FIXED ASSETS, NET

9 Months Ended

Sep. 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)	September 30, 2020		December 31, 2019
Land		$	112	$	113
Buildings and improvements	40	1,129		1,138
Machinery, tools and equipment	3 to 25	2,047		1,924
Rental assets	3 to 12	404		395
Other, including assets under construction		187		188
Fixed assets, gross		3,879		3,758
Accumulated depreciation		(2,203)		(2,095)
Fixed assets, net		$	1,676	$	1,663

Depreciation expense was $56 million and $54 million for the three months ended September 30, 2020 and 2019, respectively, and $165 million and $163 million for the nine months ended September 30, 2020 and 2019, respectively.