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v3.24.4

Fixed Assets | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Fixed Assets | 5. Fixed Assets Fixed assets consist of the following:
(Stated in millions) |
| 2024 |  |  | 2023 |
Land | $ | 315 |  |  | $ | 323 |
Buildings & improvements |  | 4,510 |  |  |  | 4,569 |
Machinery & equipment |  | 24,748 |  |  |  | 25,073 |
|  | 29,573 |  |  |  | 29,965 |
Less: Accumulated depreciation |  | 22,214 |  |  |  | 22,725 |
| $ | 7,359 |  |  | $ | 7,240 |
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 $1.6 billion in 2024 and $1.4 billion in each of 2023 and 2022.

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