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Financial Statements for Guarantors of the Senior Notes (Tables)
 9 Months Ended
Sep. 30, 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 September 30, 2017
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
622.5

 
$
501.3

 
$
(150.2
)
 
$
973.6

Cost of revenues
(0.1
)
 
493.3

 
385.5

 
(156.5
)
 
722.2

Selling, engineering, and administrative expenses
39.5

 
35.6

 
39.4

 
—

 
114.5

Gains/(losses) on dispositions of property
(0.1
)
 
15.9

 
0.3

 
—

 
16.1

 
39.5

 
513.0

 
424.6

 
(156.5
)
 
820.6

Operating profit (loss)
(39.5
)
 
109.5

 
76.7

 
6.3

 
153.0

Other (income) expense
5.7

 
6.4

 
33.3

 
—

 
45.4

Equity in earnings of subsidiaries, net of taxes
111.7

 
17.5

 
—

 
(129.2
)
 
—

Income before income taxes
66.5

 
120.6

 
43.4

 
(122.9
)
 
107.6

Provision (benefit) for income taxes
(0.4
)
 
35.5

 
6.4

 
(1.8
)
 
39.7

Net income
66.9

 
85.1

 
37.0

 
(121.1
)
 
67.9

Net income attributable to noncontrolling interest
—

 
—

 
—

 
1.0

 
1.0

Net income attributable to controlling interest
$
66.9

 
$
85.1

 
$
37.0

 
$
(122.1
)
 
$
66.9

 
 
 
 
 
 
 
 
 
 
Net income
$
66.9

 
$
85.1

 
$
37.0

 
$
(121.1
)
 
$
67.9

Other comprehensive income (loss)
1.8

 
—

 
0.3

 
—

 
2.1

Comprehensive income
68.7

 
85.1

 
37.3

 
(121.1
)
 
70.0

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
1.5

 
1.5

Comprehensive income attributable to controlling interest
$
68.7

 
$
85.1

 
$
37.3

 
$
(122.6
)
 
$
68.5


Statement of Operations and Comprehensive Income









Nine Months Ended September 30, 2017










Parent

Combined
Guarantor
Subsidiaries

Combined
Non-Guarantor
Subsidiaries

Eliminations

Consolidated
 
(in millions)
Revenues
$
—


$
1,738.6


$
1,438.5


$
(420.7
)

$
2,756.4

Cost of revenues
3.7


1,392.3


1,106.4


(438.6
)

2,063.8

Selling, engineering, and administrative expenses
108.2


100.3


121.1


—


329.6

Gains/(losses) on dispositions of property
0.5


36.9


4.4


—


41.8


111.4


1,455.7


1,223.1


(438.6
)

2,351.6

Operating profit (loss)
(111.4
)

282.9


215.4


17.9


404.8

Other (income) expense
17.1


22.1


94.2


—


133.4

Equity in earnings of subsidiaries, net of taxes
274.1


60.6


—


(334.7
)

—

Income before income taxes
145.6


321.4


121.2


(316.8
)

271.4

Provision (benefit) for income taxes
(18.4
)

105.8


26.0


(15.6
)

97.8

Net income
164.0


215.6


95.2


(301.2
)

173.6

Net income attributable to noncontrolling interest
—


—


—


9.6


9.6

Net income attributable to controlling interest
$
164.0


$
215.6


$
95.2


$
(310.8
)

$
164.0











Net income
$
164.0


$
215.6


$
95.2


$
(301.2
)

$
173.6

Other comprehensive income (loss)
4.1


—


2.3


—


6.4

Comprehensive income
168.1


215.6


97.5


(301.2
)

180.0

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
11.6

 
11.6

Comprehensive income attributable to controlling interest
$
168.1

 
$
215.6

 
$
97.5

 
$
(312.8
)
 
$
168.4





Statement of Operations and Comprehensive Income
 
 
 
 
 
 
 
 
 
Three Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
770.0

 
$
542.3

 
$
(200.6
)
 
$
1,111.7

Cost of revenues
0.3

 
615.6

 
419.2

 
(207.8
)
 
827.3

Selling, engineering, and administrative expenses
33.8

 
29.8

 
38.7

 
—

 
102.3

Gains/(losses) on dispositions of property
0.2

 
0.2

 
1.1

 
—

 
1.5

 
33.9

 
645.2

 
456.8

 
(207.8
)
 
928.1

Operating profit (loss)
(33.9
)
 
124.8

 
85.5

 
7.2

 
183.6

Other (income) expense
—

 
10.4

 
33.7

 
—

 
44.1

Equity in earnings of subsidiaries, net of taxes
114.8

 
33.9

 
—

 
(148.7
)
 
—

Income before income taxes
80.9

 
148.3

 
51.8

 
(141.5
)
 
139.5

Provision (benefit) for income taxes
(3.3
)
 
37.6

 
13.0

 
2.6

 
49.9

Net income
84.2

 
110.7

 
38.8

 
(144.1
)
 
