Fixed Assets

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

NOTE 7 – FIXED ASSETS

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


	2024		2023
Buildings and leasehold improvements	$	1,303	$	1,229
Software		1,041		704
Equipment, furniture and fixtures		823		738
Land		48		47
Fixed assets, at cost		3,215		2,718
Less: accumulated depreciation		1,476		1,369
Less: accumulated software amortization		342		256
Fixed assets, net	$	1,397	$	1,093

Depreciation expense on equipment, property and improvements of $160, $148 and $126 and amortization expense on software of $106, $75 and $43 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, 2024, 2023 and 2022, respectively.

The Partnership's weighted average amortization period for software was five years as of December 31, 2024 and 2023.

The following table shows the expected future amortization of software, excluding $249 of capitalized software costs not yet placed in service that will be amortized in future periods, as of December 31:


	2024
2025	$	134
2026		120
2027		92
2028		60
2029		31
Thereafter		13
Total	$	450

The Partnership's capital expenditures were $573, $456 and $302 for the years ended December 31, 2024, 2023 and 2022, respectively. The capital expenditures in 2024 were primarily related to continued investment in software and other technology and construction and facilities improvements at various branch and home office locations.