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Property, Plant, and Equipment | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant, and Equipment | Property, Plant, and Equipment Property, plant, and equipment were composed of the following:
| December 31
Millions of dollars | 2023 | 2022
Land | $ | 119 |  | $ | 117 |
Buildings and property improvements | 1,724 |  | 1,671 |
Machinery, equipment, and other | 15,121 |  | 14,220 |
Total property, plant, and equipment | 16,964 |  | 16,008 |
Accumulated depreciation | (12,064) |  | (11,660) |
Net property, plant, and equipment | $ | 4,900 |  | $ | 4,348 |
During the year ended December 31, 2023, no impairment charges were recorded on property, plant, and equipment. During the year ended December 31, 2022, we recorded $100 million of impairment charges on property, plant, and equipment primarily related to our exit from Russia. See Note 2 to the consolidated financial statements for further discussion on impairments and other charges. Classes of assets are depreciated over the following useful lives:
| Buildings and Property Improvements
| 2023 | 2022
1 - 10 years | 16% | 16%
11 - 20 years | 40% | 40%
21 - 30 years | 26% | 26%
31 - 40 years | 18% | 18%
| Machinery, Equipment, and Other
| 2023 | 2022
1 - 5 years | 47% | 49%
6 - 10 years | 43% | 41%
11 - 20 years | 10% | 10%

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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