Financial Statements for Guarantors of the Senior Notes (Tables)

9 Months Ended

Sep. 30, 2015

Financial Statements for Guarantors of the Senior Notes [Abstract]

Statement of Operations and Comprehensive Income

Statement of Operations and Comprehensive Income
Three Months Ended September 30, 2015
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	1,084.3	$	678.3		$	(220.4	)	$	1,542.2
Cost of revenues	0.1			818.6		513.2			(222.5		)	1,109.4
Selling, engineering, and administrative expenses	38.5			41.2		46.9			—			126.6
Gains on dispositions of property	0.2			31.0		27.5			—			58.7
	38.4			828.8		532.6			(222.5		)	1,177.3
Operating profit (loss)	(38.4		)	255.5		145.7			2.1			364.9
Other (income) expense	4.8			7.8		32.5			—			45.1
Equity in earnings of subsidiaries, net of taxes	283.3			56.9		—			(340.2		)	—
Income before income taxes	240.1			304.6		113.2			(338.1		)	319.8
Provision (benefit) for income taxes	35.8			96.5		21.1			(45.8		)	107.6
Net income	204.3			208.1		92.1			(292.3		)	212.2
Net income attributable to noncontrolling interest	—			—		—			7.9			7.9
Net income attributable to controlling interest	$	204.3		$	208.1	$	92.1		$	(300.2	)	$	204.3
Net income	$	204.3		$	208.1	$	92.1		$	(292.3	)	$	212.2
Other comprehensive income (loss)	(1.0		)	—		(0.1		)	—			(1.1		)
Comprehensive income	203.3			208.1		92.0			(292.3		)	211.1
Comprehensive income attributable to noncontrolling interest	—			—		—			8.4			8.4
Comprehensive income attributable to controlling interest	$	203.3		$	208.1	$	92.0		$	(300.7	)	$	202.7

Statement of Operations and Comprehensive Income
Nine Months Ended September 30, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	3,484.2		$	2,049.6	$	(688.1	)	$	4,845.7
Cost of revenues	(1.8		)	2,708.0			1,534.4		(700.5		)	3,540.1
Selling, engineering, and administrative expenses	94.5			112.4			132.4		—			339.3
Gains on dispositions of property	1.7			38.9			74.0		—			114.6
	91.0			2,781.5			1,592.8		(700.5		)	3,764.8
Operating profit (loss)	(91.0		)	702.7			456.8		12.4			1,080.9
Other (income) expense	11.9			23.8			107.5		—			143.2
Equity in earnings of subsidiaries, net of taxes	726.4			181.5			—		(907.9		)	—
Income before income taxes	623.5			860.4			349.3		(895.5		)	937.7
Provision (benefit) for income taxes	27.0			276.5			54.3		(42.1		)	315.7
Net income	596.5			583.9			295.0		(853.4		)	622.0
Net income attributable to noncontrolling interest	—			—			—		25.5			25.5
Net income attributable to controlling interest	$	596.5		$	583.9		$	295.0	$	(878.9	)	$	596.5
Net income	$	596.5		$	583.9		$	295.0	$	(853.4	)	$	622.0
Other comprehensive income (loss)	(0.1		)	(0.5		)	4.6		—			4.0
Comprehensive income	596.4			583.4			299.6		(853.4		)	626.0
Comprehensive income attributable to noncontrolling interest	—			—			—		27.5			27.5
Comprehensive income attributable to controlling interest	$	596.4		$	583.4		$	299.6	$	(880.9	)	$	598.5

