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(Mark One)
|
|
þ
|
ANNUAL REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
|
|
OR
|
¨
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
75-0225040
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
|
|
|
2525 N. Stemmons Freeway, Dallas, Texas
|
75207-2401
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Name of each exchange
on which registered
|
Common Stock ($0.01 par value)
|
New York Stock Exchange, Inc.
|
Caption
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
railcars and railcar parts;
|
•
|
parts and steel components;
|
•
|
the leasing, management, and maintenance of railcars;
|
•
|
highway products;
|
•
|
construction aggregates;
|
•
|
inland barges;
|
•
|
structural wind towers;
|
•
|
steel utility structures;
|
•
|
storage and distribution containers; and
|
•
|
trench shields and shoring products.
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
|
(in millions)
|
||||||
Rail Group
|
|
|
|
|
||||
External Customers
|
|
$
|
1,334.7
|
|
|
$
|
2,156.6
|
|
Leasing Group
|
|
829.5
|
|
|
850.9
|
|
||
|
|
$
|
2,164.2
|
|
|
$
|
3,007.5
|
|
Inland Barge Group
|
|
$
|
98.2
|
|
|
$
|
120.0
|
|
Wind towers
|
|
$
|
780.8
|
|
|
$
|
1,148.4
|
|
Business Group
|
December 31,
2017 |
|
Rail Group
|
7,990
|
|
Construction Products Group
|
1,410
|
|
Inland Barge Group
|
485
|
|
Energy Equipment Group
|
4,670
|
|
Railcar Leasing and Management Services Group
|
210
|
|
All Other
|
430
|
|
Corporate
|
410
|
|
|
15,605
|
|
Name
|
|
Age
|
|
Office
|
|
Officer
Since
|
Timothy R. Wallace*
|
|
64
|
|
Chairman, Chief Executive Officer, and President
|
|
1985
|
James E. Perry*
|
|
46
|
|
Senior Vice President and Chief Financial Officer
|
|
2005
|
Melendy E. Lovett*
|
|
59
|
|
Senior Vice President and Chief Administrative Officer
|
|
2014
|
William A. McWhirter II*
|
|
53
|
|
Senior Vice President and Group President
|
|
2005
|
S. Theis Rice*
|
|
67
|
|
Senior Vice President and Chief Legal Officer
|
|
2002
|
Kathryn A. Collins
|
|
54
|
|
Vice President, Human Resources
|
|
2014
|
Virginia C. Gray, Ph.D.
|
|
58
|
|
Vice President, Organizational Development
|
|
2007
|
Mary E. Henderson*
|
|
59
|
|
Vice President and Chief Accounting Officer
|
|
2009
|
W. Relle Howard
|
|
48
|
|
Vice President, Information Technology
|
|
2016
|
John M. Lee
|
|
57
|
|
Vice President, Business Development
|
|
1994
|
Steven L. McDowell
|
|
56
|
|
Vice President and Chief Compliance Officer
|
|
2013
|
Gail M. Peck
|
|
50
|
|
Vice President, Finance and Treasurer
|
|
2010
|
Stephen W. Smith
|
|
68
|
|
Vice President and Chief Technical Officer
|
|
2012
|
Bryan P. Stevenson
|
|
44
|
|
Vice President, Associate General Counsel and Secretary
|
|
2015
|
Sarah Teachout
|
|
45
|
|
Vice President and Deputy General Counsel
|
|
2016
|
Jack Todd
|
|
54
|
|
Vice President, Public Affairs
|
|
2015
|
•
|
actual or anticipated variations in quarterly and annual results or operations;
|
•
|
changes in recommendations by securities analysts;
|
•
|
changes in composition and perception of the investors who own our stock and other securities;
|
•
|
changes in ratings from national rating agencies on publicly or privately owned debt securities;
|
•
|
operating and stock price performance of other companies that investors deem comparable to us;
|
•
|
news reports relating to trends, concerns and other issues in the industries in which we operate;
|
•
|
actual or expected economic conditions that are perceived to affect our Company;
|
•
|
perceptions in the marketplace regarding us and/or our competitors;
|
•
|
fluctuations in prices of commodities that our customers produce and transport;
|
•
|
significant acquisitions or business combinations, strategic partnerships, joint ventures, or capital commitments by or involving us or our competitors;
|
•
|
changes in government regulations and policies and interpretations of those regulations and policies;
|
•
|
shareholder activism; and
|
•
|
dissemination of false or misleading statements through the use of social and other media to discredit our Company, disparage our products, or to harm our reputation.
|
•
|
execution of the proposed spin-off will require significant time and attention from our management, which may distract them from the operation of our businesses and the execution of other initiatives that may be beneficial to us;
|
•
|
our employees may be distracted and we may experience increased difficulties in attracting, retaining, and motivating them, due to uncertainty about their future roles with each of the separate companies pending the completion of the spin-off;
|
•
|
we will be required to pay significant costs and expenses relating to the spin-off, such as legal, accounting, financial advisor and other professional fees, whether or not the spin-off is completed;
|
•
|
we may experience negative reactions from the financial markets if we fail to complete the spin-off, including possible declines in our stock price; and
|
•
|
if the spin-off is completed, certain key management will be employed by the Infrastructure Company and not Trinity.
|
•
|
allow each company to more effectively pursue its own distinct operating priorities and strategies, and enable the management of both companies to pursue separate opportunities for long-term growth and profitability, and to recruit, retain and motivate employees pursuant to compensation policies which are appropriate for their respective lines of business;
|
•
|
permit each company to concentrate its financial resources solely on its own operations, providing greater flexibility to invest capital in its business in a time and manner appropriate for its distinct strategy and business needs; and
|
•
|
enable investors to evaluate the merits, performance and future prospects of each company's businesses and to invest in each company separately based on these distinct characteristics.
|
|
Approximate Square Feet*
|
|
Approximate Square Feet Located In*
|
|||||||||||
|
Owned
|
|
Leased
|
|
US
|
|
Mexico
|
|
Canada
|
|||||
Rail Group
|
5,763,300
|
|
|
131,600
|
|
|
3,860,400
|
|
|
2,034,500
|
|
|
—
|
|
Construction Products Group
|
1,311,200
|
|
|
94,700
|
|
|
1,374,800
|
|
|
31,100
|
|
|
—
|
|
Inland Barge Group
|
632,300
|
|
|
81,000
|
|
|
713,300
|
|
|
—
|
|
|
—
|
|
Energy Equipment Group
|
2,290,300
|
|
|
539,400
|
|
|
1,828,300
|
|
|
931,000
|
|
|
70,400
|
|
Corporate Offices
|
231,200
|
|
|
16,400
|
|
|
227,400
|
|
|
20,200
|
|
|
—
|
|
|
10,228,300
|
|
|
863,100
|
|
|
8,004,200
|
|
|
3,016,800
|
|
|
70,400
|
|
|
Production Capacity Utilized*
|
|
Rail Group
|
80
|
%
|
Construction Products Group
|
75
|
%
|
Inland Barge Group
|
40
|
%
|
Energy Equipment Group
|
70
|
%
|
|
Prices
|
||||||
Year Ended December 31, 2017
|
High
|
|
Low
|
||||
Quarter ended March 31, 2017
|
$
|
29.19
|
|
|
$
|
25.58
|
|
Quarter ended June 30, 2017
|
28.35
|
|
|
25.49
|
|
||
Quarter ended September 30, 2017
|
31.90
|
|
|
26.96
|
|
||
Quarter ended December 31, 2017
|
37.88
|
|
|
31.54
|
|
Year Ended December 31, 2016
|
High
|
|
Low
|
||||
Quarter ended March 31, 2016
|
$
|
24.32
|
|
|
$
|
15.64
|
|
Quarter ended June 30, 2016
|
19.93
|
|
|
16.73
|
|
||
Quarter ended September 30, 2016
|
25.05
|
|
|
18.71
|
|
||
Quarter ended December 31, 2016
|
29.24
|
|
|
21.01
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Quarter ended March 31,
|
$
|
0.11
|
|
|
$
|
0.11
|
|
Quarter ended June 30,
|
0.13
|
|
|
0.11
|
|
||
Quarter ended September 30,
|
0.13
|
|
|
0.11
|
|
||
Quarter ended December 31,
|
0.13
|
|
|
0.11
|
|
||
Total
|
$
|
0.50
|
|
|
$
|
0.44
|
|
|
2012
|
|
|
2013
|
|
|
2014
|
|
|
2015
|
|
|
2016
|
|
|
2017
|
|
Trinity Industries, Inc.
|
100
|
|
|
154
|
|
|
160
|
|
|
139
|
|
|
165
|
|
|
226
|
|
Dow Jones US Commercial Vehicles & Trucks Index
|
100
|
|
|
120
|
|
|
124
|
|
|
94
|
|
|
135
|
|
|
199
|
|
New York Stock Exchange Composite Index
|
100
|
|
|
126
|
|
|
135
|
|
|
130
|
|
|
145
|
|
|
173
|
|
Period
|
|
Number of Shares Purchased
(1)
|
|
Average Price Paid per Share
(1)
|
|
Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs
(2)
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
(2)
|
||||||
October 1, 2017 through October 31, 2017
|
|
4,512
|
|
|
$
|
34.14
|
|
|
—
|
|
|
$
|
163,034,477
|
|
November 1, 2017 through November 30, 2017
|
|
1,368
|
|
|
$
|
32.29
|
|
|
—
|
|
|
$
|
163,034,477
|
|
December 1, 2017 through December 31, 2017
|
|
887,319
|
|
|
$
|
37.31
|
|
|
883,200
|
|
|
$
|
130,081,171
|
|
Total
|
|
893,199
|
|
|
$
|
37.28
|
|
|
883,200
|
|
|
$
|
130,081,171
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(in millions, except percent and per share data)
|
||||||||||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
3,662.8
|
|
|
$
|
4,588.3
|
|
|
$
|
6,392.7
|
|
|
$
|
6,170.0
|
|
|
$
|
4,365.3
|
|
Operating profit
|
549.1
|
|
|
742.2
|
|
|
1,438.9
|
|
|
1,251.0
|
|
|
772.9
|
|
|||||
Income from continuing operations before income taxes
|
372.0
|
|
|
566.8
|
|
|
1,252.0
|
|
|
1,064.1
|
|
|
590.5
|
|
|||||
Provision (benefit) for income taxes
|
(341.6
|
)
|
|
202.1
|
|
|
426.0
|
|
|
354.8
|
|
|
204.4
|
|
|||||
Income from continuing operations
|
713.6
|
|
|
364.7
|
|
|
826.0
|
|
|
709.3
|
|
|
386.1
|
|
|||||
Gain on sale of discontinued operations, net of provision for income taxes of $-, $-, $-, $-, and $5.4
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|||||
Loss from discontinued operations, net of benefit for income taxes of $-, $-, $-, $-, and $0.8
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|||||
Net income
|
$
|
713.6
|
|
|
$
|
364.7
|
|
|
$
|
826.0
|
|
|
$
|
709.3
|
|
|
$
|
392.4
|
|
Net income attributable to Trinity Industries, Inc.
