v3.26.3
Property, Plant, and Equipment
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment Property, Plant, and Equipment
The following table summarizes the components of property, plant, and equipment:
September 30, 2026December 31, 2025
(in millions)
Railcars in our lease fleet:
Wholly-owned subsidiaries (1):
Equipment on lease$8,901.7 $8,668.5 
Less: accumulated depreciation(2,318.8)(2,156.1)
6,582.9 6,512.4 
Partially-owned subsidiary:
Equipment on lease— 620.5 
Less: accumulated depreciation— (248.3)
— 372.2 
Deferred profit on railcar products sold (2)
(828.9)(926.6)
Less: accumulated amortization272.5 298.0 
(556.4)(628.6)
Total railcars in our lease fleet6,026.5 6,256.0 
Operating and administrative assets:
Land15.9 16.1 
Buildings and improvements401.5 408.4 
Machinery and other437.3 452.9 
Construction in progress39.5 18.5 
894.2 895.9 
Less: accumulated depreciation(527.0)(530.6)
Total operating and administrative assets367.2 365.3 
Total property, plant, and equipment, net$6,393.7 $6,621.3 
(1) The Leasing Group’s debt at September 30, 2026 consisted of non-recourse debt. As of September 30, 2026, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $5,740.5 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, 2026 was $798.8 million. See Note 7 for more information regarding the Leasing Group's debt.
(2) Includes deferred profit related to new railcar additions, sustainable railcar conversions, railcar modifications, and other betterments. The deferred profit is subsequently eliminated in consolidation.