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Property, Plant and Equipment-Net | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment, Net [Abstract] |
Property, Plant and Equipment-Net | Property, Plant and Equipment—Net Property, plant and equipment—net consists of the following:
| December 31,
| 2024 |  | 2023
| (in millions)
Land | $ | 114 |  |  | $ | 114 |
Machinery and equipment | 13,801 |  |  | 13,716 |
Buildings and improvements | 1,011 |  |  | 1,020 |
Construction in progress | 482 |  |  | 394 |
Property, plant and equipment(1) | 15,408 |  |  | 15,244 |
Less: Accumulated depreciation and amortization | 8,673 |  |  | 8,103 |
Property, plant and equipment—net | $ | 6,735 |  |  | $ | 7,141 |
_______________________________________________________________________________ (1)As of December 31, 2024 and 2023, we had property, plant and equipment that was accrued but unpaid of approximately $101 million and $68 million, respectively. Depreciation and amortization related to property, plant and equipment was $921 million, $861 million and $838 million in 2024, 2023 and 2022, respectively. Plant turnarounds—Scheduled inspections, replacements and overhauls of plant machinery and equipment at our continuous process manufacturing facilities during a full plant shutdown are referred to as plant turnarounds. The expenditures related to plant turnarounds are capitalized in property, plant and equipment when incurred. Scheduled replacements and overhauls of plant machinery and equipment during a plant turnaround include the dismantling, repair or replacement and installation of various components including piping, valves, motors, turbines, pumps, compressors and heat exchangers and the replacement of catalysts. Scheduled inspections, including required safety inspections which entail the disassembly of various components such as steam boilers, pressure vessels and other equipment requiring safety certifications, are also conducted during plant turnarounds. Internal employee costs and overhead amounts are not considered plant turnaround costs and are not capitalized. The following is a summary of capitalized plant turnaround costs:
| Year ended December 31,
| 2024 |  | 2023 |  | 2022
| (in millions)
Net capitalized turnaround costs as of January 1 | $ | 352 |  |  | $ | 312 |  |  | $ | 355 |
Additions | 186 |  |  | 165 |  |  | 118 |
Depreciation | (171) |  |  | (138) |  |  | (134) |
Impairment related to U.K. operations | — |  |  | — |  |  | (21) |
Acquisition of Waggaman ammonia production facility | — |  |  | 16 |  |  | — |
Effect of exchange rate changes and other | (4) |  |  | (3) |  |  | (6) |
Net capitalized turnaround costs as of December 31 | $ | 363 |  |  | $ | 352 |  |  | $ | 312 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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