Property, plant and equipment including equipment held for lease

3 Months Ended

Mar. 31, 2025

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, 2025			December 31, 2024
Land, buildings and improvements	$	20,951		$	20,735
Machinery and equipment		32,866			32,475
Furniture, fixtures and other		5,699			5,501
		59,516			58,711
Accumulated depreciation		(29,301	)		(28,640	)
	$	30,215		$	30,071

Notes to Consolidated Financial Statements

Note 10. Property, plant and equipment

A summary of property, plant and equipment of our railroad, 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, 2025			December 31, 2024
Railroad:
Land, track structure and other roadway	$	74,882		$	74,093
Locomotives, freight cars and other equipment		15,463			15,766
Construction in progress		1,869			1,813
		92,214			91,672
Accumulated depreciation		(20,969	)		(20,411	)
		71,245			71,261
Utilities and energy:
Utility generation, transmission and distribution systems		104,030			103,015
Interstate natural gas pipeline assets		20,327			20,237
Independent power plants and other		15,389			14,840
Construction in progress		9,575			8,793
		149,321			146,885
Accumulated depreciation		(44,007	)		(43,116	)
		105,314			103,769
	$	176,559		$	175,030

Property, plant and equipment depreciation expense for the first quarter of 2025 and 2024 is summarized below (in millions).

	2025		2024
Insurance and other	$	784	$	767
Railroad, utilities and energy		1,665		1,625
	$	2,449	$	2,392

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 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).

	March 31, 2025			December 31, 2024
Railcars	$	10,195		$	10,137
Aircraft		14,635			14,201
Other		5,666			5,686
		30,496			30,024
Accumulated depreciation		(12,512	)		(12,196	)
	$	17,984		$	17,828

Depreciation expense on equipment held for lease in the first quarter was $372 million in 2025 and $341 million in 2024. Fixed and variable operating lease revenues are summarized below (in millions).

	First Quarter
	2025		2024
Fixed	$	1,683	$	1,552
Variable		748		670
	$	2,431	$	2,222