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v3.19.3

Financial Statements for Guarantors of the Senior Notes (Tables) | 9 Months Ended
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Sep. 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 September 30, 2019 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Revenues | $ | — |  |  | $ | 566.3 |  |  | $ | 311.3 |  |  | $ | (64.0 | ) |  | $ | 813.6 |
Cost of revenues | 1.1 |  |  | 466.8 |  |  | 254.7 |  |  | (73.5 | ) |  | 649.1 |
Selling, engineering, and administrative expenses | 24.0 |  |  | 24.2 |  |  | 13.9 |  |  | — |  |  | 62.1 |
Gains on dispositions of property | (0.2 | ) |  | 11.3 |  |  | 6.8 |  |  | — |  |  | 17.9 |
| 25.3 |  |  | 479.7 |  |  | 261.8 |  |  | (73.5 | ) |  | 693.3 |
Operating profit (loss) | (25.3 | ) |  | 86.6 |  |  | 49.5 |  |  | 9.5 |  |  | 120.3 |
Other (income) expense | (0.6 | ) |  | 4.8 |  |  | 50.1 |  |  | (0.3 | ) |  | 54.0 |
Equity in earnings of subsidiaries, net of taxes | 75.6 |  |  | 6.0 |  |  | 8.1 |  |  | (89.7 | ) |  | — |
Income from continuing operations before income taxes | 50.9 |  |  | 87.8 |  |  | 7.5 |  |  | (79.9 | ) |  | 66.3 |
Provision (benefit) for income taxes | 1.4 |  |  | 21.5 |  |  | 1.0 |  |  | (5.7 | ) |  | 18.2 |
Income from continuing operations | 49.5 |  |  | 66.3 |  |  | 6.5 |  |  | (74.2 | ) |  | 48.1 |
Income (loss) from discontinued operations, net of income taxes | (0.5 | ) |  | — |  |  | 0.1 |  |  | — |  |  | (0.4 | )
Net income | 49.0 |  |  | 66.3 |  |  | 6.6 |  |  | (74.2 | ) |  | 47.7 |
Net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (1.3 | ) |  | (1.3 | )
Net income attributable to controlling interest | $ | 49.0 |  |  | $ | 66.3 |  |  | $ | 6.6 |  |  | $ | (72.9 | ) |  | $ | 49.0 |
Net income | $ | 49.0 |  |  | $ | 66.3 |  |  | $ | 6.6 |  |  | $ | (74.2 | ) |  | $ | 47.7 |
Other comprehensive income (loss) | 0.9 |  |  | — |  |  | (3.6 | ) |  | — |  |  | (2.7 | )
Comprehensive income | 49.9 |  |  | 66.3 |  |  | 3.0 |  |  | (74.2 | ) |  | 45.0 |
Comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (0.9 | ) |  | (0.9 | )
Comprehensive income attributable to controlling interest | $ | 49.9 |  |  | $ | 66.3 |  |  | $ | 3.0 |  |  | $ | (73.3 | ) |  | $ | 45.9 |
Condensed Consolidating Statement of Operations and Comprehensive Income |  |  |  |  |  |
Three Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Revenues | $ | — |  |  | $ | 449.0 |  |  | $ | 231.5 |  |  | $ | (73.6 | ) |  | $ | 606.9 |
Cost of revenues | 1.6 |  |  | 375.2 |  |  | 171.9 |  |  | (82.2 | ) |  | 466.5 |
Selling, engineering, and administrative expenses | 35.6 |  |  | 28.3 |  |  | 11.7 |  |  | — |  |  | 75.6 |
Gains on dispositions of property | — |  |  | 8.4 |  |  | 2.0 |  |  | — |  |  | 10.4 |
| 37.2 |  |  | 395.1 |  |  | 181.6 |  |  | (82.2 | ) |  | 531.7 |
Operating profit (loss) | (37.2 | ) |  | 53.9 |  |  | 49.9 |  |  | 8.6 |  |  | 75.2 |
Other (income) expense | (3.9 | ) |  | 8.4 |  |  | 35.5 |  |  | — |  |  | 40.0 |
Equity in earnings of subsidiaries, net of taxes | 63.8 |  |  | 8.0 |  |  | 7.3 |  |  | (79.1 | ) |  | — |
