
	June 30, 2025		December 31, 2024
	(in millions)
Land	$	109	$	114
Machinery and equipment	13,720		13,801
Buildings and improvements	1,021		1,011
Construction in progress	800		482
Property, plant and equipment(1)	15,650		15,408
Less: Accumulated depreciation and amortization	8,907		8,673
Property, plant and equipment—net	$	6,743	$	6,735

(1)As of June 30, 2025 and December 31, 2024, we had property, plant and equipment that was accrued but unpaid of $183 million and $101 million, respectively. As of June 30, 2024 and December 31, 2023, we had property, plant and equipment that was accrued but unpaid of $71 million and $68 million, respectively.

Depreciation and amortization related to property, plant and equipment was $230 million and $450 million for the three and six months ended June 30, 2025, respectively, and $220 million and $472 million for the three and six months ended June 30, 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:


	Six months ended June 30,
	2025		2024
	(in millions)
Net capitalized plant turnaround costs as of January 1	$	363	$	352
Additions	90		38

Depreciation	(78)		(95)

Effect of exchange rate changes and other	4		(1)
Net capitalized plant turnaround costs as of June 30	$	379	$	294

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 first quarter of 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 six months ended June 30, 2025.