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Property, Plant, and Equipment, Net
 9 Months Ended
Sep. 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)September 30, 2024December 31, 2023
Asset Type
Land$142 $195 
Buildings and improvements1,747 1,822 
Machinery and equipment3,527 3,752 
Information technology527 473 
Construction in process323 400 
Total Property, plant and equipment6,266 6,642 
Accumulated depreciation(2,494)(2,402)
Total Property, plant and equipment, net$3,772 $4,240 
Depreciation expense was $102 million and $122 million for the three months ended September 30, 2024 and 2023, respectively, and $305 million and $342 million for the nine months ended September 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 September 30, 2024 and 2023, and approximately $10 million and $13 million for the nine months ended September 30, 2024 and 2023.