Fixed Assets

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Fixed Assets

5. Fixed Assets

Fixed assets consist of the following:

(Stated in millions)
	2023		2022
Land	$	323	$	326
Buildings & improvements		4,569		4,328
Machinery & equipment		25,073		23,732
		29,965		28,386
Less: Accumulated depreciation		22,725		21,779
	$	7,240	$	6,607

The estimated useful lives of Buildings & improvements are primarily 25 to 30 years. The estimated useful lives of Machinery & equipment are primarily 5 to 10 years.

Depreciation expense, which is recorded on a straight-line basis, was $1.4 billion in 2023, 2022, and 2021.