Properties and Equipment, Net

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Properties and Equipment, Net

Properties and equipment, net of accumulated depreciation, is summarized in the following table.



At December 31,	2013			2012			Depreciable Life
	(in millions)
Land	$	8		$	8		—
Buildings and improvements⁽¹⁾	551			617			10-40 years
Furniture and equipment	137			137			3-30
Total	696			762
Accumulated depreciation and amortization⁽¹⁾	(427		)	(486		)
Properties and equipment, net	$	269		$	276


⁽¹⁾	Decreases since December 31, 2012 are due primarily to the retirement of assets associated with a corporate location in Buffalo, NY, which we exited in 2013.

Depreciation and amortization expense totaled $59 million, $61 million and $77 million in 2013, 2012 and 2011, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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