Property, plant and equipment including equipment held for lease

6 Months Ended

Jun. 30, 2019

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, 2019			December 31, 2018
Land	$	2,553		$	2,536
Buildings and improvements		10,477			9,959
Machinery and equipment		22,965			22,574
Furniture, fixtures and other		5,221			4,758
		41,216			39,827
Accumulated depreciation		(20,012	)		(19,199	)
	$	21,204		$	20,628

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, 2019			December 31, 2018
Railroad:
Land, track structure and other roadway	$	60,795		$	59,509
Locomotives, freight cars and other equipment		13,264			13,016
Construction in progress		723			664
		74,782			73,189
Accumulated depreciation		(11,206	)		(10,004	)
		63,576			63,185
Utilities and energy:
Utility generation, transmission and distribution systems		78,087			77,288
Interstate natural gas pipeline assets		7,571			7,524
Independent power plants and other assets		8,587			8,324
Construction in progress		4,331			3,110
		98,576			96,246
Accumulated depreciation		(28,637	)		(27,651	)
		69,939			68,595
	$	133,515		$	131,780

Notes to Consolidated Financial Statements (Continued)

Note 10. Property, plant and equipment (Continued)

Depreciation expense for the first six months of 2019 and 2018 is summarized below (in millions).

	First Six Months
	2019		2018
Insurance and other	$	1,092	$	1,080
Railroad, utilities and energy		2,544		2,444
	$	3,636	$	3,524

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

	June 30, 2019			December 31, 2018
Railcars	$	9,126		$	8,862
Aircraft		7,693			7,376
Other equipment held for lease		4,676			4,379
		21,495			20,617
Accumulated depreciation		(6,754	)		(6,319	)
	$	14,741		$	14,298

Depreciation expense for equipment held for lease in the first six months was $579 million in 2019 and $543 million in 2018.

Operating lease revenues by type for the second quarter and first six months of 2019 were as follows (in millions).

	Fixed lease revenue		Variable lease revenue		Total
Second quarter	$	1,118	$	373	$	1,491
First six months		2,192		735		2,927

Future operating lease rentals to be received on assets we lease to others were as follows (in millions).

	2019		2020		2021		2022		2023		Thereafter		Total
As of June 30, 2019	$	1,335	$	2,057	$	1,488	$	987	$	608	$	482	$	6,957