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Investments in Affiliated Companies (Tables) | 12 Months Ended
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Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2019
Schedule of Equity Method Investments [Line Items] |  |  |
Significant Investments in Affiliated Companies, by Segment |  |  | The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
| Segment |  | 2024 |  | 2023 |  | Percentage Ownership
Rolls-Royce & Partners Finance (1) | Engine Leasing |  | $ | 663.1 |  |  | $ | 626.8 |  |  | 50.0 | %
RailPulse LLC | Rail North America |  | 0.2 |  |  | 0.2 |  |  | 10.0 | %
Investments in Affiliated Companies |  |  | $ | 663.3 |  |  | $ | 627.0 |  |  |
__________ (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce
Equity Method Investments, Earnings by Segment |  | The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Rail North America | $ | — |  |  | $ | (0.6) |  |  | $ | 0.5 |
Engine Leasing | 108.3 |  |  | 98.7 |  |  | 45.4 |
Share of affiliates' pre-tax earnings | 108.3 |  |  | 98.1 |  |  | 45.9 |
Income taxes | (25.5) |  |  | (25.7) |  |  | (12.3) |
Share of affiliates' earnings, net of taxes | $ | 82.8 |  |  | $ | 72.4 |  |  | $ | 33.6 |
Equity method Investments, Investments and Distributions |  |  | The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
|  |  | Cash Distributions
|  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Engine Leasing |  |  |  |  |  |  | $ | 50.0 |  |  | $ | 25.0 |  |  | $ | 46.3 |
Total |  |  |  |  |  |  | $ | 50.0 |  |  | $ | 25.0 |  |  | $ | 46.3 |
Equity Method Investments, Guarantees | Investments in Affiliated Companies Investments in affiliated companies is composed of investments in domestic and foreign affiliates, and primarily include entities that lease aircraft spare engines. The following table presents our investments in affiliated companies and our ownership percentage in those companies by segment as of December 31 (in millions):
| Segment |  | 2024 |  | 2023 |  | Percentage Ownership
Rolls-Royce & Partners Finance (1) | Engine Leasing |  | $ | 663.1 |  |  | $ | 626.8 |  |  | 50.0 | %
RailPulse LLC | Rail North America |  | 0.2 |  |  | 0.2 |  |  | 10.0 | %
Investments in Affiliated Companies |  |  | $ | 663.3 |  |  | $ | 627.0 |  |  |
__________ (1) Combined investment balances of a group of 50% owned domestic and foreign joint ventures with Rolls-Royce. The following table shows our share of affiliates’ earnings (losses) by segment for the years ended December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Rail North America | $ | — |  |  | $ | (0.6) |  |  | $ | 0.5 |
Engine Leasing | 108.3 |  |  | 98.7 |  |  | 45.4 |
Share of affiliates' pre-tax earnings | 108.3 |  |  | 98.1 |  |  | 45.9 |
Income taxes | (25.5) |  |  | (25.7) |  |  | (12.3) |
Share of affiliates' earnings, net of taxes | $ | 82.8 |  |  | $ | 72.4 |  |  | $ | 33.6 |
There were no cash investments in affiliates in any of the periods presented. The following table shows distributions received from affiliates, by segment, for the years ended December 31 (in millions):
|  |  | Cash Distributions
|  |  |  |  |  |  | 2024 |  | 2023 |  | 2022
Engine Leasing |  |  |  |  |  |  | $ | 50.0 |  |  | $ | 25.0 |  |  | $ | 46.3 |
Total |  |  |  |  |  |  | $ | 50.0 |  |  | $ | 25.0 |  |  | $ | 46.3 |
Summarized Financial Data of Affiliates The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Revenues | $ | 514.0 |  |  | $ | 487.2 |  |  | $ | 417.7 |
Net gains on sales of assets | 75.2 |  |  | 91.7 |  |  | 22.9 |
Net income | 164.0 |  |  | 150.6 |  |  | 73.9 |
The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
| 2024 |  | 2023
Current assets | $ | 610.5 |  |  | $ | 495.9 |
Noncurrent assets | 4,709.1 |  |  | 4,108.3 |
Total assets | $ | 5,319.6 |  |  | $ | 4,604.2 |
Current liabilities | $ | 618.4 |  |  | $ | 351.5 |
Noncurrent liabilities | 3,405.1 |  |  | 3,024.1 |
Shareholders’ equity | 1,296.1 |  |  | 1,228.6 |
Total liabilities and shareholders' equity | $ | 5,319.6 |  |  | $ | 4,604.2 |
