Financial Statements for Guarantors of the Senior Notes (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	550.6	$	464.0	$	(137.3	)	$	877.3
Cost of revenues	2.4			441.9		356.7		(141.3		)	659.7
Selling, engineering, and administrative expenses	32.7			30.8		38.8		—			102.3
Gains/(losses) on dispositions of property	0.5			0.1		0.7		—			1.3
	34.6			472.6		394.8		(141.3		)	760.7
Operating profit (loss)	(34.6		)	78.0		69.2		4.0			116.6
Other (income) expense	6.2			6.9		31.0		—			44.1
Equity in earnings of subsidiaries, net of taxes	57.6			17.0		—		(74.6		)	—
Income before income taxes	16.8			88.1		38.2		(70.6		)	72.5
Provision (benefit) for income taxes	(29.2		)	40.4		9.8		(0.2		)	20.8
Net income	46.0			47.7		28.4		(70.4		)	51.7
Net income attributable to noncontrolling interest	—			—		—		5.7			5.7
Net income attributable to controlling interest	$	46.0		$	47.7	$	28.4	$	(76.1	)	$	46.0
Net income	$	46.0		$	47.7	$	28.4	$	(70.4	)	$	51.7
Other comprehensive income (loss)	1.0			—		1.1		—			2.1
Comprehensive income	47.0			47.7		29.5		(70.4		)	53.8
Comprehensive income attributable to noncontrolling interest	—			—		—		6.5			6.5
Comprehensive income attributable to controlling interest	$	47.0		$	47.7	$	29.5	$	(76.9	)	$	47.3

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	$	—		$	876.0		$	527.9	$	(216.0	)	$	1,187.9
Cost of revenues	(2.2		)	706.4			406.6		(220.9		)	889.9
Selling, engineering, and administrative expenses	23.5			34.3			38.7		—			96.5
Gains/(losses) on dispositions of property	(0.3		)	(0.2		)	2.4		—			1.9
	21.6			740.9			442.9		(220.9		)	984.5
Operating profit (loss)	(21.6		)	135.1			85.0		4.9			203.4
Other (income) expense	1.1			9.0			33.8		—			43.9
Equity in earnings of subsidiaries, net of taxes	122.0			26.6			—		(148.6		)	—
Income before income taxes	99.3			152.7			51.2		(143.7		)	159.5
Provision (benefit) for income taxes	2.1			44.9			8.6		1.8			57.4
Net income	97.2			107.8			42.6		(145.5		)	102.1
Net income attributable to noncontrolling interest	—			—			—		4.9			4.9
Net income attributable to controlling interest	$	97.2		$	107.8		$	42.6	$	(150.4	)	$	97.2
Net income	$	97.2		$	107.8		$	42.6	$	(145.5	)	$	102.1
Other comprehensive income (loss)	1.9			—			1.0		—			2.9
Comprehensive income	99.1			107.8			43.6		(145.5		)	105.0
Comprehensive income attributable to noncontrolling interest	—			—			—		5.4			5.4
Comprehensive income attributable to controlling interest	$	99.1		$	107.8		$	43.6	$	(150.9	)	$	99.6

Balance Sheet

Balance Sheet
March 31, 2017
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	562.9	$	5.2	$	53.6	$	(35.0	)	$	586.7
Short-term marketable securities	192.1		—		—		—			192.1
Receivables, net of allowance	0.8		139.8		183.1		—			323.7
Income tax receivable	130.8		—		2.2		—			133.0
Inventory	—		411.0		232.6		(11.5		)	632.1
Property, plant, and equipment, net	48.3		2,498.9		3,987.9		(455.0		)	6,080.1
Investments in and advances to subsidiaries	4,923.1		2,593.4		334.0		(7,850.5		)	—
Restricted cash	—		—		148.8		35.0			183.8
Goodwill and other assets	125.1		587.5		302.3		(3.0		)	1,011.9
	$	5,983.1	$	6,235.8	$	5,244.5	$	(8,320.0	)	$	9,143.4
Liabilities:
Accounts payable	$	6.1	$	49.3	$	101.5	$	(0.5	)	$	156.4
Accrued liabilities	203.0		64.5		134.1		(3.0		)	398.6
Debt	823.3		31.1		2,181.6		—			3,036.0
Deferred income	—		21.2		1.5		—			22.7
Deferred income taxes	90.3		1,025.7		12.2		0.3			1,128.5
Advances from subsidiaries	463.3		—		—		(463.3		)	—
Other liabilities	48.2		1.9		2.2		—			52.3
Total stockholders' equity	4,348.9		5,042.1		2,811.4		(7,853.5		)	4,348.9
	$	5,983.1	$	6,235.8	$	5,244.5	$	(8,320.0	)	$	9,143.4

