American Railcar Industries 10-Q 30 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	American Railcar Industries, Inc.
Entity Central Index Key	1,344,596
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		21,352,297

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 236,276	$ 88,109
Restricted Cash and Cash Equivalents, Current	17,054	7,178
Accounts receivable, net	31,446	33,618
Accounts receivable, due from related parties	17,565	33,027
Income Taxes Receivable	12,091	33,879
Inventories, net	117,342	117,007
Deferred tax assets	6,968	7,688
Prepaid expenses and other current assets	6,148	5,353
Total current assets	444,890	325,859
Property, plant and equipment, net	166,376	160,787
Railcars on leases, net	784,083	663,315
Deferred debt issuance costs, net	5,190	2,148
Goodwill	7,169	7,169
Investments in and loans to joint ventures	30,565	29,168
Other assets	7,544	3,963
Total assets	1,445,817	1,192,409
Current liabilities:
Accounts payable	59,664	68,789
Accounts payable, due to related parties	3,766	2,793
Accrued Liabilities, Current	20,099	5,208
Accrued compensation	13,524	15,046
Deferred Revenue, Current	40	16,723
Short-term debt, including current portion of long-term debt	25,781	110,612
Total current liabilities	122,874	219,171
Long-term debt, net of current portion	588,783	298,342
Deferred tax liability	177,898	168,349
Pension and post-retirement liabilities	8,026	8,544
Other liabilities	2,538	2,587
Total liabilities	900,119	696,993
Stockholders’ equity:
Common stock, $0.01 par value, 50,000,000 shares authorized, 21,352,297 shares issued and outstanding as of June 30, 2015 and December 31, 2014	213	213
Additional paid-in capital	239,609	239,609
Retained earnings	311,807	260,943
Accumulated other comprehensive loss	(5,931)	(5,349)
Total stockholders’ equity	545,698	495,416
Total liabilities and stockholders’ equity	$ 1,445,817	$ 1,192,409

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	21,352,297	21,352,297
Common stock, shares outstanding (in shares)	21,352,297	21,352,297

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Manufacturing (including revenues from affiliates of $61,743 and $182,939 for the three and six months ended June 30, 2015, respectively, and $91,135 and $132,370 for the same periods in 2014)	$ 144,481	$ 206,364	$ 366,292	$ 360,327
Railcar leasing	28,216	13,885	52,801	25,631
Railcar services (including revenues from affiliates of $6,406 and $12,786 for the three and six months ended June 30, 2015, respectively, and $4,699 and $8,662 for the same periods in 2014)	19,301	17,260	36,681	33,666
Total revenues	191,998	237,509	455,774	419,624
Cost of revenues:
Manufacturing	(107,714)	(160,033)	(282,248)	(278,398)
Railcar leasing	(8,993)	(5,382)	(16,694)	(9,873)
Railcar services	(14,737)	(13,424)	(28,582)	(26,789)
Total cost of revenues	(131,444)	(178,839)	(327,524)	(315,060)
Gross profit	60,554	58,670	128,250	104,564
Selling, general and administrative	(5,315)	(6,820)	(12,996)	(16,207)
Gain (Loss) on Disposition of Assets	25	0	25	0
Earnings from operations	55,264	51,850	115,279	88,357
Interest income (including income from related parties of $538 and $1,095 for the three and six months ended June 30, 2015, respectively, and $613 and $1,240 for the same periods in 2014)	550	619	1,113	1,260
Interest expense	(5,694)	(1,843)	(10,432)	(3,515)
Loss on debt extinguishment	0	0	(2,126)	(1,896)
Other Income	5	27	11	32
Earnings (Loss) from joint ventures	2,141	335	3,938	(266)
Earnings before income taxes	52,266	50,988	107,783	83,972
Income tax expense	(19,297)	(18,772)	(39,838)	(30,986)
Net earnings	$ 32,969	$ 32,216	$ 67,945	$ 52,986
Net earnings per common share—basic and diluted (in dollars per share)	$ 1.54	$ 1.51	$ 3.18	$ 2.48
Weighted average common shares outstanding—basic and diluted (in shares)	21,352	21,352	21,352	21,352
Cash dividends declared per common share (in dollars per share)	$ 0.40	$ 0.40	$ 0.80	$ 0.80

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues from affiliates included in manufacturing	$ 61,743	$ 91,135	$ 182,939	$ 132,370
Revenues from affiliates included in railcar services	6,406	4,699	12,786	8,662
Interest income from related parties	$ 538	$ 613	$ 1,095	$ 1,240

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net earnings	$ 32,969	$ 32,216	$ 67,945	$ 52,986
Currency translation	171	417	(814)	(42)
Postretirement plans	189	55	378	110
Comprehensive income	$ 33,329	$ 32,688	$ 67,509	$ 53,054

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities:
Net earnings	$ 67,945	$ 52,986
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation	20,971	15,672
Amortization of deferred costs	228	236
Loss (Gain) on disposal of property, plant, equipment and leased railcars	2	(3)
(Earnings) Losses from joint ventures	(3,938)	266
Provision for deferred income taxes	10,129	7,034
Provision for allowance for doubtful accounts receivable	(20)	(16)
Items related to financing activities:
Loss on debt extinguishment	2,126	1,896
Changes in operating assets and liabilities:
Accounts receivable, net	2,164	(4,990)
Accounts receivable, due from related parties	15,426	(5,105)
Increase (Decrease) in Income Taxes Receivable	21,867	0
Inventories, net	(431)	(2,171)
Prepaid expenses and other current assets	(881)	(2,942)
Accounts payable	(9,107)	3,861
Accounts payable, due to related parties	973	512
Accrued expenses and taxes	(3,297)	(12,543)
Other	(3,848)	2,900
Net cash provided by operating activities	120,309	57,593
Investing activities:
Purchases of property, plant and equipment	(15,354)	(7,482)
Capital expenditures - leased railcars	(132,578)	(86,521)
Proceeds from Sale of Property, Plant, and Equipment	113	243
Proceeds from repayments of loans by joint ventures	2,500	2,000
Net cash used in investing activities	(145,319)	(91,760)
Financing activities:
Repayments of long-term debt	(419,698)	(199,180)
Proceeds from long-term debt	625,306	318,682
Increase (Decrease) in Restricted Cash	(9,876)	(47)
Payment of common stock dividends	(17,082)	(17,082)
Debt issuance costs	(5,271)	(2,425)
Net cash provided by financing activities	173,379	99,948
Effect of exchange rate changes on cash and cash equivalents	(202)	22
Increase in cash and cash equivalents	148,167	65,803
Cash and cash equivalents at beginning of period	88,109	97,252
Cash and cash equivalents at end of period	$ 236,276	$ 163,055

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Description of the Business	Description of the Business The condensed consolidated financial statements included herein have been prepared by American Railcar Industries, Inc. (a North Dakota corporation) and subsidiaries (collectively the Company or ARI), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. The consolidated balance sheet as of December 31, 2014 has been derived from the audited consolidated balance sheet as of that date. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2014 . In the opinion of management, the information contained herein reflects all adjustments necessary to present fairly our financial position, results of operations and cash flows for the interim periods reported. The results of operations of any interim period are not necessarily indicative of the results that may be expected for a fiscal year. The condensed consolidated financial statements of the Company include the accounts of ARI and its direct and indirect wholly-owned subsidiaries: Castings, LLC (Castings), ARI Component Venture, LLC (ARI Component), ARI Fleet Services of Canada, Inc., Longtrain Leasing I, LLC (LLI), Longtrain Leasing II, LLC (LLII) and Longtrain Leasing III, LLC (LLIII). All intercompany transactions and balances have been eliminated.

Recent accounting pronouncement

Recent accounting pronouncements	6 Months Ended
	Jun. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 supersedes the revenue recognition requirements in Revenue Recognition (Topic 605) , and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new revenue recognition standard also requires disclosures that sufficiently describe the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and is to be applied retrospectively, or as a cumulative-effect adjustment as of the date of adoption. The Company is currently evaluating the new standard, but does not, at this time, anticipate a material impact to the financial statements once implemented. In February 2015, the FASB issued ASU No. 2015-02, which amends FASB ASU Topic 810, Consolidations . This ASU amends the current consolidation guidance, including introducing a separate consolidation analysis specific to limited partnerships and other similar entities. This ASU requires that limited partnerships and similar legal entities provide partners with either substantive kick-out rights or substantive participating rights over the general partner in order to be considered a voting interest entity. The specialized consolidation model and guidance for limited partnerships and similar legal entities have been eliminated. There is no longer a presumption that a general partner should consolidate a limited partnership. For limited partnerships and similar legal entities that qualify as voting interest entities, a limited partner with a controlling financial interest should consolidate a limited partnership. A controlling financial interest may be achieved through holding a limited partner interest that provides substantive kick-out rights. The standard is effective for annual periods beginning after December 15, 2015. The Company is currently evaluating the standard, but does not, at this time, anticipate a material impact to the financial statements and footnote disclosures once implemented. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , which amends FASB ASU Subtopic 835-30, Interest - Imputation of Interest . The new standard requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. The standard is effective for interim and annual periods beginning after December 31, 2015 and is required to be applied on a retrospective basis. Early adoption is permitted. The Company expects that the adoption of this new guidance will result in a reclassification of debt issuance costs on its consolidated balance sheets.

