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Property, Plant & Equipment | 3 Months Ended
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Mar. 31, 2020
Property, Plant and Equipment [Abstract] |
Property, Plant & Equipment | PROPERTY, PLANT AND EQUIPMENT The following table summarizes our property, plant and equipment at March 31, 2020 and December 31, 2019:
Millions of dollars |  | March 31, 2020 |  | December 31, 2019
Land |  | $ | 88 |  |  | $ | 97 |
Buildings |  | 1,503 |  |  | 1,540 |
Machinery and equipment |  | 7,953 |  |  | 8,108 |
Accumulated depreciation |  | (6,388 | ) |  | (6,444 | )
Property, plant and equipment, net |  | $ | 3,156 |  |  | $ | 3,301 |
During the three months ended March 31, 2020, we disposed of buildings, machinery and equipment with a net book value of $18 million. The net gain on the disposals were not material.

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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 + Details
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