v3.26.1
Property, Plant, and Equipment - Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment - Net Property, Plant, and Equipment - Net
Property, plant and equipment - net consisted of the following:
March 31,December 31,
(Millions)20262025
Property, plant and equipment - at cost
Buildings and leasehold improvements
$1,146 $873 
Machinery and equipment
1,796 1,821 
Construction in progress470 499 
Gross property, plant and equipment3,412 3,193 
Accumulated depreciation(1,869)(1,867)
Property, plant and equipment - net$1,543 $1,326 
In March 2026, the Company commenced a finance lease arrangement through April 2046 for its principal office in Eagan, Minnesota. As of March 31, 2026, the Company had right-of-use assets of approximately $207 million related to the finance lease, included within Property, plant and equipment - net and reflected in the buildings and leasehold improvements line in the table above. The related finance lease liability of approximately $208 million is included in Finance leases and Other current liabilities on the Company's condensed consolidated balance sheets. The discount rate used to calculate the present value of lease payments was 6.47%.
Depreciation expense consisted of the following:
Three months ended March 31,
(Millions)20262025
Depreciation expense$38 $42