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Property, Plant, and Equipment | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment Disclosure | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following amounts:
(DOLLARS IN MILLIONS) | March 31, 2024 |  | December 31, 2023
Asset Type |  |  |
Land | $ | 192 |  |  | $ | 195 |
Buildings and improvements | 1,805 |  |  | 1,822 |
Machinery and equipment | 3,754 |  |  | 3,752 |
Information technology | 496 |  |  | 473 |
Construction in process | 366 |  |  | 400 |
Total Property, plant and equipment | 6,613 |  |  | 6,642 |
Accumulated depreciation | (2,468) |  |  | (2,402) |
Total Property, plant and equipment, net | $ | 4,145 |  |  | $ | 4,240 |
Depreciation expense was $110 million and $105 million for the three months ended March 31, 2024 and 2023, respectively. Interest incurred during the construction period of certain property, plant and equipment is capitalized until the underlying assets are placed in service, at which time straight-line amortization of the capitalized interest begins over the estimated useful lives of the related assets. Capitalized interest was approximately $4 million for each of the three months ended March 31, 2024 and 2023.

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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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