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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Property | The following table summarizes our property at December 31, 2023 and 2022:
Millions of dollars |  | 2023 |  | 2022 |  | Estimated Useful Life
Land |  | $ | 29 |  |  | $ | 32 |  |  | n/a
Buildings |  | 893 |  |  | 862 |  |  | 10 to 50 years
Machinery and equipment |  | 6,571 |  |  | 6,016 |  |  | 3 to 20 years
Accumulated depreciation |  | (5,259) |  |  | (4,808) |  |  |
Property plant and equipment, net |  | $ | 2,234 |  |  | $ | 2,102 |  |  |
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, 2023 |  | December 31, 2022
Other noncurrent assets | Carrying value of equity interest |  | $ | 187 |  |  | $ | 201 |
Accounts payable | Outstanding amounts due |  | $ | 91 |  |  | $ | 75 |
|  | Twelve Months Ended December 31,
Millions of dollars |  | 2023 |  | 2022
Purchases from Whirlpool China |  | $ | 303 |  |  | $ | 376 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | We adopted the following standards for the year ended December 31, 2023 which did not have a material impact on our Consolidated Financial Statements:
Standard |  | Effective Date
2022-04 | Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations | January 1, 2023

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