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Property, Plant and Equipment | 12 Months Ended
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Dec. 31, 2017
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Property, Plant and Equipment | NOTE 15—PROPERTY, PLANT AND EQUIPMENT
(in millions of Euros) |  | Land and Property Rights |  |  | Buildings |  |  | Machinery and Equipment |  |  | Construction Work in Progress |  |  | Other |  |  | Total |
Net balance at January 1, 2017 |  |  | 19 |  |  |  | 209 |  |  |  | 1,020 |  |  |  | 221 |  |  |  | 8 |  |  |  | 1,477 |
Additions |  |  | 1 |  |  |  | 2 |  |  |  | 50 |  |  |  | 224 |  |  |  | 5 |  |  |  | 282 |
Disposals |  |  | — |  |  |  | (1 | ) |  |  | (3 | ) |  |  | — |  |  |  | — |  |  |  | (4 | )
Depreciation expense |  |  | (4 | ) |  |  | (13 | ) |  |  | (135 | ) |  |  | — |  |  |  | (7 | ) |  |  | (159 | )
Transfer during the period |  |  | — |  |  |  | 18 |  |  |  | 223 |  |  |  | (237 | ) |  |  | 4 |  |  |  | 8 |
Effects of changes in foreign exchange rates |  |  | (2 | ) |  |  | (9 | ) |  |  | (66 | ) |  |  | (10 | ) |  |  | — |  |  |  | (87 | )
Net balance at December 31, 2017 |  |  | 14 |  |  |  | 206 |  |  |  | 1,089 |  |  |  | 198 |  |  |  | 10 |  |  |  | 1,517 |
Cost |  |  | 25 |  |  |  | 321 |  |  |  | 1,712 |  |  |  | 204 |  |  |  | 29 |  |  |  | 2,291 |
Less accumulated depreciation and impairment |  |  | (11 | ) |  |  | (115 | ) |  |  | (623 | ) |  |  | (6 | ) |  |  | (19 | ) |  |  | (774 | )
Net balance at December 31, 2017 |  |  | 14 |  |  |  | 206 |  |  |  | 1,089 |  |  |  | 198 |  |  |  | 10 |  |  |  | 1,517 |
(in millions of Euros) |  | Land and Property Rights |  |  | Buildings |  |  | Machinery and Equipment |  |  | Construction Work in Progress |  |  | Other |  |  | Total |
Net balance at January 1, 2016 |  |  | 21 |  |  |  | 158 |  |  |  | 773 |  |  |  | 296 |  |  |  | 7 |  |  |  | 1,255 |
Additions |  |  | — |  |  |  | 6 |  |  |  | 56 |  |  |  | 297 |  |  |  | 3 |  |  |  | 362 |
Disposals |  |  | — |  |  |  | — |  |  |  | (6 | ) |  |  | (5 | ) |  |  | — |  |  |  | (11 | )
Depreciation expense |  |  | (4 | ) |  |  | (13 | ) |  |  | (120 | ) |  |  | — |  |  |  | (7 | ) |  |  | (144 | )
Transfer during the period |  |  | 1 |  |  |  | 55 |  |  |  | 309 |  |  |  | (370 | ) |  |  | 5 |  |  |  | — |
Effects of changes in foreign exchange rates |  |  | 1 |  |  |  | 3 |  |  |  | 8 |  |  |  | 3 |  |  |  | — |  |  |  | 15 |
Net balance at December 31, 2016 |  |  | 19 |  |  |  | 209 |  |  |  | 1,020 |  |  |  | 221 |  |  |  | 8 |  |  |  | 1,477 |
Cost |  |  | 27 |  |  |  | 324 |  |  |  | 1,581 |  |  |  | 228 |  |  |  | 27 |  |  |  | 2,187 |
Less accumulated depreciation and impairment |  |  | (8 | ) |  |  | (115 | ) |  |  | (561 | ) |  |  | (7 | ) |  |  | (19 | ) |  |  | (710 | )
Net balance at December 31, 2016 |  |  | 19 |  |  |  | 209 |  |  |  | 1,020 |  |  |  | 221 |  |  |  | 8 |  |  |  | 1,477 |
Building, machinery and equipment includes the following amounts where the Group is a lessee under a finance lease:
|  | At December 31, 2017 |  |  | At December 31, 2016 |
(in millions of Euros) |  | Gross value |  |  | Accumulated depreciation |  |  | Net |  |  | Gross value |  |  | Accumulated depreciation |  |  | Net |
Buildings under finance lease |  |  | 30 |  |  |  | (5 | ) |  |  | 25 |  |  |  | 31 |  |  |  | (3 | ) |  |  | 28 |
Machinery and equipment under finance lease |  |  | 62 |  |  |  | (27 | ) |  |  | 35 |  |  |  | 50 |  |  |  | (21 | ) |  |  | 29 |
Total |  |  | 92 |  |  |  | (32 | ) |  |  | 60 |  |  |  | 81 |  |  |  | (24 | ) |  |  | 57 |
The future aggregate minimum lease payments under non-cancellable finance leases are as follows:
(in millions of Euros) |  | At December 31, 2017 |  |  | At December 31, 2016 |
