PROPERTY AND DEPRECIATION

12 Months Ended

Oct. 31, 2021

PROPERTY AND DEPRECIATION

PROPERTY AND DEPRECIATION

16. PROPERTY AND DEPRECIATION

A summary of property and equipment at October 31, 2021 and November 1, 2020 in millions of dollars follows:

	Useful Lives*
	(Years)	2021		2020
Equipment Operations
Land		$	293	$	282
Buildings and building equipment	22		4,287		4,114
Machinery and equipment	11		6,123		5,936
Dies, patterns, tools, etc.	8		1,679		1,662
All other	5		1,165		1,115
Construction in progress			527		440
Total at cost			14,074		13,549
Less accumulated depreciation			8,291		7,771
Total			5,783		5,778
Financial Services
Land			4		4
Buildings and building equipment	26		65		65
All other	6		32		34
Total at cost			101		103
Less accumulated depreciation			64		64
Total			37		39
Property and equipment - net		$	5,820	$	5,817

*    Weighted-averages

Total property and equipment additions in 2021, 2020, and 2019 were $897 million, $815 million, and $1,107 million and depreciation was $830 million, $800 million, and $779 million, respectively. Capitalized interest was $3 million, $6 million, and $7 million in the same periods, respectively. The cost of leased property and equipment under finance leases of $131 million and $99 million and accumulated depreciation of $60 million and $36 million at October 31, 2021 and November 1, 2020, respectively, is included in property and equipment.

Capitalized software has an estimated useful life of three years. The amounts of total capitalized software costs, including purchased and internally developed software, classified as “Other assets” at October 31, 2021 and November 1, 2020 were $1,326 million and $1,339 million, less accumulated amortization of $1,044 million and $1,070 million, respectively. Capitalized interest on software was $2 million and $3 million at October 31, 2021 and November 1, 2020, respectively. Amortization of these software costs in 2021, 2020, and 2019 was $121 million, $133 million, and $150 million, respectively.

The cost of compliance with foreseeable environmental requirements has been accrued and did not have a material effect on the company’s consolidated financial statements.