Financial Statements for Guarantors of the Senior Notes (Tables)

3 Months Ended

Mar. 31, 2016

Financial Statements for Guarantors of the Senior Notes [Abstract]

Statement of Operations and Comprehensive Income

Statement of Operations and Comprehensive Income
Three Months Ended March 31, 2016
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	749.9		$	641.1	$	(203.1	)	$	1,187.9
Cost of revenues	(2.2		)	611.4			488.7		(208.0		)	889.9
Selling, engineering, and administrative expenses	23.5			31.9			41.1		—			96.5
Gains/(losses) on dispositions of property	(0.3		)	(0.2		)	2.4		—			1.9
	21.6			643.5			527.4		(208.0		)	984.5
Operating profit (loss)	(21.6		)	106.4			113.7		4.9			203.4
Other (income) expense	1.1			8.5			34.3		—			43.9
Equity in earnings of subsidiaries, net of taxes	122.0			26.6			—		(148.6		)	—
Income before income taxes	99.3			124.5			79.4		(143.7		)	159.5
Provision (benefit) for income taxes	2.1			36.9			16.6		1.8			57.4
Net income	97.2			87.6			62.8		(145.5		)	102.1
Net income attributable to noncontrolling interest	—			—			—		4.9			4.9
Net income attributable to controlling interest	$	97.2		$	87.6		$	62.8	$	(150.4	)	$	97.2
Net income	$	97.2		$	87.6		$	62.8	$	(145.5	)	$	102.1
Other comprehensive income (loss)	1.9			—			1.0		—			2.9
Comprehensive income	99.1			87.6			63.8		(145.5		)	105.0
Comprehensive income attributable to noncontrolling interest	—			—			—		5.4			5.4
Comprehensive income attributable to controlling interest	$	99.1		$	87.6		$	63.8	$	(150.9	)	$	99.6

Statement of Operations and Comprehensive Income
Three Months Ended March 31, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	1,186.1		$	671.1	$	(230.5	)	$	1,626.7
Cost of revenues	(0.8		)	946.1			500.0		(234.2		)	1,211.1
Selling, engineering, and administrative expenses	25.4			33.0			39.9		—			98.3
Gains/(losses) on dispositions of property	0.2			(0.1		)	15.7		—			15.8
	24.4			979.2			524.2		(234.2		)	1,293.6
Operating profit (loss)	(24.4		)	206.9			146.9		3.7			333.1
Other (income) expense	4.4			6.9			37.4		—			48.7
Equity in earnings of subsidiaries, net of taxes	196.9			57.8			—		(254.7		)	—
Income before income taxes	168.1			257.8			109.5		(251.0		)	284.4
Provision (benefit) for income taxes	(12.1		)	87.6			18.6		1.3			95.4
Net income	180.2			170.2			90.9		(252.3		)	189.0
Net income attributable to noncontrolling interest	—			—			—		8.8			8.8
Net income attributable to controlling interest	$	180.2		$	170.2		$	90.9	$	(261.1	)	$	180.2
Net income	$	180.2		$	170.2		$	90.9	$	(252.3	)	$	189.0
Other comprehensive income (loss)	(1.0		)	(0.5		)	2.0		—			0.5
Comprehensive income	179.2			169.7			92.9		(252.3		)	189.5
Comprehensive income attributable to noncontrolling interest	—			—			—		9.4			9.4
Comprehensive income attributable to controlling interest	$	179.2		$	169.7		$	92.9	$	(261.7	)	$	180.1

