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Property, plant and equipment including equipment held for lease | 12 Months Ended
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Dec. 31, 2023
Property, plant and equipment including equipment held for lease | (10) Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions).
|  | December 31, |
|  | 2023 |  |  | 2022 |
Land, buildings and improvements |  | $ | 15,058 |  |  | $ | 14,761 |
Machinery and equipment |  |  | 28,010 |  |  |  | 26,690 |
Furniture, fixtures and other |  |  | 5,566 |  |  |  | 4,847 |
|  |  | 48,634 |  |  |  | 46,298 |
Accumulated depreciation |  |  | (26,604 | ) |  |  | (25,185 | )
|  | $ | 22,030 |  |  | $ | 21,113 |
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. Assets of PTC are included within the utilities and energy section below.
|  | December 31, |
|  | 2023 |  |  | 2022 |
Railroad: |  |  |  |  |  |
Land, track structure and other roadway |  | $ | 71,692 |  |  | $ | 67,350 |
Locomotives, freight cars and other equipment |  |  | 16,256 |  |  |  | 16,031 |
Construction in progress |  |  | 1,715 |  |  |  | 1,743 |
|  |  | 89,663 |  |  |  | 85,124 |
Accumulated depreciation |  |  | (19,464 | ) |  |  | (17,899 | )
|  |  | 70,199 |  |  |  | 67,225 |
Utilities and energy: |  |  |  |  |  |
Utility generation, transmission and distribution systems |  |  | 96,195 |  |  |  | 92,759 |
Interstate natural gas pipeline assets |  |  | 19,226 |  |  |  | 18,328 |
Independent power plants and other |  |  | 14,781 |  |  |  | 14,650 |
Land, buildings and improvements |  |  | 4,540 |  |  |  | — |
Machinery, equipment and other |  |  | 3,855 |  |  |  | — |
Construction in progress |  |  | 9,551 |  |  |  | 5,357 |
|  |  | 148,148 |  |  |  | 131,094 |
Accumulated depreciation |  |  | (40,731 | ) |  |  | (38,051 | )
|  |  | 107,417 |  |  |  | 93,043 |
|  | $ | 177,616 |  |  | $ | 160,268 |
Depreciation expense for each of the three years ending December 31, 2023 is summarized below (in millions).
|  | 2023 |  |  | 2022 |  |  | 2021 |
Insurance and other |  | $ | 2,388 |  |  | $ | 2,276 |  |  | $ | 2,318 |
Railroad, utilities and energy |  |  | 7,004 |  |  |  | 6,181 |  |  |  | 5,990 |
|  | $ | 9,392 |  |  | $ | 8,457 |  |  | $ | 8,308 |
Equipment held for lease [Member] |
Property, plant and equipment including equipment held for lease | (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).
|  | December 31, |
|  | 2023 |  |  | 2022 |
Railcars |  | $ | 10,031 |  |  | $ | 9,612 |
Aircraft |  |  | 12,537 |  |  |  | 10,667 |
Other |  |  | 5,576 |  |  |  | 5,212 |
|  |  | 28,144 |  |  |  | 25,491 |
Accumulated depreciation |  |  | (11,197 | ) |  |  | (9,907 | )
|  | $ | 16,947 |  |  | $ | 15,584 |
Depreciation expense for equipment held for lease was $1,266 million in 2023, $1,209 million in 2022 and $1,158 million in 2021. Fixed and variable operating lease revenues for each of the three years ending December 31, 2023 are summarized below (in millions).
|  | 2023 |  |  | 2022 |  |  | 2021 |
Fixed lease revenue |  | $ | 5,902 |  |  | $ | 5,184 |  |  | $ | 4,482 |
Variable lease revenue |  |  | 2,514 |  |  |  | 2,330 |  |  |  | 1,506 |
|  | $ | 8,416 |  |  | $ | 7,514 |  |  | $ | 5,988 |
A summary of future operating lease receipts as of December 31, 2023 follows (in millions).
2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | Thereafter |  |  | Total |
$ | 3,942 |  |  | $ | 3,077 |  |  | $ | 2,346 |  |  | $ | 1,569 |  |  | $ | 771 |  |  | $ | 283 |  |  | $ | 11,988 |

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