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Property, Plant, and Equipment (Tables) | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
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 |
Percentages of building and property improvements, and total machinery, and equipment and other, excluding oil and natural gas investments, depreciated over useful lives | 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 Tabular disclosure of the percentages that building and property improvements, total machinery, equipment and other, excluding oil and natural gas investments, are depreciated over their useful lives. + References No definition available. + Details
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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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