Note 7. Property, Plant, and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

Property, Plant, and Equipment

The following table summarizes the components of property, plant, and equipment:

	December 31, 2024		December 31, 2023
	(in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries:
Equipment on lease	$	7,715.0	$	7,536.7
Less: accumulated depreciation	(1,766.9)		(1,604.9)
	5,948.1		5,931.8
Partially-owned subsidiaries:
Equipment on lease	2,233.1		2,236.6
Less: accumulated depreciation	(817.1)		(763.4)
	1,416.0		1,473.2
Deferred profit on railcar products sold (1)	(1,069.8)		(1,061.3)
Less: accumulated amortization	337.3		311.1
	(732.5)		(750.2)
Total railcars in our lease fleet	6,631.6		6,654.8
Operating and administrative assets:
Land	16.3		16.1
Buildings and improvements	403.2		380.4
Machinery and other	441.8		419.8
Construction in progress	11.5		11.3
	872.8		827.6
Less: accumulated depreciation	(516.3)		(477.6)
Total operating and administrative assets	356.5		350.0
Total property, plant, and equipment, net	$	6,988.1	$	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.

We lease certain equipment and facilities under operating leases. See Note 1 for future operating lease obligations on operating and administrative leases. See Note 1 and Note 6 for information related to the lease agreements, future operating lease obligations, and future minimum rental revenues associated with our lease fleet.