Property, Plant and Equipment

9 Months Ended

Sep. 30, 2014

Note 4. Property, Plant and Equipment

Property, plant and equipment at September 30, 2014 and December 31, 2013 were:


	September 30,			December 31,
	2014			2013
	(in millions)

Land and land improvements	$	557		$	617
Buildings and building improvements		3,182			3,270
Machinery and equipment		12,112			12,351
Construction in progress		1,620			1,376

		17,471			17,614
Accumulated depreciation		(7,319	)		(7,367	)

Property, plant and equipment, net	$	10,152		$	10,247

In connection with our 2012-2014 Restructuring Program (see Note 6, Restructuring Programs), we recorded non-cash asset write-downs, including accelerated depreciation of $74 million in the nine months ended September 30, 2014 and $32 million in the nine months ended September 30, 2013. These charges were recorded in the condensed consolidated statements of earnings within asset impairment and exit costs and arose from restructuring activities further described in Note 6, Restructuring Programs – 2012-2014 Restructuring Program.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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