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v3.19.2

Financial Statements for Guarantors of the Senior Notes (Tables) | 6 Months Ended
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Jun. 30, 2019
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 June 30, 2019 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Revenues | $ | — |  |  | $ | 516.9 |  |  | $ | 280.8 |  |  | $ | (61.7 | ) |  | $ | 736.0 |
Cost of revenues | 0.3 |  |  | 435.8 |  |  | 215.6 |  |  | (73.2 | ) |  | 578.5 |
Selling, engineering, and administrative expenses | 26.6 |  |  | 27.2 |  |  | 16.0 |  |  | — |  |  | 69.8 |
Gains on dispositions of property | — |  |  | 7.4 |  |  | 11.9 |  |  | — |  |  | 19.3 |
| 26.9 |  |  | 455.6 |  |  | 219.7 |  |  | (73.2 | ) |  | 629.0 |
Operating profit (loss) | (26.9 | ) |  | 61.3 |  |  | 61.1 |  |  | 11.5 |  |  | 107.0 |
Other expense | (4.1 | ) |  | 8.3 |  |  | 51.1 |  |  | — |  |  | 55.3 |
Equity in earnings of subsidiaries, net of taxes | 65.6 |  |  | 10.6 |  |  | 6.6 |  |  | (82.8 | ) |  | — |
Income from continuing operations before income taxes | 42.8 |  |  | 63.6 |  |  | 16.6 |  |  | (71.3 | ) |  | 51.7 |
Provision (benefit) for income taxes | 5.7 |  |  | 12.7 |  |  | 1.1 |  |  | (5.4 | ) |  | 14.1 |
Income from continuing operations | 37.1 |  |  | 50.9 |  |  | 15.5 |  |  | (65.9 | ) |  | 37.6 |
Loss from discontinued operations, net of income taxes | (0.7 | ) |  | — |  |  | (0.1 | ) |  | — |  |  | (0.8 | )
Net income | 36.4 |  |  | 50.9 |  |  | 15.4 |  |  | (65.9 | ) |  | 36.8 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 0.4 |  |  | 0.4 |
Net income attributable to controlling interest | $ | 36.4 |  |  | $ | 50.9 |  |  | $ | 15.4 |  |  | $ | (66.3 | ) |  | $ | 36.4 |
Net income | $ | 36.4 |  |  | $ | 50.9 |  |  | $ | 15.4 |  |  | $ | (65.9 | ) |  | $ | 36.8 |
Other comprehensive income (loss) | 0.8 |  |  | — |  |  | (7.0 | ) |  | — |  |  | (6.2 | )
Comprehensive income | 37.2 |  |  | 50.9 |  |  | 8.4 |  |  | (65.9 | ) |  | 30.6 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 0.7 |  |  | 0.7 |
Comprehensive income attributable to controlling interest | $ | 37.2 |  |  | $ | 50.9 |  |  | $ | 8.4 |  |  | $ | (66.6 | ) |  | $ | 29.9 |
Condensed Consolidating Statement of Operations and Comprehensive Income |  |  |  |  |  |
Three Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Revenues | $ | — |  |  | $ | 465.0 |  |  | $ | 224.5 |  |  | $ | (55.5 | ) |  | $ | 634.0 |
Cost of revenues | 0.5 |  |  | 384.2 |  |  | 159.3 |  |  | (62.1 | ) |  | 481.9 |
Selling, engineering, and administrative expenses | 38.2 |  |  | 27.4 |  |  | 10.0 |  |  | — |  |  | 75.6 |
Gains on dispositions of property | 1.3 |  |  | 13.8 |  |  | (3.6 | ) |  | — |  |  | 11.5 |
| 37.4 |  |  | 397.8 |  |  | 172.9 |  |  | (62.1 | ) |  | 546.0 |
Operating profit (loss) | (37.4 | ) |  | 67.2 |  |  | 51.6 |  |  | 6.6 |  |  | 88.0 |
Other expense | (0.3 | ) |  | 7.8 |  |  | 30.7 |  |  | — |  |  | 38.2 |
Equity in earnings of subsidiaries, net of taxes | 102.6 |  |  | 13.4 |  |  | 7.6 |  |  | (123.6 | ) |  | — |
Income before income taxes | 65.5 |  |  | 72.8 |  |  | 28.5 |  |  | (117.0 | ) |  | 49.8 |
Provision (benefit) for income taxes | (1.7 | ) |  | 16.7 |  |  | 2.9 |  |  | (5.4 | ) |  | 12.5 |
Income from continuing operations | 67.2 |  |  | 56.1 |  |  | 25.6 |  |  | (111.6 | ) |  | 37.3 |
Income (loss) from discontinued operations, net of income taxes | (3.1 | ) |  | — |  |  | 31.3 |  |  | — |  |  | 28.2 |
