PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property, plant and equipment consist of the following:


(In millions)	June 30, 2025		December 31, 2024
Land	$	186	$	178
Buildings and leasehold improvements	1,354		1,238
Machinery and equipment	5,141		4,876
Construction in progress	550		564
Property, plant and equipment, gross	7,231		6,856
Accumulated depreciation	(3,279)		(3,038)
Property, plant and equipment, net	$	3,952	$	3,818

Machinery and equipment include certain precious metals used in our production tooling, which comprise approximately 4% of total machinery and equipment as of June 30, 2025 and December 31, 2024. Precious metals used in our production tooling are depleted as they are consumed during the production process, depletion expense is included in Cost of Sales on the Company's Consolidated Statements of Earnings.

Our production tooling needs are changing due to the announced sale of our GR business. As a result, the Company sold certain precious metals resulting in gains of $1 million and $10 million for the three and six months ended June 30, 2025, respectively. These gains are included in Other expense, net on the Consolidated Statements of Earnings and are reflected in the Corporate, Other and Eliminations reporting category. The cash proceeds from the sales are included in Net cash flow used for investing activities in the Consolidated Statements of Cash Flow.

We also exchanged certain precious metals used in production tooling for certain other precious metals to be used in production tooling. During the three and six months ended June 30, 2025, these non-cash exchanges resulted in a net increase to Machinery and equipment of $11 million and gains totaling $11 million.