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Financial Statements for Guarantors of the Senior Notes (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
398.9

 
$
264.2

 
$
(47.9
)
 
$
615.2

Cost of revenues
1.5

 
330.8

 
206.7

 
(57.0
)
 
482.0

Selling, engineering, and administrative expenses
24.1

 
24.5

 
15.7

 
—

 
64.3

Gains on dispositions of property
0.1

 
2.3

 
7.2

 
—

 
9.6

Restructuring activities, net
6.4

 
2.2

 
(3.1
)
 
—

 
5.5

 
31.9

 
355.2

 
212.1

 
(57.0
)
 
542.2

Operating profit (loss)
(31.9
)
 
43.7

 
52.1

 
9.1

 
73.0

Other (income) expense
0.4

 
11.6

 
46.3

 
(0.2
)
 
58.1

Equity in earnings of subsidiaries, net of taxes
54.9

 
8.5

 
4.8

 
(68.2
)
 
—

Income from continuing operations before income taxes
22.6

 
40.6

 
10.6

 
(58.9
)
 
14.9

Provision (benefit) for income taxes
(139.3
)
 
(0.1
)
 
1.2

 
(9.4
)
 
(147.6
)
Income from continuing operations
161.9

 
40.7

 
9.4

 
(49.5
)
 
162.5

Loss from discontinued operations, net of income taxes
(0.2
)
 
—

 
—

 
—

 
(0.2
)
Net income
161.7

 
40.7

 
9.4

 
(49.5
)
 
162.3

Net income attributable to noncontrolling interest
—

 
—

 
—

 
0.6

 
0.6

Net income attributable to controlling interest
$
161.7

 
$
40.7

 
$
9.4

 
$
(50.1
)
 
$
161.7

 
 
 
 
 
 
 
 
 
 
Net income
$
161.7

 
$
40.7

 
$
9.4

 
$
(49.5
)
 
$
162.3

Other comprehensive income (loss)
1.4

 
—

 
(24.6
)
 
—

 
(23.2
)
Comprehensive income
163.1

 
40.7

 
(15.2
)
 
(49.5
)
 
139.1

Comprehensive loss attributable to noncontrolling interest
—

 
—

 
—

 
0.9

 
0.9

Comprehensive income attributable to controlling interest
$
163.1

 
$
40.7

 
$
(15.2
)
 
$
(50.4
)
 
$
138.2

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 (income) 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
—

 
—

 
—

 
(0.2
)
 
(0.2
)
Comprehensive income attributable to controlling interest
$
31.4

 
$
42.7

 
$
16.1

 
$
(63.7
)
 
$
26.5
Balance Sheet
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
199.7

 
$
5.6

 
$
27.3

 
$
(19.4
)
 
$
213.2

Receivables, net of allowance
0.7

 
211.2

 
85.9

 
—

 
297.8

Income tax receivable
389.0

 
—

 
0.1

 
—

 
389.1

Inventory
—

 
405.2

 
36.8

 
—

 
442.0

Property, plant, and equipment, net
31.3

 
1,459.4

 
6,433.2

 
(805.2
)
 
7,118.7

Investments in and advances to subsidiaries
4,611.6

 
3,202.2

 
318.3

 
(8,132.1
)
 
—

Restricted cash
—

 
—

 
76.9

 
19.4

 
96.3

Goodwill and other assets
148.6

 
230.2

 
68.3

 
(1.3
)
 
445.8

 
$
5,380.9

 
$
5,513.8

 
$
7,046.8

 
$
(8,938.6
)
 
$
9,002.9

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
13.3

 
$
116.7

 
$
78.6

 
$
(0.1
)
 
$
208.5

Accrued liabilities
160.5

 
29.6

 
159.6

 
(1.2
)
 
348.5

Debt
527.9

 
—

 
4,342.3

 
—

 
4,870.2

Deferred income taxes
126.7

 
898.0

 
(8.7
)
 
0.1

 
1,016.1

Advances from subsidiaries
2,033.5

 
—

 
—

 
(2,033.5
)
 
—

Other liabilities
52.9

 
39.6

 
1.0

 
—

 
93.5

Total stockholders' equity
2,466.1

 
4,429.9

 
2,474.0

 
(6,903.9
)
 
2,466.1

 
$
5,380.9

 
$
5,513.8

 
$
7,046.8

 
$
(8,938.6
)
 
$
9,002.9


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
Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2020
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
161.7

 
$
40.7

 
$
9.4

 
$
(49.5
)
 
$
162.3

Loss from discontinued operations
0.2

 
—

 
—

 
—

 
0.2

Equity in earnings of subsidiaries, net of taxes
(54.9
)
 
(8.5
)
 
(4.8
)
 
68.2

 
—

Other
(199.6
)
 
210.7

 
5.1

 
(4.9
)
 
11.3

Net cash provided by (used in) operating activities – continuing operations
(92.6
)
 
242.9

 
9.7

 
13.8

 
173.8

Net cash used in operating activities – discontinued operations
(0.2
)
 
—

 
—

 
—

 
(0.2
)
Net cash provided by (used in) operating activities
(92.8
)
 
242.9

 
9.7

 
13.8

 
173.6

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

 
278.1

 
359.5

 
(569.1
)
 
68.5

Proceeds from dispositions of property and other assets
—

 
0.5

 
9.3

 
—

 
9.8

Capital expenditures – leasing
—

 
(442.2
)
 
(256.1
)
 
569.1

 
(129.2
)
Capital expenditures – manufacturing and other
(0.6
)
 
(7.2
)
 
(6.2
)
 
—

 
(14.0
)
Other
—

 
—

 
0.3

 
—

 
0.3

Net cash (used in) provided by investing activities
(0.6
)
 
(170.8
)
 
106.8

 
—

 
(64.6
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(175.0
)
 
—

 
(296.4
)
 
—

 
(471.4
)
Proceeds from issuance of debt
180.0

 
—

 
272.4

 
—

 
452.4

Shares repurchased
(35.4
)
 
—

 
—

 
—

 
(35.4
)
Dividends paid to common shareholders
(22.7
)
 
—

 
—

 
—

 
(22.7
)
Change in intercompany financing between entities
191.1

 
(66.6
)
 
(110.7
)
 
(13.8
)
 
—

Net cash (used in) provided by financing activities
138.0

 
(66.6
)
 
(134.7
)
 
(13.8
)
 
(77.1
)
Net decrease in cash, cash equivalents, and restricted cash
44.6

 
5.5

 
(18.2
)
 
—

 
31.9

Cash, cash equivalents, and restricted cash at beginning of period
155.1

 
0.1

 
122.4

 
—

 
277.6

Cash, cash equivalents, and restricted cash at end of period
$
199.7

 
$
5.6

 
$
104.2

 
$
—

 
$
309.5

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
(23.3
)
 
(184.8
)
 
58.7

 
(6.6
)
 
(156.0
)
Net cash (used in) provided by operating activities – continuing operations
(46.0
)
 
(157.5
)
 
74.6

 
4.1

 
(124.8
)
Net cash used in operating activities – discontinued operations
(0.9
)
 
—

 
(0.2
)
 
—

 
(1.1
)
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 (used in) provided by financing activities
(44.2
)
 
610.9

 
(161.2
)
 
(3.8
)
 
401.7

Net decrease 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