PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

The following table summarizes our property, plant and equipment at June 30, 2022 and December 31, 2021:

Millions of dollars	June 30, 2022		December 31, 2021
Land	$	70	$	84
Buildings	1,168		1,249
Machinery and equipment	7,916		8,091
Accumulated depreciation	(6,540)		(6,619)
Property, plant and equipment, net (1)	$	2,614	$	2,805

(1) Property, plant and equipment with a net book value of $141 million associated with our Russian business has been transferred to assets held for sale in the second quarter of 2022 and was fully impaired. For additional information, see Notes 10 and 15 to the Consolidated Condensed Financial Statements.

During the six months ended June 30, 2022, we disposed of land, buildings, machinery and equipment with a net book value of $20 million, compared to $9 million in the same period of 2021. The net gain on the disposals is $56 million for the six months ended June 30, 2022 was primarily driven by a sale-leaseback transaction. The net gain on the disposals was not material for the same period of 2021.

For additional information see Note 1 to the Consolidated Condensed Financial Statements.