Properties, Plants, and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Properties, Plants, and Equipment, Net

The following table details the weighted-average useful lives of structures and machinery and equipment by reporting segment (numbers in years):

	Structures	Machinery and equipment
Engine Products	30	17
Fastening Systems	27	17
Engineered Structures	28	19
Forged Wheels	28	18

Properties, Plants, and Equipment, Net

	December 31, 2022		December 31, 2021
Land and land rights(1)	$	84	$	91
Structures(1)	986		1,034
Machinery and equipment	3,941		3,932
	5,011		5,057
Less: accumulated depreciation and amortization(1)	2,858		2,772
	2,153		2,285
Construction work-in-progress	179		182
Properties, plants, and equipment, net	$	2,332	$	2,467

(1)In the first quarter of 2022, the Company entered into an agreement to sell the corporate headquarters in Pittsburgh, PA. The proceeds from the sale of the corporate headquarters, which closed in June 2022, were $44, excluding $3 of transaction costs, and the carrying value at the time of sale was $41. A loss of less than $1 was recorded in Restructuring and other charges in the Statement of Consolidated Operations upon finalization of the sale in the second quarter of 2022. The Company entered into a 12-year lease with the purchaser for a portion of the property.