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Property, Plant, and Equipment, Net
 6 Months Ended
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, 2024December 31, 2023
Asset Type
Land$169 $195 
Buildings and improvements1,729 1,822 
Machinery and equipment3,447 3,752 
Information technology510 473 
Construction in process288 400 
Total Property, plant and equipment6,143 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.