Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

10.  Property, Plant and Equipment, Net

Property, plant and equipment, net consists of the following:

			December 31,
	Useful Life		2025		2024
	(in years)			(in millions)
Land			$	195	$	335
Buildings and improvements		1 – 40		783		1,129
Machinery, equipment and furniture		1 – 30		6,184		6,209
Assets leased to others		5 – 39		673		320
Financing leases		2 – 18		162		143
Construction in progress				339		261
				8,336		8,397
Less: Accumulated depreciation and amortization				(4,666)		(4,554)
Property, plant and equipment, net			$	3,670	$	3,843

Depreciation and amortization expense related to property, plant and equipment for the years ended December 31, 2025, 2024 and 2023 was $465 million, $400 million and $384 million, respectively.

In connection with our Energy segment’s reversion of RDU back to hydrocarbon processing service, our Energy segment assessed the petroleum business and renewable business asset groups for impairment in accordance with ASC 360-10 and concluded the carrying value of the asset group was recoverable. However, the remaining useful lives of certain assets within the renewables business were adjusted as a result of changes in their expected utilization beginning in September 2025. As a result, approximately, $93 million of the impacted property, plant and equipment’s carrying value was fully depreciated before the reversion back to hydrocarbon processing commenced.

In October and November of 2025, the Automotive segment transferred $465 million of owned land and buildings to the Real Estate segment. In connection with the transfer of the Automotive segment owned real estate to the Real Estate segment, the Automotive segment determined the net assets of the segment changed materially resulting in a triggering event on October 1, 2025. The segment performed a recoverability analysis of its long-lived assets and determined that certain assets were unrecoverable on an un-discounted cash flow basis and recognized an impairment of $23 million as of the date of transfer in October of 2025. As of December 31, 2025, our long-lived assets did not have any impairment indicators.