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Note 16. Financial Statements for Guarantors of Senior Notes
 12 Months Ended
Dec. 31, 2019
Guarantor Obligations [Line Items]  
Condensed Financial Statements [Text Block]
Note 16. Financial Statements for Guarantors of the Senior Notes
Our Senior Notes are fully and unconditionally and jointly and severally guaranteed by certain of Trinity’s 100%-owned subsidiaries: Trinity Industries Leasing Company; Trinity North American Freight Car, Inc.; Trinity Rail Group, LLC; Trinity Tank Car, Inc.; Trinity Highway Products, LLC; and TrinityRail Maintenance Services, Inc. (collectively, the "Combined Guarantor Subsidiaries”).
The Senior Notes indenture agreement includes customary provisions for the release of the guarantees by the Combined Guarantor Subsidiaries upon the occurrence of certain allowed events including the release of one or more of the Combined Guarantor Subsidiaries as guarantor under our revolving credit facility. See Note 8. The Senior Notes are not guaranteed by any of our remaining 100%-owned subsidiaries or partially-owned subsidiaries (“Combined Non-Guarantor Subsidiaries”).
On November 1, 2018, we amended our Credit Agreement and the Supplemental Indenture governing our Senior Notes to release Trinity Marine Products, Inc., Trinity Meyer Utility Structures LLC and Trinity Structural Towers, Inc. from their obligations as guarantors for the Credit Agreement and the Senior Notes effective upon completion of the Arcosa spin-off as these businesses were transferred to Arcosa in connection with the spin-off. Additionally, upon completion of the Arcosa spin-off, the accounting requirements for reporting Arcosa as a discontinued operation were met. Accordingly, we have recast the financial information included in the tables below for all periods presented to: 1) reflect the historical balances and operating results of Arcosa as discontinued operations, 2) reclassify the historical balances and operating results of Trinity Marine Products, Inc., Trinity Meyer Utility Structures LLC and Trinity Structural Towers, Inc., who were formerly guarantor subsidiaries and whose results were previously reflected in the guarantor column, to the non-guarantor column, and 3) include Trinity Highway Products, LLC in the guarantor column. Additionally, amounts previously reported have been restated to include TrinityRail Maintenance Services, Inc. as a Guarantor Subsidiary for all periods presented and to affect reallocations of certain corporate costs between the parent, guarantor, and non-guarantor columns for the year ended December 31, 2018.
As of December 31, 2019, assets held by the Combined Non-Guarantor Subsidiaries included $86.1 million of restricted cash that was not available for distribution to Trinity Industries, Inc. (“Parent”), $6,409.8 million of equipment securing certain non-recourse debt, and $136.0 million of assets located in foreign locations. As of December 31, 2018, assets held by the Combined Non-Guarantor Subsidiaries included $132.9 million of restricted cash that was not available for distribution to the Parent, $5,316.2 million of equipment securing certain non-recourse debt, $67.5 million of equipment securing certain lease obligations held by the Combined Non-Guarantor Subsidiaries, and $116.0 million of assets located in foreign locations.
Condensed Consolidating Statement of Operations and Comprehensive Income
 
 
 
 
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
2,138.9

 
$
1,148.7

 
$
(282.5
)
 
$
3,005.1

Cost of revenues
2.9

 
1,802.2

 
883.7

 
(323.1
)
 
2,365.7

Selling, engineering, and administrative expenses
102.4

 
105.7

 
54.7

 
—

 
262.8

Gains on dispositions of property
(0.3
)
 
24.4

 
30.3

 
—

 
54.4

Restructuring activities
2.4

 
0.2

 
12.1

 
—

 
14.7

 
108.0

 
1,883.7

 
920.2

 
(323.1
)
 
2,588.8

Operating profit (loss)
(108.0
)
 
255.2

 
228.5

 
40.6

 
416.3

Other (income) expense
(82.5
)
 
84.2

 
214.4

 
(0.5
)
 
215.6

Equity in earnings of subsidiaries, net of taxes
193.5

 
46.6

 
18.7

 
(258.8
)
 
—

Income from continuing operations before income taxes
168.0

 
217.6

 
32.8

 
(217.7
)
 
200.7

Provision (benefit) for income taxes
27.3

 
60.3

 
0.7

 
(26.8
)
 