Accounts Receivable, net

Accounts Receivable, net	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Accounts Receivable, net	Accounts Receivable, net Accounts receivable, net, consists of the following: June 30, December 31, (in thousands) Accounts receivable, gross $ 32,597 $ 34,790 Less allowance for doubtful accounts (1,151 ) (1,172 ) Total accounts receivable, net $ 31,446 $ 33,618

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consist of the following: June 30, December 31, (in thousands) Raw materials $ 82,981 $ 78,924 Work-in-process 24,855 16,195 Finished products 12,238 24,441 Total inventories 120,074 119,560 Less reserves (2,732 ) (2,553 ) Total inventories, net $ 117,342 $ 117,007

Property, Plant and Equipment a

Property, Plant and Equipment and Railcars on Leases, net	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, net	Property, Plant, Equipment and Railcars on Leases, net The following table summarizes the components of property, plant, equipment and railcars on leases, net: June 30, December 31, (in thousands) Operations / Corporate: Buildings $ 163,650 $ 164,087 Machinery and equipment 200,199 196,768 Land 3,537 3,537 Construction in process 21,608 11,612 388,994 376,004 Less accumulated depreciation (222,618 ) (215,217 ) Property, plant and equipment, net $ 166,376 $ 160,787 Railcar Leasing: Railcars on leases $ 827,831 $ 695,226 Less accumulated depreciation (43,748 ) (31,911 ) Railcars on leases, net $ 784,083 $ 663,315 Railcars on lease agreements The Company leases railcars to third parties under multi-year agreements. Railcars subject to lease agreements are classified as operating leases and are depreciated in accordance with the Company’s depreciation policy. Capital expenditures for leased railcars represent cash outflows for the Company’s cost to produce railcars shipped or to be shipped for lease. As of June 30, 2015 , future contractual minimum rental revenues required under non-cancellable operating leases for railcars with terms longer than one year are as follows (in thousands): Remaining 6 months of 2015 $ 59,053 2016 116,459 2017 101,491 2018 88,082 2019 70,380 2020 and thereafter 70,128 Total $ 505,593 Depreciation expense The following table summarizes depreciation expense: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) Total depreciation expense $ 10,910 $ 7,989 $ 20,971 $ 15,672 Depreciation expense on leased railcars $ 6,353 $ 3,659 $ 11,844 $ 6,990

Goodwill

Goodwill	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill As of June 30, 2015 , the Company had $7.2 million of goodwill related to the March 2006 acquisition of Custom Steel; a subsidiary of Steel Technologies, Inc. The results attributable to Custom Steel are included in the manufacturing segment. The Company performed a qualitative assessment as of March 1, 2015 by considering the following relevant factors to determine whether it was more likely than not that the fair value of the reporting unit was greater than its carrying amount. • The North American railcar market has been, and ARI expects it to continue to be, highly cyclical. The railcar industry has experienced high levels of demand with the December 31, 2014 backlog at its highest point in history. Based upon third party forecasts for the industry over the next several years, the Company expects demand to remain at healthy levels. • ARI is subject to various laws and regulations. No significant assessments have been made by the various regulatory agencies against ARI. • The railcar manufacturing industry has historically been extremely competitive. • ARI experienced three strong years of railcar order activity in 2012, 2013 and 2014. As the railcar industry was at a record backlog level at December, 31, 2014, orders have slowed in 2015. However, the Company expects demand to remain at healthy levels in line with industry forecasts, as mentioned above. • The primary long-lived assets at the reporting unit are machines with uses in various applications for numerous markets and industries. As such, management does not believe that there has been a significant decrease in the market value of the reporting unit’s long-lived assets. • The reporting unit has a history of positive operating cash flows that is expected to continue. • No part of the reporting unit’s net income is comprised of significant non-operating or non-recurring gains or losses, and no significant changes in balance sheet accruals were noted. • In addition, during 2014 there were no significant changes in the following with regard to the reporting unit that the Company expects to impact future results: • Key personnel; • Business strategy; • Buyer or supplier bargaining power; and • Legal factors. After assessing the above factors, the Company determined that it was more likely than not that the fair value of the reporting unit was greater than its carrying amount, and therefore no further testing was necessary. Additionally, no impairment was recognized in any prior periods and there were no indicators of impairment since the annual assessment date.

Investments in and Loans to Joi

Investments in and Loans to Joint Ventures	6 Months Ended
	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Loans to Joint Ventures	Investments in and Loans to Joint Ventures As of June 30, 2015 , the Company was party to two joint ventures: Ohio Castings Company LLC (Ohio Castings) and Axis LLC (Axis). Through its wholly-owned subsidiary, Castings, the Company has a 33.3% ownership interest in Ohio Castings, a limited liability company formed to produce various steel railcar parts for use or sale by the ownership group. Through its wholly-owned subsidiary, ARI Component, the Company has a 41.9% ownership interest in Axis, a limited liability company formed to produce railcar axles for use or sale by the ownership group. The Company accounts for these joint ventures using the equity method. Under this method, the Company recognizes its share of the earnings and losses of the joint ventures as they accrue. Advances and distributions are charged and credited directly to the investment accounts. From time to time, the Company also makes loans to its joint ventures that are included in the investment account. The investment balance for these joint ventures is recorded within the Company’s manufacturing segment. The carrying amount of investments in and loans to joint ventures, which also represents ARI’s maximum exposure to loss with respect to the joint ventures, are as follows: June 30, December 31, (in thousands) Carrying amount of investments in and loans to joint ventures Ohio Castings $ 10,073 $ 9,194 Axis 20,492 19,974 Total investments in and loans to joint ventures $ 30,565 $ 29,168 See Note 15, Related Party Transactions, for information regarding financial transactions with ARI's joint ventures. Ohio Castings Ohio Castings produces railcar parts that are sold to one of the joint venture partners. This joint venture partner then sells these railcar parts to outside third parties at current market prices and sells them to the Company and the other joint venture partner at Ohio Castings' cost plus a licensing fee. The Company has determined that, although the joint venture is a variable interest entity (VIE), accounting for its activity under the equity method is appropriate given that the Company is not the primary beneficiary, does not have a controlling financial interest and does not have the ability to individually direct the activities of Ohio Castings that most significantly impact its economic performance. The significant factors in this determination were that neither Castings nor the Company has rights to the majority of returns, losses or votes, all major and strategic decisions are decided between the partners, and the risk of loss to the Company and Castings is limited to its investment in Ohio Castings. Summary financial results for Ohio Castings, the investee company, in total, are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Results of operations Revenues $ 20,507 $ 22,255 $ 43,895 $ 36,264 Gross profit $ 2,314 $ 2,788 $ 4,362 $ 2,935 Net earnings $ 1,397 $ 1,896 $ 2,529 $ 1,327 Axis ARI, through ARI Component, a wholly-owned subsidiary, owns a portion of a joint venture, Axis, to manufacture and sell railcar axles. ARI currently owns 41.9% of Axis, while a minority partner owns 9.7% and the other significant partner owns 48.4% . Under the terms of the joint venture agreement, ARI and the other significant partner are required, and the minority partner is entitled, to contribute additional capital to the joint venture, on a pro rata basis, of any amounts approved by the joint venture’s executive committee, as and when called by the executive committee. Further, until June 2016, the seventh anniversary of completion of the axle manufacturing facility, and subject to other terms, conditions and limitations of the joint venture agreement, ARI and the other significant partner are also required, in the event production at the facility has been curtailed, to contribute capital to the joint venture, on a pro rata basis, in order to maintain adequate working capital. Under the amended Axis credit agreement (Axis Credit Agreement), whereby ARI and the other significant partner are equal lenders, principal payments are due each fiscal quarter, with the last payment due on December 31, 2019. During 2014 and 2015, the applicable interest rate for the loans under the Axis Credit Agreement was 7.75% . Interest payments are due and payable monthly. The balance outstanding on these loans, due to ARI Component, was $26.6 million and $29.1 million as of June 30, 2015 and December 31, 2014 , respectively. The Company has determined that, although the joint venture is a VIE, accounting for its activity under the equity method is appropriate given that the Company is not the primary beneficiary, does not have a controlling financial interest and does not have the ability to individually direct the activities of Axis that most significantly impact its economic performance. The significant factors in this determination were that neither ARI Component nor the Company has rights to the majority of returns, losses or votes, the executive committee and board of directors of the joint venture are comprised of one representative from each significant partner with equal voting rights and the risk of loss to the Company and ARI Component is limited to its investment in Axis and the loans due to the Company under the Axis Credit Agreement. Summary financial results for Axis, the investee company, in total, are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Results of operations Revenues $ 19,077 $ 18,225 $ 39,417 $ 33,076 Gross profit $ 5,214 $ 1,202 $ 10,277 $ 1,514 Earnings before interest $ 4,975 $ 951 $ 9,764 $ 1,023 Net earnings (loss) $ 3,886 $ (281 ) $ 7,550 $ (1,472 ) As of June 30, 2015 , the investment in Axis was comprised entirely of ARI’s term loan and revolver. The Company has evaluated these loans to be fully recoverable. The Company will continue to monitor its investment in Axis for impairment.

