Corteva Inc
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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FY2023 · Filed Feb 8, 2024
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Property, Plant and Equipment
NOTE 12 -PROPERTY, PLANT AND EQUIPMENT
| (In millions) | December 31, 20231 | December 31, 2022 |
|---|---|---|
| Land and land improvements | $440 | $416 |
| Buildings | 1,671 | 1,541 |
| Machinery and equipment | 6,315 | 6,077 |
| Construction in progress | 530 | 517 |
| Total property, plant and equipment | 8,956 | 8,551 |
| Accumulated depreciation | (4,669) | (4,297) |
| Total property, plant and equipment - net | $4,287 | $4,254 |
- Includes property, plant and equipment acquired in connection with the Stoller and Symborg acquisitions, which were completed on March 1, 2023. See Note 4 – Business Combinations, to the Consolidated Financial Statements, for additional information.
Buildings, machinery and equipment and land improvements are depreciated over useful lives on a straight-line basis ranging from 2 to 25 years. Capitalizable costs associated with computer software for internal use are amortized on a straight-line basis over 2 to 7 years.
| For the Year Ended December 31, | |||
|---|---|---|---|
| (In millions) | 2023 | 2022 | 2021 |
| Depreciation expense | $528 | $521 | $521 |
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