Company: FCNCB
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000798941-25-000010
Chunk: 28

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 28
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 re-pricing of equipment upon lease maturities was 128% of the average prior or expiring lease rate during the fourth quarter of 2024. Our fleet remains effectively fully utilized. Railcar utilization, including commitments to lease, was 97.6% at December 31, 2024 and 98.7% at December 31, 2023. 

Portfolio

Rail segment customers include all of the U.S. and Canadian Class I railroads (i.e., railroads with annual revenues of approximately $500 million and greater) and other railroads, as well as manufacturers and commodity shippers. Our total operating lease fleet at December 31, 2024 consisted of approximately 126,000 railcars and locomotives. 

66

The following tables reflect the proportion of railcars by type based on units and net investment, and rail operating lease equipment by obligor industry:

Table 18

Operating Lease Railcar Portfolio by Type (units and net investment)

December 31, 2024December 31, 2023December 31, 2022Railcar TypeTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentTotal Owned Fleet - % Total UnitsTotal Owned Fleet - % TotalNet InvestmentCovered hoppers45 %42 %45 %42 %43 %41 %Tank cars27 38 27 38 29 40 Mill/ coil gondolas8 6 8 7 8 6 Coal7 1 7 1 8 1 Boxcars6 6 6 6 6 6 Other7 7 7 6 6 6 Total100 %100 %100 %100 %100 %100 %

Table 19

Rail Operating Lease Equipment by Obligor Industry

dollars in millions December 31, 2024December 31, 2023December 31, 2022Manufacturing$3,467 40 %$3,281 41 %$3,016 41 %Rail2,003 23 1,889 24 1,981 27 Wholesale1,505 18 1,217 15 1,101 15 Oil and gas extraction / services583 7 573 7 552 7 Energy and utilities239 3