Statement of Operations and Comprehensive Income
Three Months Ended September 30, 2014
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	1,048.2	$	716.3	$	(201.7	)	$	1,562.8
Cost of revenues	0.4			823.9		549.8		(201.9		)	1,172.2
Selling, engineering, and administrative expenses	37.4			33.5		42.1		—			113.0
Gains/(losses) on dispositions of property	0.1			0.1		3.4		—			3.6
	37.7			857.3		588.5		(201.9		)	1,281.6
Operating profit (loss)	(37.7		)	190.9		127.8		0.2			281.2
Other (income) expense	5.5			2.7		38.0		—			46.2
Equity in earnings of subsidiaries, net of taxes	211.1			28.1		—		(239.2		)	—
Income before income taxes	167.9			216.3		89.8		(239.0		)	235.0
Provision (benefit) for income taxes	18.5			43.0		21.3		(4.7		)	78.1
Net income	149.4			173.3		68.5		(234.3		)	156.9
Net income attributable to noncontrolling interest	—			—		—		7.5			7.5
Net income attributable to controlling interest	$	149.4		$	173.3	$	68.5	$	(241.8	)	$	149.4
Net income	$	149.4		$	173.3	$	68.5	$	(234.3	)	$	156.9
Other comprehensive income (loss)	0.8			—		3.6		—			4.4
Comprehensive income	150.2			173.3		72.1		(234.3		)	161.3
Comprehensive income attributable to noncontrolling interest	—			—		—		8.6			8.6
Comprehensive income attributable to controlling interest	$	150.2		$	173.3	$	72.1	$	(242.9	)	$	152.7

Statement of Operations and Comprehensive Income
Nine Months Ended September 30, 2014
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	3,055.9	$	2,019.5	$	(566.8	)	$	4,508.6
Cost of revenues	0.4			2,346.1		1,565.3		(567.3		)	3,344.5
Selling, engineering, and administrative expenses	87.5			84.2		121.3		—			293.0
Gains/(losses) on dispositions of property	(0.1		)	41.3		62.2		—			103.4
	88.0			2,389.0		1,624.4		(567.3		)	3,534.1
Operating profit (loss)	(88.0		)	666.9		395.1		0.5			974.5
Other (income) expense	13.7			10.3		113.0		—			137.0
Equity in earnings of subsidiaries, net of taxes	616.5			104.5		—		(721.0		)	—
Income before income taxes	514.8			761.1		282.1		(720.5		)	837.5
Provision (benefit) for income taxes	(25.2		)	255.3		57.4		(13.0		)	274.5
Net income	540.0			505.8		224.7		(707.5		)	563.0
Net income attributable to noncontrolling interest	—			—		—		23.0			23.0
Net income attributable to controlling interest	$	540.0		$	505.8	$	224.7	$	(730.5	)	$	540.0
Net income	$	540.0		$	505.8	$	224.7	$	(707.5	)	$	563.0
Other comprehensive income (loss)	2.1			—		9.4		—			11.5
Comprehensive income	542.1			505.8		234.1		(707.5		)	574.5
Comprehensive income attributable to noncontrolling interest	—			—		—		25.4			25.4
Comprehensive income attributable to controlling interest	$	542.1		$	505.8	$	234.1	$	(732.9	)	$	549.1

Balance Sheet

Balance Sheet
September 30, 2015
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	650.5	$	0.5	$	62.5	$	(35.7	)	$	677.8
Short-term marketable securities	—		—		—		—			—
Receivables, net of allowance	—		274.6		207.4		(0.3		)	481.7
Income tax receivable	26.2		—		—		—			26.2
Inventory	—		742.1		300.8		(22.0		)	1,020.9
Property, plant, and equipment, net	33.0		1,540.9		4,225.3		(490.8		)	5,308.4
Investments in and advances to subsidiaries	5,785.4		3,319.6		689.6		(9,794.6		)	—
Restricted cash	—		—		176.1		35.7			211.8
Goodwill and other assets	160.4		581.5		341.0		(4.4		)	1,078.5
	$	6,655.5	$	6,459.2	$	6,002.7	$	(10,312.1	)	$	8,805.3
Liabilities:
Accounts payable	$	10.7	$	135.2	$	149.1	$	(0.4	)	$	294.6
Accrued liabilities	147.7		250.7		159.1		—			557.5
Debt	801.2		36.6		2,446.7		—			3,284.5
Deferred income	—		25.6		1.8		—			27.4
Deferred income taxes	—		640.1		13.5		12.2			665.8
Advances from subsidiaries	1,737.3		—		—		(1,737.3		)	—
Other liabilities	98.3		13.9		3.0		—			115.2
Total stockholders' equity	3,860.3		5,357.1		3,229.5		(8,586.6		)	3,860.3
	$	6,655.5	$	6,459.2	$	6,002.7	$	(10,312.1	)	$	8,805.3

