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PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES
3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES
NOTE 6. PROPERTY, PLANT AND EQUIPMENT AND OPERATING LEASES
March 31, 2022December 31, 2021
Original cost$31,531 $31,904 
Less accumulated depreciation and amortization(18,935)(18,901)
Right-of-use operating lease assets2,440 2,606 
Property, plant and equipment – net$15,036 $15,609 

In the first quarter of 2022, we signed a non-binding memorandum of understanding for GE Steam Power to sell a portion of its business to EDF, which resulted in a reclassification of that business to held for sale. As a result, we recognized a non-cash pre-tax impairment charge of $59 million related to property, plant and equipment at our remaining Steam business within our Power segment. This charge was recorded by Corporate in Selling, general, and administrative expenses in our consolidated Statement of Earnings (Loss).

Operating Lease Liabilities. Our consolidated operating lease liabilities, included in All other liabilities in our Statement of Financial Position, was $2,679 million and $2,848 million, as of March 31, 2022 and December 31, 2021, respectively. Expense on our operating lease portfolio, primarily from our long-term fixed leases, was $272 million and $281 million for the three months ended March 31, 2022 and 2021, respectively.