Income before income taxes | 30.5 |  |  | 53.5 |  |  | 21.7 |  |  | (70.5 | ) |  | 35.2 |
Provision (benefit) for income taxes | (5.3 | ) |  | 8.4 |  |  | 2.4 |  |  | 1.2 |  |  | 6.7 |
Income from continuing operations | 35.8 |  |  | 45.1 |  |  | 19.3 |  |  | (71.7 | ) |  | 28.5 |
Income (loss) from discontinued operations, net of income taxes | (8.1 | ) |  | — |  |  | 7.9 |  |  | — |  |  | (0.2 | )
Net income | 27.7 |  |  | 45.1 |  |  | 27.2 |  |  | (71.7 | ) |  | 28.3 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
Net income attributable to controlling interest | $ | 27.7 |  |  | $ | 45.1 |  |  | $ | 27.2 |  |  | $ | (72.3 | ) |  | $ | 27.7 |
Net income | $ | 27.7 |  |  | $ | 45.1 |  |  | $ | 27.2 |  |  | $ | (71.7 | ) |  | $ | 28.3 |
Other comprehensive income | 1.4 |  |  | — |  |  | 0.7 |  |  | — |  |  | 2.1 |
Comprehensive income | 29.1 |  |  | 45.1 |  |  | 27.9 |  |  | (71.7 | ) |  | 30.4 |
Comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 0.9 |  |  | 0.9 |
Comprehensive income attributable to controlling interest | $ | 29.1 |  |  | $ | 45.1 |  |  | $ | 27.9 |  |  | $ | (72.6 | ) |  | $ | 29.5 |
Balance Sheet |
Condensed Consolidating Balance Sheet |  |  |  |  |  |  |  |  |
September 30, 2019 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 87.4 |  |  | $ | 2.3 |  |  | $ | 32.7 |  |  | $ | (24.8 | ) |  | $ | 97.6 |
Receivables, net of allowance | 2.9 |  |  | 227.6 |  |  | 74.2 |  |  | — |  |  | 304.7 |
Income tax receivable | 21.1 |  |  | — |  |  | — |  |  | — |  |  | 21.1 |
Inventory | — |  |  | 592.4 |  |  | 40.6 |  |  | (0.1 | ) |  | 632.9 |
Property, plant, and equipment, net | 42.3 |  |  | 1,275.9 |  |  | 6,387.5 |  |  | (789.0 | ) |  | 6,916.7 |
Investments in and advances to subsidiaries | 4,655.8 |  |  | 3,167.3 |  |  | 357.0 |  |  | (8,180.1 | ) |  | — |
Restricted cash | — |  |  | — |  |  | 92.7 |  |  | 24.8 |  |  | 117.5 |
Goodwill and other assets | 252.1 |  |  | 300.0 |  |  | 62.8 |  |  | (62.3 | ) |  | 552.6 |
| $ | 5,061.6 |  |  | $ | 5,565.5 |  |  | $ | 7,047.5 |  |  | $ | (9,031.5 | ) |  | $ | 8,643.1 |
Liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 4.3 |  |  | $ | 171.5 |  |  | $ | 74.7 |  |  | $ | 0.3 |  |  | $ | 250.8 |
Accrued liabilities | 179.8 |  |  | 34.4 |  |  | 158.6 |  |  | (3.9 | ) |  | 368.9 |
Debt | 472.7 |  |  | — |  |  | 4,212.5 |  |  | — |  |  | 4,685.2 |
Deferred income taxes | — |  |  | 860.4 |  |  | 2.2 |  |  | (78.5 | ) |  | 784.1 |
Advances from subsidiaries | 1,893.8 |  |  | — |  |  | — |  |  | (1,893.8 | ) |  | — |
Other liabilities | 51.7 |  |  | 41.9 |  |  | 1.2 |  |  | — |  |  | 94.8 |
Total stockholders' equity | 2,459.3 |  |  | 4,457.3 |  |  | 2,598.3 |  |  | (7,055.6 | ) |  | 2,459.3 |
| $ | 5,061.6 |  |  | $ | 5,565.5 |  |  | $ | 7,047.5 |  |  | $ | (9,031.5 | ) |  | $ | 8,643.1 |
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 |  |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2019 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 116.0 |  |  | $ | 159.9 |  |  | $ | 42.7 |  |  | $ | (204.0 | ) |  | $ | 114.6 |
Loss from discontinued operations | 2.1 |  |  | — |  |  | 0.2 |  |  | — |  |  | 2.3 |
