PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

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.