Property, plant and equipment including equipment held for lease

3 Months Ended

Mar. 31, 2024

Property, plant and equipment including equipment held for lease

Note 11. Property, plant and equipment

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

	March 31, 2024			December 31, 2023
Land, buildings and improvements	$	15,157		$	15,058
Machinery and equipment		28,247			28,010
Furniture, fixtures and other		5,573			5,566
		48,977			48,634
Accumulated depreciation		(26,919	)		(26,604	)
	$	22,058		$	22,030

A summary of property, plant and equipment of our 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.

	March 31, 2024			December 31, 2023
Railroad:
Land, track structure and other roadway	$	72,194		$	71,692
Locomotives, freight cars and other equipment		16,383			16,256
Construction in progress		1,652			1,715
		90,229			89,663
Accumulated depreciation		(19,963	)		(19,464	)
		70,266			70,199
Utilities and energy:
Utility generation, transmission and distribution systems		96,675			96,195
Interstate natural gas pipeline assets		19,357			19,226
Independent power plants and other		14,830			14,781
Land, buildings and improvements		4,602			4,540
Machinery, equipment and other		3,928			3,855
Construction in progress		10,193			9,551
		149,585			148,148
Accumulated depreciation		(41,563	)		(40,731	)
		108,022			107,417
	$	178,288		$	177,616

Depreciation expense for the first three months of 2024 and 2023 is summarized below (in millions).

	First Quarter
	2024		2023
Insurance and other	$	614	$	575
Railroad, utilities and energy		1,778		1,739
	$	2,392	$	2,314

Equipment held for lease [Member]

Property, plant and equipment including equipment held for lease

Note 12. 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).

	March 31, 2024			December 31, 2023
Railcars	$	10,073		$	10,031
Aircraft		12,939			12,537
Other		5,612			5,576
		28,624			28,144
Accumulated depreciation		(11,470	)		(11,197	)
	$	17,154		$	16,947

Depreciation expense for equipment held for lease in the first quarter was $341 million in 2024 and $308 million in 2023. Fixed and variable operating lease revenues for the first quarter of 2024 and 2023 are summarized below (in millions).

	First Quarter
	2024		2023
Fixed lease revenue	$	1,552	$	1,417
Variable lease revenue		670		627
	$	2,222	$	2,044