v3.25.4
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
A summary of property, plant and equipment as of December 31, 2025 and 2024 is as follows (in millions of dollars):
As of December 31,
20252024
Land and industrial buildings$1,809 $1,657 
Plant, machinery and equipment4,338 3,814 
Construction in progress201 227 
Other494 433 
Gross property, plant and equipment6,842 6,131 
Accumulated depreciation(4,661)(4,195)
Net property, plant and equipment$2,181 $1,936 
    
Property, plant and equipment recorded under capital leases were immaterial as of December 31, 2025 and 2024.
Depreciation expenses on the above property, plant and equipment totaled $267 million, $235 million and $213 million for the years ended December 31, 2025, 2024 and 2023, respectively.
The Company had contractual commitments of $48 million and $76 million for the acquisition of property, plant and equipment at December 31, 2025 and 2024, respectively.