Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

9. Property and Equipment

Property and equipment consists of the following:


	Estimated Useful	December 31,
(in millions)	Life-In Years	2023		2022
Property and equipment:
Land	N/A	$	6	$	6
Building	39		33		33
Building improvements	15		31		31
Leasehold improvements(1)	1-15		1,036		613
Equipment and computer software	3		1,088		1,033
Other transportation equipment	10		192		192
Furniture and fixtures	7		99		96
Construction in progress(1)	N/A		66		417
Total			2,551		2,421
Less: accumulated depreciation and amortization			1,439		1,390
Property and equipment, net		$	1,112	$	1,031

N/A – Not Applicable

(1)

During 2023, approximately $400 million was reclassed from construction in progress to leasehold improvements primarily related to the Company's new headquarters located at 50 Hudson Yards in New York.

Qualifying software costs of approximately $103 million, $91 million and $87 million have been capitalized within equipment and computer software during 2023, 2022 and 2021, respectively, and are being amortized over an estimated useful life of three years.

Depreciation and amortization expense was $263 million, $251 million and $249 million for 2023, 2022 and 2021, respectively.