CORNING INC /NY | 2013 | FY | 3

9.      Property, Net of Accumulated Depreciation

Property, net follows (in millions):

 
December 31,
 
2013
 
2012
Land
$
121 
 
$
112 
Buildings
 
4,175 
   
4,324 
Equipment
 
12,286 
   
12,571 
Construction in progress
 
1,084 
   
1,270 
   
17,666 
   
18,277 
Accumulated depreciation
 
(7,865)
   
(7,652)
Total
$
9,801 
 
$
10,625 

Approximately $35 million, $74 million and $46 million of interest costs were capitalized as part of property, net in 2013, 2012 and 2011, respectively.

Manufacturing equipment includes certain components of production equipment that are constructed of precious metals.  At December 31, 2013 and 2012, the recorded value of precious metals totaled $2.2 billion and $2.4 billion, respectively.  Depletion expense related to the years ended December 31, 2013, 2012 and 2011 totaled $20 million, $20 million and $21 million, respectively.

During the fourth quarter of 2012, the Specialty Materials segment recorded an impairment charge of $44 million related to certain assets located in Japan used in the ion exchange process for the production of large cover glass.  The large cover glass impairment charge represents a write-down of assets specific to the glass-strengthening process for large size cover glass to their relative fair market values as of the date of impairment.  As a result of the impairment, assets included in the category of equipment decreased by approximately $44 million.

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