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Railcar Leasing and Management Services Group (Tables)
 3 Months Ended
Mar. 31, 2016
Sale Leaseback Transaction [Line Items]  
Selected consolidating financial information for the Leasing Group
Selected consolidating financial information for the Leasing Group is as follows:
 
March 31, 2016
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiaries
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash, cash equivalents, and short-term marketable securities
$
6.6

 
$
—

 
$
829.0

 
$
835.6

Property, plant, and equipment, net
$
3,380.1

 
$
1,923.7

 
$
950.5

 
$
6,254.3

Net deferred profit on railcars sold to
the Leasing Group
 
 
 
 
 
 
(730.8
)
Consolidated property, plant and equipment, net
 
 
 
 
 
 
$
5,523.5

Restricted cash
$
102.0

 
$
83.6

 
$
—

 
$
185.6

Debt:
 
 
 
 
 
 
 
Recourse
$
35.0

 
$
—

 
$
849.9

 
$
884.9

Less: unamortized discount
—

 
—

 
(40.0
)
 
(40.0
)
Less: unamortized debt issuance costs
(0.1
)
 
—

 
(4.4
)
 
(4.5
)
 
34.9

 
—

 
805.5

 
840.4

Non-recourse
931.6

 
1,429.5

 
—

 
2,361.1

Less: unamortized debt issuance costs
(14.1
)
 
(16.4
)
 
—

 
(30.5
)
 
917.5

 
1,413.1

 
—

 
2,330.6

Total debt
$
952.4

 
$
1,413.1

 
$
805.5

 
$
3,171.0

Net deferred tax liabilities
$
794.7

 
$
1.4

 
$
(0.1
)
 
$
796.0

 
 
December 31, 2015
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiaries
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash, cash equivalents, and short-term marketable securities
$
3.8

 
$
—

 
$
867.1

 
$
870.9

Property, plant, and equipment, net
$
3,126.3

 
$
1,938.6

 
$
956.1

 
$
6,021.0

Net deferred profit on railcars sold to
the Leasing Group
 
 
 
 
 
 
(673.0
)
Consolidated property, plant and equipment, net
 
 
 
 
 
 
$
5,348.0

Restricted cash
$
105.9

 
$
89.9

 
$
—

 
$
195.8

Debt:
 
 
 
 
 
 
 
Recourse
$
35.8

 
$
—

 
$
849.9

 
$
885.7

Less: unamortized discount
—

 
—

 
(44.2
)
 
(44.2
)
Less: uamortized debt issuance costs
(0.1
)
 
—

 
(4.7
)
 
(4.8
)
 
35.7

 
—

 
801.0

 
836.7

Non-recourse
943.8

 
1,446.9

 
—

 
2,390.7

Less: unamortized debt issuance costs
(15.1
)
 
(16.9
)
 
—

 
(32.0
)
 
928.7

 
1,430.0

 
—

 
2,358.7

Total debt
$
964.4

 
$
1,430.0

 
$
801.0

 
$
3,195.4

Net deferred tax liabilities
$
746.0

 
$
1.4

 
$
(12.6
)
 
$
734.8
Selected consolidating income statement information for the Leasing Group
 
Three Months Ended March 31,
 
2016
 
2015
 
Percent
 
($ in millions)
 
Change
Revenues:
 
 
 
 
 
Leasing and management
$
170.5

 
$
166.1

 
2.6
 %
Sales of railcars owned one year or less at the time of sale
8.0

 
78.7

 
*
Total revenues
$
178.5

 
$
244.8

 
(27.1
)
 
 
 
 
 
 
Operating profit:
 
 
 
 
 
Leasing and management
$
69.8

 
$
82.3

 
(15.2
)
Railcar sales:
 
 
 
 
 
Railcars owned one year or less at the time of sale
2.3

 
25.6

 
 
Railcars owned more than one year at the time of sale
2.1

 
14.9

 
 
Total operating profit
$
74.2

 
$
122.8

 
(39.6
)
 
 
 
 
 
 
Operating profit margin:
 
 
 
 
 
Leasing and management
40.9
%
 
49.5
%
 
 
Railcar sales
*
 
*
 
 
Total operating profit margin
41.6
%
 
50.2
%
 
 
 
 
 
 
 
 
Selected expense information(1):
 
 
 
 
 
Depreciation
$
37.4

 
$
34.1

 
9.7

Maintenance
$
31.6

 
$
19.9

 
58.8

Rent
$
9.5

 
$
11.8

 
(19.5
)
Interest
$
31.8

 
$
37.9

 
(16.1
)
 * Not meaningful
(1) Depreciation, maintenance, and rent expense are components of operating profit. Amortization of deferred profit on railcars sold from the Rail Group to the Leasing Group is included in the operating profit of the Leasing Group resulting in the recognition of depreciation expense based on the Company's original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges.
Schedule of proceeds from leased railcars
During the three months ended March 31, 2016 and 2015, the Company received proceeds from the sales of leased railcars as follows:
 
Three Months Ended March 31,
 
2016
 
2015
 
(in millions)
Leasing Group:
 
 
 
Railcars owned one year or less at the time of sale
$
8.0

 
$
78.7

Railcars owned more than one year at the time of sale
6.7

 
78.5

Rail Group
8.1

 
15.2

 
$
22.8

 
$
172.4
Future contractual minimum rental revenues on leases
Future contractual minimum rental revenues on leases are as follows:
 
 
Remaining nine months of 2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
 
 
(in millions)
Future contractual minimum rental revenue
 
$
400.8

 
$
465.5

 
$
377.8

 
$
289.3

 
$
217.6

 
$
313.8

 
$
2,064.8
Railroad transportation equipment leased from independent owner trusts  
Sale Leaseback Transaction [Line Items]  
Future operating lease obligations and future contractual minimum rental revenues, Leasing group
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 2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations of Trusts’ railcars
 
$
22.0

 
$
29.2

 
$
29.2

 
$
28.8

 
$
26.1

 
$
144.0

 
$
279.3

Future contractual minimum rental revenues of Trusts’ railcars
 
$
36.2

 
$
40.4

 
$
30.6

 
$
21.4

 
$
12.8

 
$
23.0

 
$
164.4
Other Third Parties [Member]  
Sale Leaseback Transaction [Line Items]  
Future operating lease obligations and future contractual minimum rental revenues, Leasing group
Future amounts due as well as future contractual minimum rental revenues related to operating leases other than leases discussed above are as follows: 
 
 
Remaining nine months of 2016
 
2017
 
2018
 
2019
 
2020
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations
 
$
9.7

 
$
12.1

 
$
12.0

 
$
9.5

 
$
7.7

 
$
19.2

 
$
70.2

Future contractual minimum rental revenues
 
$
14.4

 
$
13.2

 
$
7.9

 
$
4.5

 
$
2.6

 
$
4.3

 
$
46.9