Note 7 - Property, Plant and Equipment, Net of Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

7.  Property, Plant and Equipment, Net of Accumulated Depreciation

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

	December 31,
	2023			2022
Land	$	412		$	420
Buildings		5,931			5,963
Equipment (1)		20,896			20,800
Construction in progress		1,944			2,335
Subtotal		29,183			29,518
Accumulated depreciation		(14,553	)		(14,147	)
Property, plant and equipment, net of accumulated depreciation (2)	$	14,630		$	15,371

(1)

Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2023 and 2022, the carrying value of precious metals was $3.1 billion and $3.4 billion, respectively, and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2023, 2022 and 2021 was $35 million, $27 million and $28 million, respectively.

(2)

Approximately $40 million, $48 million and $36 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2023, 2022 and 2021, respectively.