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Railcar Leasing and Management Services Group (Tables)
 6 Months Ended
Jun. 30, 2022
Sale Leaseback Transaction [Line Items]  
Selected consolidating financial information for the Leasing Group Selected consolidated financial information for the Leasing Group is as follows:
June 30, 2022
Wholly-
Owned
Subsidiaries		Partially-Owned SubsidiariesTotal Leasing Group
Eliminations – Lease Subsidiary(1)
Adjusted Total Leasing Group
(in millions)
Cash and cash equivalents$2.2 $— $2.2 $— $2.2 
Accounts receivable88.4 12.3 100.7 — 100.7 
Property, plant, and equipment, net5,844.4 1,534.8 7,379.2 (781.6)6,597.6 
Restricted cash179.4 77.4 256.8 — 256.8 
Other assets109.8 1.9 111.7 — 111.7 
Total assets$6,224.2 $1,626.4 $7,850.6 $(781.6)$7,069.0 
Accounts payable and accrued liabilities$109.8 $37.0 $146.8 $— $146.8 
Debt, net3,813.6 1,206.6 5,020.2 — 5,020.2 
Deferred income taxes1,128.8 0.9 1,129.7 (184.6)945.1 
Other liabilities42.2 — 42.2 — 42.2 
Total liabilities5,094.4 1,244.5 6,338.9 (184.6)6,154.3 
Noncontrolling interest— 258.6 258.6 — 258.6 
Total Equity$1,129.8 $123.3 $1,253.1 $(597.0)$656.1 
December 31, 2021
Wholly-
Owned
Subsidiaries		Partially-Owned SubsidiariesTotal Leasing Group
Eliminations – Lease Subsidiary(1)
Adjusted Total Leasing Group
(in millions)
Cash and cash equivalents$3.4 $— $3.4 $— $3.4 
Accounts receivable90.7 10.1 100.8 — 100.8 
Property, plant, and equipment, net5,706.1 1,570.6 7,276.7 (779.1)6,497.6 
Restricted cash76.5 58.6 135.1 — 135.1 
Other assets67.3 2.1 69.4 — 69.4 
Total assets$5,944.0 $1,641.4 $7,585.4 $(779.1)$6,806.3 
Accounts payable and accrued liabilities$113.4 $30.1 $143.5 $— $143.5 
Debt, net3,555.8 1,216.1 4,771.9 — 4,771.9 
Deferred income taxes1,114.2 1.1 1,115.3 (176.6)938.7 
Other liabilities35.6 — 35.6 — 35.6 
Total liabilities4,819.0 1,247.3 6,066.3 (176.6)5,889.7 
Noncontrolling interest— 267.0 267.0 — 267.0 
Total Equity$1,125.0 $127.1 $1,252.1 $(602.5)$649.6 
(1) Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation. Net deferred profit and the related deferred tax impact are included as adjustments to the property, plant, and equipment, net and deferred income taxes line items, respectively, in the Eliminations – Lease Subsidiary column above to reflect the net book value of the railcars purchased by the Leasing Group from the Rail Products Group based on manufacturing cost. See Note 5 and Note 8 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness.
Selected consolidating income statement information for the Leasing Group
 Three Months Ended June 30,Six Months Ended June 30,
 20222021Percent20222021Percent
($ in millions)Change($ in millions)Change
Revenues:
Leasing and management$195.3 $185.1 5.5 %$378.4 $368.6 2.7 %
Operating profit (1):
Leasing and management$78.6 $70.0 12.3 %$146.6 $146.6 — %
Lease portfolio sales (2)
26.9 11.1 *38.7 12.8 *
Total operating profit$105.5 $81.1 30.1 %$185.3 $159.4 16.2 %
Total operating profit margin54.0 %43.8 %49.0 %43.2 %
Leasing and management operating profit margin
40.2 %37.8 %38.7 %39.8 %
Selected expense information:
Depreciation (3)
$59.4 $57.2 3.8 %$116.6 $111.8 4.3 %
Maintenance and compliance$27.3 $25.3 7.9 %$56.5 $50.9 11.0 %
Rent and ad valorem taxes$5.3 $4.7 12.8 %$10.3 $9.3 10.8 %
Selling, engineering, and administrative expenses
$12.6 $13.2 (4.5)%$25.4 $24.5 3.7 %
Interest (4)
$46.0 $57.0 (19.3)%$84.7 $102.7 (17.5)%
* Not meaningful
(1) Operating profit includes: depreciation; fleet operating costs, which include maintenance, compliance, freight, and storage; rent and ad valorem taxes; 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.
(2) Includes $1.3 million selling profit associated with sales-type leases for the six months ended June 30, 2022.
(3) Depreciation expense includes $3.9 million and $6.1 million for the three and six months ended June 30, 2022, respectively, related to the disposal of certain railcar components associated with our sustainable railcar conversion program. Additionally, for the three and six months ended June 30, 2021, depreciation expense includes $2.6 million related to our sustainable railcar conversion program.
(4) Interest expense for the three and six months ended June 30, 2022 includes $1.5 million of loss on extinguishment of debt associated with the repayment of TRIP Railcar Co.'s outstanding term loan agreement. Interest expense for the three and six months ended June 30, 2021 includes $11.7 million of loss on extinguishment of debt associated with the refinancing of our partially-owned subsidiaries' debt.
Schedule of proceeds from leased railcars
Information related to lease portfolio sales is as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2022202120222021
($ in millions)
Lease portfolio sales$144.1 $71.5 $215.2 $88.8 
Operating profit on lease portfolio sales (1)
$26.9 $11.1 $37.4 $12.8 
Operating profit margin on lease portfolio sales18.7 %15.5 %17.4 %14.4 %
(1) Excludes $1.3 million selling profit associated with sales-type leases for the six months ended June 30, 2022.
Future contractual minimum rental revenues on leases Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows:
Remaining six months of 20222023202420252026ThereafterTotal
 (in millions)
Future contractual minimum rental revenues$291.2 $468.3 $358.6 $261.7 $179.3 $304.1 $1,863.2 
Operating leases  
Sale Leaseback Transaction [Line Items]  
Future operating lease obligations and future contractual minimum rental revenues Future amounts due as well as future contractual minimum rental revenues related to the Leasing Group's railcar operating lease obligations are as follows:
Remaining six months of 20222023202420252026ThereafterTotal
 (in millions)
Future operating lease obligations
$6.5 $11.3 $7.4 $5.4 $5.1 $8.2 $43.9 
Future contractual minimum rental revenues$4.3 $6.0 $3.1 $2.0 $1.2 $0.1 $16.7