Summarized Financial Data for the RRPF Affiliates Our affiliate investments include interests in each of the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc, a leading manufacturer of commercial aircraft jet engines. The RRPF affiliates are primarily engaged in two business activities: lease financing of aircraft spare engines to a diverse group of commercial aircraft operators worldwide and lease financing of aircraft spare engines to Rolls-Royce for use in its engine maintenance programs. In aggregate, the RRPF affiliates owned 427 aircraft engines at December 31, 2024, of which 198 were on lease to Rolls-Royce. Aircraft engines are generally depreciated over a useful life of 20 to 30 years to their estimated residual value. Lease terms vary but typically range from 5 to 12 years. Seconded Rolls-Royce employees act as manager for each of the RRPF affiliates and also perform substantially all required maintenance activities. In addition, the RRPF affiliates manage all of GEL's aircraft spare engines, for which we paid them a fee of $4.1 million in 2024, $2.7 million in 2023, and $1.0 million in 2022. Our share of affiliates' earnings (after-tax) from the RRPF affiliates was $82.8 million in 2024, $72.8 million in 2023, and $33.2 million in 2022. In 2022, financial results included $11.5 million (after-tax) of impairment losses related to aircraft spare engines in Russia that RRPF does not expect to recover. We derived the following financial information from the combined financial statements of the RRPF affiliates. The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Lease revenue from third parties | $ | 268.1 |  |  | $ | 224.8 |  |  | $ | 192.8 |
Lease revenue from Rolls-Royce | 225.3 |  |  | 253.0 |  |  | 222.8 |
Other revenue | 18.9 |  |  | 6.0 |  |  | — |
Depreciation expense | (206.2) |  |  | (223.7) |  |  | (230.6) |
Interest expense | (127.3) |  |  | (135.9) |  |  | (110.1) |
Other expenses | (37.7) |  |  | (19.3) |  |  | (7.0) |
Other income, including net gains on sales of assets | 75.5 |  |  | 92.6 |  |  | 22.9 |
Income before income taxes | 216.6 |  |  | 197.5 |  |  | 90.8 |
Income taxes (1) | (49.4) |  |  | (42.5) |  |  | (17.5) |
Net income | $ | 167.2 |  |  | $ | 155.0 |  |  | $ | 73.3 |
_________ (1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
| 2024 |  | 2023
Current assets | $ | 607.9 |  |  | $ | 493.2 |
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,618.4 and $1,646.3 (1) | 4,709.1 |  |  | 4,108.3 |
Total assets | $ | 5,317.0 |  |  | $ | 4,601.5 |
Accounts payable and accrued expenses | $ | 239.6 |  |  | $ | 170.0 |
Debt: |  |  |
Current | 378.2 |  |  | 181.5 |
Noncurrent, net of adjustments for hedges | 2,673.7 |  |  | 2,451.1 |
Other liabilities | 731.3 |  |  | 571.9 |
Shareholders’ equity | 1,294.2 |  |  | 1,227.0 |
Total liabilities and shareholders' equity | $ | 5,317.0 |  |  | $ | 4,601.5 |
_________ (1) $3,954.7 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2024. The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2024 (in millions):
| Rolls-Royce |  | Third Parties |  | Total
2025 | $ | 188.0 |  |  | $ | 329.1 |  |  | $ | 517.1 |
2026 | 190.8 |  |  | 323.8 |  |  | 514.6 |
2027 | 134.8 |  |  | 264.2 |  |  | 399.0 |
2028 | 61.3 |  |  | 234.4 |  |  | 295.7 |
2029 | 49.0 |  |  | 218.1 |  |  | 267.1 |
Thereafter | 142.1 |  |  | 700.5 |  |  | 842.6 |
Total | $ | 766.0 |  |  | $ | 2,070.1 |  |  | $ | 2,836.1 |
The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2024 (in millions):
2025 | $ | 366.0 |
2026 | 465.6 |
2027 | 427.9 |
2028 | 438.0 |
2029 | 75.0 |
Thereafter | 1,024.0 |
Total debt principal (1) | $ | 2,796.5 |
__________ (1) All debt obligations are nonrecourse to the shareholders. |  |
Equity Method Investments, Summarized Financial Data |  |  | The following table shows the aggregated operating results for the years ended December 31 for the affiliated companies we held at December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Revenues | $ | 514.0 |  |  | $ | 487.2 |  |  | $ | 417.7 |
