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v3.23.3

Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2023
Accounting Policies [Abstract] |
Remaining Performance Obligation | Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of September 30, 2023 and the percentage of the outstanding performance obligations as of September 30, 2023 expected to be delivered during the remainder of 2023:
| Unsatisfied performance obligations at September 30, 2023
| Total Amount |  | Percent expected to be delivered in 2023
| (in millions) |  |
Rail Products Group: |  |  |
New railcars: |  |  |
External customers | $ | 3,153.6 |  |  |
Leasing Group | 444.8 |  |  |
| $ | 3,598.4 |  |  | 17.2 | %
Sustainable railcar conversions | $ | 124.4 |  |  | 33.5 | %
Maintenance services | $ | 7.6 |  |  | 100.0 | %
Railcar Leasing and Management Services Group | $ | 69.5 |  |  | 7.1 | %
Lessee, Operating Leases | The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Consolidated Statements of Operations |  |  |  |  |  |  |
Operating lease expense | $ | 4.6 |  |  | $ | 4.6 |  |  | $ | 13.3 |  |  | $ | 13.5 |
Short-term lease expense | $ | — |  |  | $ | 0.1 |  |  | $ | — |  |  | $ | 0.3 |
Consolidated Statements of Cash Flows |  |  |  |  |  |  |
Cash flows from operating activities |  |  |  | $ | 13.3 |  |  | $ | 13.5 |
Right-of-use assets recognized in exchange for new lease liabilities |  | $ | 9.6 |  |  | $ | 21.0 |
|  |  |  |  | September 30, 2023 |  | December 31, 2022
Consolidated Balance Sheets |  |  |  |  |  |  |
Right-of-use assets (1) |  |  |  |  | $ | 91.1 |  |  | $ | 93.1 |
Lease liabilities (2) |  |  |  |  | $ | 109.5 |  |  | $ | 114.8 |
Weighted average remaining lease term |  |  |  |  | 9.6 years |  | 9.9 years
Weighted average discount rate |  |  |  |  | 3.1 | % |  | 2.8 | %
(1) Included in other assets in our Consolidated Balance Sheets. (2) Included in other liabilities in our Consolidated Balance Sheets.
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future contractual minimum operating lease liabilities will mature as follows (in millions):
| Leasing Group |  | Non-Leasing Group |  | Total
Remaining three months of 2023 | $ | 2.7 |  |  | $ | 2.6 |  |  | $ | 5.3 |
2024 | 7.2 |  |  | 9.7 |  |  | 16.9 |
2025 | 6.3 |  |  | 8.7 |  |  | 15.0 |
2026 | 5.9 |  |  | 8.0 |  |  | 13.9 |
2027 | 5.5 |  |  | 7.9 |  |  | 13.4 |
Thereafter | 3.9 |  |  | 58.6 |  |  | 62.5 |
Total operating lease payments | $ | 31.5 |  |  | $ | 95.5 |  |  | $ | 127.0 |
Less: Present value adjustment |  |  |  |  | (17.5) |
Total operating lease liabilities |  |  |  |  | $ | 109.5 |
Lessor, Operating Leases | The following table summarizes the impact of our leases on our Consolidated Statements of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Operating lease revenues | $ | 183.4 |  |  | $ | 167.2 |  |  | $ | 542.0 |  |  | $ | 500.5 |
Variable operating lease revenues | $ | 18.3 |  |  | $ | 17.7 |  |  | $ | 51.0 |  |  | $ | 49.0 |
Interest income on sales-type lease receivables | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | 0.5 |  |  | $ | 0.5 |
Profit recognized at sales-type lease commencement (1) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.3 |
(1) Included in gains on dispositions of property – lease portfolio sales on our Consolidated Statements of Operations.
Lessor, Payments to be Received, Maturity [Table Text Block] | Future contractual minimum revenues for operating leases will mature as follows (in millions)(1):
Remaining three months of 2023 | $ | 176.3 |
2024 | 622.6 |
2025 | 506.0 |
2026 | 387.4 |
2027 | 282.2 |
Thereafter | 434.3 |
Total | $ | 2,408.8 |
(1) Total contractual minimum rental revenues on operating leases relates to our wholly-owned and partially-owned subsidiaries and sub-lease rental revenues associated with the Leasing Group's operating lease obligations. Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions):
Remaining three months of 2023 | $ | 0.3 |
2024 | 1.1 |
2025 | 1.1 |
2026 | 1.1 |
2027 | 1.1 |
Thereafter | 10.1 |
Total | 14.8 |
Less: Unearned interest income | (4.5) |
Net investment in sales-type leases (1) | $ | 10.3 |
(1) Included in other assets in our Consolidated Balance Sheets.
Schedule of Goodwill | Goodwill by segment is as follows:
| September 30, 2023 |  | December 31, 2022
Railcar Leasing and Management Services Group | $ | 33.9 |  |  | $ | 7.1 |
Rail Products Group | 188.8 |  |  | 188.8
| $ | 222.7 |  |  | $ | 195.9 |
Schedule of Product Warranty Liability [Table Text Block] | The changes in the accruals for warranties for the three and nine months ended September 30, 2023 and 2022 are as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in millions)
Beginning balance | $ | 5.2 |  |  | $ | 2.7 |  |  | $ | 3.3 |  |  | $ | 3.1 |
Warranty costs incurred | (0.7) |  |  | (0.4) |  |  | (1.2) |  |  | (2.5) |
Warranty originations and revisions | 0.5 |  |  | 0.9 |  |  | 3.5 |  |  | 3.1 |
Warranty expirations | — |  |  | (0.3) |  |  | (0.6) |  |  | (0.8) |
Ending balance | $ | 5.0 |  |  | $ | 2.9 |  |  | $ | 5.0 |  |  | $ | 2.9 |

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