61.5

Income from continuing operations
140.7

 
157.3

 
32.1

 
(190.9
)
 
139.2

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

 
—

 
—

 
(3.1
)
Net income
137.6

 
157.3

 
32.1

 
(190.9
)
 
136.1

Net loss attributable to noncontrolling interest
—

 
—

 
—

 
(1.5
)
 
(1.5
)
Net income attributable to controlling interest
$
137.6

 
$
157.3

 
$
32.1

 
$
(189.4
)
 
$
137.6

 
 
 
 
 
 
 
 
 
 
Net income
$
137.6

 
$
157.3

 
$
32.1

 
$
(190.9
)
 
$
136.1

Other comprehensive income (loss)
(26.7
)
 
—

 
(8.3
)
 
—

 
(35.0
)
Comprehensive income
110.9

 
157.3

 
23.8

 
(190.9
)
 
101.1

Comprehensive loss attributable to noncontrolling interest
—

 
—

 
—

 
(0.2
)
 
(0.2
)
Comprehensive income attributable to controlling interest
$
110.9

 
$
157.3

 
$
23.8

 
$
(190.7
)
 
$
101.3

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

 
$
1,817.9

 
$
992.9

 
$
(301.7
)
 
$
2,509.1

Cost of revenues
2.1

 
1,545.2

 
724.5

 
(333.0
)
 
1,938.8

Selling, engineering, and administrative expenses
141.7

 
113.0

 
41.9

 
—

 
296.6

Gains on dispositions of property
1.0

 
17.6

 
22.8

 
—

 
41.4

 
142.8

 
1,640.6

 
743.6

 
(333.0
)
 
2,194.0

Operating profit (loss)
(142.8
)
 
177.3

 
249.3

 
31.3

 
315.1

Other (income) expense
(70.3
)
 
81.3

 
152.5

 
—

 
163.5

Equity in earnings of subsidiaries, net of taxes
246.8

 
74.6

 
19.5

 
(340.9
)
 
—

Income from continuing operations before income taxes
174.3

 
170.6

 
116.3

 
(309.6
)
 
151.6

Provision (benefit) for income taxes
(1.0
)
 
48.8

 
11.2

 
(16.4
)
 
42.6

Income from continuing operations
175.3

 
121.8

 
105.1

 
(293.2
)
 
109.0

Income (loss) from discontinued operations, net of income taxes
(16.0
)
 
—

 
70.1

 
—

 
54.1

Net income
159.3

 
121.8

 
175.2

 
(293.2
)
 
163.1

Net income attributable to noncontrolling interest
—

 
—

 
—

 
3.8

 
3.8

Net income attributable to controlling interest
$
159.3

 
$
121.8

 
$
175.2

 
$
(297.0
)
 
$
159.3

 
 
 
 
 
 
 
 
 
 
Net income
$
159.3

 
$
121.8

 
$
175.2

 
$
(293.2
)
 
$
163.1

Other comprehensive loss
(5.8
)
 
(0.4
)
 
(7.0
)
 
—

 
(13.2
)
Comprehensive income
153.5

 
121.4

 
168.2

 
(293.2
)
 
149.9

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
5.2

 
5.2

Comprehensive income attributable to controlling interest
$
153.5

 
$
121.4

 
$
168.2

 
$
(298.4
)
 
$
144.7

Condensed Consolidating Statement of Operations and Comprehensive Income
 
 
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
1,738.0

 
$
955.8

 
$
(296.4
)
 
$
2,397.4

Cost of revenues
3.0

 
1,389.2

 
703.9

 
(320.9
)
 
1,775.2

Selling, engineering, and administrative expenses
166.9

 
129.7

 
42.7

 
—

 
339.3

Gains on dispositions of property
1.1

 
71.0

 
13.3

 
—

 
85.4

 
168.8

 
1,447.9

 
733.3

 
(320.9
)
 
2,029.1

Operating profit (loss)
(168.8
)
 
290.1

 
222.5

 
24.5

 
368.3

Other (income) expense
(158.6
)
 
127.2

 
204.3

 
—

 
172.9

Equity in earnings of subsidiaries, net of taxes
617.0

 
55.5

 
3.8

 
(676.3
)
 
—

Income from continuing operations before income taxes
606.8

 
218.4

 
22.0

 
(651.8
)
 
195.4

Provision (benefit) for income taxes
(87.0
)
 
