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Fixed Assets

12 Months Ended

Dec. 31, 2019

Property Plant And Equipment [Abstract]

Fixed Assets

5. Fixed Assets

Fixed assets consist of the following:

(Stated in millions)
	2019				2018
Land	$	483			$	462
Buildings & improvements		5,156				5,534
Machinery & equipment		29,370				32,668
		35,009				38,664
Less: Accumulated depreciation		25,739				26,985
	$	9,270			$	11,679

The estimated useful lives of Buildings & improvements are primarily 25 to 30 years. The estimated useful lives of Machinery & equipment are primarily 5 to 10 years.

Depreciation expense, which is recorded on a straight-line basis, was $2.0 billion, $2.1 billion and $2.3 billion in 2019, 2018 and 2017, respectively.

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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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