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Financial Statements for Guarantors of the Senior Notes (Tables)
 12 Months Ended
Dec. 31, 2014
Financial Statements for Guarantors of the Senior Notes [Abstract]  
Statements of Operations and Comprehensive Income
Statement of Operations and Comprehensive Income
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
4,725.4

 
$
2,294.2

 
$
(849.6
)
 
$
6,170.0

Cost of revenues
—

 
3,705.3

 
1,770.2

 
(855.7
)
 
4,619.8

Selling, engineering, and administrative expenses
115.6

 
151.5

 
136.5

 
—

 
403.6

Gains/(losses) on disposition of property, plant, and equipment
(1.4
)
 
41.4

 
64.4

 
—

 
104.4

 
117.0

 
3,815.4

 
1,842.3

 
(855.7
)
 
4,919.0

Operating profit (loss)
(117.0
)
 
910.0

 
451.9

 
6.1

 
1,251.0

Other (income) expense
(60.3
)
 
86.3

 
160.9

 
—

 
186.9

Equity in earnings of subsidiaries, net of taxes
740.2

 
228.9

 
—

 
(969.1
)
 
—

Income (loss) from continuing operations before income taxes
683.5

 
1,052.6

 
291.0

 
(963.0
)
 
1,064.1

Provision (benefit) for income taxes
5.3

 
325.4

 
26.1

 
(2.0
)
 
354.8

Income (loss) from continuing operations
678.2

 
727.2

 
264.9

 
(961.0
)
 
709.3

Income (loss) from discontinued operations, net of provision (benefit) for income taxes
—

 
(0.1
)
 
0.1

 
—

 
—

Net income (loss)
678.2

 
727.1

 
265.0

 
(961.0
)
 
709.3

Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
31.1

 
31.1

Net income (loss) attributable to controlling interest
$
678.2

 
$
727.1

 
$
265.0

 
$
(992.1
)
 
$
678.2

 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
678.2

 
$
727.1

 
$
265.0

 
$
(961.0
)
 
$
709.3

Other comprehensive income (loss)
(32.2
)
 
(10.0
)
 
11.2

 
—

 
(31.0
)
Comprehensive income
$
646.0

 
$
717.1

 
$
276.2

 
$
(961.0
)
 
$
678.3



Statement of Operations and Comprehensive Income
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
3,257.8

 
$
1,758.2

 
$
(650.7
)
 
$
4,365.3

Cost of revenues
—

 
2,636.3

 
1,341.9

 
(655.9
)
 
3,322.3

Selling, engineering, and administrative expenses
72.8

 
128.9

 
90.3

 
(0.7
)
 
291.3

Gains on disposition of property, plant, and equipment
0.3

 
10.9

 
10.0

 
—

 
21.2

 
72.5

 
2,754.3

 
1,422.2

 
(656.6
)
 
3,592.4

Operating profit (loss)
(72.5
)
 
503.5

 
336.0

 
5.9

 
772.9

Other (income) expense
(71.5
)
 
61.2

 
192.7

 
—

 
182.4

Equity in earnings of subsidiaries, net of taxes
378.3

 
97.1

 
—

 
(475.4
)
 
—

Income (loss) from continuing operations before income taxes
377.3

 
539.4

 
143.3

 
(469.5
)
 
590.5

Provision (benefit) for income taxes
1.8

 
167.0

 
33.5

 
2.1

 
204.4

Income (loss) from continuing operations
375.5

 
372.4

 
109.8

 
(471.6
)
 
386.1

Income (loss) from discontinued operations, net of provision (benefit) for income taxes
—

 
6.3

 
—

 
—

 
6.3

Net income (loss)
375.5

 
378.7

 
109.8

 
(471.6
)
 
392.4

Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
16.9

 
16.9

Net income (loss) attributable to controlling interest
$
375.5

 
$
378.7

 
$
109.8

 
$
(488.5
)
 
