Financial Statements for Guarantors of the Senior Notes (Tables)

6 Months Ended

Jun. 30, 2015

Financial Statements for Guarantors of the Senior Notes [Abstract]

Statements of Operations and Comprehensive Income

Statement of Operations and Comprehensive Income
Six Months Ended June 30, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	2,400.0		$	1,371.4	$	(467.9	)	$	3,303.5
Cost of revenues	(1.9		)	1,889.2			1,021.3		(477.9		)	2,430.7
Selling, engineering, and administrative expenses	56.2			71.1			85.4		—			212.7
Gains on dispositions of property	1.6			7.8			46.5		—			55.9
	52.7			1,952.5			1,060.2		(477.9		)	2,587.5
Operating profit (loss)	(52.7		)	447.5			311.2		10.0			716.0
Other (income) expense	7.1			16.0			75.0		—			98.1
Equity in earnings of subsidiaries, net of taxes	443.2			124.6			—		(567.8		)	—
Income before income taxes	383.4			556.1			236.2		(557.8		)	617.9
Provision (benefit) for income taxes	(8.8		)	180.1			33.2		3.6			208.1
Net income	392.2			376.0			203.0		(561.4		)	409.8
Net income attributable to noncontrolling interest	—			—			—		17.6			17.6
Net income attributable to controlling interest	$	392.2		$	376.0		$	203.0	$	(579.0	)	$	392.2
Net income	$	392.2		$	376.0		$	203.0	$	(561.4	)	$	409.8
Other comprehensive income (loss)	1.0			(0.5		)	4.6		—			5.1
Comprehensive income	393.2			375.5			207.6		(561.4		)	414.9
Comprehensive income attributable to noncontrolling interest	—			—			—		19.1			19.1
Comprehensive income attributable to controlling interest	$	393.2		$	375.5		$	207.6	$	(580.5	)	$	395.8

Statement of Operations and Comprehensive Income
Three Months Ended June 30, 2014
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	991.5	$	681.4	$	(187.6	)	$	1,485.3
Cost of revenues	(0.4		)	767.1		521.5		(189.9		)	1,098.3
Selling, engineering, and administrative expenses	28.1			28.5		39.8		—			96.4
Gains/(losses) on dispositions of property	0.1			7.0		4.3		—			11.4
	27.6			788.6		557.0		(189.9		)	1,183.3
Operating profit (loss)	(27.6		)	202.9		124.4		2.3			302.0
Other (income) expense	4.5			3.2		37.3		—			45.0
Equity in earnings of subsidiaries, net of taxes	150.1			27.3		—		(177.4		)	—
Income before income taxes	118.0			227.0		87.1		(175.1		)	257.0
Provision (benefit) for income taxes	(46.2		)	110.6		25.6		(6.1		)	83.9
Net income	164.2			116.4		61.5		(169.0		)	173.1
Net income attributable to noncontrolling interest	—			—		—		8.9			8.9
Net income attributable to controlling interest	$	164.2		$	116.4	$	61.5	$	(177.9	)	$	164.2
Net income	$	164.2		$	116.4	$	61.5	$	(169.0	)	$	173.1
Other comprehensive income (loss)	0.5			—		3.3		—			3.8
Comprehensive income	164.7			116.4		64.8		(169.0		)	176.9
Comprehensive income attributable to noncontrolling interest	—			—		—		9.5			9.5
Comprehensive income attributable to controlling interest	$	164.7		$	116.4	$	64.8	$	(178.5	)	$	167.4

