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Property, Equipment and Right-of-Use Assets | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property, Equipment and Right-of-Use Assets | Property, Equipment and Right-of-Use Assets Property, equipment and right-of-use assets consisted of the following at December 31:
|  | 2024 |  | 2023
|  | (in millions)
Buildings, building equipment and land |  | $ | 709 |  |  | $ | 678 |
Equipment |  | 2,118 |  |  | 1,940 |
Furniture and fixtures |  | 101 |  |  | 90 |
Leasehold improvements |  | 436 |  |  | 398 |
Operating lease right-of-use assets |  | 1,167 |  |  | 1,192 |
Property, equipment and right-of-use assets |  | 4,531 |  |  | 4,298 |
Less: Accumulated depreciation and amortization |  | (2,393) |  |  | (2,237) |
Property, equipment and right-of-use assets, net |  | $ | 2,138 |  |  | $ | 2,061 |
Depreciation and amortization expense for the above property, equipment and right-of-use assets was $519 million, $482 million and $473 million for 2024, 2023 and 2022, respectively. Operating lease ROU assets and operating lease liabilities are recorded on the consolidated balance sheets as follows at December 31:
|  | 2024 |  | 2023
|  | (in millions)
Balance sheet location |  |  |  |
Property, equipment and right-of-use assets, net |  | $ | 681 |  |  | $ | 686 |
Other current liabilities |  | 133 |  |  | 142 |
Other liabilities |  | 627 |  |  | 633 |
Operating lease amortization expense was $145 million, $141 million and $137 million for 2024, 2023 and 2022, respectively. As of December 31, 2024 and 2023, the weighted-average remaining lease term of operating leases was 8.0 years and 8.2 years and the weighted-average discount rate for operating leases was 3.5% and 3.3%, respectively. The useful lives of the Company’s assets are as follows:
Asset Category |  | Estimated Useful Life
Buildings |  | 30 years
Building equipment |  | 10 - 15 years
Equipment and furniture and fixtures |  | 3 - 5 years
Leasehold improvements |  | Shorter of life of improvement or lease term
Right-of-use assets |  | Shorter of life of the asset or lease term
The following table summarizes the maturity of the Company’s operating lease liabilities at December 31, 2024 based on lease term:
|  | (in millions)
2025 |  | $ | 161 |
2026 |  | 139 |
2027 |  | 105 |
2028 |  | 87 |
2029 |  | 69 |
Thereafter |  | 328 |
Total operating lease payments |  | 889 |
Less: Interest |  | (129) |
Present value of operating lease liabilities |  | $ | 760 |

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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