Property, Plant and Equipment

6 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

(5) Property, Plant and Equipment

Property, plant and equipment consisted of the following:


(in millions)	June 30, 2021		December 31, 2020
Machinery and equipment	$	3,916	$	3,881
Buildings and improvements	87		88
ROU finance leases	81		80
Land and improvements	48		47
Furniture and fixtures	37		38
Construction in progress	222		100
Other	14		15




	4,405		4,249
Less: Accumulated depreciation and amortization	2,101		2,009
Total property, plant and equipment, net	$	2,304	$	2,240

On February 1, 2021, the Company completed a pipeline acquisition for total consideration of $23 million, which is accounted for as a business combination under ASC 805. An intangible asset of $3 million was recognized in Other long-term assets related to acquired contracts that will be amortized in less than three years. The accounting for the business combination is preliminary, as the Company is finalizing working capital adjustments, and is expected to be finalized within 12 months of the acquisition date.

As of June 30, 2021, the Company had not identified the existence of an impairment indicator for our long-lived asset groups as outlined under ASC 360.