Property, Plant and Equipment |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5. PROPERTY, PLANT AND EQUIPMENT | 5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consists of the following.
_________________________ (1)In addition to equipment under finance leases, machinery and equipment also includes furniture, fixtures, and equipment. (2)Included in are $16 million and $25 million of finance leases as of March 31, 2025 and 2024, respectively. This balance of finance leases represents gross finance leases of $42 million, net of accumulated amortization of $26 million, and $46 million, net of accumulated amortization of $21 million, as of March 31, 2025 and 2024, respectively. Of the $42 million and $46 million of gross finance leases as of March 31, 2025 and 2024, $40 million and $45 million were included in machinery and equipment, respectively. During fiscal 2025, fiscal 2024, and fiscal 2023, we capitalized $60 million, $26 million, and $7 million of interest related to construction of property, plant and equipment and intangibles under development, respectively. Depreciation expense related to property, plant and equipment, net is shown in the table below.
Asset impairments Impairment charges are recorded in restructuring and impairment, net on our consolidated statements of operations. There were no impairment charges related to property, plant and equipment in fiscal 2025, fiscal 2024 or fiscal 2023. Asset Retirement Obligations An asset retirement obligation is recognized in the period in which sufficient information exists to determine the fair value of the liability along with a corresponding increase to the carrying amount of the related property, plant and equipment, which is then depreciated over its useful life. As of March 31, 2025, our asset retirement obligations relate to sites, primarily in North America and Europe, that have government imposed or other legal remediation obligations. We had beginning and ending balances of asset retirement obligations in fiscal 2025, fiscal 2024, and fiscal 2023 of $21 million, with no changes related to liabilities incurred, liabilities settled, or accretion expenses. The current portion of our asset retirement obligations is included in accrued expenses and other current liabilities in our consolidated balance sheets, while the long-term portion is included in other long–term liabilities. As of March 31, 2025, $21 million was included in other long–term liabilities.
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