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Financial Statements for Guarantors of the Senior Notes (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
516.9

 
$
280.8

 
$
(61.7
)
 
$
736.0

Cost of revenues
0.3

 
435.8

 
215.6

 
(73.2
)
 
578.5

Selling, engineering, and administrative expenses
26.6

 
27.2

 
16.0

 
—

 
69.8

Gains on dispositions of property
—

 
7.4

 
11.9

 
—

 
19.3

 
26.9

 
455.6

 
219.7

 
(73.2
)
 
629.0

Operating profit (loss)
(26.9
)
 
61.3

 
61.1

 
11.5

 
107.0

Other expense
(4.1
)
 
8.3

 
51.1

 
—

 
55.3

Equity in earnings of subsidiaries, net of taxes
65.6

 
10.6

 
6.6

 
(82.8
)
 
—

Income from continuing operations before income taxes
42.8

 
63.6

 
16.6

 
(71.3
)
 
51.7

Provision (benefit) for income taxes
5.7

 
12.7

 
1.1

 
(5.4
)
 
14.1

Income from continuing operations
37.1

 
50.9

 
15.5

 
(65.9
)
 
37.6

Loss from discontinued operations, net of income taxes
(0.7
)
 
—

 
(0.1
)
 
—

 
(0.8
)
Net income
36.4

 
50.9

 
15.4

 
(65.9
)
 
36.8

Net income attributable to noncontrolling interest
—

 
—

 
—

 
0.4

 
0.4

Net income attributable to controlling interest
$
36.4

 
$
50.9

 
$
15.4

 
$
(66.3
)
 
$
36.4

 
 
 
 
 
 
 
 
 
 
Net income
$
36.4

 
$
50.9

 
$
15.4

 
$
(65.9
)
 
$
36.8

Other comprehensive income (loss)
0.8

 
—

 
(7.0
)
 
—

 
(6.2
)
Comprehensive income
37.2

 
50.9

 
8.4

 
(65.9
)
 
30.6

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
0.7

 
0.7

Comprehensive income attributable to controlling interest
$
37.2

 
$
50.9

 
$
8.4

 
$
(66.6
)
 
$
29.9


Condensed Consolidating Statement of Operations and Comprehensive Income
 
 
 
 
 
 
Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
465.0

 
$
224.5

 
$
(55.5
)
 
$
634.0

Cost of revenues
0.5

 
384.2

 
159.3

 
(62.1
)
 
481.9

Selling, engineering, and administrative expenses
38.2

 
27.4

 
10.0

 
—

 
75.6

Gains on dispositions of property
1.3

 
13.8

 
(3.6
)
 
—

 
11.5

 
37.4

 
397.8

 
172.9

 
(62.1
)
 
546.0

Operating profit (loss)
(37.4
)
 
67.2

 
51.6

 
6.6

 
88.0

Other expense
(0.3
)
 
7.8

 
30.7

 
—

 
38.2

Equity in earnings of subsidiaries, net of taxes
102.6

 
13.4

 
7.6

 
(123.6
)
 
—

Income before income taxes
65.5

 
72.8

 
28.5

 
(117.0
)
 
49.8

Provision (benefit) for income taxes
(1.7
)
 
16.7

 
2.9

 
(5.4
)
 
12.5

Income from continuing operations
67.2

 
56.1

 
25.6

 
(111.6
)
 
37.3

Income (loss) from discontinued operations, net of income taxes
(3.1
)
 
—

 
31.3

 
—

 
28.2

Net income
64.1

 
56.1

 
56.9

 
(111.6
)
 
65.5

Net income attributable to noncontrolling interest
—

 
—

 
—

 
1.4

 
1.4

Net income attributable to controlling interest
$
64.1

 
$
56.1

 
$
56.9

 
$
(113.0
)
 
$
64.1

 
 
 
 
 
 
 
 
 
 
Net income
$
64.1

 
$
56.1

 
$
56.9

 
$
(111.6
)
 
$
65.5

Other comprehensive income (loss)
0.3

 
—

 
(0.8
)
 
—

 
(0.5
)
Comprehensive income
64.4

 
56.1

 
56.1

 
(111.6
)
 
65.0

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
1.8

 
1.8

Comprehensive income attributable to controlling interest
$
64.4

 
$
56.1

 
$
56.1

 
$
(113.4
)
 
$
63.2
Balance Sheet
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
93.3

 
$
—

 
$
34.9

 
$
(25.4
)
 
$
102.8

Receivables, net of allowance
3.5

 
253.2

 
95.0

 
—

 
351.7

Income tax receivable
21.0

 
—

 
—

 
—

 
21.0

Inventory
—

 
554.5

 
46.1

 
(0.1
)
 
600.5

Property, plant, and equipment, net
43.1

 
1,284.3

 
6,344.7

 
(802.5
)
 
6,869.6

Investments in and advances to subsidiaries
4,661.5

 
3,075.1

 
426.3

 
(8,162.9
)
 
—

Restricted cash
—

 
—

 
88.3

 
25.4

 
113.7

Goodwill and other assets
229.4

 
275.5

 
67.3

 
(55.6
)
 
516.6

 
$
5,051.8

 
$
5,442.6

 
$
7,102.6

 
$
(9,021.1
)
 
$
8,575.9

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
9.4

 
$
137.2

 
$
71.7

 
$
(0.6
)
 
$
217.7

Accrued liabilities
156.9

 
53.3

 
140.3

 
(4.2
)
 
346.3

Debt
397.6

 
—

 
4,218.3

 
—

 
4,615.9

Deferred income taxes
—

 
831.3

 
1.4

 
(63.7
)
 
769.0

Advances from subsidiaries
1,904.7

 
—

 
—

 
(1,904.7
)
 
