Property, Plant, and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, plant, and equipment

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

Percentages of building and property improvements, and total machinery, and equipment and other, excluding oil and natural gas investments, depreciated over useful lives

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%