Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

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


	December 31
Millions of dollars	2023		2022
Land	$	119	$	117
Buildings and property improvements	1,724		1,671
Machinery, equipment, and other	15,121		14,220
Total property, plant, and equipment	16,964		16,008
Accumulated depreciation	(12,064)		(11,660)
Net property, plant, and equipment	$	4,900	$	4,348

During the year ended December 31, 2023, no impairment charges were recorded on property, plant, and equipment. During the year ended December 31, 2022, we recorded $100 million of impairment charges on property, plant, and equipment primarily related to our exit from Russia. 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
	2023	2022
1 - 10 years	16%	16%
11 - 20 years	40%	40%
21 - 30 years	26%	26%
31 - 40 years	18%	18%


	Machinery, Equipment, and Other
	2023	2022
1 - 5 years	47%	49%
6 - 10 years	43%	41%
11 - 20 years	10%	10%