—

Other liabilities
53.6

 
42.6

 
1.2

 
—

 
97.4

Total stockholders' equity
2,529.6

 
4,378.2

 
2,669.7

 
(7,047.9
)
 
2,529.6

 
$
5,051.8

 
$
5,442.6

 
$
7,102.6

 
$
(9,021.1
)
 
$
8,575.9


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
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
67.0

 
$
93.6

 
$
36.1

 
$
(129.8
)
 
$
66.9

Loss from discontinued operations
1.6

 
—

 
0.3

 
—

 
1.9

Equity in earnings of subsidiaries, net of taxes
(119.8
)
 
(26.0
)
 
(11.6
)
 
157.4

 
—

Other
(16.1
)
 
(169.6
)
 
142.1

 
(22.3
)
 
(65.9
)
Net cash provided by (used in) operating activities
(67.3
)
 
(102.0
)
 
166.9

 
5.3

 
2.9

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

 
999.2

 
139.3

 
(1,038.6
)
 
99.9

Proceeds from dispositions of property and other assets
—

 
6.0

 
8.3

 
—

 
14.3

Capital expenditures – leasing
—

 
(735.5
)
 
(994.0
)
 
1,038.6

 
(690.9
)
Capital expenditures – manufacturing and other
(2.8
)
 
(19.9
)
 
(11.3
)
 
—

 
(34.0
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
0.7

 
—

 
(0.7
)
 
—

Other
—

 
—

 
(1.2
)
 
—

 
(1.2
)
Net cash used in (provided by) investing activities
(2.8
)
 
250.5

 
(858.9
)
 
(0.7
)
 
(611.9
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(550.0
)
 
—

 
(494.9
)
 
—

 
(1,044.9
)
Proceeds from issuance of debt
550.0

 
—

 
1,076.9

 
—

 
1,626.9

Shares repurchased
(59.0
)
 
—

 
—

 
—

 
(59.0
)
Dividends paid to common shareholders
(39.5
)
 
—

 
—

 
—

 
(39.5
)
Purchase of shares to satisfy employee tax on vested stock
(7.9
)
 
—

 
—

 
—

 
(7.9
)
Distributions to noncontrolling interest
—

 
—

 
(0.9
)
 
—

 
(0.9
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(0.7
)
 
0.7

 
—

Change in intercompany financing between entities
115.1

 
(152.6
)
 
42.8

 
(5.3
)
 
—

Net cash (used in) provided by financing activities
8.7

 
(152.6
)
 
623.2

 
(4.6
)
 
474.7

Net decrease in cash, cash equivalents, and restricted cash
(61.4
)
 
(4.1
)
 
(68.8
)
 
—

 
(134.3
)
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
$
93.3

 
$
—

 
$
123.2

 
$
—

 
$
216.5

Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
104.3

 
$
96.5

 
$
107.4

 
$
(201.1
)
 
$
107.1

Income (loss) from discontinued operations
4.5

 
—

 
(59.1
)
 
—

 
(54.6
)
Equity in earnings of subsidiaries, net of taxes
(183.9
)
 
(27.2
)
 
(12.9
)
 
224.0

 
—

Other
(35.1
)
 
122.6

 
100.1

 
(20.3
)
 
167.3

Net cash (used in) provided by operating activities - continuing operations
(110.2
)
 
191.9

 
135.5

 
2.6

 
219.8

Net cash (used in) provided by operating activities - discontinued operations
(4.5
)
 
—

 
133.0

 
—

 
128.5

Net cash (used in) provided by operating activities
(114.7
)
 
191.9

 
268.5

 
2.6

 
348.3

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Decrease in short-term marketable securities
294.5

 
—

 
—

 
—

 
294.5

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

 
700.1

 
4.0

 
(647.7
)
 
56.4

Proceeds from dispositions of property and other assets
0.1

 
1.9

 
2.4

 
—

 
4.4

Capital expenditures – leasing
—

 
(462.3
)
 
(688.6
)
 
647.7

 
(503.2
)
Capital expenditures – manufacturing and other
(2.6
)
 
(4.1
)
 
(6.8
)
 
—

 
(13.5
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
4.9

 
—

 
(4.9
)
 
—

Other
—

 
—

 
1.3

 
—

 
1.3

Net cash (used in) provided by investing activities - continuing operations
292.0

 
240.5

 
(687.7
)
 
(4.9
)
 
(160.1
)
Net cash used in investing activities - discontinued operations
—

 
—

 
(44.3
)
 
—

 
(44.3
)
Net cash (used in) provided by investing activities
292.0

 
240.5

 
(732.0
)
 
(4.9
)
 
(204.4
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(619.7
)
 
(1.5
)
 
(53.3
)
 
—

 
(674.5
)
Proceeds from issuance of debt
—

 
—

 
478.0

 
—

 
478.0

Shares repurchased
(102.2
)
 
—

 
—

 
—

 
(102.2
)
Dividends paid to common shareholders
(39.3
)
 
—

 
—

 
—

 
(39.3
)
Purchase of shares to satisfy employee tax on vested stock
(11.3
)
 
—

 
—

 
—

 
(11.3
)
Distributions to noncontrolling interest
—

 
—

 
(10.3
)
 
—

 
(10.3
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(4.9
)
 
4.9

 
—

Change in intercompany financing between entities
422.2

 
(429.8
)
 
10.2

 
(2.6
)
 
—

Other
—

 
—

 
(3.2
)
 
—

 
(3.2
)
Net cash (used in) provided by financing activities
(350.3
)
 
(431.3
)
 
416.5

 
2.3

 
(362.8
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(173.0
)
 
1.1

 
(47.0
)
 
—

 
(218.9
)
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
$
590.9

 
$
2.7

 
$
161.3

 
$
—

 
$
754.9