Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property Plant And Equipment [Abstract]

10.

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following:

December 31, 2022	Gross Amount		Accumulated Depreciation			Net Amount
Land		83		—			83
Buildings		1,116		(563	)		553
Facilities & leasehold improvements		3,877		(2,895	)		982
Machinery and equipment		18,751		(14,023	)		4,728
Computer and R&D equipment		398		(319	)		79
Operating lease right-of-use assets		311		(118	)		193
Finance lease right-of-use assets		57		(2	)		55
Other tangible assets		169		(95	)		74
Construction in progress		1,454		—			1,454
Total		26,216		(18,015	)		8,201

December 31, 2021	Gross Amount		Accumulated Depreciation			Net Amount
Land		84		—			84
Buildings		951		(562	)		389
Facilities & leasehold improvements		3,490		(2,936	)		554
Machinery and equipment		17,085		(13,786	)		3,299
Computer and R&D equipment		395		(333	)		62
Operating lease right-of-use assets		314		(114	)		200
Other tangible assets		147		(97	)		50
Construction in progress		1,022		—			1,022
Total		23,488		(17,828	)		5,660

The line “Construction in progress” in the table above includes property, plant and equipment under construction and equipment under qualification and not ready for their intended use.

In 2022, the Company transferred from construction in progress to definitive long-lived assets, approximately $650 million corresponding to assets dedicated to its new 300mm fab in Agrate, Italy, where operations started in December 2022.

The depreciation charge was $1,113 million, $952 million and $844 million in 2022, 2021 and 2020, respectively.

Tax incentives and capital investment funding reported as a reduction of capital expenditures totaled $25 million, $13 million and $10 million for the years ended December 31, 2022, 2021 and 2020, respectively. Tax incentives and public funding reduced depreciation charges by $56 million, $61 million and $59 million in 2022, 2021 and 2020, respectively.

Capital investment public funding is described in Note 7. Tax incentives related to capital expenditures is further described in Note 23.

For the years ended December 31, 2022, 2021 and 2020, the Company sold property, plant and equipment for cash proceeds of $4 million, $2 million and $4 million, respectively.

There was no significant impairment recognized for the years ended December 31, 2022, 2021 and 2020.