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Financial Statements for Guarantors of the Senior Notes (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
409.5

 
$
261.0

 
$
(65.7
)
 
$
604.8

Cost of revenues
0.9

 
343.5

 
194.0

 
(75.0
)
 
463.4

Selling, engineering, and administrative expenses
20.7

 
26.2

 
12.7

 
—

 
59.6

Gains on dispositions of property
—

 
1.7

 
8.3

 
—

 
10.0

 
21.6

 
368.0

 
198.4

 
(75.0
)
 
513.0

Operating profit (loss)
(21.6
)
 
41.5

 
62.6

 
9.3

 
91.8

Other expense
4.7

 
1.5

 
45.5

 
—

 
51.7

Equity in earnings of subsidiaries, net of taxes
54.2

 
15.4

 
5.0

 
(74.6
)
 
—

Income from continuing operations before income taxes
27.9

 
55.4

 
22.1

 
(65.3
)
 
40.1

Provision (benefit) for income taxes
(3.6
)
 
12.7

 
1.2

 
(1.4
)
 
8.9

Income from continuing operations
31.5

 
42.7

 
20.9

 
(63.9
)
 
31.2

Loss from discontinued operations, net of income taxes
(0.9
)
 
—

 
(0.2
)
 
—

 
(1.1
)
Net income
30.6

 
42.7

 
20.7

 
(63.9
)
 
30.1

Net loss attributable to noncontrolling interest
—

 
—

 
—

 
(0.5
)
 
(0.5
)
Net income attributable to controlling interest
$
30.6

 
$
42.7

 
$
20.7

 
$
(63.4
)
 
$
30.6

 
 
 
 
 
 
 
 
 
 
Net income
$
30.6

 
$
42.7

 
$
20.7

 
$
(63.9
)
 
$
30.1

Other comprehensive income (loss)
0.8

 
—

 
(4.6
)
 
—

 
(3.8
)
Comprehensive income
31.4

 
42.7

 
16.1

 
(63.9
)
 
26.3

Comprehensive loss attributable to noncontrolling interest
—

 
—

 
—

 
(0.3
)
 
(0.3
)
Comprehensive income attributable to controlling interest
$
31.4

 
$
42.7

 
$
16.1

 
$
(63.6
)
 
$
26.6


Condensed Consolidating Statement of Operations and Comprehensive Income
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Revenues
$
—

 
$
374.6

 
$
236.4

 
$
(77.8
)
 
$
533.2

Cost of revenues
0.2

 
305.3

 
178.5

 
(84.1
)
 
399.9

Selling, engineering, and administrative expenses
36.1

 
28.3

 
9.0

 
—

 
73.4

Gains on dispositions of property
0.1

 
1.9

 
0.2

 
—

 
2.2

 
36.2

 
331.7

 
187.3

 
(84.1
)
 
471.1

Operating profit (loss)
(36.2
)
 
42.9

 
49.1

 
6.3

 
62.1

Other expense
2.8

 
8.0

 
30.4

 
—

 
41.2

Equity in earnings of subsidiaries, net of taxes
81.3

 
13.8

 
5.3

 
(100.4
)
 
—

Income before income taxes
42.3

 
48.7

 
24.0

 
(94.1
)
 
20.9

Provision (benefit) for income taxes
0.7

 
8.3

 
1.3

 
(4.6
)
 
5.7

Income from continuing operations
41.6

 
40.4

 
22.7

 
(89.5
)
 
15.2

Income (loss) from discontinued operations, net of income taxes
(1.4
)
 
—

 
27.8

 
—

 
26.4

Net income
40.2

 
40.4

 
50.5

 
(89.5
)
 
41.6

Net income attributable to noncontrolling interest
—

 
—

 
—

 
1.4

 
1.4

Net income attributable to controlling interest
$
40.2

 
$
40.4

 
$
50.5

 
$
(90.9
)
 
$
40.2

 
 
 
 
 
 
 
 
 
 
Net income
$
40.2

 
$
40.4

 
$
50.5

 
$
(89.5
)
 
$
41.6

Other comprehensive income
0.1

 
—

 
1.8

 
—

 
1.9

Comprehensive income
40.3

 
40.4

 
52.3

 
(89.5
)
 
