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

Schedule of 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

Schedule of 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.


	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