Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, Plant and Equipment

Property, plant and equipment were composed of the following:

	December 31
Millions of dollars	2019		2018
Land	$	202	$	252
Buildings and property improvements	3,167		3,461
Machinery, equipment and other	16,571		18,313
Total	19,940		22,026
Less accumulated depreciation	12,630		13,153
Net property, plant and equipment	$	7,310	$	8,873

During the year ended December 31, 2019, a $1.4 billion impairment charge was recorded related to property, plant and equipment. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges.

Classes of assets are depreciated over the following useful lives:

	Buildings and Property Improvements
	2019	2018
1    -   10 years	12%	11%
11    -   20 years	41%	42%
21    -   30 years	22%	22%
31    -   40 years	25%	25%

	Machinery, Equipment and Other
	2019	2018
1    -    5 years	43%	34%
6    -   10 years	47%	56%
11    -   20 years	10%	10%