Property, plant and equipment including equipment held for lease

3 Months Ended

Mar. 31, 2022

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).

	March 31, 2022			December 31, 2021
Land, buildings and improvements	$	14,049		$	14,070
Machinery and equipment		26,166			26,063
Furniture, fixtures and other		4,772			4,640
		44,987			44,773
Accumulated depreciation		(24,280	)		(23,939	)
	$	20,707		$	20,834

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, 2022			December 31, 2021
Railroad:
Land, track structure and other roadway	$	65,256		$	65,843
Locomotives, freight cars and other equipment		15,910			13,822
Construction in progress		1,101			1,027
		82,267			80,692
Accumulated depreciation		(16,535	)		(14,978	)
		65,732			65,714
Utilities and energy:
Utility generation, transmission and distribution systems		90,560			90,223
Interstate natural gas pipeline assets		17,526			17,423
Independent power plants and other assets		13,986			13,695
Construction in progress		4,605			4,196
		126,677			125,537
Accumulated depreciation		(36,394	)		(35,721	)
		90,283			89,816
	$	156,015		$	155,530

Depreciation expense for the first quarter of 2022 and 2021 is summarized below (in millions).

	First Quarter
	2022		2021
Insurance and other	$	564	$	576
Railroad, utilities and energy		1,542		1,496
	$	2,106	$	2,072

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. Equipment held for lease is summarized below (in millions).

	March 31, 2022			December 31, 2021
Railcars	$	9,532		$	9,448
Aircraft		9,439			9,234
Other		5,196			5,053
		24,167			23,735
Accumulated depreciation		(9,129	)		(8,817	)
	$	15,038		$	14,918

Depreciation expense for equipment held for lease in the first quarter was $294 million in 2022 and $282 million in 2021. Fixed and variable operating lease revenues for the first quarter of 2022 and 2021 are summarized below (in millions).

	First Quarter
	2022		2021
Fixed lease revenue	$	1,188	$	1,062
Variable lease revenue		484		262
	$	1,672	$	1,324