89.6

Net income attributable to noncontrolling interest
—

 
—

 
—

 
5.4

 
5.4

Net income attributable to controlling interest
$
84.2

 
$
110.7

 
$
38.8

 
$
(149.5
)
 
$
84.2

 
 
 
 
 
 
 
 
 
 
Net income
$
84.2

 
$
110.7

 
$
38.8

 
$
(144.1
)
 
$
89.6

Other comprehensive income (loss)
0.3

 
(0.1
)
 
1.4

 
—

 
1.6

Comprehensive income
84.5

 
110.6

 
40.2

 
(144.1
)
 
91.2

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
6.2

 
6.2

Comprehensive income attributable to controlling interest
$
84.5

 
$
110.6

 
$
40.2

 
$
(150.3
)
 
$
85.0



Statement of Operations and Comprehensive Income









Nine Months Ended September 30, 2016










Parent

Combined
Guarantor
Subsidiaries

Combined
Non-Guarantor
Subsidiaries

Eliminations

Consolidated
 
(in millions)
Revenues
$
—


$
2,484.0


$
1,609.7


$
(609.2
)

$
3,484.5

Cost of revenues
(3.3
)

1,990.8


1,253.3


(625.9
)

2,614.9

Selling, engineering, and administrative expenses
90.7


99.7


115.1


—


305.5

Gains/(losses) on dispositions of property
(0.7
)

10.6


4.6


—


14.5


88.1


2,079.9


1,363.8


(625.9
)

2,905.9

Operating profit (loss)
(88.1
)

404.1


245.9


16.7


578.6

Other (income) expense
(0.1
)

28.8


98.7


—


127.4

Equity in earnings of subsidiaries, net of taxes
342.7


76.5


—


(419.2
)

—

Income before income taxes
254.7


451.8


147.2


(402.5
)

451.2

Provision (benefit) for income taxes
(21.3
)

142.7


33.3


6.0


160.7

Net income
276.0


309.1


113.9


(408.5
)

290.5

Net income attributable to noncontrolling interest
—


—


—


14.5


14.5

Net income attributable to controlling interest
$
276.0


$
309.1


$
113.9


$
(423.0
)

$
276.0











Net income
$
276.0


$
309.1


$
113.9


$
(408.5
)

$
290.5

Other comprehensive income (loss)
3.3


(0.1
)

3.3


—


6.5

Comprehensive income
279.3


309.0


117.2


(408.5
)

297.0

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
16.5

 
16.5

Comprehensive income attributable to controlling interest
$
279.3

 
$
309.0

 
$
117.2

 
$
(425.0
)
 
$
280.5
Balance Sheet
Balance Sheet
 
 
 
 
 
 
 
 
 
September 30, 2017
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
853.0

 
$
6.1

 
$
71.5

 
$
(55.9
)
 
$
874.7

Short-term marketable securities
150.0

 
—

 
—

 
—

 
150.0

Receivables, net of allowance
0.3

 
222.1

 
176.7

 
—

 
399.1

Income tax receivable
179.0

 
—

 
2.2

 
—

 
181.2

Inventory
—

 
434.4

 
237.9

 
(10.5
)
 
661.8

Property, plant, and equipment, net
48.2

 
2,222.9

 
4,316.7

 
(517.7
)
 
6,070.1

Investments in and advances to subsidiaries
5,145.3

 
3,057.9

 
386.2

 
(8,589.4
)
 
—

Restricted cash
—

 
—

 
120.4

 
55.9

 
176.3

Goodwill and other assets
147.9

 
585.3

 
325.9

 
(7.4
)
 
1,051.7

 
$
6,523.7

 
$
6,528.7

 
$
5,637.5

 
$
(9,125.0
)
 
$
9,564.9

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
8.4

 
$
74.4

 
$
112.1

 
$
(0.4
)
 
$
194.5

Accrued liabilities
215.7

 
70.0

 
139.9

 
(7.4
)
 
418.2

Debt
833.1

 
29.3

 
2,414.0

 
—

 
3,276.4

Deferred income
—

 
19.8

 
1.5

 
—

 
21.3

Deferred income taxes
130.8

 
1,096.5

 
19.8

 
0.3

 
1,247.4

Advances from subsidiaries
932.6

 
—

 
—

 
(932.6
)
 
—

Other liabilities
53.0

 
1.9

 
2.1

 
—

 
57.0

Total stockholders' equity
4,350.1

 
5,236.8

 
2,948.1

 
(8,184.9
)
 
4,350.1

 
$
6,523.7

 
$
6,528.7

 
$
5,637.5

 
$
(9,125.0
)
 
$
9,564.9


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
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2017
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
164.0

 
$
215.6

 
$
95.2

 
$
(301.2
)
 
$
173.6

Equity in earnings of subsidiaries, net of taxes
(274.1
)
 
(60.6
)
 
—

 
334.7

 
—

Other
28.5

 
134.9

 
165.7

 
(14.5
)
 
314.6

Net cash provided (required) by operating activities
(81.6
)
 
