XML 86 R17.htm IDEA: XBRL DOCUMENT v2.4.1.9
Property, Plant, and Equipment
 12 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment
Property, Plant, and Equipment

The following table summarizes the components of property, plant, and equipment as of December 31, 2014 and 2013.
 
December 31,
2014
 
December 31,
2013
 
(in millions)
Manufacturing/Corporate:
 
 
 
Land
$
81.4

 
$
44.2

Buildings and improvements
548.2

 
463.2

Machinery and other
975.7

 
832.5

Construction in progress
76.4

 
79.0

 
1,681.7

 
1,418.9

Less accumulated depreciation
(820.7
)
 
(748.3
)
 
861.0

 
670.6

Leasing:
 
 
 
Wholly-owned subsidiaries:
 
 
 
Machinery and other
10.7

 
10.3

Equipment on lease
3,189.6

 
3,509.1

 
3,200.3

 
3,519.4

Less accumulated depreciation
(601.1
)
 
(554.8
)
 
2,599.2

 
2,964.6

Partially-owned subsidiaries:
 
 
 
Equipment on lease
2,261.2

 
1,887.2

Less accumulated depreciation
(261.3
)
 
(202.1
)
 
1,999.9

 
1,685.1

 
 
 
 
Net deferred profit on railcars sold to the Leasing Group
(557.2
)
 
(549.7
)
 
$
4,902.9

 
$
4,770.6



We lease certain equipment and facilities under operating leases. Future minimum rent expense on non-Leasing Group leases in each year is (in millions): 2015 - $7.0; 2016 - $5.0; 2017 - $3.5; 2018 - $2.1; 2019 - $1.0; and $0.8 thereafter. See Note 6 Railcar Leasing and Management Services Group for information related to the lease agreements, future operating lease obligations, and future minimum rent expense associated with the Leasing Group.

We did not capitalize any interest expense as part of the construction of facilities and equipment during 2014 or 2013.

We estimate the fair market value of properties no longer in use based on the location and condition of the properties, the fair market value of similar properties in the area, and the Company's experience selling similar properties in the past. As of December 31, 2014, the Company had non-operating plants with a net book value of $18.4 million. Our estimated fair value of these assets exceeds their book value.