Property, plant, and equipment (PPE) are tangible long-lived assets that are acquired for the purpose of generating revenue either directly or indirectly. They are held for use in the production or supply of goods and services, have been acquired for use on a continuing basis, and are not intended for sale in the ordinary course of business. Because PPE assets are long-lived or have a life greater than one year, they are non-current in nature, also known as long-term assets. Examples of PPE assets include land, office and manufacturing buildings, production machinery, trucks, ships or aircraft used to deliver goods or transport passengers, salespersons' automobiles owned by a company, or a farmer's production machinery like tractors and field equipment. PPE assets are tangible assets because they can be physically touched. There are other types of non-current assets that are intangible – existing only as legal concepts – like copyrights and patents. These will be discussed later in this chapter.