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Property, Plant & Equipment | 6 Months Ended
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Jun. 30, 2017
Property, Plant and Equipment [Abstract] |
Property, Plant & Equipment | PROPERTY, PLANT & EQUIPMENT The following table summarizes our property, plant and equipment as of June 30, 2017 and December 31, 2016:
Millions of dollars |  | June 30, 2017 |  | December 31, 2016
Land |  | $ | 123 |  |  | $ | 128 |
Buildings |  | 1,666 |  |  | 1,652 |
Machinery and equipment |  | 8,564 |  |  | 8,085 |
Accumulated depreciation |  | (6,542 | ) |  | (6,055 | )
Property, plant and equipment, net |  | $ | 3,811 |  |  | $ | 3,810 |
During the six months ended June 30, 2017, we disposed of buildings, machinery and equipment no longer in use with a net book value of $21 million.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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