Note 11. Property, plant and equipment and assets held for lease

A summary of property, plant and equipment of our insurance and other businesses follows (in millions). In conjunction with the adoption of ASC 606, we recorded a net asset of approximately $3.5 billion in aircraft sold under fractional aircraft ownership programs in machinery and equipment. Such amount included cost of approximately $5.3 billion, net of accumulated depreciation of $1.8 billion. We also recorded other liabilities of approximately $3.5 billion for estimated repurchase obligations and unearned lease revenues, substantially offsetting the amount recorded in machinery and equipment. See Note 2.


	June 30, 2018		December 31, 2017
Land	$	2,289	$	2,292
Buildings and improvements		9,041		8,810
Machinery and equipment		27,932		21,935
Furniture, fixtures and other		4,695		4,387

		43,957		37,424
Accumulated depreciation		(20,009)		(17,320)

	$	23,948	$	20,104

A summary of property, plant and equipment of our railroad and our 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.


	June 30, 2018		December 31, 2017
Railroad:
Land	$	6,093	$ 6,088
Track structure and other roadway		51,994	51,320
Locomotives, freight cars and other equipment		12,640	12,543
Construction in progress		1,039	989

		71,766	70,940
Accumulated depreciation		(9,259)	(8,627)

		62,507	62,313

Utilities and energy:
Utility generation, transmission and distribution systems		74,975	74,660
Interstate natural gas pipeline assets		7,240	7,176
Independent power plants and other assets		8,142	7,499
Construction in progress		3,204	2,556

		93,561	91,891
Accumulated depreciation		(26,852)	(26,020)

		66,709	65,871

	$	129,216	$ 128,184

Assets held for lease and property, plant and equipment of our finance and financial products businesses are summarized below (in millions). Assets held for lease includes railcars, intermodal tank containers, cranes, over-the-road trailers, storage units and furniture.
	June 30, 2018		December 31, 2017
Assets held for lease	$	12,507	$ 12,318
Land		234	231
Buildings, machinery and other		1,489	1,444

		14,230	13,993
Accumulated depreciation		(4,165)	(4,062)

	$	10,065	$ 9,931

A summary of depreciation expense for the first six months of 2018 and 2017 follows (in millions).
	First Six Months
	2018		2017
Insurance and other	$	1,302	$ 1,089
Railroad, utilities and energy		2,444	2,389
Finance and financial products		321	321

	$	4,067	$ 3,799