(310.3
)
 
6.0

 
(23.5
)
 
(414.8
)
Income from continuing operations
693.8

 
528.7

 
16.0

 
(628.3
)
 
610.2

Income from discontinued operations, net of income taxes
8.7

 
—

 
94.7

 
—

 
103.4

Net income
702.5

 
528.7

 
110.7

 
(628.3
)
 
713.6

Net income attributable to noncontrolling interest
—

 
—

 
—

 
11.1

 
11.1

Net income attributable to controlling interest
$
702.5

 
$
528.7

 
$
110.7

 
$
(639.4
)
 
$
702.5

 
 
 
 
 
 
 
 
 
 
Net income
$
702.5

 
$
528.7

 
$
110.7

 
$
(628.3
)
 
$
713.6

Other comprehensive income
8.3

 
0.2

 
2.8

 
—

 
11.3

Comprehensive income
710.8

 
528.9

 
113.5

 
(628.3
)
 
724.9

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
13.7

 
13.7

Comprehensive income attributable to controlling interest
$
710.8

 
$
528.9

 
$
113.5

 
$
(642.0
)
 
$
711.2


Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
155.1

 
$
0.1

 
$
36.3

 
$
(25.3
)
 
$
166.2

Receivables, net of allowance
1.3

 
185.7

 
74.0

 
(0.9
)
 
260.1

Income tax receivable
14.6

 
—

 
0.1

 
—

 
14.7

Inventory
—

 
398.8

 
34.7

 
(0.1
)
 
433.4

Property, plant, and equipment, net
37.8

 
1,320.7

 
6,595.8

 
(843.7
)
 
7,110.6

Investments in and advances to subsidiaries
4,600.0

 
3,136.2

 
347.0

 
(8,083.2
)
 
—

Restricted cash
—

 
—

 
86.1

 
25.3

 
111.4

Goodwill and other assets
190.9

 
394.4

 
58.6

 
(38.9
)
 
605.0

 
$
4,999.7

 
$
5,435.9

 
$
7,232.6

 
$
(8,966.8
)
 
$
8,701.4

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
5.3

 
$
109.1

 
$
90.6

 
$
(1.1
)
 
$
203.9

Accrued liabilities
166.7

 
23.2

 
152.9

 
(0.7
)
 
342.1

Debt
522.8

 
—

 
4,359.1

 
—

 
4,881.9

Deferred income taxes
—

 
844.6

 
(8.2
)
 
(38.1
)
 
798.3

Advances from subsidiaries
1,871.8

 
—

 
—

 
(1,871.8
)
 
—

Other liabilities
54.2

 
40.9

 
1.2

 
—

 
96.3

Total stockholders' equity
2,378.9

 
4,418.1

 
2,637.0

 
(7,055.1
)
 
2,378.9

 
$
4,999.7

 
$
5,435.9

 
$
7,232.6

 
$
(8,966.8
)
 
$
8,701.4


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
4,505.2

 
2,925.0

 
651.0

 
(8,081.2
)
 
—

Restricted cash
—

 
—

 
132.9

 
38.7

 
171.6

Goodwill and other assets
205.1

 
198.0

 
98.1

 
(38.9
)
 
462.3

 
$
4,959.9

 
$
5,231.0

 
$
6,644.0

 
$
(8,845.7
)
 
$
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
—

 
781.7

 
—

 
(38.6
)
 
743.1

Advances from subsidiaries
1,750.8

 
(0.1
)
 
—

 
(1,750.7
)
 
—

Other liabilities
56.8

 
—

 
—

 
—

 
56.8

Total stockholders' equity
2,562.0

 
4,243.5

 
2,812.4

 
(7,055.9
)
 
2,562.0

 
$
4,959.9

 
$
5,231.0

 
$
6,644.0

 
$
(8,845.7
)
 
$
7,989.2




Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
137.6

 
$
157.3

 
$
32.1

 
$
(190.9
)
 
$
136.1

Loss from discontinued operations
3.1

 
—

 
—

 
—

 
3.1

Equity in earnings of subsidiaries, net of taxes
(193.5
)
 
(46.6
)
 
(18.7
)
 
258.8

 
—

Other
86.4

 
(93.2
)
 
282.9

 
(18.6
)
 
