The following table summarizes the components of property, plant, and equipment: | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | | | (in millions) | | Railcars in our lease fleet: | | | | | Wholly-owned subsidiaries: | | | | | Equipment on lease | $ | 7,806.0 | | | $ | 7,715.0 | | | Less: accumulated depreciation | (1,818.7) | | | (1,766.9) | | | 5,987.3 | | | 5,948.1 | | | Partially-owned subsidiaries: | | | | | Equipment on lease | 2,235.9 | | | 2,233.1 | | | Less: accumulated depreciation | (831.7) | | | (817.1) | | | 1,404.2 | | | 1,416.0 | | | | | | Deferred profit on railcar products sold (1) | (1,076.0) | | | (1,069.8) | | | Less: accumulated amortization | 345.1 | | | 337.3 | | | (730.9) | | | (732.5) | | | Total railcars in our lease fleet | 6,660.6 | | | 6,631.6 | | | | | | | Operating and administrative assets: | | | | | Land | 16.3 | | | 16.3 | | | Buildings and improvements | 404.9 | | | 403.2 | | | Machinery and other | 445.9 | | | 441.8 | | | Construction in progress | 14.7 | | | 11.5 | | | 881.8 | | | 872.8 | | | Less: accumulated depreciation | (527.0) | | | (516.3) | | | Total operating and administrative assets | 354.8 | | | 356.5 | | | Total property, plant, and equipment, net | $ | 7,015.4 | | | $ | 6,988.1 | |
(1) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.
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