Statement of Operations and Comprehensive Income
Six Months Ended June 30, 2014
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	2,007.6	$	1,303.3	$	(365.1	)	$	2,945.8
Cost of revenues	—			1,521.2		1,015.5		(364.4		)	2,172.3
Selling, engineering, and administrative expenses	50.1			50.7		79.2		—			180.0
Gains/(losses) on dispositions of property	(0.1		)	41.3		58.6		—			99.8
	50.2			1,530.6		1,036.1		(364.4		)	2,252.5
Operating profit (loss)	(50.2		)	477.0		267.2		(0.7		)	693.3
Other (income) expense	8.2			7.5		75.1		—			90.8
Equity in earnings of subsidiaries, net of taxes	402.3			76.4		—		(478.7		)	—
Income before income taxes	343.9			545.9		192.1		(479.4		)	602.5
Provision (benefit) for income taxes	(46.7		)	214.4		37.1		(8.4		)	196.4
Net income	390.6			331.5		155.0		(471.0		)	406.1
Net income attributable to noncontrolling interest	—			—		—		15.5			15.5
Net income attributable to controlling interest	$	390.6		$	331.5	$	155.0	$	(486.5	)	$	390.6
Net income	$	390.6		$	331.5	$	155.0	$	(471.0	)	$	406.1
Other comprehensive income (loss)	1.1			—		6.0		—			7.1
Comprehensive income	391.7			331.5		161.0		(471.0		)	413.2
Comprehensive income attributable to noncontrolling interest	—			—		—		16.8			16.8
Comprehensive income attributable to controlling interest	$	391.7		$	331.5	$	161.0	$	(487.8	)	$	396.4

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	—		187.5		218.2		(0.4		)	405.3
Income tax receivable	58.6		—		—		—			58.6
Inventory	—		801.9		284.6		(18.1		)	1,068.4
Property, plant, and equipment, net	29.3		813.6		4,624.3		(564.3		)	4,902.9
Investments in and advances to subsidiaries	4,431.1		2,610.6		526.4		(7,568.1		)	—
Restricted cash	—		—		194.4		40.3			234.7
Goodwill and other assets	180.6		575.5		375.1		(30.2		)	1,101.0
	$	5,602.3	$	5,000.2	$	6,312.4	$	(8,181.1	)	$	8,733.8
Liabilities:
Accounts payable	$	15.0	$	155.5	$	125.5	$	(0.6	)	$	295.4
Accrued liabilities	235.8		280.3		193.5		—			709.6
Debt	789.5		39.1		2,724.4		—			3,553.0
Deferred income	—		34.5		1.9		—			36.4
Deferred income taxes	—		634.1		12.1		(13.6		)	632.6
Advances from subsidiaries	1,072.0		—		—		(1,072.0		)	—
Other liabilities	92.6		13.0		3.8		—			109.4
Total stockholders' equity	3,397.4		3,843.7		3,251.2		(7,094.9		)	3,397.4
	$	5,602.3	$	5,000.2	$	6,312.4	$	(8,181.1	)	$	8,733.8

Statements of Cash Flows

Statement of Cash Flows
Six Months Ended June 30, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	392.2		$	376.0		$	203.0		$	(561.4	)	$	409.8
Equity in earnings of subsidiaries, net of taxes	(443.2		)	(124.6		)	—			567.8			—
Other	(22.8		)	(134.6		)	48.3			(18.7		)	(127.8		)
Net cash provided (required) by operating activities	(73.8		)	116.8			251.3			(12.3		)	282.0
Investing activities:
(Increase) decrease in short-term marketable securities	75.0			—			—			—			75.0
Proceeds from dispositions of property	—			1.9			2.9			—			4.8
Proceeds from railcar lease fleet sales	—			60.6			150.0			(43.2		)	167.4
Capital expenditures – leasing	—			(422.4		)	(40.2		)	43.2			(419.4		)
Capital expenditures – manufacturing and other	(4.0		)	(22.3		)	(74.4		)	—			(100.7		)
Acquisitions, net of cash acquired	—			—			(46.2		)	—			(46.2		)
(Increase) decrease in investment in partially-owned subsidiaries	—			12.8			—			(12.8		)	—
Divestitures	—			—			51.3			—			51.3
Other	—			1.3			3.9			—			5.2
Net cash provided (required) by investing activities	71.0			(368.1		)	47.3			(12.8		)	(262.6		)
Financing activities:
Proceeds from issuance of common stock, net	0.2			—			—			—			0.2
Excess tax benefits from stock-based compensation	12.8			—			—			—			12.8
Payments to retire debt	—			(1.6		)	(469.4		)	—			(471.0		)
Proceeds from issuance of debt	(1.5		)	—			243.9			—			242.4
(Increase) decrease in restricted cash	—			—			45.5			1.3			46.8
Shares repurchased	(75.0		)	—			—			—			(75.0		)
Dividends paid to common shareholders	(31.1		)	—			—			—			(31.1		)
Purchase of shares to satisfy employee tax on vested stock	(27.2		)	—			—			—			(27.2		)
Contributions from noncontrolling interest	—			—			—			—			—
Contributions from controlling interest in partially-owned subsidiaries	—			—			—			—			—
Distributions to noncontrolling interest	—			—			(19.9		)	—			(19.9		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(12.8		)	12.8			—
Change in intercompany financing between entities	(178.2		)	243.4			(77.5		)	12.3			—
Other	—			—			(1.5		)	—			(1.5		)
Net cash provided (required) by financing activities	(300.0		)	241.8			(291.7		)	26.4			(323.5		)
Net increase (decrease) in cash and cash equivalents	(302.8		)	(9.5		)	6.9			1.3			(304.1		)
Cash and cash equivalents at beginning of period	827.7			11.1			89.4			(40.3		)	887.9
Cash and cash equivalents at end of period	$	524.9		$	1.6		$	96.3		$	(39.0	)	$	583.8

