PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

The following table summarizes our property, plant and equipment at March 31, 2023 and December 31, 2022:


Millions of dollars	March 31, 2023		December 31, 2022
Land	$	32	$	32
Buildings	876		862
Machinery and equipment	6,260		6,016
Accumulated depreciation	(5,064)		(4,808)
Property, plant and equipment, net	$	2,104	$	2,102

During the three months ended March 31, 2023, we disposed of land, buildings, machinery and equipment with a net book value of $1 million, compared to $17 million in the same period of 2022. The net loss on the disposals was not material for the three months ended March 31, 2023. The net gain on the disposals of $57 million for the same period of 2022 was primarily driven by a sale-leaseback transaction.

For additional information see Note 1 to the Consolidated Condensed Financial Statements.