Property, Plant and Equipment, Net of Accumulated Depreciation (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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.