Fixed Assets

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Fixed Assets

5. Fixed Assets

Fixed assets consist of the following:

(Stated in millions)
	2020		2019
Land	$	362	$	483
Buildings & improvements		3,757		5,156
Machinery & equipment		25,625		29,370
		29,744		35,009
Less: Accumulated depreciation		22,918		25,739
	$	6,826	$	9,270

The estimated useful lives of Buildings & improvements are primarily 25 to 30 years. The estimated useful lives of Machinery & equipment are primarily 5 to 10 years.

Depreciation expense, which is recorded on a straight-line basis, was $1.6 billion, $2.0 billion and $2.1 billion in 2020, 2019 and 2018, respectively.