Property, plant and equipment including equipment held for lease

12 Months Ended

Dec. 31, 2023

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,
	2023			2022
Land, buildings and improvements	$	15,058		$	14,761
Machinery and equipment		28,010			26,690
Furniture, fixtures and other		5,566			4,847
		48,634			46,298
Accumulated depreciation		(26,604	)		(25,185	)
	$	22,030		$	21,113

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. Assets of PTC are included within the utilities and energy section below.

	December 31,
	2023			2022
Railroad:
Land, track structure and other roadway	$	71,692		$	67,350
Locomotives, freight cars and other equipment		16,256			16,031
Construction in progress		1,715			1,743
		89,663			85,124
Accumulated depreciation		(19,464	)		(17,899	)
		70,199			67,225
Utilities and energy:
Utility generation, transmission and distribution systems		96,195			92,759
Interstate natural gas pipeline assets		19,226			18,328
Independent power plants and other		14,781			14,650
Land, buildings and improvements		4,540			—
Machinery, equipment and other		3,855			—
Construction in progress		9,551			5,357
		148,148			131,094
Accumulated depreciation		(40,731	)		(38,051	)
		107,417			93,043
	$	177,616		$	160,268

Depreciation expense for each of the three years ending December 31, 2023 is summarized below (in millions).

	2023		2022		2021
Insurance and other	$	2,388	$	2,276	$	2,318
Railroad, utilities and energy		7,004		6,181		5,990
	$	9,392	$	8,457	$	8,308

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,
	2023			2022
Railcars	$	10,031		$	9,612
Aircraft		12,537			10,667
Other		5,576			5,212
		28,144			25,491
Accumulated depreciation		(11,197	)		(9,907	)
	$	16,947		$	15,584

Depreciation expense for equipment held for lease was $1,266 million in 2023, $1,209 million in 2022 and $1,158 million in 2021. Fixed and variable operating lease revenues for each of the three years ending December 31, 2023 are summarized below (in millions).

	2023		2022		2021
Fixed lease revenue	$	5,902	$	5,184	$	4,482
Variable lease revenue		2,514		2,330		1,506
	$	8,416	$	7,514	$	5,988

A summary of future operating lease receipts as of December 31, 2023 follows (in millions).

2024		2025		2026		2027		2028		Thereafter		Total
$	3,942	$	3,077	$	2,346	$	1,569	$	771	$	283	$	11,988