$
375.5

 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
375.5

 
$
378.7

 
$
109.8

 
$
(471.6
)
 
$
392.4

Other comprehensive income (loss)
47.7

 
9.9

 
17.1

 
—

 
74.7

Comprehensive income
$
423.2

 
$
388.6

 
$
126.9

 
$
(471.6
)
 
$
467.1

Statement of Operations and Comprehensive Income
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
2,791.5

 
$
1,429.0

 
$
(408.6
)
 
$
3,811.9

Cost of revenues
—

 
2,385.3

 
1,087.9

 
(421.7
)
 
3,051.5

Selling, engineering, and administrative expenses
50.4

 
111.4

 
62.3

 
—

 
224.1

Gains on disposition of property, plant, and equipment
0.4

 
9.4

 
28.7

 
—

 
38.5

 
50.0

 
2,487.3

 
1,121.5

 
(421.7
)
 
3,237.1

Operating profit (loss)
(50.0
)
 
304.2

 
307.5

 
13.1

 
574.8

Other (income) expense
(56.5
)
 
49.0

 
196.4

 
—

 
188.9

Equity in earnings of subsidiaries, net of taxes
246.6

 
88.2

 
—

 
(334.8
)
 
—

Income (loss) from continuing operations before income taxes
253.1

 
343.4

 
111.1

 
(321.7
)
 
385.9

Provision (benefit) for income taxes
(2.1
)
 
117.1

 
14.3

 
4.7

 
134.0

Income (loss) from continuing operations
255.2

 
226.3

 
96.8

 
(326.4
)
 
251.9

Income (loss) from discontinued operations, net of provision (benefit) for income taxes
—

 
1.4

 
0.4

 
—

 
1.8

Net income (loss)
255.2

 
227.7

 
97.2

 
(326.4
)
 
253.7

Net income (loss) attributable to noncontrolling interest
—

 
—

 
—

 
(1.5
)
 
(1.5
)
Net income (loss) attributable to controlling interest
$
255.2

 
$
227.7

 
$
97.2

 
$
(324.9
)
 
$
255.2

 
 
 
 
 
 
 
 
 
 
Net income (loss)
$
255.2

 
$
227.7

 
$
97.2

 
$
(326.4
)
 
$
253.7

Other comprehensive income (loss)
(20.1
)
 
(6.1
)
 
11.7

 
—

 
(14.5
)
Comprehensive income
$
235.1

 
$
221.6

 
$
108.9

 
$
(326.4
)
 
$
239.2
Balance Sheets
Balance Sheet
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
827.7

 
$
11.1

 
$
89.4

 
$
(40.3
)
 
$
887.9

Short-term marketable securities
75.0

 
—

 
—

 
—

 
75.0

Receivables, net of allowance
—

 
190.0

 
215.7

 
(0.4
)
 
405.3

Income tax receivable
58.6

 
—

 
—

 
—

 
58.6

Inventory
—

 
836.6

 
249.8

 
(18.0
)
 
1,068.4

Property, plant, and equipment, net
29.3

 
774.8

 
4,663.1

 
(564.3
)
 
4,902.9

Investments in and advances to subsidiaries
4,426.6

 
4,028.0

 
3.4

 
(8,458.0
)
 
—

Restricted cash
—

 
—

 
194.4

 
40.3

 
234.7

Goodwill and other assets
180.6

 
131.6

 
819.0

 
(30.2
)
 
1,101.0

 
$
5,597.8

 
$
5,972.1

 
$
6,234.8

 
$
(9,070.9
)
 
$
8,733.8

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
15.0

 
$
154.8

 
$
126.2

 
$
(0.6
)
 
$
295.4

Accrued liabilities
235.8

 
286.9

 
186.9

 
—

 
709.6

Debt
789.5

 
39.1

 
2,724.4

 
—

 
3,553.0

Deferred income
—

 
34.5

 
1.9

 
—

 
36.4

Deferred income taxes
—

 
637.5

 
8.7

 
(13.6
)
 
