Property, Plant and Equipment

3 Months Ended

Mar. 31, 2015

Note 4. Property, Plant and Equipment

Property, plant and equipment consisted of the following:


	As of March 31,			As of December 31,
	2015			2014
	(in millions)

Land and land improvements	$	540		$	574
Buildings and building improvements		2,946			3,117
Machinery and equipment		11,107			11,737
Construction in progress		1,490			1,484

		16,083			16,912
Accumulated depreciation		(6,822	)		(7,085	)

Property, plant and equipment, net	$	9,261		$	9,827

In connection with our 2012-2014 Restructuring Program and 2014-2018 Restructuring Program (see Note 6, Restructuring Programs), we recorded non-cash asset write-downs (including accelerated depreciation and asset impairments) of $78 million in the three months ended March 31, 2015 and $12 million in the three months ended March 31, 2014. These charges were recorded in the consolidated statements of earnings within asset impairment and exit costs as follows:


	For the Three Months Ended
	March 31,
	2015		2014
	(in millions)

Latin America	$	13	$	–
Asia Pacific		19		–
EEMEA		–		–
Europe		25		1
North America		21		11

Total non-cash asset write-downs	$	78	$	12

- 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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