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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Estimated Useful Lives | Depreciation and depletion are recorded over the following estimated useful lives:
Asset Class |  | Basis |  | Life
Land, land improvements and mineral rights |  |  |  |
Land and mineral rights |  | Units of production |  | Life of mine
Land improvements |  | Straight line |  | 20 to 45 years
Buildings |  | Straight line |  | 20 to 45 years
Equipment |  | Straight line/Double declining balance |  | 3 to 45 years
The following table indicates the carrying value of each of the major classes of our depreciable assets:
| December 31,
(In millions) | 2023 |  | 2022
Land, land improvements and mineral rights | $ | 1,389 |  |  | $ | 1,388 |
Buildings | 946 |  |  | 921 |
Equipment | 9,680 |  |  | 9,289 |
Other | 302 |  |  | 238 |
Construction in progress | 590 |  |  | 552 |
Total property, plant and equipment 1 | 12,907 |  |  | 12,388 |
Allowance for depreciation and depletion | (4,012) |  |  | (3,318) |
Property, plant and equipment, net | $ | 8,895 |  |  | $ | 9,070 |
1 Includes right-of-use assets related to finance leases of $306 million and $408 million as of December 31, 2023 and 2022, respectively.
The net book value of the mineral and land rights are as follows:
| December 31,
(In millions) | 2023 |  | 2022
Mineral rights: |  |  |
Cost | $ | 783 |  |  | $ | 780 |
Depletion | (258) |  |  | (225) |
Net mineral rights | $ | 525 |  |  | $ | 555 |
Land rights | $ | 427 |  |  | $ | 434 |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1 + Details
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