Property, Plant, and Equipment

The following table summarizes the components of property, plant, and equipment as of December 31, 2018 and 2017.



	December 31, 2018			December 31, 2017
	(in millions)
Manufacturing/Corporate:
Land	$	24.2		$	25.4
Buildings and improvements	385.5			407.7
Machinery and other	537.2			550.2
Construction in progress	16.3			8.3
	963.2			991.6
Less accumulated depreciation	(592.3		)	(595.8		)
	370.9			395.8
Leasing:
Wholly-owned subsidiaries:
Machinery and other	13.5			10.7
Equipment on lease	5,934.8			4,987.6
	5,948.3			4,998.3
Less accumulated depreciation	(971.8		)	(858.3		)
	4,976.5			4,140.0
Partially-owned subsidiaries:
Equipment on lease	2,371.9			2,315.5
Less accumulated depreciation	(557.2		)	(492.8		)
	1,814.7			1,822.7

Deferred profit on railcars sold to the Leasing Group	(1,030.0		)	(974.9		)
Less accumulated amortization	202.3			174.2
	(827.7		)	(800.7		)
	$	6,334.4		$	5,557.8

We lease certain equipment and facilities under operating leases. Future minimum rent expense on non-Leasing Group leases in each year is (in millions): 2019 - $3.3; 2020 - $2.1; 2021 - $0.7; 2022 - $0.5; 2023 - $0.4; and $1.4 thereafter. See Note 6 for information related to the lease agreements, future operating lease obligations, and future minimum rent expense associated with the Leasing Group.

On October 17, 2018, the Leasing Group acquired, from an unrelated seller, a portfolio of railcars for $75.4 million in cash. As a result of the purchase transaction, the Leasing Group acquired approximately 4,150 railcars, substantially all of which are currently under lease to third parties, and assumed indebtedness of approximately $283.9 million with maturities ranging from 2018 through 2035. The acquired railcars of $336.0 million and certain other net assets totaling $23.3 million were recorded on our Consolidated Balance Sheet as of the purchase date.

We did not capitalize any interest expense as part of the construction of facilities and equipment during 2018 or 2017.

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 our experience selling similar properties in the past. As of December 31, 2018, we had non-operating plants with a net book value of $15.9 million. Our estimated fair value of these assets exceeds their book value.