Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

A summary of property, plant and equipment as of December 31, 2019 and 2018 is as follows:

	2019			2018
	(in millions)
Land and industrial buildings	$	3,279		$	3,332
Plant, machinery and equipment	8,621			8,417
Assets sold with buy-back commitment	2,649			3,100
Construction in progress	164			162
Other	793			815
Gross property, plant and equipment	15,506			15,826
Accumulated depreciation	(10,237		)	(9,925		)
Net property, plant and equipment	$	5,269		$	5,901

Property, plant and equipment recorded under capital leases were immaterial as of December 31, 2019 and 2018.

Depreciation expense on the above property, plant and equipment totaled $853 million, $965 million, and $929 million for the years ended December 31, 2019, 2018, and 2017, respectively. Excluding depreciation for assets sold with buy-back commitments, depreciation expenses totaled $548 million, $587 million, and $610 million for the years ended December 31, 2019, 2018, and 2017, respectively.

Commercial and Specialty Vehicles recognized an impairment loss on new and used vehicles of $86 million, $76 million and $86 million on assets sold with a buy-back commitment for the years ended December 31, 2019, 2018, and 2017, respectively. The losses are recognized in “Cost of goods sold.”

The Company had contractual commitments of $118 million and $123 million for the acquisition of property, plant and equipment at December 31, 2019 and 2018, respectively.