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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following (in millions):
| December 31,
| 2022 |  | 2021
Land | $ | 166 |  |  | $ | 219 |
Buildings and leasehold improvements | 1,221 |  |  | 1,265 |
Machinery and equipment | 5,220 |  |  | 5,343 |
Construction in progress | 522 |  |  | 387 |
| 7,129 |  |  | 7,214 |
Accumulated depreciation | (3,400) |  |  | (3,341) |
Property, plant and equipment, net | $ | 3,729 |  |  | $ | 3,873 |
Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 10% of total machinery and equipment as of both December 31, 2022 and December 31, 2021. Our production tooling needs in our Composites segment are changing in response to economic and technological factors. As a result, we exchanged certain precious metals used in production tooling for certain other precious metals to be used in production tooling. These non-cash exchanges resulted in a net increase to Machinery and equipment of $18 million and $41 million and gains totaling $18 million and $41 million for the twelve months ended December 31, 2022 and 2021, respectively. These gains are included in Other expenses (income), net on the Consolidated Statements of Earnings (Loss) and reflected in the Corporate, Other and Eliminations reporting category. These non-cash investing activities are not included in Net cash flow used for investing activities in the Consolidated Statements of Cash Flows. We do not expect these non-cash exchanges to materially impact our current or future capital expenditure requirements or rate of depletion. For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $447 million, $429 million and $429 million, respectively, which includes depletion expense related to precious metals used in our production tooling. In 2022, 2021 and 2020, depreciation expense included $26 million, $13 million and $20 million, respectively, of accelerated depreciation related to restructuring actions further explained in Note 13 to the Consolidated Financial Statements.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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