Net income | 64.1 |  |  | 56.1 |  |  | 56.9 |  |  | (111.6 | ) |  | 65.5 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 1.4 |  |  | 1.4 |
Net income attributable to controlling interest | $ | 64.1 |  |  | $ | 56.1 |  |  | $ | 56.9 |  |  | $ | (113.0 | ) |  | $ | 64.1 |
Net income | $ | 64.1 |  |  | $ | 56.1 |  |  | $ | 56.9 |  |  | $ | (111.6 | ) |  | $ | 65.5 |
Other comprehensive income (loss) | 0.3 |  |  | — |  |  | (0.8 | ) |  | — |  |  | (0.5 | )
Comprehensive income | 64.4 |  |  | 56.1 |  |  | 56.1 |  |  | (111.6 | ) |  | 65.0 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 1.8 |  |  | 1.8 |
Comprehensive income attributable to controlling interest | $ | 64.4 |  |  | $ | 56.1 |  |  | $ | 56.1 |  |  | $ | (113.4 | ) |  | $ | 63.2 |
Balance Sheet |
Condensed Consolidating Balance Sheet |  |  |  |  |  |  |  |  |
June 30, 2019 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 93.3 |  |  | $ | — |  |  | $ | 34.9 |  |  | $ | (25.4 | ) |  | $ | 102.8 |
Receivables, net of allowance | 3.5 |  |  | 253.2 |  |  | 95.0 |  |  | — |  |  | 351.7 |
Income tax receivable | 21.0 |  |  | — |  |  | — |  |  | — |  |  | 21.0 |
Inventory | — |  |  | 554.5 |  |  | 46.1 |  |  | (0.1 | ) |  | 600.5 |
Property, plant, and equipment, net | 43.1 |  |  | 1,284.3 |  |  | 6,344.7 |  |  | (802.5 | ) |  | 6,869.6 |
Investments in and advances to subsidiaries | 4,661.5 |  |  | 3,075.1 |  |  | 426.3 |  |  | (8,162.9 | ) |  | — |
Restricted cash | — |  |  | — |  |  | 88.3 |  |  | 25.4 |  |  | 113.7 |
Goodwill and other assets | 229.4 |  |  | 275.5 |  |  | 67.3 |  |  | (55.6 | ) |  | 516.6 |
| $ | 5,051.8 |  |  | $ | 5,442.6 |  |  | $ | 7,102.6 |  |  | $ | (9,021.1 | ) |  | $ | 8,575.9 |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 9.4 |  |  | $ | 137.2 |  |  | $ | 71.7 |  |  | $ | (0.6 | ) |  | $ | 217.7 |
Accrued liabilities | 156.9 |  |  | 53.3 |  |  | 140.3 |  |  | (4.2 | ) |  | 346.3 |
Debt | 397.6 |  |  | — |  |  | 4,218.3 |  |  | — |  |  | 4,615.9 |
Deferred income taxes | — |  |  | 831.3 |  |  | 1.4 |  |  | (63.7 | ) |  | 769.0 |
Advances from subsidiaries | 1,904.7 |  |  | — |  |  | — |  |  | (1,904.7 | ) |  | — |
Other liabilities | 53.6 |  |  | 42.6 |  |  | 1.2 |  |  | — |  |  | 97.4 |
Total stockholders' equity | 2,529.6 |  |  | 4,378.2 |  |  | 2,669.7 |  |  | (7,047.9 | ) |  | 2,529.6 |
| $ | 5,051.8 |  |  | $ | 5,442.6 |  |  | $ | 7,102.6 |  |  | $ | (9,021.1 | ) |  | $ | 8,575.9 |
Condensed Consolidating Balance Sheet |  |  |  |  |  |  |  |  |
December 31, 2018 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 154.7 |  |  | $ | 4.1 |  |  | $ | 59.1 |  |  | $ | (38.7 | ) |  | $ | 179.2 |
Receivables, net of allowance | 12.5 |  |  | 181.8 |  |  | 82.3 |  |  | — |  |  | 276.6 |
Income tax receivable | 40.4 |  |  | — |  |  | — |  |  | — |  |  | 40.4 |
Inventory | — |  |  | 485.8 |  |  | 40.9 |  |  | (2.0 | ) |  | 524.7 |
Property, plant, and equipment, net | 42.0 |  |  | 1,436.3 |  |  | 5,579.7 |  |  | (723.6 | ) |  | 6,334.4 |
Investments in and advances to subsidiaries | 4,558.6 |  |  | 2,981.7 |  |  | 661.1 |  |  | (8,201.4 | ) |  | — |
Restricted cash | — |  |  | — |  |  | 132.9 |  |  | 38.7 |  |  | 171.6 |
Goodwill and other assets | 205.1 |  |  | 197.9 |  |  | 106.8 |  |  | (47.5 | ) |  | 462.3 |
| $ | 5,013.3 |  |  | $ | 5,287.6 |  |  | $ | 6,662.8 |  |  | $ | (8,974.5 | ) |  | $ | 7,989.2 |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 8.6 |  |  | $ | 134.0 |  |  | $ | 69.9 |  |  | $ | (0.4 | ) |  | $ | 212.1 |
Accrued liabilities | 184.3 |  |  | 55.4 |  |  | 128.7 |  |  | (0.1 | ) |  | 368.3 |
