Property, plant and equipment including equipment held for lease

6 Months Ended

Jun. 30, 2021

Property, plant and equipment including equipment held for lease

Note 10. Property, plant and equipment

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

	June 30, 2021			December 31, 2020
Land, buildings and improvements	$	13,859		$	13,799
Machinery and equipment		25,665			25,488
Furniture, fixtures and other		4,592			4,530
		44,116			43,817
Accumulated depreciation		(23,251	)		(22,617	)
	$	20,865		$	21,200

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.

	June 30, 2021			December 31, 2020
Railroad:
Land, track structure and other roadway	$	64,721		$	63,824
Locomotives, freight cars and other equipment		13,601			13,523
Construction in progress		981			916
		79,303			78,263
Accumulated depreciation		(14,138	)		(13,175	)
		65,165			65,088
Utilities and energy:
Utility generation, transmission and distribution systems		88,748			86,730
Interstate natural gas pipeline assets		16,772			16,667
Independent power plants and other assets		12,969			12,671
Construction in progress		3,887			3,308
		122,376			119,376
Accumulated depreciation		(34,754	)		(33,248	)
		87,622			86,128
	$	152,787		$	151,216

Depreciation expense for the first six months of 2021 and 2020 is summarized below (in millions).

	First Six Months
	2021		2020
Insurance and other	$	1,148	$	1,147
Railroad, utilities and energy		2,990		2,716
	$	4,138	$	3,863

Equipment held for lease [Member]

Property, plant and equipment including equipment held for lease

Notes to Consolidated Financial Statements (Continued)

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. A summary of equipment held for lease follows (in millions).

	June 30, 2021			December 31, 2020
Railcars	$	9,525		$	9,402
Aircraft		8,560			8,204
Other		4,952			4,868
		23,037			22,474
Accumulated depreciation		(8,378	)		(7,873	)
	$	14,659		$	14,601

Depreciation expense for equipment held for lease in the first six months was $570 million in 2021 and $599 million in 2020. Fixed and variable operating lease revenues for the second quarter and first six months of 2021 and 2020 are summarized below (in millions).

	Second Quarter				First Six Months
	2021		2020		2021		2020
Fixed lease revenue	$	1,105	$	1,062	$	2,167	$	2,158
Variable lease revenue		342		99		604		431
	$	1,447	$	1,161	$	2,771	$	2,589