Warranties

Warranties	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Warranties	Warranties The overall change in the Company’s warranty reserve is reflected on the condensed consolidated balance sheets in accrued expenses and taxes and is detailed as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Liability, beginning of period $ 1,340 $ 1,498 $ 953 $ 1,385 Provision for warranties issued during the year, net of adjustments 286 307 894 596 Adjustments to warranties issued during previous years (4 ) 14 (8 ) (23 ) Warranty claims (244 ) (165 ) (461 ) (304 ) Liability, end of period $ 1,378 $ 1,654 $ 1,378 $ 1,654

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term Debt	Debt Lease fleet financings From time to time, the Company, through its wholly-owned subsidiaries LLI, LLII and LLIII, has entered into lease fleet financings in order to, among other things, support and grow its railcar leasing business. The lease fleet financings are obligations of the respective wholly-owned subsidiary, are generally non-recourse to ARI, and are secured by a first lien on the subject assets of the respective subsidiary, consisting of railcars, railcar leases, receivables and related assets, subject to limited exceptions. ARI has, however, entered into agreements containing certain representations, undertakings, and indemnities customary for asset sellers and parent companies in transactions of this type, and ARI is obligated to make any selections of transfers of railcars, railcar leases, receivables and related assets to be transferred to LLI, LLII and LLIII without any adverse selection, to cause American Railcar Leasing LLC (ARL), as the manager, to maintain, lease, and re-lease LLI, LLII and LLIII's equipment no less favorably than similar portfolios serviced by ARL, and to repurchase or replace certain railcars under certain conditions set forth in the respective loan documents. See Note 15, Related Party Transactions, for further discussion regarding these agreements with ARL. As of June 30, 2015 and December 31, 2014 , the net book value of the railcars that were pledged as part of the Lease Fleet Financings was $490.2 million and $277.0 million , respectively. January 2014 lease fleet refinancing On January 15, 2014, LLI refinanced its senior secured delayed draw term loan facility (Original Term Loan) under an amended and restated credit agreement (Amended and Restated Credit Agreement) to, among other things, increase the aggregate borrowings available thereunder. In connection with the refinancing, LLI entered into a new senior secured term loan facility in an aggregate principal amount of $316.2 million , net of fees and expenses (Refinanced Term Loan). Of this amount, $194.2 million was used to refinance the Original Term Loan, resulting in net proceeds of $122.0 million . In conjunction with the refinancing, the Company incurred a $1.9 million loss, which is shown as 'Loss on debt extinguishment' on the condensed consolidated statements of operations. This non-cash charge is related to the accelerated write-off of deferred debt issuance costs incurred in connection with the Original Term Loan. As of December 31, 2014 , the outstanding principal balance on the Refinanced Term Loan, including the current portion, was $309.0 million . The Refinanced Term Loan accrued interest at a rate per annum equal to the 1-month LIBOR rate plus 2.0% , for a rate of 2.2% as of December 31, 2014 . Pursuant to the terms of the Amended and Restated Credit Agreement, the Company was required to maintain deposits in an interest reserve bank account equal to seven months of interest payments. As of December 31, 2014 , the interest reserve amount was $3.9 million , and included within 'Restricted cash' on the consolidated balance sheet. October 2014 bridge financing On October 16, 2014, the Company, through its wholly-owned subsidiary, LLII, entered into a lease fleet financing facility for $100.0 million under a term loan agreement (LLII Term Loan) in order to support the growth of its railcar leasing business. The LLII Term Loan was scheduled to mature in April 2015. As of December 31, 2014 , the outstanding principal balance on the LLII Term Loan was $100.0 million and was classified in the consolidated balance sheet as 'Short-term debt, including current portion of long-term debt'. Subject to the provisions of the LLII Term Loan, the principal borrowed thereunder accrued interest at a rate determined by reference to an index or, subject to certain circumstances, at a base rate. The Applicable Margin was equal to a rate per annum of 1.45% , for a rate of 1.7% as of December 31, 2014 . The fair value of the Company's borrowings under its lease fleet financing facilities was $409.0 million as of December 31, 2014 and was based upon estimates by various banks determined by trading levels on the date of measurement using a Level 2 fair value measurement as defined by U.S. GAAP under the fair value hierarchy. January 2015 private placement notes On January 29, 2015, the Company refinanced its lease fleet financing facilities to, among other things, increase the aggregate borrowings thereunder. In connection with the refinancing, LLIII completed a private placement of $625.5 million in aggregate principal amount of notes consisting of $250.0 million in aggregate principal amount of its 2.98% Fixed Rate Secured Railcar Equipment Notes, Class A-1 (Class A-1 Notes) and $375.5 million in aggregate principal amount of its 4.06% Fixed Rate Secured Railcar Equipment Notes, Class A-2 (Class A-2 Notes, and collectively with the Class A-1 Notes, the Notes). Of the aggregate principal amount, $408.5 million was used to refinance the LLI and LLII lease fleet financing facilities, resulting in net proceeds of $211.6 million . In conjunction with the refinancing, the Company incurred a $2.1 million loss, which is shown as 'Loss on debt extinguishment' on the condensed consolidated statements of operations. This non-cash charge is related to the accelerated write-off of deferred debt issuance costs incurred in connection with the LLI and LLII lease fleet financings. As of June 30, 2015 , the outstanding principal balance on the Notes, including the current portion, was $614.7 million . The Notes have a legal final maturity date of January 17, 2045 and an expected principal repayment date of January 15, 2025. The Notes were issued pursuant to an Indenture, dated January 29, 2015 between LLIII and U.S. Bank National Association, as indenture trustee (Indenture Trustee). The Class A-1 Notes bear interest at a fixed rate of 2.98% per annum, and the Class A-2 Notes bear interest at a fixed rate of 4.06% per annum. Interest on the Notes is payable monthly on the 15th calendar day of each month in accordance with the flow of funds provisions described in the Indenture. While the legal final maturity date of the Notes is January 17, 2045, cash flows from LLIII's assets will be applied, pursuant to the flow of funds provisions of the Indenture, so as to achieve monthly targeted principal balances. Also, under the flow of funds provisions of the Indenture, early amortization of the Notes may be required in certain circumstances. If the Notes are not repaid by the expected principal repayment date on January 15, 2025, additional interest shall accrue at a rate of 5.0% per annum and be payable monthly according to the flow of funds. Pursuant to the terms of the Indenture, the Company is required to maintain deposits in a liquidity reserve bank account equal to nine months of interest payments. As of June 30, 2015 , the liquidity reserve amount was $16.8 million , and included within 'Restricted cash' on the condensed consolidated balance sheets. LLIII can prepay or redeem the Class A-1 Notes, in whole or in part, on any payment date and the Class A-2 Notes, in whole or in part, on any payment date occurring on or after January 16, 2018. The Indenture contains covenants which limit, among other things, LLIII's ability to incur additional indebtedness or encumbrances on its assets, pay dividends or make distributions, make certain investments, perform its business other than specified activities, enter into certain types of transactions with its affiliates, and sell assets or consolidate or merge with or into other companies. These covenants are subject to a number of exceptions and qualifications. The Company was in compliance with all of these covenants as of June 30, 2015 . The Indenture also contains certain customary events of default, including among others, failure to pay amounts when due after applicable grace periods, failure to comply with certain covenants and agreements, and certain events of bankruptcy or insolvency. Certain events of default under the Indenture will make the outstanding principal balance and accrued interest on the Notes, together with all amounts then due and owing to the noteholders, immediately due and payable without further action. For other events of default, the Indenture Trustee, acting at the direction of a majority of the noteholders, may declare the principal of and accrued interest on all Notes then outstanding to be due and payable immediately. The fair value of the Notes was $621.4 million as of June 30, 2015 and is calculated by taking the net present value of future principal and interest payments using a discount rate that is based on the Company's most recent fixed debt transaction. The inputs used in the calculation are classified within Level 2 of the fair value hierarchy. The future contractual minimum rental revenues related to the railcars pledged as of June 30, 2015 are as follows (in thousands): Remaining 6 months of 2015 $ 35,989 2016 70,331 2017 55,389 2018 42,397 2019 28,524 2020 and thereafter 31,401 Total $ 264,031 The remaining principal payments under the Notes as of June 30, 2015 are as follows (in thousands): Remaining 6 months of 2015 $ 12,947 2016 25,783 2017 25,588 2018 25,590 2019 25,507 2020 and thereafter 499,328 Total $ 614,743

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s federal income tax returns for tax years 2011 and beyond remain subject to examination, with the latest statute of limitations expiring in September 2018. Certain of the Company's 2008 through 2010 state income tax returns and all of the Company's state income tax returns for 2011 and beyond remain open and subject to examination, with the latest statute of limitations expiring in December 2018. The Company’s foreign income tax returns for 2011 and beyond remain open to examination by foreign tax authorities. The Company is continuing to evaluate the impact of the recent regulations concerning amounts paid to acquire, produce, or improve tangible property and recovery of basis upon disposition. Presently, the Company does not anticipate a material impact to its financial condition or results of operations.