Less than 1 year |  |  | 15 |  |  |  | 13 |
1 to 5 years |  |  | 37 |  |  |  | 36 |
More than 5 years |  |  | 19 |  |  |  | 22 |
Total |  |  | 71 |  |  |  | 71 |
The present value of future aggregate minimum lease payments under non-cancellable finance leases are as follows:
(in millions of Euros) |  | At December 31, 2017 |  |  | At December 31, 2016 |
Less than 1 year |  |  | 14 |  |  |  | 10 |
1 to 5 years |  |  | 30 |  |  |  | 35 |
More than 5 years |  |  | 16 |  |  |  | 15 |
Total |  |  | 60 |  |  |  | 60 |
Depreciation expense and impairment losses Total depreciation expense and impairment losses relating to property, plant and equipment and intangible assets are presented in the Consolidated Income Statement as follows:
(in millions of Euros) |  | Year ended December 31, 2017 |  |  | Year ended December 31, 2016 |  |  | Year ended December 31, 2015 |
Cost of sales |  |  | (160 | ) |  |  | (147 | ) |  |  | (132 | )
Selling and administrative expenses |  |  | (8 | ) |  |  | (6 | ) |  |  | (6 | )
Research and development expenses |  |  | (3 | ) |  |  | (2 | ) |  |  | (2 | )
Impairment |  |  | — |  |  |  | — |  |  |  | (452 | )
Total |  |  | (171 | ) |  |  | (155 | ) |  |  | (592 | )
The amount of contractual commitments for the acquisition of property, plant and equipment is disclosed in NOTE 26—Commitments. Impairment tests for property, plant and equipment and intangibles assets No triggering events were identified at December 31, 2017 and 2016 regarding our cash-generating units. Certain triggering events were identified as at December 31, 2015 for certain cash-generating units. In accordance with the accounting policies described in NOTE 2.6 of the Consolidated Financial Statements, these cash-generating units were tested for impairment. For the Muscle Shoals cash-generating unit, a P&ARP cash-generating unit, the following triggering events were identified at December 31, 2015:
| - |  | Continuing under performance and actual 2015 Muscle Shoals results showing a much lower financial performance than the initial business plan prepared as part of the Wise acquisition, and
| - |  | Revised budget and strategic plan for Muscle Shoals downgraded, notably after taking into account new sale agreements commercial conditions for the can/packaging business.
Its value in use was determined based on projected cash flows expected to be generated by the can/packaging business at Muscle Shoals. These cash flow forecasts were prepared by the Group Management and reviewed by the Board of Directors. The discount rate applied to cash flows projections was 11% and cash flows beyond the projection period were extrapolated using a 0% growth rate. The value in use calculation led to a recoverable value being €400 million lower than the carrying value. Management determined that the fair value less cost of disposal of Muscle Shoals cash-generating unit did not exceed the value in use. Accordingly, an impairment charge of €400 million was recorded as at December 31, 2015, reducing the Muscle Shoals’ cash- generating unit intangible assets and property, plant and equipment. For the Constellium Valais cash-generating units, certain triggering events were identified in 2015 (cash-generating unit Valais—AS&I operating segment: operational reorganization and industrial restructuring and cash-generating unit Valais—A&T operating segment: expected adverse change in key sale agreements). Based on the recoverable value approached from both a value in use and a fair value models, the carrying value of the Property, plant and equipment was fully impaired as at December 31, 2015. The related impairment charge totaled €49 million.

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