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Fixed Assets
 12 Months Ended
Dec. 31, 2021
Property Plant And Equipment [Abstract]  
Fixed Assets

5. Fixed Assets

Fixed assets consist of the following:

 

(Stated in millions)

 

 

 

 

 

 

 

 

 

 

2021

 

 

2020

 

Land

$

372

 

 

$

362

 

Buildings & improvements

 

4,371

 

 

 

3,757

 

Machinery & equipment

 

24,334

 

 

 

25,625

 

 

 

29,077

 

 

 

29,744

 

Less: Accumulated depreciation

 

22,648

 

 

 

22,918

 

 

$

6,429

 

 

$

6,826

 

 

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 $1.4 billion, $1.6 billion and $2.0 billion in 2021, 2020 and 2019, respectively.