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Property, Plant & Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property, Plant & Equipment

PROPERTY, PLANT & EQUIPMENT

The following table summarizes our property, plant and equipment as of June 30, 2018 and December 31, 2017:

Millions of dollars		June 30, 2018				December 31, 2017
Land		$	117			$	123
Buildings		1,655				1,789
Machinery and equipment		7,750				8,946
Accumulated depreciation		(6,095		)		(6,825		)
Property, plant and equipment, net		$	3,427			$	4,033

During the six months ended June 30, 2018, we disposed of buildings, machinery and equipment no longer in use with a net book value of $14 million and certain land use rights were transferred to the China government resulting in a $27 million gain recorded in cost of products sold.

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- References

No definition available.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-URI http://asc.fasb.org/topic&trid=2155823

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