PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

The following table presents the composition of our property and equipment balances at year-end 2024 and 2023:


(in millions)	At Year-End 2024		At Year-End 2023
Land	$	768	$	669
Buildings and leasehold improvements	1,238		1,108
Furniture and equipment	619		622
Construction in progress	89		72
	2,714		2,471
Accumulated depreciation	(881)		(890)
	$	1,833	$	1,581

We record property and equipment at cost, including interest and real estate taxes we incur during development and construction. We capitalize the cost of improvements that extend the useful life of property and equipment when we incur them. These capitalized costs may include structural costs, equipment, fixtures, floor, and wall coverings. We expense all repair and maintenance costs when we incur them. We compute depreciation using the straight-line method over the estimated useful lives of the assets (generally three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Our gross depreciation expense totaled $128 million in 2024, $122 million in 2023, and $114 million in 2022 (of which $42 million in 2024, $37 million in 2023, and $35 million in 2022 was included in the “Reimbursed expenses” caption of our Income Statements). Fixed assets attributed to operations located outside the U.S. were $554 million at year-end 2024 and $552 million at year-end 2023.