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Summary of Principle Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Property, Plant and Equipment | The following table summarizes our property as of December 31, 2018 and 2017:
Millions of dollars |  | 2018 |  | 2017 |  | Estimated Useful Life
Land |  | $ | 102 |  |  | $ | 123 |  |  | n/a
Buildings |  | 1,593 |  |  | 1,789 |  |  | 10 to 50 years
Machinery and equipment |  | 7,909 |  |  | 8,946 |  |  | 3 to 30 years
Accumulated depreciation |  | (6,190 | ) |  | (6,825 | ) |  |
Property plant and equipment, net |  | $ | 3,414 |  |  | $ | 4,033 |  |  |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | We adopted the following standards, none of which 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
2016-15 | Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments | January 1, 2018
2016-18 | Statement of Cash Flows (Topic 230): Restricted Cash | January 1, 2018
2017-01 | Business Combinations (Topic 805): Clarifying the Definition of a Business | January 1, 2018
2017-09 | Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting | January 1, 2018
The FASB has issued the following relevant standards, which are not expected to have a material impact on our Consolidated Financial Statements:
Standard |  | Effective Date
2016-13 | Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments | January 1, 2020
2018-13 | Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement | January 1, 2020
2018-14 | Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans | January 1, 2021
2018-15 | Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred In a Cloud Computing Arrangement That Is a Service Contract | January 1, 2020

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