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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Property, Plant and Equipment | The following table summarizes our property at December 31, 2020 and 2019:
Millions of dollars |  | 2020 |  | 2019 |  | Estimated Useful Life
Land |  | $ | 92 |  |  | $ | 97 |  |  | n/a
Buildings |  | 1,517 |  |  | 1,540 |  |  | 10 to 50 years
Machinery and equipment |  | 8,370 |  |  | 8,108 |  |  | 3 to 20 years
Accumulated depreciation |  | (6,780) |  |  | (6,444) |  |  |
Property plant and equipment, net |  | $ | 3,199 |  |  | $ | 3,301 |  |  |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | We adopted the following standards, none of which had a material impact on our Consolidated Financial Statements:
Standard |  | Effective Date
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, 2020
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
2018-18 | Collaborative Arrangements (Topic 808) - Clarifying the Interaction between Topic 808 and Topic 606 | January 1, 2020
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
2019-12 | Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes | January 1, 2021
2020-06 | Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entities Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entities Own Equity | January 1, 2022

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