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Property, Plant & Equipment

3 Months Ended

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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- 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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