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company is the sponsor of three defined benefit plans that are frozen and no additional benefits are accruing thereunder. Two of the Company's defined benefit pension plans cover certain employees at designated repair facilities. The assets of these defined benefit pension plans are held by independent trustees and consist primarily of equity and fixed income securities. The Company also sponsors an unfunded, non-qualified supplemental executive retirement plan that covers several of the Company's current and former employees. The Company provides postretirement life insurance benefits for certain of its union employees who retired after attaining specified age and service requirements. The components of net periodic benefit cost for the pension and postretirement plans are as follows: Pension Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Service cost $ 44 $ 57 $ 88 $ 114 Interest cost 237 242 474 485 Expected return on plan assets (321 ) (313 ) (641 ) (626 ) Amortization of net actuarial loss/prior service cost 201 70 403 139 Net periodic cost recognized $ 161 $ 56 $ 324 $ 112 Postretirement Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Service cost $ — $ — $ — $ — Interest cost — 1 1 2 Amortization of net actuarial gain/prior service credit (13 ) (15 ) (25 ) (29 ) Net periodic benefit recognized $ (13 ) $ (14 ) $ (24 ) $ (27 ) The Company also maintains qualified defined contribution plans, which provide benefits to its eligible employees based on employee contributions, years of service, and employee earnings with discretionary contributions allowed. Expenses related to these plans were $0.3 million for each of the three months ended June 30, 2015 and 2014 and $0.5 million for each of the six months ended June 30, 2015 and 2014 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to comprehensive federal, state, local and international environmental laws and regulations relating to the release or discharge of materials into the environment, the management, use, processing, handling, storage, transport or disposal of hazardous materials and wastes, and other laws and regulations relating to the protection of human health and the environment. These laws and regulations not only expose ARI to liability for the environmental condition of its current or formerly owned or operated facilities, and its own negligent acts, but also may expose ARI to liability for the conduct of others or for ARI’s actions that were in compliance with all applicable laws at the time such actions were taken. In addition, these laws may require significant expenditures to achieve compliance and are frequently modified or revised to impose new obligations. Civil and criminal fines and penalties and other sanctions may be imposed for non-compliance with these environmental laws and regulations. ARI’s operations that involve hazardous materials also raise potential risks of liability under common law. Certain real property ARI acquired from ACF Industries LLC (ACF) in 1994 had been involved in investigation and remediation activities to address contamination both before and after their transfer to ARI. ACF is an affiliate of Mr. Carl Icahn, the Company’s principal beneficial stockholder through Icahn Enterprises L.P. (IELP). Substantially all of the issues identified with respect to these properties relate to the use of these properties prior to their transfer to ARI by ACF and for which ACF has retained liability for environmental contamination that may have existed at the time of transfer to ARI. ACF has also agreed to indemnify ARI for any cost that might be incurred with those existing issues. As of the date of this report, it is the Company's understanding that no further investigation or remediation is required at these properties and ARI does not believe it will incur material costs in connection with such activities, but it cannot assure that this will be the case. If ACF fails to honor its obligations to ARI, ARI could be responsible for the cost of any additional investigation or remediation that may be required. The Company believes that its operations and facilities are in substantial compliance with applicable laws and regulations and that any noncompliance is not likely to have a material adverse effect on its financial condition or results of operations. ARI is a party to collective bargaining agreements with labor unions at two repair facilities that will expire in January 2016 and September 2016. ARI is also party to a collective bargaining agreement with a labor union at a parts manufacturing facility that will expire in April 2017. The Company has various agreements with and commitments to related parties. See Note 15, Related Party Transactions, for further detail. Certain claims, suits and complaints arising in the ordinary course of business have been filed or are pending against ARI. In the opinion of management, all such claims, suits, and complaints arising in the ordinary course of business are without merit or would not have a significant effect on the future liquidity, results of operations or financial position of ARI if disposed of unfavorably. On October 24, 2014, the Company filed a complaint in United States District Court for the Southern District of New York against Gyansys, Inc. (Gyansys). The complaint asserts a claim against Gyansys for breaching its contract with ARI to implement an enterprise resource planning system. The Company seeks to recover monetary damages in an amount still to be determined, but which ARI alleged exceeds $25 million . Gyansys filed a response to the suit denying its responsibility. It also counterclaimed against ARI for a breach of contract and wrongful termination, seeking damages in excess of $10 million and equitable relief. At this time, the Company does not have sufficient information to reasonably form an estimate of the potential outcome (gain or loss) of this litigation. However, ARI believes that Gyansys' counterclaims lack merit, and ARI has filed a motion to dismiss Gyansys' counterclaims in part.

Share-based Compensation

Share-based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation	Share-based Compensation The following table presents the amounts incurred by ARI for share-based compensation, or stock appreciation rights (SARs) and the corresponding line items on the condensed consolidated statements of operations that they are classified within: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Share-based compensation expense (income) Cost of revenues: Manufacturing $ 6 $ (93 ) $ 54 $ 763 Cost of revenues: Railcar services 3 (40 ) 3 238 Selling, general and administrative 175 99 234 2,971 Total share-based compensation expense $ 184 $ (34 ) $ 291 $ 3,972 As of June 30, 2015 , unrecognized compensation costs related to the unvested portion of SARs were estimated to be $1.6 million and were expected to be recognized over a weighted average period of 30 months .

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following table presents the balances of related after-tax components of accumulated other comprehensive income (loss). Accumulated Currency Translation Accumulated Postretirement Transactions Accumulated Other Comprehensive Income (Loss) (in thousands) Balance December 31, 2013 $ 760 $ (2,254 ) $ (1,494 ) Currency translation (42 ) — (42 ) Reclassifications related to pension and postretirement plans, net of tax effect of $42 (1) — 67 67 Balance June 30, 2014 $ 718 $ (2,187 ) $ (1,469 ) Balance December 31, 2014 $ (275 ) $ (5,074 ) $ (5,349 ) Currency translation (814 ) — (814 ) Reclassifications related to pension and postretirement plans, net of tax effect of $146 (1) — 232 232 Balance June 30, 2015 $ (1,089 ) $ (4,842 ) $ (5,931 ) (1)— These accumulated other comprehensive income components relate to amortization of actuarial loss/(gain) and prior period service costs/(benefits) and are included in the computation of net periodic costs for our pension and postretirement plans. See Note 11 for further details and pre-tax amounts.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Agreements with ACF The Company has the following agreements with ACF, a company controlled by Mr. Carl Icahn, the Company’s principal beneficial stockholder through IELP: Component purchases The Company has from time to time purchased components from ACF under a long-term agreement, as well as on a purchase order basis. Under the manufacturing services agreement entered into in 1994 and amended in 2005, ACF agreed to manufacture and distribute, at the Company’s instruction, various railcar components. In consideration for these services, the Company agreed to pay ACF based on agreed upon rates. The agreement automatically renews unless written notice is provided by the Company. Also in April 2015, ARI entered into a parts purchasing and sale agreement with ACF. The agreement was unanimously approved by the independent directors of ARI’s audit committee. Under this agreement, ARI and ACF may, from time to time, purchase and sell to each other certain parts for railcars (Parts). ARI also provides a non-exclusive and non-assignable license of certain intellectual property to ACF related to the manufacture and sale of Parts to ARI. The buyer under the agreement must pay the market price of the parts as determined in the agreement or as stated on a public website for all ARI buyers. ARI may provide designs, engineering and purchasing support, including all materials and components to ACF. Subject to certain early termination events, the agreement terminates on December 31, 2020. ARI purchased $6.8 million and $9.3 million of components from ACF during the three and six months ended June 30, 2015 , respectively, and $0.7 million and $0.9 million during the comparable periods in 2014. Purchasing and engineering services agreement In January 2013, ARI entered into a purchasing and engineering services agreement and license with ACF. The agreement was unanimously approved by the independent directors of ARI’s audit committee. Under this agreement, ARI provides purchasing support and engineering services to ACF in connection with ACF’s manufacture and sale of tank railcars at its facility in Milton, Pennsylvania. Additionally, ARI has granted ACF a non-exclusive, non-assignable license to certain of ARI’s intellectual property, including certain designs, specifications, processes and manufacturing know-how required to manufacture and sell tank railcars during the term of the agreement. In August 2014, ARI and ACF amended this agreement to, among other provisions, extend the termination date to December 31, 2015 from December 31, 2014, subject to certain early termination events. In consideration of the services and license provided by ARI to ACF in conjunction with the agreement, ACF pays ARI a royalty and, if any, a share of the net profits (Profits) earned on each railcar manufactured and sold by ACF under the agreement, in an aggregate amount equal to 30% of such Profits, as calculated under the agreement. Profits are net of certain of ACF’s start-up and shutdown expenses and certain maintenance capital expenditures. If no Profits are realized on a railcar manufactured and sold by ACF pursuant to the agreement, ARI will still be entitled to the royalty for such railcar and will not share in any losses incurred by ACF in connection therewith. In addition, any railcar components supplied by ARI to ACF for the manufacture of these railcars are provided at fair market value. Under the agreement, ACF had the exclusive right to manufacture and sell subject tank railcars for any new orders scheduled for delivery to customers on or before January 31, 2014. ARI has the exclusive right to any sales opportunities for tank railcars for any new orders scheduled for delivery after that date and through termination of the agreement. ARI also has the right to assign any sales opportunity to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Any sales opportunity accepted by ACF will not be reflected in ARI’s orders or backlog. Revenues of $3.6 million and $5.8 million for the three and six months ended June 30, 2015 , respectively, compared to $6.1 million and $11.7 million for the same periods in 2014 were recorded under this agreement for sales of railcar components to ACF and for royalties and profits on railcars sold by ACF and are included under manufacturing revenues from affiliates on the condensed consolidated statements of operations. Repair services and support agreement In April 2015, ARI entered into a repair services and support agreement with ACF. The agreement was unanimously approved by the independent directors of ARI’s audit committee. Under this agreement, ARI provides certain sales and administrative and technical services, materials and purchasing support and engineering services to ACF to provide repair and retrofit services (Repair Services). Additionally, ARI provides a non-exclusive and non-assignable license of certain intellectual property related to the Repair Services for railcars. ARI receives 30% of the net profits (as defined in the agreement) for Repair Services related to all railcars not owned by ARL or its subsidiaries and 20% of the net profits for Repair Services related to all railcars owned by ARL or its subsidiaries, if any, but does not absorb any losses incurred by ACF. Under the agreement, ARI has the exclusive right to sales opportunities related to Repair Services, except for any sales opportunity related to Repair Services presented to ACF by ARL with respect to ARL-owned railcars. ARI also has the right to assign any sales opportunities related to Repair Services to ACF, and ACF has the right, but not the obligation, to accept such sales opportunity. Subject to certain early termination events, the agreement terminates on December 31, 2020. No revenues have been recorded under this agreement in 2015. Agreements with IELP Entities The Company has or had the following agreements with companies controlled by Mr. Carl Icahn, the Company’s principal beneficial stockholder through IELP, including, but not limited to, ARL and/or ARL's wholly-owned subsidiary, AEP Leasing LLC (collectively, the IELP Entities): Railcar services agreement In April 2011, the Company entered into a railcar services agreement with ARL (the Railcar Services Agreement). Under the Railcar Services Agreement, ARI provides ARL railcar repair, engineering, administrative and other services, on an as needed basis, for ARL’s lease fleet at mutually agreed upon prices. The Railcar Services Agreement had an initial term of three years and automatically renews for additional one year periods unless either party provides at least sixty days prior written notice of termination. Revenues of $6.4 million and $12.8 million for the three and six months ended June 30, 2015 , respectively, compared to $4.7 million and $8.7 million for the same periods in 2014 , respectively, were recorded under the Railcar Services Agreement. These revenues are included under railcar services revenues from affiliates on the condensed consolidated statements of operations. The Railcar Services Agreement was unanimously approved by the independent directors of the Company’s audit committee. Railcar management agreements From time to time, the Company and its wholly-owned subsidiaries have entered into railcar management agreements with ARL, pursuant to which the Company and its respective wholly-owned subsidiaries engaged ARL to manage, sell, operate, market, store, lease, re-lease, sublease and service ARI's railcars, subject to the terms and conditions of the agreement. These agreements provide that ARL will manage the leased railcars (as identified in the respective agreement) including arranging for services, such as repairs or maintenance, as deemed necessary. Subject to the terms and conditions of each agreement, ARL receives, in respect of leased railcars, a management fee based on the lease revenues. Each of these agreements were unanimously approved by the independent directors of the Company's audit committee. On February 29, 2012, the Company entered into a railcar management agreement with ARL (the ARI railcar management agreement). The agreement was effective as of January 1, 2011, will continue through December 31, 2015 and may be renewed upon written agreement by both parties. In December 2012, LLI entered into a similar agreement with ARL (the LLI railcar management agreement). In January 2014, LLI and ARL amended the LLI railcar management agreement to, among other provisions, extend the termination date to January 15, 2020. On October 16, 2014, LLII entered into a railcar management agreement with ARL (the LLII railcar management agreement). Under the ARI and LLI railcar management agreements, in addition to the management fee, ARL receives a fee consisting of a lease origination fee, and, in respect of railcars sold by ARL, sales commissions. In January 2015, in connection with the Company's refinancing of its lease fleet financings, the LLI and LLII railcar management agreements were terminated and LLIII entered into a similar railcar management agreement with ARL. This agreement extends through the Notes' final maturity date of January 17, 2045, unless terminated earlier pursuant to its terms (together with the railcar management agreements discussed above, collectively the Railcar Management Agreements). Total lease origination and management fees incurred under the Railcar Management Agreements were $1.9 million and $3.4 million for the three and six months ended June 30, 2015 , respectively, compared to $1.0 million and $1.8 million for the same periods in 2014 . These fees are included in cost of revenues for railcar leasing on the condensed consolidated statements of operations. Sales commissions of $0.1 million and $0.4 million were incurred for each of the three and six months ended June 30, 2015 , respectively, compared to $0.1 million and $0.2 million for the same periods in 2014 . These costs are included in selling, general and administrative costs on the condensed consolidated statements of operations. Railcar orders The Company has from time to time manufactured and sold railcars to the IELP Entities under long-term agreements as well as on a purchase order basis. Revenues from railcars sold to the IELP Entities were $58.1 million and $177.1 million for the three and six months ended June 30, 2015 , respectively, compared to $85.0 million and $120.6 million for the same periods in 2014 . These revenues are included in manufacturing revenues from affiliates on the condensed consolidated statements of operations. Any related party sales of railcars under an agreement or purchase order have been and will be subject to the approval or review by the independent directors of the Company’s audit committee. Agreements with other related parties The Company’s Axis joint venture entered into a credit agreement in 2007. During 2009, the Company and the other significant partner acquired the loans from the lenders party thereto, with each party acquiring a 50.0% interest in the loans. The balance outstanding on these loans, due to ARI Component, was $26.6 million and $29.1 million as of June 30, 2015 and December 31, 2014 , respectively. See Note 7, Investments in and Loans to Joint Ventures, for further information regarding this transaction and the terms of the underlying loans. ARI is party to a scrap agreement with M. W. Recycling (MWR), a company controlled by Mr. Carl Icahn, the Company’s principal beneficial stockholder through IELP. Under the agreement, ARI sells and MWR purchases scrap metal from several ARI plant locations. This agreement has an initial term through November 2015 then shall continue until terminated by either party, in accordance with the provisions of the agreement. MWR collected scrap material totaling $1.2 million and $2.7 million for the three and six months ended June 30, 2015 , respectively, compared to $2.1 million and $4.3 million for the same periods in 2014 . This agreement was approved by the independent directors of the Company’s audit committee. Insight Portfolio Group LLC (Insight Portfolio Group) is an entity formed and controlled by Mr. Carl Icahn in order to maximize the potential buying power of a group of entities with which Mr. Carl Icahn has a relationship in negotiating with a wide range of suppliers of goods, services and tangible and intangible property at negotiated rates. ARI, and a number of other entities with which Mr. Carl Icahn has a relationship, have minority ownership interests in, and pay fees as part of being a member of Insight Portfolio Group. Fees incurred as a member of the Insight Portfolio Group were less than $0.1 million during the three months ended June 30, 2015 and 2014 and were $0.1 million for the six months ended June 30, 2015 and 2014 . These charges are included in selling, general and administrative costs on the condensed consolidated statements of operations. Financial information for transactions with related parties Cost of revenues for manufacturing included $37.9 million and $79.4 million for the three and six months ended June 30, 2015 , respectively, compared to $33.5 million and $60.4 million for the same periods in 2014 for railcar components purchased from joint ventures. Inventory as of June 30, 2015 and December 31, 2014 , included $10.4 million and $6.6 million , respectively, of railcar components purchased from joint ventures and all profit for this inventory still on hand was eliminated.

