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Railcar Leasing and Services Group (Tables) | 3 Months Ended
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Mar. 31, 2024
Sale Leaseback Transaction [Line Items] |
Selected consolidating income statement information for the Leasing Group | Information related to the Leasing Group is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  |  |  | 2024 |  | 2023 |  | Percent
|  |  |  |  | ($ in millions) |  | Change
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and management |  |  |  |  |  |  | $ | 209.0 |  |  | $ | 194.7 |  |  | 7.3 | %
Maintenance services (1) |  |  |  |  |  |  | 65.2 |  |  | 29.4 |  |  | 121.8 | %
Digital and logistics services |  |  |  |  |  |  | 11.0 |  |  | 8.8 |  |  | 25.0 | %
Total revenues |  |  |  |  |  |  | $ | 285.2 |  |  | $ | 232.9 |  |  | 22.5 | %
Cost of revenues (2) |  |  |  |  |  |  | 169.6 |  |  | 146.8 |  |  | 15.5 | %
Selling, engineering, and administrative expenses |  |  |  |  |  |  | 18.1 |  |  | 16.9 |  |  | 7.1 | %
Gains on dispositions of property: |  |  |  |  |  |  |  |  |  |  |
Lease portfolio sales |  |  |  |  |  |  | 2.1 |  |  | 13.5 |  |  | *
Other |  |  |  |  |  |  | 0.7 |  |  | 1.9 |  |  | *
Total operating profit |  |  |  |  |  |  | $ | 100.3 |  |  | $ | 84.6 |  |  | 18.6 | %
Total operating profit margin |  |  |  |  |  |  | 35.2 | % |  | 36.3 | % |  |
Total operating profit margin, excluding lease portfolio sales |  |  |  |  |  |  | 34.4 | % |  | 30.5 | % |  |
Selected expense information for Company-owned railcars (3): |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense (4) |  |  |  |  |  |  | $ | 59.9 |  |  | $ | 61.6 |  |  | (2.8) | %
Maintenance and compliance expense (5) |  |  |  |  |  |  | $ | 30.4 |  |  | $ | 34.8 |  |  | (12.6) | %
Other fleet operating costs (6) |  |  |  |  |  |  | $ | 7.7 |  |  | $ | 9.2 |  |  | (16.3) | %
Interest expense (7) |  |  |  |  |  |  | $ | 57.4 |  |  | $ | 54.8 |  |  | 4.7 | %
* Not meaningful (1) Revenues related to services performed by the maintenance services business to support the railcars in our lease fleet are eliminated within the Railcar Leasing & Services Group and are excluded from the totals reported on this line. (2) Includes depreciation and amortization expense, maintenance and compliance expense, and other fleet operating costs related to our lease fleet, as well as cost of revenues for our maintenance services and digital and logistics services businesses. (3) Includes wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements. (4) Depreciation and amortization expense includes $4.7 million for the three months ended March 31, 2023 related to the disposal of certain railcar components associated with our sustainable railcar conversion program. Additionally, amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in depreciation and amortization expense, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. (5) Maintenance and compliance expense is reported at cost with respect to the work that is completed by our maintenance services business to support the railcars in our lease fleet. (6) Other fleet operating costs include freight, storage, rent, and ad valorem taxes. (7) Interest expense is not a component of operating profit and includes the effect of hedges.
Schedule of proceeds from leased railcars | Information related to lease portfolio sales is as follows:
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
|  |  |  |  | ($ in millions)
Lease portfolio sales |  |  |  |  | $ | 24.2 |  |  | $ | 56.7 |
Operating profit on lease portfolio sales |  |  |  |  | $ | 2.1 |  |  | $ | 13.5 |
Operating profit margin on lease portfolio sales |  |  |  |  | 8.7 | % |  | 23.8 | %
Future contractual minimum rental revenues on leases | Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows:
| Remaining nine months of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
| (in millions)
Future contractual minimum rental revenues | $ | 523.0 |  |  | $ | 586.3 |  |  | $ | 467.0 |  |  | $ | 349.3 |  |  | $ | 211.1 |  |  | $ | 331.7 |  |  | $ | 2,468.4 |
Other Third Parties [Member] |
Sale Leaseback Transaction [Line Items] |
Future operating lease obligations and future contractual minimum rental revenues | Future amounts due as well as future contractual minimum rental revenues related to the Leasing Group's railcar operating lease obligations are as follows:
| Remaining nine months of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
| (in millions)
Future operating lease obligations | $ | 6.6 |  |  | $ | 8.2 |  |  | $ | 7.7 |  |  | $ | 7.2 |  |  | $ | 5.1 |  |  | $ | 6.8 |  |  | $ | 41.6 |
Future contractual minimum rental revenues | $ | 7.2 |  |  | $ | 7.5 |  |  | $ | 5.1 |  |  | $ | 1.1 |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 21.2 |

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