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Railcar Leasing and Services Group | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leasing Operations Of The Company [Text Block] | Railcar Leasing and Services Group The Railcar Leasing and Services Group owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; railcar maintenance and modification services; and other railcar logistics products and services. See Note 1 for information on future contractual minimum rental revenues related to the Leasing Group's railcar operating leases. Information related to the Leasing Group is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | Percent |  | 2025 |  | 2024 |  | Percent
| ($ in millions) |  | Change |  | ($ in millions) |  | Change
Revenues: |  |  |  |  |  |  |  |  |  |  |
Leasing and management | $ | 231.8 |  |  | $ | 213.1 |  |  | 8.8 | % |  | $ | 684.3 |  |  | $ | 644.0 |  |  | 6.3 | %
Maintenance services (1) | 59.1 |  |  | 66.5 |  |  | (11.1) | % |  | 177.6 |  |  | 180.7 |  |  | (1.7) | %
Digital and logistics services | 10.1 |  |  | 9.9 |  |  | 2.0 | % |  | 28.9 |  |  | 31.4 |  |  | (8.0) | %
Total revenues | $ | 301.0 |  |  | $ | 289.5 |  |  | 4.0 | % |  | $ | 890.8 |  |  | $ | 856.1 |  |  | 4.1 | %
Cost of revenues (2) | $ | 180.5 |  |  | $ | 168.9 |  |  | 6.9 | % |  | 531.3 |  |  | 495.9 |  |  | 7.1 | %
Selling, engineering, and administrative expenses | 14.6 |  |  | 18.7 |  |  | (21.9) | % |  | 47.2 |  |  | 56.8 |  |  | (16.9) | %
Gains on dispositions of property: |  |  |  |  |  |  |  |  |  |  |
Lease portfolio sales | 21.7 |  |  | 11.4 |  |  | * |  | 35.4 |  |  | 36.2 |  |  | *
Other | 0.5 |  |  | 1.9 |  |  | * |  | 3.5 |  |  | 3.9 |  |  | *
Total operating profit | $ | 128.1 |  |  | $ | 115.2 |  |  | 11.2 | % |  | $ | 351.2 |  |  | $ | 343.5 |  |  | 2.2 | %
Total operating profit margin | 42.6 | % |  | 39.8 | % |  |  |  | 39.4 | % |  | 40.1 | % |  |
Total operating profit margin, excluding lease portfolio sales | 35.3 | % |  | 35.9 | % |  |  |  | 35.5 | % |  | 35.9 | % |  |
Selected expense information for Company-owned railcars (3): |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense (4) | $ | 63.6 |  |  | $ | 59.7 |  |  | 6.5 | % |  | $ | 186.5 |  |  | $ | 179.7 |  |  | 3.8 | %
Maintenance and compliance expense (5) | $ | 43.3 |  |  | $ | 29.7 |  |  | 45.8 | % |  | $ | 124.4 |  |  | $ | 95.1 |  |  | 30.8 | %
Other fleet operating costs (6) | $ | 10.8 |  |  | $ | 8.5 |  |  | 27.1 | % |  | $ | 28.6 |  |  | $ | 24.3 |  |  | 17.7 | %
Interest expense (7) | $ | 58.7 |  |  | $ | 59.1 |  |  | (0.7) | % |  | $ | 173.1 |  |  | $ | 176.9 |  |  | (2.1) | %
* Not meaningful (1) Revenues related to services performed by the maintenance services business on Company-owned railcars under full-service lease agreements are eliminated within the Railcar Leasing and 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 operating costs 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 deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments, resulting in the recognition of depreciation expense based on the original cost of the railcars and services. (5) 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. (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. Information related to lease portfolio sales is as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| ($ in millions)
Lease portfolio sales | $ | 79.9 |  |  | $ | 67.0 |  |  | $ | 142.9 |  |  | $ | 253.7 |
Operating profit on lease portfolio sales | $ | 21.7 |  |  | $ | 11.4 |  |  | $ | 35.4 |  |  | $ | 36.2 |
Operating profit margin on lease portfolio sales | 27.2 | % |  | 17.0 | % |  | 24.8 | % |  | 14.3 | %
Debt. Wholly-owned subsidiaries. The Leasing Group’s debt at September 30, 2025 consisted primarily of non-recourse debt. As of September 30, 2025, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,480.4 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at September 30, 2025 was $696.6 million. See Note 8 for more information regarding the Leasing Group’s debt. Partially-owned subsidiaries. Debt owed by TRIP Holdings and RIV 2013 and their respective subsidiaries is non-recourse to Trinity and TILC. Creditors of each of TRIP Holdings and RIV 2013 and their respective subsidiaries have recourse only to the particular subsidiary's assets. As of September 30, 2025, TRIP Holdings held equipment with a net book value of $983.0 million, which is pledged solely as collateral for the TRIP Holdings' debt held by its subsidiaries. As of September 30, 2025, TRP-2021 equipment with a net book value of $397.1 million is pledged solely as collateral for the TRP-2021 debt.

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