PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

The following table summarizes our property, plant and equipment at June 30, 2023 and December 31, 2022:


Millions of dollars	June 30, 2023		December 31, 2022
Land	$	31	$	32
Buildings	875		862
Machinery and equipment	6,374		6,016
Accumulated depreciation	(5,146)		(4,808)
Property, plant and equipment, net	$	2,134	$	2,102

During the six months ended June 30, 2023, we disposed of land, buildings, machinery and equipment with a net book value of $10 million, compared to $20 million in the same period of 2022. The net gain on the disposals was not material for the six months ended June 30, 2023. The net gain on the disposals of $56 million for the same period of 2022 was primarily driven by a sale-leaseback transaction in the first quarter of 2022.

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