Property, plant and equipment including equipment held for lease

12 Months Ended

Dec. 31, 2020

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,
	2020			2019
Land, buildings and improvements	$	13,799		$	13,259
Machinery and equipment		25,488			24,285
Furniture, fixtures and other		4,530			4,666
		43,817			42,210
Accumulated depreciation		(22,617	)		(20,772	)
	$	21,200		$	21,438

Notes to Consolidated Financial Statements (Continued)

(10) Property, plant and equipment (Continued)

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.

	December 31,
	2020			2019
Railroad:
Land, track structure and other roadway	$	63,824		$	62,404
Locomotives, freight cars and other equipment		13,523			13,482
Construction in progress		916			748
		78,263			76,634
Accumulated depreciation		(13,175	)		(12,101	)
		65,088			64,533
Utilities and energy:
Utility generation, transmission and distribution systems		86,730			81,127
Interstate natural gas pipeline assets		16,667			8,165
Independent power plants and other assets		12,671			8,817
Construction in progress		3,308			3,732
		119,376			101,841
Accumulated depreciation		(33,248	)		(28,536	)
		86,128			73,305
	$	151,216		$	137,838

Depreciation expense for each of the three years ending December 31, 2020 is summarized below (in millions).

	2020		2019		2018
Insurance and other	$	2,320	$	2,269	$	2,186
Railroad, utilities and energy		5,799		5,297		5,098
	$	8,119	$	7,566	$	7,284

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

	December 31,
	2020			2019
Railcars	$	9,402		$	9,260
Aircraft		8,204			8,093
Other		4,868			4,862
		22,474			22,215
Accumulated depreciation		(7,873	)		(7,150	)
	$	14,601		$	15,065

Depreciation expense for equipment held for lease was $1,200 million in 2020, $1,181 million in 2019 and $1,102 million in 2018. Fixed and variable operating lease revenues for each of the two years ending December 31, 2020 are summarized below (in millions).  

	2020		2019
Fixed lease revenue	$	4,262	$	4,415
Variable lease revenue		947		1,441
	$	5,209	$	5,856

Notes to Consolidated Financial Statements (Continued)

(11) Equipment held for lease (Continued)

A summary of future operating lease receipts as of December 31, 2020 follows (in millions).

2021		2022		2023		2024		2025		Thereafter		Total
$	2,618	$	1,962	$	1,429	$	905	$	443	$	387	$	7,744