43.5

Comprehensive income attributable to noncontrolling interest
—

 
—

 
—

 
1.8

 
1.8

Comprehensive income attributable to controlling interest
$
40.3

 
$
40.4

 
$
52.3

 
$
(91.3
)
 
$
41.7
Balance Sheet
Condensed Consolidating Balance Sheet
 
 
 
 
 
 
 
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
63.0

 
$
2.9

 
$
35.0

 
$
(27.0
)
 
$
73.9

Receivables, net of allowance
18.5

 
250.0

 
101.5

 
—

 
370.0

Income tax receivable
16.1

 
—

 
—

 
—

 
16.1

Inventory
—

 
575.2

 
45.7

 
(2.5
)
 
618.4

Property, plant, and equipment, net
40.8

 
1,608.5

 
5,806.1

 
(708.6
)
 
6,746.8

Investments in and advances to subsidiaries
4,626.2

 
2,687.5

 
701.7

 
(8,015.4
)
 
—

Restricted cash
—

 
—

 
87.2

 
27.0

 
114.2

Goodwill and other assets
219.0

 
238.5

 
76.2

 
(59.2
)
 
474.5

 
$
4,983.6

 
$
5,362.6

 
$
6,853.4

 
$
(8,785.7
)
 
$
8,413.9

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
4.9

 
$
122.2

 
$
70.6

 
$
(0.4
)
 
$
197.3

Accrued liabilities
152.9

 
46.1

 
141.1

 
(3.8
)
 
336.3

Debt
647.5

 
—

 
3,818.9

 
—

 
4,466.4

Deferred income taxes
—

 
811.7

 
—

 
(59.0
)
 
752.7

Advances from subsidiaries
1,559.7

 
—

 
—

 
(1,559.7
)
 
—

Other liabilities
53.5

 
41.3

 
1.3

 
—

 
96.1

Total stockholders' equity
2,565.1

 
4,341.3

 
2,821.5

 
(7,162.8
)
 
2,565.1

 
$
4,983.6

 
$
5,362.6

 
$
6,853.4

 
$
(8,785.7
)
 
$
8,413.9


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
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2019
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
30.6

 
$
42.7

 
$
20.7

 
$
(63.9
)
 
$
30.1

Loss from discontinued operations
0.9

 
—

 
0.2

 
—

 
1.1

Equity in earnings of subsidiaries, net of taxes
(54.2
)
 
(15.4
)
 
(5.0
)
 
74.6

 
—

Other
(24.2
)
 
(184.8
)
 
58.5

 
(6.6
)
 
(157.1
)
Net cash (used in) provided by operating activities
(46.9
)
 
(157.5
)
 
74.4

 
4.1

 
(125.9
)
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
Proceeds from railcar lease fleet sales owned more than one year
—

 
0.4

 
29.0

 
—

 
29.4

Proceeds from dispositions of property and other assets
—

 
—

 
7.3

 
—

 
7.3

Capital expenditures – leasing
—

 
(448.0
)
 
(17.0
)
 
—

 
(465.0
)
Capital expenditures – manufacturing and other
(0.6
)
 
(7.3
)
 
(3.6
)
 
—

 
(11.5
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
0.3

 
—

 
(0.3
)
 
—

Other
—

 
—

 
1.3

 
—

 
1.3

Net cash (used in) provided by investing activities
(0.6
)
 
(454.6
)
 
17.0

 
(0.3
)
 
(438.5
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
(150.0
)
 
—

 
(64.8
)
 
—

 
(214.8
)
Proceeds from issuance of debt
400.0

 
—

 
249.7

 
—

 
649.7

Shares repurchased
(25.0
)
 
—

 
10.0

 
—

 
(15.0
)
Dividends paid to common shareholders
(17.3
)
 
—

 
—

 
—

 
(17.3
)
Purchase of shares to satisfy employee tax on vested stock
(0.5
)
 
—

 
—

 
—

 
(0.5
)
Distributions to noncontrolling interest
—

 
—

 
(0.4
)
 
—

 
(0.4
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
0.3

 
(0.3
)
 
—

Change in intercompany financing between entities
(251.4
)
 
