5 _395 2023 UNIVERSAL REGISTRATION DOCUMENT_MICHELIN 5 FINANCIAL PERFORMANCE 2023 consolidated financial statements 14.2 Right-of-use assets Right-of-use assets can be analyzed as follows: (in € millions) Right-of-use assets Land and buildings Right-of-use assets Plant and industrial equipment Right-of-use assets Other equipment Total Gross carrying amounts at January 1, 2022 1,286 132 295 1,713 Translation adjustments 22 5 6 33 New leases 150 9 39 198 Disposals (58) (28) (26) (112) Changes in scope of consolidation 18 - 2 20 Transfers and other (15) (1) (2) (18) Gross carrying amounts at December 31, 2022 1,403 117 314 1,834 Translation adjustments (28) (2) (6) (36) New leases 270 27 66 363 Disposals (84) (27) (24) (135) Changes in scope of consolidation 8 1 (11) (2) Transfers and other (17) (1) (10) (28) Gross carrying amounts at December 31, 2023 1,552 115 329 1,996 Depreciation and impairment at January 1, 2022 (484) (61) (134) (679) Translation adjustments (5) (2) (2) (9) Depreciation (154) (34) (52) (240) Net impairment (4) - (1) (5) Disposals 55 28 25 108 Changes in scope of consolidation - - - - Transfers and other (5) 4 2 1 Depreciation and impairment at December 31, 2022 (597) (65) (162) (824) Translation adjustments 10 1 3 14 Depreciation (168) (28) (52) (248) Net impairment (2) - - (2) Disposals 84 27 24 135 Changes in scope of consolidation 4 - 1 5 Transfers and other (2) - 8 6 Depreciation and impairment at December 31, 2023 (671) (65) (178) (914) NET CARRYING AMOUNTS AT DECEMBER 31, 2023 881 50 151 1,082 Net carrying amounts at December 31, 2022 806 52 152 1,010 Some leases are recorded directly as an expense in the income statement on a straight-line basis over the life of the lease. This is the case for: ● Short-term leases, representing an expense of €51 million in 2023 (2022: €51 million); ● leases of low-value assets, representing an expense of €49 million in 2023 (2022: €41 million); ● variable lease payments not taken into account to determine the lease liability, representing an expense of €14 million in 2023 (2022: €22 million). Undiscounted future lease payments are analyzed by maturity in note 33.2.1.
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