Note 8 - Property, Plant and Equipment, Net of Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):

	December 31,
	2022			2021
Land	$	420		$	441
Buildings		5,963			6,145
Equipment (1)		20,800			21,208
Construction in progress		2,335			1,979
Subtotal		29,518			29,773
Accumulated depreciation		(14,147	)		(13,969	)
Property, plant and equipment, net of accumulated depreciation (2)	$	15,371		$	15,804

(1)

Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2022 and 2021, the carrying value of precious metals was $3.4 billion and $3.5 billion, respectively, and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2022, 2021 and 2020 was $27 million, $28 million and $24 million, respectively.

(2)

Approximately $48 million, $36 million and $58 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2022, 2021 and 2020, respectively.