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PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The following table summarizes our property, plant and equipment at March 31, 2024 and December 31, 2023:
Millions of dollars |  | March 31, 2024 |  | December 31, 2023
Land |  | $ | 29 |  |  | $ | 29 |
Buildings |  | 940 |  |  | 893 |
Machinery and equipment |  | 6,593 |  |  | 6,571 |
Accumulated depreciation |  | (5,322) |  |  | (5,259) |
Property, plant and equipment, net |  | $ | 2,240 |  |  | $ | 2,234 |
During the three months ended March 31, 2024, we disposed of land, buildings, machinery and equipment with a net book value of $2 million, compared to $1 million in the same period of 2023. The net gain on the disposals was not material for the three months ended March 31, 2024 and 2023, respectively.

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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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