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Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant, and Equipment [Abstract]

Note 5. Property, Plant, and Equipment

Property, plant, and equipment were composed of the following:

		December 31
Millions of dollars		2011		2010
Land	$	123	$	105
Buildings and property improvements		1,609		1,438
Machinery, equipment, and other		13,856		11,363
Total		15,588		12,906
Less accumulated depreciation		7,096		6,064
Net property, plant, and equipment	$	8,492	$	6,842

Classes of assets, excluding oil and natural gas investments, are depreciated over the following useful lives:

	Buildings and Property
	Improvements
	2011		2010
1 - 10 years		13%		13%
11 - 20 years		47%		46%
21 - 30 years		13%		13%
31 - 40 years		27%		28%

	Machinery, Equipment
	and Other
	2011		2010
1 - 5 years		19%		19%
6 - 10 years		75%		74%
11 - 20 years		6%		7%

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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