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Financial Statements for Guarantors of the Senior Notes (Tables)
3 Months Ended
Mar. 31, 2019
Financial Statements for Guarantors of the Senior Notes [Abstract]  
Statement of Operations and Comprehensive Income
Condensed Consolidating Statement of Operations and Comprehensive Income
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$

 
$
409.5

 
$
261.0

 
$
(65.7
)
 
$
604.8

Cost of revenues
0.9

 
343.5

 
194.0

 
(75.0
)
 
463.4

Selling, engineering, and administrative expenses
20.7

 
26.2

 
12.7

 

 
59.6

Gains on dispositions of property

 
1.7

 
8.3

 

 
10.0

 
21.6

 
368.0

 
198.4

 
(75.0
)
 
513.0

Operating profit (loss)
(21.6
)
 
41.5

 
62.6

 
9.3

 
91.8

Other expense
4.7

 
1.5

 
45.5

 

 
51.7

Equity in earnings of subsidiaries, net of taxes
54.2

 
15.4

 
5.0

 
(74.6
)
 

Income from continuing operations before income taxes
27.9

 
55.4

 
22.1

 
(65.3
)
 
40.1

Provision (benefit) for income taxes
(3.6
)
 
12.7

 
1.2

 
(1.4
)
 
8.9

Income from continuing operations
31.5

 
42.7

 
20.9

 
(63.9
)
 
31.2

Loss from discontinued operations, net of income taxes
(0.9
)
 

 
(0.2
)
 

 
(1.1
)
Net income
30.6

 
42.7

 
20.7

 
(63.9
)
 
30.1

Net loss attributable to noncontrolling interest

 

 

 
(0.5
)
 
(0.5
)
Net income attributable to controlling interest
$
30.6

 
$
42.7

 
$
20.7

 
$
(63.4
)
 
$
30.6

 
 
 
 
 
 
 
 
 
 
Net income
$
30.6

 
$
42.7

 
$
20.7

 
$
(63.9
)
 
$
30.1

Other comprehensive income (loss)
0.8

 

 
(4.6
)
 

 
(3.8
)
Comprehensive income
31.4

 
42.7

 
16.1

 
(63.9
)
 
26.3

Comprehensive loss attributable to noncontrolling interest

 

 

 
(0.3
)
 
(0.3
)
Comprehensive income attributable to controlling interest
$
31.4

 
$
42.7

 
$
16.1

 
$
(63.6
)
 
$
26.6


Condensed Consolidating Statement of Operations and Comprehensive Income
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$

 
$
374.6

 
$
236.4

 
$
(77.8
)
 
$
533.2

Cost of revenues
0.2

 
305.3

 
178.5

 
(84.1
)
 
399.9

Selling, engineering, and administrative expenses
36.1

 
28.3

 
9.0

 

 
73.4

Gains on dispositions of property
0.1

 
1.9

 
0.2

 

 
2.2

 
36.2

 
331.7

 
187.3

 
(84.1
)
 
471.1

Operating profit (loss)
(36.2
)
 
42.9

 
49.1

 
6.3

 
62.1

Other expense
2.8

 
8.0

 
30.4

 

 
41.2

Equity in earnings of subsidiaries, net of taxes
81.3

 
13.8

 
5.3

 
(100.4
)
 

Income before income taxes
42.3

 
48.7

 
24.0

 
(94.1
)
 
20.9

Provision (benefit) for income taxes
0.7

 
8.3

 
1.3

 
(4.6
)
 
5.7

Income from continuing operations
41.6

 
40.4

 
22.7

 
(89.5
)
 
15.2

Income (loss) from discontinued operations, net of income taxes
(1.4
)
 

 
27.8

 

 
26.4

Net income
40.2

 
40.4

 
50.5

 
(89.5
)
 
41.6

Net income attributable to noncontrolling interest

 

 

 
1.4

 
1.4

Net income attributable to controlling interest
$
40.2

 
$
40.4

 
$
50.5

 
$
(90.9
)
 
$
40.2

 
 
 
 
 
 
 
 
 
 
Net income
$
40.2

 
$
40.4

 
$
50.5

 
$
(89.5
)
 
$
41.6

Other comprehensive income
0.1

 

 
1.8

 

 
1.9

Comprehensive income
40.3

 
40.4

 
52.3

 
(89.5
)
 
43.5

Comprehensive income attributable to noncontrolling interest

 

 

 
1.8

 
1.8

Comprehensive income attributable to controlling interest
$
40.3

 
$
40.4

 
$
52.3

 
$
(91.3
)
 
