Equipment held for lease (Tables)

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Summary of 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

Summary of fixed and variable operating lease revenues

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