289.9

 
260.9

 
19.0

 
488.2

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in short-term marketable securities
84.7

 
—

 
—

 
—

 
84.7

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

 
515.8

 
8.4

 
(363.9
)
 
160.3

Proceeds from dispositions of property and other assets
—

 
1.2

 
6.9

 
—

 
8.1

Capital expenditures – leasing
—

 
(349.2
)
 
(375.1
)
 
363.9

 
(360.4
)
Capital expenditures – manufacturing and other
(5.9
)
 
(12.3
)
 
(43.7
)
 
—

 
(61.9
)
Acquisitions, net of cash acquired
—

 
—

 
(47.5
)
 
—

 
(47.5
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
30.0

 
—

 
(30.0
)
 
—

Other
—

 
—

 
(0.3
)
 
—

 
(0.3
)
Net cash provided (required) by investing activities
78.8

 
185.5

 
(451.3
)
 
(30.0
)
 
(217.0
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Excess tax benefits from stock-based compensation
—

 
—

 
—

 
—

 
—

Payments to retire debt
—

 
(2.7
)
 
(332.2
)
 
—

 
(334.9
)
Proceeds from issuance of debt
—

 
—

 
534.1

 
—

 
534.1

(Increase) decrease in restricted cash
—

 
—

 
26.7

 
(24.8
)
 
1.9

Shares repurchased
(52.4
)
 
—

 
—

 
—

 
(52.4
)
Dividends paid to common shareholders
(53.0
)
 
—

 
—

 
—

 
(53.0
)
Purchase of shares to satisfy employee tax on vested stock
(14.1
)
 
—

 
—

 
—

 
(14.1
)
Distributions to noncontrolling interest
—

 
—

 
(41.4
)
 
—

 
(41.4
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(30.0
)
 
30.0

 
—

Change in intercompany financing between entities
437.4

 
(471.8
)
 
53.5

 
(19.1
)
 
—

Other
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net cash provided (required) by financing activities
317.9

 
(474.5
)
 
210.6

 
(13.9
)
 
40.1

 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
315.1

 
0.9

 
20.2

 
(24.9
)
 
311.3

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
$
853.0

 
$
6.1

 
$
71.5

 
$
(55.9
)
 
$
874.7

Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30, 2016
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
276.0

 
$
309.1

 
$
113.9

 
$
(408.5
)
 
$
290.5

Equity in earnings of subsidiaries, net of taxes
(342.7
)
 
(76.5
)
 
—

 
419.2

 
—

Other
157.4

 
207.4

 
158.1

 
(21.3
)
 
501.6

Net cash provided (required) by operating activities
90.7

 
440.0

 
272.0

 
(10.6
)
 
792.1

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in short-term marketable securities
(199.8
)
 
—

 
—

 
—

 
(199.8
)
Proceeds from railcar lease fleet sales owned more than one year
—

 
27.3

 
10.4

 
—

 
37.7

Proceeds from dispositions of property and other assets
—

 
2.2

 
6.7

 
—

 
8.9

Capital expenditures – leasing
—

 
(553.6
)
 
(1.6
)
 
—

 
(555.2
)
Capital expenditures – manufacturing and other
(12.9
)
 
(10.7
)
 
(77.5
)
 
—

 
(101.1
)
Acquisitions, net of cash acquired
—

 
—

 
—

 
—

 
—

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

 
11.7

 
—

 
(11.7
)
 
—

Other
—

 
—

 
4.0

 
—

 
4.0

Net cash provided (required) by investing activities
(212.7
)
 
(523.1
)
 
(58.0
)
 
(11.7
)
 
(805.5
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Excess tax benefits from stock-based compensation
0.8

 
—

 
—

 
—

 
0.8

Payments to retire debt
—

 
(2.5
)
 
(103.5
)
 
—

 
(106.0
)
Proceeds from issuance of debt
—

 
—

 
—

 
—

 
—

(Increase) decrease in restricted cash
—

 
0.2

 
10.6

 
1.1

 
11.9

Shares repurchased
(34.7
)
 
—

 
—

 
—

 
(34.7
)
Dividends paid to common shareholders
(50.0
)
 
—

 
—

 
—

 
(50.0
)
Purchase of shares to satisfy employee tax on vested stock
(16.4
)
 
—

 
—

 
—

 
(16.4
)
Distributions to noncontrolling interest
—

 
—

 
(18.4
)
 
—

 
(18.4
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(11.7
)
 
11.7

 
—

Change in intercompany financing between entities
(22.4
)
 
87.6

 
(75.8
)
 
10.6

 
—

Other
—

 
—

 
(2.0
)
 
—

 
(2.0
)
Net cash provided (required) by financing activities
(122.7
)
 
85.3

 
(200.8
)
 
23.4

 
(214.8
)
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
(244.7
)
 
2.2

 
13.2

 
1.1

 
(228.2
)
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
$
523.6

 
$
3.9

 
$
64.3

 
$
(34.0
)
 
$
557.8