632.6

Advances from subsidiaries
1,067.5

 
—

 
597.7

 
(1,665.2
)
 
—

Other liabilities
92.6

 
13.7

 
3.1

 
—

 
109.4

Total stockholders' equity
3,397.4

 
4,805.6

 
2,585.9

 
(7,391.5
)
 
3,397.4

 
$
5,597.8

 
$
5,972.1

 
$
6,234.8

 
$
(9,070.9
)
 
$
8,733.8


Balance Sheet
 
 
 
 
 
 
 
 
 
December 31, 2013
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
409.8

 
$
2.1

 
$
44.0

 
$
(27.4
)
 
$
428.5

Short-term marketable securities
149.7

 
—

 
—

 
—

 
149.7

Receivables, net of allowance
—

 
223.4

 
142.2

 
(0.6
)
 
365.0

Income tax receivable
7.7

 
—

 
—

 
—

 
7.7

Inventory
—

 
642.1

 
180.7

 
(8.1
)
 
814.7

Property, plant, and equipment, net
44.5

 
947.2

 
4,264.7

 
(485.8
)
 
4,770.6

Investments in and advances to subsidiaries
3,431.7

 
2,806.5

 
79.8

 
(6,318.0
)
 
—

Restricted cash
—

 
25.0

 
208.3

 
27.4

 
260.7

Goodwill and other assets
133.1

 
144.3

 
247.8

 
(8.7
)
 
516.5

 
$
4,176.5

 
$
4,790.6

 
$
5,167.5

 
$
(6,821.2
)
 
$
7,313.4

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
11.6

 
$
115.6

 
$
89.7

 
$
(0.6
)
 
$
216.3

Accrued liabilities
213.0

 
202.7

 
151.7

 
—

 
567.4

Debt
375.9

 
42.2

 
2,571.7

 
—

 
2,989.8

Deferred income
—

 
38.7

 
2.1

 
—

 
40.8

Deferred income taxes
—

 
655.9

 
3.5

 
(8.7
)
 
650.7

Advances from subsidiaries
744.5

 
—

 
19.2

 
(763.7
)
 
—

Other liabilities
82.4

 
13.9

 
3.0

 
—

 
99.3

Total stockholders' equity
2,749.1

 
3,721.6

 
2,326.6

 
(6,048.2
)
 
2,749.1

 
$
4,176.5

 
$
4,790.6

 
$
5,167.5

 
$
(6,821.2
)
 
$
7,313.4
Statements of Cash Flows
Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
678.2

 
$
727.1

 
$
265.0

 
$
(961.0
)
 
$
709.3

Adjustments to reconcile net income to net cash:
 
 
 
 
 
 
 
 
 
(Income) loss from discontinued operations
—

 
0.1

 
(0.1
)
 
—

 
—

Depreciation and amortization
6.1

 
24.9

 
213.6

 
—

 
244.6

Stock-based compensation expense
53.3

 
18.9

 
13.4

 
(32.3
)
 
53.3

Excess tax benefits from stock-based compensation
(24.4
)
 
—

 
—

 
—

 
(24.4
)
Provision for deferred income taxes
(4.0
)
 
(8.9
)
 
7.1

 
—

 
(5.8
)
Net gains on railcar lease fleet sales owned more than one year
—

 
(41.4
)
 
(50.9
)
 
—

 
(92.3
)
Gains on disposition of property, plant, and equipment
1.4

 
—

 
(13.5
)
 
—

 
(12.1
)
Non-cash interest expense
15.7

 
(1.9
)
 
16.9

 
—

 
30.7

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in receivables
(50.9
)
 
33.4

 
(38.7
)
 
(0.2
)
 
(56.4
)
(Increase) decrease in inventories
—

 
(194.5
)
 
(1.7
)
 
