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Property, plant and equipment including equipment held for lease
 12 Months Ended
Dec. 31, 2024
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,

 

 

 

2024

 

 

2023

 

Land, buildings and improvements

 

$

20,735

 

 

$

19,598

 

Machinery and equipment

 

 

32,475

 

 

 

31,865

 

Furniture, fixtures and other

 

 

5,501

 

 

 

5,850

 

 

 

58,711

 

 

 

57,313

 

Accumulated depreciation

 

 

(28,640

)

 

 

(27,114

)

 

$

30,071

 

 

$

30,199

 

 

A summary of property, plant and equipment of our 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,

 

 

 

2024

 

 

2023

 

Railroad:

 

 

 

 

 

 

Land, track structure and other roadway

 

$

74,093

 

 

$

71,692

 

Locomotives, freight cars and other equipment

 

 

15,766

 

 

 

16,256

 

Construction in progress

 

 

1,813

 

 

 

1,715

 

 

 

91,672

 

 

 

89,663

 

Accumulated depreciation

 

 

(20,411

)

 

 

(19,464

)

 

 

71,261

 

 

 

70,199

 

Utilities and energy:

 

 

 

 

 

 

Utility generation, transmission and distribution systems

 

$

103,015

 

 

$

96,195

 

Interstate natural gas pipeline assets

 

 

20,237

 

 

 

19,226

 

Independent power plants and other

 

 

14,840

 

 

 

14,781

 

Construction in progress

 

 

8,793

 

 

 

9,267

 

 

 

146,885

 

 

 

139,469

 

Accumulated depreciation

 

 

(43,116

)

 

 

(40,221

)

 

 

103,769

 

 

 

99,248

 

 

$

175,030

 

 

$

169,447

 

 

Depreciation expense for each of the three years ending December 31, 2024 is summarized below (in millions).

 

 

 

2024

 

 

2023

 

 

2022

 

Insurance and other

 

$

3,117

 

 

$

2,898

 

 

$

2,276

 

Railroad, utilities and energy

 

 

6,514

 

 

 

6,494

 

 

 

6,181

 

 

$

9,631

 

 

$

9,392

 

 

$

8,457

 

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

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Railcars

 

$

10,137

 

 

$

10,031

 

Aircraft

 

 

14,201

 

 

 

12,537

 

Other

 

 

5,686

 

 

 

5,576

 

 

 

30,024

 

 

 

28,144

 

Accumulated depreciation

 

 

(12,196

)

 

 

(11,197

)

 

 

$

17,828

 

 

$

16,947

 

 

Depreciation expense for equipment held for lease was $1,429 million in 2024, $1,266 million in 2023 and $1,209 million in 2022. Operating lease revenues for each of the three years ending December 31, 2024 are summarized below (in millions).

 

 

 

2024

 

 

2023

 

 

2022

 

Fixed lease revenue

 

$

6,456

 

 

$

5,902

 

 

$

5,184

 

Variable lease revenue

 

 

2,771

 

 

 

2,514

 

 

 

2,330

 

 

 

$

9,227

 

 

$

8,416

 

 

$

7,514

 

 

A summary of future operating lease receipts as of December 31, 2024 follows (in millions).

 

2025

 

 

2026

 

 

2027

 

 

2028

 

 

2029

 

 

Thereafter

 

 

Total

 

$

4,263

 

 

$

3,455

 

 

$

2,596

 

 

$

1,724

 

 

$

769

 

 

$

339

 

 

$

13,146