Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

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



	December 31
Millions of dollars	2014		2013
Land	$	217	$	213
Buildings and property improvements	3,311		2,685
Machinery, equipment, and other	19,954		17,904
Total	23,482		20,802
Less accumulated depreciation	11,007		9,480
Net property, plant, and equipment	$	12,475	$	11,322

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



	Buildings and Property Improvements
	2014	2013
1 - 10 years	12%	13%
11 - 20 years	42%	43%
21 - 30 years	21%	20%
31 - 40 years	25%	24%



	Machinery, Equipment, and Other
	2014	2013
1 - 5 years	23%	22%
6 - 10 years	70%	72%
11 - 20 years	7%	6%

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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