$
41.7

Balance Sheet
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
63.0

 
$
2.9

 
$
35.0

 
$
(27.0
)
 
$
73.9

Receivables, net of allowance
18.5

 
250.0

 
101.5

 

 
370.0

Income tax receivable
16.1

 

 

 

 
16.1

Inventory

 
575.2

 
45.7

 
(2.5
)
 
618.4

Property, plant, and equipment, net
40.8

 
1,608.5

 
5,806.1

 
(708.6
)
 
6,746.8

Investments in and advances to subsidiaries
4,626.2

 
2,687.5

 
701.7

 
(8,015.4
)
 

Restricted cash

 

 
87.2

 
27.0

 
114.2

Goodwill and other assets
219.0

 
238.5

 
76.2

 
(59.2
)
 
474.5

 
$
4,983.6

 
$
5,362.6

 
$
6,853.4

 
$
(8,785.7
)
 
$
8,413.9

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
4.9

 
$
122.2

 
$
70.6

 
$
(0.4
)
 
$
197.3

Accrued liabilities
152.9

 
46.1

 
141.1

 
(3.8
)
 
336.3

Debt
647.5

 

 
3,818.9

 

 
4,466.4

Deferred income taxes

 
811.7

 

 
(59.0
)
 
752.7

Advances from subsidiaries
1,559.7

 

 

 
(1,559.7
)
 

Other liabilities
53.5

 
41.3

 
1.3

 

 
96.1

Total stockholders' equity
2,565.1

 
4,341.3

 
2,821.5

 
(7,162.8
)
 
2,565.1

 
$
4,983.6

 
$
5,362.6

 
$
6,853.4

 
$
(8,785.7
)
 
$
8,413.9


Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
154.7

 
$
4.1

 
$
59.1

 
$
(38.7
)
 
$
179.2

Receivables, net of allowance
12.5

 
181.8

 
82.3

 

 
276.6

Income tax receivable
40.4

 

 

 

 
40.4

Inventory

 
485.8

 
40.9

 
(2.0
)
 
524.7

Property, plant, and equipment, net
42.0

 
1,436.3

 
5,579.7

 
(723.6
)
 
6,334.4

Investments in and advances to subsidiaries
4,558.6

 
2,981.7

 
661.1

 
(8,201.4
)
 

Restricted cash

 

 
132.9

 
38.7

 
171.6

Goodwill and other assets
205.1

 
197.9

 
106.8

 
(47.5
)
 
462.3

 
$
5,013.3

 
$
5,287.6

 
$
6,662.8

 
$
(8,974.5
)
 
$
7,989.2

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
8.6

 
$
134.0

 
$
69.9

 
$
(0.4
)
 
$
212.1

Accrued liabilities
184.3

 
55.4

 
128.7

 
(0.1
)
 
368.3

Debt
397.4

 

 
3,631.8

 

 
4,029.2

Deferred income

 
16.5

 
1.2

 

 
17.7

Deferred income taxes

 
790.3

 

 
(47.2
)
 
743.1

Advances from subsidiaries
1,804.2

 

 

 
(1,804.2
)
 

Other liabilities
56.8

 

 

 

 
56.8

Total stockholders' equity
2,562.0

 
4,291.4

 
2,831.2

 
(7,122.6
)
 
2,562.0

 
$
5,013.3

 
$
5,287.6

 
$
6,662.8

 
$
(8,974.5
)
 
$
7,989.2



Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
30.6

 
$
42.7

 
$
20.7

 
$
(63.9
)
 
$
30.1

Loss from discontinued operations
0.9

 

 
0.2

 

 
1.1

Equity in earnings of subsidiaries, net of taxes
(54.2
)
 
(15.4
)
 
(5.0
)
 
74.6

 

Other
(24.2
)
 
(184.8
)
 
58.5

 
(6.6
)
 
(157.1
)
Net cash (used in) provided by operating activities
(46.9
)
 
(157.5
)
 
74.4

 
4.1

 
(125.9
)
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from railcar lease fleet sales owned more than one year

 
0.4

 
29.0

 

 
29.4

Proceeds from dispositions of property and other assets

 

 
7.3

 

 
7.3

Capital expenditures – leasing

 
(448.0
)
 
(17.0
)
 

 
(465.0
)
Capital expenditures – manufacturing and other
(0.6
)
 
(7.3
)
 
(3.6
)
 

 
(11.5
)
(Increase) decrease in investment in partially-owned subsidiaries

 
0.3

 

 
(0.3
)
 

Other

 

 
1.3

 

