Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, Plant and Equipment

Property, plant and equipment, net is comprised of the following (in millions):

	December 31,
	2023		2022
Buildings	$	86	$	75
Land	8		7
Machinery and equipment	343		318
Furniture and office equipment	34		24
Software and computer equipment	104		125
Leasehold improvements	112		88
Projects in progress	44		48
Property, plant and equipment, gross	$	731	$	685
Less accumulated depreciation	(422)		(407)
Property, plant and equipment, net	$	309	$	278

Depreciation expense was $72 million, $68 million and $72 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company retired a significant level of substantially depreciated assets in the current year.