Debt | 397.4 |  |  | — |  |  | 3,631.8 |  |  | — |  |  | 4,029.2 |
Deferred income | — |  |  | 16.5 |  |  | 1.2 |  |  | — |  |  | 17.7 |
Deferred income taxes | — |  |  | 790.3 |  |  | — |  |  | (47.2 | ) |  | 743.1 |
Advances from subsidiaries | 1,804.2 |  |  | — |  |  | — |  |  | (1,804.2 | ) |  | — |
Other liabilities | 56.8 |  |  | — |  |  | — |  |  | — |  |  | 56.8 |
Total stockholders' equity | 2,562.0 |  |  | 4,291.4 |  |  | 2,831.2 |  |  | (7,122.6 | ) |  | 2,562.0 |
| $ | 5,013.3 |  |  | $ | 5,287.6 |  |  | $ | 6,662.8 |  |  | $ | (8,974.5 | ) |  | $ | 7,989.2 |
Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows |  |  |  |  |  |  |  |  |
Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 67.0 |  |  | $ | 93.6 |  |  | $ | 36.1 |  |  | $ | (129.8 | ) |  | $ | 66.9 |
Loss from discontinued operations | 1.6 |  |  | — |  |  | 0.3 |  |  | — |  |  | 1.9 |
Equity in earnings of subsidiaries, net of taxes | (119.8 | ) |  | (26.0 | ) |  | (11.6 | ) |  | 157.4 |  |  | — |
Other | (16.1 | ) |  | (169.6 | ) |  | 142.1 |  |  | (22.3 | ) |  | (65.9 | )
Net cash provided by (used in) operating activities | (67.3 | ) |  | (102.0 | ) |  | 166.9 |  |  | 5.3 |  |  | 2.9 |
Investing activities: |  |  |  |  |  |  |  |  |
Proceeds from railcar lease fleet sales owned more than one year | — |  |  | 999.2 |  |  | 139.3 |  |  | (1,038.6 | ) |  | 99.9 |
Proceeds from dispositions of property and other assets | — |  |  | 6.0 |  |  | 8.3 |  |  | — |  |  | 14.3 |
Capital expenditures – leasing | — |  |  | (735.5 | ) |  | (994.0 | ) |  | 1,038.6 |  |  | (690.9 | )
Capital expenditures – manufacturing and other | (2.8 | ) |  | (19.9 | ) |  | (11.3 | ) |  | — |  |  | (34.0 | )
(Increase) decrease in investment in partially-owned subsidiaries | — |  |  | 0.7 |  |  | — |  |  | (0.7 | ) |  | — |
Other | — |  |  | — |  |  | (1.2 | ) |  | — |  |  | (1.2 | )
Net cash used in (provided by) investing activities | (2.8 | ) |  | 250.5 |  |  | (858.9 | ) |  | (0.7 | ) |  | (611.9 | )
Financing activities: |  |  |  |  |  |  |  |  |
Payments to retire debt | (550.0 | ) |  | — |  |  | (494.9 | ) |  | — |  |  | (1,044.9 | )
Proceeds from issuance of debt | 550.0 |  |  | — |  |  | 1,076.9 |  |  | — |  |  | 1,626.9 |
Shares repurchased | (59.0 | ) |  | — |  |  | — |  |  | — |  |  | (59.0 | )
Dividends paid to common shareholders | (39.5 | ) |  | — |  |  | — |  |  | — |  |  | (39.5 | )
Purchase of shares to satisfy employee tax on vested stock | (7.9 | ) |  | — |  |  | — |  |  | — |  |  | (7.9 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (0.9 | ) |  | — |  |  | (0.9 | )
Distributions to controlling interest in partially-owned subsidiaries | — |  |  | — |  |  | (0.7 | ) |  | 0.7 |  |  | — |
Change in intercompany financing between entities | 115.1 |  |  | (152.6 | ) |  | 42.8 |  |  | (5.3 | ) |  | — |
Net cash (used in) provided by financing activities | 8.7 |  |  | (152.6 | ) |  | 623.2 |  |  | (4.6 | ) |  | 474.7 |
Net decrease in cash, cash equivalents, and restricted cash | (61.4 | ) |  | (4.1 | ) |  | (68.8 | ) |  | — |  |  | (134.3 | )
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 | $ | 93.3 |  |  | $ | — |  |  | $ | 123.2 |  |  | $ | — |  |  | $ | 216.5 |
Condensed Consolidating Statement of Cash Flows |  |  |  |  |  |  |  |  |
Six Months Ended June 30, 2018 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 104.3 |  |  | $ | 96.5 |  |  | $ | 107.4 |  |  | $ | (201.1 | ) |  | $ | 107.1 |
Income (loss) from discontinued operations | 4.5 |  |  | — |  |  | (59.1 | ) |  | — |  |  | (54.6 | )
