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Property, Plant & Equipment - Net (Tables) | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Property, Plant & 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 Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1 + Details
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