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Railcar Leasing and Management Services Group (Tables)
 12 Months Ended
Dec. 31, 2018
Sale Leaseback Transaction [Line Items]  
Selected consolidating financial information for the Leasing Group
Selected consolidated financial information for the Leasing Group is as follows:
 
December 31, 2018
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-
Owned
Subsidiaries
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash and cash equivalents
$
6.0

 
$
—

 
$
173.2

 
$
179.2

Property, plant, and equipment, net
$
4,976.5

 
$
1,814.7

 
$
370.9

 
$
7,162.1

Net deferred profit on railcars sold to the Leasing Group
 
 
 
 
 
 
(827.7
)
Consolidated property, plant, and equipment, net
 
 
 
 
 
 
$
6,334.4

Restricted cash
$
134.9

 
$
36.6

 
$
0.1

 
$
171.6

Debt:
 
 
 
 
 
 
 
Recourse
$
—

 
$
—

 
$
400.0

 
$
400.0

Less: unamortized discount
—

 
—

 
(0.3
)
 
(0.3
)
Less: unamortized debt issuance costs
—

 
—

 
(2.3
)
 
(2.3
)
 
—

 
—

 
397.4

 
397.4

Non-recourse
2,339.0

 
1,327.9

 
—

 
3,666.9

Less: unamortized discount
(2.7
)
 
—

 
—

 
(2.7
)
Less: unamortized debt issuance costs
(19.7
)
 
(12.7
)
 
—

 
(32.4
)

2,316.6

 
1,315.2

 
—

 
3,631.8

Total debt
$
2,316.6

 
$
1,315.2

 
$
397.4

 
$
4,029.2

Net deferred tax liabilities
$
797.6

 
$
1.0

 
$
(67.0
)
 
$
731.6

 
 
December 31, 2017
 
Leasing Group
 
 
 
 
 
Wholly-
Owned
Subsidiaries
 
Partially-
Owned
Subsidiaries
 
Manufacturing/
Corporate
 
Total
 
(in millions)
Cash, cash equivalents, and short-term marketable securities
$
3.3

 
$
—

 
$
1,094.8

 
$
1,098.1

Property, plant, and equipment, net
$
4,140.0

 
$
1,822.7

 
$
395.8

 
$
6,358.5

Net deferred profit on railcars sold to the Leasing Group
 
 
 
 
 
 
(800.7
)
Consolidated property, plant, and equipment, net
 
 
 
 
 
 
$
5,557.8

Restricted cash
$
132.2

 
$
62.9

 
$
0.1

 
$
195.2

Debt:
 
 
 
 
 
 
 
Recourse
$
28.3

 
$
—

 
$
849.4

 
$
877.7

Less: unamortized discount
—

 
—

 
(8.5
)
 
(8.5
)
Less: unamortized debt issuance costs
—

 
—

 
(2.9
)
 
(2.9
)
 
28.3

 
—

 
838.0

 
866.3

Non-recourse
1,035.9

 
1,365.3

 
—

 
2,401.2

Less: unamortized debt issuance costs
(11.1
)
 
(14.5
)
 
—

 
(25.6
)
 
1,024.8

 
1,350.8

 
—

 
2,375.6

Total debt
$
1,053.1

 
$
1,350.8

 
$
838.0

 
$
3,241.9

Net deferred tax liabilities
$
653.7

 
$
0.8

 
$
54.5

 
$
709.0
Selected consolidating income statement information for the Leasing Group
 
Year Ended December 31,
 
Percent Change
 
2018
 
2017
 
2016
 
2018 versus 2017
 
2017 versus 2016
 
($ in millions)
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Leasing and management
$
728.9

 
$
743.6

 
$
700.9

 
(2.0
)%
 
6.1
 %
Sale of railcars owned one year or less at the time of sale
113.9

 
99.6

 
126.1

 
*

 
*

Total revenues
$
842.8

 
$
843.2

 
$
827.0

 
—

 
2.0

 
 
 
 
 
 
 
 
 
 
Operating profit:
 
 
 
 
 
 
 
 
 
Leasing and management
$
291.8

 
$
341.3

 
$
312.5

 
(14.5
)
 
9.2

Railcar sales:
 
 
 
 
 
 
 
 
 
Railcars owned one year or less at the time of sale
21.5

 
19.7

 
34.1

 
*

 
*

Railcars owned more than one year at the time of sale
50.4

 
83.5

 
13.5

 
*

 
*

Property disposition losses (1)
(12.6
)
 
—

 
—

 
*

 
*

Total operating profit
$
351.1

 
$
444.5

 
$
360.1

 
(21.0
)
 
23.4

Total operating profit margin
41.7
%
 
52.7
%
 
43.5
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing and management operating profit margin:
40.0
%
 
45.9
%
 
44.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected expense information (2):
 
 
 
 
 
 
 
 
 
Depreciation
$
196.6

 
$
172.3

 
$
156.2

 
14.1

 
10.3

Maintenance and compliance
$
99.3

 
$
96.4

 
$
104.3

 
3.0

 
(7.6
)
Rent
$
42.4

 
$
39.9

 
$
39.3

 
6.3

 
1.5

Selling, engineering, and administrative expenses
$
51.1

 
$
50.7

 
$
45.4

 
0.8

 
11.7

Interest
$
142.3

 
$
125.8

 
$
125.2

 
13.1

 
0.5

 * Not meaningful
(1) Property disposition losses include a non-cash charge of $12.6 million associated with our election to forego the early purchase options contained in certain lease agreements, which is further discussed below.
(2) Depreciation, maintenance and compliance, rent, and selling, engineering, and administrative expenses are components of operating profit. Amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in the operating profit of the Leasing Group resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges.
Schedule of proceeds received from sale of leased railcars
During the years ended December 31, 2018, 2017, and 2016, we received proceeds from the sale of leased railcars as follows:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(in millions)
Leasing Group:
 
 
 
 
 
Railcars owned one year or less at the time of sale
$
113.9

 
$
99.6

 
$
126.1

Railcars owned more than one year at the time of sale
230.5

 
360.7

 
37.7

Rail Products Group
—

 
—

 
8.1

 
$
344.4

 
$
460.3

 
$
171.9
Future contractual minimum rental revenues on leases
Future contractual minimum rental revenues on leases are as follows:
 
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
 
(in millions)
Future contractual minimum rental revenues
$
541.8

 
$
445.2

 
$
333.1

 
$
251.3

 
$
160.2

 
$
297.3

 
$
2,028.9
Other Third Parties [Member]  
Sale Leaseback Transaction [Line Items]  
Schedule of 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: 
 
 
2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations
 
$
13.5

 
$
8.4

 
$
7.6

 
$
6.8

 
$
4.9

 
$
1.7

 
$
42.9

Future contractual minimum rental revenues
 
$
10.6

 
$
7.1

 
$
5.2

 
$
3.6

 
$
1.4

 
$
—

 
$
27.9