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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
At the end of fiscal years 2023 and 2022, property, plant and equipment at cost and accumulated depreciation were:
(Dollars in Millions)20232022
Land and land improvements$795784
Buildings and building equipment12,37511,470
Machinery and equipment28,97926,603
Construction in progress5,6274,677
Total property, plant and equipment, gross$47,77643,534
Less accumulated depreciation27,87825,552
Total property, plant and equipment, net$19,89817,982
The Company capitalizes interest expense as part of the cost of construction of facilities and equipment. Interest expense capitalized in fiscal years 2023, 2022 and 2021 was $70 million, $49 million and $49 million, respectively.
Depreciation expense, including the amortization of capitalized interest in fiscal years 2023, 2022 and 2021 was $2.6 billion, $2.4 billion and $2.4 billion, respectively.
Upon retirement or other disposal of property, plant and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds are recorded in earnings.