Net Property (Notes)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NET PROPERTY

Net property is reported at cost, net of accumulated depreciation, which includes impairments.  We capitalize new assets when we expect to use the asset for more than one year.  Routine maintenance and repair costs are expensed when incurred.

Property and equipment are depreciated primarily using the straight-line method over the estimated useful life of the asset.  Useful lives range from 3 years to 40 years.  The estimated useful lives generally are 14.5 years for machinery and equipment, 8 years for software, 30 years for land improvements, and 40 years for buildings.  Tooling generally is amortized over the expected life of a product program using a straight-line method.  

Net property at December 31 was as follows (in millions):

	2022		2023
Land	$	371	$	367
Buildings and land improvements	11,946		12,636
Machinery, equipment, and other	38,964		41,202
Software	5,042		5,423
Construction in progress	3,203		5,308
Total land, plant and equipment, and other	59,526		64,936
Accumulated depreciation	(31,781)		(33,679)
Net land, plant and equipment, and other	27,745		31,257
Tooling, net of amortization	9,520		9,564
Total	$	37,265	$	40,821

Property-related expenses, excluding net investment in operating leases, for the years ended December 31 were as follows (in millions):

	2021		2022		2023
Depreciation and other amortization	$	2,986	$	2,878	$	3,041
Tooling amortization	2,706		2,556		2,340
Total (a)	$	5,692	$	5,434	$	5,381
Maintenance and rearrangement	$	1,940	$	2,083	$	1,909

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(a)    Includes impairment of held-for-sale long-lived assets.  See Note 22 for additional information.