Net Property, Plant and Equipment

12 Months Ended

Dec. 31, 2019

Net Property, Plant and Equipment

Net Property, Plant and Equipment

Note 5 - Net Property, Plant and Equipment

The following table is a summary of property, plant and equipment:

	Useful				December 31,
(Millions of dollars)	Lives				2019		2018
Land and improvements	3	-	15	years	$	250	$	238
Buildings and improvements			30	years		646		591
Machinery and equipment	3	-	20	years		1,360		1,298
Vessels and vehicles	3	-	18	years		147		147
Office furniture and fixtures			5	years		42		36
Contract growers	5	-	15	years		44		—
Construction in progress						287		96
						2,776		2,406
Accumulated depreciation and amortization						(1,345)		(1,246)
Net property, plant and equipment					$	1,431	$	1,160

Finance lease ROU assets of $50 million, net of $3 million in accumulated amortization, are included in property, plant and equipment and comprise all of the contract growers asset category, with the remaining balance in buildings, machinery and equipment and land.

Seaboard’s capitalized interest on construction in progress was $7 million and less than $1 million for the years ended December 31, 2019 and 2018, respectively.