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Property, Plant and Equipment | 12 Months Ended
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Jan. 03, 2021
Property, Plant and Equipment [Abstract] |
Property, Plant and Equipment | Property, Plant and Equipment At the end of fiscal years 2020 and 2019, property, plant and equipment at cost and accumulated depreciation were:
(Dollars in Millions) |  | 2020 |  | 2019
Land and land improvements |  | $ | 882 |  |  | 854 |
Buildings and building equipment |  | 12,502 |  |  | 11,877 |
Machinery and equipment |  | 29,104 |  |  | 26,964 |
Construction in progress |  | 4,316 |  |  | 3,637 |
Total property, plant and equipment, gross |  | $ | 46,804 |  |  | 43,332 |
Less accumulated depreciation |  | 28,038 |  |  | 25,674 |
Total property, plant and equipment, net(1) |  | $ | 18,766 |  |  | 17,658 |
(1) See Note 18 to the Consolidated Financial Statements for details on assets held for sale and the related divestitures for the fiscal year ended December 29, 2019. There were no assets held for sale at January 3, 2021. The Company capitalizes interest expense as part of the cost of construction of facilities and equipment. Interest expense capitalized in fiscal years 2020, 2019 and 2018 was $63 million, $70 million and $86 million, respectively. Depreciation expense, including the amortization of capitalized interest in fiscal years 2020, 2019 and 2018 was $2.6 billion, $2.5 billion and $2.6 billion, respectively. Upon retirement or other disposal of property, plant and equipment, the costs and related amounts of accumulated depreciation or amortization are eliminated from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds are recorded in earnings.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 + Details
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