XML 25 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Property, Plant and Equipment-Net
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment, Net [Abstract]  
Property, Plant and Equipment-Net
Property, plant and equipment—net consists of the following:
 March 31, 
2025		December 31, 
2024
 (in millions)
Land$108 $114 
Machinery and equipment13,598 13,801 
Buildings and improvements1,016 1,011 
Construction in progress556 482 
Property, plant and equipment(1)
15,278 15,408 
Less: Accumulated depreciation and amortization8,675 8,673 
Property, plant and equipment—net$6,603 $6,735 
_______________________________________________________________________________
(1)As of March 31, 2025 and December 31, 2024, we had property, plant and equipment that was accrued but unpaid of $87 million and $101 million, respectively. As of March 31, 2024 and December 31, 2023, we had property, plant and equipment that was accrued but unpaid of $72 million and $68 million, respectively.
Depreciation and amortization related to property, plant and equipment was $220 million and $252 million for the three months ended March 31, 2025 and 2024, 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:
 Three months ended 
 March 31,
 20252024
 (in millions)
Net capitalized plant turnaround costs as of January 1$363 $352 
Additions20 24 
Depreciation(37)(52)
Effect of exchange rate changes and other(3)(1)
Net capitalized plant turnaround costs as of March 31
$343 $323 
United Kingdom Operations
In the second quarter of 2022, we approved and announced our proposed plan to restructure our U.K. operations, including the planned permanent closure of the Ince facility, which had been idled since September 2021. For property, plant and equipment within the Ince, U.K. asset group, an asset group planned for abandonment, we first considered use of a market or income-based valuation method. However, given that a secondary market did not exist and the assets had been idled with a planned abandonment and therefore would not generate future cash flows from operations, we estimated the fair value of the asset group by determining the replacement cost of the underlying assets and then adjusting each of the asset categories to an estimated salvage value utilizing industry recognized price publications. In the third quarter of 2022, the final restructuring plan was approved, and the facility was subsequently decommissioned.
In the three months ended March 31, 2025, the Ince facility was sold, including certain liabilities assumed by the buyer, and we recognized a loss of $23 million on the sale. The loss is reflected in U.K. operations restructuring in our consolidated statement of operations for the three months ended March 31, 2025.