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Summary of Principal Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Property, Plant and Equipment [Abstract]

The following table summarizes our property as of December 31, 2011 and 2010:



Millions of dollars	2011			2010			Estimated Useful Life
Land	$	76		$	74		n/a
Buildings	1,208			1,218			25 to 50 years
Machinery and equipment	7,964			8,502			3 to 25 years
Accumulated depreciation	(6,146		)	(6,660		)
Property, net	$	3,102		$	3,134

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References+ Details