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v3.22.2.2

Property, Plant and Equipment, Net | 9 Months Ended
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Sep. 30, 2022
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, is comprised of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Land | $ | 73 |  |  | $ | 82 |
Buildings and improvements | 620 |  |  | 678 |
Machinery and equipment | 2,327 |  |  | 2,387 |
| 3,020 |  |  | 3,147 |
Less: Accumulated depreciation | (1,896) |  |  | (1,943) |
| $ | 1,124 |  |  | $ | 1,204 |
Depreciation expense was $50 million for both the three months ended September 30, 2022 and 2021 and $146 million and $153 million for the nine months ended September 30, 2022 and 2021, respectively. In 2022, the Company took possession of two right of use operating lease assets associated with Project Ovid, with future obligations of approximately $119 million at September 30, 2022.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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