trn-20220331


	Three Months Ended March 31,
		2022		2021
		(in millions, except per share amounts)
Revenues:
Manufacturing		$	289.8	$	147.4
Leasing		182.9		183.3
		472.7		330.7
Operating costs:
Cost of revenues:
Manufacturing		295.6		149.6
Leasing		102.9		96.7
		398.5		246.3
Selling, engineering, and administrative expenses:
Manufacturing		9.7		8.6
Leasing		12.8		11.3
Other		22.2		24.8
		44.7		44.7
Gains on dispositions of property:
Lease portfolio sales		11.8		1.7
Other		13.5		9.8
		25.3		11.5

Restructuring activities, net		—		(0.3)
Total operating profit		54.8		51.5
Other (income) expense:
Interest expense, net		43.5		51.3


Other, net		(1.6)		1.2
		41.9		52.5
Income (loss) from continuing operations before income taxes		12.9		(1.0)
Provision (benefit) for income taxes:
Current		1.8		4.7
Deferred		1.2		(0.7)
		3.0		4.0
Income (loss) from continuing operations		9.9		(5.0)
Income (loss) from discontinued operations, net of provision (benefit) for income taxes of $(2.0) and $2.3		(6.9)		6.3
Loss on sale of discontinued operations, net of benefit for income taxes of $0.4 and $—		(1.1)		—
Net income		1.9		1.3
Net income (loss) attributable to noncontrolling interest		2.6		(2.0)
Net income (loss) attributable to Trinity Industries, Inc.		$	(0.7)	$	3.3

Basic earnings per common share:
Income (loss) from continuing operations		$	0.09	$	(0.03)
Income (loss) from discontinued operations		(0.10)		0.06
Basic net income (loss) attributable to Trinity Industries, Inc.		$	(0.01)	$	0.03
Diluted earnings per common share:
Income (loss) from continuing operations		$	0.09	$	(0.03)
Income (loss) from discontinued operations		(0.10)		0.06
Diluted net income (loss) attributable to Trinity Industries, Inc.		$	(0.01)	$	0.03
Weighted average number of shares outstanding:
Basic		82.9		110.2
Diluted		85.5		110.2


	Three Months Ended March 31,
		2022		2021
		(in millions)
Net income		$	1.9	$	1.3
Other comprehensive income (loss):
Derivative financial instruments:
Unrealized gains arising during the period, net of tax expense of $4.4 and $2.0		14.7		6.2
Reclassification adjustments for (gains) losses included in net income, net of tax benefit of $0.9 and $0.9		2.5		(0.9)

Defined benefit plans:

Amortization of net actuarial losses, net of tax benefit of $— and $—		0.1		0.1
		17.3		5.4
Comprehensive income		19.2		6.7
Less: comprehensive income (loss) attributable to noncontrolling interest		2.8		(1.7)
Comprehensive income attributable to Trinity Industries, Inc.		$	16.4	$	8.4


	March 31, 2022		December 31, 2021
	(unaudited)
	(in millions)
ASSETS
Cash and cash equivalents	$	143.2	$	167.3

Receivables, net of allowance	190.1		227.6
Income tax receivable	4.7		5.4
Inventories:
Raw materials and supplies	342.9		278.4
Work in process	137.8		91.6
Finished goods	27.7		62.9
	508.4		432.9
Restricted cash, including partially-owned subsidiaries of $59.6 and $58.6	208.2		135.1
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,926.6 and $1,927.7	9,106.8		9,105.6
Less accumulated depreciation, including partially-owned subsidiaries of $580.1 and $568.4	(2,303.2)		(2,258.7)
	6,803.6		6,846.9
Goodwill	154.2		154.2
Other assets	278.8		266.5
Total assets	$	8,291.2	$	8,235.9

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	$	237.5	$	206.4
Accrued liabilities	271.3		307.4
Debt:
Recourse	448.8		398.7
Non-recourse:
Wholly-owned subsidiaries	3,570.9		3,555.8
Partially-owned subsidiaries	1,207.8		1,216.1
	5,227.5		5,170.6
Deferred income taxes	1,110.6		1,106.8
Other liabilities	148.7		147.9
Total liabilities	6,995.6		6,939.1

Preferred stock – 1.5 shares authorized and unissued	—		—
Common stock – 400.0 shares authorized	0.8		0.8
Capital in excess of par value	5.3		—
Retained earnings	1,026.6		1,046.6
Accumulated other comprehensive income (loss)	0.1		(17.0)
Treasury stock	(0.8)		(0.6)
	1,032.0		1,029.8
Noncontrolling interest	263.6		267.0
Total stockholders' equity	1,295.6		1,296.8
Total liabilities and stockholders' equity	$	8,291.2	$	8,235.9


	Three Months Ended March 31,
	2022		2021
	(in millions)
Operating activities:
Net income	$	1.9	$	1.3
(Income) loss from discontinued operations, net of income taxes	6.9		(6.3)
Loss on sale of discontinued operations, net of income taxes	1.1		—
Adjustments to reconcile net income to net cash provided by operating activities – continuing operations:
Depreciation and amortization	66.9		64.6
Stock-based compensation expense	5.1		5.1

Provision (benefit) for deferred income taxes	1.2		(0.7)
Net gains on lease portfolio sales	(10.5)		(1.7)
Gains on dispositions of property and other assets	(8.4)		(10.5)
Gains on insurance recoveries from property damage	(6.4)		—


Non-cash interest expense	3.3		3.0

Other	0.5		5.4
Changes in operating assets and liabilities:
(Increase) decrease in receivables	37.5		12.1
(Increase) decrease in income tax receivable	0.7		1.2
(Increase) decrease in inventories	(75.5)		8.7
(Increase) decrease in other assets	(4.8)		6.4
Increase (decrease) in accounts payable	26.6		(3.5)
Increase (decrease) in accrued liabilities	(18.3)		(11.3)
Increase (decrease) in other liabilities	0.7		(4.5)
Net cash provided by operating activities – continuing operations	28.5		69.3
Net cash provided by (used in) operating activities – discontinued operations	(8.0)		0.4
Net cash provided by operating activities	20.5		69.7

Investing activities:

Proceeds from dispositions of property and other assets	15.6		19.8
Proceeds from lease portfolio sales	71.1		17.3

Capital expenditures – leasing	(84.6)		(107.9)
Capital expenditures – manufacturing and other	(2.3)		(7.4)
Acquisitions, net of cash acquired	—		(16.6)

Other	—		(0.1)
Net cash used in investing activities – continuing operations	(0.2)		(94.9)
Net cash used in investing activities – discontinued operations	—		(1.1)
Net cash used in investing activities	(0.2)		(96.0)

Financing activities:


Payments to retire debt	(73.0)		(185.3)
Proceeds from issuance of debt	127.2		327.7
Shares repurchased	—		(35.7)
Dividends paid to common shareholders	(19.1)		(23.2)
Purchase of shares to satisfy employee tax on vested stock	(0.2)		(0.1)



Distributions to noncontrolling interest	(6.2)		—



Net cash provided by financing activities	28.7		83.4
Net increase in cash, cash equivalents, and restricted cash	49.0		57.1
Cash, cash equivalents, and restricted cash at beginning of period	302.4		228.4
Cash, cash equivalents, and restricted cash at end of period	$	351.4	$	285.5


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock			Trinity Stockholders’ Equity		Noncontrolling Interest		Total Stockholders’ Equity
	Shares	$0.01 Par Value								Shares	Amount
	(in millions, except par value and per common share amounts)
Balances at December 31, 2021	83.3	$	0.8	$	—	$	1,046.6	$	(17.0)	—	$	(0.6)	$	1,029.8	$	267.0	$	1,296.8
Net income (loss)	—	—		—		(0.7)		—		—	—		(0.7)		2.6		1.9
Other comprehensive income	—	—		—		—		17.1		—	—		17.1		0.2		17.3
Cash dividends declared on common stock (1)	—	—		—		(19.3)		—		—	—		(19.3)		—		(19.3)
Stock-based compensation expense	—	—		5.1		—		—		—	—		5.1		—		5.1
Settlement of share-based awards, net	—	—		0.2		—		—		—	(0.2)		—		—		—

Distributions to noncontrolling interest	—	—		—		—		—		—	—		—		(6.2)		(6.2)


Balances at March 31, 2022	83.3	$	0.8	$	5.3	$	1,026.6	$	0.1	—	$	(0.8)	$	1,032.0	$	263.6	$	1,295.6


