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Fixed Assets | 12 Months Ended
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Dec. 31, 2022
Property Plant And Equipment [Abstract] |
Fixed Assets | 5. Fixed Assets Fixed assets consist of the following:
(Stated in millions) |
| 2022 |  |  | 2021 |
Land | $ | 326 |  |  | $ | 372 |
Buildings & improvements |  | 4,328 |  |  |  | 4,371 |
Machinery & equipment |  | 23,732 |  |  |  | 24,334 |
|  | 28,386 |  |  |  | 29,077 |
Less: Accumulated depreciation |  | 21,779 |  |  |  | 22,648 |
| $ | 6,607 |  |  | $ | 6,429 |
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 in each of 2022 and 2021, and $1.6 billion in 2020.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99893-112916 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126982197&loc=SL120174063-112916 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 958 -SubTopic 360 -Section 50 -Paragraph 1 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126982197&loc=d3e99779-112916 + Details
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