257.5

Net cash provided by operating activities – continuing operations
33.6

 
17.5

 
296.3

 
49.3

 
396.7

Net cash used in operating activities – discontinued operations
(3.1
)
 
—

 
—

 
—

 
(3.1
)
Net cash provided by operating activities
$
30.5

 
$
17.5

 
$
296.3

 
$
49.3

 
$
393.6

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

 
1,462.8

 
196.8

 
(1,453.9
)
 
205.7

Proceeds from dispositions of property and other assets
—

 
7.8

 
12.4

 
—

 
20.2

Capital expenditures – leasing
—

 
(1,142.8
)
 
(1,433.3
)
 
1,453.9

 
(1,122.2
)
Capital expenditures – manufacturing and other
(4.1
)
 
(53.6
)
 
(39.3
)
 
—

 
(97.0
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
1.7

 
—

 
(1.7
)
 
—

Net cash (used in) provided by investing activities
(4.1
)
 
275.9

 
(1,263.4
)
 
(1.7
)
 
(993.3
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(875.0
)
 
—

 
(849.1
)
 
—

 
(1,724.1
)
Proceeds from issuance of debt
1,000.0

 
—

 
1,567.8

 
—

 
2,567.8

Shares repurchased
(224.7
)
 
—

 
—

 
—

 
(224.7
)
Dividends paid to common shareholders
(82.1
)
 
—

 
—

 
—

 
(82.1
)
Purchase of shares to satisfy employee tax on vested stock
(8.2
)
 
—

 
—

 
—

 
(8.2
)
Distributions to noncontrolling interest
—

 
—

 
(2.2
)
 
—

 
(2.2
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(1.7
)
 
1.7

 
—

Change in intercompany financing between entities
164.0

 
(297.4
)
 
182.7

 
(49.3
)
 
—

Net cash (used in) provided by financing activities
(26.0
)
 
(297.4
)
 
897.5

 
(47.6
)
 
526.5

Net decrease in cash, cash equivalents, and restricted cash
0.4

 
(4.0
)
 
(69.6
)
 
—

 
(73.2
)
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
$
155.1

 
$
0.1

 
$
122.4

 
$
—

 
$
277.6

Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
159.3

 
$
121.8

 
$
175.2

 
$
(293.2
)
 
$
163.1

Income (loss) from discontinued operations
16.0

 
—

 
(70.1
)
 
—

 
(54.1
)
Equity in earnings of subsidiaries, net of taxes
(246.8
)
 
(74.6
)
 
(19.5
)
 
340.9

 
—

Other
(57.8
)
 
79.3

 
157.3

 
(13.6
)
 
165.2

Net cash (used in) provided by operating activities – continuing operations
(129.3
)
 
126.5

 
242.9

 
34.1

 
274.2

Net cash (used in) provided by operating activities – discontinued operations
(16.0
)
 
—

 
120.9

 
—

 
104.9

Net cash (used in) provided by operating activities
(145.3
)
 
126.5

 
363.8

 
34.1

 
379.1

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Decrease in short-term marketable securities
319.5

 
—

 
—

 
—

 
319.5

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

 
759.5

 
118.7

 
(647.7
)
 
230.5

Proceeds from dispositions of property and other assets
0.1

 
4.1

 
12.9

 
—

 
17.1

Capital expenditures – leasing
—

 
(807.3
)
 
(788.7
)
 
647.7

 
(948.3
)
Capital expenditures – manufacturing and other
(14.5
)
 
(18.6
)
 
(4.2
)
 
—

 
(37.3
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
7.5

 
—

 
(7.5
)
 
—

Other
—

 
(1.9
)
 
8.1

 
—

 
6.2

Net cash (used in) provided by investing activities – continuing operations
305.1

 
(56.7
)
 
(653.2
)
 
(7.5
)
 
(412.3
)
Net cash used in investing activities – discontinued operations
—

 
—

 
(78.2
)
 
—

 
(78.2
)
Net cash (used in) provided by investing activities
305.1

 
(56.7
)
 
(731.4
)
 
(7.5
)
 
(490.5
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(647.6
)
 
(1.8
)
 
(238.4
)
 
—

 
(887.8
)
Proceeds from issuance of debt
—

 
—

 
1,206.6

 
—

 
1,206.6

Shares repurchased
(506.1
)
 
—

 
—

 
—

 
(506.1
)
Dividends paid to common shareholders
(77.4
)
 