	Common Stock			Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive Loss		Treasury Stock			Trinity Stockholders’ Equity		Noncontrolling Interest		Total Stockholders’ Equity
	Shares	$0.01 Par Value								Shares	Amount
	(in millions, except par value and per common share amounts)
Balances at December 31, 2020	111.2	$	1.1	$	—	$	1,769.4	$	(30.9)	(0.1)	$	(0.8)	$	1,738.8	$	277.2	$	2,016.0
Net income (loss)	—	—		—		3.3		—		—	—		3.3		(2.0)		1.3
Other comprehensive income	—	—		—		—		5.1		—	—		5.1		0.3		5.4
Cash dividends declared on common stock (1)	—	—		—		(23.3)		—		—	—		(23.3)		—		(23.3)
Stock-based compensation expense	—	—		5.1		—		—		—	—		5.1		—		5.1
Settlement of share-based awards, net	—	—		1.0		—		—		—	(0.8)		0.2		—		0.2
Shares repurchased	—	—		—		—		—		(1.3)	(36.8)		(36.8)		—		(36.8)



Balances at March 31, 2021	111.2	$	1.1	$	6.1	$	1,749.4	$	(25.8)	(1.4)	$	(38.4)	$	1,692.4	$	275.5	$	1,967.9

Concentrations of credit risk with respect to receivables are limited due to control procedures that monitor the credit worthiness of customers, the large number of customers in our customer base, and their dispersion across different end markets and geographic areas. Receivables are generally evaluated at a portfolio level based on these characteristics. As receivables are generally unsecured, we maintain an allowance for credit losses using a forward-looking approach based on historical losses and consideration of current and expected future economic conditions. Historically, we have observed that the likelihood of loss increases when receivables have aged beyond 180 days. When a receivable is deemed uncollectible, the write-off is recorded as a reduction to allowance for credit losses. During the three months ended March 31, 2022, we recognized approximately $0.5 million of credit loss expense and wrote off $1.0 million related to our trade receivables that are in the scope of ASC 326, Financial Instruments – Credit Losses, bringing the allowance for credit losses balance from $10.5 million at December 31, 2021 to $10.0 million at March 31, 2022. This balance excludes the general reserve for operating lease receivables that is permitted under ASC 450, Contingencies.

During the three months ended March 31, 2021, we used $1.2 million to fund pension administrative expenses required to finalize the settlement of the Pension Plan, which is included in other, net (income) expense in our Consolidated Statements of Operations. There were no pension administrative expenses during the three months ended March 31, 2022. The remaining surplus of the Pension Plan of $0.6 million will be used to fund final pension administrative expenses. We expect that any remaining surplus would be used for other corporate purposes, subject to applicable taxes.

Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to provide management's perspective on our financial condition, results of operations, liquidity, and certain other factors that may affect our future results. Our MD&A should be read in conjunction with the unaudited Consolidated Financial Statements and related Notes in Part I, Item 1 of this Quarterly Report on Form 10-Q and Item 8, Financial Statements and Supplementary Data, of our 2021 Annual Report on Form 10-K.

This quarterly report on Form 10-Q (or statements otherwise made by the Company or on the Company’s behalf from time to time in other reports, filings with the Securities and Exchange Commission (“SEC”), news releases, conferences, website postings or otherwise) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained herein that are not historical facts are forward-looking statements and involve risks and uncertainties. These forward-looking statements include expectations, beliefs, plans, objectives, future financial performances, estimates, projections, goals, and forecasts. Trinity uses the words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” and similar expressions to identify these forward-looking statements. Potential factors, which could cause our actual results of operations to differ materially from those in the forward-looking statements, include, among others:

•the impact of the coronavirus pandemic (“COVID-19”) and the response thereto, on, among other things, demand for our products and services, our customers' ability to pay, disruptions to our supply chain, our liquidity and financial position, results of operations, stock price, payment of dividends, our ability to generate new railcar orders, our ability to originate and/or renew leases at favorable rates, our ability to convert backlog to revenue, and the operational status of our facilities;

Any forward-looking statement speaks only as of the date on which such statement is made. Except as required by federal securities laws, Trinity undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made. For a discussion of risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our 2021 Annual Report on Form 10-K, this Form 10-Q and future Forms 10-Q and Current Reports on Forms 8-K.

We concluded that the sale of THP represented a strategic shift that will have a major effect on the Company’s operations and financial results. Accordingly, we have presented the operating results and cash flows of THP as discontinued operations for all periods in this Quarterly Report on Form 10-Q. Results of prior periods have been recast to reflect these changes and present results on a comparable basis. In connection with the sale of THP, we agreed to indemnify Rush Hour for certain liabilities related to the ET-Plus® System, a highway guardrail end-terminal system (the “ET Plus”). Consequently, results from discontinued operations include certain legal expenses that were directly attributable to the highway products business, which were previously reported in continuing operations. Similar expenses incurred during the three months ended March 31, 2022 and that may be incurred in the future related to these retained obligations will likewise be reported in discontinued operations. See Note 2 of the Consolidated Financial Statements for further information related to the sale of THP and Note 14 for information regarding the retained liabilities.

Following the sale of THP, we report our operating results in two reportable segments: (1) the Railcar Leasing and Management Services Group (the "Leasing Group"), which owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; and (2) the Rail Products Group, which manufactures and sells railcars and related parts and components, and provides railcar maintenance and modification services. Additionally, we have combined the results of the prior Corporate and All Other groupings into a single Corporate and other grouping. The remaining activity previously reported in All Other primarily includes legal, environmental, and maintenance costs associated with non-operating facilities. Results of prior periods have been recast to reflect these changes and present results on a comparable basis.

The COVID-19 pandemic significantly impacted global and North American economic conditions. The social and economic effects of the pandemic have been widespread and are ongoing. We continue to monitor the operational and financial impacts of the pandemic and other economic factors. Although we have not experienced significant interruptions to our daily operations or a material impact to our operating costs, the economic pressures created by the pandemic have negatively impacted our results of operations for the three months ended March 31, 2022. While we continue to see signs of economic recovery, we are monitoring the evolving impacts of COVID-19 variants on the economy and our workforce, including reduced employee availability, and expect that our results of operations may remain under pressure in the near term.

The industries in which our customers operate are cyclical in nature. Weaknesses in certain sectors of the North American and global economy may make it more difficult to sell or lease certain types of railcars. Additionally, changes in commodity prices, including fluctuations in the crude oil market, or changes in demand for certain commodities, could impact customer demand for various types of railcars. Further, disruptions in the global supply chain have impacted demand for, and the costs of, certain of our products and services. We continuously assess demand for our products and services and take steps to rationalize and diversify our leased railcar portfolio and align our operating capacity appropriately. We diligently evaluate the creditworthiness of our customers and monitor performance of relevant market sectors; however, weaknesses in any of these market sectors could affect the financial viability of our underlying Leasing Group customers, which could continue to negatively impact our recurring leasing revenues and operating profits.

Steel prices and labor costs have increased significantly since the fourth quarter of 2020 and are major components of our cost of revenues. We typically use contract-specific purchasing practices, existing supplier commitments, contractual price escalation provisions, and other arrangements with our customers to reduce the impact of plate and coil steel price volatility on our operating profit. However, higher steel prices have resulted in increases in the cost of certain railcar components and could reduce demand for new railcars. Additionally, although we remain committed to attracting and retaining a highly skilled and diverse workforce, labor shortages, high turnover, and increases in labor costs have negatively impacted our operations. We continue to monitor the impact of potential margin and operating profit headwinds resulting from these factors.

TRL-2022 – On April 20, 2022, Trinity Rail Leasing 2022 LLC, a Delaware limited liability company ("TRL-2022") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through Trinity Industries Leasing Company ("TILC"), entered into a Note Purchase Agreement dated April 20, 2022 (the "Note Purchase Agreement"). The Note Purchase Agreement provides for the issuance and sale of an aggregate principal amount of $244.8 million of its Series 2022-1 Class A Green Secured Railcar Equipment Notes (the "TRL-2022 Notes"). The TRL-2022 Notes will bear interest at a fixed rate of 4.55%, will be payable monthly, and will have a stated final maturity date of May 20, 2052.


