Property, plant and equipment including equipment held for lease

12 Months Ended

Dec. 31, 2022

Property, plant and equipment including equipment held for lease

(10)Property, plant and equipment

A summary of property, plant and equipment of our insurance and other businesses follows (in millions).

	December 31,
	2022			2021
Land, buildings and improvements	$	14,761		$	14,070
Machinery and equipment		26,690			26,063
Furniture, fixtures and other		4,847			4,640
		46,298			44,773
Accumulated depreciation		(25,185	)		(23,939	)
	$	21,113		$	20,834

Notes to Consolidated Financial Statements (Continued)

(10)Property, plant and equipment (Continued)

A summary of property, plant and equipment of railroad and utilities and energy businesses follows (in millions). The utility generation, transmission and distribution systems and interstate natural gas pipeline assets are owned by regulated public utility and natural gas pipeline subsidiaries.

	December 31,
	2022			2021
Railroad:
Land, track structure and other roadway	$	67,350		$	65,843
Locomotives, freight cars and other equipment		16,031			13,822
Construction in progress		1,743			1,027
		85,124			80,692
Accumulated depreciation		(17,899	)		(14,978	)
		67,225			65,714
Utilities and energy:
Utility generation, transmission and distribution systems		92,759			90,223
Interstate natural gas pipeline assets		18,328			17,423
Independent power plants and other assets		14,650			13,695
Construction in progress		5,357			4,196
		131,094			125,537
Accumulated depreciation		(38,051	)		(35,721	)
		93,043			89,816
	$	160,268		$	155,530

Depreciation expense for each of the three years ending December 31, 2022 is summarized below (in millions).

	2022		2021		2020
Insurance and other	$	2,276	$	2,318	$	2,320
Railroad, utilities and energy		6,181		5,990		5,799
	$	8,457	$	8,308	$	8,119

Equipment held for lease [Member]

Property, plant and equipment including equipment held for lease

(11)Equipment held for lease

Equipment held for lease includes railcars, aircraft, and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).

	December 31,
	2022			2021
Railcars	$	9,612		$	9,448
Aircraft		10,667			9,234
Other		5,212			5,053
		25,491			23,735
Accumulated depreciation		(9,907	)		(8,817	)
	$	15,584		$	14,918

Notes to Consolidated Financial Statements (Continued)

(11)Equipment held for lease (Continued)

Depreciation expense for equipment held for lease was $1,209 million in 2022, $1,158 million in 2021 and $1,200 million in 2020. Fixed and variable operating lease revenues for each of the three years ending December 31, 2022 are summarized below (in millions).

	2022		2021		2020
Fixed lease revenue	$	5,184	$	4,482	$	4,262
Variable lease revenue		2,330		1,506		947
	$	7,514	$	5,988	$	5,209

A summary of future operating lease receipts as of December 31, 2022 follows (in millions).

2023		2024		2025		2026		2027		Thereafter		Total
$	3,365	$	2,687	$	1,992	$	1,373	$	673	$	299	$	10,389