Property, Plant and Equipment-Net

3 Months Ended

Sep. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Property, plant and equipment—net consists of the following:


	September 30, 2024		December 31, 2023
	(in millions)
Land	$	115	$	114
Machinery and equipment	13,766		13,716
Buildings and improvements	1,014		1,020
Construction in progress	548		394
Property, plant and equipment(1)	15,443		15,244
Less: Accumulated depreciation and amortization	8,627		8,103
Property, plant and equipment—net	$	6,816	$	7,141

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(1)As of September 30, 2024 and December 31, 2023, we had property, plant and equipment that was accrued but unpaid of $122 million and $68 million, respectively. As of September 30, 2023 and December 31, 2022, we had property, plant and equipment that was accrued but unpaid of $80 million and $53 million, respectively.

Depreciation and amortization related to property, plant and equipment was $229 million and $701 million for the three and nine months ended September 30, 2024, respectively, and $211 million and $633 million for the three and nine months ended September 30, 2023, respectively.

Plant turnarounds—Scheduled inspections, replacements and overhauls of plant machinery and equipment at our continuous process manufacturing facilities during a full plant shutdown are referred to as plant turnarounds. The expenditures related to plant turnarounds are capitalized in property, plant and equipment when incurred.

Scheduled replacements and overhauls of plant machinery and equipment during a plant turnaround include the dismantling, repair or replacement and installation of various components including piping, valves, motors, turbines, pumps, compressors and heat exchangers and the replacement of catalysts. Scheduled inspections, including required safety inspections which entail the disassembly of various components such as steam boilers, pressure vessels and other equipment requiring safety certifications, are also conducted during plant turnarounds. Internal employee costs and overhead amounts are not considered plant turnaround costs and are not capitalized.

The following is a summary of capitalized plant turnaround costs:


	Nine months ended September 30,
	2024		2023
	(in millions)
Net capitalized plant turnaround costs as of January 1	$	352	$	312
Additions	120		121

Depreciation	(134)		(95)

Effect of exchange rate changes and other	—		(4)
Net capitalized plant turnaround costs as of September 30	$	338	$	334