12 Property, Plant and Equipment, net

The following table presents details of the Company’s property, plant and equipment, net of accumulated depreciation:

Useful Life
(in years)

2016

2015

Land

111

160

Buildings

9 to 50

1,153

854

Machinery and installations

2 to 10

3,006

4,156

Other Equipment

1 to 5

278

227

Prepayments and construction in progress

118

108

4,666

5,505

Less accumulated depreciation

(2,314

)

(2,583

)

Property, plant and equipment, net of accumulated depreciation

2,352

2,922

Land with a book value of $111 million (2015: $160 million) is not depreciated.

There was no significant construction in progress and therefore no related capitalized interest.