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Property, Plant & Equipment - Net | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant & Equipment - Net | PROPERTY, PLANT AND EQUIPMENT – NET Significant classes of property, plant and equipment are as follows:
(Millions of dollars) December 31, |  | Depreciable Lives (Yrs) |  | 2023 |  | 2022
Production plants (primarily 15-year life) (a) |  | 10-20 |  | $ | 33,071 |  |  | $ | 30,554 |
Storage tanks |  | 15-20 |  | 5,445 |  |  | 4,807 |
Transportation equipment and other |  | 3-15 |  | 4,050 |  |  | 3,434 |
Cylinders |  | 10-30 |  | 4,993 |  |  | 4,604 |
Buildings |  | 25-40 |  | 3,275 |  |  | 3,002 |
Land and improvements (b) |  | 0-20 |  | 1,087 |  |  | 1,047 |
Construction in progress |  |  |  | 3,404 |  |  | 3,239 |
|  |  |  | 55,325 |  |  | 50,687 |
Less: accumulated depreciation |  |  |  | (30,773) |  |  | (27,139) |
|  |  |  | $ | 24,552 |  |  | $ | 23,548 |
(a) Depreciable lives of production plants related to long-term customer supply contracts are generally consistent with the contract lives. (b) Land is not depreciated.

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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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