v3.26.1
Property, plant and equipment including equipment held for lease
 6 Months Ended
Jun. 30, 2026
Property, Plant and Equipment [Line Items]  
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,
2026

 

 

December 31,
2025

 

Land, buildings and improvements

 

$

23,775

 

 

$

22,034

 

Machinery and equipment

 

 

39,639

 

 

 

34,733

 

Furniture, fixtures and other

 

 

8,430

 

 

 

6,212

 

 

 

71,844

 

 

 

62,979

 

Accumulated depreciation

 

 

(32,435

)

 

 

(31,094

)

 

$

39,409

 

 

$

31,885

 

 

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,
2026

 

 

December 31,
2025

 

Railroad:

 

 

 

 

 

 

Land, track structure and other roadway

 

$

77,573

 

 

$

76,764

 

Locomotives, freight cars and other equipment

 

 

15,982

 

 

 

15,772

 

Construction in progress

 

 

2,436

 

 

 

2,163

 

 

 

95,991

 

 

 

94,699

 

Accumulated depreciation

 

 

(23,215

)

 

 

(22,327

)

 

 

72,776

 

 

 

72,372

 

Utilities and energy:

 

 

 

 

 

 

Utility generation, transmission and distribution systems

 

 

109,292

 

 

 

109,815

 

Interstate natural gas pipeline assets

 

 

21,683

 

 

 

21,334

 

Independent power plants and other

 

 

15,699

 

 

 

15,630

 

Construction in progress

 

 

11,924

 

 

 

10,591

 

 

 

158,598

 

 

 

157,370

 

Accumulated depreciation

 

 

(45,559

)

 

 

(45,002

)

 

 

113,039

 

 

 

112,368

 

 

$

185,815

 

 

$

184,740

 

Property, plant and equipment depreciation expense for the first six months of 2026 and 2025 is summarized below (in millions).

 

 

2026

 

 

2025

 

Insurance and other

 

$

1,966

 

 

$

1,568

 

Railroad, utilities and energy

 

 

3,505

 

 

 

3,414

 

 

$

5,471

 

 

$

4,982

 
Equipment held for lease [Member]  
Property, Plant and Equipment [Line Items]  
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,
2026

 

 

December 31,
2025

 

Railcars

$

10,269

 

 

$

10,355

 

Aircraft

 

16,637

 

 

 

15,877

 

Other

 

5,682

 

 

 

5,660

 

 

32,588

 

 

 

31,892

 

Accumulated depreciation

 

(13,676

)

 

 

(13,357

)

$

18,912

 

 

$

18,535

 

Equipment held for lease depreciation expense in the first six months was $747 million in 2026 and $749 million in 2025. Fixed and variable operating lease revenues are summarized below (in millions).

 

Second Quarter

 

 

First Six Months

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Fixed

$

1,882

 

 

$

1,737

 

 

$

3,691

 

 

$

3,420

 

Variable

 

1,005

 

 

 

772

 

 

 

1,867

 

 

 

1,520

 

 

$

2,887

 

 

$

2,509

 

 

$

5,558

 

 

$

4,940