 
1.3

Net cash (used in) provided by investing activities
(0.6
)
 
(454.6
)
 
17.0

 
(0.3
)
 
(438.5
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(150.0
)
 

 
(64.8
)
 

 
(214.8
)
Proceeds from issuance of debt
400.0

 

 
249.7

 

 
649.7

Shares repurchased
(25.0
)
 

 
10.0

 

 
(15.0
)
Dividends paid to common shareholders
(17.3
)
 

 

 

 
(17.3
)
Purchase of shares to satisfy employee tax on vested stock
(0.5
)
 

 

 

 
(0.5
)
Distributions to noncontrolling interest

 

 
(0.4
)
 

 
(0.4
)
Distributions to controlling interest in partially-owned subsidiaries

 

 
0.3

 
(0.3
)
 

Change in intercompany financing between entities
(251.4
)
 
610.9

 
(356.0
)
 
(3.5
)
 

Net cash provided (used in) by financing activities
(44.2
)
 
610.9

 
(161.2
)
 
(3.8
)
 
401.7

Net (decrease) increase in cash, cash equivalents, and restricted cash
(91.7
)
 
(1.2
)
 
(69.8
)
 

 
(162.7
)
Cash, cash equivalents, and restricted cash at beginning of period
154.7

 
4.1

 
192.0

 

 
350.8

Cash, cash equivalents, and restricted cash at end of period
$
63.0

 
$
2.9

 
$
122.2

 
$

 
$
188.1

Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
40.2

 
$
40.4

 
$
50.5

 
$
(89.5
)
 
$
41.6

Income (loss) from discontinued operations
1.4

 

 
(27.8
)
 

 
(26.4
)
Equity in earnings of subsidiaries, net of taxes
(81.3
)
 
(13.8
)
 
(5.3
)
 
100.4

 

Other
(17.2
)
 
29.3

 
55.9

 
(9.4
)
 
58.6

Net cash provided (used in) by operating activities - continuing operations
(56.9
)
 
55.9

 
73.3

 
1.5

 
73.8

Net cash provided (used in) by operating activities - discontinued operations
(1.4
)
 

 
101.3

 

 
99.9

Net cash provided (used in) by operating activities
(58.3
)
 
55.9

 
174.6

 
1.5

 
173.7

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in short-term marketable securities
98.7

 

 

 

 
98.7

Proceeds from railcar lease fleet sales owned more than one year

 
15.5

 

 


 
15.5

Proceeds from dispositions of property and other assets

 
0.4

 
1.5

 

 
1.9

Capital expenditures – leasing

 
(297.2
)
 
(21.0
)
 


 
(318.2
)
Capital expenditures – manufacturing and other
(1.4
)
 
(2.9
)
 
(3.9
)
 

 
(8.2
)
(Increase) decrease in investment in partially-owned subsidiaries

 
3.9

 

 
(3.9
)
 

Other

 

 
0.8

 

 
0.8

Net cash (used in) provided by investing activities - continuing operations
97.3

 
(280.3
)
 
(22.6
)
 
(3.9
)
 
(209.5
)
Net cash (used in) provided by investing activities - discontinued operations

 

 
(32.0
)
 

 
(32.0
)
Net cash (used in) provided by investing activities
97.3

 
(280.3
)
 
(54.6
)
 
(3.9
)
 
(241.5
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt

 
(0.9
)
 
(25.6
)
 

 
(26.5
)
Proceeds from issuance of debt

 

 
0.9

 

 
0.9

Shares repurchased
(49.3
)
 

 

 

 
(49.3
)
Dividends paid to common shareholders
(19.5
)
 

 

 

 
(19.5
)
Purchase of shares to satisfy employee tax on vested stock
(0.1
)
 

 

 

 
(0.1
)
Distributions to noncontrolling interest

 

 
(5.8
)
 

 
(5.8
)
Distributions to controlling interest in partially-owned subsidiaries

 

 
3.9

 
(3.9
)
 

Change in intercompany financing between entities
(126.3
)
 
231.3

 
(111.3
)
 
6.3

 

Other

 

 
(3.0
)
 

 
(3.0
)
Net cash (used in) provided by financing activities
(195.2
)
 
230.4

 
(140.9
)
 
2.4

 
(103.3
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(156.2
)
 
6.0

 
(20.9
)
 

 
(171.1
)
Cash, cash equivalents, and restricted cash at beginning of period
763.9

 
1.6

 
208.3

 

 
973.8

Cash, cash equivalents, and restricted cash at end of period
$
607.7

 
$
7.6

 
$
187.4

 
$

 
$
802.7