Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment follow:

	Useful Lives	As of December 31,
(MILLIONS OF DOLLARS)	(Years)	2022		2021
Land	—	$	26	$	22
Buildings	33 1/3 - 50	1,197		1,103
Machinery, equipment and fixtures	3 - 20	3,013		2,627
Construction-in-progress	—	814		742
		5,050		4,494
Less: Accumulated depreciation		2,297		2,072
Property, plant and equipment		$	2,753	$	2,422

Depreciation expense was $272 million in 2022, $244 million in 2021 and $211 million in 2020.