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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net
8. Property, Plant and Equipment, Net
Property, plant and equipment, net included the following:
December 31,
 20242023
Land and land improvements$41,430 $35,837 
Buildings254,127 251,196 
Machinery and equipment2,539,114 2,501,882 
Other4,985 4,929 
Construction in progress70,526 78,790 
Property, plant and equipment2,910,182 2,872,634 
Accumulated depreciation(1,891,599)(1,797,529)
Property, plant and equipment, net$1,018,583 $1,075,105 
Depreciation expense recorded in the consolidated statements of operations was $125 million, $129 million and $124 million for the years ended December 31, 2024, 2023 and 2022, respectively.
The Company received immaterial proceeds from the sale of assets during the years ended December 31, 2024 and 2022 and $3 million during the year ended December 31, 2023.
Asset Impairments
Indefinite Suspension of Operations
In the third quarter of 2024, in conjunction with the indefinite suspension of operations, the Company recognized a non-cash asset impairment of $25 million, as it was determined that the Temiscaming High Purity Cellulose plant’s net carrying value exceeded its estimated fair value. See Note 3—Indefinite Suspension of Operations for further information.
Asset Realignment
In the fourth quarter of 2023, the Company began efforts towards the optimization and realignment of its High Purity Cellulose assets that included the consolidation of commodity viscose production into the Temiscaming plant and fluff production into the Jesup plant’s C Line. This realignment reflects a strategic decision expected to reduce commodity exposure and earnings volatility and allow the Company to better manage excess capacity of cellulose specialties by operating assets based on current demand for each end market.
The realignment materially impacted the way the assets were to be managed, which resulted in the need for an impairment analysis and, ultimately, the recognition of a non-cash impairment of $62 million. The impairment was recorded to “asset impairment” in the consolidated statements of operations and was comprised of the amount by which the Temiscaming plant’s net carrying value exceeded its estimated fair value and the write-off of certain assets at the Jesup plant that are no longer expected to be used.
Determining the fair value of an asset group is judgmental in nature and involves the use of significant estimates and assumptions. The Company determined the fair values of the Temiscaming plant asset groups for the impairments above using discounted cash flows under the income approach, which required the use of key assumptions and significant estimates. See Note 13—Fair Value Measurements for further information on the fair value measurement of the Temiscaming plant asset groups.