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Railcar Leasing and Management Services Group (Tables)
 3 Months Ended
Mar. 31, 2013
Segment Reporting [Abstract]  
Selected consolidating financial information for the Leasing Group
Selected consolidating financial information for the Leasing Group is as follows:
 
March 31, 2013
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiary
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash, cash equivalents, and short-term marketable securities
$
4.2

 
$
—

 
$
416.2

 
$
420.4

Property, plant, and equipment, net
$
3,348.8

 
$
1,110.1

 
$
590.5

 
$
5,049.4

Net deferred profit on railcars sold to the Leasing Group
(408.1
)
 
(179.3
)
 
—

 
(587.4
)
 
$
2,940.7

 
$
930.8

 
$
590.5

 
$
4,462.0

Restricted cash
$
164.4

 
$
50.9

 
$
—

 
$
215.3

Debt:
 
 
 
 
 
 
 
Recourse
$
45.1

 
$
—

 
$
451.1

 
$
496.2

Less: unamortized discount
—

 
—

 
(84.2
)
 
(84.2
)
 
45.1

 
—

 
366.9

 
412.0

Non-recourse
1,714.0

 
957.6

 
—

 
2,671.6

Less: non-recourse debt owned by Trinity
—

 
(108.8
)
 
—

 
(108.8
)
Total debt
$
1,759.1

 
$
848.8

 
$
366.9

 
$
2,974.8

Net deferred tax liabilities
$
688.9

 
$
6.0

 
$
(95.1
)
 
$
599.8

 
 
December 31, 2012
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiary
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash and cash equivalents
$
5.7

 
$
—

 
$
567.3

 
$
573.0

Property, plant, and equipment, net
$
3,203.8

 
$
1,118.6

 
$
539.3

 
$
4,861.7

Net deferred profit on railcars sold to the Leasing Group
(381.8
)
 
(180.9
)
 
—

 
(562.7
)
 
$
2,822.0

 
$
937.7

 
$
539.3

 
$
4,299.0

Restricted cash
$
172.9

 
$
50.3

 
$
—

 
$
223.2

Debt:
 
 
 
 
 
 
 
Recourse
$
94.4

 
$
—

 
$
451.2

 
$
545.6

Less: unamortized discount
—

 
—

 
(87.5
)
 
(87.5
)
 
94.4

 
—

 
363.7

 
458.1

Non-recourse
1,738.0

 
967.7

 
—

 
2,705.7

Less: non-recourse debt owned by Trinity
—

 
(108.8
)
 
—

 
(108.8
)
Total debt
$
1,832.4

 
$
858.9

 
$
363.7

 
$
3,055.0

Net deferred tax liabilities
$
671.1

 
$
5.4

 
$
(120.7
)
 
$
555.8



See Note 6 Partially-Owned Leasing Subsidiary and Note 11 Debt for a further discussion regarding the Company’s investment in TRIP Holdings and TRIP Holdings’ debt.
Selected consolidating income statement information for the Leasing Group
 
Three Months Ended March 31,
 
2013
 
2012
 
Percent
 
($ in millions)
 
Change
Revenues:
 
 
 
 
 
Wholly-owned subsidiaries:
 
 
 
 
 
Leasing and management
$
104.8

 
$
98.3

 
6.6
 %
Railcar sales
0.1

 
14.9

 
*

 
104.9

 
113.2

 
(7.3
)
Partially-owned subsidiary:
 
 
 
 
 
Leasing and management
29.5

 
29.1

 
1.4

Railcar sales
—

 
—

 
—

 
29.5

 
29.1

 
1.4

Total revenues
$
134.4

 
$
142.3

 
(5.6
)
Operating profit (loss):
 
 
 
 
 
Wholly-owned subsidiaries:
 
 
 
 
 
Leasing and management
$
38.4

 
$
43.1

 
 
Railcar sales:
 
 
 
 
 
Railcars owned one year or less at the time of sale
0.0

 
2.9

 
 
Railcars owned more than one year at the time of sale
6.9

 
4.1

 
 
 
45.3

 
50.1

 
 
Partially-owned subsidiary:
 
 
 
 
 
Leasing and management
16.4

 
16.8

 
 
Railcar sales:
 
 
 
 
 
Railcars owned one year or less at the time of sale
—

 
—

 
 
Railcars owned more than one year at the time of sale
(0.1
)
 
(0.4
)
 
 
 
16.3

 
16.4

 
 
Total operating profit
$
61.6

 
$
66.5

 
(7.4
)
Operating profit margin:
 
 
 
 
 
Leasing and management
40.8
%
 
47.0
%
 
 
Railcar sales
*

 
*

 
 
Total operating profit margin
45.8

 
46.7

 
 
 
 
 
 
 
 
Selected expense information(1):
 
 
 
 
 
Depreciation
$
31.0

 
$
29.3

 
5.8

Maintenance
$
19.0

 
$
14.4

 
31.9

Rent
$
13.4

 
$
12.7

 
5.5

Interest:
 
 
 
 
 
Wholly-owned subsidiaries
$
26.0

 
$
24.6

 
 
Partially-owned subsidiary:
 
 
 
 
 
External
14.9

 
15.2

 
 
Intercompany
2.7

 
3.3

 
 
 
17.6

 
18.5

 
 
Total interest expense
$
43.6

 
$
43.1

 
1.2
 %
 * Not meaningful

(1) Depreciation, maintenance, and rent expense are components of operating profit. Interest expense is not a component of operating profit and includes the effect of hedges. Intercompany interest expense arises from Trinity’s ownership of a portion of TRIP Holdings’ Senior Secured Notes and is eliminated in consolidation. See Note 11 Debt.
Future contractual minimum rental revenues on leases
Future contractual minimum rental revenues on leases are as follows:
 
 
Remaining nine months of 2013
 
2014
 
2015
 
2016
 
2017
 
Thereafter
 
Total
 
 
(in millions)
Wholly-owned subsidiaries
 
$
228.6

 
$
252.7

 
$
207.1

 
$
160.7

 
$
116.5

 
$
246.1

 
$
1,211.7

Partially-owned subsidiary
 
74.4

 
77.4

 
64.5

 
53.1

 
38.8

 
48.8

 
357.0

 
 
$
303.0

 
$
330.1

 
$
271.6

 
$
213.8

 
$
155.3

 
$
294.9

 
$
1,568.7
Future operating lease obligations and future contractual minimum rental revenues related to railcars owned by the Trusts
Future operating lease obligations of the Leasing Group’s subsidiaries as well as future contractual minimum rental revenues related to these leases due to the Leasing Group are as follows:
 
 
Remaining nine months of 2013
 
2014
 
2015
 
2016
 
2017
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations of Trusts’ railcars
 
$
34.1

 
$
44.7

 
$
43.0

 
$
40.1

 
$
41.9

 
$
298.9

 
$
502.7

Future contractual minimum rental revenues of Trusts’ railcars
 
$
44.5

 
$
46.2

 
$
36.0

 
$
26.1

 
$
17.0

 
$
34.7

 
$
204.5
Future operating lease obligations and future contractual minimum rental revenues related to operating leases other than leases with the Trusts
Future amounts due as well as future contractual minimum rental revenues related to operating leases other than leases with the Trusts are as follows: 
 
 
Remaining nine months of 2013
 
2014
 
2015
 
2016
 
2017
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations
 
$
9.7

 
$
12.8

 
$
12.8

 
$
12.7

 
$
12.1

 
$
50.3

 
$
110.4

Future contractual minimum rental revenues
 
$
12.4

 
$
16.0

 
$
12.3

 
$
11.4

 
$
8.8

 
$
14.2

 
$
75.1