Property, plant and equipment including equipment held for lease

3 Months Ended

Mar. 31, 2020

Property, plant and equipment including equipment held for lease

Notes to Consolidated Financial Statements (Continued)

Note 10. Property, plant and equipment

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

	March 31, 2020			December 31, 2019
Land, buildings and improvements	$	13,277		$	13,259
Machinery and equipment		24,231			24,285
Furniture, fixtures and other		4,650			4,666
		42,158			42,210
Accumulated depreciation		(20,900	)		(20,772	)
	$	21,258		$	21,438

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.

	March 31, 2020			December 31, 2019
Railroad:
Land, track structure and other roadway	$	62,643		$	62,404
Locomotives, freight cars and other equipment		13,382			13,482
Construction in progress		773			748
		76,798			76,634
Accumulated depreciation		(12,198	)		(12,101	)
		64,600			64,533
Utilities and energy:
Utility generation, transmission and distribution systems		80,530			81,127
Interstate natural gas pipeline assets		8,181			8,165
Independent power plants and other assets		8,792			8,817
Construction in progress		3,819			3,732
		101,322			101,841
Accumulated depreciation		(28,658	)		(28,536	)
		72,664			73,305
	$	137,264		$	137,838

Depreciation expense for the first quarter of 2020 and 2019 is summarized below (in millions).

	First Quarter
	2020		2019
Insurance and other	$	570	$	542
Railroad, utilities and energy		1,398		1,256
	$	1,968	$	1,798

Equipment held for lease [Member]

Property, plant and equipment including equipment held for lease

Note 11. Equipment held for lease

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

	March 31, 2020			December 31, 2019
Railcars	$	9,269		$	9,260
Aircraft		8,022			8,093
Other equipment held for lease		4,837			4,862
		22,128			22,215
Accumulated depreciation		(7,229	)		(7,150	)
	$	14,899		$	15,065

Notes to Consolidated Financial Statements (Continued)

Note 11. Equipment held for lease (Continued)

Depreciation expense for equipment held for lease in the first quarter was $292 million in 2020 and $286 million in 2019. Operating lease revenues by type for the first quarter of 2020 and 2019 were as follows (in millions).

	Fixed lease revenue		Variable lease revenue		Total
First quarter 2020	$	1,096	$	332	$	1,428
First quarter 2019		1,074		362		1,436