Balance Sheet
December 31, 2014
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	827.7	$	11.1	$	89.4	$	(40.3	)	$	887.9
Short-term marketable securities	75.0		—		—		—			75.0
Receivables, net of allowance	—		187.5		218.2		(0.4		)	405.3
Income tax receivable	58.6		—		—		—			58.6
Inventory	—		801.9		284.6		(18.1		)	1,068.4
Property, plant, and equipment, net	29.3		813.6		4,624.3		(564.3		)	4,902.9
Investments in and advances to subsidiaries	4,431.1		2,610.6		526.4		(7,568.1		)	—
Restricted cash	—		—		194.4		40.3			234.7
Goodwill and other assets	180.6		575.5		375.1		(30.2		)	1,101.0
	$	5,602.3	$	5,000.2	$	6,312.4	$	(8,181.1	)	$	8,733.8
Liabilities:
Accounts payable	$	15.0	$	155.5	$	125.5	$	(0.6	)	$	295.4
Accrued liabilities	235.8		280.3		193.5		—			709.6
Debt	789.5		39.1		2,724.4		—			3,553.0
Deferred income	—		34.5		1.9		—			36.4
Deferred income taxes	—		634.1		12.1		(13.6		)	632.6
Advances from subsidiaries	1,072.0		—		—		(1,072.0		)	—
Other liabilities	92.6		13.0		3.8		—			109.4
Total stockholders' equity	3,397.4		3,843.7		3,251.2		(7,094.9		)	3,397.4
	$	5,602.3	$	5,000.2	$	6,312.4	$	(8,181.1	)	$	8,733.8

Statement of Cash Flows

Statement of Cash Flows
Nine Months Ended September 30, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	596.5		$	583.9		$	295.0		$	(853.4	)	$	622.0
Equity in earnings of subsidiaries, net of taxes	(726.4		)	(181.5		)	—			907.9			—
Other	20.5			(81.2		)	93.8			(24.8		)	8.3
Net cash provided (required) by operating activities	(109.4		)	321.2			388.8			29.7			630.3
Investing activities:
(Increase) decrease in short-term marketable securities	75.0			—			—			—			75.0
Proceeds from dispositions of property	—			1.9			4.2			—			6.1
Proceeds from railcar lease fleet sales	—			142.1			214.5			(43.2		)	313.4
Capital expenditures – leasing	—			(638.1		)	(47.3		)	43.2			(642.2		)
Capital expenditures – manufacturing and other	(8.4		)	(30.9		)	(105.8		)	—			(145.1		)
Acquisitions, net of cash acquired	—			—			(46.2		)	—			(46.2		)
(Increase) decrease in investment in partially-owned subsidiaries	—			19.3			—			(19.3		)	—
Divestitures	—			—			51.3			—			51.3
Other	—			0.9			3.9			—			4.8
Net cash provided (required) by investing activities	66.6			(504.8		)	74.6			(19.3		)	(382.9		)
Financing activities:
Proceeds from issuance of common stock, net	0.2			—			—			—			0.2
Excess tax benefits from stock-based compensation	13.1			—			—			—			13.1
Payments to retire debt	—			(2.5		)	(528.3		)	—			(530.8		)
Proceeds from issuance of debt	(1.5		)	—			243.9			—			242.4
(Increase) decrease in restricted cash	—			—			27.7			4.6			32.3
Shares repurchased	(107.5		)	—			—			—			(107.5		)
Dividends paid to common shareholders	(48.0		)	—			—			—			(48.0		)
Purchase of shares to satisfy employee tax on vested stock	(27.3		)	—			—			—			(27.4		)
Contributions from noncontrolling interest	—			—			—			—			—
Contributions from controlling interest in partially-owned subsidiaries	—			—			—			—			—
Distributions to noncontrolling interest	—			—			(30.4		)	—			(30.4		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(19.3		)	19.3			—
Change in intercompany financing between entities	36.6			175.5			(182.4		)	(29.7		)	—
Other	—			—			(1.5		)	—			(1.4		)
Net cash provided (required) by financing activities	(134.4		)	173.0			(490.3		)	(5.8		)	(457.5		)
Net increase (decrease) in cash and cash equivalents	(177.2		)	(10.6		)	(26.9		)	4.6			(210.1		)
Cash and cash equivalents at beginning of period	827.7			11.1			89.4			(40.3		)	887.9
Cash and cash equivalents at end of period	$	650.5		$	0.5		$	62.5		$	(35.7	)	$	677.8

