CORNING INC NY
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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7. Property, Plant and Equipment, Net of Accumulated Depreciation
- Property, Plant and Equipment, Net of Accumulated Depreciation
Property, plant and equipment, net of accumulated depreciation consisted of the following (in millions):
| December 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Land | $375 | $412 |
| Buildings | 5,650 | 5,931 |
| Equipment (1) | 20,007 | 20,896 |
| Construction in progress | 1,819 | 1,944 |
| Subtotal | 27,851 | 29,183 |
| Accumulated depreciation | (14,492) | (14,553) |
| Property, plant and equipment, net of accumulated depreciation (2) | $13,359 | $14,630 |
(1)Manufacturing equipment includes certain components of production equipment that are constructed of precious metals. As of December 31, 2024 and 2023, the carrying value of precious metals was $2.8 billion and $3.1 billion, respectively, and significantly lower than the fair market value. Depletion expense for precious metals for the years ended December 31, 2024, 2023 and 2022 was $29 million, $35 million and $27 million, respectively.
(2)Approximately $31 million, $40 million and $48 million of interest costs were capitalized as part of property, plant and equipment during the years ended December 31, 2024, 2023 and 2022, respectively.
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