9.9

 
(186.3
)
(Increase) decrease in restricted cash
—

 
25.0

 
—

 
—

 
25.0

(Increase) decrease in other assets
(38.8
)
 
13.2

 
(4.2
)
 
21.5

 
(8.3
)
Increase (decrease) in accounts payable
3.4

 
39.2

 
18.1

 
—

 
60.7

Increase (decrease) in accrued liabilities
2.1

 
72.8

 
12.1

 
(4.9
)
 
82.1

Increase (decrease) in other liabilities
9.2

 
(0.2
)
 
(6.4
)
 
—

 
2.6

Equity in earnings of subsidiaries, net of taxes
(740.2
)
 
(228.9
)
 
—

 
969.1

 
—

Other
(0.4
)
 
(3.5
)
 
(0.6
)
 
—

 
(4.5
)
Net cash provided (required) by operating activities - continuing
(89.3
)
 
475.3

 
430.1

 
2.1

 
818.2

Net cash provided by operating activities - discontinued
—

 
1.0

 
—

 
—

 
1.0

Net cash provided (required) by operating activities
(89.3
)
 
476.3

 
430.1

 
2.1

 
819.2

Investing activities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in short-term marketable securities
74.7

 
—

 
—

 
—

 
74.7

Proceeds from railcar lease fleet sales
—

 
549.2

 
140.3

 
(423.7
)
 
265.8

Proceeds from disposition of PPE and other assets
0.4

 
—

 
22.6

 
—

 
23.0

Capital expenditures – leasing
—

 
(222.8
)
 
(446.2
)
 
423.7

 
(245.3
)
Capital expenditures – manufacturing and other
(9.2
)
 
(64.0
)
 
(146.1
)
 
—

 
(219.3
)
Acquisitions, net of cash acquired
—

 
—

 
(714.4
)
 
—

 
(714.4
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
(4.5
)
 
—

 
4.5

 
—

Other
0.9

 
(0.8
)
 
0.7

 
—

 
0.8

Net cash provided (required) by investing activities - continuing
66.8

 
257.1

 
(1,143.1
)
 
4.5

 
(814.7
)
Net cash provided (required) by investing activities - discontinued
—

 
—

 
—

 
—

 
—

Net cash provided (required) by investing activities
66.8

 
257.1

 
(1,143.1
)
 
4.5

 
(814.7
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common stock, net
0.6

 
—

 
—

 
—

 
0.6

Excess tax benefits from stock-based compensation
24.4

 
—

 
—

 
—

 
24.4

Payments to retire debt
(0.5
)
 
(3.1
)
 
(183.0
)
 
—

 
(186.6
)
Proceeds from issuance of debt
395.7

 
—

 
331.6

 
—

 
727.3

(Increase) decrease in restricted cash
—

 
—

 
13.9

 
(12.9
)
 
1.0

Shares repurchased
(36.5
)
 
—

 
—

 
—

 
(36.5
)
Dividends paid to common shareholders
(54.4
)
 
—

 
—

 
—

 
(54.4
)
Purchase of shares to satisfy employee tax on vested stock
(38.3
)
 
—

 
—

 
—

 
(38.3
)
Contributions from noncontrolling interest
—

 
—

 
49.6

 
—

 
49.6

Distributions to noncontrolling interest
—

 
—

 
(28.2
)
 
—

 
(28.2
)
Contributions from controlling interest in partially-owned subs
—

 
—

 
4.5

 
(4.5
)
 
—

Change in intercompany financing between entities
149.4

 
(719.1
)
 
571.8

 
(2.1
)
 
—

Other
—

 
(0.7
)
 
(1.8
)
 
—

 
(2.5
)
Net cash provided (required) by financing activities - continuing
440.4

 
(722.9
)
 
758.4

 
(19.5
)
 
456.4

Net cash required by financing activities - discontinued
—

 
(1.5
)
 
—

 
—

 
(1.5
)
Net cash provided (required) by financing activities
440.4

 
(724.4
)
 
