Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

The components of property, plant and equipment follow:

	Useful Lives	As of December 31,
(MILLIONS OF DOLLARS)	(Years)	2020		2019
Land	—	$	22	$	22
Buildings	33 1/3 - 50	1,019		983
Machinery, equipment and fixtures	3 - 20	2,440		2,119
Construction-in-progress	—	673		553
		4,154		3,677
Less: Accumulated depreciation		1,952		1,737
Property, plant and equipment		$	2,202	$	1,940

Depreciation expense was $211 million in 2020, $175 million in 2019 and $152 million in 2018.