$	414
Cash paid for interest and income taxes:
Interest (1)	$	310	$	274	$	275
Income taxes, net of refunds received	$	263	$	213	$	426

(1)Includes approximately $31 million, $40 million and $48 million of interest costs that were capitalized as part of property, plant and equipment during the years ended December 31, 2024, 2023 and 2022, respectively.

Schedule of Property, Plant and Equipment

Included in the subcategory of equipment are the following types of assets (excluding precious metals):


Asset type			Range of useful life (in years)
Computer hardware and software			3 to 7
Manufacturing equipment			2 to 15
Furniture and fixtures			5 to 10
Transportation equipment			3 to 20

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):


	December 31,
	2024		2023
Land	$	375	$	412
Buildings	5,650		5,931
Equipment (1)	20,007		20,896
Construction in progress	1,819		1,944
Subtotal	27,851		29,183
Accumulated depreciation	(14,492)		(14,553)
Property, plant and equipment, net of accumulated depreciation (2)	$	13,359	$	14,630

(1)Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2024 and 2023, the carrying value of precious metals was $2.8 billion and $3.1 billion, respectively, and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2024, 2023 and 2022 was $29 million, $35 million and $27 million, respectively.

(2)Approximately $31 million, $40 million and $48 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2024, 2023 and 2022, respectively.