Financial Statements for Guarantors of the Senior Notes (Tables)

6 Months Ended

Jun. 30, 2016

Financial Statements for Guarantors of the Senior Notes [Abstract]

Statement of Operations and Comprehensive Income

Statement of Operations and Comprehensive Income
Six Months Ended June 30, 2016
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	1,500.0	$	1,261.5	$	(388.7	)	$	2,372.8
Cost of revenues	(3.5		)	1,217.1		972.3		(398.3		)	1,787.6
Selling, engineering, and administrative expenses	56.8			65.1		81.3		—			203.2
Gains/(losses) on dispositions of property	(0.9		)	10.3		3.6		—			13.0
	54.2			1,271.9		1,050.0		(398.3		)	1,977.8
Operating profit (loss)	(54.2		)	228.1		211.5		9.6			395.0
Other (income) expense	(0.1		)	17.3		66.1		—			83.3
Equity in earnings of subsidiaries, net of taxes	228.1			42.6		—		(270.7		)	—
Income before income taxes	174.0			253.4		145.4		(261.1		)	311.7
Provision (benefit) for income taxes	(17.8		)	85.6		39.6		3.4			110.8
Net income	191.8			167.8		105.8		(264.5		)	200.9
Net income attributable to noncontrolling interest	—			—		—		9.1			9.1
Net income attributable to controlling interest	$	191.8		$	167.8	$	105.8	$	(273.6	)	$	191.8
Net income	$	191.8		$	167.8	$	105.8	$	(264.5	)	$	200.9
Other comprehensive income (loss)	3.0			—		1.9		—			4.9
Comprehensive income	194.8			167.8		107.7		(264.5		)	205.8
Comprehensive income attributable to noncontrolling interest	—			—		—		10.3			10.3
Comprehensive income attributable to controlling interest	$	194.8		$	167.8	$	107.7	$	(274.8	)	$	195.5

Statement of Operations and Comprehensive Income
Three Months Ended June 30, 2015
	Parent			Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	1,215.0	$	701.0	$	(239.2	)	$	1,676.8
Cost of revenues	(1.1		)	945.1		522.0		(246.4		)	1,219.6
Selling, engineering, and administrative expenses	30.8			38.1		45.5		—			114.4
Gains/(losses) on dispositions of property	1.4			7.9		30.8		—			40.1
	28.3			975.3		536.7		(246.4		)	1,293.9
Operating profit (loss)	(28.3		)	239.7		164.3		7.2			382.9
Other (income) expense	2.7			9.1		37.6		—			49.4
Equity in earnings of subsidiaries, net of taxes	246.3			66.8		—		(313.1		)	—
Income before income taxes	215.3			297.4		126.7		(305.9		)	333.5
Provision (benefit) for income taxes	3.3			92.2		14.6		2.6			112.7
Net income	212.0			205.2		112.1		(308.5		)	220.8
Net income attributable to noncontrolling interest	—			—		—		8.8			8.8
Net income attributable to controlling interest	$	212.0		$	205.2	$	112.1	$	(317.3	)	$	212.0
Net income	$	212.0		$	205.2	$	112.1	$	(308.5	)	$	220.8
Other comprehensive income (loss)	2.0			—		2.6		—			4.6
Comprehensive income	214.0			205.2		114.7		(308.5		)	225.4
Comprehensive income attributable to noncontrolling interest	—			—		—		9.7			9.7
Comprehensive income attributable to controlling interest	$	214.0		$	205.2	$	114.7	$	(318.2	)	$	215.7

Statement of Operations and Comprehensive Income
Six Months Ended June 30, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Revenues	$	—		$	2,400.0		$	1,371.4	$	(467.9	)	$	3,303.5
Cost of revenues	(1.9		)	1,889.2			1,021.3		(477.9		)	2,430.7
Selling, engineering, and administrative expenses	56.2			71.1			85.4		—			212.7
Gains/(losses) on dispositions of property	1.6			7.8			46.5		—			55.9
	52.7			1,952.5			1,060.2		(477.9		)	2,587.5
Operating profit (loss)	(52.7		)	447.5			311.2		10.0			716.0
Other (income) expense	7.1			16.0			75.0		—			98.1
Equity in earnings of subsidiaries, net of taxes	443.2			124.6			—		(567.8		)	—
Income before income taxes	383.4			556.1			236.2		(557.8		)	617.9
Provision (benefit) for income taxes	(8.8		)	180.1			33.2		3.6			208.1
Net income	392.2			376.0			203.0		(561.4		)	409.8
Net income attributable to noncontrolling interest	—			—			—		17.6			17.6
Net income attributable to controlling interest	$	392.2		$	376.0		$	203.0	$	(579.0	)	$	392.2
Net income	$	392.2		$	376.0		$	203.0	$	(561.4	)	$	409.8
Other comprehensive income (loss)	1.0			(0.5		)	4.6		—			5.1
Comprehensive income	393.2			375.5			207.6		(561.4		)	414.9
Comprehensive income attributable to noncontrolling interest	—			—			—		19.1			19.1
Comprehensive income attributable to controlling interest	$	393.2		$	375.5		$	207.6	$	(580.5	)	$	395.8