Operating Segment and Sales and

Operating Segment and Sales and Credit Concentrations	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Operating Segment and Sales and Credit Concentrations	Operating Segments and Sales and Credit Concentrations ARI operates in three reportable segments: manufacturing, railcar leasing and railcar services. These reportable segments are organized based upon a combination of the products and services offered and performance is evaluated based on revenues and segment earnings (loss) from operations. Intersegment revenues are accounted for as if sales were to third parties. Manufacturing Manufacturing consists of railcar manufacturing, and railcar and industrial component manufacturing. Intersegment revenues are determined based on an estimated fair market value of the railcars manufactured for the Company’s railcar leasing segment, as if such railcars had been sold to a third party. Revenues for railcars manufactured for the Company’s railcar leasing segment are not recognized in consolidated revenues as railcar sales, but rather lease revenues are recognized over the term of the lease. Earnings from operations for manufacturing include an allocation of selling, general and administrative costs, as well as profit for railcars manufactured for the Company’s railcar leasing segment based on revenue determined as described above. Railcar leasing Railcar leasing consists of railcars manufactured by the Company and leased to third parties under operating leases. Earnings from operations for railcar leasing include an allocation of selling, general and administrative costs and also reflect origination fees paid to ARL associated with originating the lease to the Company’s leasing customers. The origination fees represent a percentage of the revenues from the lease over its initial term and are paid up front. Railcar services Railcar services consists of railcar repair services provided through the Company's various repair facilities, including mini repair shops and mobile repair units, offering a range of services from full to light repair. Earnings from operations for railcar services include an allocation of selling, general and administrative costs. Segment financial results The information in the following table is derived from the segments’ internal financial reports used by the Company’s management for purposes of assessing segment performance and for making decisions about allocation of resources. Revenues Earnings (Loss) from Operations External Intersegment Total External Intersegment Total (in thousands) Three Months Ended June 30, 2015 Manufacturing $ 144,481 $ 123,693 $ 268,174 $ 34,719 $ 35,222 $ 69,941 Railcar leasing 28,216 — 28,216 16,954 22 16,976 Railcar services 19,301 94 19,395 3,901 (21 ) 3,880 Corporate/Eliminations — (123,787 ) (123,787 ) (310 ) (35,223 ) (35,533 ) Total Consolidated $ 191,998 $ — $ 191,998 $ 55,264 $ — $ 55,264 Three Months Ended June 30, 2014 Manufacturing $ 206,364 $ 61,305 $ 267,669 $ 44,597 $ 19,627 $ 64,224 Railcar leasing 13,885 — 13,885 7,399 (64 ) 7,335 Railcar services 17,260 52 17,312 3,116 10 3,126 Corporate/Eliminations — (61,357 ) (61,357 ) (3,262 ) (19,573 ) (22,835 ) Total Consolidated $ 237,509 $ — $ 237,509 $ 51,850 $ — $ 51,850 Six Months Ended June 30, 2015 Manufacturing $ 366,292 $ 207,424 $ 573,716 $ 79,512 $ 60,867 $ 140,379 Railcar Leasing 52,801 — 52,801 31,740 — 31,740 Railcar Services 36,681 196 36,877 6,741 6 6,747 Corporate/Eliminations — (207,620 ) (207,620 ) (2,714 ) (60,873 ) (63,587 ) Total Consolidated $ 455,774 $ — $ 455,774 $ 115,279 $ — $ 115,279 Six Months Ended June 30, 2014 Manufacturing $ 360,327 $ 125,334 $ 485,661 $ 78,252 $ 39,357 $ 117,609 Railcar Leasing 25,631 — 25,631 13,629 (33 ) 13,596 Railcar Services 33,666 184 33,850 5,297 48 5,345 Corporate/Eliminations — (125,518 ) (125,518 ) (8,821 ) (39,372 ) (48,193 ) Total Consolidated $ 419,624 $ — $ 419,624 $ 88,357 $ — $ 88,357 Total Assets June 30, December 31, (in thousands) Manufacturing $ 341,461 $ 356,720 Railcar leasing 1,097,821 908,010 Railcar services 55,545 52,639 Corporate/Eliminations (49,010 ) (124,960 ) Total Consolidated $ 1,445,817 $ 1,192,409 Sales to Related Parties As discussed in Note 15, Related Party Transactions, ARI has numerous arrangements with related parties. As a result, from time to time, ARI offers its products and services to affiliates at terms and pricing no less favorable to ARI than the terms and pricing provided to unaffiliated third parties. Below is a summary of revenue from affiliates for each operating segment reflected as a percentage of total consolidated revenues. Three Months Ended Six Months Ended 2015 2014 2015 2014 Manufacturing 32.2 % 38.4 % 40.1 % 31.5 % Railcar leasing — % — % — % — % Railcar services 3.3 % 2.0 % 2.8 % 2.1 % Sales and Credit Concentration Manufacturing revenues from customers that accounted for more than 10% of total consolidated revenues are outlined in the table below. The railcar leasing and railcar services segments had no customers that accounted for more than 10% of the total consolidated revenues for the three and six months ended June 30, 2015 and 2014 . Three Months Ended Six Months Ended 2015 2014 2015 2014 Manufacturing revenues from significant customers 56.8 % 63.1 % 50.3 % 47.5 % Manufacturing accounts receivable from customers that accounted for more than 10% of consolidated receivables (including accounts receivable, net and accounts receivable, due from related parties) are outlined in the table below. The railcar leasing and railcar services segments had no customers that accounted for more than 10% of the consolidated receivables balance as of June 30, 2015 and December 31, 2014 . June 30, December 31, Manufacturing receivables from significant customers 31.2 % 60.5 %