758.4

 
(19.5
)
 
454.9

Net increase (decrease) in cash and cash equivalents
417.9

 
9.0

 
45.4

 
(12.9
)
 
459.4

Cash and cash equivalents at beginning of period
409.8

 
2.1

 
44.0

 
(27.4
)
 
428.5

Cash and cash equivalents at end of period
$
827.7

 
$
11.1

 
$
89.4

 
$
(40.3
)
 
$
887.9

Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2013
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
375.5

 
$
378.7

 
$
109.8

 
$
(471.6
)
 
$
392.4

Adjustments to reconcile net income to net cash:
 
 
 
 
 
 
 
 
 
(Income) loss from discontinued operations
—

 
(6.3
)
 
—

 
—

 
(6.3
)
Depreciation and amortization
4.5

 
31.5

 
175.5

 
—

 
211.5

Stock-based compensation expense
44.5

 
15.9

 
7.5

 
(23.4
)
 
44.5

Excess tax benefits from stock-based compensation
(8.5
)
 
—

 
—

 
—

 
(8.5
)
Provision for deferred income taxes
43.3

 
(5.3
)
 
7.8

 
—

 
45.8

Net gains on railcar lease fleet sales owned more than one year
—

 
(10.9
)
 
(9.5
)
 
—

 
(20.4
)
Gain on disposition of property, plant, and equipment
(0.3
)
 
—

 
(0.5
)
 
—

 
(0.8
)
Non-cash interest expense
14.4

 
(0.9
)
 
17.3

 
—

 
30.8

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in receivables
1.0

 
27.6

 
(12.0
)
 
0.6

 
17.2

(Increase) decrease in inventories
—

 
(103.7
)
 
6.4

 
1.7

 
(95.6
)
(Increase) decrease in restricted cash
—

 
(25.0
)
 
—

 
—

 
(25.0
)
(Increase) decrease in other assets
146.8

 
9.3

 
(3.0
)
 
(182.2
)
 
(29.1
)
Increase (decrease) in accounts payable
0.1

 
15.0

 
14.4

 
(0.5
)
 
29.0

Increase (decrease) in accrued liabilities
61.8

 
20.5

 
(9.9
)
 
—

 
72.4

Increase (decrease) in other liabilities
(45.4
)
 
4.7

 
(22.7
)
 
71.6

 
8.2

Equity in earnings of subsidiaries, net of taxes
(378.3
)
 
(97.1
)
 
—

 
475.4

 
—

Other
(1.8
)
 
(4.4
)
 
(0.2
)
 
—

 
(6.4
)
Net cash provided (required) by operating activities - continuing
257.6

 
249.6

 
280.9

 
(128.4
)
 
659.7

Net cash provided (required) by operating activities - discontinued
—

 
2.5

 
—

 
—

 
2.5

Net cash provided (required) by operating activities
257.6

 
252.1

 
280.9

 
(128.4
)
 
662.2

Investing activities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in short-term marketable securities
(149.7
)
 
—

 
—

 
—

 
(149.7
)
Proceeds from railcar lease fleet sales
—

 
322.4

 
57.1

 
(247.9
)
 
131.6

Proceeds from disposition of PPE and other assets
—

 
0.3

 
3.4

 
—

 
3.7

Capital expenditures – leasing
—

 
(545.6
)
 
(283.4
)
 
247.9

 
(581.1
)
Capital expenditures – manufacturing and other
(23.7
)
 
(34.1
)
 
(92.1
)
 
—

 
(149.9
)
Acquisitions, net of cash acquired
—

 
35.6

 
(108.8
)
 
—

 
(73.2
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
47.3

 
—

 
(47.3
)
 
—

Other
108.8

 
—

 
—

 
(108.8
)
 
—

Net cash provided (required) by investing activities - continuing
(64.6
)
 
(174.1
)
 
(423.8
)
 
(156.1
)
 