|
$
|
702.5
|
|
|
$
|
343.6
|
|
|
$
|
796.5
|
|
|
$
|
678.2
|
|
|
$
|
375.5
|
|
Net income attributable to Trinity Industries, Inc. per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
4.62
|
|
|
$
|
2.25
|
|
|
$
|
5.14
|
|
|
$
|
4.35
|
|
|
$
|
2.34
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|||||
|
$
|
4.62
|
|
|
$
|
2.25
|
|
|
$
|
5.14
|
|
|
$
|
4.35
|
|
|
$
|
2.38
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
||||||||||
Continuing operations
|
$
|
4.52
|
|
|
$
|
2.25
|
|
|
$
|
5.08
|
|
|
$
|
4.19
|
|
|
$
|
2.34
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.04
|
|
|||||
|
$
|
4.52
|
|
|
$
|
2.25
|
|
|
$
|
5.08
|
|
|
$
|
4.19
|
|
|
$
|
2.38
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
148.6
|
|
|
148.4
|
|
|
150.2
|
|
|
151.0
|
|
|
152.8
|
|
|||||
Diluted
|
152.0
|
|
|
148.6
|
|
|
152.2
|
|
|
156.7
|
|
|
152.9
|
|
|||||
Dividends declared per common share
|
$
|
0.500
|
|
|
$
|
0.440
|
|
|
$
|
0.430
|
|
|
$
|
0.375
|
|
|
$
|
0.270
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
9,543.2
|
|
|
$
|
9,125.3
|
|
|
$
|
8,885.9
|
|
|
$
|
8,695.3
|
|
|
$
|
7,274.5
|
|
Debt - recourse
|
$
|
866.8
|
|
|
$
|
850.6
|
|
|
$
|
836.7
|
|
|
$
|
823.6
|
|
|
$
|
416.5
|
|
Debt - non-recourse
|
$
|
2,375.6
|
|
|
$
|
2,206.0
|
|
|
$
|
2,358.7
|
|
|
$
|
2,690.9
|
|
|
$
|
2,534.4
|
|
Stockholders' equity
|
$
|
4,858.0
|
|
|
$
|
4,311.1
|
|
|
$
|
4,048.7
|
|
|
$
|
3,397.4
|
|
|
$
|
2,749.1
|
|
Ratio of total debt to total capital
|
40.0
|
%
|
|
41.5
|
%
|
|
44.1
|
%
|
|
50.8
|
%
|
|
51.8
|
%
|
|||||
Book value per share
|
$
|
32.21
|
|
|
$
|
28.34
|
|
|
$
|
26.50
|
|
|
$
|
21.83
|
|
|
$
|
17.75
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Rail Group
|
|
|
|
||||
External Customers
|
$
|
1,334.7
|
|
|
$
|
2,156.6
|
|
Leasing Group
|
829.5
|
|
|
850.9
|
|
||
|
$
|
2,164.2
|
|
|
$
|
3,007.5
|
|
Inland Barge Group
|
$
|
98.2
|
|
|
$
|
120.0
|
|
Wind towers
|
$
|
780.8
|
|
|
$
|
1,148.4
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Leasing Group:
|
|
|
|
|
|
||||||
Railcars owned one year or less at the time of sale
|
$
|
99.6
|
|
|
$
|
126.1
|
|
|
$
|
404.9
|
|
Railcars owned more than one year at the time of sale
|
360.7
|
|
|
37.7
|
|
|
514.6
|
|
|||
Rail Group
|
—
|
|
|
8.1
|
|
|
260.5
|
|
|||
|
$
|
460.3
|
|
|
$
|
171.9
|
|
|
$
|
1,180.0
|
|
|
Year Ended December 31, 2017
|
|
|
|
|||||||||||
|
Revenues
|
|
Percent Change 2017 versus 2016
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
($ in millions)
|
|
|
||||||||||||
Rail Group
|
$
|
1,295.3
|
|
|
$
|
788.5
|
|
|
$
|
2,083.8
|
|
|
(32.3
|
)
|
%
|
Construction Products Group
|
498.9
|
|
|
5.7
|
|
|
504.6
|
|
|
(3.6
|
)
|
|
|||
Inland Barge Group
|
157.9
|
|
|
—
|
|
|
157.9
|
|
|
(60.8
|
)
|
|
|||
Energy Equipment Group
|
859.4
|
|
|
115.5
|
|
|
974.9
|
|
|
(3.7
|
)
|
|
|||
Railcar Leasing and Management Services Group
|
842.2
|
|
|
1.0
|
|
|
843.2
|
|
|
2.0
|
|
|
|||
All Other
|
9.1
|
|
|
88.8
|
|
|
97.9
|
|
|
6.2
|
|
|
|||
Segment Totals before Eliminations
|
3,662.8
|
|
|
999.5
|
|
|
4,662.3
|
|
|
(21.5
|
)
|
|
|||
Eliminations – Lease subsidiary
|
—
|
|
|
(732.0
|
)
|
|
(732.0
|
)
|
|
|
|
|
|||
Eliminations – Other
|
—
|
|
|
(267.5
|
)
|
|
(267.5
|
)
|
|
|
|
||||
Consolidated Total
|
$
|
3,662.8
|
|
|
$
|
—
|
|
|
$
|
3,662.8
|
|
|
(20.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Year Ended December 31, 2016
|
|
|
|
|||||||||||
|
Revenues
|
|
Percent Change 2016 versus 2015
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
($ in millions)
|
|
|
|
|||||||||||
Rail Group
|
$
|
2,006.9
|
|
|
$
|
1,070.4
|
|
|
$
|
3,077.3
|
|
|
(31.0
|
)
|
%
|
Construction Products Group
|
510.6
|
|
|
12.6
|
|
|
523.2
|
|
|
(1.8
|
)
|
|
|||
Inland Barge Group
|
403.0
|
|
|
0.1
|
|
|
403.1
|
|
|
(38.3
|
)
|
|
|||
Energy Equipment Group
|
834.7
|
|
|
178.0
|
|
|
1,012.7
|
|
|
(9.1
|
)
|
|
|||
Railcar Leasing and Management Services Group
|
824.9
|
|
|
2.1
|
|
|
827.0
|
|
|
(25.1
|
)
|
|
|||
All Other
|
8.2
|
|
|
84.0
|
|
|
92.2
|
|
|
(17.9
|
)
|
|
|||
Segment Totals before Eliminations
|
4,588.3
|
|
|
1,347.2
|
|
|
5,935.5
|
|
|
(25.6
|
)
|
|
|||
Eliminations – Lease subsidiary
|
—
|
|
|
(1,021.9
|
)
|
|
(1,021.9
|
)
|
|
|
|
||||
Eliminations – Other
|
—
|
|
|
(325.3
|
)
|
|
(325.3
|
)
|
|
|
|
||||
Consolidated Total
|
$
|
4,588.3
|
|
|
$
|
—
|
|
|
$
|
4,588.3
|
|
|
(28.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Year Ended December 31, 2015
|
|
|
|
|||||||||||
|
Revenues
|
|
|
|
|||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|
|
|||||||
|
($ in millions)
|
|
|
|
|||||||||||
Rail Group
|
$
|
3,236.2
|
|
|
$
|
1,225.6
|
|
|
$
|
4,461.8
|
|
|
|
|
|
Construction Products Group
|
520.6
|
|
|
12.0
|
|
|
532.6
|
|
|
|
|
||||
Inland Barge Group
|
652.9
|
|
|
—
|
|
|
652.9
|
|
|
|
|
||||
Energy Equipment Group
|
883.6
|
|
|
230.1
|
|
|
1,113.7
|
|
|
|
|
||||
Railcar Leasing and Management Services Group
|
1,091.6
|
|
|
13.2
|
|
|
1,104.8
|
|
|
|
|
||||
All Other
|
7.8
|
|
|
104.5
|
|
|
112.3
|
|
|
|
|
||||
Segment Totals before Eliminations
|
6,392.7
|
|
|
1,585.4
|
|
|
7,978.1
|
|
|
|
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(1,164.4
|
)
|
|
(1,164.4
|
)
|
|
|
|
||||
Eliminations – Other
|
—
|
|
|
(421.0
|
)
|
|
(421.0
|
)
|
|
|
|
||||
Consolidated Total
|
$
|
6,392.7
|
|
|
$
|
—
|
|
|
$
|
6,392.7
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Rail Group
|
$
|
1,867.7
|
|
|
$
|
2,617.4
|
|
|
$
|
3,530.2
|
|
Construction Products Group
|
438.2
|
|
|
450.6
|
|
|
478.1
|
|
|||
Inland Barge Group
|
151.5
|
|
|
357.8
|
|
|
535.9
|
|
|||
Energy Equipment Group
|
874.0
|
|
|
879.6
|
|
|
962.8
|
|
|||
Railcar Leasing and Management Services Group
|
398.7
|
|
|
466.9
|
|
|
498.6
|
|
|||
All Other
|
117.2
|
|
|
111.1
|
|
|
120.5
|
|
|||
Segment Totals before Eliminations and Corporate Expenses
|
3,847.3
|
|
|
4,883.4
|
|
|
6,126.1
|
|
|||
Corporate
|
167.3
|
|
|
131.0
|
|
|
152.6
|
|
|||
Eliminations – Lease subsidiary
|
(640.0
|
)
|
|
(843.7
|
)
|
|
(904.8
|
)
|
|||
Eliminations – Other
|
(260.9
|
)
|
|
(324.6
|
)
|
|
(420.1
|
)
|
|||
Consolidated Total
|
$
|
3,113.7
|
|
|
$
|
3,846.1
|
|
|
$
|
4,953.8
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Rail Group
|
$
|
216.1
|
|
|
$
|
459.9
|
|
|
$
|
931.6
|
|
Construction Products Group
|
66.4
|
|
|
72.6
|
|
|
54.5
|
|
|||
Inland Barge Group
|
6.4
|
|
|
45.3
|
|
|
117.0
|
|
|||
Energy Equipment Group
|
100.9
|
|
|
133.1
|
|
|
150.9
|
|
|||
Railcar Leasing and Management Services Group
|
444.5
|
|
|
360.1
|
|
|
606.2
|
|
|||
All Other
|
(19.3
|
)
|
|
(18.9
|
)
|
|
(8.2
|
)
|
|||
Segment Totals before Eliminations and Corporate Expenses
|
815.0
|
|
|
1,052.1
|
|
|
1,852.0
|
|
|||
Corporate
|
(167.3
|
)
|
|
(131.0
|
)
|
|
(152.6
|
)
|
|||
Eliminations – Lease subsidiary
|
(92.0
|
)
|
|
(178.2
|
)
|
|
(259.6
|
)
|
|||
Eliminations – Other
|
(6.6
|
)
|
|
(0.7
|
)
|
|
(0.9
|
)
|
|||
Consolidated Total
|
$
|
549.1
|
|
|
$
|
742.2
|
|
|
$
|
1,438.9
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Interest income
|
$
|
(10.6
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
(2.2
|
)
|
Interest expense
|
184.0
|
|
|
181.9
|
|
|
194.7
|
|
|||
Other, net
|
3.7
|
|
|
(1.1
|
)
|
|
(5.6
|
)
|
|||
Consolidated Total
|
$
|
177.1
|
|
|
$
|
175.4
|
|
|
$
|
186.9
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Effect of Tax Cuts and Jobs Act
|
(128.0
|
)
|
|
—
|
|
|
—
|
|
State taxes
|
1.3
|
|
|
1.4
|
|
|
1.2
|
|
Domestic production activities deduction
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
Noncontrolling interest in partially-owned subsidiaries
|
(1.0
|
)
|
|
(1.3
|
)
|
|
(0.8
|
)
|
Settlements with tax authorities
|
(1.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
Equity compensation
|
0.5