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 28, 2015 , the board of directors of the Company declared a cash dividend of $0.40 per share of common stock of the Company to shareholders of record as of September 16, 2015 that will be paid on September 30, 2015 . Also on July 28, 2015 , the Company's board of directors authorized a stock repurchase program (the “Stock Repurchase Program”) pursuant to which the Company may, from time to time, repurchase up to $250 million of its common stock. As part of the Stock Repurchase Program, shares may be purchased in open market transactions including through block purchases, through privately negotiated transactions, pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”), through tender offers or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Exchange Act on terms to be determined from time to time. The Stock Repurchase Program will end upon the earlier of the date on which it is terminated by the Board or when all authorized repurchases are completed. The Stock Repurchase Program does not obligate the Company to purchase any particular amount of common stock at any particular price or at all. The Stock Repurchase Program may be suspended, modified, or terminated by the Company's Board of Directors at any time for any reason.

Accounts Receivable, net (Table

Accounts Receivable, net (Tables)	6 Months Ended
	Jun. 30, 2015
Receivables [Abstract]
Summary of accounts receivable, net	Accounts receivable, net, consists of the following: June 30, December 31, (in thousands) Accounts receivable, gross $ 32,597 $ 34,790 Less allowance for doubtful accounts (1,151 ) (1,172 ) Total accounts receivable, net $ 31,446 $ 33,618

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventory Disclosure [Abstract]
Summary of inventories	Inventories consist of the following: June 30, December 31, (in thousands) Raw materials $ 82,981 $ 78,924 Work-in-process 24,855 16,195 Finished products 12,238 24,441 Total inventories 120,074 119,560 Less reserves (2,732 ) (2,553 ) Total inventories, net $ 117,342 $ 117,007

Property, Plant and Equipment27

Property, Plant and Equipment and Railcars on Leases, net (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Components of property, plant and equipment	The following table summarizes depreciation expense: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (in thousands) Total depreciation expense $ 10,910 $ 7,989 $ 20,971 $ 15,672 Depreciation expense on leased railcars $ 6,353 $ 3,659 $ 11,844 $ 6,990 The following table summarizes the components of property, plant, equipment and railcars on leases, net: June 30, December 31, (in thousands) Operations / Corporate: Buildings $ 163,650 $ 164,087 Machinery and equipment 200,199 196,768 Land 3,537 3,537 Construction in process 21,608 11,612 388,994 376,004 Less accumulated depreciation (222,618 ) (215,217 ) Property, plant and equipment, net $ 166,376 $ 160,787 Railcar Leasing: Railcars on leases $ 827,831 $ 695,226 Less accumulated depreciation (43,748 ) (31,911 ) Railcars on leases, net $ 784,083 $ 663,315
Summary of future contractual minimum rental revenues required under non-cancellable operating leases for railcars	As of June 30, 2015 , future contractual minimum rental revenues required under non-cancellable operating leases for railcars with terms longer than one year are as follows (in thousands): Remaining 6 months of 2015 $ 59,053 2016 116,459 2017 101,491 2018 88,082 2019 70,380 2020 and thereafter 70,128 Total $ 505,593

Investments in and Loans to J28

Investments in and Loans to Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Summary of financial information	June 30, December 31, (in thousands) Carrying amount of investments in and loans to joint ventures Ohio Castings $ 10,073 $ 9,194 Axis 20,492 19,974 Total investments in and loans to joint ventures $ 30,565 $ 29,168
Ohio Castings [Member]
Schedule of Equity Method Investments [Line Items]
Summary of financial information	Summary financial results for Ohio Castings, the investee company, in total, are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Results of operations Revenues $ 20,507 $ 22,255 $ 43,895 $ 36,264 Gross profit $ 2,314 $ 2,788 $ 4,362 $ 2,935 Net earnings $ 1,397 $ 1,896 $ 2,529 $ 1,327
Axis [Member]
Schedule of Equity Method Investments [Line Items]
Summary of financial information	Summary financial results for Axis, the investee company, in total, are as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Results of operations Revenues $ 19,077 $ 18,225 $ 39,417 $ 33,076 Gross profit $ 5,214 $ 1,202 $ 10,277 $ 1,514 Earnings before interest $ 4,975 $ 951 $ 9,764 $ 1,023 Net earnings (loss) $ 3,886 $ (281 ) $ 7,550 $ (1,472 )

Warranties (Tables)

Warranties (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Change in the Company's warranty reserve	The overall change in the Company’s warranty reserve is reflected on the condensed consolidated balance sheets in accrued expenses and taxes and is detailed as follows: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Liability, beginning of period $ 1,340 $ 1,498 $ 953 $ 1,385 Provision for warranties issued during the year, net of adjustments 286 307 894 596 Adjustments to warranties issued during previous years (4 ) 14 (8 ) (23 ) Warranty claims (244 ) (165 ) (461 ) (304 ) Liability, end of period $ 1,378 $ 1,654 $ 1,378 $ 1,654

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Property Subject to or Available for Operating Lease [Line Items]
Summary of remaining principal payments under existing debt agreements	The remaining principal payments under the Notes as of June 30, 2015 are as follows (in thousands): Remaining 6 months of 2015 $ 12,947 2016 25,783 2017 25,588 2018 25,590 2019 25,507 2020 and thereafter 499,328 Total $ 614,743
Lease Fleet Financing [Member]
Property Subject to or Available for Operating Lease [Line Items]
Future Minimum Rental Revenues for Operating Leases [Table Text Block]	The future contractual minimum rental revenues related to the railcars pledged as of June 30, 2015 are as follows (in thousands): Remaining 6 months of 2015 $ 35,989 2016 70,331 2017 55,389 2018 42,397 2019 28,524 2020 and thereafter 31,401 Total $ 264,031

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Components of net periodic benefit cost for pension and postretirement plans	The components of net periodic benefit cost for the pension and postretirement plans are as follows: Pension Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Service cost $ 44 $ 57 $ 88 $ 114 Interest cost 237 242 474 485 Expected return on plan assets (321 ) (313 ) (641 ) (626 ) Amortization of net actuarial loss/prior service cost 201 70 403 139 Net periodic cost recognized $ 161 $ 56 $ 324 $ 112 Postretirement Benefits Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Service cost $ — $ — $ — $ — Interest cost — 1 1 2 Amortization of net actuarial gain/prior service credit (13 ) (15 ) (25 ) (29 ) Net periodic benefit recognized $ (13 ) $ (14 ) $ (24 ) $ (27 )

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of share-based compensation expense	The following table presents the amounts incurred by ARI for share-based compensation, or stock appreciation rights (SARs) and the corresponding line items on the condensed consolidated statements of operations that they are classified within: Three Months Ended Six Months Ended 2015 2014 2015 2014 (in thousands) Share-based compensation expense (income) Cost of revenues: Manufacturing $ 6 $ (93 ) $ 54 $ 763 Cost of revenues: Railcar services 3 (40 ) 3 238 Selling, general and administrative 175 99 234 2,971 Total share-based compensation expense $ 184 $ (34 ) $ 291 $ 3,972

Accumulated Other Comprehensi33

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Summary of the balances of related after-tax components of accumulated other comprehensive income (loss)	The following table presents the balances of related after-tax components of accumulated other comprehensive income (loss). Accumulated Currency Translation Accumulated Postretirement Transactions Accumulated Other Comprehensive Income (Loss) (in thousands) Balance December 31, 2013 $ 760 $ (2,254 ) $ (1,494 ) Currency translation (42 ) — (42 ) Reclassifications related to pension and postretirement plans, net of tax effect of $42 (1) — 67 67 Balance June 30, 2014 $ 718 $ (2,187 ) $ (1,469 ) Balance December 31, 2014 $ (275 ) $ (5,074 ) $ (5,349 ) Currency translation (814 ) — (814 ) Reclassifications related to pension and postretirement plans, net of tax effect of $146 (1) — 232 232 Balance June 30, 2015 $ (1,089 ) $ (4,842 ) $ (5,931 ) (1)— These accumulated other comprehensive income components relate to amortization of actuarial loss/(gain) and prior period service costs/(benefits) and are included in the computation of net periodic costs for our pension and postretirement plans. See Note 11 for further details and pre-tax amounts.