Net gains on sales of assets | 75.2 |  |  | 91.7 |  |  | 22.9 |
Net income | 164.0 |  |  | 150.6 |  |  | 73.9 |
The following table shows aggregated summarized balance sheet data for our affiliated companies as of December 31 (in millions):
| 2024 |  | 2023
Current assets | $ | 610.5 |  |  | $ | 495.9 |
Noncurrent assets | 4,709.1 |  |  | 4,108.3 |
Total assets | $ | 5,319.6 |  |  | $ | 4,604.2 |
Current liabilities | $ | 618.4 |  |  | $ | 351.5 |
Noncurrent liabilities | 3,405.1 |  |  | 3,024.1 |
Shareholders’ equity | 1,296.1 |  |  | 1,228.6 |
Total liabilities and shareholders' equity | $ | 5,319.6 |  |  | $ | 4,604.2 |
Schedule of Maturities of Debt Obligations |  |  | The following table shows the scheduled principal payments of our debt obligations as of December 31, 2024 (in millions):
2025 | $ | 632.4 |
2026 | 602.3 |
2027 | 836.1 |
2028 | 730.7 |
2029 | 674.4 |
Thereafter | 4,795.0 |
Total debt principal | $ | 8,270.9 |
RRPF Joint Ventures [Member] |  |  |
Schedule of Equity Method Investments [Line Items] |  |  |
Equity Method Investments, Summarized Financial Data |  |  | The following table shows condensed income statements of the RRPF affiliates for the years ending December 31 (in millions):
| 2024 |  | 2023 |  | 2022
Lease revenue from third parties | $ | 268.1 |  |  | $ | 224.8 |  |  | $ | 192.8 |
Lease revenue from Rolls-Royce | 225.3 |  |  | 253.0 |  |  | 222.8 |
Other revenue | 18.9 |  |  | 6.0 |  |  | — |
Depreciation expense | (206.2) |  |  | (223.7) |  |  | (230.6) |
Interest expense | (127.3) |  |  | (135.9) |  |  | (110.1) |
Other expenses | (37.7) |  |  | (19.3) |  |  | (7.0) |
Other income, including net gains on sales of assets | 75.5 |  |  | 92.6 |  |  | 22.9 |
Income before income taxes | 216.6 |  |  | 197.5 |  |  | 90.8 |
Income taxes (1) | (49.4) |  |  | (42.5) |  |  | (17.5) |
Net income | $ | 167.2 |  |  | $ | 155.0 |  |  | $ | 73.3 |
_________ (1)Represents income taxes directly attributable to the RRPF affiliates in the United Kingdom. Certain of the RRPF affiliates are disregarded entities for income tax purposes and, as a result, income taxes are incurred at the shareholder level. The following table shows the condensed balance sheets of the RRPF affiliates as of December 31 (in millions):
| 2024 |  | 2023
Current assets | $ | 607.9 |  |  | $ | 493.2 |
Noncurrent assets, including operating assets, net of accumulated depreciation of $1,618.4 and $1,646.3 (1) | 4,709.1 |  |  | 4,108.3 |
Total assets | $ | 5,317.0 |  |  | $ | 4,601.5 |
Accounts payable and accrued expenses | $ | 239.6 |  |  | $ | 170.0 |
Debt: |  |  |
Current | 378.2 |  |  | 181.5 |
Noncurrent, net of adjustments for hedges | 2,673.7 |  |  | 2,451.1 |
Other liabilities | 731.3 |  |  | 571.9 |
Shareholders’ equity | 1,294.2 |  |  | 1,227.0 |
Total liabilities and shareholders' equity | $ | 5,317.0 |  |  | $ | 4,601.5 |
_________ (1) $3,954.7 million of operating assets were pledged as collateral for long-term debt obligations at December 31, 2024.
Schedule of Future Minimum Lease Payments Receivable |  |  | The following table shows contractual future lease receipts from noncancelable leases of the RRPF affiliates as of December 31, 2024 (in millions):
| Rolls-Royce |  | Third Parties |  | Total
2025 | $ | 188.0 |  |  | $ | 329.1 |  |  | $ | 517.1 |
2026 | 190.8 |  |  | 323.8 |  |  | 514.6 |
2027 | 134.8 |  |  | 264.2 |  |  | 399.0 |
2028 | 61.3 |  |  | 234.4 |  |  | 295.7 |
2029 | 49.0 |  |  | 218.1 |  |  | 267.1 |
Thereafter | 142.1 |  |  | 700.5 |  |  | 842.6 |
Total | $ | 766.0 |  |  | $ | 2,070.1 |  |  | $ | 2,836.1 |
Schedule of Maturities of Debt Obligations |  |  | The following table shows the scheduled principal payments of debt obligations of the RRPF affiliates as of December 31, 2024 (in millions):
2025 | $ | 366.0 |
2026 | 465.6 |
2027 | 427.9 |
2028 | 438.0 |
2029 | 75.0 |
Thereafter | 1,024.0 |
Total debt principal (1) | $ | 2,796.5 |
__________ (1) All debt obligations are nonrecourse to the shareholders.

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