v3.25.4

PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT The following table presents the composition of our property and equipment balances at year-end 2025 and 2024:
(in millions) | At Year-End 2025 |  | At Year-End 2024
Land | $ | 772 |  |  | $ | 768 |
Buildings and leasehold improvements | 1,337 |  |  | 1,238 |
Furniture and equipment | 643 |  |  | 619 |
Construction in progress | 149 |  |  | 89 |
| 2,901 |  |  | 2,714 |
Accumulated depreciation | (947) |  |  | (881) |
| $ | 1,954 |  |  | $ | 1,833 |
We record property and equipment at cost, including interest and real estate taxes we incur during development and construction. We capitalize the cost of improvements that extend the useful life of property and equipment when we incur them. These capitalized costs may include structural costs, equipment, fixtures, floor, and wall coverings. We expense all repair and maintenance costs when we incur them. We compute depreciation using the straight-line method over the estimated useful lives of the assets (generally three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Our gross depreciation expense totaled $145 million in 2025, $128 million in 2024, and $122 million in 2023 (of which $39 million in 2025, $42 million in 2024, and $37 million in 2023 was included in the “Reimbursed expenses” caption of our Income Statements). Fixed assets attributed to operations located outside the U.S. were $677 million at year-end 2025 and $554 million at year-end 2024.

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