Owens Corning
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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Sep 30, 2024 · Filed Nov 6, 2024
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6. Property, Plant and Equipment
- PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following (in millions):
| September 30,2024 | December 31, 2023 | |
|---|---|---|
| Land | $225 | $168 |
| Buildings and leasehold improvements | 1,549 | 1,263 |
| Machinery and equipment | 6,203 | 5,402 |
| Construction in progress | 504 | 665 |
| Property, plant and equipment, gross | 8,481 | 7,498 |
| Accumulated depreciation | (3,888) | (3,657) |
| Property, plant and equipment, net | $4,593 | $3,841 |
Machinery and equipment include certain precious metals used in our production tooling, which comprise approximately 7% and 10% of total machinery and equipment as of September 30, 2024 and December 31, 2023, respectively. Precious metals used in our production tooling are depleted as they are consumed during the production process, which typically represents an annual expense of approximately 2% of the outstanding carrying value.
Our production tooling needs in our Composites segment are changing due to a strategic shift in the Company's metal ownership portfolio, as well as, in response to changes in economic and technological factors. As a result, the Company sold certain precious metals resulting in gains of $19 million for the three and nine months ended September 30, 2024. These gains are included in Other expense, net on the Consolidated Statements of Earnings and are reflected in the Corporate, Other and Eliminations reporting category. The cash proceeds from the sales are included in Net cash flow used for investing activities in the Consolidated Statements of Cash Flow.
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