	Three Months Ended March 31,
		2022		2021
		(in millions)
Revenues		$	472.7	$	330.7
Cost of revenues		398.5		246.3
Selling, engineering, and administrative expenses		44.7		44.7
Gains on dispositions of property		25.3		11.5

Restructuring activities, net		—		(0.3)
Total operating profit		54.8		51.5
Interest expense, net		43.5		51.3

Other, net		(1.6)		1.2
Income (loss) from continuing operations before income taxes		12.9		(1.0)
Provision (benefit) for income taxes		3.0		4.0
Income (loss) from continuing operations		$	9.9	$	(5.0)


























	Three Months Ended March 31, 2022
	Revenues						Percent
	External		Intersegment		Total		Change
	(in millions)
Railcar Leasing and Management Services Group	$	182.9	$	0.2	$	183.1	(0.2)	%
Rail Products Group	289.8		101.3		391.1		49.8	%

Segment Totals	472.7		101.5		574.2		29.2	%
Eliminations – Lease Subsidiary	—		(101.3)		(101.3)
Eliminations – Other	—		(0.2)		(0.2)
Consolidated Total	$	472.7	$	—	$	472.7	42.9	%

	Three Months Ended March 31, 2021
	Revenues
	External		Intersegment		Total
	(in millions)
Railcar Leasing and Management Services Group	$	183.3	$	0.2	$	183.5
Rail Products Group	147.4		113.6		261.0

Segment Totals	330.7		113.8		444.5
Eliminations – Lease Subsidiary	—		(111.3)		(111.3)
Eliminations – Other	—		(2.5)		(2.5)
Consolidated Total	$	330.7	$	—	$	330.7

Gains on dispositions of property – Gains on dispositions of property increased by $13.8 million for the three months ended March 31, 2022, when compared to the prior year period primarily due to higher lease portfolio sales activity. Additionally, during the three months ended March 31, 2022, we recorded a $6.4 million gain related to insurance recoveries in excess of net book value for assets damaged by a tornado at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021. See Note 14 of the Consolidated Financial Statements for more information.

Operating profit – Operating profit for the three months ended March 31, 2022 totaled $54.8 million, representing an increase of $3.3 million, or 6.4%, from the prior year period primarily due to higher lease portfolio sales activity, partially offset by higher costs associated with external deliveries in the Rail Products Group, as well as higher fleet operating costs and increased depreciation in the Leasing Group. Operating profit was favorably impacted in the current year period by gains related to insurance recoveries from damage sustained at the Company’s rail maintenance facility in Cartersville, Georgia in the first quarter of 2021.

Interest expense, net – Interest expense, net for the three months ended March 31, 2022 totaled $43.5 million compared to $51.3 million for the three months ended March 31, 2021. The decrease in interest expense, net for the three months ended March 31, 2022 was primarily driven by lower overall borrowing costs associated with the Company's debt facilities resulting from debt refinancing activity during the second quarter of 2021, partially offset by higher overall average debt.


	Three Months Ended March 31,
			2022			2021			Percent
		($ in millions)				Change
Revenues:
Leasing and management			$	183.1		$	183.5		(0.2)	%



Operating profit (1):
Leasing and management			$	68.0		$	76.6		(11.2)	%
Lease portfolio sales (2)			11.8			1.7			*
Total operating profit			$	79.8		$	78.3		1.9	%
Total operating profit margin			43.6		%	42.7		%

Leasing and management operating profit margin			37.1		%	41.7		%

Selected expense information:
Depreciation (3)			$	57.2		$	54.6		4.8	%
Maintenance and compliance			$	29.2		$	25.6		14.1	%
Rent and ad valorem taxes			$	5.0		$	4.6		8.7	%
Selling, engineering, and administrative expenses			$	12.8		$	11.3		13.3	%
Interest			$	38.7		$	45.7		(15.3)	%

(1) Operating profit includes: depreciation; fleet operating costs, which include maintenance, compliance, freight, and storage; rent and ad valorem taxes; and selling, engineering, and administrative expenses. Amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in the operating profits of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges.

The Leasing Group generally uses its non-recourse warehouse loan facility or cash to provide initial funding for a portion of the purchase price of the railcars. After initial funding, the Leasing Group may obtain long-term financing for the railcars in the lease fleet through non-recourse asset-backed securities; long-term non-recourse operating leases pursuant to sale-leaseback transactions; long-term recourse debt such as equipment trust certificates; long-term non-recourse promissory notes; or third-party equity.

Revenues and cost of revenues for the Rail Products Group increased for the three months ended March 31, 2022 by 49.8% and 48.2%, respectively, when compared to the prior year period. Revenues in our rail products business increased as a result of higher deliveries, while revenues in our maintenance services revenues decreased as a result of fewer repairs and HM-251 modifications. In our rail products business, the increase in cost of revenues was driven by higher deliveries and input cost inflation, as well as incremental costs associated with production line changeovers. In our maintenance services business, cost of revenues was negatively impacted by labor shortages leading to operating inefficiencies.

Total backlog dollars increased by 91.5% when compared to the prior year period primarily from an increase in orders received. Approximately 59.5% of our railcar backlog value is expected to be delivered during 2022, 26.7% in 2023, with the remainder to be delivered thereafter into 2025. The orders in our backlog from the Leasing Group are fully supported by lease commitments with external customers. The final amount of backlog attributable to the Leasing Group may vary by the time of delivery as customers may choose to change their procurement decision.

Selling, engineering, and administrative expenses for the three months ended March 31, 2022 decreased 10.5%, compared to the three months ended March 31, 2021, primarily from lower litigation-related expenses and lower employee-related costs. Total operating costs in both periods were favorably impacted by gains associated with the disposition of non-operating facilities. As we continue to streamline our operational footprint, we may have additional gains or losses on the disposition of other non-operating facilities.

As of March 31, 2022, we have total committed liquidity of $717.9 million. Our total available liquidity includes: $143.2 million of unrestricted cash and cash equivalents; $192.1 million unused and available under our revolving credit facility; and $382.6 million unused and available under the TILC warehouse facility based on the amount of warehouse-eligible, unpledged equipment. We believe we have access to adequate capital resources to fund operating requirements and are an active participant in the capital markets.

Share Repurchase Authorization – In September 2021, our Board of Directors authorized a new share repurchase program effective September 9, 2021 through December 31, 2022. The new share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. In December 2021, using a portion of the proceeds from the sale of THP, we entered into an ASR to repurchase $125.0 million of our common stock. Approximately 3.3 million shares repurchased as part of the ASR on December 31, 2021 were delivered to the Company in January 2022 in accordance with normal settlement practices, representing approximately 80% of the total notional value of the ASR. The ASR is expected to be completed during the third quarter of 2022, at which time any remaining shares will be delivered to the Company. Share repurchase activity under the authorized program is as follows:

The Senior Notes indenture agreement includes customary provisions for the release of the guarantees by the 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 of our 2021 Annual Report on Form 10-K. The Senior Notes are not guaranteed by any of our remaining 100%-owned subsidiaries or partially-owned subsidiaries (“Non-Guarantor Subsidiaries”).

As of March 31, 2022, assets held by the Non-Guarantor Subsidiaries included $188.6 million of restricted cash that was not available for distribution to Trinity Industries, Inc. (“Parent”), $6,629.5 million of equipment securing certain non-recourse debt, and $472.6 million of assets located in foreign locations. As of December 31, 2021, assets held by the Non-Guarantor Subsidiaries included $79.6 million of restricted cash that was not available for distribution to the Parent, $6,595.5 million of equipment securing certain non-recourse debt, and $414.8 million of assets located in foreign locations.


			Three Months Ended March 31, 2022
Summarized Statement of Operations:
Revenues (1)			$	305.3
Cost of revenues (2)			$	296.5
Income (loss) from continuing operations			$	(21.7)
Net income (loss)			$	(29.7)


	March 31, 2022		December 31, 2021
Summarized Balance Sheets:
Assets:
Receivables, net of allowance (3)	$	212.8	$	245.8
Inventories	$	476.9	$	409.4
Property, plant, and equipment, net	$	856.8	$	953.3
Goodwill and other assets	$	398.6	$	385.7

Liabilities:
Accounts payable and accrued liabilities (4)	$	339.2	$	337.0
Debt	$	448.8	$	398.7
Deferred income taxes	$	922.2	$	926.2
Other liabilities	$	147.7	$	147.0
Noncontrolling interest	$	263.6	$	267.0

We may use derivative instruments to mitigate the impact of changes in interest rates, both in anticipation of future debt issuances and to offset interest rate variability of certain floating rate debt issuances outstanding. Derivative instruments that are designated and qualify as cash flow hedges are accounted for in accordance with applicable accounting standards. See Note 3 of the Consolidated Financial Statements for discussion of how we utilize our derivative instruments.