Statement of Cash Flows
Nine Months Ended September 30, 2014
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	540.0		$	505.8		$	224.7		$	(707.5	)	$	563.0
Equity in earnings of subsidiaries, net of taxes	(616.5		)	(104.5		)	—			721.0			—
Other	71.9			(398.3		)	106.5			(10.5		)	(230.4		)
Net cash provided (required) by operating activities	(4.6		)	3.0			331.2			3.0			332.6
Investing activities:
(Increase) decrease in short-term marketable securities	149.7			—			—			—			149.7
Proceeds from dispositions of property	0.4			—			21.5			—			21.9
Proceeds from railcar lease fleet sales	—			549.0			132.2			(423.8		)	257.4
Capital expenditures – leasing	—			(164.3		)	(429.9		)	423.8			(170.4		)
Capital expenditures – manufacturing and other	(7.8		)	(100.5		)	(61.7		)	—			(170.0		)
Acquisitions, net of cash acquired	—			(593.0		)	(118.8		)	—			(711.8		)
(Increase) decrease in investment in partially-owned subsidiaries	—			(10.2		)	—			10.2			—
Divestitures	—			—			—			—			—
Other	—			1.5			0.5			—			2.0
Net cash provided (required) by investing activities	142.3			(317.5		)	(456.2		)	10.2			(621.2		)
Financing activities:
Proceeds from issuance of common stock, net	0.6			—			—			—			0.6
Excess tax benefits from stock-based compensation	24.2			—			—			—			24.2
Payments to retire debt	(0.4		)	(2.4		)	(137.4		)	—			(140.2		)
Proceeds from issuance of debt	395.4			(0.1		)	332.1			—			727.4
(Increase) decrease in restricted cash	—			—			6.7			(8.9		)	(2.2		)
Shares repurchased	(36.5		)	—			—			—			(36.5		)
Dividends paid to common shareholders	(38.7		)	—			—			—			(38.7		)
Purchase of shares to satisfy employee tax on vested stock	(38.5		)	—			—			—			(38.5		)
Contributions from noncontrolling interest	—			—			49.6			—			49.6
Contributions from controlling interest in partially-owned subsidiaries	—			—			22.2			(22.2		)	—
Distributions to noncontrolling interest	—			—			(19.3		)	—			(19.3		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(12.0		)	12.0			—
Change in intercompany financing between entities	(214.2		)	317.2			(99.9		)	(3.1		)	—
Other	—			(0.5		)	(2.1		)	—			(2.6		)
Net cash provided (required) by financing activities	91.9			314.2			139.9			(22.2		)	523.8
Net increase (decrease) in cash and cash equivalents	229.6			(0.3		)	14.9			(9.0		)	235.2
Cash and cash equivalents at beginning of period	409.8			2.1			44.0			(27.4		)	428.5
Cash and cash equivalents at end of period	$	639.4		$	1.8		$	58.9		$	(36.4	)	$	663.7