Equipment, Property and Improvements

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment and Intangible Assets

NOTE 7 – FIXED ASSETS

The following table shows the Partnership's fixed assets as of December 31:

	2022		2021
Buildings and leasehold improvements	$	1,178	$	1,115
Equipment, furniture and fixtures		670		598
Software		442		295
Land		48		47
Fixed assets, at cost		2,338		2,055
Less: accumulated depreciation		1,295		1,192
Less: accumulated software amortization		181		138
Fixed assets, net	$	862	$	725

Depreciation expense on equipment, property and improvements of $126, $113 and $116 and amortization expense on software of $43, $16 and $9 is included in the Consolidated Statements of Income within the occupancy and equipment and communications and data processing line items for the years ended December 31, 2022, 2021, and 2020, respectively.

The Partnership's weighted average amortization period for software was five years as of December 31, 2022 and 2021.

The following table shows the expected future amortization of software, excluding $47 of capitalized software costs not yet placed in service that will be amortized in future periods as of December 31:

	2022
2023	$	56
2024		55
2025		51
2026		39
2027		13
Total	$	214

The Partnership's capital expenditures were $302, $234 and $129 for the years ended December 31, 2022, 2021, and 2020, respectively. The capital expenditures in 2022 were primarily related to software and other technology and facilities improvements in branch offices.