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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Accounting Policies [Abstract] |
Schedule of Property | The following table summarizes our property at December 31, 2022 and 2021:
Millions of dollars |  | 2022 |  | 2021 |  | Estimated Useful Life
Land |  | $ | 32 |  |  | $ | 84 |  |  | n/a
Buildings |  | 862 |  |  | 1,249 |  |  | 10 to 50 years
Machinery and equipment |  | 6,016 |  |  | 8,091 |  |  | 3 to 20 years
Accumulated depreciation |  | (4,808) |  |  | (6,619) |  |  |
Property plant and equipment, net |  | $ | 2,102 |  |  | $ | 2,805 |  |  |
Schedule of Equity Method Investments | The following tables summarize balances and transactions with Whirlpool China and its subsidiaries during the periods presented.
Millions of dollars |  |  | December 31, 2022 |  | December 31, 2021
Other noncurrent assets | Carrying value of equity interest |  | $ | 201 |  |  | $ | 206 |
Accounts payable | Outstanding amounts due |  | $ | 75 |  |  | $ | 137 |
|  | Twelve Months Ended December 31,
Millions of dollars |  | 2022 |  | 2021
Purchases from Whirlpool China |  | $ | 376 |  |  | $ | 290 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | We adopted the following standards for the year ended December 31, 2022 which did not have a material impact on our Consolidated Financial Statements:
Standard |  | Effective Date
2020-04 | Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting | March 12, 2020 to December 31, 2022
2021-01 | Reference Rate Reform (Topic 848) - Scope | January 7, 2021 to December 31, 2022
2021-10 | Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance | January 1, 2022
2022-06 | Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 | December 21, 2022 to December 31, 2024

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