Balance Sheet

Balance Sheet
March 31, 2016
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	611.4	$	4.8	$	48.4	$	(28.9	)	$	635.7
Short-term marketable securities	199.9		—		—		—			199.9
Receivables, net of allowance	0.3		192.4		182.3		—			375.0
Income tax receivable	21.9		—		—		—			21.9
Inventory	—		641.2		311.6		(16.7		)	936.1
Property, plant, and equipment, net	39.8		1,864.6		4,106.5		(487.4		)	5,523.5
Investments in and advances to subsidiaries	6,378.3		3,537.6		987.9		(10,903.8		)	—
Restricted cash	—		—		156.7		28.9			185.6
Goodwill and other assets	175.5		587.5		303.0		(34.0		)	1,032.0
	$	7,427.1	$	6,828.1	$	6,096.4	$	(11,441.9	)	$	8,909.7
Liabilities:
Accounts payable	$	9.6	$	89.5	$	124.8	$	(0.1	)	$	223.8
Accrued liabilities	203.2		144.1		140.1		(35.1		)	452.3
Debt	805.0		34.9		2,331.1		—			3,171.0
Deferred income	—		24.2		1.6		—			25.8
Deferred income taxes	37.2		765.8		10.3		0.2			813.5
Advances from subsidiaries	2,164.7		—		—		(2,164.7		)	—
Other liabilities	101.4		13.6		2.3		—			117.3
Total stockholders' equity	4,106.0		5,756.0		3,486.2		(9,242.2		)	4,106.0
	$	7,427.1	$	6,828.1	$	6,096.4	$	(11,441.9	)	$	8,909.7

Balance Sheet
December 31, 2015
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	768.3	$	1.7	$	51.1	$	(35.1	)	$	786.0
Short-term marketable securities	84.9		—		—		—			84.9
Receivables, net of allowance	0.1		196.3		173.5		—			369.9
Income tax receivable	94.9		—		—		—			94.9
Inventory	—		634.1		325.4		(16.4		)	943.1
Property, plant, and equipment, net	37.7		1,597.0		4,204.3		(491.0		)	5,348.0
Investments in and advances to subsidiaries	6,262.9		3,633.1		908.5		(10,804.5		)	—
Restricted cash	—		0.2		160.5		35.1			195.8
Goodwill and other assets	178.8		579.8		304.7		—			1,063.3
	$	7,427.6	$	6,642.2	$	6,128.0	$	(11,311.9	)	$	8,885.9
Liabilities:
Accounts payable	$	9.9	$	62.9	$	144.3	$	(0.3	)	$	216.8
Accrued liabilities	224.9		137.3		168.5		(1.1		)	529.6
Debt	800.6		35.6		2,359.2		—			3,195.4
Deferred income	—		25.4		1.7		—			27.1
Deferred income taxes	31.2		711.3		9.4		0.3			752.2
Advances from subsidiaries	2,212.2		—		—		(2,212.2		)	—
Other liabilities	100.1		13.6		2.4		—			116.1
Total stockholders' equity	4,048.7		5,656.1		3,442.5		(9,098.6		)	4,048.7
	$	7,427.6	$	6,642.2	$	6,128.0	$	(11,311.9	)	$	8,885.9

