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PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2023
Property, plant and equipment [abstract] |
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, 2023 |  |  |  | 23 |  | 381 |  | 1,387 |  | 211 |  | 15 |  | 2,017
Additions |  |  |  | 1 |  | 12 |  | 90 |  | 258 |  | 3 |  | 364
Disposals |  |  |  | — |  | — |  | (3) |  | — |  | — |  | (3)
Depreciation expense |  |  |  | (1) |  | (31) |  | (242) |  | — |  | (12) |  | (286)
Transfer and other changes |  |  |  | 2 |  | 23 |  | 178 |  | (209) |  | 6 |  | —
Effect of changes in foreign exchange rates |  |  |  | — |  | (5) |  | (25) |  | (2) |  | — |  | (32)
Property, plant and equipment disposed of through business combination |  |  |  | — |  | (1) |  | (4) |  | (7) |  | (1) |  | (13)
Net balance at December 31, 2023 |  |  |  | 25 |  | 379 |  | 1,381 |  | 251 |  | 11 |  | 2,047
Cost |  |  |  | 44 |  | 659 |  | 3,103 |  | 268 |  | 52 |  | 4,126
Less accumulated depreciation and impairment |  |  |  | (19) |  | (280) |  | (1,722) |  | (17) |  | (41) |  | (2,079)
Net balance at December 31, 2023 |  |  |  | 25 |  | 379 |  | 1,381 |  | 251 |  | 11 |  | 2,047
(in millions of Euros) |  |  |  | Land and Property Rights |  | Buildings |  | Machinery and Equipment |  | Construction Work in Progress |  | Other |  | Total
Net balance at January 1, 2022 |  |  |  | 21 |  | 374 |  | 1,411 |  | 127 |  | 15 |  | 1,948
Additions |  |  |  | — |  | 14 |  | 90 |  | 188 |  | 5 |  | 297
Disposals |  |  |  | — |  | — |  | (4) |  | — |  | (1) |  | (5)
Depreciation expense |  |  |  | (1) |  | (32) |  | (230) |  | (2) |  | (12) |  | (277)
Transfer and other changes |  |  |  | 2 |  | 18 |  | 76 |  | (103) |  | 7 |  | —
Effect of changes in foreign exchange rates |  |  |  | 1 |  | 7 |  | 44 |  | 1 |  | 1 |  | 54
Net balance at December 31, 2022 |  |  |  | 23 |  | 381 |  | 1,387 |  | 211 |  | 15 |  | 2,017
Cost |  |  |  | 42 |  | 637 |  | 2,957 |  | 224 |  | 63 |  | 3,923
Less accumulated depreciation and impairment |  |  |  | (19) |  | (256) |  | (1,570) |  | (13) |  | (48) |  | (1,906)
Net balance at December 31, 2022 |  |  |  | 23 |  | 381 |  | 1,387 |  | 211 |  | 15 |  | 2,017
Right-of-use assets Right-of-use assets have been included in the same line item as that in which a corresponding owned asset would be presented.
(in millions of Euros) |  | Buildings |  | Machinery and Equipment |  | Other |  | Total
Net balance at January 1, 2023 |  | 107 |  | 54 |  | — |  | 161
Additions |  | 10 |  | 15 |  | — |  | 25
Disposals |  | — |  | — |  | — |  | —
Depreciation expense |  | (13) |  | (18) |  | — |  | (31)
Transfer and other changes |  | — |  | (13) |  | — |  | (13)
Effect of changes in foreign exchange rates |  | (1) |  | — |  | — |  | (1)
Net balance at December 31, 2023 |  | 103 |  | 38 |  | — |  | 141
Cost |  | 168 |  | 107 |  | 1 |  | 276
Less accumulated depreciation and impairment |  | (65) |  | (69) |  | (1) |  | (135)
Net balance at December 31, 2023 |  | 103 |  | 38 |  | — |  | 141
(in millions of Euros) |  | Buildings |  | Machinery and Equipment |  | Other |  | Total
Net balance at January 1, 2022 |  | 108 |  | 65 |  | 1 |  | 174
Additions |  | 11 |  | 7 |  | — |  | 18
Disposals |  | — |  | (1) |  | — |  | (1)
Depreciation expense |  | (12) |  | (20) |  | (1) |  | (33)
Effect of changes in foreign exchange rates |  | — |  | 3 |  | — |  | 3
Net balance at December 31, 2022 |  | 107 |  | 54 |  | — |  | 161
Cost |  | 161 |  | 146 |  | 1 |  | 308
Less accumulated depreciation and impairment |  | (54) |  | (92) |  | (1) |  | (147)
Net balance at December 31, 2022 |  | 107 |  | 54 |  | — |  | 161
The total expense relating to short-term leases, low value asset leases and variable lease payments that are still recognized as operating expenses was €18 million, €15 million and €12 million for the years ended December 31, 2023, 2022 and 2021 respectively. Depreciation expense Total depreciation expense relating to property, plant and equipment and intangible assets are presented in the Consolidated Income Statement as follows:
|  | Year ended December 31,
(in millions of Euros) |  | 2023 |  | 2022 |  | 2021
Cost of sales |  | (278) |  | (270) |  | (245)
Selling and administrative expenses |  | (11) |  | (12) |  | (17)
Research and development expenses |  | (5) |  | (5) |  | (5)
Total depreciation expense |  | (294) |  | (287) |  | (267)
The amount of contractual commitments for the acquisition of property, plant and equipment is disclosed in NOTE 27 - Commitments. Impairment tests for property, plant and equipment and intangibles assets No triggering events were identified at December 31, 2023, 2022 and 2021 for our Cash Generating Units (“CGUs”).

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