The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate ("LIBOR"), has announced that it will no longer persuade or require banks to submit rates for the calculation of LIBOR after June 2023. In the U.S., the Alternative Reference Rates Committee has identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to LIBOR. We currently have LIBOR-based contracts that extend beyond June 2023 including derivative instruments, promissory notes for Trinity Rail Leasing 2017 LLC, TILC's warehouse loan facility, the TRIP Railcar Co. LLC term loan, and our revolving credit facility. After LIBOR is phased out, the interest rates for these obligations might be subject to change. The replacement of LIBOR with an alternative benchmark reference rate may adversely affect interest rates and result in higher borrowing costs under these agreements and any future agreements.

We have included financial measures compiled in accordance with GAAP and certain non-GAAP measures in this Quarterly Report on Form 10-Q to provide management and investors with additional information regarding our financial results. Non-GAAP measures should not be considered in isolation or as a substitute for our reporting results prepared in accordance with GAAP and, as calculated, may not be comparable to other similarly titled measures for other companies. For each non-GAAP financial measure, we provide a reconciliation to the most comparable GAAP measure.

Total Free Cash Flow After Investments and Dividends ("Free Cash Flow") is a non-GAAP financial measure. We believe Free Cash Flow is useful to both management and investors as it provides a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. Free Cash Flow is reconciled to net cash provided by operating activities from continuing operations, the most directly comparable GAAP financial measure, in the following table.


	Three Months Ended March 31,
	2022		2021
	(in millions)
Net cash provided by operating activities – continuing operations	$	28.5	$	69.3
Proceeds from lease portfolio sales	71.1		17.3
Adjusted Net Cash Provided by Operating Activities	99.6		86.6
Capital expenditures – manufacturing and other	(2.3)		(7.4)
Dividends paid to common stockholders	(19.1)		(23.2)
Free Cash Flow (before Capital expenditures – leasing)	78.2		56.0
Equity CapEx for leased railcars	(30.4)		34.5
Total Free Cash Flow After Investments and Dividends	$	47.8	$	90.5

Capital expenditures – leasing	$	84.6	$	107.9
Less:
Payments to retire debt	(73.0)		(185.3)
Proceeds from issuance of debt	127.2		327.7
Net proceeds from (repayments of) debt	54.2		142.4
Equity CapEx for leased railcars	$	30.4	$	(34.5)

We maintain disclosure controls and procedures designed to ensure that we are able to collect and record the information we are required to disclose in the reports we file with the SEC, and to process, summarize, and disclose this information within the time periods specified in the rules of the SEC. Our Chief Executive and Chief Financial Officers are responsible for establishing and maintaining these procedures and, as required by the rules of the SEC, evaluating their effectiveness. Based on their evaluation of our disclosure controls and procedures that took place as of the end of the period covered by this report, the Chief Executive and Chief Financial Officers concluded that these procedures are effective to 1) ensure that we are able to collect, process, and disclose the information we are required to disclose in the reports we file with the SEC within the required time periods and 2) accumulate and communicate this information to our management, including our Chief Executive and Chief Financial Officers, to allow timely decisions regarding this disclosure.


Period	Number of Shares Purchased (1)	Average Price Paid per Share (1)		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2) (in millions)
January 1, 2022 through January 31, 2022	44	$	30.39	—	$	98.1
February 1, 2022 through February 28, 2022	6,288	$	29.52	—	$	98.1
March 1, 2022 through March 31, 2022	9,309	$	30.60	—	$	98.1
Total	15,641			—

(2) In September 2021, our Board of Directors authorized a new share repurchase program effective September 9, 2021 through December 31, 2022. The new share repurchase program authorizes the Company to repurchase up to $250.0 million of its common stock. In December 2021, we entered into an ASR to repurchase $125.0 million of our common stock. Approximately 3,311,258 shares repurchased as part of the ASR were delivered to us in January 2022, representing approximately 80% of the total notional value of the ASR. The final number of shares to be repurchased will be based on Trinity's volume-weighted average stock price, less a discount, during the term of the ASR, which is expected to be completed during the third quarter of 2022. There were no shares repurchased under the share repurchase program during the three months ended March 31, 2022. As of March 31, 2022, the Company had a remaining authorization to repurchase up to $98.1 million of its common stock under the share repurchase program. Approximately $73.1 million of the share repurchase program will remain after the completion of the ASR. The approximate dollar value of shares that were eligible to be repurchased under our share repurchase program is shown as of the end of such month or quarter.


NO.						DESCRIPTION
22.1						Subsidiary guarantors and issuers of guaranteed securities
31.1						Rule 13a-15(e) and 15d-15(e) Certification of the Chief Executive Officer (filed herewith).
31.2						Rule 13a-15(e) and 15d-15(e) Certification of the Chief Financial Officer (filed herewith).
32.1						Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
32.2						Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
101.INS						Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH						Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith).
101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed electronically herewith).
101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith).
101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith).
101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document (filed electronically herewith).
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).


Delaware		75-0225040
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
14221 N. Dallas Parkway, Suite 1100
Dallas,	Texas	75254-2957
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	TRN	New York Stock Exchange


Caption			Page
PART I FINANCIAL INFORMATION
Item 1. Financial Statements			3
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			29
Item 3. Quantitative and Qualitative Disclosures About Market Risk			48
Item 4. Controls and Procedures			48

PART II OTHER INFORMATION
Item 1. Legal Proceedings			49
Item 1A. Risk Factors			49
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			49
Item 3. Defaults Upon Senior Securities			49
Item 4. Mine Safety Disclosures			49
Item 5. Other Information			49
Item 6. Exhibits			50

SIGNATURES			51


	Unsatisfied performance obligations at March 31, 2022
	Total Amount		Percent expected to be delivered in 2022
	(in millions)
Rail Products Group:
New railcars:
External customers	$	1,209.3
Leasing Group	686.1
	$	1,895.4	59.5	%
Sustainable railcar conversions	$	128.2	95.6	%
Maintenance services	$	2.2	100.0	%

Railcar Leasing and Management Services Group	$	69.8	17.8	%


			Three Months Ended March 31,
						2022					2021
Consolidated Statements of Operations
Operating lease expense						$	4.2				$	3.5
Short-term lease expense						$	0.1				$	—

Consolidated Statements of Cash Flows
Cash flows from operating activities				$	4.2				$	3.5
Right-of-use assets recognized in exchange for new lease liabilities	$	11.1		$	11.0

						March 31, 2022					December 31, 2021
Consolidated Balance Sheets
Right-of-use assets (1)						$	88.5				$	82.8
Lease liabilities (2)						$	112.3				$	106.3
Weighted average remaining lease term						10.4 years					10.8 years
Weighted average discount rate						2.9		%			3.0		%


(Mark One)
☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			OR
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Leasing Group		Non-Leasing Group		Total
Remaining nine months of 2022	$	9.2	$	5.7	$	14.9
2023	10.5		7.2		17.7
2024	7.0		6.3		13.3
2025	5.2		5.6		10.8
2026	4.9		5.2		10.1
Thereafter	7.6		56.7		64.3
Total operating lease payments	$	44.4	$	86.7	$	131.1
Less: Present value adjustment					(18.8)

Total operating lease liabilities					$	112.3


Remaining nine months of 2022	$	421.4
2023	436.7
2024	330.0
2025	237.3
2026	157.0
Thereafter	283.2
Total	$	1,865.6


					Included in accompanying balance sheet at March 31, 2022
							AOCI – loss/(income)
	Notional Amount		Interest Rate (1)		Asset/(Liability)		Controlling Interest		Noncontrolling Interest
	($ in millions)
Expired hedges:
2018 secured railcar equipment notes	$	249.3	4.41	%	$	—	$	0.6	$	—
TRIP Holdings warehouse loan	$	788.5	3.60	%	$	—	$	0.4	$	0.5

2017 promissory notes – interest rate cap	$	169.3	3.00	%	$	—	$	(0.3)	$	—
Open hedge:
2017 promissory notes – interest rate swap	$	454.7	2.66	%	$	(0.7)	$	0.2	$	—


		Effect on interest expense – increase/(decrease)
	Three Months Ended March 31,			Expected effect during next twelve months
		2022				2021
		(in millions)
Expired hedges:

