Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting [Table Text Block]

The financial information for these segments is shown in the tables below (in millions). We operate principally in North America.

	Three Months Ended March 31, 2026						Three Months Ended March 31, 2025
	Railcar Leasing and Services Group		Rail Products Group		Total		Railcar Leasing and Services Group		Rail Products Group		Total
External revenues	$	285.3	$	206.7	$	492.0	$	287.2	$	298.2	$	585.4
Intersegment revenues	0.5		93.3		93.8		0.2		122.3		122.5
Total revenues	285.8		300.0		585.8		287.4		420.5		707.9
Elimination of intersegment revenues					(93.8)						(122.5)
Total consolidated revenues					$	492.0					$	585.4
Less (1):
Rail Products Group cost of revenues (2)	*		270.4				*		387.7
Depreciation and amortization for Company-owned railcars (3)	59.2		*				61.1		*
Maintenance and compliance for Company-owned railcars (3)(4)	41.1		*				38.0		*
Selling, engineering, and administrative expenses	17.5		7.5				18.7		6.9
Gains on lease portfolio sales	(22.0)		*				(5.9)		*
Other segment items (5)	81.8		—				71.0		—
Segment operating profit	$	108.2	$	22.1	$	130.3	$	104.5	$	25.9	$	130.4

*Not identified as a significant expense for this segment.

(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.

(2) Cost of revenues in the Rail Products Group primarily includes materials, labor, and overhead, including depreciation and amortization.

(3) Company-owned railcars include wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.

(4) Maintenance and compliance expense is reported at cost with respect to the services performed by our maintenance services business to support the railcars in our lease fleet.

(5) Other segment items for each reportable segment include:

–Railcar Leasing and Services Group: the remaining operating costs for our maintenance services and digital and logistics services businesses, including materials, labor, and overhead costs; other operating costs for the lease fleet, including equipment rental, property taxes, and freight and storage expenses; and gains or losses on dispositions of other property.

–Rail Products Group: (gains) or losses on dispositions of other property.

Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated

The reconciliation of segment operating profit to consolidated net income is as follows:

	Three Months Ended March 31,
	2026		2025
	(in millions)
Operating profit:
Railcar Leasing and Services Group	$	108.2	$	104.5
Rail Products Group	22.1		25.9
Segment Totals	130.3		130.4
Corporate and other	(25.7)		(24.4)
Eliminations	(3.5)		(6.2)
Consolidated operating profit	101.1		99.8
Other (income) expense	66.0		63.4
Provision for income taxes	8.5		7.4
Loss from discontinued operations, net of income taxes	(1.8)		(1.9)
Net income	$	24.8	$	27.1

Segment Reporting, Reconciliation of Other Item by Segment to Consolidated

Additional financial information by segment is shown in the tables below.

	Total Assets
	March 31, 2026		December 31, 2025
	(in millions)
Railcar Leasing and Services Group	$	7,702.8	$	7,676.5
Rail Products Group	888.1		938.0
Segment Totals	8,590.9		8,614.5
Corporate and other	308.2		385.0
Eliminations	(568.4)		(575.1)
Total assets	$	8,330.7	$	8,424.4

	Depreciation & Amortization				Capital Expenditures
	Three Months Ended March 31,				Three Months Ended March 31,
	2026		2025		2026		2025
	(in millions)
Railcar Leasing and Services Group	$	64.9	$	66.5	$	153.3	$	122.5
Rail Products Group	6.9		7.0		2.7		6.6
Corporate and other	0.8		0.8		1.3		0.3
Total	$	72.6	$	74.3	$	157.3	$	129.4