PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

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:

	December 31,
(In millions)	2024		2023
Land, land improvements and mineral rights	$	1,451	$	1,389
Buildings	1,104		946
Equipment	11,119		9,680
Other	349		302
Construction in progress	728		590
Total property, plant and equipment1	14,751		12,907
Allowance for depreciation and depletion	(4,809)		(4,012)
Property, plant and equipment, net	$	9,942	$	8,895
1 Includes right-of-use assets related to finance leases of $505 million and $306 million as of December 31, 2024 and 2023, respectively.

We recorded depreciation expense of $903 million, $932 million and $988 million for the years ended December 31, 2024, 2023 and 2022, respectively. Depreciation expense for the year ended December 31, 2022 includes $23 million of accelerated depreciation related to the decision to indefinitely idle the coke facility at Middletown Works and $68 million of accelerated depreciation related to the indefinite idle of the Indiana Harbor #4 blast furnace.

The net book value of the mineral and land rights are as follows:

	December 31,
(In millions)	2024		2023
Mineral rights:
Cost	$	783	$	783
Depletion	(287)		(258)
Net mineral rights	$	496	$	525
Land rights	$	467	$	427

We recorded depletion expense of $29 million, $33 million and $38 million for the years ended December 31, 2024, 2023, and 2022, respectively.