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Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2018
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property, Plant and Equipment
The following table provides the components of Property, plant and equipment:
 
 
Useful Lives
 
As of December 31,
(MILLIONS OF DOLLARS)
 
(Years)  
 
2018

 
2017

Land
 
-
 
$
500

 
$
540

Buildings
 
33-50
 
9,920

 
10,254

Machinery and equipment
 
8-20
 
11,871

 
11,902

Furniture, fixtures and other
 
3-12 1/2
 
4,693

 
4,661

Construction in progress
 
-
 
2,992

 
2,680

 
 
 
 
29,977

 
30,037

Less: Accumulated depreciation
 
 
 
16,591

 
16,172

Property, plant and equipment(a)
 
 
 
$
13,385

 
$
13,865

(a) 
The decrease in total property, plant and equipment is primarily due to depreciation, the reclassification of $675 million to Assets held for sale during the fourth quarter of 2018 (see Note 2C), reductions due to asset impairments largely associated with cost reduction initiatives not associated with acquisitions (see Note 3), and the impact of foreign exchange, partially offset by capital additions.