Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant, and Equipment

Property, Plant, and Equipment

The following table summarizes the components of property, plant, and equipment:

	June 30, 2020		December 31, 2019
	(in millions)
Manufacturing/Corporate:
Land	$	28.6	$	28.4
Buildings and improvements	407.1		402.2
Machinery and other	544.0		546.7
Construction in progress	76.4		63.1
	1,056.1		1,040.4
Less accumulated depreciation	(644.4)		(631.6)
	411.7		408.8
Leasing:
Wholly-owned subsidiaries:
Machinery and other	13.9		13.7
Equipment on lease	6,692.2		6,944.2
	6,706.1		6,957.9
Less accumulated depreciation	(1,149.0)		(1,139.0)
	5,557.1		5,818.9
Partially-owned subsidiaries:
Equipment on lease	2,239.7		2,410.0
Less accumulated depreciation	(591.5)		(623.3)
	1,648.2		1,786.7
Deferred profit on railcars sold to the Leasing Group	(1,062.4)		(1,135.8)
Less accumulated amortization	229.8		232.0
	(832.6)		(903.8)
	$	6,784.4	$	7,110.6

In early 2020, we finalized an assessment of the estimated useful lives and salvage value assumptions for the railcars in our lease fleet. This resulted in a revision to the useful lives and salvage values of certain railcar types in our lease fleet. See Note 1 for further information.

See Note 10 for further information regarding impairment of long-lived assets recorded in the three and six months ended June 30, 2020.