PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 5 - PROPERTY, PLANT AND EQUIPMENT

The following table indicates the carrying value of each of the major classes of our depreciable assets:

(In millions)	September 30, 2023		December 31, 2022
Land, land improvements and mineral rights	$	1,388	$	1,388
Buildings	934		921
Equipment	9,652		9,289
Other	253		238
Construction in progress	611		552
Total property, plant and equipment1	12,838		12,388
Allowance for depreciation and depletion	(4,001)		(3,318)
Property, plant and equipment, net	$	8,837	$	9,070
1 Includes right-of-use assets related to finance leases of $485 million and $408 million as of September 30, 2023 and December 31, 2022, respectively.

We recorded depreciation and depletion expense of $247 million and $732 million for the three and nine months ended September 30, 2023, respectively, and $235 million and $782 million for the three and nine months ended September 30, 2022, respectively. Depreciation and depletion expense for the nine months ended September 30, 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.