2018 secured railcar equipment notes		$	—	$	0.1		$	0.2
TRIP Holdings warehouse loan		$	0.4	$	0.5		$	0.9

2017 promissory notes – interest rate cap		$	—	$	—		$	(0.1)
Open hedge (1):
2017 promissory notes – interest rate swap		$	2.8	$	3.1		$	11.2


		Included in accompanying balance sheet at March 31, 2022					Effect on cost of revenues – increase/(decrease)
Notional Amount		Asset/ (Liability)		AOCI – loss/(income)		Three Months Ended March 31,			Expected effect during next twelve months (1)
							2022				2021
(in millions)
$	35.0	$	1.4	$	(1.5)		$	0.2	$	(3.7)		$	(1.5)


	Level 1
	March 31, 2022		December 31, 2021
	(in millions)
Assets:
Cash equivalents	$	80.5	$	11.4
Restricted cash	208.2		135.1
Total assets	$	288.7	$	146.5


	Level 2
	March 31, 2022		December 31, 2021
	(in millions)
Assets:
Foreign currency hedge (1)	$	1.4	$	—

Total assets	$	1.4	$	—

Liabilities:
Interest rate hedge (2)	$	0.7	$	21.0
Foreign currency hedge (2)	—		0.1
Total liabilities	$	0.7	$	21.1


	March 31, 2022
	Wholly- Owned Subsidiaries		Partially-Owned Subsidiaries		Total Leasing Group		Eliminations – Lease Subsidiary(1)		Adjusted Total Leasing Group
	(in millions)
Cash and cash equivalents	$	2.7	$	—	$	2.7	$	—	$	2.7
Accounts receivable	81.6		10.1		91.7		—		91.7
Property, plant, and equipment, net	5,678.7		1,555.5		7,234.2		(776.9)		6,457.3
Restricted cash	148.6		59.6		208.2		—		208.2
Other assets	84.4		2.0		86.4		—		86.4
Total assets	$	5,996.0	$	1,627.2	$	7,623.2	$	(776.9)	$	6,846.3

Accounts payable and accrued liabilities	$	97.7	$	28.9	$	126.6	$	—	$	126.6
Debt, net	3,570.9		1,207.8		4,778.7		—		4,778.7
Deferred income taxes	1,103.3		0.9		1,104.2		(185.4)		918.8
Other liabilities	42.6		—		42.6		—		42.6
Total liabilities	4,814.5		1,237.6		6,052.1		(185.4)		5,866.7
Noncontrolling interest	—		263.6		263.6		—		263.6
Total Equity	$	1,181.5	$	126.0	$	1,307.5	$	(591.5)	$	716.0


	March 31, 2022		December 31, 2021
	(in millions)
Manufacturing/Corporate:
Land	$	16.3	$	17.4
Buildings and improvements	376.9		377.4
Machinery and other	413.3		415.1
Construction in progress	22.3		18.1
	828.8		828.0
Less: accumulated depreciation	(482.5)		(478.7)
	346.3		349.3
Leasing:
Wholly-owned subsidiaries:
Machinery and other	21.5		20.7
Equipment on lease	7,066.8		7,061.3
	7,088.3		7,082.0
Less: accumulated depreciation	(1,409.6)		(1,375.9)
	5,678.7		5,706.1
Partially-owned subsidiaries:
Equipment on lease	2,241.8		2,242.9
Less: accumulated depreciation	(686.3)		(672.3)
	1,555.5		1,570.6

Deferred profit on railcars sold to the Leasing Group	(1,052.1)		(1,047.3)
Less: accumulated amortization	275.2		268.2
	(776.9)		(779.1)
	$	6,803.6	$	6,846.9


	Currency translation adjustments		Unrealized gains/(losses) on derivative financial instruments		Net actuarial gains/(losses) of defined benefit plans		Accumulated other comprehensive income (loss)
	(in millions)
Balances at December 31, 2021	$	(1.3)	$	(12.2)	$	(3.5)	$	(17.0)
Other comprehensive income, net of tax, before reclassifications	—		14.7		—		14.7
Amounts reclassified from AOCI, net of tax benefit of $—, $0.9, $—, and $0.9	—		2.5		0.1		2.6
Less: noncontrolling interest	—		(0.2)		—		(0.2)
Other comprehensive income	—		17.0		0.1		17.1
Balances at March 31, 2022	$	(1.3)	$	4.8	$	(3.4)	$	0.1


	Shares Repurchased			Remaining Authorization to Repurchase
Period	Number of Shares	Cost (in millions)		Cost (in millions)
September 9, 2021 Authorization				$	250.0
September 9, 2021 through September 30, 2021	—	$	—	$	250.0
October 1, 2021 through December 31, 2021	5,155,491	151.9		$	98.1	(1)
January 1, 2022 through March 31, 2022	—	—		$	98.1	(1)


Total	5,155,491	$	151.9


	Number of Shares Granted	Weighted Average Grant-Date Fair Value per Award

Restricted stock units	648	$	30.87

Performance units	108,127	$	38.26


	March 31, 2022		March 31, 2021
Number of railcars:
Wholly-owned (1)	82,760		83,430
Partially-owned	24,330		24,540
	107,090		107,970
Investor-owned	29,740		26,610
	136,830		134,580
Company-owned railcars (2):
Average age in years	11.4		10.4
Average remaining lease term in years	2.9		3.2
Fleet utilization	96.5	%	94.5	%


	March 31,
	2022		2021		Percent
	(in millions)				Change
External customers	$	1,209.3	$	694.1
Leasing Group	686.1		295.8
Total (1)	$	1,895.4	$	989.9	91.5	%


TRINITY INDUSTRIES, INC.	By:	/s/ Eric R. Marchetto
Registrant
		Eric R. Marchetto
		Executive Vice President and Chief Financial Officer
		April 27, 2022

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2022	Apr. 20, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	1-6903
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-0225040
Entity Address, Address Line One	14221 N. Dallas Parkway, Suite 1100
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75254-2957
City Area Code	214
Local Phone Number	631-4420
Title of 12(b) Security	Common Stock
Entity Trading Symbol	TRN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		83,342,128
Entity Registrant Name	TRINITY INDUSTRIES INC
Entity Central Index Key	0000099780
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period	Q1
Current Fiscal Year End Date	--12-31

Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues [Abstract]
Revenues	$ 472.7	$ 330.7
Cost of revenues:
Cost of revenues:	398.5	246.3
Selling, engineering, and administrative expenses:
Selling, engineering, and administrative expenses:	44.7	44.7
Gains on dispositions of property:
Lease portfolio sales	11.8	1.7
Other	13.5	9.8
Gains on dispositions of property:	25.3	11.5
Restructuring activities, net	0.0	(0.3)
Total operating profit	54.8	51.5
Other (income) expense:
Interest expense, net	43.5	51.3
Other Nonoperating Income	(1.6)	1.2
Other (income) expense:	41.9	52.5
Income (loss) from continuing operations before income taxes	12.9	(1.0)
Current Income Tax Expense (Benefit)	1.8	4.7
Provision (benefit) for deferred income taxes	1.2	(0.7)
Provision (benefit) for income taxes	3.0	4.0
Income (loss) from continuing operations	9.9	(5.0)
Income (loss) from discontinued operations, net of provision (benefit) for income taxes of $(2.0) and $2.3	(6.9)	6.3
Loss on sale of discontinued operations, net of benefit for income taxes of $0.4 and $—	(1.1)	0.0
Net income	1.9	1.3
Net income (loss) attributable to noncontrolling interest	2.6	(2.0)
Net income (loss) attributable to Trinity Industries, Inc.	$ (0.7)	$ 3.3
Basic earnings per common share:
Income (Loss) from Continuing Operations, Per Basic Share	$ 0.09	$ (0.03)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	(0.10)	0.06
Basic net income (loss) attributable to Trinity Industries, Inc.	(0.01)	0.03
Income (Loss) from Continuing Operations, Per Diluted Share	0.09	(0.03)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	(0.10)	0.06
Diluted net income (loss) attributable to Trinity Industries, Inc.	$ (0.01)	$ 0.03
Weighted average number of shares outstanding:
Weighted Average Number of Shares Outstanding, Basic	82.9	110.2
Weighted Average Number of Shares Outstanding, Diluted	85.5	110.2
Manufacturing
Revenues [Abstract]
Revenues	$ 289.8	$ 147.4
Cost of revenues:
Cost of revenues:	295.6	149.6
Selling, engineering, and administrative expenses:
Selling, engineering, and administrative expenses:	9.7	8.6
Leasing
Revenues [Abstract]
Revenues	182.9	183.3
Cost of revenues:
Cost of revenues:	102.9	96.7
Selling, engineering, and administrative expenses:
Selling, engineering, and administrative expenses:	12.8	11.3
Other
Selling, engineering, and administrative expenses:
Selling, engineering, and administrative expenses:	$ 22.2	$ 24.8

Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1.9	$ 1.3
Derivative financial instruments:
Unrealized gains arising during the period, net of tax expense of $4.4 and $2.0	14.7	6.2
Reclassification adjustments for (gains) losses included in net income, net of tax benefit of $0.9 and $0.9	2.5	(0.9)
Defined benefit plans:
Amortization of net actuarial losses, net of tax benefit of $— and $—	0.1	0.1
Other Comprehensive Income (Loss), Net of Tax, Total	17.3	5.4
Comprehensive income	19.2	6.7
Less: comprehensive income (loss) attributable to noncontrolling interest	2.8	(1.7)
Comprehensive income attributable to Trinity Industries, Inc.	$ 16.4	$ 8.4

Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 143.2	$ 167.3
Receivables, net of allowance	190.1	227.6
Income tax receivable	4.7	5.4
Inventories:
Raw materials and supplies	342.9	278.4
Work in process	137.8	91.6
Finished goods	27.7	62.9
Inventory, Net	508.4	432.9
Restricted cash, including partially-owned subsidiaries of $59.6 and $58.6	208.2	135.1
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,926.6 and $1,927.7	9,106.8	9,105.6
Less accumulated depreciation, including partially-owned subsidiaries of $580.1 and $568.4	2,303.2	2,258.7
Property, Plant and Equipment, Net	6,803.6	6,846.9
Goodwill	154.2	154.2
Other assets	278.8	266.5
Total assets	8,291.2	8,235.9
Liabilities and Equity [Abstract]
Accounts payable	237.5	206.4
Accrued liabilities	271.3	307.4
Debt:
Recourse	448.8	398.7
Non-Recourse Debt	4,778.7	4,771.9
Total debt	5,227.5	5,170.6
Deferred income taxes	1,110.6	1,106.8
Other liabilities	148.7	147.9
Total liabilities	$ 6,995.6	$ 6,939.1
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred Stock, Shares Authorized	1.5	1.5
Preferred Stock, Shares Subscribed but Unissued	1.5	1.5
Preferred stock – 1.5 shares authorized and unissued	$ 0.0	$ 0.0
Common Stock, Shares Authorized	400.0	400.0
Common stock – 400.0 shares authorized	$ 0.8	$ 0.8
Capital in excess of par value	5.3	0.0
Retained earnings	1,026.6	1,046.6
Accumulated other comprehensive income (loss)	0.1	(17.0)
Treasury stock	(0.8)	(0.6)
Total Equity	1,032.0	1,029.8
Noncontrolling interest	263.6	267.0
Total stockholders' equity	1,295.6	1,296.8
Total liabilities and stockholders' equity	8,291.2	8,235.9
Partially-owned subsidiaries
Inventories:
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,926.6 and $1,927.7	1,926.6	1,927.7
Less accumulated depreciation, including partially-owned subsidiaries of $580.1 and $568.4	580.1	568.4
Debt:
Non-Recourse Debt	1,207.8	1,216.1
Wholly-owned subsidiaries
Debt:
Non-Recourse Debt	$ 3,570.9	$ 3,555.8

Consolidated Statements of Operations Parenthetical - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Discontinued Operation, Tax Effect of Discontinued Operation	$ (2.0)	$ 2.3
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation	$ (0.4)	$ 0.0

Partially-Owned Leasing Subsidiaries	3 Months Ended
Partially-Owned Leasing Subsidiaries	Mar. 31, 2022
Noncontrolling Interest [Abstract]
Partially-Owned Leasing Subsidiaries	Partially-Owned Leasing Subsidiaries Through our wholly-owned subsidiary, Trinity Industries Leasing Company ("TILC"), we formed two subsidiaries, TRIP Holdings and RIV 2013, for the purpose of providing railcar leasing services in North America for institutional investors. Each of TRIP Holdings and RIV 2013 are direct, partially-owned subsidiaries of TILC in which we have a controlling interest. Each is governed by a seven-member board of representatives, two of whom are designated by TILC. TILC is the agent of each of TRIP Holdings and RIV 2013 and, as such, has been delegated the authority, power, and discretion to take certain actions on behalf of the respective companies. At March 31, 2022, the carrying value of our investment in TRIP Holdings and RIV 2013 totaled $139.8 million. Our weighted average ownership interest in TRIP Holdings and RIV 2013 is 38% while the remaining 62% weighted average interest is owned by third-party, investor-owned funds. The investment in our partially-owned leasing subsidiaries is eliminated in consolidation. Each of TRIP Holdings and RIV 2013 has wholly-owned subsidiaries that are the owners of railcars acquired from our Rail Products and Leasing Groups. TRIP Holdings has wholly-owned subsidiaries known as Triumph Rail LLC ("Triumph Rail") and TRIP Railcar Co. LLC ("TRIP Railcar Co."). RIV 2013 has a wholly owned-subsidiary known as TRP 2021 LLC ("TRP-2021"). TILC is the contractual servicer for Triumph Rail, TRIP Railcar Co., and TRP-2021, with the authority to manage and service each entity's owned railcars. Our controlling interest in each of TRIP Holdings and RIV 2013 results from our combined role as both equity member and agent/servicer. The noncontrolling interest included in the accompanying Consolidated Balance Sheets represents the non-Trinity equity interest in these partially-owned subsidiaries. Trinity has no obligation to guarantee performance under any of our partially-owned subsidiaries' (or their respective subsidiaries') debt agreements, guarantee any railcar residual values, shield any parties from losses or guarantee minimum yields. The assets of each of Triumph Rail, TRIP Railcar Co., and TRP-2021 may only be used to satisfy the particular subsidiary's liabilities, and the creditors of each of Triumph Rail, TRIP Railcar Co., and TRP-2021 have recourse only to the particular subsidiary's assets. Each of TILC and the third-party equity investors receive distributions from TRIP Holdings and RIV 2013, when available, in proportion to its respective equity interests, and has an interest in the net assets of the partially-owned subsidiaries upon a liquidation event in the same proportion. TILC is paid fees for the services it provides to Triumph Rail, TRIP Railcar Co., and TRP-2021 and has the potential to earn certain incentive fees. There are no remaining equity commitments with respect to TRIP Holdings or RIV 2013. See Note 8 regarding TRIP Holdings and RIV 2013, including the redemption and refinancing of the debt of their respective subsidiaries. Investment in Unconsolidated Affiliate In August 2021, the Company and Wafra, Inc. (“Wafra”), a global alternative investment manager, announced a new railcar investment vehicle (“RIV”) program between Trinity and certain funds managed by Wafra (“Wafra Funds”). As part of this program, a joint venture was formed, Signal Rail Holdings LLC (“Signal Rail”), which is owned 90% by Wafra Funds and 10% by TILC. Signal Rail or its subsidiaries are expected to invest in diversified portfolios of leased railcars originated by TILC targeting up to $1 billion in total acquisitions over an expected three-year investment period. TILC will service all railcars owned by Signal Rail. Upon consideration under the variable interest entity (“VIE”) model of ASC 810, Trinity has concluded that Signal Rail meets the definition of a VIE. TILC has variable interests in Signal Rail arising from its 10% equity ownership position and its role as a service provider. We determined that Trinity is not the primary beneficiary and therefore does not consolidate this entity as we do not have the power to direct the activities of the entity that most significantly impact its economic performance. We will absorb portions of Signal Rail’s expected losses and/or receive portions of expected residual returns commensurate with our 10% equity interest in Signal Rail. Our investment in Signal Rail is being accounted for under the equity method of accounting. At March 31, 2022, the carrying value of TILC’s equity investment in Signal Rail was $6.4 million, which is included in other assets in our Consolidated Balance Sheet. The carrying value of this investment, together with any potential future investments described above, collectively represent our maximum exposure in Signal Rail.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rate from continuing operations for the three months ended March 31, 2022 was 23.3%, which differs from the U.S. statutory rate of 21.0% primarily due to state income taxes, foreign taxes, non-deductible executive compensation, and the benefits of excess deductions on equity compensation. For the three months ended March 31, 2021, we recorded income tax expense of $4.0 million on a loss from continuing operations before income taxes of $1.0 million, primarily due to an adjustment to the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") carryback benefit previously recognized. The total income tax receivable position as of March 31, 2022 was $4.7 million. Our tax years through 2019 are effectively settled. The audit of our 2013 tax year was accepted by the Joint Committee of Taxation with no unresolved issues. We have received a partial acceptance of our 2020 tax return and expect to receive a final acceptance during 2022. We have state tax returns that are under audit in the normal course of business, and our Mexican subsidiaries' tax returns statutes of limitations remain open for auditing 2016 forward. We believe we are appropriately reserved for any potential matters.