(818.6
)
Net cash provided by investing activities - discontinued
—

 
0.6

 
—

 
—

 
0.6

Net cash provided (required) by investing activities
(64.6
)
 
(173.5
)
 
(423.8
)
 
(156.1
)
 
(818.0
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common stock, net
2.5

 
—

 
—

 
—

 
2.5

Excess tax benefits from stock-based compensation
8.5

 
—

 
—

 
—

 
8.5

Payments to retire debt
—

 
(52.2
)
 
(318.7
)
 
108.8

 
(262.1
)
Proceeds from issuance of debt
—

 
—

 
175.0

 
—

 
175.0

(Increase) decrease in restricted cash
—

 
—

 
2.5

 
(15.0
)
 
(12.5
)
Shares repurchased
(103.2
)
 
—

 
—

 
—

 
(103.2
)
Dividends paid to common shareholders
(39.3
)
 
—

 
—

 
—

 
(39.3
)
Purchase of shares to satisfy employee tax on vested stock
(9.6
)
 
—

 
—

 
—

 
(9.6
)
Proceeds from sale of interests in partially-owned leasing subs
—

 
—

 
296.7

 
—

 
296.7

Repurchase of noncontrolling interest in partially-owned leasing subs
—

 
(84.0
)
 
—

 
—

 
(84.0
)
Contributions from noncontrolling interest
—

 
—

 
50.0

 
—

 
50.0

Distributions to noncontrolling interest
—

 
—

 
(10.0
)
 
—

 
(10.0
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(47.3
)
 
47.3

 
—

Change in intercompany financing between entities
(148.3
)
 
56.7

 
(36.8
)
 
128.4

 
—

Other
—

 
—

 
0.8

 
—

 
0.8

Net cash provided (required) by financing activities - continuing
(289.4
)
 
(79.5
)
 
112.2

 
269.5

 
12.8

Net cash required by financing activities - discontinued
—

 
(1.5
)
 
—

 
—

 
(1.5
)
Net cash provided (required) by financing activities
(289.4
)
 
(81.0
)
 
112.2

 
269.5

 
11.3

Net increase (decrease) in cash and cash equivalents
(96.4
)
 
(2.4
)
 
(30.7
)
 
(15.0
)
 
(144.5
)
Cash and cash equivalents at beginning of period
506.2

 
4.5

 
74.7

 
(12.4
)
 
573.0

Cash and cash equivalents at end of period
$
409.8

 
$
2.1

 
$
44.0

 
$
(27.4
)
 
$
428.5

Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2012
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
255.2

 
$
227.7

 
$
97.2

 
$
(326.4
)
 
$
253.7

Adjustments to reconcile net income to net cash:
 
 
 
 
 
 
 
 
 
(Income) loss from discontinued operations
—

 
(1.4
)
 
(0.4
)
 
—

 
(1.8
)
Depreciation and amortization
3.9

 
30.4

 
159.4

 
—

 
193.7

Stock-based compensation expense
27.7

 
10.2

 
4.1

 
(14.3
)
 
27.7

Excess tax benefits from stock-based compensation
(0.6
)
 
—

 
—

 
—

 
(0.6
)
Provision for deferred income taxes
4.9

 
125.5

 
(4.1
)
 
—

 
126.3

Net gains on railcar lease fleet sales owned more than one year
—

 
(9.0
)
 
(24.5
)
 
—

 
(33.5
)
Gain on disposition of PPE and other assets
(0.4
)
 
(0.4
)
 
(4.2
)
 
—

 
(5.0
)
Non-cash interest expense
13.3

 
0.3

 
17.6

 
—

 
31.2

Changes in assets and liabilities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in receivables
(7.8
)
 
10.1

 
0.4

 
—

 
2.7

(Increase) decrease in inventories
—

 
(106.3
)
 
(24.9
)
 
3.2

 
(128.0
)
(Increase) decrease in restricted cash
—

 
—

 
—

 
—

 
—

(Increase) decrease in other assets
(30.2
)
 
