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Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment by major asset class consists of the following:
December 31,
(Dollars in millions)20232022
Land, buildings and improvements$342 $321 
Plant and machinery197 190 
Equipment and other334 335 
Total property, plant and equipment, at cost873 846 
Less accumulated depreciation(471)(442)
Total property, plant and equipment, net
$402 $404 
Depreciation expense related to property, plant and equipment was $63 million, $55 million, and $49 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Land, buildings and improvements include assets under finance leases in the amount of $98 million and $102 million as of December 31, 2023 and 2022, respectively. See Note 11: Leases for additional information.
As of December 31, 2023 and 2022, the Company accounted for our manufacturing facility in Menomonee Falls, WI as a build-to-suit lease with a failed sale-leaseback and is included in land, building, and improvements in the above table. See Note 13: Debt for additional information.