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PREMISES, EQUIPMENT, AND SOFTWARE | 12 Months Ended
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Dec. 31, 2023
Property, Plant and Equipment [Abstract] |
PREMISES, EQUIPMENT AND SOFTWARE | NOTE 7 - PREMISES, EQUIPMENT AND SOFTWARE Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the life of the lease, including renewal options if exercise of those options is reasonably assured, or their estimated useful life, whichever is shorter. Additions to premises and equipment are recorded at cost. The cost of major additions and improvements is capitalized. Repairs and maintenance and other costs that do not improve the property, extend the useful life or otherwise do not meet capitalization criteria are charged to expense as incurred. Citizens evaluates premises and equipment for impairment when events or circumstances indicate that the carrying value of such assets may not be recoverable. A summary of the carrying value of premises and equipment is presented below:
|  |  | December 31,
(dollars in millions) | Useful Lives (years) |  | 2023 |  | 2022
Land and land improvements | 10 - 75 |  | $143 |  |  | $144 |
Buildings and leasehold improvements | 5 - 60 |  | 875 |  |  | 879 |
Furniture, fixtures and equipment | 4 - 20 |  | 613 |  |  | 622 |
Construction in progress |  |  | 77 |  |  | 61 |
Total premises and equipment, gross |  |  | 1,708 |  |  | 1,706 |
Accumulated depreciation and amortization |  |  | (813) |  |  | (862) |
Total premises and equipment, net |  |  | $895 |  |  | $844 |
Depreciation charged to noninterest expense totaled $115 million, $107 million and $98 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is presented in the Consolidated Statements of Operations in either occupancy or equipment expense, as applicable. Software Costs related to computer software developed or obtained for internal use are capitalized if the projects improve functionality and provide long-term future operational benefits. Capitalized costs are amortized using the straight-line method over the asset’s expected useful life, which is based on the basic pattern of consumption and economic benefits provided by the asset. The amortization of software commences when the asset, or identifiable component of the asset, is substantially complete and ready for its intended use. All other costs incurred in connection with an internal-use software project are expensed as incurred. Capitalized software is included in other assets in the Consolidated Balance Sheets. Citizens had capitalized software assets of $2.6 billion and related accumulated amortization of $1.7 billion as of December 31, 2023 and 2022. Amortization expense was $254 million, $243 million and $235 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated future amortization expense for capitalized software assets is presented below.
Year | (dollars in millions)
2024 | $237 |
2025 | 199 |
2026 | 136 |
2027 | 79 |
2028 | 23 |
Thereafter | — |
Total(1) | $674 |
(1) Excludes $215 million of in-process software at December 31, 2023.

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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