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Property, plant and equipment including equipment held for lease | 3 Months Ended
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Mar. 31, 2024
Property, plant and equipment including equipment held for lease | Note 11. Property, plant and equipment A summary of property, plant and equipment of our insurance and other businesses follows (in millions).
|  | March 31, 2024 |  |  | December 31, 2023 |
Land, buildings and improvements |  | $ | 15,157 |  |  | $ | 15,058 |
Machinery and equipment |  |  | 28,247 |  |  |  | 28,010 |
Furniture, fixtures and other |  |  | 5,573 |  |  |  | 5,566 |
|  |  | 48,977 |  |  |  | 48,634 |
Accumulated depreciation |  |  | (26,919 | ) |  |  | (26,604 | )
|  | $ | 22,058 |  |  | $ | 22,030 |
A summary of property, plant and equipment of our 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.
|  | March 31, 2024 |  |  | December 31, 2023 |
Railroad: |  |  |  |  |  |
Land, track structure and other roadway |  | $ | 72,194 |  |  | $ | 71,692 |
Locomotives, freight cars and other equipment |  |  | 16,383 |  |  |  | 16,256 |
Construction in progress |  |  | 1,652 |  |  |  | 1,715 |
|  |  | 90,229 |  |  |  | 89,663 |
Accumulated depreciation |  |  | (19,963 | ) |  |  | (19,464 | )
|  |  | 70,266 |  |  |  | 70,199 |
Utilities and energy: |  |  |  |  |  |
Utility generation, transmission and distribution systems |  |  | 96,675 |  |  |  | 96,195 |
Interstate natural gas pipeline assets |  |  | 19,357 |  |  |  | 19,226 |
Independent power plants and other |  |  | 14,830 |  |  |  | 14,781 |
Land, buildings and improvements |  |  | 4,602 |  |  |  | 4,540 |
Machinery, equipment and other |  |  | 3,928 |  |  |  | 3,855 |
Construction in progress |  |  | 10,193 |  |  |  | 9,551 |
|  |  | 149,585 |  |  |  | 148,148 |
Accumulated depreciation |  |  | (41,563 | ) |  |  | (40,731 | )
|  |  | 108,022 |  |  |  | 107,417 |
|  | $ | 178,288 |  |  | $ | 177,616 |
Depreciation expense for the first three months of 2024 and 2023 is summarized below (in millions).
|  | First Quarter |
|  | 2024 |  |  | 2023 |
Insurance and other |  | $ | 614 |  |  | $ | 575 |
Railroad, utilities and energy |  |  | 1,778 |  |  |  | 1,739 |
|  | $ | 2,392 |  |  | $ | 2,314 |
Equipment held for lease [Member] |
Property, plant and equipment including equipment held for lease | Note 12. 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, 2024 |  |  | December 31, 2023 |
Railcars | $ | 10,073 |  |  | $ | 10,031 |
Aircraft |  | 12,939 |  |  |  | 12,537 |
Other |  | 5,612 |  |  |  | 5,576 |
|  | 28,624 |  |  |  | 28,144 |
Accumulated depreciation |  | (11,470 | ) |  |  | (11,197 | )
| $ | 17,154 |  |  | $ | 16,947 |
Depreciation expense for equipment held for lease in the first quarter was $341 million in 2024 and $308 million in 2023. Fixed and variable operating lease revenues for the first quarter of 2024 and 2023 are summarized below (in millions).
|  |  | First Quarter |
|  |  |  |  | 2024 |  |  | 2023 |
Fixed lease revenue |  |  |  |  | $ | 1,552 |  |  | $ | 1,417 |
Variable lease revenue |  |  |  |  |  | 670 |  |  |  | 627 |
|  |  |  |  | $ | 2,222 |  |  | $ | 2,044 |

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