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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating activities:    
Net income $ 1.3 $ 162.3
Loss from discontinued operations, net of provision (benefit) for income taxes (0.4) (0.2)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 66.6 66.9
Stock-based compensation expense 5.4 7.3
Provision for deferred income taxes 1.2 225.2
Net gains on lease portfolio sales (1.7) (8.7)
Gains on dispositions of property and other assets (10.5) (4.7)
Non-cash impact of restructuring activities 0.0 5.2
Non-cash interest expense 3.0 3.7
Loss on early extinguishment of debt 0.0 5.0
Other 5.5 2.0
Changes in operating assets and liabilities:    
(Increase) decrease in receivables 1.0 (37.8)
(Increase) decrease in income tax receivable 1.2 (374.4)
(Increase) decrease in inventories 2.5 (8.6)
(Increase) decrease in other assets 6.4 159.4
Increase (decrease) in accounts payable 2.8 3.3
Increase (decrease) in accrued liabilities (10.4) (30.8)
Increase (decrease) in other liabilities (4.6) (1.7)
Net cash provided by operating activities – continuing operations 70.1 173.8
Net cash used in operating activities – discontinued operations (0.4) (0.2)
Net cash provided by operating activities 69.7 173.6
Investing activities:    
Proceeds from dispositions of property and other assets 19.8 9.8
Lease portfolio sales 17.3  
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale   68.5
Payments to Acquire Equipment on Lease 107.9  
Capital expenditures – leasing (net of sold lease fleet railcars owned one year or less with a net cost of $42.5 for the three months ended March 31, 2020)   129.2
Capital expenditures – manufacturing and other (8.5) (14.0)
Payments to Acquire Businesses, Net of Cash Acquired (16.6) 0.0
Other (0.1) 0.3
Net cash used in investing activities (96.0) (64.6)
Financing activities:    
Payments to retire debt (185.3) (471.4)
Proceeds from issuance of debt 327.7 452.4
Shares repurchased (35.7) (35.4)
Dividends paid to common shareholders (23.2) (22.7)
Purchase of shares to satisfy employee tax on vested stock (0.1) 0.0
Net cash provided by (used in) financing activities 83.4 (77.1)
Net increase in cash, cash equivalents, and restricted cash 57.1 31.9
Cash, cash equivalents, and restricted cash at beginning of period 228.4 277.6
Cash, cash equivalents, and restricted cash at end of period $ 285.5 $ 309.5