21. Property, Plant and Equipment Acquired Property, Plant & Equipment Right-of-Use Assets 2021 in millions of Swiss francs Land Buildings and land improve - ments Machinery, equipment and vehicles Construc- tion in progress Tot al Acquired PP&E Buildings, land and improvements Machinery, equipment and vehicles Total Right-of- Use Assets Total Property, Plant & Equipment Net book value Balance as at 1 January 129 949 623 112 1,813 388 21 409 2,222 Additions 4 2 4 193 203 83 9 92 295 Acquisitions – 6 19 25 25 Disposals (3) (4) (7) (47) – (47) (54) Tr ansfer s 40 98 (138) Impairment (1) – (1) (2) (2) Depreciation (52) (101) (153) (40) (11) (51) (204) Reclassified as assets held for sale (1) (1) (1) Currency translation effects – 11 2 – 13 (3) – (3) 10 Balance as at 31 December 131 953 640 167 1,891 381 19 400 2,291 Cost 132 1,572 1,980 167 3,851 468 41 509 4,360 Accumulated depreciation (606) (1,332) (1,938) (87) (22) (109) (2,047) Accumulated impairment (1) (13) (8) (22) (22) Balance as at 31 December 131 953 640 167 1,891 381 19 400 2,291 Acquired Property, Plant & Equipment Right-of-Use Assets 2020 in millions of Swiss francs Land Buildings and land improve - ments Machinery, equipment and vehicles Construc- tion in progress Tot al Acquired PP&E Buildings, land and improvements Machinery, equipment and vehicles Total Right-of- Use Assets Total Property, Plant & Equipment Net book value Balance as at 1 January 131 901 631 222 1,885 419 22 441 2,326 Additions 1 4 151 156 28 9 37 193 Acquisitions 9 16 11 – 36 3 1 4 40 Disposals (1) (2) (7) (10) (4) – (4) (14) Tr ansfer s 133 118 (251) – – Impairment – – – – Depreciation (50) (100) (150) (41) (10) (51) (201) Reclassified as assets held for sale (5) – (5) (5) Currency translation effects (5) (50) (34) (10) (99) (17) (1) (18) (117) Balance as at 31 December 129 949 623 112 1,813 388 21 409 2,222 Cost 129 1,523 1,888 112 3,652 463 37 500 4,152 Accumulated depreciation (561) (1,257) (1,818) (75) (16) (91) (1,909) Accumulated impairment (13) (8) (21) (21) Balance as at 31 December 129 949 623 112 1,813 388 21 409 2,222 The expense related to the low-value and short-term leases amounts to CHF 2 million (2020: CHF 2 million) and CHF 3 million (2020: CHF 2 million) respectively. The Group leases various offices, warehouses, machinery and equipment. Rental contracts are typically made for fixed periods of 1 to 30 years, but may have extension and termination Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 82 Givaudan — 2021 Governance, Compensation and Financial Report Notes to the consolidated financial statements