Segment Information

The Company reports operating results in five principal business segments: (1) the Rail Group, which manufactures and sells railcars and related parts, components, and maintenance services; (2) the Construction Products Group, which manufactures and sells highway products and trench shields and shoring products and services for infrastructure-related projects, and produces and sells construction aggregates; (3) the Inland Barge Group, which manufactures and sells barges and related products for inland waterway services; (4) the Energy Equipment Group, which manufactures and sells products for energy-related businesses, including structural wind towers, steel utility structures for electricity transmission and distribution, storage and distribution containers, and tank heads for pressure and non-pressure vessels; and (5) the Railcar Leasing and Management Services Group (“Leasing Group”), which owns and operates a fleet of railcars as well as provides third-party fleet leasing, management, maintenance, and administrative services. The segment All Other includes our captive insurance and transportation companies; legal, environmental, and maintenance costs associated with non-operating facilities; and other peripheral businesses. Gains and losses from the sale of property, plant, and equipment related to manufacturing and dedicated to the specific manufacturing operations of a particular segment are included in the operating profit of that respective segment. Gains and losses from the sale of property, plant, and equipment that can be utilized by multiple segments are included in operating profit of the All Other segment.

Sales and related net profits ("deferred profit") from the Rail Group to the Leasing Group are recorded in the Rail Group and eliminated in consolidation and reflected in the "Eliminations - Lease subsidiary" line in the table below. Sales between these groups are recorded at prices comparable to those charged to external customers, taking into consideration quantity, features, and production demand. Amortization of deferred profit on railcars sold 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. Sales of railcars from the lease fleet are included in the Leasing Group, with related gains and losses computed based on the net book value of the original manufacturing cost of the railcars.

The financial information for these segments is shown in the tables below. We operate principally in North America.

Three Months Ended March 31, 2018



	Revenues								Operating Profit (Loss)
	External		Intersegment			Total
	(in millions)
Railcars						$	521.1
Components and maintenance services						77.4
Rail Group	$	302.4	$	296.1		598.5			$	58.9

Highway products						54.8
Construction aggregates						52.6
Other						17.6
Construction Products Group	123.4		1.6			125.0			19.4

Inland Barge Group	30.8		—			30.8			(0.7		)

Wind towers and utility structures						147.5
Other						79.2
Energy Equipment Group	199.2		27.5			226.7			21.3

Leasing and management						174.6
Sales of leased railcars owned one year or less at the time of sale						—
Railcar Leasing and Management Services Group	174.3		0.3			174.6			71.1

All Other	1.2		23.6			24.8			(3.3		)

Segment Totals before Eliminations and Corporate	831.3		349.1			1,180.4			166.7
Corporate	—		—			—			(39.5		)
Eliminations – Lease subsidiary	—		(296.1		)	(296.1		)	(28.7		)
Eliminations – Other	—		(53.0		)	(53.0		)	0.1
Consolidated Total	$	831.3	$	—		$	831.3		$	98.6

Three Months Ended March 31, 2017



	Revenues								Operating Profit (Loss)
	External		Intersegment			Total
	(in millions)
Railcars						$	425.1
Components and maintenance services						53.2
Rail Group	$	286.0	$	192.3		478.3			$	50.5

Highway products						63.5
Construction aggregates						49.6
Other						10.0
Construction Products Group	120.9		2.2			123.1			15.5

Inland Barge Group	62.7		—			62.7			6.3

Wind towers and utility structures						180.8
Other						74.6
Energy Equipment Group	227.8		27.6			255.4			29.6

Leasing and management						178.9
Sales of leased railcars owned one year or less at the time of sale						—
Railcar Leasing and Management Services Group	178.6		0.3			178.9			85.0

All Other	1.3		21.5			22.8			(4.6		)

Segment Totals before Eliminations and Corporate	877.3		243.9			1,121.2			182.3
Corporate	—		—			—			(35.1		)
Eliminations – Lease subsidiary	—		(192.2		)	(192.2		)	(29.4		)
Eliminations – Other	—		(51.7		)	(51.7		)	(1.9		)
Consolidated Total	$	877.3	$	—		$	877.3		$	115.9