Fixed Assets

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Fixed Assets

5. Fixed Assets

Fixed assets consist of the following:

(Stated in millions)
	2024		2023
Land	$	315	$	323
Buildings & improvements		4,510		4,569
Machinery & equipment		24,748		25,073
		29,573		29,965
Less: Accumulated depreciation		22,214		22,725
	$	7,359	$	7,240

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 $1.6 billion in 2024 and $1.4 billion in each of 2023 and 2022.