|
|
|
—
|
|
|
—
|
|
Changes in valuation allowances and reserves
|
1.8
|
|
|
0.3
|
|
|
—
|
|
Other, net
|
(0.3
|
)
|
|
0.4
|
|
|
—
|
|
Effective rate
|
(91.8
|
)%
|
|
35.7
|
%
|
|
34.0
|
%
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Railcars
|
$
|
1,853.1
|
|
|
$
|
2,894.3
|
|
|
$
|
4,301.7
|
|
|
(36.0
|
)%
|
|
(32.7
|
)%
|
Components and maintenance services
|
230.7
|
|
|
183.0
|
|
|
160.1
|
|
|
26.1
|
|
|
14.3
|
|
|||
Total revenues
|
2,083.8
|
|
|
3,077.3
|
|
|
4,461.8
|
|
|
(32.3
|
)
|
|
(31.0
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
1,806.6
|
|
|
2,555.0
|
|
|
3,449.4
|
|
|
(29.3
|
)
|
|
(25.9
|
)
|
|||
Selling, engineering, and administrative costs
|
61.1
|
|
|
63.6
|
|
|
80.8
|
|
|
(3.9
|
)
|
|
(21.3
|
)
|
|||
Property disposition gains
|
—
|
|
|
(1.2
|
)
|
|
—
|
|
|
|
|
|
|||||
Operating profit
|
$
|
216.1
|
|
|
$
|
459.9
|
|
|
$
|
931.6
|
|
|
(53.0
|
)
|
|
(50.6
|
)
|
Operating profit margin
|
10.4
|
%
|
|
14.9
|
%
|
|
20.9
|
%
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
External Customers
|
$
|
1,334.7
|
|
|
$
|
2,156.6
|
|
|
$
|
3,948.5
|
|
Leasing Group
|
829.5
|
|
|
850.9
|
|
|
1,452.7
|
|
|||
Total
|
$
|
2,164.2
|
|
|
$
|
3,007.5
|
|
|
$
|
5,401.2
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Beginning balance
|
29,220
|
|
|
48,885
|
|
|
61,035
|
|
Orders received
|
12,900
|
|
|
7,825
|
|
|
22,145
|
|
Shipments
|
(18,395
|
)
|
|
(27,240
|
)
|
|
(34,295
|
)
|
Ending balance
(1)
|
22,585
|
|
|
29,220
|
|
|
48,885
|
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Highway products
|
$
|
245.8
|
|
|
$
|
271.3
|
|
|
$
|
277.9
|
|
|
(9.4
|
)%
|
|
(2.4
|
)%
|
Construction aggregates
|
204.9
|
|
|
213.4
|
|
|
192.0
|
|
|
(4.0
|
)
|
|
11.1
|
|
|||
Other
|
53.9
|
|
|
38.5
|
|
|
62.7
|
|
|
40.0
|
|
|
(38.6
|
)
|
|||
Total revenues
|
504.6
|
|
|
523.2
|
|
|
532.6
|
|
|
(3.6
|
)
|
|
(1.8
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
360.9
|
|
|
378.6
|
|
|
407.4
|
|
|
(4.7
|
)
|
|
(7.1
|
)
|
|||
Selling, engineering, and administrative costs
|
78.8
|
|
|
73.7
|
|
|
81.0
|
|
|
6.9
|
|
|
(9.0
|
)
|
|||
Property disposition gains
|
(1.5
|
)
|
|
(1.7
|
)
|
|
(10.3
|
)
|
|
|
|
|
|||||
Operating profit
|
$
|
66.4
|
|
|
$
|
72.6
|
|
|
$
|
54.5
|
|
|
(8.5
|
)
|
|
33.2
|
|
Operating profit margin
|
13.2
|
%
|
|
13.9
|
%
|
|
10.2
|
%
|
|
|
|
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues
|
$
|
157.9
|
|
|
$
|
403.1
|
|
|
$
|
652.9
|
|
|
(60.8
|
)%
|
|
(38.3
|
)%
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
140.2
|
|
|
344.3
|
|
|
518.3
|
|
|
(59.3
|
)
|
|
(33.6
|
)
|
|||
Selling, engineering, and administrative costs
|
11.3
|
|
|
13.5
|
|
|
18.0
|
|
|
(16.3
|
)
|
|
(25.0
|
)
|
|||
Property disposition gains
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
|
|
|
|||||
Operating profit
|
$
|
6.4
|
|
|
$
|
45.3
|
|
|
$
|
117.0
|
|
|
(85.9
|
)
|
|
(61.3
|
)
|
Operating profit margin
|
4.1
|
%
|
|
11.2
|
%
|
|
17.9
|
%
|
|
|
|
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Wind towers and utility structures
|
$
|
652.1
|
|
|
$
|
641.1
|
|
|
$
|
611.8
|
|
|
1.7
|
%
|
|
4.8
|
%
|
Other
|
322.8
|
|
|
371.6
|
|
|
501.9
|
|
|
(13.1
|
)
|
|
(26.0
|
)
|
|||
Total revenues
|
974.9
|
|
|
1,012.7
|
|
|
1,113.7
|
|
|
(3.7
|
)
|
|
(9.1
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
796.5
|
|
|
806.9
|
|
|
879.8
|
|
|
(1.3
|
)
|
|
(8.3
|
)
|
|||
Selling, engineering, and administrative costs
|
77.5
|
|
|
72.7
|
|
|
83.0
|
|
|
6.6
|
|
|
(12.4
|
)
|
|||
Operating profit
|
$
|
100.9
|
|
|
$
|
133.1
|
|
|
$
|
150.9
|
|
|
(24.2
|
)
|
|
(11.8
|
)
|
Operating profit margin
|
10.3
|
%
|
|
13.1
|
%
|
|
13.5
|
%
|
|
|
|
|
|
Year Ended December 31,
|
Percent Change
|
|||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Leasing and management
|
$
|
743.6
|
|
|
$
|
700.9
|
|
|
$
|
699.9
|
|
|
6.1
|
%
|
|
0.1
|
%
|
Sale of railcars owned one year or less at the time of sale
|
99.6
|
|
|
126.1
|
|
|
404.9
|
|
|
|
|
|
|||||
Total revenues
|
$
|
843.2
|
|
|
$
|
827.0
|
|
|
$
|
1,104.8
|
|
|
2.0
|
|
|
(25.1
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating profit:
|
|
|
|
|
|
|
|
|
|
||||||||
Leasing and management
|
$
|
341.3
|
|
|
$
|
312.5
|
|
|
$
|
331.1
|
|
|
9.2
|
|
|
(5.6
|
)
|
Railcar sales:
|
|
|
|
|
|
|
|
|
|
||||||||
Railcars owned one year or less at the time of sale
|
19.7
|
|
|
34.1
|
|
|
109.0
|
|
|
|
|
|
|||||
Railcars owned more than one year at the time of sale
|
83.5
|
|
|
13.5
|
|
|
166.1
|
|
|
|
|
|
|||||
Total operating profit
|
$
|
444.5
|
|
|
$
|
360.1
|
|
|
$
|
606.2
|
|
|
23.4
|
|
|
(40.6
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating profit margin:
|
|
|
|
|
|
|
|
|
|
||||||||
Leasing and management
|
45.9
|
%
|
|
44.6
|
%
|
|
47.3
|
%
|
|
|
|
|
|||||
Railcar sales
|
*
|
|
*
|
|
*
|
|
|
|
|
||||||||
Total operating profit margin
|
52.7
|
%
|
|
43.5
|
%
|
|
54.9
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||
Selected expense information
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
$
|
172.3
|
|
|
$
|
156.2
|
|
|
$
|
142.3
|
|
|
10.3
|
|
|
9.8
|
|
Maintenance and compliance
|
$
|
96.4
|
|
|
$
|
104.3
|
|
|
$
|
97.3
|
|
|
(7.6
|
)
|
|
7.2
|
|
Rent
|
$
|
39.9
|
|
|
$
|
39.3
|
|
|
$
|
41.6
|
|
|
1.5
|
|
|
(5.5
|
)
|
Interest
|
$
|
125.8
|
|
|
$
|
125.2
|
|
|
$
|
138.8
|
|
|
0.5
|
|
|
(9.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Leasing Group:
|
|
|
|
|
|
||||||
Railcars owned one year or less at the time of sale
|
$
|
99.6
|
|
|
$
|
126.1
|
|
|
$
|
404.9
|
|
Railcars owned more than one year at the time of sale
|
360.7
|
|
|
37.7
|
|
|
514.6
|
|
|||
Rail Group
|
—
|
|
|
8.1
|
|
|
260.5
|
|
|||
|
$
|
460.3
|
|
|
$
|
171.9
|
|
|
$
|
1,180.0
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
|||
Number of railcars:
|
|
|
|
|
|
|||
Wholly-owned
|
63,915
|
|
|
60,440
|
|
|
52,030
|
|
Partially-owned
|
24,675
|
|
|
24,670
|
|
|
24,735
|
|
|
88,590
|
|
|
85,110
|
|
|
76,765
|
|
Managed (third-party owned)
|
25,460
|
|
|
18,730
|
|
|
18,045
|
|
|
114,050
|
|
|
103,840
|
|
|
94,810
|
|
|
|
|
|
|
|
|||
Company-owned railcars:
|
|
|
|
|
|
|||
Average age in years
|
8.7
|
|
|
8.2
|
|
|
8.1
|
|
Average remaining lease term in years
|
3.4
|
|
|
3.5
|
|
|
3.2
|
|
Fleet utilization
|
96.8
|
%
|
|
97.6
|
%
|
|
97.7
|
%
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues
|
$
|
97.9
|
|
|
$
|
92.2
|
|
|
$
|
112.3
|
|
|
6.2
|
%
|
|
(17.9
|
)%
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenues
|
109.8
|
|
|
103.1
|
|
|
114.0
|
|
|
6.5
|
|
|
(9.6
|
)
|
|||
Selling, engineering, and administrative costs
|
8.4
|
|
|
7.5
|
|
|
8.5
|
|
|
12.0
|
|
|
(11.8
|
)
|
|||
Property disposition (gains)/losses
|
(1.0
|
)
|
|
0.5
|
|
|
(2.0
|
)
|
|
|
|
|
|||||
Operating loss
|
$
|
(19.3
|
)
|
|
$
|
(18.9
|
)
|
|
$
|
(8.2
|
)
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Operating costs
|
$
|
167.3
|
|
|
$
|
131.0
|
|
|
$
|
152.6
|
|
|
27.7
|
%
|
|
(14.2
|
)%
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Total cash provided by (required by):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
761.6
|
|
|
$
|
1,090.2
|
|
|
$
|
939.7
|
|
Investing activities
|
(472.7
|
)
|
|
(1,022.7
|
)
|
|
(511.3
|
)
|
|||
Financing activities
|
(73.7
|
)
|
|
(290.1
|
)
|
|
(530.3
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
215.2
|
|
|
$
|
(222.6
|
)
|
|
$
|
(101.9
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Leasing Group:
|
|
|
|
|
|
||||||
Railcars owned one year or less at the time of sale
|
$
|
99.6
|
|
|
$
|
126.1
|
|
|
$
|
404.9
|
|
Railcars owned more than one year at the time of sale
|
360.7
|
|
|
37.7
|
|
|
514.6
|
|
|||
Rail Group
|
—
|
|
|
8.1
|
|
|
260.5
|
|
|||
|
$
|
460.3
|
|
|
$
|
171.9
|
|
|
$
|
1,180.0
|
|
|
|
|
|
|
Included in accompanying balance sheet