Operating Segment and Sales a34

Operating Segment and Sales and Credit Concentrations (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting Information [Line Items]
Segment reporting information	The information in the following table is derived from the segments’ internal financial reports used by the Company’s management for purposes of assessing segment performance and for making decisions about allocation of resources. Revenues Earnings (Loss) from Operations External Intersegment Total External Intersegment Total (in thousands) Three Months Ended June 30, 2015 Manufacturing $ 144,481 $ 123,693 $ 268,174 $ 34,719 $ 35,222 $ 69,941 Railcar leasing 28,216 — 28,216 16,954 22 16,976 Railcar services 19,301 94 19,395 3,901 (21 ) 3,880 Corporate/Eliminations — (123,787 ) (123,787 ) (310 ) (35,223 ) (35,533 ) Total Consolidated $ 191,998 $ — $ 191,998 $ 55,264 $ — $ 55,264 Three Months Ended June 30, 2014 Manufacturing $ 206,364 $ 61,305 $ 267,669 $ 44,597 $ 19,627 $ 64,224 Railcar leasing 13,885 — 13,885 7,399 (64 ) 7,335 Railcar services 17,260 52 17,312 3,116 10 3,126 Corporate/Eliminations — (61,357 ) (61,357 ) (3,262 ) (19,573 ) (22,835 ) Total Consolidated $ 237,509 $ — $ 237,509 $ 51,850 $ — $ 51,850 Six Months Ended June 30, 2015 Manufacturing $ 366,292 $ 207,424 $ 573,716 $ 79,512 $ 60,867 $ 140,379 Railcar Leasing 52,801 — 52,801 31,740 — 31,740 Railcar Services 36,681 196 36,877 6,741 6 6,747 Corporate/Eliminations — (207,620 ) (207,620 ) (2,714 ) (60,873 ) (63,587 ) Total Consolidated $ 455,774 $ — $ 455,774 $ 115,279 $ — $ 115,279 Six Months Ended June 30, 2014 Manufacturing $ 360,327 $ 125,334 $ 485,661 $ 78,252 $ 39,357 $ 117,609 Railcar Leasing 25,631 — 25,631 13,629 (33 ) 13,596 Railcar Services 33,666 184 33,850 5,297 48 5,345 Corporate/Eliminations — (125,518 ) (125,518 ) (8,821 ) (39,372 ) (48,193 ) Total Consolidated $ 419,624 $ — $ 419,624 $ 88,357 $ — $ 88,357 Total Assets June 30, December 31, (in thousands) Manufacturing $ 341,461 $ 356,720 Railcar leasing 1,097,821 908,010 Railcar services 55,545 52,639 Corporate/Eliminations (49,010 ) (124,960 ) Total Consolidated $ 1,445,817 $ 1,192,409
Schedule of sales to related parties	Below is a summary of revenue from affiliates for each operating segment reflected as a percentage of total consolidated revenues. Three Months Ended Six Months Ended 2015 2014 2015 2014 Manufacturing 32.2 % 38.4 % 40.1 % 31.5 % Railcar leasing — % — % — % — % Railcar services 3.3 % 2.0 % 2.8 % 2.1 %
Sales Revenue, Segment [Member]
Segment Reporting Information [Line Items]
Schedules of sales and credit concentration	Three Months Ended Six Months Ended 2015 2014 2015 2014 Manufacturing revenues from significant customers 56.8 % 63.1 % 50.3 % 47.5 %
Accounts Receivable [Member]
Segment Reporting Information [Line Items]
Schedules of sales and credit concentration	June 30, December 31, Manufacturing receivables from significant customers 31.2 % 60.5 %

Accounts Receivable, net (Detai

Accounts Receivable, net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Receivables [Abstract]
Accounts receivable, gross	$ 32,597	$ 34,790
Less allowance for doubtful accounts	(1,151)	(1,172)
Total accounts receivable, net	$ 31,446	$ 33,618

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Raw materials	$ 82,981	$ 78,924
Work-in-process	24,855	16,195
Finished products	12,238	24,441
Total inventories	120,074	119,560
Less reserves	(2,732)	(2,553)
Total inventories, net	$ 117,342	$ 117,007

Property, Plant and Equipment37

Property, Plant and Equipment and Railcars on Leases, net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Components of property, plant and equipment
Property, plant and equipment, net	$ 166,376	$ 160,787
Operations / Corporate: [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	388,994	376,004
Less accumulated depreciation	(222,618)	(215,217)
Property, plant and equipment, net	166,376	160,787
Railcar Leasing [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	827,831	695,226
Less accumulated depreciation	(43,748)	(31,911)
Property, plant and equipment, net	784,083	663,315
Buildings [Member] | Operations / Corporate: [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	163,650	164,087
Machinery and equipment [Member] | Operations / Corporate: [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	200,199	196,768
Land [Member] | Operations / Corporate: [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	3,537	3,537
Construction in process [Member] | Operations / Corporate: [Member]
Components of property, plant and equipment
Property, plant and equipment, gross	$ 21,608	$ 11,612

Property, Plant and Equipment38

Property, Plant and Equipment and Railcars on Leases, net (Details 1) $ in Thousands	Jun. 30, 2015USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
Remaining 6 months of 2015	$ 59,053
2,016	116,459
2,017	101,491
2,018	88,082
2,019	70,380
2020 and thereafter	70,128
Total	$ 505,593

Property, Plant and Equipment (

Property, Plant and Equipment (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment [Abstract]
Total depreciation expense	$ 10,910	$ 7,989	$ 20,971	$ 15,672
Depreciation expense on leased railcars	$ 6,353	$ 3,659	$ 11,844	$ 6,990

Goodwill (Details)

Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 7,169	$ 7,169

Investments in and Loans to J41

Investments in and Loans to Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying amount of investments in and loans to joint ventures
Total investments in and loans to joint ventures	$ 30,565	$ 29,168
Ohio Castings [Member]
Carrying amount of investments in and loans to joint ventures
Total investments in and loans to joint ventures	10,073	9,194
Axis [Member]
Carrying amount of investments in and loans to joint ventures
Total investments in and loans to joint ventures	$ 20,492	$ 19,974

Investments in and Loans to J42

Investments in and Loans to Joint Ventures (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Ohio Castings [Member]
Results of operations
Revenues	$ 20,507	$ 22,255	$ 43,895	$ 36,264
Gross profit	2,314	2,788	4,362	2,935
Net earnings	1,397	1,896	2,529	1,327
Axis [Member]
Results of operations
Revenues	19,077	18,225	39,417	33,076
Gross profit	5,214	1,202	10,277	1,514
Income (loss) before interest	4,975	951	9,764	1,023
Net earnings	$ 3,886	$ (281)	$ 7,550	$ (1,472)

Investments in and Loans to J43

Investments in and Loans to Joint Ventures (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Income (Loss) from Equity Method Investments	$ 2,141	$ 335	$ 3,938	$ (266)
Axis Credit Agreement [Member]
Schedule of Equity Method Investments [Line Items]
Interest rate			7.75%	7.75%
Balance outstanding on loans	$ 26,600		$ 26,600		$ 29,100
Ohio Castings [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of interest held in joint venture	33.30%		33.30%
Axis [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of interest held in joint venture	41.90%		41.90%
Minority partner in joint venture	9.70%		9.70%
Other significant partner in joint venture	48.40%		48.40%

Warranties (Details)

Warranties (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Change in the Company's warranty reserve
Liability, beginning of period	$ 1,340	$ 1,498	$ 953	$ 1,385
Provision for warranties issued during the year, net of adjustments	286	307	894	596
Adjustments to warranties issued during previous years	(4)	14	(8)	(23)
Warranty claims	(244)	(165)	(461)	(304)
Liability, end of period	$ 1,378	$ 1,654	$ 1,378	$ 1,654

Long-term Debt (Details)

Long-term Debt (Details) $ in Thousands	Jun. 30, 2015USD ($)
Summary of future contractual minimum rental revenues required under non-cancellable operating leases for railcars
Remaining 6 months of 2015	$ 59,053
2,016	116,459
2,017	101,491
2,018	88,082
2,019	70,380
2020 and thereafter	70,128
Total	505,593
Lease Fleet Financing [Member]
Summary of future contractual minimum rental revenues required under non-cancellable operating leases for railcars
Remaining 6 months of 2015	35,989
2,016	70,331
2,017	55,389
2,018	42,397
2,019	28,524
2020 and thereafter	31,401
Total	$ 264,031

Long-term Debt (Details 1)

Long-term Debt (Details 1) $ in Thousands	Jun. 30, 2015USD ($)
Summary of remaining principal payments under existing debt agreements [Line Items]
Remaining 6 months of 2015	$ 12,947
2,016	25,783
2,017	25,588
2,018	25,590
2,019	25,507
2020 and thereafter	499,328
Total	$ 614,743

Long-term Debt (Details Textual

Long-term Debt (Details Textual) - USD ($) $ in Thousands	Jan. 29, 2015	Jan. 15, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Oct. 16, 2014
Long-term Debt (Textual) [Abstract]
Proceeds from Issuance of Long-term Debt					$ 625,306	$ 318,682
Loss on debt extinguishment			$ 0	$ 0	(2,126)	(1,896)
Long-term Debt			614,743		614,743
Property Subject to or Available for Operating Lease, Net			784,083		784,083		$ 663,315
Lease Fleet Financing [Member]
Long-term Debt (Textual) [Abstract]
Property Subject to or Available for Operating Lease, Net			490,200		490,200		277,000
Secured Debt [Member]
Long-term Debt (Textual) [Abstract]
Fair value of term loan							409,000
Longtrain Leasing I [Member] | Refinanced Term Loan [Member] | Secured Debt [Member]
Long-term Debt (Textual) [Abstract]
Initial value of debt		$ 316,200
Proceeds from Issuance of Long-term Debt		122,000
Long-term Debt							$ 309,000
Base interest rate on credit facility							2.00%
Interest Rate at balance sheet date							2.20%
Restricted Cash and Cash Equivalents							$ 3,900
Longtrain Leasing I [Member] | Original Term Loan [Member] | Secured Debt [Member]
Long-term Debt (Textual) [Abstract]
Notes redeemed		$ 194,200
Loss on debt extinguishment						$ (1,900)
Longtrain Leasing III [Member] | 2015 Notes [Domain] | Private Placement [Member]
Long-term Debt (Textual) [Abstract]
Initial value of debt	$ 625,500
Notes redeemed	408,500
Loss on debt extinguishment					2,100
Long-term Debt			614,700		614,700
Fair value of term loan			621,400		621,400
Restricted Cash and Cash Equivalents			$ 16,800		$ 16,800
Proceeds from Issuance of Private Placement	$ 211,600
Debt Instrument Interest Rate Increase Percentage	5.00%
Longtrain Leasing III [Member] | 2015 Notes [Domain] | Private Placement [Member] | Class A-1 Notes [Member]
Long-term Debt (Textual) [Abstract]
Initial value of debt	$ 250,000
Fixed interest rate of the notes	2.98%
Longtrain Leasing III [Member] | 2015 Notes [Domain] | Private Placement [Member] | Class A-2 Notes [Member]
Long-term Debt (Textual) [Abstract]
Initial value of debt	$ 375,500
Fixed interest rate of the notes	4.06%
Secured Debt [Member] | Longtrain Leasing II [Member] | Loan Facility October 2014 [Member]
Long-term Debt (Textual) [Abstract]
Initial value of debt								$ 100,000
Base interest rate on credit facility							1.45%
Interest Rate at balance sheet date							1.70%
Short-term Debt							$ 100,000

