Property, Plant, and Equipment

6 Months Ended

Jun. 30, 2024

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, 2024		December 31, 2023
	(in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries:
Equipment on lease	$	7,570.9	$	7,536.7
Less: accumulated depreciation	(1,686.7)		(1,604.9)
	5,884.2		5,931.8
Partially-owned subsidiaries:
Equipment on lease	2,239.0		2,236.6
Less: accumulated depreciation	(792.2)		(763.4)
	1,446.8		1,473.2
Deferred profit on railcar products sold (1)	(1,054.0)		(1,061.3)
Less: accumulated amortization	324.1		311.1
	(729.9)		(750.2)
Total railcars in our lease fleet	6,601.1		6,654.8
Operating and administrative assets:
Land	16.3		16.1
Buildings and improvements	383.7		380.4
Machinery and other	422.6		419.8
Construction in progress	14.5		11.3
	837.1		827.6
Less: accumulated depreciation	(495.9)		(477.6)
Total operating and administrative assets	341.2		350.0
Total property, plant, and equipment, net	$	6,942.3	$	7,004.8

(1) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.