FIXED ASSETS, NET

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

FIXED ASSETS, NET

FIXED ASSETS, NET

Fixed assets are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives.

(dollars in millions)	Estimated Useful Lives (Years)	June 30, 2020		December 31, 2019
Land		$	109	$	113
Buildings and improvements	40	1,112		1,138
Machinery, tools and equipment	3 to 25	1,970		1,924
Rental assets	3 to 12	396		395
Other, including assets under construction		198		188
Fixed assets, gross		3,785		3,758
Accumulated depreciation		(2,134)		(2,095)
Fixed assets, net		$	1,651	$	1,663

Depreciation expense was $53 million and $55 million for the three months ended June 30, 2020 and 2019, respectively, and $109 million and $109 million for the six months ended June 30, 2020 and 2019, respectively.