XML 42 R30.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2019

The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of June 30, 2019 and the percentage of the outstanding performance obligations as of June 30, 2019 expected to be delivered during the remainder of 2019:



	Unsatisfied performance obligations at June 30, 2019
	Total Amount		Percent expected to be delivered in 2019
	(in millions)
Rail Products Group:
Products:
External Customers	$	1,892.0
Leasing Group	973.5
	$	2,865.5	50	%

Maintenance Services	$	70.4	78	%

Railcar Leasing and Management Services Group	$	100.1	12	%

Lessee, Operating Lease, Disclosure [Table Text Block]

The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate):



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Consolidated Statement of Operations
Operating lease expense	$	4.1	$	9.3
Short-term lease expense	$	1.2	$	2.6

			June 30, 2019
Consolidated Balance Sheet
Right-of-use assets ⁽¹⁾			$	46.2
Lease liabilities ⁽²⁾			$	47.2

Weighted average remaining lease term			5.0 years
Weighted average discount rate			4.1		%

			Six Months Ended June 30, 2019
Consolidated Statement of Cash Flows
Cash flows from operating activities			$	9.3
Right-of-use assets recognized in exchange for new lease liabilites			$	4.2

⁽¹⁾ Included in other assets in our Consolidated Balance Sheet

⁽²⁾ Included in other liabilities in our Consolidated Balance Sheet

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Future contractual minimum operating lease liabilities will mature as follows (in millions):



	Leasing Group		Non-Leasing Group		Total
Remaining six months of 2019	$	5.2	$	2.0	$	7.2
2020	9.1		3.3		12.4
2021	8.2		1.8		10.0
2022	7.5		1.7		9.2
2023	5.5		1.4		6.9
Thereafter	3.3		3.2		6.5
Total operating lease payments	$	38.8	$	13.4	$	52.2
Less: Present value adjustment					(5.0		)
Total operating lease liabilities					$	47.2

Leases of Lessor Disclosure [Text Block]

The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions):



	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Operating lease revenues	$	171.6	$	339.9
Variable operating lease payments	10.8		21.6
Sales-type lease revenues	32.3		34.2
Interest income on sales-type lease receivables	0.3		0.3
Profit recognized at sales-type lease commencement	3.9		4.1

Lessor, Payments to be Received, Maturity [Table Text Block]

Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions):



Remaining six months of 2019	$	5.3
2020	9.0
2021	24.9
2022	—
2023	—
Thereafter	—
Total	$	39.2
Less: Unearned interest income	(4.7		)
Net investment in sales-type leases ⁽¹⁾	$	34.5

⁽¹⁾ Includes $1.1 million in receivables, net of allowance and $33.4 million other assets in our Consolidated Balance Sheet

Future contractual minimum revenues for operating leases will mature as follows (in millions):



Remaining six months of 2019	$	295.6
2020	504.3
2021	390.1
2022	293.8
2023	198.6
Thereafter	355.9
Total	$	2,038.3

Schedule of Product Warranty Liability [Table Text Block]

The changes in the accruals for warranties for the three and six months ended June 30, 2019 and 2018 are as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
	(in millions)
Beginning balance	$	7.1		$	9.7		$	7.4		$	10.1
Warranty costs incurred	(0.6		)	(0.6		)	(1.5		)	(1.8		)
Warranty originations and revisions	1.9			1.1			2.6			1.9
Warranty expirations	(0.1		)	0.3			(0.2		)	0.3
Ending balance	$	8.3		$	10.5		$	8.3		$	10.5