Employee Retirement Plans	3 Months Ended
Employee Retirement Plans	Mar. 31, 2022
Retirement Benefits [Abstract]
Employee Retirement Plans	Employee Retirement Plans Our defined contribution expense for the three months ended March 31, 2022 and 2021 was $2.1 million and $2.4 million, respectively. The net periodic benefit cost related to our Supplemental Executive Retirement Plan was $0.2 million for both the three months ended March 31, 2022 and 2021. The non-service cost components of net periodic benefit cost are included in other, net (income) expense in our Consolidated Statements of Operations. Pension Plan Termination In September 2019, our Board of Directors approved the termination of the Trinity Industries, Inc. Consolidated Pension Plan (the "Pension Plan"), effective December 31, 2019. The Pension Plan was settled in the fourth quarter of 2020, which resulted in the Company no longer having any remaining funded pension plan obligations. Upon settlement, we recognized a pre-tax non-cash pension settlement charge in the fourth quarter of 2020 of $151.5 million, which was inclusive of all unamortized losses previously recorded in AOCI. During the three months ended March 31, 2021, we used $1.2 million to fund pension administrative expenses required to finalize the settlement of the Pension Plan, which is included in other, net (income) expense in our Consolidated Statements of Operations. There were no pension administrative expenses during the three months ended March 31, 2022. The remaining surplus of the Pension Plan of $0.6 million will be used to fund final pension administrative expenses. We expect that any remaining surplus would be used for other corporate purposes, subject to applicable taxes.

Contingencies	3 Months Ended
Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Highway products litigation We previously reported the filing of a False Claims Act (“FCA”) complaint in the United States District Court for the Eastern District of Texas, Marshall Division (“District Court”) styled Joshua Harman, on behalf of the United States of America, Plaintiff/Relator v. Trinity Industries, Inc., Defendant, Case No. 2:12-cv-00089-JRG (E.D. Tex.). In this case, in which the U.S. Government declined to intervene, the relator, Mr. Joshua Harman, alleged the Company violated the FCA pertaining to sales of the ET Plus. On October 20, 2014, a trial in this case concluded with a jury verdict stating that the Company and THP “knowingly made, used or caused to be made or used, a false record or statement material to a false or fraudulent claim," and the District Court entered judgment on the verdict in the total amount of $682.4 million. On September 29, 2017, the United States Court of Appeals for the Fifth Circuit ("Fifth Circuit") reversed the District Court’s $682.4 million judgment and rendered judgment as a matter of law in favor of the Company and THP. On January 7, 2019, the United States Supreme Court denied Mr. Harman's petition for certiorari seeking review of the Fifth Circuit's decision. The denial of Mr. Harman's petition ended this action. Pursuant to the purchase and sale agreement related to the sale of THP, the Company has agreed to indemnify Rush Hour for certain liabilities related to the highway products business, including those liabilities resulting from or arising out of (a) the proceedings set forth under “State actions” and "Missouri class action" below and (b) any other proceedings to the extent resulting from or arising out of ET Plus systems or specified ET Plus component parts that are both (i) manufactured prior to December 31, 2021, and (ii) sold in the United States on or prior to April 30, 2022, or related warranty obligations with respect thereto. State actions Mr. Harman also has a separate state qui tam action currently pending pursuant to the Virginia Fraud Against Taxpayers Act ("VFATA") (Commonwealth of Virginia ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC, Case No. CL13-698, in the Circuit Court, Richmond, Virginia). In this matter, Mr. Harman alleged the Company violated the VFATA pertaining to sales of the ET Plus, and he is seeking damages, civil penalties, attorneys’ fees, costs and interest. The Commonwealth of Virginia Attorney General has intervened in the Virginia matter, which is scheduled for trial on April 17, 2023. The Company believes that the claims in this matter are without merit and intends to vigorously defend against all allegations. In a similar Tennessee state qui tam action filed by Mr. Harman (State of Tennessee ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC, Case No. 14C2652, in the Circuit Court for Davidson County, Tennessee), Mr. Harman alleged the Company violated the Tennessee False Claim Act pertaining to sales of the ET Plus, and he is seeking damages, civil penalties, attorneys’ fees, costs and interest. The State of Tennessee Attorney General has filed a Notice of Election to Decline Intervention in this matter. On January 10, 2022, the trial court granted Trinity’s Motion to Dismiss Harman’s Second Amended Complaint and entered an order dismissing Mr. Harman’s complaint with prejudice. On February 7, 2022, Mr. Harman filed a Notice of Appeal of the trial court's order dismissing the case, which remains pending. The Company believes that the claims in this matter are without merit and intends to vigorously defend against all allegations. In a similar New Jersey state qui tam action (State of New Jersey ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC, Case No.L-1344-14, in the Superior Court of New Jersey Law Division: Mercer County) that was previously dismissed by the trial court, Mr. Harman sought leave to file an amended complaint pursuant to the New Jersey False Claims Act. On February 16, 2022, the trial court denied Mr. Harman’s motion. On March 9, 2022, Mr. Harman filed a motion for reconsideration of the trial court’s order denying leave to file an amended complaint. The Company believes that the claims in this matter are without merit and intends to vigorously defend against all allegations. In a similar Massachusetts state qui tam action filed by Mr. Harman (Commonwealth of Massachusetts ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc. and Trinity Highway Products, LLC, Case No. 1484-CV-02364, in the Superior Court Department of the Trial Court), Mr. Harman alleged the Company violated the Massachusetts False Claims Act pertaining to sales of the ET Plus, and he is seeking damages, civil penalties, attorneys’ fees, costs and interest. The State of Massachusetts Attorney General has filed a Notice of Election to Decline Intervention in this matter. The parties have reached an agreement in principle to settle all claims in this matter without any admission of liability or fault for $5.0 million. Defendants have denied and continue to deny specifically each and all of the claims and contentions alleged in this case. The settlement is subject to completion of a formal settlement agreement and final court approval. During the three months ended March 31, 2022, the Company recorded a $5.0 million charge and a corresponding liability for this matter, which was included in income (loss) from discontinued operations, net of income taxes, in our Consolidated Statement of Operations and is included in the amounts described below under “Other matters.” Although the parties have reached an agreement in principle to settle this litigation, there is, however, no assurance that a final settlement will be reached or, if a settlement is reached, that the charge, which represents the Company’s current best estimate of the costs to resolve this matter, will represent the actual costs of the settlement. If a settlement is unable to be reached, the Company will continue to vigorously defend the action. As previously reported, state qui tam actions filed by Mr. Harman in the states of Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Minnesota, Montana, Nevada, Rhode Island, and California were dismissed. Based on information currently available to the Company and previously disclosed, we currently do not believe that a loss is probable in the Virginia, Tennessee and New Jersey state qui tam actions described under "State actions," therefore no accrual has been included in the accompanying Consolidated Financial Statements. Because of the complexity of these actions as well as the current status of certain of these actions, we are not able to estimate a range of possible losses with respect to any one or more of these actions. While the financial impacts of these state actions are currently unknown, they could be material. Missouri class action The Company has been served in a lawsuit filed November 5, 2015, titled Jackson County, Missouri, individually and on behalf of a class of others similarly situated vs. Trinity Industries, Inc. and Trinity Highway Products, LLC, Case No. 1516-CV23684 (Circuit Court of Jackson County, Missouri). The case is being brought by plaintiff for and on behalf of itself and all Missouri counties with a population of 10,000 or more persons, including the City of St. Louis, and the State of Missouri’s transportation authority. The plaintiff alleges that the Company and THP did not disclose design changes to the ET Plus and these allegedly undisclosed design changes made the ET Plus allegedly defective, unsafe, and unreasonably dangerous. The plaintiff alleges product liability negligence, product liability strict liability, and negligently supplying dangerous instrumentality for supplier’s business purposes. The plaintiff seeks compensatory damages, interest, attorneys' fees and costs, and in the alternative plaintiff seeks a declaratory judgment that the ET Plus is defective, the Company’s conduct was unlawful, and class-wide costs and expenses associated with removing and replacing the ET Plus throughout Missouri. On December 6, 2017, the Court granted plaintiff's Motion for Class Certification, certifying a class of Missouri counties with populations of 10,000 or more persons, including the City of St. Louis and the State of Missouri's transportation authority that have or had ET Plus guardrail end terminals with 4-inch wide guide channels installed on roadways they own or maintain. The parties have reached an agreement in principle to settle all claims in this case without any admission of liability or fault. Defendants have denied and continue to deny specifically each and all of the claims and contentions alleged in this case. The settlement is subject to completion of a formal settlement agreement and final court approval. In accordance with ASC 450, Contingencies, the Company recorded a pre-tax charge of $23.9 million ($18.3 million, net of income taxes) during the year ended December 31, 2021, which was included in income from discontinued operations, net of income taxes, in our Consolidated Statement of Operations, based on the Company’s assessment that a settlement is probable and the estimated costs to resolve this action. Although the parties have reached an agreement in principle to settle this litigation, there is, however, no assurance that a final settlement will be reached or, if a settlement is reached, that the charge, which represents the Company’s current best estimate of the costs to resolve this matter, will represent the actual costs of the settlement. If a settlement is unable to be reached, the Company will continue to vigorously defend the action. The accrual and related range of reasonably possible loss related to this matter are included in the amounts described below under "Other matters." Product liability cases The Company is currently defending product liability lawsuits in several different states that are alleged to involve the ET Plus as well as other products manufactured by THP. These cases are diverse in light of the randomness of collisions in general and the fact that each accident involving a roadside device, such as an end terminal, or any other fixed object along the highway, has its own unique facts and circumstances. The Company carries general liability insurance to mitigate the impact of adverse judgment exposures in these product liability cases. To the extent that the Company believes that a loss is probable with respect to these product liability cases, the accrual for such losses is included in the amounts described below under "Other matters". Other matters The Company is involved in claims and lawsuits incidental to our business arising from various matters, including product warranty, personal injury, environmental issues, workplace laws, and various governmental regulations. The Company evaluates its exposure to such claims and suits periodically and establishes accruals for these contingencies when a range of loss can be reasonably estimated. The range of reasonably possible losses for such matters is $41.6 million to $59.4 million, which includes our rights in indemnity and recourse to third parties of approximately $10.3 million, which is recorded in other assets on our Consolidated Balance Sheet as of March 31, 2022. This range includes any amounts related to the Highway Products litigation matters described above in the section titled “Highway products litigation." At March 31, 2022, total accruals of $42.0 million, including environmental and workplace matters described below, are included in accrued liabilities in the accompanying Consolidated Balance Sheets. The Company believes any additional liability would not be material to its financial position or results of operations. Trinity is subject to remedial orders and federal, state, local, and foreign laws and regulations relating to the environment and the workplace. The Company has reserved $1.3 million to cover our probable and estimable liabilities with respect to the investigations, assessments, and remedial responses to such matters, taking into account currently available information and our contractual rights to indemnification and recourse to third parties. However, estimates of liability arising from future proceedings, assessments, or remediation are inherently imprecise. Accordingly, there can be no assurance that we will not become involved in future litigation or other proceedings involving the environment and the workplace or, if we are found to be responsible or liable in any such litigation or proceeding, that such costs would not be material to the Company. We believe that we are currently in substantial compliance with environmental and workplace laws and regulations. Georgia tornado On March 26, 2021, a tornado damaged the Company’s rail maintenance facility in Cartersville, Georgia. We have incurred costs related to cleanup and damage remediation activities in order for the facility to resume operations in the second quarter of 2021. We believe our insurance coverage is sufficient to cover property damage costs related to the event. To date, we have received total advanced payments from insurance of approximately $17.8 million, which includes $8.1 million for reimbursement of cleanup and damage remediation expenditures. As of March 31, 2022, we have utilized $6.5 million of the advanced payments from insurance towards new capital expenditures in support of the reconstruction efforts. During the first quarter of 2022, we recorded an insurance receivable of approximately $7.3 million for additional property damage recoveries that we expect to be reimbursed under the terms of our insurance policy, and we recorded a corresponding gain, net of the applicable deductible, of $6.4 million, which is included in the gains on dispositions of other property line in our Consolidated Statements of Operations. Any additional property damage insurance proceeds received in excess of the net book value of property lost and related cleanup costs will be accounted for as gains in future quarters.

