7 Movements in property, plant, and equipment

CHF million	Invest- ment properties	Un- developed property	Land	Buildings	Building com- ponents	Machinery and production equipment	Other equipment	Assets under construction	Assets held under finance leases	Property, plant, and equipment for own use

Cost
As of 31 December 2014	81	3	41	623	132	1’707	315	104	16	2’941

Additions				10	4	55	6	92		167
Disposals	–4		–2	–18	–2	–22	–5			–49
Changes in scope of consolidation	–2
Other changes, reclassifications	1			16	5	182	–100	–90		13
Translation adjustment	–5		–3	–34	–8	–132	–11	–7	–2	–197
As of 31 December 2015	71	3	36	597	131	1’790	205	99	14	2’875

Additions			4	7	5	67	8	83	5	179
Disposals				–1	–2	–42	–7		–1	–53
Changes in scope of consolidation				2		5	1			8
Other changes, reclassifications	–2		1	18	3	68	7	–98		–1
Translation adjustment			–1	–9	–1	–21	–2		–1	–35
As of 31 December 2016	69	3	40	614	136	1’867	212	84	17	2’973

Accumulated depreciation
As of 31 December 2014	–37			–360	–84	–1’233	–249		–6	–1’932

Additions	–1			–16	–5	–87	–12		–2	–122
Disposals	3			16	1	21	5			43
Other changes, reclassifications					–1	–92	88			–5
Translation adjustment	2			18	4	97	9		1	129
As of 31 December 2015	–32			–342	–85	–1’294	–159		–7	–1’887

Additions	–1			–16	–5	–91	–12		–2	–126
Disposals				1	1	37	6		1	46
Changes in scope of consolidation
Other changes, reclassifications	1			–1		3				2
Translation adjustment				4	1	12	1			18
As of 31 December 2016	–32			–354	–88	–1’333	–164		–8	–1’947

Carrying amount
As of 31 December 2014	44	3	41	263	48	474	66	104	10	1’009
As of 31 December 2015	39	3	36	255	46	496	46	99	7	988
As of 31 December 2016	37	3	40	260	48	534	48	84	9	1’026

The insurance value of property, plant, and equipment amounted to CHF 4ʼ250 million (previous year: CHF 4ʼ001 million).

The lines “Changes in scope of consolidation” show exclusively the acquisitions at GF Piping Systems.

Investments in property, plant, and equipment in 2016 came to CHF 179 million (previous year: CHF 167 million). They were made primarily by the GF Automotive division with CHF 88 million (previous year: CHF 80 million) and the GF Piping Systems division with CHF 49 million (previous year: CHF 46 million). Investments in property, plant, and equipment with an effect on liquidity in the 2017–2020 period amount to CHF 98 million. This amount mainly relates to investments for the GF Piping Systems division in the amount of CHF 12 million and the GF Automotive division in the amount of CHF 82 million.

The values in the row “Other changes, reclassifications” are largely due to two movements. First, an investment property of GF Automotive was reclassified as “Property, plant, and equipment for own use”. Second, some of GF Machining Solutions demo machines earmarked for sale were reclassified from “Non-current assets” to “Inventories” (CHF 2 million net).

The fair value of investment properties, as determined by internal experts on the basis of capitalized and current market values, is CHF 61 million (previous year: CHF 62 million).

In the period under review, CHF 1 million of interest on assets under construction was capitalized.