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Property, Plant and Equipment
 6 Months Ended
Jun. 30, 2017
Property, Plant and Equipment  
Property, Plant and Equipment

8.     Property, Plant and Equipment

 

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

($ in millions)

    

2017

    

2016

 

 

 

 

 

 

 

Land

 

$

171

 

$

105

Buildings

 

 

1,357

 

 

1,301

Machinery and equipment

 

 

4,986

 

 

4,723

Construction-in-progress

 

 

432

 

 

503

 

 

 

6,946

 

 

6,632

Accumulated depreciation

 

 

(2,522)

 

 

(2,245)

 

 

$

4,424

 

$

4,387

 

Property, plant and equipment are stated at historical or acquired cost. Depreciation expense amounted to $153 million and $260 million for the three and six months ended June 30, 2017, respectively, and $68 million and $133 million for the comparable periods in 2016, respectively. During the three months ended June 30, 2017, cumulative catch-up depreciation recorded as a result of changes in the values and useful lives of fixed assets associated with the finalization of the valuation for the Rexam acquisition was $35 million, of which $11 million related to the three months ended March 31, 2017, and $24 million related to the six months ended December 31, 2016.