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PROPERTY AND DEPRECIATION

12 Months Ended

Nov. 03, 2019

PROPERTY AND DEPRECIATION

PROPERTY AND DEPRECIATION

17. PROPERTY AND DEPRECIATION

A summary of property and equipment at November 3, 2019 and October 28, 2018 in millions of dollars follows:

​

​	​	​	​	​	​	​	​	​	​
​	​	Useful Lives*	​	​	​	​	​	​
​		(Years)		2019			2018
Equipment Operations	​	​	​	​	​	​	​	​	​
Land	​	​	​	$	274	​	$	283
Buildings and building equipment		22	​		3,976	​		3,848	​
Machinery and equipment		11	​		5,710	​		5,570	​
Dies, patterns, tools, etc.		8	​		1,531	​		1,564	​
All other		4	​		1,065	​		1,032	​
Construction in progress	​	​	​		733	​		619	​
Total at cost	​	​	​		13,289	​		12,916	​
Less accumulated depreciation	​	​	​		7,360	​		7,095	​
Total	​	​	​		5,929	​		5,821	​
Financial Services	​	​	​	​	​	​	​	​	​
Land	​	​	​		4	​		4	​
Buildings and building equipment		26	​		75	​		74	​
All other		6	​		34	​		34	​
Total at cost	​	​	​		113	​		112	​
Less accumulated depreciation	​	​	​		69	​		65	​
Total	​	​	​		44	​		47	​
Property and equipment - net	​	​		$	5,973		$	5,868	​

*    Weighted-averages

​

Total property and equipment additions in 2019, 2018, and 2017 were $1,107 million, $985 million, and $602 million and depreciation was $779 million, $754 million, and $726 million, respectively. Capitalized interest was $7 million, $4 million, and $3 million in the same periods, respectively. The cost of leased property and equipment under capital leases of $62 million and $52 million and accumulated depreciation of $27 million and $22 million at November 3, 2019 and October 28, 2018, respectively, is included in property and equipment.

Capitalized software has an estimated useful life of three years. The amounts of total capitalized software costs, including purchased and internally developed software, classified as “Other assets” at November 3, 2019 and October 28, 2018 were $1,305 million and $1,207 million, less accumulated amortization of $1,023 million and $910 million, respectively. Capitalized interest on software was $5 million and $3 million at November 3, 2019 and October 28, 2018, respectively. Amortization of these software costs in 2019, 2018, and 2017 was $150 million, $145 million, and $118 million, respectively.

The cost of compliance with foreseeable environmental requirements has been accrued and did not have a material effect on the company’s consolidated financial statements.

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- References

No definition available.

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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

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