Fixed Assets

12 Months Ended

Dec. 31, 2023

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:

	2023		2022
Buildings and leasehold improvements	$	1,229	$	1,178
Equipment, furniture and fixtures		738		670
Software		704		442
Land		47		48
Fixed assets, at cost		2,718		2,338
Less: accumulated depreciation		1,369		1,295
Less: accumulated software amortization		256		181
Fixed assets, net	$	1,093	$	862

Depreciation expense on equipment, property and improvements of $148, $126 and $113 and amortization expense on software of $75, $43 and $16 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, 2023, 2022 and 2021, respectively.

The Partnership's weighted average amortization period for software was five years as of December 31, 2023 and 2022.

The following table shows the expected future amortization of software, excluding $133 of capitalized software costs not yet placed in service that will be amortized in future periods, as of December 31:

	2023
2024	$	92
2025		88
2026		74
2027		46
2028		15
Total	$	315

The Partnership's capital expenditures were $456, $302 and $234 for the years ended December 31, 2023, 2022 and 2021, respectively. The capital expenditures in 2023 were primarily related to continued investment in software and other technology and construction and facilities improvements at various branch and home offices locations.