at December 31, 2017 |
|||||||||||||
|
Notional
Amount
|
|
Interest
Rate
(1)
|
|
Asset
|
|
AOCL –
loss/
(income)
|
|
Noncontrolling
Interest
|
|||||||||
|
(in millions, except %)
|
|||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
2006 secured railcar equipment notes
|
$
|
200.0
|
|
|
4.87
|
%
|
|
$
|
—
|
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
788.5
|
|
|
3.60
|
%
|
|
$
|
—
|
|
|
$
|
4.0
|
|
|
$
|
5.4
|
|
TRIP Master Funding secured railcar equipment notes
|
$
|
34.8
|
|
|
2.62
|
%
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
0.5
|
|
Open hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
2017 promissory notes
|
$
|
176.1
|
|
|
3.00
|
%
|
|
$
|
1.6
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
(1)
|
Weighted average fixed interest rate, except for 2017 promissory notes. Interest rate cap for 2017 promissory notes.
|
|
Effect on interest expense-increase/(decrease)
|
||||||||||||||
|
Year Ended December 31,
|
|
Expected effect during next twelve months
(1)
|
||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|||||||||
|
(in millions)
|
||||||||||||||
2006 secured railcar equipment notes
|
$
|
(0.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
Promissory notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.5
|
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
4.5
|
|
|
$
|
4.8
|
|
|
$
|
4.9
|
|
|
$
|
2.2
|
|
TRIP Master Funding secured railcar equipment notes
|
$
|
0.4
|
|
|
$
|
0.9
|
|
|
$
|
1.3
|
|
|
$
|
0.2
|
|
|
|
|
|
Payments Due by Period
|
||||||||||||||||
Contractual Obligations and Commercial Commitments
|
|
Total
|
|
1 Year
or Less
|
|
2-3
Years
|
|
4-5
Years
|
|
After
5 Years
|
||||||||||
|
|
(in millions)
|
||||||||||||||||||
Debt and capital lease obligations
(1)
:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Parent and wholly-owned subsidiaries, excluding unamortized debt discount
|
|
$
|
1,885.8
|
|
|
$
|
63.5
|
|
|
$
|
272.2
|
|
|
$
|
158.0
|
|
|
$
|
1,392.1
|
|
Partially-owned subsidiaries
|
|
1,365.3
|
|
|
42.9
|
|
|
97.9
|
|
|
120.5
|
|
|
1,104.0
|
|
|||||
Capital lease obligations
|
|
28.3
|
|
|
28.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest
|
|
620.4
|
|
|
140.2
|
|
|
232.8
|
|
|
187.2
|
|
|
60.2
|
|
|||||
|
|
3,899.8
|
|
|
274.9
|
|
|
602.9
|
|
|
465.7
|
|
|
2,556.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating leases:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing Group
|
|
278.4
|
|
|
41.2
|
|
|
72.1
|
|
|
65.5
|
|
|
99.6
|
|
|||||
Other
|
|
28.9
|
|
|
10.5
|
|
|
12.5
|
|
|
2.9
|
|
|
3.0
|
|
|||||
Obligations for purchase of goods and services
(2)
|
|
724.0
|
|
|
661.5
|
|
|
43.1
|
|
|
19.4
|
|
|
—
|
|
|||||
Other
|
|
5.2
|
|
|
4.7
|
|
|
0.3
|
|
|
0.2
|
|
|
—
|
|
|||||
Total
|
|
$
|
4,936.3
|
|
|
$
|
992.8
|
|
|
$
|
730.9
|
|
|
$
|
553.7
|
|
|
$
|
2,658.9
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Assumptions used to determine benefit obligations at the annual measurement date were:
|
|
|
|
|
|
|||
Obligation discount rate
|
3.79
|
%
|
|
4.34
|
%
|
|
4.79
|
%
|
Compensation increase rate
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
Assumptions used to determine net periodic benefit costs were:
|
|
|
|
|
|
|||
Obligation discount rate
|
4.34
|
%
|
|
4.79
|
%
|
|
4.33
|
%
|
Long-term rate of return on plan assets
|
6.25
|
%
|
|
6.50
|
%
|
|
7.00
|
%
|
Compensation increase rate
|
4.00
|
%
|
|
4.00
|
%
|
|
4.00
|
%
|
|
Effect on Net Retirement Cost for the Year Ended December 31, 2017
|
|
Effect on Projected Benefit Obligations at December 31, 2017
|
||||
Assumptions:
|
Increase/(decrease)
(in millions)
|
||||||
Obligation discount rate:
|
|
|
|
||||
Increase of 50 basis points
|
$
|
(0.6
|
)
|
|
$
|
(29.7
|
)
|
Decrease of 50 basis points
|
$
|
0.6
|
|
|
$
|
33.0
|
|
Long-term rate of return on plan assets:
|
|
|
|
||||
Increase of 50 basis points
|
$
|
(2.2
|
)
|
|
$
|
—
|
|
Decrease of 50 basis points
|
$
|
2.2
|
|
|
$
|
—
|
|
•
|
market conditions and customer demand for our business products and services;
|
•
|
the cyclical nature of the industries in which we compete;
|
•
|
variations in weather in areas where our construction products are sold, used, or installed;
|
•
|
naturally-occurring events and disasters causing disruption to our manufacturing, product deliveries, and production capacity, thereby giving rise to an increase in expenses, loss of revenue, and property losses;
|
•
|
the timing of introduction of new products;
|
•
|
the timing and delivery of customer orders, sales of leased railcars, or a breach of customer contracts;
|
•
|
the credit worthiness of customers and their access to capital;
|
•
|
product price changes;
|
•
|
changes in mix of products sold;
|
•
|
the costs incurred to align manufacturing capacity with demand and the extent of its utilization;
|
•
|
the operating leverage and efficiencies that can be achieved by our manufacturing businesses;
|
•
|
availability and costs of steel, component parts, supplies, and other raw materials;
|
•
|
competition and other competitive factors;
|
•
|
changing technologies;
|
•
|
surcharges and other fees added to fixed pricing agreements for steel, component parts, supplies and other raw materials;
|
•
|
interest rates and capital costs;
|
•
|
counter-party risks for financial instruments;
|
•
|
long-term funding of our operations;
|
•
|
changes in our stock price resulting in a dilutive impact on earnings per share related to conversion features in our financing instruments;
|
•
|
taxes;
|
•
|
the stability of the governments and political and business conditions in certain foreign countries, particularly Mexico;
|
•
|
changes in import and export quotas and regulations;
|
•
|
business conditions in emerging economies;
|
•
|
costs and results of litigation, including trial and appellate costs and supersedes bonding costs;
|
•
|
changes in accounting standards or inaccurate estimates or assumptions in the application of accounting policies;
|
•
|
legal, regulatory, and environmental issues, including compliance of our products with mandated specifications, standards, or testing criteria and obligations to remove and replace our products following installation or to recall our products and install different products manufactured by us or our competitors;
|
•
|
actions by the executive and legislative branches of the U.S. government relative to federal government budgeting, taxation policies, government expenditures, U.S. borrowing/debt ceiling limits, and trade policies;
|
•
|
the use of social or digital media to disseminate false, misleading and/or unreliable or inaccurate information;
|
•
|
the inability to sufficiently protect our intellectual property rights;
|
•
|
if the proposed spin-off transaction is not completed;
|
•
|
if the Company does not realize some or all of the benefits expected to result from the spin-off, or if such benefits are delayed;
|
•
|
the Company's ongoing businesses may be adversely affected and subject to certain risks and consequences as a result of pursuing the spin-off transaction;
|
•
|
if the proposed spin-off transaction is completed, the trading price of the Company's common stock will decline as it will no longer reflect the value of the infrastructure-related businesses;
|
•
|
if the distribution of shares of the Infrastructure Company, together with certain related transactions, does not qualify as a transaction that is generally tax-free for U.S. federal income tax purposes, the Company's stockholders and the Company could be subject to significant tax liability; and
|
•
|
if the spin-off transaction does not comply with state and federal fraudulent conveyance laws and legal dividend requirements.