Equity in earnings of subsidiaries, net of taxes | (195.4 | ) |  | (32.0 | ) |  | (19.7 | ) |  | 247.1 |  |  | — |
Other | (17.2 | ) |  | (159.3 | ) |  | 257.5 |  |  | (33.9 | ) |  | 47.1 |
Net cash provided by (used in) operating activities | (94.5 | ) |  | (31.4 | ) |  | 280.7 |  |  | 9.2 |  |  | 164.0 |
Investing activities: |  |  |  |  |  |  |  |  |
Proceeds from railcar lease fleet sales owned more than one year | — |  |  | 1,184.6 |  |  | 180.0 |  |  | (1,189.6 | ) |  | 175.0 |
Proceeds from dispositions of property and other assets | — |  |  | 6.3 |  |  | 13.2 |  |  | — |  |  | 19.5 |
Capital expenditures – leasing | — |  |  | (911.4 | ) |  | (1,132.5 | ) |  | 1,189.6 |  |  | (854.3 | )
Capital expenditures – manufacturing and other | (4.0 | ) |  | (31.7 | ) |  | (27.6 | ) |  | — |  |  | (63.3 | )
(Increase) decrease in investment in partially-owned subsidiaries | — |  |  | 1.6 |  |  | — |  |  | (1.6 | ) |  | — |
Other | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Net cash (used in) provided by investing activities | (4.0 | ) |  | 249.4 |  |  | (967.1 | ) |  | (1.6 | ) |  | (723.3 | )
Financing activities: |  |  |  |  |  |  |  |  |
Payments to retire debt | (750.0 | ) |  | — |  |  | (610.8 | ) |  | — |  |  | (1,360.8 | )
Proceeds from issuance of debt | 825.0 |  |  | — |  |  | 1,185.2 |  |  | — |  |  | 2,010.2 |
Shares repurchased | (154.9 | ) |  | — |  |  | — |  |  | — |  |  | (154.9 | )
Dividends paid to common shareholders | (60.8 | ) |  | — |  |  | — |  |  | — |  |  | (60.8 | )
Purchase of shares to satisfy employee tax on vested stock | (8.0 | ) |  | — |  |  | — |  |  | — |  |  | (8.0 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (2.1 | ) |  | — |  |  | (2.1 | )
Distributions to controlling interest in partially-owned subsidiaries | — |  |  | — |  |  | (1.6 | ) |  | 1.6 |  |  | — |
Change in intercompany financing between entities | 179.9 |  |  | (219.8 | ) |  | 49.1 |  |  | (9.2 | ) |  | — |
Net cash (used in) provided by financing activities | 31.2 |  |  | (219.8 | ) |  | 619.8 |  |  | (7.6 | ) |  | 423.6 |
Net decrease in cash, cash equivalents, and restricted cash | (67.3 | ) |  | (1.8 | ) |  | (66.6 | ) |  | — |  |  | (135.7 | )
Cash, cash equivalents, and restricted cash at beginning of period | 154.7 |  |  | 4.1 |  |  | 192.0 |  |  | — |  |  | 350.8 |
Cash, cash equivalents, and restricted cash at end of period | $ | 87.4 |  |  | $ | 2.3 |  |  | $ | 125.4 |  |  | $ | — |  |  | $ | 215.1 |
Condensed Consolidating Statement of Cash Flows |  |  |  |  |  |  |  |  |
Nine Months Ended September 30, 2018 |  |  |  |  |  |  |  |  |
| Parent |  | Combined Guarantor Subsidiaries |  | Combined Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
| (in millions)
Operating activities: |  |  |  |  |  |  |  |  |
Net income | $ | 132.0 |  |  | $ | 141.6 |  |  | $ | 134.6 |  |  | $ | (272.8 | ) |  | $ | 135.4 |
Income (loss) from discontinued operations | 12.6 |  |  | — |  |  | (67.0 | ) |  | — |  |  | (54.4 | )
Equity in earnings of subsidiaries, net of taxes | (247.7 | ) |  | (35.2 | ) |  | (20.2 | ) |  | 303.1 |  |  | — |
