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Property, Plant, and Equipment | 12 Months Ended
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Dec. 31, 2024
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 | 2024 | 2023
Land | $ | 119 |  | $ | 119 |
Buildings and property improvements | 1,751 |  | 1,724 |
Machinery, equipment, and other | 15,704 |  | 15,121 |
Total property, plant, and equipment | 17,574 |  | 16,964 |
Accumulated depreciation | (12,461) |  | (12,064) |
Net property, plant, and equipment | $ | 5,113 |  | $ | 4,900 |
During the years ended December 31, 2024 and 2023, no impairment charges were recorded on property, plant, and equipment. Classes of assets are depreciated over the following useful lives:
| Buildings and Property Improvements
| 2024 | 2023
1 - 10 years | 17% | 16%
11 - 20 years | 40% | 40%
21 - 30 years | 26% | 26%
31 - 40 years | 17% | 18%
| Machinery, Equipment, and Other
| 2024 | 2023
1 - 5 years | 46% | 47%
6 - 10 years | 45% | 43%
11 - 20 years | 9% | 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/1943274/2147477798/958-360-50-6 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/1943274/2147477798/958-360-50-1 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/1943274/2147477798/958-360-50-7 + Details
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