v3.26.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting [Table Text Block]
The financial information for these segments is shown in the tables below (in millions). We operate principally in North America.
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
Railcar Leasing and Services GroupRail Products GroupTotalRailcar Leasing and Services GroupRail Products GroupTotal
External revenues$286.0 $249.1 $535.1 $300.8 $153.3 $454.1 
Intersegment revenues0.3 90.4 90.7 0.2 125.5 125.7 
Total revenues286.3 339.5 625.8 301.0 278.8 579.8 
Elimination of intersegment revenues(90.7)(125.7)
Total consolidated revenues$535.1 $454.1 
Less (1):
Rail Products Group cost of revenues (2)
*314.6 *252.0 
Depreciation and amortization for Company-owned railcars (3)
57.9 *63.6 *
Maintenance and compliance for Company-owned railcars (3)(4)
37.1 *43.3 *
Selling, engineering, and administrative expenses17.7 7.8 14.6 7.1 
Gains on lease portfolio sales(8.5)*(21.7)*
Other segment items (5)
84.1 (13.6)73.1 (0.2)
Segment operating profit$98.0 $30.7 $128.7 $128.1 $19.9 $148.0 
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Railcar Leasing and Services GroupRail Products GroupTotalRailcar Leasing and Services GroupRail Products GroupTotal
External revenues$851.9 $660.3 $1,512.2 $890.1 $655.6 $1,545.7 
Intersegment revenues1.3 237.7 239.0 0.7 337.2 337.9 
Total revenues853.2 898.0 1,751.2 890.8 992.8 1,883.6 
Elimination of intersegment revenues(239.0)(337.9)
Total consolidated revenues$1,512.2 $1,545.7 
Less (1):
Rail Products Group cost of revenues (2)
*832.4 *917.6 
Depreciation and amortization for Company-owned railcars (3)
174.1 *186.5 *
Maintenance and compliance for Company-owned railcars (3)(4)
120.4 *124.4 *
Selling, engineering, and administrative expenses51.5 22.9 47.2 20.7 
Gains on lease portfolio sales(38.7)*(35.4)*
Gain on divestiture of partially-owned leasing subsidiary(131.6)*— *
Other segment items (5)
247.0 (13.5)216.9 (0.2)
Segment operating profit$430.5 $56.2 $486.7 $351.2 $54.7 $405.9 
*Not identified as a significant expense for this segment.
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to and reviewed by the CODM. Intersegment expenses are included within the amounts shown.
(2) Cost of revenues in the Rail Products Group primarily includes materials, labor, and overhead, including depreciation and amortization.
(3) Company-owned railcars include wholly-owned railcars, partially-owned railcars, and railcars under leased-in arrangements.
(4) 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.
(5) Other segment items for each reportable segment include:
–Railcar Leasing and Services Group: the remaining operating costs for our maintenance services and digital and logistics services businesses, including materials, labor, and overhead costs; other operating costs for the lease fleet, including equipment rental, property taxes, and freight and storage expenses; and gains or losses on dispositions of other property.
–Rail Products Group: (gains) or losses on dispositions of other property.
Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated
The reconciliation of segment operating profit to consolidated net income is as follows:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(in millions)
Operating profit:
Railcar Leasing and Services Group$98.0 $128.1 $430.5 $351.2 
Rail Products Group30.7 19.9 56.2 54.7 
Segment Totals128.7 148.0 486.7 405.9 
Corporate and other(29.7)(23.5)(82.5)(74.4)
Eliminations(3.4)(5.9)(7.7)(17.7)
Consolidated operating profit95.6 118.6 396.5 313.8 
Other (income) expense65.3 70.4 197.1 203.2 
Provision for income taxes8.8 11.1 49.1 22.6 
Loss from discontinued operations, net of income taxes(4.0)(1.1)(9.7)(4.9)
Net income$17.5 $36.0 $140.6 $83.1 
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Additional financial information by segment is shown in the tables below.
Total Assets
September 30, 2026December 31, 2025
(in millions)
Railcar Leasing and Services Group$7,506.2 $7,676.5 
Rail Products Group974.7 938.0 
Segment Totals8,480.9 8,614.5 
Corporate and other369.6 385.0 
Eliminations(506.5)(575.1)
Total assets$8,344.0 $8,424.4 
Depreciation & AmortizationCapital Expenditures
Three Months Ended
September 30,		Three Months Ended
September 30,
2026202520262025
(in millions)
Railcar Leasing and Services Group$63.0 $69.1 $172.2 $240.1 
Rail Products Group6.8 6.9 13.3 3.0 
Corporate and other0.7 0.9 0.4 0.4 
Total$70.5 $76.9 $185.9 $243.5 
Depreciation & AmortizationCapital Expenditures
Nine Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
(in millions)
Railcar Leasing and Services Group$192.3 $203.0 $419.9 $541.7 
Rail Products Group20.2 20.8 21.8 14.2 
Corporate and other2.1 2.6 2.5 1.2 
Total$214.6 $226.4 $444.2 $557.1