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Note 6. Railcar Leasing and Management Services Group Railcar Leasing and Management Services Group (Tables)
 12 Months Ended
Dec. 31, 2019
Sale Leaseback Transaction [Line Items]  
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] Selected consolidated financial information for the Leasing Group is as follows:
 
December 31, 2019
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiaries
 
Total Leasing Group
 
Eliminations — Lease Subsidiary(1)
 
Adjusted Total Leasing Group
 
(in millions)
Cash and cash equivalents
$
1.8

 
$
—

 
$
1.8

 
$
—

 
$
1.8

Accounts receivable
73.9

 
8.7

 
82.6

 
—

 
82.6

Property, plant, and equipment, net
5,818.9

 
1,786.7

 
7,605.6

 
(903.8
)
 
6,701.8

Restricted cash
78.4

 
33.0

 
111.4

 
—

 
111.4

Other assets
209.8

 
1.4

 
211.2

 
—

 
211.2

Total assets
$
6,182.8

 
$
1,829.8

 
$
8,012.6

 
$
(903.8
)
 
$
7,108.8

 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
72.7

 
$
44.6

 
$
117.3

 
$
—

 
$
117.3

Debt, net
3,080.7

 
1,278.4

 
4,359.1

 
—

 
4,359.1

Deferred income taxes
861.7

 
1.1

 
862.8

 
(184.8
)
 
678.0

Other liabilities
60.7

 
—

 
60.7

 
—

 
60.7

Total liabilities
4,075.8

 
1,324.1

 
5,399.9

 
(184.8
)
 
5,215.1

Noncontrolling interest
—

 
348.8

 
348.8

 
—

 
348.8

Total Equity
$
2,107.0

 
$
156.9

 
$
2,263.9

 
$
(719.0
)
 
$
1,544.9

 
December 31, 2018
 
Wholly-
Owned
Subsidiaries
 
Partially-Owned Subsidiaries
 
Total Leasing Group
 
Eliminations — Lease Subsidiary(1)
 
Adjusted Total Leasing Group
 
(in millions)
Cash and cash equivalents
$
6.0

 
$
—

 
$
6.0

 
$
—

 
$
6.0

Accounts receivable
63.0

 
8.7

 
71.7

 
—

 
71.7

Property, plant, and equipment, net
4,976.5

 
1,814.7

 
6,791.2

 
(827.7
)
 
5,963.5

Restricted cash
134.9

 
36.6

 
171.5

 
—

 
171.5

Other assets
52.7

 
2.9

 
55.6

 
—

 
55.6

Total assets
$
5,233.1

 
$
1,862.9

 
$
7,096.0

 
$
(827.7
)
 
$
6,268.3

 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
89.9

 
$
38.6

 
$
128.5

 
$
—

 
$
128.5

Debt, net
2,316.6

 
1,315.2

 
3,631.8

 
—

 
3,631.8

Deferred income taxes
797.6

 
1.0

 
798.6

 
(163.2
)
 
635.4

Other liabilities
12.9

 
—

 
12.9

 
—

 
12.9

Total liabilities
3,217.0

 
1,354.8

 
4,571.8

 
(163.2
)
 
4,408.6

Noncontrolling interest
—

 
351.2

 
351.2

 
—

 
351.2

Total Equity
$
2,016.1

 
$
156.9

 
$
2,173.0

 
$
(664.5
)
 
$
1,508.5

(1) Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation. Net deferred profit and the related deferred tax impact are included as adjustments to the property, plant, and equipment, net and deferred income taxes line items, respectively, in the Eliminations – Lease Subsidiary column above to reflect the net book value of the railcars purchased by the Leasing Group from the Rail Products Group based on manufacturing cost. See Note 5 and Note 8 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness.
Consolidating Financial Performance Information of Specific Segment of Company [Table Text Block]
 
Year Ended December 31,
 
Percent Change
 
2019
 
2018
 
2017
 
2019 versus 2018
 
2018 versus 2017
 
($ in millions)
 
 
Revenues:
 
 
 
 
 
 
 
 
 
Leasing and management
$
756.5

 
$
728.9

 
$
743.6

 
3.8
 %
 
(2.0
)%
Sales of railcars owned one year or less at the time of sale (1)
360.7

 
113.9

 
99.6

 
216.7
 %
 
14.4
 %
Total revenues
$
1,117.2

 
$
842.8

 
$
843.2

 
32.6
 %
 
—
 %
 
 
 
 
 
 
 
 
 
 
Operating profit(2):
 
 
 
 
 
 
 
 
 
Leasing and management
$
314.7

 
$
291.8

 
$
341.3

 
7.8
 %
 
(14.5
)%
Railcar sales:
 
 
 
 
 
 


 


Railcars owned one year or less at the time of sale
41.4

 
21.5

 
19.7

 
92.6
 %
 
9.1
 %
Railcars owned more than one year at the time of sale
50.5

 
50.4

 
83.5

 
0.2
 %
 
(39.6
)%
Property disposition losses (3)
—

 
(12.6
)
 