(2.7
)
 
(3.3
)
 
(5.3
)
 
(41.5
)
Increase (decrease) in accounts payable
3.5

 
(26.0
)
 
5.8

 
—

 
(16.7
)
Increase (decrease) in accrued liabilities
5.9

 
109.5

 
6.2

 
3.9

 
125.5

Increase (decrease) in other liabilities
(12.8
)
 
(33.7
)
 
(1.4
)
 
44.0

 
(3.9
)
Equity in earnings of subsidiaries, net of taxes
(246.6
)
 
(88.2
)
 
—

 
334.8

 
—

Other adjustments
0.9

 
(3.2
)
 
(0.9
)
 
—

 
(3.2
)
Net cash provided by operating activities - continuing operations
16.9

 
242.8

 
227.0

 
39.9

 
526.6

Net cash provided by operating activities - discontinued operations
—

 
0.8

 
—

 
—

 
0.8

Net cash provided by operating activities
16.9

 
243.6

 
227.0

 
39.9

 
527.4

Investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from railcar lease fleet sales owned more than one year
—

 
527.6

 
88.7

 
(490.0
)
 
126.3

Proceeds from lease fleet sales – sale and leaseback
—

 
58.3

 
—

 
—

 
58.3

Proceeds from disposition of PPE and other assets
—

 
13.6

 
3.2

 
—

 
16.8

Capital expenditures – leasing subsidiary
—

 
(380.9
)
 
(461.7
)
 
490.0

 
(352.6
)
Capital expenditures – manufacturing and other
(6.6
)
 
(38.8
)
 
(71.2
)
 
—

 
(116.6
)
Acquisitions, net of cash acquired
—

 
2.1

 
(48.3
)
 
—

 
(46.2
)
Other
—

 
—

 
1.7

 
—

 
1.7

Net cash required by investing activities - continuing
(6.6
)
 
181.9

 
(487.6
)
 
—

 
(312.3
)
Net cash provided (required) by investing activities - discontinued
—

 
0.9

 
—

 
—

 
0.9

Net cash required by investing activities
(6.6
)
 
182.8

 
(487.6
)
 
—

 
(311.4
)
Financing activities:
 
 
 
 
 
 
 
 
 
Proceeds from issuance of common stock, net
4.1

 
—

 
—

 
—

 
4.1

Excess tax benefits from stock-based compensation
0.6

 
—

 
—

 
—

 
0.6

Payments to retire debt
—

 
(8.9
)
 
(369.5
)
 
—

 
(378.4
)
Proceeds from issuance of debt
—

 
—

 
443.8

 
—

 
443.8

(Increase) decrease in restricted cash
—

 
—

 
(6.0
)
 
23.1

 
17.1

Shares repurchased
(45.2
)
 
—

 
—

 
—

 
(45.2
)
Dividends paid to common shareholders
(31.7
)
 
—

 
—

 
—

 
(31.7
)
Purchase of shares to satisfy employee tax on vested stock
(4.8
)
 
—

 
—

 
—

 
(4.8
)
Change in intercompany financing between entities
236.5

 
(415.4
)
 
218.8

 
(39.9
)
 
—

Other
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net cash provided by financing activities - continuing
159.5

 
(424.3
)
 
286.6

 
(16.8
)
 
5.0

Net cash required by financing activities - discontinued
—

 
0.9

 
—

 
—

 
0.9

Net cash provided by financing activities
159.5

 
(423.4
)
 
286.6

 
(16.8
)
 
5.9

Net increase (decrease) in cash and cash equivalents
169.8

 
3.0

 
26.0

 
23.1

 
221.9

Cash and cash equivalents at beginning of period
336.4

 
1.5

 
48.7

 
(35.5
)
 
351.1

Cash and cash equivalents at end of period
$
506.2

 
$
4.5

 
$
74.7

 
$
(12.4
)
 
$
573.0