Summary of Significant Accounting Policies Discontinued Operations (Details) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Proceeds from Divestiture of Businesses	$ 375.0

Summary of Significant Accounting Policies Revenue Recognition and Remaining performance obligation (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Billed Contracts Receivable	$ 12.9	$ 4.5
Rail Products Group [Member] \| Rail Products [Domain]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,895.4
Revenue, remaining performance obligation expected to be delivered in current year	59.50%
Rail Products Group [Member] \| Rail Products [Domain] \| External Customers
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 1,209.3
Rail Products Group [Member] \| Rail Products [Domain] \| Leasing
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	686.1
Rail Products Group [Member] \| Sustainable Railcar Conversions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 128.2
Revenue, remaining performance obligation expected to be delivered in current year	95.60%
Rail Products Group [Member] \| Maintenance services
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 2.2
Revenue, remaining performance obligation expected to be delivered in current year	100.00%
Railcar Leasing and Management Services Group [Member]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Amount	$ 69.8
Revenue, remaining performance obligation expected to be delivered in current year	17.80%

Summary of Significant Accounting Policies Receivables (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Credit Loss [Abstract]
Allowance for Loan and Lease Losses, Write-offs	$ 1.0
Accounts Receivable, Credit Loss Expense (Reversal)	0.5
Accounts Receivable, Allowance for Credit Loss	$ 10.0	$ 10.5

Segment Information - Financial information for segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
External Revenue	$ 472.7	$ 330.7
Revenues, Total	472.7	330.7
Operating Profit (Loss)	54.8	51.5
Restructuring activities, net	0.0	0.3
Other (income) expense	41.9	52.5
Provision (benefit) for income taxes	3.0	4.0
Income (loss) from discontinued operations, net of provision (benefit) for income taxes of $(2.0) and $2.3	(6.9)	6.3
Loss on sale of discontinued operations, net of benefit for income taxes of $0.4 and $—	(1.1)	0.0
Net income	1.9	1.3
Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, Total	472.7	330.7
Operating Profit (Loss)	80.6	69.5
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intersegment Revenues	0.0	0.0
Intersegment Eliminations [Member] \| Consolidated Subsidiaries, Leasing [Member]
Segment Reporting Information [Line Items]
External Revenue	0.0	0.0
Intersegment Revenues	(101.3)	(111.3)
Revenues, Total	(101.3)	(111.3)
Operating Profit (Loss)	(8.8)	(1.8)
Intersegment Eliminations [Member] \| Consolidated Subsidiaries, Excluding Leasing [Member]
Segment Reporting Information [Line Items]
External Revenue	0.0	0.0
Intersegment Revenues	(0.2)	(2.5)
Revenues, Total	(0.2)	(2.5)
Operating Profit (Loss)	(1.3)	(0.4)
Railcar Leasing and Management Services Group [Member]
Segment Reporting Information [Line Items]
External Revenue	182.9	183.3
Operating Profit (Loss)	79.8	78.3
Railcar Leasing and Management Services Group [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, Total	183.1	183.5
Operating Profit (Loss)	79.8	78.3
Railcar Leasing and Management Services Group [Member] \| Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intersegment Revenues	0.2	0.2
Rail Products Group [Member]
Segment Reporting Information [Line Items]
External Revenue	289.8	147.4
Operating Profit (Loss)	0.8	(8.8)
Rail Products Group [Member] \| Operating Segments [Member]
Segment Reporting Information [Line Items]
Revenues, Total	391.1	261.0
Rail Products Group [Member] \| Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Intersegment Revenues	101.3	113.6
Corporate Segment [Member]
Segment Reporting Information [Line Items]
Operating Profit (Loss)	$ (15.7)	$ (16.1)

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of Reportable Segments	2