Balance Sheet

Balance Sheet
June 30, 2016
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	592.6	$	1.3	$	46.0	$	(25.9	)	$	614.0
Short-term marketable securities	200.0		—		—		—			200.0
Receivables, net of allowance	—		235.7		203.6		—			439.3
Income tax receivable	68.9		—		—		—			68.9
Inventory	—		602.5		297.9		(17.8		)	882.6
Property, plant, and equipment, net	42.5		1,941.2		4,105.9		(483.0		)	5,606.6
Investments in and advances to subsidiaries	6,508.0		3,647.0		981.3		(11,136.3		)	—
Restricted cash	—		3.2		154.2		25.9			183.3
Goodwill and other assets	204.4		586.2		305.1		(55.0		)	1,040.7
	$	7,616.4	$	7,017.1	$	6,094.0	$	(11,692.1	)	$	9,035.4
Liabilities:
Accounts payable	$	5.7	$	91.8	$	123.7	$	—		$	221.2
Accrued liabilities	202.8		174.8		136.7		(55.0		)	459.3
Debt	809.5		34.0		2,286.1		—			3,129.6
Deferred income	—		23.4		1.6		—			25.0
Deferred income taxes	68.1		832.5		1.9		0.3			902.8
Advances from subsidiaries	2,248.6		—		—		(2,248.6		)	—
Other liabilities	104.4		13.5		2.3		—			120.2
Total stockholders' equity	4,177.3		5,847.1		3,541.7		(9,388.8		)	4,177.3
	$	7,616.4	$	7,017.1	$	6,094.0	$	(11,692.1	)	$	9,035.4

Balance Sheet
December 31, 2015
	Parent		Combined Guarantor Subsidiaries		Combined Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in millions)
Assets:
Cash and cash equivalents	$	768.3	$	1.7	$	51.1	$	(35.1	)	$	786.0
Short-term marketable securities	84.9		—		—		—			84.9
Receivables, net of allowance	0.1		196.3		173.5		—			369.9
Income tax receivable	94.9		—		—		—			94.9
Inventory	—		634.1		325.4		(16.4		)	943.1
Property, plant, and equipment, net	37.7		1,597.0		4,204.3		(491.0		)	5,348.0
Investments in and advances to subsidiaries	6,262.9		3,633.1		908.5		(10,804.5		)	—
Restricted cash	—		0.2		160.5		35.1			195.8
Goodwill and other assets	178.8		579.8		304.7		—			1,063.3
	$	7,427.6	$	6,642.2	$	6,128.0	$	(11,311.9	)	$	8,885.9
Liabilities:
Accounts payable	$	9.9	$	62.9	$	144.3	$	(0.3	)	$	216.8
Accrued liabilities	224.9		137.3		168.5		(1.1		)	529.6
Debt	800.6		35.6		2,359.2		—			3,195.4
Deferred income	—		25.4		1.7		—			27.1
Deferred income taxes	31.2		711.3		9.4		0.3			752.2
Advances from subsidiaries	2,212.2		—		—		(2,212.2		)	—
Other liabilities	100.1		13.6		2.4		—			116.1
Total stockholders' equity	4,048.7		5,656.1		3,442.5		(9,098.6		)	4,048.7
	$	7,427.6	$	6,642.2	$	6,128.0	$	(11,311.9	)	$	8,885.9

