OPERATING PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

OPERATING PROPERTY AND EQUIPMENT, NET

OPERATING PROPERTY AND EQUIPMENT, NET

	Estimated Useful Lives (In years)	December 31,
(In millions)		2023		2022
Land	—	$	227	$	233
Buildings and improvements	1 — 40	1,082		1,033
Machinery and equipment	2 — 10	1,219		1,073
Other	1 — 30	200		186
		2,728		2,525
Accumulated depreciation		(1,511)		(1,377)
Operating property and equipment, net		$	1,217	$	1,148

Depreciation expense related to operating property and equipment was $228 million, $182 million and $128 million in 2023, 2022, and 2021, respectively.

Long-Lived Asset Impairments

In 2023 and 2022, we identified impairment indicators primarily associated with specialized sortation and conveyor equipment used in the warehouse operations of a specific SCS customer. The impairment indicators were triggered by the early termination of one of their distribution centers, credit deterioration and eventual bankruptcy of this customer in April 2023. These events resulted in a significant decline in the forecasted operating cash flows associated with the equipment. We performed an asset impairment test under the income-based approach using a discounted cash flow method of valuation and determined we had a $35 million impairment in 2023 and $20 million impairment in 2022.