v3.25.2
Property, plant and equipment including equipment held for lease
6 Months Ended
Jun. 30, 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).

 

 

June 30,
2025

 

 

December 31,
2024

 

Land, buildings and improvements

 

$

21,287

 

 

$

20,735

 

Machinery and equipment

 

 

33,235

 

 

 

32,475

 

Furniture, fixtures and other

 

 

5,915

 

 

 

5,501

 

 

 

60,437

 

 

 

58,711

 

Accumulated depreciation

 

 

(30,063

)

 

 

(28,640

)

 

$

30,374

 

 

$

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.

 

 

June 30,
2025

 

 

December 31,
2024

 

Railroad:

 

 

 

 

 

 

Land, track structure and other roadway

 

$

75,413

 

 

$

74,093

 

Locomotives, freight cars and other equipment

 

 

15,513

 

 

 

15,766

 

Construction in progress

 

 

2,041

 

 

 

1,813

 

 

 

92,967

 

 

 

91,672

 

Accumulated depreciation

 

 

(21,459

)

 

 

(20,411

)

 

 

71,508

 

 

 

71,261

 

Utilities and energy:

 

 

 

 

 

 

Utility generation, transmission and distribution systems

 

 

106,067

 

 

 

103,015

 

Interstate natural gas pipeline assets

 

 

20,432

 

 

 

20,237

 

Independent power plants and other

 

 

15,578

 

 

 

14,840

 

Construction in progress

 

 

10,892

 

 

 

8,793

 

 

 

152,969

 

 

 

146,885

 

Accumulated depreciation

 

 

(45,111

)

 

 

(43,116

)

 

 

107,858

 

 

 

103,769

 

 

$

179,366

 

 

$

175,030

 

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

 

 

2025

 

 

2024

 

Insurance and other

 

$

1,568

 

 

$

1,535

 

Railroad, utilities and energy

 

 

3,414

 

 

 

3,244

 

 

$

4,982

 

 

$

4,779

 

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).

 

June 30,
2025

 

 

December 31,
2024

 

Railcars

$

10,299

 

 

$

10,137

 

Aircraft

 

14,894

 

 

 

14,201

 

Other

 

5,713

 

 

 

5,686

 

 

30,906

 

 

 

30,024

 

Accumulated depreciation

 

(12,783

)

 

 

(12,196

)

$

18,123

 

 

$

17,828

 

Depreciation expense on equipment held for lease in the first six months was $749 million in 2025 and $695 million in 2024. Fixed and variable operating lease revenues are summarized below (in millions).

 

Second Quarter

 

 

First Six Months

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fixed lease revenue

$

1,737

 

 

$

1,612

 

 

$

3,420

 

 

$

3,164

 

Variable lease revenue

 

772

 

 

 

696

 

 

 

1,520

 

 

 

1,366

 

 

$

2,509

 

 

$

2,308

 

 

$

4,940

 

 

$

4,530