Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment is stated on the basis of cost. Provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives (12 to 50 years for buildings and three to 25 years for equipment). We review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Impairment is determined by comparing projected undiscounted cash flows to be generated by the asset to its carrying value. If an impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted.

At December 31, property and equipment consisted of the following:

	2023		2022
Land	$	319.8	$	256.6
Buildings	8,280.0		7,915.9
Equipment	10,329.0		9,406.3
Construction in progress	5,084.1		2,798.6
	24,012.9		20,377.4
Less accumulated depreciation	(11,099.3)		(10,233.4)
Property and equipment, net	$	12,913.6	$	10,144.0

Depreciation expense related to property and equipment was as follows:

	2023		2022		2021
Depreciation expense	$	901.9	$	816.6	$	787.0

Capitalized interest costs were not material for the years ended December 31, 2023, 2022, and 2021.

The following table summarizes long-lived assets by geographical area:

	2023		2022
Long-lived assets(1):
U.S. and Puerto Rico	$	9,993.2	$	7,709.7
Ireland	2,722.6		1,898.5
Other foreign countries	1,784.2		1,625.9
Long-lived assets	$	14,500.0	$	11,234.1

(1) Long-lived assets consist of property and equipment, net, operating lease assets, and unamortized computer software costs.