—

 
*
 
*
Total operating profit
$
406.6

 
$
351.1

 
$
444.5

 
15.8
 %
 
(21.0
)%
Total operating profit margin
36.4
%

41.7
%

52.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing and management operating profit margin
41.6
%

40.0
%

45.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Selected expense information:
 
 
 
 
 
 
 
 
 
Depreciation
$
232.2

 
$
196.6

 
$
172.3

 
18.1
 %
 
14.1
 %
Maintenance and compliance
$
102.1

 
$
99.3

 
$
96.4

 
2.8
 %
 
3.0
 %
Rent
$
16.9

 
$
42.4

 
$
39.9

 
(60.1
)%
 
6.3
 %
Selling, engineering, and administrative expenses
$
49.5

 
$
51.1

 
$
50.7

 
(3.1
)%
 
0.8
 %
Interest
$
197.2

 
$
142.3

 
$
125.8

 
38.6
 %
 
13.1
 %
 * Not meaningful
(1) Includes revenues associated with sales-type leases of $160.5 million for the year ended December 31, 2019.
(2) Operating profit includes: depreciation; maintenance and compliance; rent; and selling, engineering, and administrative expenses. 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.
(3) Property disposition losses during the year ended December 31, 2018 included a non-cash charge of $12.6 million associated with our election to forego the early purchase options contained in certain lease agreements.
Operating Leases of Lessor Disclosure [Table Text Block]
The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions):
 
Year Ended December 31, 2019
Operating lease revenues
$
676.3

Variable operating lease revenues
50.5

Sales-type lease revenues
160.5

Interest income on sales-type lease receivables
2.4

Profit recognized at sales-type lease commencement
19.0


The Leasing Group primarily enters into operating leases. Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows:
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
 
 
(in millions)
Future contractual minimum rental revenue
 
$
560.0

 
$
445.8

 
$
342.6

 
$
241.5

 
$
153.5

 
$
268.0

 
$
2,011.4
Sale Of Leased Railcars [Table Text Block]
During the years ended December 31, 2019, 2018, and 2017, information related to the sales of leased railcars is as follows:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(in millions)
Sales of leased railcars:
 
 
 
 
 
Railcars owned one year or less at the time of sale (1)
$
360.7

 
$
113.9

 
$
99.6

Railcars owned more than one year at the time of sale
205.7

 
230.5

 
360.7

 
$
566.4

 
$
344.4

 
$
460.3

 
 
 
 
 
 
Operating profit on sales of leased railcars:
 
 
 
 
 
Railcars owned one year or less at the time of sale
$
41.4

 
$
21.5

 
$
19.7

Railcars owned more than one year at the time of sale
50.5

 
50.4

 
83.5

 
$
91.9


$
71.9


$
103.2

 
 
 
 
 
 
Operating profit margin on sales of leased railcars:
 
 
 
 
 
Railcars owned one year or less at the time of sale
11.5
%

18.9
%

19.8
%
Railcars owned more than one year at the time of sale
24.6
%

21.9
%

23.1
%
Weighted average operating profit margin on sales of leased railcars
16.2
%

20.9
%

22.4
%
(1) Includes revenues associated with sales-type leases of $160.5 million for the year ended December 31, 2019.
Railroad Transportation Equipment Leased From Independent Owner Trusts [Member]  
Sale Leaseback Transaction [Line Items]  
Sale Leaseback Transactions [Text Block]
Off Balance Sheet Arrangements. In prior years, the Leasing Group completed a series of financing transactions whereby railcars were sold to one or more separate independent owner trusts (“Trusts”). Each of the Trusts financed the purchase of the railcars with a combination of debt and equity. In each transaction, the equity participant in each of the respective Trusts was considered to be the primary beneficiary of the Trust; and therefore, the accounts of the Trusts, including the debt related to each of the Trusts, were not included as part of the Consolidated Financial Statements. The Leasing Group, through wholly-owned, qualified subsidiaries, leased railcars from the Trusts under operating leases with terms of twenty-two years, and subleased the railcars to independent third-party customers under shorter term operating lease agreements. The terms of the operating lease agreements between the subsidiaries and the remaining Trusts provided the Leasing Group with the option to purchase, at a predetermined fixed price, certain railcars from the remaining Trusts in 2019. On January 14, 2019, we completed the purchase for a purchase price of $218.4 million. As a result, 6,779 railcars previously under lease are now wholly-owned by our Leasing Group. The future contractual minimum rental revenues associated with these railcars are included in the table above.
Other Third Parties [Member]  
Sale Leaseback Transaction [Line Items]  
Sale Leaseback Transactions [Table Text Block] Future amounts due as well as future contractual minimum rental revenues related to the Leasing Group's railcar operating lease obligations are as follows: 
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
 
 
(in millions)
Future operating lease obligations
 
$
9.8

 
$
8.2

 
$
7.5

 
$
5.5

 
$
2.3

 
$
0.9

 
$
34.2

Future contractual minimum rental revenues
 
$
8.1

 
$
6.1

 
$
4.5

 
$
2.2

 
$
0.5

 
$
0.3

 
$
21.7