|
|
Page
|
/s/ ERNST & YOUNG LLP
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions, except per share amounts)
|
||||||||||
Revenues:
|
|
|
|
|
|
||||||
Manufacturing
|
$
|
2,820.6
|
|
|
$
|
3,763.4
|
|
|
$
|
5,301.1
|
|
Leasing
|
842.2
|
|
|
824.9
|
|
|
1,091.6
|
|
|||
|
3,662.8
|
|
|
4,588.3
|
|
|
6,392.7
|
|
|||
Operating costs:
|
|
|
|
|
|
||||||
Cost of revenues:
|
|
|
|
|
|
||||||
Manufacturing
|
2,313.2
|
|
|
3,019.6
|
|
|
4,043.9
|
|
|||
Leasing
|
432.3
|
|
|
436.5
|
|
|
612.3
|
|
|||
|
2,745.5
|
|
|
3,456.1
|
|
|
4,656.2
|
|
|||
Selling, engineering, and administrative expenses:
|
|
|
|
|
|
||||||
Manufacturing
|
237.0
|
|
|
231.0
|
|
|
271.4
|
|
|||
Leasing
|
50.5
|
|
|
45.4
|
|
|
52.4
|
|
|||
Other
|
167.3
|
|
|
131.0
|
|
|
152.6
|
|
|||
|
454.8
|
|
|
407.4
|
|
|
476.4
|
|
|||
Gains on disposition of property:
|
|
|
|
|
|
||||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
83.5
|
|
|
13.5
|
|
|
166.1
|
|
|||
Other
|
3.1
|
|
|
3.9
|
|
|
12.7
|
|
|||
|
86.6
|
|
|
17.4
|
|
|
178.8
|
|
|||
Total operating profit
|
549.1
|
|
|
742.2
|
|
|
1,438.9
|
|
|||
Other (income) expense:
|
|
|
|
|
|
||||||
Interest income
|
(10.6
|
)
|
|
(5.4
|
)
|
|
(2.2
|
)
|
|||
Interest expense
|
184.0
|
|
|
181.9
|
|
|
194.7
|
|
|||
Other, net
|
3.7
|
|
|
(1.1
|
)
|
|
(5.6
|
)
|
|||
|
177.1
|
|
|
175.4
|
|
|
186.9
|
|
|||
Income before income taxes
|
372.0
|
|
|
566.8
|
|
|
1,252.0
|
|
|||
Provision (benefit) for income taxes:
|
|
|
|
|
|
||||||
Current
|
(4.2
|
)
|
|
(119.3
|
)
|
|
309.4
|
|
|||
Deferred
|
(337.4
|
)
|
|
321.4
|
|
|
116.6
|
|
|||
|
(341.6
|
)
|
|
202.1
|
|
|
426.0
|
|
|||
Net income
|
713.6
|
|
|
364.7
|
|
|
826.0
|
|
|||
Net income attributable to noncontrolling interest
|
11.1
|
|
|
21.1
|
|
|
29.5
|
|
|||
Net income attributable to Trinity Industries, Inc.
|
$
|
702.5
|
|
|
$
|
343.6
|
|
|
$
|
796.5
|
|
|
|
|
|
|
|
||||||
Net income attributable to Trinity Industries, Inc. per common share:
|
|
|
|
|
|
||||||
Basic
|
$
|
4.62
|
|
|
$
|
2.25
|
|
|
$
|
5.14
|
|
Diluted
|
$
|
4.52
|
|
|
$
|
2.25
|
|
|
$
|
5.08
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
148.6
|
|
|
148.4
|
|
|
150.2
|
|
|||
Diluted
|
152.0
|
|
|
148.6
|
|
|
152.2
|
|
|||
Dividends declared per common share
|
$
|
0.50
|
|
|
$
|
0.44
|
|
|
$
|
0.43
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Net income
|
$
|
713.6
|
|
|
$
|
364.7
|
|
|
$
|
826.0
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Derivative financial instruments:
|
|
|
|
|
|
||||||
Unrealized losses arising during the period, net of tax benefit of $0.2, $-, and $0.2
|
(0.9
|
)
|
|
(0.3
|
)
|
|
(0.7
|
)
|
|||
Reclassification adjustments for losses included in net income, net of tax benefit of $0.7, $0.7, and $3.4
|
3.9
|
|
|
4.6
|
|
|
9.0
|
|
|||
Currency translation adjustment
|
1.3
|
|
|
0.8
|
|
|
(6.0
|
)
|
|||
Defined benefit plans:
|
|
|
|
|
|
||||||
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $1.6, $(2.0), and $(3.4)
|
3.6
|
|
|
(3.3
|
)
|
|
(6.0
|
)
|
|||
Amortization of net actuarial losses, net of tax expense of $1.5, $1.9, and $1.8
|
3.4
|
|
|
3.2
|
|
|
3.2
|
|
|||
|
11.3
|
|
|
5.0
|
|
|
(0.5
|
)
|
|||
Comprehensive income
|
724.9
|
|
|
369.7
|
|
|
825.5
|
|
|||
Less: comprehensive income attributable to noncontrolling interest
|
13.7
|
|
|
24.2
|
|
|
32.5
|
|
|||
Comprehensive income attributable to Trinity Industries, Inc.
|
$
|
711.2
|
|
|
$
|
345.5
|
|
|
$
|
793.0
|
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
|
(in millions)
|
||||||
ASSETS
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
778.6
|
|
|
$
|
563.4
|
|
Short-term marketable securities
|
|
319.5
|
|
|
234.7
|
|
||
Receivables, net of allowance for doubtful accounts of $28.7 and $11.8
|
|
369.7
|
|
|
378.7
|
|
||
Income tax receivable
|
|
29.0
|
|
|
102.1
|
|
||
Inventories:
|
|
|
|
|
||||
Raw materials and supplies
|
|
296.7
|
|
|
302.5
|
|
||
Work in process
|
|
179.0
|
|
|
189.5
|
|
||
Finished goods
|
|
164.9
|
|
|
173.8
|
|
||
|
|
640.6
|
|
|
665.8
|
|
||
Restricted cash, including partially-owned subsidiaries of $62.9 and $78.4
|
|
195.2
|
|
|
178.2
|
|
||
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,985.9 and $1,979.8
|
|
8,385.2
|
|
|
7,981.0
|
|
||
Less accumulated depreciation, including partially-owned subsidiaries of $418.0 and $364.9
|
|
(2,250.5
|
)
|
|
(2,014.2
|
)
|
||
|
|
6,134.7
|
|
|
5,966.8
|
|
||
Goodwill
|
|
780.3
|
|
|
754.1
|
|
||
Other assets
|
|
295.6
|
|
|
281.5
|
|
||
|
|
$
|
9,543.2
|
|
|
$
|
9,125.3
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
||||
Accounts payable
|
|
$
|
175.4
|
|
|
$
|
156.1
|
|
Accrued liabilities
|
|
440.0
|
|
|
426.1
|
|
||
Debt:
|
|
|
|
|
||||
Recourse, net of unamortized discount of $8.5 and $27.1
|
|
866.8
|
|
|
850.6
|
|
||
Non-recourse:
|
|
|
|
|
||||
Wholly-owned subsidiaries
|
|
1,024.8
|
|
|
840.0
|
|
||
Partially-owned subsidiaries
|
|
1,350.8
|
|
|
1,366.0
|
|
||
|
|
3,242.4
|
|
|
3,056.6
|
|
||
Deferred income
|
|
20.5
|
|
|
23.5
|
|
||
Deferred income taxes
|
|
743.2
|
|
|
1,072.9
|
|
||
Other liabilities
|
|
63.7
|
|
|
79.0
|
|
||
|
|
4,685.2
|
|
|
4,814.2
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Preferred stock – 1.5 shares authorized and unissued
|
|
—
|
|
|
—
|
|
||
Common stock – shares authorized at December 31, 2017 - 400.0; at December 31, 2016 - 400.0; shares issued and outstanding at December 31, 2017 – 150.9; at December 31, 2016 – 152.2
|
|
1.6
|
|
|
1.6
|
|
||
Capital in excess of par value
|
|
482.5
|
|
|
534.6
|
|
||
Retained earnings
|
|
4,123.4
|
|
|
3,497.3
|
|
||
Accumulated other comprehensive loss
|
|
(104.8
|
)
|
|
(113.5
|
)
|
||
Treasury stock – shares at December 31, 2017 – 0.1; at December 31, 2016 – 0.1
|
|
(1.6
|
)
|
|
(1.5
|
)
|
||
|
|
4,501.1
|
|
|
3,918.5
|
|
||
Noncontrolling interest
|
|
356.9
|
|
|
392.6
|
|
||
|
|
4,858.0
|
|
|
4,311.1
|
|
||
|
|
$
|
9,543.2
|
|
|
$
|
9,125.3
|
|
|
|
Year Ended December 31,
|
||||||||||
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
|
(in millions)
|
||||||||||
Operating activities:
|
|
|
|
|
|
|
||||||
Net income
|
|
$
|
713.6
|
|
|
$
|
364.7
|
|
|
$
|
826.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
||||||
Depreciation and amortization
|
|
295.4
|
|
|
283.0
|
|
|
266.4
|
|
|||
Stock-based compensation expense
|
|
31.1
|
|
|
41.3
|
|
|
61.1
|
|
|||
Excess tax benefits from stock-based compensation
|
|
—
|
|
|
(1.0
|
)
|
|
(13.3
|
)
|
|||
Provision (benefit) for deferred income taxes
|
|
(337.4
|
)
|
|
321.4
|
|
|
116.6
|
|
|||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
|
(83.5
|
)
|
|
(13.5
|
)
|
|
(166.1
|
)
|
|||
Gains on disposition of property and other assets
|
|
(3.1
|
)
|
|
(3.9
|
)
|
|
(12.7
|
)
|
|||
Non-cash interest expense
|
|
31.8
|
|
|
28.5
|
|
|
30.1
|
|
|||
Other
|
|
(1.2
|
)
|
|
(3.4
|
)
|
|
(2.5
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
|
||||||
(Increase) decrease in receivables
|
|
88.1
|
|
|
(16.0
|
)
|
|
(0.8
|
)
|
|||
(Increase) decrease in inventories
|
|
32.6
|
|
|
273.3
|
|
|
128.5
|
|
|||
(Increase) decrease in restricted cash
|
|
—
|
|
|
—
|
|
|
(9.4
|
)
|
|||
(Increase) decrease in other assets
|
|
(21.1
