Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment, Net

PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consisted of the following amounts:

(DOLLARS IN MILLIONS)	December 31,
	2023		2022
Land	$	195	$	199
Buildings and improvements	1,822		1,697
Machinery and equipment	3,752		3,344
Information technology	473		291
Construction in process	400		649
Total Property, plant and equipment	6,642		6,180
Accumulated depreciation	(2,402)		(1,977)
Total Property, plant and equipment, net	$	4,240	$	4,203

Depreciation

Depreciation expense was $462 million, $452 million and $424 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Impairment of Property, Plant and Equipment

As discussed in Note 1, for the year ended December 31, 2022, an impairment charge of approximately $28 million was recorded in connection with property, plant and equipment, primarily buildings and improvements, of an asset group that operates primarily in Russia.