610.9

 
(356.0
)
 
(3.5
)
 
—

Net cash provided (used in) by financing activities
(44.2
)
 
610.9

 
(161.2
)
 
(3.8
)
 
401.7

Net (decrease) increase in cash, cash equivalents, and restricted cash
(91.7
)
 
(1.2
)
 
(69.8
)
 
—

 
(162.7
)
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
$
63.0

 
$
2.9

 
$
122.2

 
$
—

 
$
188.1

Condensed Consolidating Statement of Cash Flows
 
 
 
 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
 
 
 
 
 
Parent
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
 
(in millions)
Operating activities:
 
 
 
 
 
 
 
 
 
Net income
$
40.2

 
$
40.4

 
$
50.5

 
$
(89.5
)
 
$
41.6

Income (loss) from discontinued operations
1.4

 
—

 
(27.8
)
 
—

 
(26.4
)
Equity in earnings of subsidiaries, net of taxes
(81.3
)
 
(13.8
)
 
(5.3
)
 
100.4

 
—

Other
(17.2
)
 
29.3

 
55.9

 
(9.4
)
 
58.6

Net cash provided (used in) by operating activities - continuing operations
(56.9
)
 
55.9

 
73.3

 
1.5

 
73.8

Net cash provided (used in) by operating activities - discontinued operations
(1.4
)
 
—

 
101.3

 
—

 
99.9

Net cash provided (used in) by operating activities
(58.3
)
 
55.9

 
174.6

 
1.5

 
173.7

 
 
 
 
 
 
 
 
 
 
Investing activities:
 
 
 
 
 
 
 
 
 
(Increase) decrease in short-term marketable securities
98.7

 
—

 
—

 
—

 
98.7

Proceeds from railcar lease fleet sales owned more than one year
—

 
15.5

 
—

 


 
15.5

Proceeds from dispositions of property and other assets
—

 
0.4

 
1.5

 
—

 
1.9

Capital expenditures – leasing
—

 
(297.2
)
 
(21.0
)
 


 
(318.2
)
Capital expenditures – manufacturing and other
(1.4
)
 
(2.9
)
 
(3.9
)
 
—

 
(8.2
)
(Increase) decrease in investment in partially-owned subsidiaries
—

 
3.9

 
—

 
(3.9
)
 
—

Other
—

 
—

 
0.8

 
—

 
0.8

Net cash (used in) provided by investing activities - continuing operations
97.3

 
(280.3
)
 
(22.6
)
 
(3.9
)
 
(209.5
)
Net cash (used in) provided by investing activities - discontinued operations
—

 
—

 
(32.0
)
 
—

 
(32.0
)
Net cash (used in) provided by investing activities
97.3

 
(280.3
)
 
(54.6
)
 
(3.9
)
 
(241.5
)
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
 
 
 
 
 
 
 
 
Payments to retire debt
—

 
(0.9
)
 
(25.6
)
 
—

 
(26.5
)
Proceeds from issuance of debt
—

 
—

 
0.9

 
—

 
0.9

Shares repurchased
(49.3
)
 
—

 
—

 
—

 
(49.3
)
Dividends paid to common shareholders
(19.5
)
 
—

 
—

 
—

 
(19.5
)
Purchase of shares to satisfy employee tax on vested stock
(0.1
)
 
—

 
—

 
—

 
(0.1
)
Distributions to noncontrolling interest
—

 
—

 
(5.8
)
 
—

 
(5.8
)
Distributions to controlling interest in partially-owned subsidiaries
—

 
—

 
3.9

 
(3.9
)
 
—

Change in intercompany financing between entities
(126.3
)
 
231.3

 
(111.3
)
 
6.3

 
—

Other
—

 
—

 
(3.0
)
 
—

 
(3.0
)
Net cash (used in) provided by financing activities
(195.2
)
 
230.4

 
(140.9
)
 
2.4

 
(103.3
)
Net (decrease) increase in cash, cash equivalents, and restricted cash
(156.2
)
 
6.0

 
(20.9
)
 
—

 
(171.1
)
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
$
607.7

 
$
7.6

 
$
187.4

 
$
—

 
$
802.7