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v3.23.4

Fixed Assets | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
Fixed Assets | 5. Fixed Assets Fixed assets consist of the following:
(Stated in millions) |
| 2023 |  |  | 2022 |
Land | $ | 323 |  |  | $ | 326 |
Buildings & improvements |  | 4,569 |  |  |  | 4,328 |
Machinery & equipment |  | 25,073 |  |  |  | 23,732 |
|  | 29,965 |  |  |  | 28,386 |
Less: Accumulated depreciation |  | 22,725 |  |  |  | 21,779 |
| $ | 7,240 |  |  | $ | 6,607 |
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 2023, 2022, and 2021.

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