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Fixed Assets
 12 Months Ended
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.