Plant and Equipment

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Net Plant and Equipment are stated at cost, less accumulated depreciation. Renewals and improvements that increase the useful life of plant and equipment are capitalized. Maintenance and repairs are charged to expense as incurred.

Depreciation was $270 million in 2013, $277 million in 2012 and $282 million in 2011, and was reflected primarily in cost of revenues. Depreciation included in income from discontinued operations was $29 million in 2013, $46 million in 2012 and $54 million in 2011. Depreciation of plant and equipment for financial reporting purposes is computed on an accelerated basis for U.S. businesses and on a straight-line basis for a majority of the international businesses.

Net plant and equipment consisted of the following at December 31, 2013 and 2012:



In millions	2013			2012
Land	$	189		$	237
Buildings and improvements	1,235			1,496
Machinery and equipment	3,145			3,761
Equipment leased to others	160			180
Construction in progress	143			157
Gross plant and equipment	4,872			5,831
Accumulated depreciation	(3,163		)	(3,837		)
Net plant and equipment	$	1,709		$	1,994

The ranges of useful lives used to depreciate plant and equipment are as follows:



Buildings and improvements	5—50 years
Machinery and equipment	3—12 years
Equipment leased to others	Term of lease

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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