Other | (39.5 | ) |  | 29.0 |  |  | 132.9 |  |  | (23.9 | ) |  | 98.5 |
Net cash (used in) provided by operating activities – continuing operations | (142.6 | ) |  | 135.4 |  |  | 180.3 |  |  | 6.4 |  |  | 179.5 |
Net cash (used in) provided by operating activities – discontinued operations | (12.6 | ) |  | — |  |  | 153.0 |  |  | — |  |  | 140.4 |
Net cash (used in) provided by operating activities | (155.2 | ) |  | 135.4 |  |  | 333.3 |  |  | 6.4 |  |  | 319.9 |
Investing activities: |  |  |  |  |  |  |  |  |
Decrease in short-term marketable securities | 319.5 |  |  | — |  |  | — |  |  | — |  |  | 319.5 |
Proceeds from railcar lease fleet sales owned more than one year | — |  |  | 707.8 |  |  | 63.3 |  |  | (647.7 | ) |  | 123.4 |
Proceeds from dispositions of property and other assets | 0.2 |  |  | 3.8 |  |  | 2.9 |  |  | — |  |  | 6.9 |
Capital expenditures – leasing | — |  |  | (611.9 | ) |  | (711.6 | ) |  | 647.7 |  |  | (675.8 | )
Capital expenditures – manufacturing and other | (11.6 | ) |  | (9.9 | ) |  | (8.5 | ) |  | — |  |  | (30.0 | )
(Increase) decrease in investment in partially-owned subsidiaries | — |  |  | 7.1 |  |  | — |  |  | (7.1 | ) |  | — |
Other | — |  |  | — |  |  | (1.9 | ) |  | — |  |  | (1.9 | )
Net cash (used in) provided by investing activities – continuing operations | 308.1 |  |  | 96.9 |  |  | (655.8 | ) |  | (7.1 | ) |  | (257.9 | )
Net cash used in investing activities – discontinued operations | — |  |  | — |  |  | (53.1 | ) |  | — |  |  | (53.1 | )
Net cash (used in) provided by investing activities | 308.1 |  |  | 96.9 |  |  | (708.9 | ) |  | (7.1 | ) |  | (311.0 | )
Financing activities: |  |  |  |  |  |  |  |  |
Payments to retire debt | (647.6 | ) |  | (1.8 | ) |  | (89.5 | ) |  | — |  |  | (738.9 | )
Proceeds from issuance of debt | — |  |  | — |  |  | 561.3 |  |  | — |  |  | 561.3 |
Shares repurchased | (156.1 | ) |  | — |  |  | — |  |  | — |  |  | (156.1 | )
Dividends paid to common shareholders | (58.1 | ) |  | — |  |  | — |  |  | — |  |  | (58.1 | )
Purchase of shares to satisfy employee tax on vested stock | (11.5 | ) |  | — |  |  | — |  |  | — |  |  | (11.5 | )
Distributions to noncontrolling interest | — |  |  | — |  |  | (10.3 | ) |  | — |  |  | (10.3 | )
Distributions to controlling interest in partially-owned subsidiaries | — |  |  | — |  |  | 7.1 |  |  | (7.1 | ) |  | — |
Change in intercompany financing between entities | 289.6 |  |  | (161.9 | ) |  | (135.5 | ) |  | 7.8 |  |  | — |
Other | — |  |  | — |  |  | (3.2 | ) |  | — |  |  | (3.2 | )
Net cash (used in) provided by financing activities | (583.7 | ) |  | (163.7 | ) |  | 329.9 |  |  | 0.7 |  |  | (416.8 | )
Net (decrease) increase in cash, cash equivalents, and restricted cash | (430.8 | ) |  | 68.6 |  |  | (45.7 | ) |  | — |  |  | (407.9 | )
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 | $ | 333.1 |  |  | $ | 70.2 |  |  | $ | 162.6 |  |  | $ | — |  |  | $ | 565.9 |

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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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