Property, Plant, and Equipment

9 Months Ended

Sep. 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:

	September 30, 2020		December 31, 2019
	(in millions)
Manufacturing/Corporate:
Land	$	28.6	$	28.4
Buildings and improvements	416.2		402.2
Machinery and other	556.3		546.7
Construction in progress	88.4		63.1
	1,089.5		1,040.4
Less: accumulated depreciation	(655.1)		(631.6)
	434.4		408.8
Leasing:
Wholly-owned subsidiaries:
Machinery and other	13.9		13.7
Equipment on lease	6,868.7		6,944.2
	6,882.6		6,957.9
Less: accumulated depreciation	(1,190.1)		(1,139.0)
	5,692.5		5,818.9
Partially-owned subsidiaries:
Equipment on lease	2,245.6		2,410.0
Less: accumulated depreciation	(607.8)		(623.3)
	1,637.8		1,786.7
Deferred profit on railcars sold to the Leasing Group	(1,063.8)		(1,135.8)
Less: accumulated amortization	237.0		232.0
	(826.8)		(903.8)
	$	6,937.9	$	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 nine months ended September 30, 2020.