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Property, Equipment and Right-of-Use Assets
 12 Months Ended
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:
20242023
(in millions)
Buildings, building equipment and land$709 $678 
Equipment2,118 1,940 
Furniture and fixtures101 90 
Leasehold improvements436 398 
Operating lease right-of-use assets1,167 1,192 
Property, equipment and right-of-use assets4,531 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:
20242023
(in millions)
Balance sheet location
Property, equipment and right-of-use assets, net$681 $686 
Other current liabilities133 142 
Other liabilities627 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 CategoryEstimated Useful Life
Buildings30 years
Building equipment
10 - 15 years
Equipment and furniture and fixtures
3 - 5 years
Leasehold improvementsShorter of life of improvement or lease term
Right-of-use assetsShorter 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 
2026139 
2027105 
202887 
202969 
Thereafter328 
Total operating lease payments889 
Less: Interest(129)
Present value of operating lease liabilities$760