Property, Plant and Equipment-Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment, Net [Abstract]

Components of property, plant and equipment-net

Property, plant and equipment—net consists of the following:

	June 30,  2024		December 31,  2023
	(in millions)
Land	$	114	$	114
Machinery and equipment	13,695		13,716
Buildings and improvements	1,015		1,020
Construction in progress	446		394
Property, plant and equipment(1)	15,270		15,244
Less: Accumulated depreciation and amortization	8,440		8,103
Property, plant and equipment—net	$	6,830	$	7,141

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(1)As of June 30, 2024 and December 31, 2023, we had property, plant and equipment that was accrued but unpaid of $71 million and $68 million, respectively. As of June 30, 2023 and December 31, 2022, we had property, plant and equipment that was accrued but unpaid of $63 million and $53 million, respectively.

Summary of plant turnaround activity

The following is a summary of capitalized plant turnaround costs:

	Six months ended   June 30,
	2024		2023
	(in millions)
Net capitalized turnaround costs as of January 1	$	352	$	312
Additions	38		47
Depreciation	(95)		(62)
Effect of exchange rate changes and other	(1)		1
Net capitalized turnaround costs as of June 30	$	294	$	298