—

 
—

 
—

 
(77.4
)
Purchase of shares to satisfy employee tax on vested stock
(12.2
)
 
—

 
—

 
—

 
(12.2
)
Distributions to noncontrolling interest
—

 
—

 
(10.9
)
 
—

 
(10.9
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(7.5
)
 
7.5

 
—

Change in intercompany financing between entities
474.3

 
(65.5
)
 
(374.7
)
 
(34.1
)
 
—

Other
—

 
—

 
(3.3
)
 
—

 
(3.3
)
Net cash (used in) provided by financing activities – continuing operations
(769.0
)
 
(67.3
)
 
571.8

 
(26.6
)
 
(291.1
)
Cash distributions to Arcosa, Inc.
—

 
—

 
(220.5
)
 
—

 
(220.5
)
Net cash (used in) provided by financing activities
(769.0
)
 
(67.3
)
 
351.3

 
(26.6
)
 
(511.6
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(609.2
)
 
2.5

 
(16.3
)
 
—

 
(623.0
)
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
$
154.7

 
$
4.1

 
$
192.0

 
$
—

 
$
350.8

Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
702.5

 
$
528.7

 
$
110.7

 
$
(628.3
)
 
$
713.6

Loss from discontinued operations
(8.7
)
 
—

 
(94.7
)
 
—

 
(103.4
)
Equity in earnings of subsidiaries, net of taxes
(617.0
)
 
(55.5
)
 
(3.8
)
 
676.3

 
—

Other
116.8

 
(274.0
)
 
152.1

 
5.0

 
(0.1
)
Net cash provided by operating activities – continuing operations
193.6

 
199.2

 
164.3

 
53.0

 
610.1

Net cash provided by operating activities – discontinued operations
8.7

 
—

 
142.8

 
—

 
151.5

Net cash provided by operating activities
202.3

 
199.2

 
307.1

 
53.0

 
761.6

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Decrease in short-term marketable securities
(84.8
)
 
—

 
—

 
—

 
(84.8
)
Proceeds from railcar lease fleet sales owned more than one year
—

 
663.3

 
61.3

 
(363.9
)
 
360.7

Proceeds from dispositions of property and other assets
—

 
1.4

 
6.4

 
—

 
7.8

Capital expenditures – leasing
—

 
(589.8
)
 
(382.4
)
 
363.9

 
(608.3
)
Capital expenditures – manufacturing and other
(7.4
)
 
(7.5
)
 
(7.1
)
 
—

 
(22.0
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
35.0

 
—

 
(35.0
)
 
—

Other
—

 
—

 
0.3

 
—

 
0.3

Net cash (used in) provided by investing activities – continuing operations
(92.2
)
 
102.4

 
(321.5
)
 
(35.0
)
 
(346.3
)
Net cash used in investing activities – discontinued operations
—

 
—

 
(126.4
)
 
—

 
(126.4
)
Net cash (used in) provided by investing activities
(92.2
)
 
102.4

 
(447.9
)
 
(35.0
)
 
(472.7
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
—

 
(3.8
)
 
(371.5
)
 
—

 
(375.3
)
Proceeds from issuance of debt
—

 
—

 
533.5

 
—

 
533.5

Shares repurchased
(79.4
)
 
—

 
—

 
—

 
(79.4
)
Dividends paid to common shareholders
(72.6
)
 
—

 
—

 
—

 
(72.6
)
Purchase of shares to satisfy employee tax on vested stock
(14.4
)
 
—

 
—

 
—

 
(14.4
)
Distributions to noncontrolling interest
—

 
—

 
(48.7
)
 
—

 
(48.7
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
(35.0
)
 
35.0

 
—

Change in intercompany financing between entities
282.3

 
(301.5
)
 
72.2

 
(53.0
)
 
—

Other
—

 
—

 
0.2

 
—

 
0.2

Net cash (used in) provided by financing activities
115.9

 
(305.3
)
 
150.7

 
(18.0
)
 
(56.7
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
226.0

 
(3.7
)
 
9.9

 
—

 
232.2

Cash, cash equivalents, and restricted cash at beginning of period
537.9

 
5.3

 
198.4

 
—

 
741.6

Cash, cash equivalents, and restricted cash at end of period
$
763.9

 
$
1.6

 
$
208.3

 
$
—

 
$
973.8