Property, Plant, Equipment and Railcars on Lease, net

12 Months Ended

Dec. 31, 2015

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,
	2015			2014
	(in thousands)
Operations / Corporate:
Buildings	$	167,537		$	164,087
Machinery and equipment	219,488			196,768
Land	3,687			3,537
Construction in process	16,784			11,612
	407,496			376,004
Less accumulated depreciation	(231,185		)	(215,217		)
Property, plant and equipment, net	$	176,311		$	160,787
Railcar Leasing:
Railcars on leases	$	906,786		$	695,226
Less accumulated depreciation	(58,069		)	(31,911		)
Railcars on leases, net	$	848,717		$	663,315

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, 2015, future contractual minimum rental revenues required under non-cancellable operating leases for railcars with terms longer than one year are as follows (in thousands):

2016	$	127,655
2017	112,673
2018	99,198
2019	80,841
2020	46,098
2021 and thereafter	57,879
Total	$	524,344

Depreciation expense

The following table summarizes depreciation expense:

	December 31,
	2015		2014		2013
	(in thousands)
Total depreciation expense	$	45,729	$	34,212	$	27,712
Depreciation expense on leased railcars	$	26,163	$	16,454	$	9,799