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Property, Plant, and Equipment, Net | 6 Months Ended
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Jun. 30, 2024
Property, Plant and Equipment [Abstract] |
Property, Plant, and Equipment, Net | PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment consisted of the following amounts:
(DOLLARS IN MILLIONS) | June 30, 2024 |  | December 31, 2023
Asset Type |  |  |
Land | $ | 169 |  |  | $ | 195 |
Buildings and improvements | 1,729 |  |  | 1,822 |
Machinery and equipment | 3,447 |  |  | 3,752 |
Information technology | 510 |  |  | 473 |
Construction in process | 288 |  |  | 400 |
Total Property, plant and equipment | 6,143 |  |  | 6,642 |
Accumulated depreciation | (2,380) |  |  | (2,402) |
Total Property, plant and equipment, net | $ | 3,763 |  |  | $ | 4,240 |
Depreciation expense was $93 million and $115 million for the three months ended June 30, 2024 and 2023, respectively, and $203 million and $220 million for the six months ended June 30, 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 $3 million and $4 million for the three months ended June 30, 2024 and 2023, and approximately $7 million and $8 million for the six months ended June 30, 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/1943274/2147477798/958-360-50-6 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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