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Benefits [Member]
Components of net periodic cost (benefit) for pension and postretirement plans
Service cost	$ 44	$ 57	$ 88	$ 114
Interest cost	237	242	474	485
Expected return on plan assets	(321)	(313)	(641)	(626)
Defined Benefit Plan Amortization Of Actuarial Loss Gain And Prior Service Cost Credit	201	70	403	139
Net periodic cost recognized	161	56	324	112
Postretirement Benefits [Member]
Components of net periodic cost (benefit) for pension and postretirement plans
Service cost	0	0	0	0
Interest cost	0	1	1	2
Defined Benefit Plan Amortization Of Actuarial Loss Gain And Prior Service Cost Credit	(13)	(15)	(25)	(29)
Net periodic cost recognized	$ (13)	$ (14)	$ (24)	$ (27)

Employee Benefit Plans (Detai49

Employee Benefit Plans (Details Textual) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)plan	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)plan	Jun. 30, 2014USD ($)
Compensation and Retirement Disclosure [Abstract]
Number of total defined benefit plans	3		3
Number of repair pension plans	2		2
Expenses related to qualified defined contribution plans | $	$ 0.3	$ 0.3	$ 0.5	$ 0.5

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Details) - Jun. 30, 2015 $ in Millions	USD ($)
Commitments and Contingencies Disclosure [Abstract]
Number of repair facilities with labor union collective bargaining agreements	2
Gain Contingency, Unrecorded Amount	$ 25
Loss Contingency, Damages Sought, Value	$ 10

Share-based Compensation (Detai

Share-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 184	$ (34)	$ 291	$ 3,972
Cost of revenues: Manufacturing [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	6	(93)	54	763
Cost of revenues: Railcar services [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	3	(40)	3	238
Selling, general and administrative [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Allocated Share-based Compensation Expense	$ 175	$ 99	$ 234	$ 2,971

Share-based Compensation (Det52

Share-based Compensation (Details Textual) - Jun. 30, 2015 - SARs Grant [Member] - USD ($) $ in Millions	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs related to the unvested portion of SARs	$ 1.6
Period over which compensation cost expected to be realized	30 months

Accumulated Other Comprehensi53

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ (5,349)	$ (1,494)
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(814)	(42)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	232	67
Ending Balance	(5,931)	(1,469)
Accumulated Currency Translation [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(275)	760
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(814)	(42)
Ending Balance	(1,089)	718
Accumulated Postretirement Transactions [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5,074)	(2,254)
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax	232	67
Ending Balance	$ (4,842)	$ (2,187)

Accumulated Other Comprehensi54

Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Equity [Abstract]
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax	$ 146	$ 42

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 27, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2009	Dec. 31, 2014
Related Party Transactions (Textual) [Abstract]
Railcar leasing cost of revenues		$ 8,993	$ 5,382	$ 16,694	$ 9,873
Inventory, Net		117,342		117,342			$ 117,007
Axis [Member]
Related Party Transactions (Textual) [Abstract]
Company's Interest in credit facility						50.00%
Term Loan and Credit Agreement [Member] | Axis [Member]
Related Party Transactions (Textual) [Abstract]
Notes receivable		26,600		26,600			29,100
M.W. Recycling [Member]
Related Party Transactions (Textual) [Abstract]
Revenue from related parties		1,200	2,100	2,700	4,300
Joint Ventures [Member]
Related Party Transactions (Textual) [Abstract]
Expense with related parties		37,900	33,500	79,400	60,400
Inventory, Net		10,400		10,400			$ 6,600
Insight Portfolio [Member] | Maximum [Member]
Related Party Transactions (Textual) [Abstract]
Expense with related parties		100	0	$ 100	$ 100
Purchasing and Engineering Services Agreement [Member] | ACF [Member]
Related Party Transactions (Textual) [Abstract]
Percentage of consideration under agreement				30.00%	30.00%
Revenue from related parties		3,600	6,100	$ 5,800	$ 11,700
Repair Services and Support Agreement [Member] [Domain] | ACF [Member]
Related Party Transactions (Textual) [Abstract]
Percentage of consideration under agreement	30.00%
Percentage of consideration under agreement (related to railcars owned by ARL)	20.00%
Railcar services agreement [Member] | ARL [Member]
Related Party Transactions (Textual) [Abstract]
Term of agreement				3 years
Service Agreement Renewal Period				1 year
Revenue from related parties		6,400	4,700	$ 12,800	8,700
Railcar management agreement [Member] | ARL [Member]
Related Party Transactions (Textual) [Abstract]
Expense with related parties		100	100	400	200
Railcar leasing cost of revenues		1,900	1,000	3,400	1,800
Component purchases [Member] | ACF [Member]
Related Party Transactions (Textual) [Abstract]
Component purchases from ACF		6,800	700	9,300	900
Railcar Orders [Member] | IELP Entities [Member]
Related Party Transactions (Textual) [Abstract]
Revenue from related parties		$ 58,100	$ 85,000	$ 177,100	$ 120,600

Operating Segment and Sales a56

Operating Segment and Sales and Credit Concentrations (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Segment Reporting Information [Line Items]
Number of Reportable Segments | segment			3
Total revenues	$ 191,998	$ 237,509	$ 455,774	$ 419,624
Earnings from operations	55,264	51,850	115,279	88,357
Total Assets	1,445,817		1,445,817		$ 1,192,409
Manufacturing [Member]
Segment Reporting Information [Line Items]
Total revenues	268,174	267,669	573,716	485,661
Earnings from operations	69,941	64,224	140,379	117,609
Total Assets	341,461		341,461		356,720
Railcar Leasing [Member]
Segment Reporting Information [Line Items]
Total revenues	28,216	13,885	52,801	25,631
Earnings from operations	16,976	7,335	31,740	13,596
Total Assets	1,097,821		1,097,821		908,010
Railcar Services [Member]
Segment Reporting Information [Line Items]
Total revenues	19,395	17,312	36,877	33,850
Earnings from operations	3,880	3,126	6,747	5,345
Total Assets	55,545		55,545		52,639
Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	(123,787)	(61,357)	(207,620)	(125,518)
Earnings from operations	(35,533)	(22,835)	(63,587)	(48,193)
Total Assets	(49,010)		(49,010)		$ (124,960)
Operating Segments [Member]
Segment Reporting Information [Line Items]
Total revenues	191,998	237,509	455,774	419,624
Earnings from operations	55,264	51,850	115,279	88,357
Operating Segments [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Total revenues	144,481	206,364	366,292	360,327
Earnings from operations	34,719	44,597	79,512	78,252
Operating Segments [Member] | Railcar Leasing [Member]
Segment Reporting Information [Line Items]
Total revenues	28,216	13,885	52,801	25,631
Earnings from operations	16,954	7,399	31,740	13,629
Operating Segments [Member] | Railcar Services [Member]
Segment Reporting Information [Line Items]
Total revenues	19,301	17,260	36,681	33,666
Earnings from operations	3,901	3,116	6,741	5,297
Operating Segments [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Earnings from operations	(310)	(3,262)	(2,714)	(8,821)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Earnings from operations	0	0	0	0
Intersegment Eliminations [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Total revenues	123,693	61,305	207,424	125,334
Earnings from operations	35,222	19,627	60,867	39,357
Intersegment Eliminations [Member] | Railcar Leasing [Member]
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Earnings from operations	22	(64)	0	(33)
Intersegment Eliminations [Member] | Railcar Services [Member]
Segment Reporting Information [Line Items]
Total revenues	94	52	196	184
Earnings from operations	(21)	10	6	48
Intersegment Eliminations [Member] | Corporate And Eliminations [Member]
Segment Reporting Information [Line Items]
Total revenues	(123,787)	(61,357)	(207,620)	(125,518)
Earnings from operations	$ (35,223)	$ (19,573)	$ (60,873)	$ (39,372)

Operating Segment and Sales a57

Operating Segment and Sales and Credit Concentrations (Details 2)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Manufacturing [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from affiliates	32.20%	38.40%	40.10%	31.50%
Railcar Leasing [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from affiliates	0.00%	0.00%	0.00%	0.00%
Railcar Services [Member]
Segment Reporting Information [Line Items]
Percentage of revenue from affiliates	3.30%	2.00%	2.80%	2.10%
Sales Revenue, Segment [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Concentration Risk, Percentage	56.80%	63.10%	50.30%	47.50%
Accounts Receivable [Member] | Manufacturing [Member]
Segment Reporting Information [Line Items]
Percentage of total consolidated revenues from significant customers	31.20%		31.20%		60.50%

Subsequent Events (Details)

Subsequent Events (Details) - Jul. 28, 2015 - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Total
Subsequent Event [Line Items]
Cash dividend declared (usd per share)	$ 0.40
Stock Repurchase Program, Authorized Amount	$ 250