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PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2022
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes our property, plant and equipment at March 31, 2022 and December 31, 2021:
Millions of dollars |  | March 31, 2022 |  | December 31, 2021
Land |  | $ | 73 |  |  | $ | 84 |
Buildings |  | 1,240 |  |  | 1,249 |
Machinery and equipment |  | 8,147 |  |  | 8,091 |
Accumulated depreciation |  | (6,696) |  |  | (6,619) |
Property, plant and equipment, net |  | $ | 2,764 |  |  | $ | 2,805 |
During the three months ended March 31, 2022, we disposed of land, buildings, machinery and equipment with a net book value of $17 million, compared to $6 million in the same period of 2021. The net gain on the disposals is $57 million for the three months ended March 31, 2022 primarily driven by a sale-leaseback transaction. The net gain on the disposals was not material for the same period of 2021. For additional information see Note 1 to the Consolidated Condensed Financial Statements.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=120429125&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120429125&loc=d3e99779-112916 + Details
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