|
)
|
|
18.6
|
|
|
(40.9
|
)
|
|||
Increase (decrease) in accounts payable
|
|
19.3
|
|
|
(60.7
|
)
|
|
(78.6
|
)
|
|||
Increase (decrease) in accrued liabilities
|
|
13.8
|
|
|
(104.9
|
)
|
|
(169.6
|
)
|
|||
Increase (decrease) in other liabilities
|
|
(17.8
|
)
|
|
(37.2
|
)
|
|
4.9
|
|
|||
Net cash provided by operating activities
|
|
761.6
|
|
|
1,090.2
|
|
|
939.7
|
|
|||
Investing activities:
|
|
|
|
|
|
|
||||||
(Increase) decrease in short-term marketable securities
|
|
(84.8
|
)
|
|
(149.8
|
)
|
|
(9.9
|
)
|
|||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale
|
|
360.7
|
|
|
37.7
|
|
|
514.6
|
|
|||
Proceeds from disposition of property and other assets
|
|
11.3
|
|
|
16.0
|
|
|
8.2
|
|
|||
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $79.9, $92.0, and $295.9
|
|
(608.3
|
)
|
|
(799.1
|
)
|
|
(833.8
|
)
|
|||
Capital expenditures – manufacturing and other
|
|
(104.4
|
)
|
|
(134.3
|
)
|
|
(196.0
|
)
|
|||
Acquisitions, net of cash acquired
|
|
(47.5
|
)
|
|
—
|
|
|
(46.2
|
)
|
|||
Divestitures
|
|
—
|
|
|
—
|
|
|
51.3
|
|
|||
Other
|
|
0.3
|
|
|
6.8
|
|
|
0.5
|
|
|||
Net cash required by investing activities
|
|
(472.7
|
)
|
|
(1,022.7
|
)
|
|
(511.3
|
)
|
|||
Financing activities:
|
|
|
|
|
|
|
||||||
Proceeds from issuance of common stock, net
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||
Excess tax benefits from stock-based compensation
|
|
—
|
|
|
1.0
|
|
|
13.3
|
|
|||
Payments to retire debt
|
|
(375.4
|
)
|
|
(162.5
|
)
|
|
(587.2
|
)
|
|||
Proceeds from issuance of debt
|
|
534.1
|
|
|
—
|
|
|
242.4
|
|
|||
(Increase) decrease in restricted cash
|
|
(17.0
|
)
|
|
17.6
|
|
|
48.3
|
|
|||
Shares repurchased
|
|
(79.4
|
)
|
|
(34.7
|
)
|
|
(115.0
|
)
|
|||
Dividends paid to common shareholders
|
|
(72.6
|
)
|
|
(66.7
|
)
|
|
(64.9
|
)
|
|||
Purchase of shares to satisfy employee tax on vested stock
|
|
(14.4
|
)
|
|
(16.3
|
)
|
|
(27.5
|
)
|
|||
Distributions to noncontrolling interest
|
|
(48.7
|
)
|
|
(26.4
|
)
|
|
(39.2
|
)
|
|||
Other
|
|
(0.3
|
)
|
|
(2.1
|
)
|
|
(0.8
|
)
|
|||
Net cash required by financing activities
|
|
(73.7
|
)
|
|
(290.1
|
)
|
|
(530.3
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
|
215.2
|
|
|
(222.6
|
)
|
|
(101.9
|
)
|
|||
Cash and cash equivalents at beginning of period
|
|
563.4
|
|
|
786.0
|
|
|
887.9
|
|
|||
Cash and cash equivalents at end of period
|
|
$
|
778.6
|
|
|
$
|
563.4
|
|
|
$
|
786.0
|
|
|
|
Common
Stock
|
|
|
|
|
|
|
|
Treasury
Stock
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
Shares
|
|
$0.01 Par Value
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Shares
|
|
Amount
|
|
Trinity
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||
|
|
(in millions, except par value)
|
||||||||||||||||||||||||||||||||||||
Balances at
December 31, 2014 |
|
155.7
|
|
|
$
|
155.7
|
|
|
$
|
463.2
|
|
|
$
|
2,489.9
|
|
|
$
|
(111.9
|
)
|
|
(0.1
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
2,995.9
|
|
|
$
|
401.5
|
|
|
$
|
3,397.4
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
796.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
796.5
|
|
|
29.5
|
|
|
826.0
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
3.0
|
|
|
(0.5
|
)
|
||||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66.1
|
)
|
|
—
|
|
|
(66.1
|
)
|
||||||||
Restricted shares, net
|
|
2.1
|
|
|
—
|
|
|
64.4
|
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
(30.8
|
)
|
|
33.6
|
|
|
—
|
|
|
33.6
|
|
||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3.9
|
)
|
|
(115.0
|
)
|
|
(115.0
|
)
|
|
—
|
|
|
(115.0
|
)
|
||||||||
Stock options exercised
|
|
0.1
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||||||
Excess tax benefits from stock-based compensation
|
|
—
|
|
|
—
|
|
|
12.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12.1
|
|
|
—
|
|
|
12.1
|
|
||||||||
Distributions to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39.2
|
)
|
|
(39.2
|
)
|
||||||||
Retirement of treasury stock
|
|
(5.0
|
)
|
|
—
|
|
|
(145.8
|
)
|
|
—
|
|
|
—
|
|
|
5.0
|
|
|
145.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Change in par value of common stock
|
|
—
|
|
|
(154.2
|
)
|
|
154.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Balances at
December 31, 2015 |
|
152.9
|
|
|
$
|
1.5
|
|
|
$
|
548.5
|
|
|
$
|
3,220.3
|
|
|
$
|
(115.4
|
)
|
|
(0.1
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
3,653.9
|
|
|
$
|
394.8
|
|
|
$
|
4,048.7
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
343.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
343.6
|
|
|
21.1
|
|
|
364.7
|
|
||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
—
|
|
|
1.9
|
|
|
3.1
|
|
|
5.0
|
|
||||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66.6
|
)
|
|
—
|
|
|
(66.6
|
)
|
||||||||
Restricted shares, net
|
|
2.6
|
|
|
0.1
|
|
|
46.2
|
|
|
—
|
|
|
—
|
|
|
(1.2
|
)
|
|
(21.3
|
)
|
|
25.0
|
|
|
—
|
|
|
25.0
|
|
||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
(34.7
|
)
|
|
(34.7
|
)
|
|
—
|
|
|
(34.7
|
)
|
||||||||
Excess net tax deficiency from stock-based compensation
|
|
—
|
|
|
—
|
|
|
(4.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.5
|
)
|
|
—
|
|
|
(4.5
|
)
|
||||||||
Distributions to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26.4
|
)
|
|
(26.4
|
)
|
||||||||
Retirement of treasury stock
|
|
(3.3
|
)
|
|
—
|
|
|
(56.0
|
)
|
|
—
|
|
|
—
|
|
|
3.3
|
|
|
56.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.5
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
||||||||
Balances at
December 31, 2016 |
|
152.2
|
|
|
$
|
1.6
|
|
|
$
|
534.6
|
|
|
$
|
3,497.3
|
|
|
$
|
(113.5
|
)
|
|
(0.1
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
3,918.5
|
|
|
$
|
392.6
|
|
|
$
|
4,311.1
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
702.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
702.5
|
|
|
11.1
|
|
|
713.6
|
|
||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|
—
|
|
|
—
|
|
|
8.7
|
|
|
2.6
|
|
|
11.3
|
|
||||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(75.8
|
)
|
|
—
|
|
|
(75.8
|
)
|
||||||||
Restricted shares, net
|
|
1.7
|
|
|
—
|
|
|
35.2
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
(18.5
|
)
|
|
16.7
|
|
|
—
|
|
|
16.7
|
|
||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.8
|
)
|
|
(85.4
|
)
|
|
(85.4
|
)
|
|
—
|
|
|
(85.4
|
)
|
||||||||
Stock options exercised
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||||||
Distributions to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.7
|
)
|
|
(48.7
|
)
|
||||||||
Retirement of treasury stock
|
|
(3.5
|
)
|
|
—
|
|
|
(103.8
|
)
|
|
—
|
|
|
—
|
|
|
3.5
|
|
|
103.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Shares issued for acquisition
|
|
0.5
|
|
|
—
|
|
|
14.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.7
|
|
|
—
|
|
|
14.7
|
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|
(0.7
|
)
|
|
0.3
|
|
||||||||
Balances at
December 31, 2017 |
|
150.9
|
|
|
$
|
1.6
|
|
|
$
|
482.5
|
|
|
$
|
4,123.4
|
|
|
$
|
(104.8
|
)
|
|
(0.1
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
4,501.1
|
|
|
$
|
356.9
|
|
|
$
|
4,858.0
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Acquisitions:
