Property, Plant and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

(5) Property, Plant and Equipment

Property, plant and equipment consisted of the following:


(in millions)	June 30, 2022		December 31, 2021
Machinery and equipment	$	4,161	$	4,033
Buildings and improvements	89		88
ROU finance leases	80		81
Land and improvements	72		71
Furniture and fixtures	37		37
Construction in progress	104		142
Other	14		15




	4,557		4,467
Less: Accumulated depreciation and amortization	(2,305)		(2,194)
Total property, plant and equipment, net	$	2,252	$	2,273

On February 1, 2021, the Company completed a pipeline acquisition for total consideration of $23 million, which was accounted for as a business combination under Accounting Standards Codification (“ASC”) 805. An intangible asset of $3 million was recognized in Other long-term assets related to acquired contracts that is being amortized over less than three years. The accounting for the business combination was finalized during January 2022.

During the six months ended June 30, 2022, the Company had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under ASC 360.