Property, plant and equipment including equipment held for lease

3 Months Ended

Mar. 31, 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).


	March 31, 2026			December 31, 2025
Land, buildings and improvements	$	23,451		$	22,034
Machinery and equipment		39,419			34,733
Furniture, fixtures and other		7,932			6,212
		70,802			62,979
Accumulated depreciation		(31,760	)		(31,094	)
	$	39,042		$	31,885

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, 2026			December 31, 2025
Railroad:
Land, track structure and other roadway	$	77,044		$	76,764
Locomotives, freight cars and other equipment		15,982			15,772
Construction in progress		2,215			2,163
		95,241			94,699
Accumulated depreciation		(22,779	)		(22,327	)
		72,462			72,372
Utilities and energy:
Utility generation, transmission and distribution systems		108,515			109,815
Interstate natural gas pipeline assets		21,495			21,334
Independent power plants and other		15,636			15,630
Construction in progress		11,093			10,591
		156,739			157,370
Accumulated depreciation		(45,173	)		(45,002	)
		111,566			112,368
	$	184,028		$	184,740

Notes to Consolidated Financial Statements

Note 10. Property, plant and equipment

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


	2026		2025
Insurance and other	$	922	$	784
Railroad, utilities and energy		1,768		1,665
	$	2,690	$	2,449

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).


	March 31, 2026			December 31, 2025
Railcars	$	10,331		$	10,355
Aircraft		16,231			15,877
Other		5,662			5,660
		32,224			31,892
Accumulated depreciation		(13,550	)		(13,357	)
	$	18,674		$	18,535

Equipment held for lease depreciation expense in the first quarter was $374 million in 2026 and $372 million in 2025. Fixed and variable operating lease revenues are summarized below (in millions).


	First Quarter
	2026		2025
Fixed	$	1,809	$	1,683
Variable		862		748
	$	2,671	$	2,431