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PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2023
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes our property, plant and equipment at September 30, 2023 and December 31, 2022:
Millions of dollars |  | September 30, 2023 |  | December 31, 2022
Land |  | $ | 30 |  |  | $ | 32 |
Buildings |  | 876 |  |  | 862 |
Machinery and equipment |  | 6,435 |  |  | 6,016 |
Accumulated depreciation |  | (5,191) |  |  | (4,808) |
Property, plant and equipment, net |  | $ | 2,150 |  |  | $ | 2,102 |
During the nine months ended September 30, 2023, we disposed of land, buildings, machinery and equipment with a net book value of $11 million, compared to $21 million in the same period of 2022. The net gain on the disposals was not material for the nine months ended September 30, 2023. The net gain on the disposals of $55 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.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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