Balance Sheet
December 31, 2016
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	537.9	$	5.2	$	51.3	$	(31.0	)	$	563.4
Short-term marketable securities	234.7		—		—		—			234.7
Receivables, net of allowance	1.1		219.2		158.4		—			378.7
Income tax receivable	99.9		—		2.2		—			102.1
Inventory	—		444.2		231.5		(9.9		)	665.8
Property, plant, and equipment, net	48.8		2,347.4		4,029.8		(459.2		)	5,966.8
Investments in and advances to subsidiaries	4,862.4		2,565.0		334.6		(7,762.0		)	—
Restricted cash	—		—		147.1		31.1			178.2
Goodwill and other assets	150.8		585.1		301.0		(1.3		)	1,035.6
	$	5,935.6	$	6,166.1	$	5,255.9	$	(8,232.3	)	$	9,125.3
Liabilities:
Accounts payable	$	5.7	$	54.8	$	96.1	$	(0.5	)	$	156.1
Accrued liabilities	200.0		87.7		139.7		(1.3		)	426.1
Debt	818.7		32.0		2,205.9		—			3,056.6
Deferred income	—		21.9		1.6		—			23.5
Deferred income taxes	78.6		984.7		9.3		0.3			1,072.9
Advances from subsidiaries	458.2		—		—		(458.2		)	—
Other liabilities	63.3		13.5		2.2		—			79.0
Total stockholders' equity	4,311.1		4,971.5		2,801.1		(7,772.6		)	4,311.1
	$	5,935.6	$	6,166.1	$	5,255.9	$	(8,232.3	)	$	9,125.3

Statement of Cash Flows

Statement of Cash Flows
Three Months Ended March 31, 2017
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	46.0		$	47.7		$	28.4		$	(70.4	)	$	51.7
Equity in earnings of subsidiaries, net of taxes	(57.6		)	(17.0		)	—			74.6			—
Other	10.2			132.7			29.3			(3.8		)	168.4
Net cash provided (required) by operating activities	(1.4		)	163.4			57.7			0.4			220.1
Investing activities:
(Increase) decrease in short-term marketable securities	42.6			—			—			—			42.6
Proceeds from railcar lease fleet sales owned more than one year	—			—			—			—			—
Proceeds from dispositions of property and other assets	—			0.6			3.0			—			3.6
Capital expenditures – leasing	—			(161.7		)	(1.2		)	—			(162.9		)
Capital expenditures – manufacturing and other	(2.1		)	(6.2		)	(16.0		)	—			(24.3		)
(Increase) decrease in investment in partially-owned subsidiaries	—			4.9			—			(4.9		)	—
Other	—			—			0.5			—			0.5
Net cash provided (required) by investing activities	40.5			(162.4		)	(13.7		)	(4.9		)	(140.5		)
Financing activities:
Excess tax benefits from stock-based compensation	—			—			—			—			—
Payments to retire debt	—			(0.9		)	(25.8		)	—			(26.7		)
(Increase) decrease in restricted cash	—			—			(1.7		)	(3.9		)	(5.6		)
Shares repurchased	—			—			—			—			—
Dividends paid to common shareholders	(16.7		)	—			—			—			(16.7		)
Purchase of shares to satisfy employee tax on vested stock	—			—			—			—			—
Distributions to noncontrolling interest	—			—			(7.3		)	—			(7.3		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(4.9		)	4.9			—
Change in intercompany financing between entities	2.6			(0.1		)	(2.0		)	(0.5		)	—
Other	—			—			—			—			—
Net cash provided (required) by financing activities	(14.1		)	(1.0		)	(41.7		)	0.5			(56.3		)
Net increase (decrease) in cash and cash equivalents	25.0			—			2.3			(4.0		)	23.3
Cash and cash equivalents at beginning of period	537.9			5.2			51.3			(31.0		)	563.4
Cash and cash equivalents at end of period	$	562.9		$	5.2		$	53.6		$	(35.0	)	$	586.7

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		$	107.8		$	42.6		$	(145.5	)	$	102.1
Equity in earnings of subsidiaries, net of taxes	(122.0		)	(26.6		)	—			148.6			—
Other	79.9			101.7			9.3			(6.9		)	184.0
Net cash provided (required) by operating activities	55.1			182.9			51.9			(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		)	(5.6		)	(16.9		)	—			(26.3		)
(Increase) decrease in investment in partially-owned subsidiaries	—			4.4			—			(4.4		)	—
Other	—			3.1			(2.9		)	—			0.2
Net cash provided (required) by investing activities	(118.8		)	(224.6		)	(8.3		)	(4.4		)	(356.1		)
Financing activities:
Excess tax benefits from stock-based compensation	0.4			—			—			—			0.4
Payments to retire debt	—			(0.8		)	(29.6		)	—			(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	(41.9		)	45.4			(7.3		)	3.8			—
Other	(0.1		)	—			(2.0		)	—			(2.1		)
Net cash provided (required) by financing activities	(93.2		)	44.8			(46.3		)	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