Property, plant and equipment

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Note 11. Property, plant and equipment

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

	Range of  estimated useful life	March 31, 2016			December 31, 2015
Land	—	$	2,053		$	1,689
Buildings and improvements	2 – 40 years		7,987			7,329
Machinery and equipment	3 – 25 years		19,204			17,054
Furniture, fixtures and other	2 – 18 years		4,213			3,545
			33,457			29,617
Accumulated depreciation			(14,499	)		(14,077)
		$	18,958		$	15,540

Property, plant and equipment at March 31, 2016 includes approximately $3.3 billion related to PCC and Duracell.

A summary of property, plant and equipment of our railroad and our utilities and energy businesses follows (in millions).

	Range of  estimated useful life	March 31, 2016			December 31, 2015
Railroad:
Land	—	$	6,054		$	6,037
Track structure and other roadway	7 – 100 years		46,435			45,967
Locomotives, freight cars and other equipment	6 – 40 years		11,515			11,320
Construction in progress	—		1,031			1,031
			65,035			64,355
Accumulated depreciation			(5,135	)		(4,845)
		$	59,900		$	59,510
Utilities and energy:
Utility generation, transmission and distribution systems	5 – 80 years	$	69,880		$	69,248
Interstate natural gas pipeline assets	3 – 80 years		6,798			6,755
Independent power plants and other assets	3 – 30 years		5,665			5,626
Construction in progress	—		2,757			2,627
			85,100			84,256
Accumulated depreciation			(23,948	)		(23,487)
		$	61,152		$	60,769

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 held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions).

	Range of estimated useful life	March 31, 2016			December 31, 2015
Assets held for lease	5 – 35 years	$	11,576		$	11,317
Land	—		221			220
Buildings, machinery and other	3 – 50 years		1,238			1,207
			13,035			12,744
Accumulated depreciation			(3,510	)		(3,397)
		$	9,525		$	9,347

A summary of depreciation expense for the first quarter of 2016 and 2015 follows (in millions).

	First Quarter
	2016		2015
Insurance and other	$	493	$	404
Railroad, utilities and energy		1,141		1,066
Finance and financial products		152		147
	$	1,786	$	1,617