Property, Plant, Equipment and Railcars on Lease, net

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

Property, Plant, Equipment and Railcars on Leases, net

The following table summarizes the components of property, plant, equipment and railcars on leases, net:

	December 31,
	2014			2013
	(in thousands)
Operations / Corporate:
Buildings	$	164,087		$	155,937
Machinery and equipment	196,768			186,844
Land	3,537			3,335
Construction in process	11,612			14,487
	376,004			360,603
Less accumulated depreciation	(215,217		)	(201,228		)
Property, plant and equipment, net	$	160,787		$	159,375
Railcar Leasing:
Railcars on leases	$	695,226		$	388,060
Less accumulated depreciation	(31,911		)	(15,509		)
Railcars on leases, net	$	663,315		$	372,551

Railcars on lease agreements

The Company leases railcars to third parties under multi-year agreements. Railcars subject to lease agreements are classified as operating leases and are depreciated in accordance with the Company's depreciation policy.

Capital expenditures for leased railcars represent cash outflows for the Company's cost to produce railcars shipped or to be shipped for lease.

As of December 31, 2014, future contractual minimum rental revenues required under non-cancellable operating leases for railcars with terms longer than one year are as follows (in thousands):

2015	$	96,813
2016	95,096
2017	80,174
2018	66,736
2019	45,782
2020 and thereafter	41,353
Total	$	425,954

Depreciation expense

The following table summarizes depreciation expense:

	December 31,
	2014		2013		2012
	(in thousands)
Total depreciation expense	$	34,212	$	27,712	$	23,850
Depreciation expense on leased railcars	$	16,454	$	9,799	$	4,424