Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, Net

Property, Plant and Equipment, Net

Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are expensed as incurred. Depreciation expense is calculated principally on the straight-line basis. Useful lives determined by the Company are as follows: buildings and improvements (20 - 40 years) and machinery and equipment (3 - 15 years).

Property, plant and equipment, net, consisted of the following at December 31, (in millions):

	2023		2022
Land	$	75	$	76
Buildings and improvements	678		648
Machinery and equipment	2,517		2,349
	3,270		3,073
Less: Accumulated depreciation	(2,058)		(1,889)
	$	1,212	$	1,184

Depreciation expense was $225 million, $196 million and $205 million in 2023, 2022 and 2021, respectively.