Equity in earnings of subsidiaries, net of taxes | (183.9 | ) |  | (27.2 | ) |  | (12.9 | ) |  | 224.0 |  |  | — |
Other | (35.1 | ) |  | 122.6 |  |  | 100.1 |  |  | (20.3 | ) |  | 167.3 |
Net cash (used in) provided by operating activities - continuing operations | (110.2 | ) |  | 191.9 |  |  | 135.5 |  |  | 2.6 |  |  | 219.8 |
Net cash (used in) provided by operating activities - discontinued operations | (4.5 | ) |  | — |  |  | 133.0 |  |  | — |  |  | 128.5 |
Net cash (used in) provided by operating activities | (114.7 | ) |  | 191.9 |  |  | 268.5 |  |  | 2.6 |  |  | 348.3 |
Investing activities: |  |  |  |  |  |  |  |  |
Decrease in short-term marketable securities | 294.5 |  |  | — |  |  | — |  |  | — |  |  | 294.5 |
Proceeds from railcar lease fleet sales owned more than one year | — |  |  | 700.1 |  |  | 4.0 |  |  | (647.7 | ) |  | 56.4 |
Proceeds from dispositions of property and other assets | 0.1 |  |  | 1.9 |  |  | 2.4 |  |  | — |  |  | 4.4 |
Capital expenditures – leasing | — |  |  | (462.3 | ) |  | (688.6 | ) |  | 647.7 |  |  | (503.2 | )
Capital expenditures – manufacturing and other | (2.6 | ) |  | (4.1 | ) |  | (6.8 | ) |  | — |  |  | (13.5 | )
(Increase) decrease in investment in partially-owned subsidiaries | — |  |  | 4.9 |  |  | — |  |  | (4.9 | ) |  | — |
Other | — |  |  | — |  |  | 1.3 |  |  | — |  |  | 1.3 |
Net cash (used in) provided by investing activities - continuing operations | 292.0 |  |  | 240.5 |  |  | (687.7 | ) |  | (4.9 | ) |  | (160.1 | )
Net cash used in investing activities - discontinued operations | — |  |  | — |  |  | (44.3 | ) |  | — |  |  | (44.3 | )
Net cash (used in) provided by investing activities | 292.0 |  |  | 240.5 |  |  | (732.0 | ) |  | (4.9 | ) |  | (204.4 | )
Financing activities: |  |  |  |  |  |  |  |  |
Payments to retire debt | (619.7 | ) |  | (1.5 | ) |  | (53.3 | ) |  | — |  |  | (674.5 | )
Proceeds from issuance of debt | — |  |  | — |  |  | 478.0 |  |  | — |  |  | 478.0 |
Shares repurchased | (102.2 | ) |  | — |  |  | — |  |  | — |  |  | (102.2 | )
Dividends paid to common shareholders | (39.3 | ) |  | — |  |  | — |  |  | — |  |  | (39.3 | )
Purchase of shares to satisfy employee tax on vested stock | (11.3 | ) |  | — |  |  | — |  |  | — |  |  | (11.3 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (10.3 | ) |  | — |  |  | (10.3 | )
Distributions to controlling interest in partially-owned subsidiaries | — |  |  | — |  |  | (4.9 | ) |  | 4.9 |  |  | — |
Change in intercompany financing between entities | 422.2 |  |  | (429.8 | ) |  | 10.2 |  |  | (2.6 | ) |  | — |
Other | — |  |  | — |  |  | (3.2 | ) |  | — |  |  | (3.2 | )
Net cash (used in) provided by financing activities | (350.3 | ) |  | (431.3 | ) |  | 416.5 |  |  | 2.3 |  |  | (362.8 | )
Net (decrease) increase in cash, cash equivalents, and restricted cash | (173.0 | ) |  | 1.1 |  |  | (47.0 | ) |  | — |  |  | (218.9 | )
Cash, cash equivalents, and restricted cash at beginning of period | 763.9 |  |  | 1.6 |  |  | 208.3 |  |  | — |  |  | 973.8 |
Cash, cash equivalents, and restricted cash at end of period | $ | 590.9 |  |  | $ | 2.7 |  |  | $ | 161.3 |  |  | $ | — |  |  | $ | 754.9 |

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- Definition Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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- Definition Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 3 -Paragraph i -Subsection 10 + Details
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