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Property, Plant and Equipment, Net
 9 Months Ended
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, 2022December 31, 2021
Land$73 $82 
Buildings and improvements620 678 
Machinery and equipment2,327 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.