XML 47 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (unaudited) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating activities:    
Net income $ 233.0 $ 78.8
Adjustments to reconcile net income to net cash provided by operating activities:    
(Income) loss from discontinued operations 0.3 (6.6)
Depreciation and amortization 55.3 50.0
Stock-based compensation expense 10.9 8.9
Excess tax benefits from stock-based compensation (0.4) (0.6)
Provision for deferred income taxes 1.0 36.0
Net gains on railcar lease fleet sales owned more than one year at the time of sale (77.5) (6.8)
Gains (losses) on disposition of property, plant, equipment, and other assets (10.9) 0.1
Non-cash interest expense 7.8 8.1
Other (0.7) (2.4)
Changes in assets and liabilities:    
(Increase) decrease in receivables (43.3) (22.9)
(Increase) decrease in inventories (57.9) (26.3)
(Increase) decrease in restricted cash 25.0 0
(Increase) decrease in other assets (10.6) (20.2)
Increase (decrease) in accounts payable 38.4 10.9
Increase (decrease) in accrued liabilities 30.8 (8.2)
Increase (decrease) in other liabilities 3.9 6.1
Net cash provided by operating activities - continuing operations 205.1 104.9
Net cash provided (required) by operating activities - discontinued operations 0.2 (3.1)
Net cash provided by operating activities 205.3 101.8
Investing activities:    
(Increase) decrease in short-term marketable securities (106.7) (59.9)
Proceeds from railcar lease fleet sales owned more than one year at the time of sale 224.3 30.6
Proceeds from disposition of property, plant, equipment, and other assets 17.2 0.6
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $204.0 and $0.1 0.4 (166.8)
Capital expenditures – manufacturing and other (49.1) (25.8)
Acquisitions, net of cash acquired (112.6) (9.1)
Other 3.0 (0.8)
Net cash required by investing activities - continuing operations (23.5) (231.2)
Net cash required by investing activities - discontinued operations (0.1) (0.4)
Net cash required by investing activities (23.6) (231.6)
Financing activities:    
Proceeds from issuance of common stock, net 0.3 1.4
Excess tax benefits from stock-based compensation 0.4 0.6
Payments to retire debt (53.1) (83.5)
(Increase) decrease in restricted cash 4.3 7.9
Shares repurchased (12.5) 0
Dividends paid to common shareholders (11.6) (8.7)
Distributions to noncontrolling interest (5.4) 0
Other (0.1) (0.1)
Net cash required by financing activities - continuing operations (77.7) (82.4)
Net cash required by financing activities - discontinued operations (0.3) (0.3)
Net cash required by financing activities (78.0) (82.7)
Net increase (decrease) in cash and cash equivalents 103.7 (212.5)
Cash and cash equivalents at beginning of period 428.5 573.0
Cash and cash equivalents at end of period $ 532.2 [1] $ 360.5
[1] (unaudited)