|
|
|
|
|
|
||||||
Purchase price
|
$
|
63.0
|
|
|
$
|
—
|
|
|
$
|
46.2
|
|
Net cash paid
|
$
|
47.5
|
|
|
$
|
—
|
|
|
$
|
46.2
|
|
Goodwill recorded
|
$
|
25.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||||
Divestitures:
|
|
|
|
|
|
||||||
Proceeds
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
51.3
|
|
Gain recognized
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8.3
|
|
Goodwill charged off
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17.3
|
|
|
Fair Value Measurement as of December 31, 2017
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
113.1
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
113.1
|
|
Restricted cash
|
195.2
|
|
|
—
|
|
|
—
|
|
|
195.2
|
|
||||
Equity instruments
(1)
|
—
|
|
|
1.3
|
|
|
—
|
|
|
1.3
|
|
||||
Interest rate hedge
(1)
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
||||
Total assets
|
$
|
308.3
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
311.2
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge:
(2)
|
|
|
|
|
|
|
|
||||||||
Partially-owned subsidiaries
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurement as of December 31, 2016
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
188.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
188.7
|
|
Restricted cash
|
178.2
|
|
|
—
|
|
|
—
|
|
|
178.2
|
|
||||
Equity Instruments
(1)
|
—
|
|
|
3.1
|
|
|
—
|
|
|
3.1
|
|
||||
Fuel derivative instruments
(1)
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||
Total assets
|
$
|
366.9
|
|
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
370.3
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge:
(2)
|
|
|
|
|
|
|
|
||||||||
Partially-owned subsidiaries
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
0.9
|
|
|
$
|
—
|
|
|
$
|
0.9
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
|
|
(in millions)
|
||||||||||||||
Recourse:
|
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
|
$
|
399.7
|
|
|
$
|
400.3
|
|
|
$
|
399.6
|
|
|
$
|
386.3
|
|
Convertible subordinated notes
|
|
449.4
|
|
|
715.0
|
|
|
449.4
|
|
|
575.5
|
|||||
Less: unamortized discount
|
|
(8.2
|
)
|
|
|
|
(26.7
|
)
|
|
|
||||||
|
|
441.2
|
|
|
|
|
422.7
|
|
|
|
||||||
Capital lease obligations
|
|
28.3
|
|
|
28.3
|
|
|
32.1
|
|
|
32.1
|
|
||||
Other
|
|
0.5
|
|
|
0.5
|
|
|
—
|
|
|
—
|
|
||||
|
|
869.7
|
|
|
1,144.1
|
|
|
854.4
|
|
|
993.9
|
|
||||
Less: unamortized debt issuance costs
|
|
(2.9
|
)
|
|
|
|
(3.8
|
)
|
|
|
||||||
|
|
866.8
|
|
|
|
|
850.6
|
|
|
|
||||||
Non-recourse:
|
|
|
|
|
|
|
|
|
||||||||
2006 secured railcar equipment notes
|
|
158.5
|
|
|
165.7
|
|
|
194.2
|
|
|
201.5
|
|
||||
2009 secured railcar equipment notes
|
|
166.2
|
|
|
169.6
|
|
|
172.5
|
|
|
189.9
|
|
||||
2010 secured railcar equipment notes
|
|
266.9
|
|
|
281.9
|
|
|
280.6
|
|
|
284.3
|
|
||||
2017 promissory notes
|
|
293.6
|
|
|
293.6
|
|
|
—
|
|
|
—
|
|
||||
TILC warehouse facility
|
|
150.7
|
|
|
150.7
|
|
|
204.1
|
|
|
204.1
|
|
||||
TRL 2012 secured railcar equipment notes
|
|
402.8
|
|
|
390.4
|
|
|
425.5
|
|
|
395.6
|
|
||||
TRIP Master Funding secured railcar equipment notes
|
|
962.5
|
|
|
1,007.6
|
|
|
955.5
|
|
|
960.6
|
|
||||
|
|
2,401.2
|
|
|
2,459.5
|
|
|
2,232.4
|
|
|
2,236.0
|
|
||||
Less: unamortized debt issuance costs
|
|
(25.6
|
)
|
|
|
|
(26.4
|
)
|
|
|
||||||
|
|
2,375.6
|
|
|
|
|
2,206.0
|
|
|
|
||||||
Total
|
|
$
|
3,242.4
|
|
|
$
|
3,603.6
|
|
|
$
|
3,056.6
|
|
|
$
|
3,229.9
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
|
Assets
|
|
Depreciation & Amortization
|
|
Capital Expenditures
|
||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|
|
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||
Rail Group
|
$
|
1,295.3
|
|
|
$
|
788.5
|
|
|
$
|
2,083.8
|
|
|
$
|
216.1
|
|
|
$
|
933.0
|
|
|
$
|
39.4
|
|
|
$
|
9.7
|
|
Construction Products Group
|
498.9
|
|
|
5.7
|
|
|
504.6
|
|
|
66.4
|
|
|
571.8
|
|
|
24.6
|
|
|
55.5
|
|
|||||||
Inland Barge Group
|
157.9
|
|
|
—
|
|
|
157.9
|
|
|
6.4
|
|
|
111.9
|
|
|
7.3
|
|
|
0.3
|
|
|||||||
Energy Equipment Group
|
859.4
|
|
|
115.5
|
|
|
974.9
|
|
|
100.9
|
|
|
1,033.5
|
|
|
34.3
|
|
|
28.5
|
|
|||||||
Railcar Leasing and Management Services Group
|
842.2
|
|
|
1.0
|
|
|
843.2
|
|
|
444.5
|
|
|
6,267.9
|
|
|
172.3
|
|
|
608.3
|
|
|||||||
All Other
|
9.1
|
|
|
88.8
|
|
|
97.9
|
|
|
(19.3
|
)
|
|
115.9
|
|
|
8.0
|
|
|
2.8
|
|
|||||||
Segment Totals before Eliminations and Corporate
|
3,662.8
|
|
|
999.5
|
|
|
4,662.3
|
|
|
815.0
|
|
|
9,034.0
|
|
|
285.9
|
|
|
705.1
|
|
|||||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(167.3
|
)
|
|
1,320.7
|
|
|
9.6
|
|
|
7.6
|
|
|||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(732.0
|
)
|
|
(732.0
|
)
|
|
(92.0
|
)
|
|
(800.7
|
)
|
|
—
|
|
|
—
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(267.5
|
)
|
|
(267.5
|
)
|
|
(6.6
|
)
|
|
(10.8
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||||||
Consolidated Total
|
$
|
3,662.8
|
|
|
$
|
—
|
|
|
$
|
3,662.8
|
|
|
$
|
549.1
|
|
|
$
|
9,543.2
|
|
|
$
|
295.4
|
|
|
$
|
712.7
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
|
Assets
|
|
Depreciation & Amortization
|
|
Capital Expenditures
|
||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|
|
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||
Rail Group
|
$
|
2,006.9
|
|
|
$
|
1,070.4
|
|
|
$
|
3,077.3
|
|
|
$
|
459.9
|
|
|
$
|
1,014.1
|
|
|
$
|
41.7
|
|
|
$
|
29.2
|
|
Construction Products Group
|
510.6
|
|
|
12.6
|
|
|
523.2
|
|
|
72.6
|
|
|
470.3
|
|
|
23.8
|
|
|
49.9
|
|
|||||||
Inland Barge Group
|
403.0
|
|
|
0.1
|
|
|
403.1
|
|
|
45.3
|
|
|
120.8
|
|
|
8.4
|
|
|
3.2
|
|
|||||||
Energy Equipment Group
|
834.7
|
|
|
178.0
|
|
|
1,012.7
|
|
|
133.1
|
|
|
1,035.7
|
|
|
36.6
|
|
|
25.0
|
|
|||||||
Railcar Leasing and Management Services Group
|
824.9
|
|
|
2.1
|
|
|
827.0
|
|
|
360.1
|
|
|
6,095.7
|
|
|
156.2
|
|
|
799.1
|
|
|||||||
All Other
|
8.2
|
|
|
84.0
|
|
|
92.2
|
|
|
(18.9
|
)
|
|
114.3
|
|
|
7.7
|
|
|
9.0
|
|
|||||||
Segment Totals before Eliminations and Corporate
|
4,588.3
|
|
|
1,347.2
|
|
|
5,935.5
|
|
|
1,052.1
|
|
|
8,850.9
|
|
|
274.4
|
|
|
915.4
|
|
|||||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(131.0
|
)
|
|
1,079.3
|
|
|
8.7
|
|
|
18.0
|
|
|||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(1,021.9
|
)
|
|
(1,021.9
|
)
|
|
(178.2
|
)
|
|
(798.1
|
)
|
|
—
|
|
|
—
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(325.3
|
)
|
|
(325.3
|
)
|
|
(0.7
|
)
|
|
(6.8
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||||||
Consolidated Total
|
$
|
4,588.3
|
|
|
$
|
—
|
|
|
$
|
4,588.3
|
|
|
$
|
742.2
|
|
|
$
|
9,125.3
|
|
|
$
|
283.0
|
|
|
$
|
933.4
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
|
Assets
|
|
Depreciation & Amortization
|
|
Capital Expenditures
|
||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|
|
|
||||||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||
Rail Group
|
$
|
3,236.2
|
|
|
$
|
1,225.6
|
|
|
$
|
4,461.8
|
|
|
$
|
931.6
|
|
|
$
|
1,245.3
|
|
|
$
|
38.8
|
|
|
$
|
84.0
|
|
Construction Products Group
|
520.6
|
|
|
12.0
|
|
|
532.6
|
|
|
54.5
|
|
|
445.1
|
|
|
24.1
|
|
|
28.1
|
|
