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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Operating activities:    
Net income (loss) $ 6.1 $ (125.5)
Loss from discontinued operations, net of income taxes (0.4) (0.2)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 135.7 134.6
Stock-based compensation expense 9.8 14.9
Provision for deferred income taxes (0.2) 233.1
Net gains on lease portfolio sales (12.8) (14.4)
Gains on dispositions of property and other assets (12.2) (5.3)
Impairment of long-lived assets 0.0 369.4
Non-cash impact of restructuring activities 0.0 5.2
Non-cash interest expense 6.6 4.5
Loss on extinguishment of debt 11.7 5.0
Other 6.9 (5.4)
Changes in operating assets and liabilities:    
(Increase) decrease in receivables (19.9) 33.1
(Increase) decrease in income tax receivable 208.6 (448.3)
(Increase) decrease in inventories (47.5) 11.9
(Increase) decrease in other assets 13.3 169.7
Increase (decrease) in accounts payable 31.7 (15.7)
Increase (decrease) in accrued liabilities (4.0) (37.7)
Increase (decrease) in other liabilities 0.9 (1.5)
Net cash provided by operating activities – continuing operations 335.1 327.8
Net cash used in operating activities – discontinued operations (0.4) (0.2)
Net cash provided by operating activities 334.7 327.6
Investing activities:    
Proceeds from dispositions of property and other assets 24.0 14.2
Lease portfolio sales 88.8  
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale   132.2
Payments to Acquire Equipment on Lease 251.7  
Capital expenditures – leasing (net of sold lease fleet railcars owned one year or less with a net cost of $54.0 for the six months ended June 30, 2020)   259.5
Capital expenditures – manufacturing and other (17.4) (41.5)
Payments to Acquire Businesses, Net of Cash Acquired (16.6) 0.0
Other (0.1) 0.0
Net cash used in investing activities (173.0) (154.6)
Financing activities:    
Payments to retire debt (1,925.2) (618.3)
Proceeds from issuance of debt 2,176.7 552.4
Shares repurchased (329.4) (35.4)
Dividends paid to common shareholders (47.4) (46.4)
Purchase of shares to satisfy employee tax on vested stock (9.1) (9.0)
Net cash used in financing activities (134.4) (156.7)
Net increase in cash, cash equivalents, and restricted cash 27.3 16.3
Cash, cash equivalents, and restricted cash at beginning of period 228.4 277.6
Cash, cash equivalents, and restricted cash at end of period $ 255.7 $ 293.9