PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

The following table presents the composition of our property and equipment balances at year-end 2021 and 2020:

($ in millions)	At Year-End 2021		At Year-End 2020
Land	$	686	$	688
Buildings and leasehold improvements	985		1,045
Furniture and equipment	545		640
Construction in progress	137		29
	2,353		2,402
Accumulated depreciation	(850)		(888)
	$	1,503	$	1,514

We record property and equipment at cost, including interest and real estate taxes we incur during development and construction. We capitalize the cost of improvements that extend the useful life of property and equipment when we incur them. These capitalized costs may include structural costs, equipment, fixtures, floor, and wall coverings. We expense all repair and maintenance costs when we incur them. We compute depreciation using the straight-line method over the estimated useful lives of the assets (generally three to 40 years), and we amortize leasehold improvements over the shorter of the asset life or lease term. Our gross depreciation expense totaled $138 million in 2021, $322 million in 2020, and $346 million in 2019 (of which $49 million in 2021, $109 million in 2020, and $121 million in 2019 was included in the “Reimbursed expenses” caption of our Income Statements). Fixed assets attributed to operations located outside the U.S. were $623 million at year-end 2021 and $679 million at year-end 2020.