Statement of Cash Flows

Statement of Cash Flows
Three Months Ended March 31, 2016
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	97.2		$	87.6		$	62.8		$	(145.5	)	$	102.1
Equity in earnings of subsidiaries, net of taxes	(122.0		)	(26.6		)	—			148.6			—
Other	79.8			95.4			15.7			(6.9		)	184.0
Net cash provided (required) by operating activities	55.0			156.4			78.5			(3.8		)	286.1
Investing activities:
(Increase) decrease in short-term marketable securities	(115.0		)	—			—			—			(115.0		)
Proceeds from railcar lease fleet sales owned more than one year	—			0.3			6.4			—			6.7
Proceeds from dispositions of property and other assets	—			0.1			1.0			—			1.1
Capital expenditures – leasing	—			(226.9		)	4.1			—			(222.8		)
Capital expenditures – manufacturing and other	(3.8		)	(4.1		)	(18.4		)	—			(26.3		)
Acquisitions, net of cash acquired	—			—			—			—			—
(Increase) decrease in investment in partially-owned subsidiaries	—			4.4			—			(4.4		)	—
Other	—			2.5			(2.3		)	—			0.2
Net cash provided (required) by investing activities	(118.8		)	(223.7		)	(9.2		)	(4.4		)	(356.1		)
Financing activities:
Excess tax benefits from stock-based compensation	0.4			—			—			—			0.4
Payments to retire debt	—			(0.9		)	(29.5		)	—			(30.4		)
(Increase) decrease in restricted cash	—			0.2			3.8			6.2			10.2
Shares repurchased	(34.7		)	—			—			—			(34.7		)
Dividends paid to common shareholders	(16.8		)	—			—			—			(16.8		)
Purchase of shares to satisfy employee tax on vested stock	(0.1		)	—			—			—			(0.1		)
Distributions to noncontrolling interest	—			—			(6.8		)	—			(6.8		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(4.4		)	4.4			—
Change in intercompany financing between entities	(41.8		)	71.1			(33.1		)	3.8			—
Other	(0.1		)	—			(2.0		)	—			(2.1		)
Net cash provided (required) by financing activities	(93.1		)	70.4			(72.0		)	14.4			(80.3		)
Net increase (decrease) in cash and cash equivalents	(156.9		)	3.1			(2.7		)	6.2			(150.3		)
Cash and cash equivalents at beginning of period	768.3			1.7			51.1			(35.1		)	786.0
Cash and cash equivalents at end of period	$	611.4		$	4.8		$	48.4		$	(28.9	)	$	635.7

Statement of Cash Flows
Three Months Ended March 31, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	180.2		$	170.2		$	90.9		$	(252.3	)	$	189.0
Equity in earnings of subsidiaries, net of taxes	(196.9		)	(57.8		)	—			254.7			—
Other	81.8			(182.4		)	29.3			(8.3		)	(79.6		)
Net cash provided (required) by operating activities	65.1			(70.0		)	120.2			(5.9		)	109.4
Investing activities:
(Increase) decrease in short-term marketable securities	(25.0		)	—			—			—			(25.0		)
Proceeds from railcar lease fleet sales owned more than one year	—			15.7			78.2			(15.4		)	78.5
Proceeds from dispositions of property and other assets	—			—			1.6			—			1.6
Capital expenditures – leasing	—			(290.0		)	(8.8		)	15.4			(283.4		)
Capital expenditures – manufacturing and other	(1.8		)	(10.8		)	(40.9		)	—			(53.5		)
Acquisitions, net of cash acquired	—			—			(45.5		)	—			(45.5		)
(Increase) decrease in investment in partially-owned subsidiaries	—			7.2			—			(7.2		)	—
Other	—			0.7			3.5			—			4.2
Net cash provided (required) by investing activities	(26.8		)	(277.2		)	(11.9		)	(7.2		)	(323.1		)
Financing activities:
Excess tax benefits from stock-based compensation	0.4			—			—			—			0.4
Payments to retire debt	—			(0.8		)	(70.1		)	—			(70.9		)
(Increase) decrease in restricted cash	—			—			29.8			3.2			33.0
Shares repurchased	(18.0		)	—			—			—			(18.0		)
Dividends paid to common shareholders	(15.6		)	—			—			—			(15.6		)
Purchase of shares to satisfy employee tax on vested stock	(0.4		)	—			—			—			(0.4		)
Distributions to noncontrolling interest	—			—			(11.3		)	—			(11.3		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(7.2		)	7.2			—
Change in intercompany financing between entities	(283.9		)	339.3			(61.3		)	5.9			—
Other	—			—			(0.7		)	—			(0.7		)
Net cash provided (required) by financing activities	(317.5		)	338.5			(120.8		)	16.3			(83.5		)
Net increase (decrease) in cash and cash equivalents	(279.2		)	(8.7		)	(12.5		)	3.2			(297.2		)
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	$	548.5		$	2.4		$	76.9		$	(37.1	)	$	590.7