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Railcar Leasing and Management Services Group (Tables)
 9 Months Ended
Sep. 30, 2017
Sale Leaseback Transaction [Line Items]  
Selected consolidating financial information for the Leasing Group
Selected consolidating financial information for the Leasing Group is as follows:
 
September 30, 2017
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiaries
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash, cash equivalents, and short-term marketable securities
$
7.8

 
$
0.1

 
$
1,016.8

 
$
1,024.7

Property, plant, and equipment, net
$
4,073.5

 
$
1,836.5

 
$
955.7

 
$
6,865.7

Net deferred profit on railcars sold to the Leasing Group
 
 
 
 
 
 
(795.6
)
Consolidated property, plant and equipment, net
 
 
 
 
 
 
$
6,070.1

Restricted cash
$
109.6

 
$
66.6

 
$
0.1

 
$
176.3

Debt:
 
 
 
 
 
 
 
Recourse
$
29.4

 
$
—

 
$
849.9

 
$
879.3

Less: unamortized discount
—

 
—

 
(13.2
)
 
(13.2
)
Less: unamortized debt issuance costs
(0.1
)
 
—

 
(3.1
)
 
(3.2
)
 
29.3

 
—

 
833.6

 
862.9

Non-recourse
1,066.1

 
1,374.4

 
—

 
2,440.5

Less: unamortized debt issuance costs
(12.0
)
 
(15.0
)
 
—

 
(27.0
)
 
1,054.1

 
1,359.4

 
—

 
2,413.5

Total debt
$
1,083.4

 
$
1,359.4

 
$
833.6

 
$
3,276.4

Net deferred tax liabilities
$
1,047.8

 
$
2.0

 
$
180.7

 
$
1,230.5

 
 
December 31, 2016
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiaries
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash, cash equivalents, and short-term marketable securities
$
7.2

 
$
—

 
$
790.9

 
$
798.1

Property, plant, and equipment, net
$
3,923.6

 
$
1,879.6

 
$
961.7

 
$
6,764.9

Net deferred profit on railcars sold to the Leasing Group
 
 
 
 
 
 
(798.1
)
Consolidated property, plant and equipment, net
 
 
 
 
 
 
$
5,966.8

Restricted cash
$
99.7

 
$
78.4

 
$
0.1

 
$
178.2

Debt:
 
 
 
 
 
 
 
Recourse
$
32.1

 
$
—

 
$
849.4

 
$
881.5

Less: unamortized discount
—

 
—

 
(27.1
)
 
(27.1
)
Less: uamortized debt issuance costs
(0.1
)
 
—

 
(3.7
)
 
(3.8
)
 
32.0

 
—

 
818.6

 
850.6

Non-recourse
851.4

 
1,381.0

 
—

 
2,232.4

Less: unamortized debt issuance costs
(11.4
)
 
(15.0
)
 
—

 
(26.4
)
 
840.0

 
1,366.0

 
—

 
2,206.0

Total debt
$
872.0

 
$
1,366.0

 
$
818.6

 
$
3,056.6

Net deferred tax liabilities
$
956.6

 
$
2.0

 
$
98.4

 
$
1,057.0
Selected consolidating income statement information for the Leasing Group
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
Percent
 
2017
 
2016
 
Percent
 
($ in millions)
 
Change
 
($ in millions)
 
Change
Revenues:
 
 
 
 
 
 
 
 
 
 
 
Leasing and management
$
188.5

 
$
173.7

 
8.5
%
 
$
552.4

 
$
522.7

 
5.7
 %
Sales of railcars owned one year or less at the time of sale
86.6

 
—

 
*
 
93.7

 
126.1

 
*
Total revenues
$
275.1

 
$
173.7

 
58.4

 
$
646.1

 
$
648.8

 
(0.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Operating profit:
 
 
 
 
 
 
 
 
 
 
 
Leasing and management
$
86.2

 
$
80.5

 
7.1

 
$
256.8

 
$
224.8

 
14.2

Railcar sales:
 
 
 
 
 
 
 
 
 
 
 
Railcars owned one year or less at the time of sale
17.9

 
—

 
*
 
19.4

 
34.1

 
*
Railcars owned more than one year at the time of sale
16.5

 
—

 
*
 
40.2

 
13.5

 
*
Total operating profit
$
120.6

 
$
80.5

 
49.8

 
$
316.4

 
$
272.4

 
16.2

 
 
 
 
 
 
 
 
 
 
 
 
Operating profit margin:
 
 
 
 
 
 
 
 
 
 
 
Leasing and management
45.7
%
 
46.3
%
 
 
 
46.5
%
 
43.0
%
 
 
Railcar sales
*
 
*
 
 
 
*

 
*

 
 
Total operating profit margin
43.8
%
 
46.3
%
 
 
 
49.0
%
 
42.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected expense information(1):
 
 
 
 
 
 
 
 
 
 
 
Depreciation
$
43.3

 
$
39.4

 
9.9

 
$
128.5

 
$
115.5

 
11.3

Maintenance and compliance
$
25.0

 
$
21.3

 
17.4

 
$
69.4

 
$
84.7

 
(18.1
)
Rent
$
10.0

 
$
9.9

 
1.0

 
$
30.0

 
$
29.3

 
2.4

Interest
$
32.1

 
$
31.2

 
2.9

 
$
94.0

 
$
94.4

 
(0.4
)
 * Not meaningful
(1) Depreciation, maintenance and compliance, 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 nine months ended September 30, 2017 and 2016, the Company received proceeds from the sales of leased railcars as follows:
 
Nine Months Ended September 30,
 
2017
 
2016
 
(in millions)
Leasing Group:
 
 
 
Railcars owned one year or less at the time of sale
$
93.7

 
$
126.1

Railcars owned more than one year at the time of sale
160.3

 
37.7

Rail Group
—

 
8.1

 
$
254.0

 
$
171.9
Future contractual minimum rental revenues on leases
Future contractual minimum rental revenues on leases are as follows:
 
 
Remaining three months of 2017
 
2018
 
2019
 
2020
 
2021
 
Thereafter
 
Total
 
 
(in millions)
Future contractual minimum rental revenue
 
$
135.2

 
$
480.9

 
$
398.4

 
$
316.8

 
$
213.1

 
$
435.0

 
$
1,979.4
Railroad transportation equipment leased from independent owner trusts  
Sale Leaseback Transaction [Line Items]  
Future operating lease obligations and future contractual minimum rental revenues
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 three months of 2017
 
2018
 
2019
 
2020
 
2021
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations of Trusts’ railcars
 
$
7.3

 
$
29.2

 
$
28.8

 
$
26.1

 
$
26.1

 
$
118.0

 
$
235.5

Future contractual minimum rental revenues of Trusts’ railcars
 
$
11.1

 
$
36.5

 
$
25.7

 
$
16.1

 
$
11.3

 
$
15.5

 
$
116.2
Operating leases other than leases with the Trusts  
Sale Leaseback Transaction [Line Items]  
Future operating lease obligations and future contractual minimum rental revenues
Future amounts due as well as future contractual minimum rental revenues related to operating leases other than leases discussed above are as follows: 
 
 
Remaining three months of 2017
 
2018
 
2019
 
2020
 
2021
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations
 
$
2.9

 
$
12.0

 
$
9.5

 
$
7.7

 
$
7.6

 
$
13.4

 
$
53.1

Future contractual minimum rental revenues
 
$
3.1

 
$
9.2

 
$
6.8

 
$
4.5

 
$
3.3

 
$
4.1

 
$
31.0