Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

12. Property, Plant and Equipment
The components of property, plant and equipment follow:

	Useful Lives	As of December 31,
(MILLIONS OF DOLLARS)	(Years)	2024		2023
Land	—	$	28	$	25
Buildings	33	1,292		1,316
Machinery, equipment and fixtures	3 - 20	3,353		3,372
Construction-in-progress	—	1,353		1,085
		6,026		5,798
Less: Accumulated depreciation		2,635		2,594
Property, plant and equipment		$	3,391	$	3,204

Depreciation expense was $327 million in 2024, $306 million in 2023 and $272 million in 2022.