Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

9. Property, Plant and Equipment

(Dollars in millions)	December 31,
	2023			2022			Estimated life
Land and land improvements	$	136		$	125		n/a to 15
Buildings		1,065			957		20-40
Machinery and equipment		4,545			4,156		3-12
Construction in progress		548			522		n/a
Property, plant and equipment		6,294			5,760
Less accumulated depreciation		(4,102	)		(3,801	)
Net of depreciation	$	2,192		$	1,960

DEPRECIATION INCLUDED IN	2023		2022		2021
Cost of sales	$	340	$	329	$	348
Selling, general and administrative expenses		12		11		13
Research, development and engineering expenses, net		24		20		23
Total	$	376	$	360	$	384

No significant fixed asset impairments related to the Company’s operations were recognized during 2023, 2022 or 2021.

The net book value of machinery and equipment and buildings and land under finance lease contracts recorded at December 31, 2023 and December 31, 2022 were immaterial. The amortization expense related to finance leases is included with depreciation expenses disclosed in the table above.