Statement of Cash Flows

Statement of Cash Flows
Six Months Ended June 30, 2016
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	191.8		$	167.8		$	105.8		$	(264.5	)	$	200.9
Equity in earnings of subsidiaries, net of taxes	(228.1		)	(42.6		)	—			270.7			—
Other	48.8			201.3			47.8			(12.4		)	285.5
Net cash provided (required) by operating activities	12.5			326.5			153.6			(6.2		)	486.4
Investing activities:
(Increase) decrease in short-term marketable securities	(115.1		)	—			—			—			(115.1		)
Proceeds from railcar lease fleet sales owned more than one year	—			27.3			10.4			—			37.7
Proceeds from dispositions of property and other assets	—			0.2			3.9			—			4.1
Capital expenditures – leasing	—			(343.7		)	(2.3		)	—			(346.0		)
Capital expenditures – manufacturing and other	(8.5		)	(5.5		)	(65.8		)	—			(79.8		)
Acquisitions, net of cash acquired	—			—			—			—			—
(Increase) decrease in investment in partially-owned subsidiaries	—			6.7			—			(6.7		)	—
Divestitures	—			—			—			—			—
Other	—			0.6			1.7			—			2.3
Net cash provided (required) by investing activities	(123.6		)	(314.4		)	(52.1		)	(6.7		)	(496.8		)
Financing activities:
Proceeds from issuance of common stock, net	—			—			—			—			—
Excess tax benefits from stock-based compensation	0.6			—			—			—			0.6
Payments to retire debt	—			(1.7		)	(75.9		)	—			(77.6		)
Proceeds from issuance of debt	—			—			—			—			—
(Increase) decrease in restricted cash	—			(3.0		)	6.3			9.2			12.5
Shares repurchased	(34.7		)	—			—			—			(34.7		)
Dividends paid to common shareholders	(33.4		)	—			—			—			(33.4		)
Purchase of shares to satisfy employee tax on vested stock	(16.1		)	—			—			—			(16.1		)
Distributions to noncontrolling interest	—			—			(10.9		)	—			(10.9		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(6.7		)	6.7			—
Change in intercompany financing between entities	19.0			(7.8		)	(17.4		)	6.2			—
Other	—			—			(2.0		)	—			(2.0		)
Net cash provided (required) by financing activities	(64.6		)	(12.5		)	(106.6		)	22.1			(161.6		)
Net increase (decrease) in cash and cash equivalents	(175.7		)	(0.4		)	(5.1		)	9.2			(172.0		)
Cash and cash equivalents at beginning of period	768.3			1.7			51.1			(35.1		)	786.0
Cash and cash equivalents at end of period	$	592.6		$	1.3		$	46.0		$	(25.9	)	$	614.0

Statement of Cash Flows
Six Months Ended June 30, 2015
	Parent			Combined Guarantor Subsidiaries			Combined Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in millions)
Operating activities:
Net income	$	392.2		$	376.0		$	203.0		$	(561.4	)	$	409.8
Equity in earnings of subsidiaries, net of taxes	(443.2		)	(124.6		)	—			567.8			—
Other	(22.8		)	(134.6		)	48.3			(18.7		)	(127.8		)
Net cash provided (required) by operating activities	(73.8		)	116.8			251.3			(12.3		)	282.0
Investing activities:
(Increase) decrease in short-term marketable securities	75.0			—			—			—			75.0
Proceeds from railcar lease fleet sales owned more than one year	—			60.6			150.0			(43.2		)	167.4
Proceeds from dispositions of property and other assets	—			1.9			2.9			—			4.8
Capital expenditures – leasing	—			(422.4		)	(40.2		)	43.2			(419.4		)
Capital expenditures – manufacturing and other	(4.0		)	(22.3		)	(74.4		)	—			(100.7		)
Acquisitions, net of cash acquired	—			—			(46.2		)	—			(46.2		)
(Increase) decrease in investment in partially-owned subsidiaries	—			12.8			—			(12.8		)	—
Divestitures	—			—			51.3			—			51.3
Other	—			1.3			3.9			—			5.2
Net cash provided (required) by investing activities	71.0			(368.1		)	47.3			(12.8		)	(262.6		)
Financing activities:
Proceeds from issuance of common stock, net	0.2			—			—			—			0.2
Excess tax benefits from stock-based compensation	12.8			—			—			—			12.8
Payments to retire debt	—			(1.6		)	(469.4		)	—			(471.0		)
Proceeds from issuance of debt	(1.5		)	—			243.9			—			242.4
(Increase) decrease in restricted cash	—			—			45.5			1.3			46.8
Shares repurchased	(75.0		)	—			—			—			(75.0		)
Dividends paid to common shareholders	(31.1		)	—			—			—			(31.1		)
Purchase of shares to satisfy employee tax on vested stock	(27.2		)	—			—			—			(27.2		)
Distributions to noncontrolling interest	—			—			(19.9		)	—			(19.9		)
Distributions to controlling interest in partially-owned subsidiaries	—			—			(12.8		)	12.8			—
Change in intercompany financing between entities	(178.2		)	243.4			(77.5		)	12.3			—
Other	—			—			(1.5		)	—			(1.5		)
Net cash provided (required) by financing activities	(300.0		)	241.8			(291.7		)	26.4			(323.5		)
Net increase (decrease) in cash and cash equivalents	(302.8		)	(9.5		)	6.9			1.3			(304.1		)
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	$	524.9		$	1.6		$	96.3		$	(39.0	)	$	583.8