CNH Industrial NV
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Property, Plant and Equipment
Note 6: Property, Plant and Equipment
A summary of property, plant and equipment as of December 31, 2023 and 2022 is as follows:
| (in millions of dollars) | 2023 | 2022 |
|---|---|---|
| Land and industrial buildings | $1,896 | $1,807 |
| Plant, machinery and equipment | 3,641 | 3,293 |
| Construction in progress | 276 | 194 |
| Other | 423 | 364 |
| Gross property, plant and equipment | 6,236 | 5,658 |
| Accumulated depreciation | (4,323) | (4,126) |
| Net property, plant and equipment | $1,913 | $1,532 |
Property, plant and equipment recorded under capital leases were immaterial as of December 31, 2023 and 2022.
Depreciation expense on the above property, plant and equipment totaled $213 million, $198 million and $210 million for the years ended December 31, 2023, 2022 and 2021, respectively.
The Company had contractual commitments of $207 million and $77 million for the acquisition of property, plant and equipment at December 31, 2023 and 2022, respectively.
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