PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2019

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT:

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is generally computed under the straight-line method over the following estimated useful lives:

Buildings and improvements	10 - 30 years
Operating equipment	5 - 10 years
Office furniture and equipment	5 - 10 years
Leasehold improvements	Lesser of 10 - 30 years or lease term
Automotive equipment	3 - 5 years
Property and equipment under finance leases	Lease term

Acquired property and equipment as discussed in Note 2. Acquisitions and Dispositions of Assets, is depreciated on a straight-line basis over the respective estimated remaining useful lives.

Property and equipment consisted of the following as of December 31, 2019 and 2018 (in millions):

	2019			2018
Land and improvements	$	75		$	77
Real estate held for development and sale	26			35
Buildings and improvements	293			279
Operating equipment	781			744
Office furniture and equipment	114			107
Leasehold improvements	36			24
Automotive equipment	64			63
Finance lease assets	53			53
Construction in progress	116			71
	1,558			1,453
Less: accumulated depreciation	(793		)	(770		)
	$	765		$	683