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Summary of Principle Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2017
Accounting Policies [Abstract]  
Property, Plant and Equipment
The following table summarizes our property as of December 31, 2017 and 2016:
Millions of dollars
 
2017
 
2016
 
Estimated Useful Life
Land
 
$
123

 
$
128

 
n/a
Buildings
 
1,789

 
1,652

 
10 to 50 years
Machinery and equipment
 
8,946

 
8,085

 
3 to 30 years
Accumulated depreciation
 
(6,825
)
 
(6,055
)
 
 
Property plant and equipment, net
 
$
4,033

 
$
3,810

 
 
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
FASB has issued the following standards, which are not expected to have a material impact on our Consolidated Financial Statements:
Standard
 
Effective Date
2016-01
Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities
January 1, 2018
2016-04
Liabilities—Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products
January 1, 2018
2016-18
Statement of Cash Flows (Topic 230): Restricted Cash
January 1, 2018