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Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Inventory | The classes of inventory as of December 31 are summarized as follows ($ in millions):
| 2023 |  | 2022
Finished goods | $ | 1,282 |  |  | $ | 1,359 |
Work in process | 459 |  |  | 422 |
Raw materials | 853 |  |  | 984 |
Total | $ | 2,594 |  |  | $ | 2,765 |
Useful Lives of Depreciable Assets | The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows:
Category |  | Useful Life
Buildings |  | 30 years
Leased assets and leasehold improvements |  | Amortized over the lesser of the economic life of the asset or the term of the lease
Machinery and equipment |  | 3 – 10 years
Customer-leased equipment |  | 5 – 7 years
Estimated useful lives are periodically reviewed and, when appropriate, changes to estimates are made prospectively. The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions):
| 2023 |  | 2022
Land and improvements | $ | 210 |  |  | $ | 201 |
Buildings | 2,269 |  |  | 1,795 |
Machinery and equipment | 4,106 |  |  | 3,477 |
Customer-leased equipment | 1,794 |  |  | 1,669 |
Gross property, plant and equipment | 8,379 |  |  | 7,142 |
Less: accumulated depreciation | (3,826) |  |  | (3,433) |
Property, plant and equipment, net | $ | 4,553 |  |  | $ | 3,709 |
Classes of Property, Plant and Equipment | The provision for depreciation has been computed principally by the straight-line method based on the estimated useful lives of the depreciable assets as follows:
Category |  | Useful Life
Buildings |  | 30 years
Leased assets and leasehold improvements |  | Amortized over the lesser of the economic life of the asset or the term of the lease
Machinery and equipment |  | 3 – 10 years
Customer-leased equipment |  | 5 – 7 years
Estimated useful lives are periodically reviewed and, when appropriate, changes to estimates are made prospectively. The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions):
| 2023 |  | 2022
Land and improvements | $ | 210 |  |  | $ | 201 |
Buildings | 2,269 |  |  | 1,795 |
Machinery and equipment | 4,106 |  |  | 3,477 |
Customer-leased equipment | 1,794 |  |  | 1,669 |
Gross property, plant and equipment | 8,379 |  |  | 7,142 |
Less: accumulated depreciation | (3,826) |  |  | (3,433) |
Property, plant and equipment, net | $ | 4,553 |  |  | $ | 3,709 |

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1 + Details
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