Owens Corning

6. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following (in millions):

Machinery and equipment includes certain precious metals used in our production tooling, which comprise approximately 10% of total machinery and equipment as of December 31, 2023 and December 31, 2022.

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6. PROPERTY, PLANT AND EQUIPMENT (continued)

Our production tooling needs in our Composites segment are changing in response to economic and technological factors. As a result, we exchanged certain precious metals used in production tooling for certain other precious metals to be used in production tooling. There were no non-cash exchanges during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2022, these non-cash exchanges resulted in a net increase to Machinery and equipment of $18 million and gains totaling $18 million. These gains are included in Other expense (income), net on the Consolidated Statements of Earnings and reflected in the Corporate, Other and Eliminations reporting category. These non-cash investing activities are not included in Net cash flow used by investing activities in the Consolidated Statements of Cash Flows. We do not expect these non-cash exchanges to materially impact our current or future capital expenditure requirements or rate of depletion.

For the years ended December 31, 2023, 2022 and 2021, depreciation expense was $481 million, $447 million and $429 million, respectively, which includes depletion expense related to precious metals used in our production tooling. In 2023, 2022 and 2021, depreciation expense included $76 million, $26 million and $13 million, respectively, of accelerated depreciation related to restructuring actions further explained in Note 12 to the Consolidated Financial Statements.