Statement of Cash Flows
Six Months Ended June 30, 2014
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	390.6		$	331.5		$	155.0		$	(471.0	)	$	406.1
Equity in earnings of subsidiaries, net of taxes	(402.3		)	(76.4		)	—			478.7			—
Other	40.4			(317.1		)	35.2			(7.2		)	(248.7		)
Net cash provided (required) by operating activities	28.7			(62.0		)	190.2			0.5			157.4
Investing activities:
(Increase) decrease in short-term marketable securities	(68.8		)	—			—			—			(68.8		)
Proceeds from dispositions of property	0.4			—			20.6			—			21.0
Proceeds from railcar lease fleet sales	—			544.6			117.0			(419.5		)	242.1
Capital expenditures – leasing	—			(46.8		)	(422.2		)	419.5			(49.5		)
Capital expenditures – manufacturing and other	(4.7		)	(25.6		)	(77.2		)	—			(107.5		)
Acquisitions, net of cash acquired	—			—			(118.8		)	—			(118.8		)
(Increase) decrease in investment in partially-owned subsidiaries	—			(14.5		)	—			14.5			—
Divestitures	—			—			—			—			—
Other	—			—			0.3			—			0.3
Net cash provided (required) by investing activities	(73.1		)	457.7			(480.3		)	14.5			(81.2		)
Financing activities:
Proceeds from issuance of common stock, net	0.4			—			—			—			0.4
Excess tax benefits from stock-based compensation	23.6			—			—			—			23.6
Payments to retire debt	—			(1.6		)	(88.5		)	—			(90.1		)
Proceeds from issuance of debt	—			—			332.1			—			332.1
(Increase) decrease in restricted cash	—			—			(6.7		)	(6.1		)	(12.8		)
Shares repurchased	(17.5		)	—			—			—			(17.5		)
Dividends paid to common shareholders	(23.2		)	—			—			—			(23.2		)
Purchase of shares to satisfy employee tax on vested stock	(38.1		)	—			—			—			(38.1		)
Contributions from noncontrolling interest	—			—			49.6			—			49.6
Contributions from controlling interest in partially-owned subsidiaries	—			—			14.5			(14.5		)	—
Distributions to noncontrolling interest	—			—			(12.3		)	—			(12.3		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			—			—			—
Change in intercompany financing between entities	378.5			(394.4		)	16.5			(0.6		)	—
Other	—			(0.5		)	(0.6		)	—			(1.1		)
Net cash provided (required) by financing activities	323.7			(396.5		)	304.6			(21.2		)	210.6
Net increase (decrease) in cash and cash equivalents	279.3			(0.8		)	14.5			(6.2		)	286.8
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	$	689.1		$	1.3		$	58.5		$	(33.6	)	$	715.3