|||||||
Inland Barge Group
|
652.9
|
|
|
—
|
|
|
652.9
|
|
|
117.0
|
|
|
157.7
|
|
|
10.5
|
|
|
5.8
|
|
|||||||
Energy Equipment Group
|
883.6
|
|
|
230.1
|
|
|
1,113.7
|
|
|
150.9
|
|
|
1,118.3
|
|
|
38.2
|
|
|
53.5
|
|
|||||||
Railcar Leasing and Management Services Group
|
1,091.6
|
|
|
13.2
|
|
|
1,104.8
|
|
|
606.2
|
|
|
5,358.2
|
|
|
142.3
|
|
|
833.8
|
|
|||||||
All Other
|
7.8
|
|
|
104.5
|
|
|
112.3
|
|
|
(8.2
|
)
|
|
64.2
|
|
|
4.8
|
|
|
9.8
|
|
|||||||
Segment Totals before Eliminations and Corporate
|
6,392.7
|
|
|
1,585.4
|
|
|
7,978.1
|
|
|
1,852.0
|
|
|
8,388.8
|
|
|
258.7
|
|
|
1,015.0
|
|
|||||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(152.6
|
)
|
|
1,175.6
|
|
|
7.8
|
|
|
14.8
|
|
|||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(1,164.4
|
)
|
|
(1,164.4
|
)
|
|
(259.6
|
)
|
|
(673.0
|
)
|
|
—
|
|
|
—
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(421.0
|
)
|
|
(421.0
|
)
|
|
(0.9
|
)
|
|
(5.5
|
)
|
|
(0.1
|
)
|
|
—
|
|
|||||||
Consolidated Total
|
$
|
6,392.7
|
|
|
$
|
—
|
|
|
$
|
6,392.7
|
|
|
$
|
1,438.9
|
|
|
$
|
8,885.9
|
|
|
$
|
266.4
|
|
|
$
|
1,029.8
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Mexico:
|
|
|
|
|
|
||||||
Revenues:
|
|
|
|
|
|
||||||
External
|
$
|
111.5
|
|
|
$
|
118.9
|
|
|
$
|
106.0
|
|
Intercompany
|
151.6
|
|
|
199.0
|
|
|
230.6
|
|
|||
|
$
|
263.1
|
|
|
$
|
317.9
|
|
|
$
|
336.6
|
|
|
|
|
|
|
|
||||||
Operating profit
|
$
|
0.7
|
|
|
$
|
59.0
|
|
|
$
|
77.1
|
|
|
Total Assets
|
|
Long-Lived Assets
|
||||||||||||
|
December 31,
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Mexico
|
$
|
287.5
|
|
|
$
|
319.0
|
|
|
$
|
183.2
|
|
|
$
|
195.5
|
|
|
December 31, 2017
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-
Owned
Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
3.3
|
|
|
$
|
—
|
|
|
$
|
1,094.8
|
|
|
$
|
1,098.1
|
|
Property, plant, and equipment, net
|
$
|
4,140.0
|
|
|
$
|
1,822.7
|
|
|
$
|
972.7
|
|
|
$
|
6,935.4
|
|
Net deferred profit on railcars sold to the Leasing Group
|
|
|
|
|
|
|
(800.7
|
)
|
|||||||
Consolidated property, plant, and equipment, net
|
|
|
|
|
|
|
$
|
6,134.7
|
|
||||||
Restricted cash
|
$
|
132.2
|
|
|
$
|
62.9
|
|
|
$
|
0.1
|
|
|
$
|
195.2
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
28.3
|
|
|
$
|
—
|
|
|
$
|
849.9
|
|
|
$
|
878.2
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(8.5
|
)
|
|
(8.5
|
)
|
||||
Less: unamortized debt issuance costs
|
—
|
|
|
—
|
|
|
(2.9
|
)
|
|
(2.9
|
)
|
||||
|
28.3
|
|
|
—
|
|
|
838.5
|
|
|
866.8
|
|
||||
Non-recourse
|
1,035.9
|
|
|
1,365.3
|
|
|
—
|
|
|
2,401.2
|
|
||||
Less: unamortized debt issuance costs
|
(11.1
|
)
|
|
(14.5
|
)
|
|
—
|
|
|
(25.6
|
)
|
||||
|
1,024.8
|
|
|
1,350.8
|
|
|
—
|
|
|
2,375.6
|
|
||||
Total debt
|
$
|
1,053.1
|
|
|
$
|
1,350.8
|
|
|
$
|
838.5
|
|
|
$
|
3,242.4
|
|
Net deferred tax liabilities
|
$
|
653.7
|
|
|
$
|
0.8
|
|
|
$
|
69.4
|
|
|
$
|
723.9
|
|
|
December 31, 2016
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-
Owned
Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
7.2
|
|
|
$
|
—
|
|
|
$
|
790.9
|
|
|
$
|
798.1
|
|
Property, plant, and equipment, net
|
$
|
3,923.6
|
|
|
$
|
1,879.6
|
|
|
$
|
961.7
|
|
|
$
|
6,764.9
|
|
Net deferred profit on railcars sold to the Leasing Group
|
|
|
|
|
|
|
(798.1
|
)
|
|||||||
Consolidated property, plant, and equipment, net
|
|
|
|
|
|
|
$
|
5,966.8
|
|
||||||
Restricted cash
|
$
|
99.7
|
|
|
$
|
78.4
|
|
|
$
|
0.1
|
|
|
$
|
178.2
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
32.1
|
|
|
$
|
—
|
|
|
$
|
849.4
|
|
|
$
|
881.5
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(27.1
|
)
|
|
(27.1
|
)
|
||||
Less: unamortized debt issuance costs
|
(0.1
|
)
|
|
—
|
|
|
(3.7
|
)
|
|
(3.8
|
)
|
||||
|
32.0
|
|
|
—
|
|
|
818.6
|
|
|
850.6
|
|
||||
Non-recourse
|
851.4
|
|
|
1,381.0
|
|
|
—
|
|
|
2,232.4
|
|
||||
Less: unamortized debt issuance costs
|
(11.4
|
)
|
|
(15.0
|
)
|
|
—
|
|
|
(26.4
|
)
|
||||
|
840.0
|
|
|
1,366.0
|
|
|
—
|
|
|
2,206.0
|
|
||||
Total debt
|
$
|
872.0
|
|
|
$
|
1,366.0
|
|
|
$
|
818.6
|
|
|
$
|
3,056.6
|
|
Net deferred tax liabilities
|
$
|
956.6
|
|
|
$
|
2.0
|
|
|
$
|
98.4
|
|
|
$
|
1,057.0
|
|
|
Year Ended December 31,
|
|
Percent Change
|
||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2017 versus 2016
|
|
2016 versus 2015
|
||||||||
|
($ in millions)
|
|
|
|
|
||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||
Leasing and management
|
$
|
743.6
|
|
|
$
|
700.9
|
|
|
$
|
699.9
|
|
|
6.1
|
%
|
|
0.1
|
%
|
Sale of railcars owned one year or less at the time of sale
|
99.6
|
|
|
126.1
|
|
|
404.9
|
|
|
|
|
|
|||||
Total revenues
|
$
|
843.2
|
|
|
$
|
827.0
|
|
|
$
|
1,104.8
|
|
|
2.0
|
|
|
(25.1
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating profit:
|
|
|
|
|
|
|
|
|
|
||||||||
Leasing and management
|
$
|
341.3
|
|
|
$
|
312.5
|
|
|
$
|
331.1
|
|
|
9.2
|
|
|
(5.6
|
)
|
Railcar sales:
|
|
|
|
|
|
|
|
|
|
||||||||
Railcars owned one year or less at the time of sale
|
19.7
|
|
|
34.1
|
|
|
109.0
|
|
|
|
|
|
|||||
Railcars owned more than one year at the time of sale
|
83.5
|
|
|
13.5
|
|
|
166.1
|
|
|
|
|
|
|||||
Total operating profit
|
$
|
444.5
|
|
|
$
|
360.1
|
|
|
$
|
606.2
|
|
|
23.4
|
|
|
(40.6
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating profit margin:
|
|
|
|
|
|
|
|
|
|
||||||||
Leasing and management
|
45.9
|
%
|
|
44.6
|
%
|
|
47.3
|
%
|
|
|
|
|
|||||
Railcar sales
|
*
|
|
*
|
|
*
|
|
|
|
|
|
|||||||
Total operating profit margin
|
52.7
|
%
|
|
43.5
|
%
|
|
54.9
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||
Selected expense information
(1)
:
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation
|
$
|
172.3
|
|
|
$
|
156.2
|
|
|
$
|
142.3
|
|
|
10.3
|
|
|
9.8
|
|
Maintenance and compliance
|
$
|
96.4
|
|
|
$
|
104.3
|
|
|
$
|
97.3
|
|
|
(7.6
|
)
|
|
7.2
|
|
Rent
|
$
|
39.9
|
|
|
$
|
39.3
|
|
|
$
|
41.6
|
|
|
1.5
|
|
|
(5.5
|
)
|
Interest
|
$
|
125.8
|
|
|
$
|
125.2
|
|
|
$
|
138.8
|
|
|
0.5
|
|
|
(9.8
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Leasing Group:
|
|
|
|
|
|
||||||
Railcars owned one year or less at the time of sale
|
$
|
99.6
|
|
|
$
|
126.1
|
|
|
$
|
404.9
|
|
Railcars owned more than one year at the time of sale
|
360.7
|
|
|
37.7
|
|
|
514.6
|
|
|||
Rail Group
|
—
|
|
|
8.1
|
|
|
260.5
|
|
|||
|
$
|
460.3
|
|
|
$
|
171.9
|
|
|
$
|
1,180.0
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
(in millions)
|
||||||||||||||||||||||||||
Future contractual minimum rental revenues
|
$
|
493.2
|
|
|
$
|
410.1
|
|
|
$
|
329.2
|
|
|
$
|
227.5
|
|
|
$
|
165.4
|
|
|
$
|
315.7
|
|
|
$
|
1,941.1
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations of Trusts’ railcars
|
|
$
|
29.2
|
|
|
$
|
28.8
|
|
|
$
|
26.1
|
|
|
$
|
26.1
|
|
|
$
|
24.9
|
|
|
$
|
93.0
|
|
|
$
|
228.1
|
|
Future contractual minimum rental revenues of Trusts’ railcars
|
|
$
|
38.5
|
|
|
$
|
27.5
|
|
|
$
|
17.7
|
|
|
$
|
12.7
|
|
|
$
|
8.7
|
|
|
$
|
7.8
|
|
|
$
|
112.9
|
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations
|
|
$
|
12.0
|
|
|
$
|
9.5
|
|
|
$
|
7.7
|
|
|
$
|
7.6
|
|
|
$
|
6.9
|
|
|
$
|
6.6
|
|
|
$
|
50.3
|
|
Future contractual minimum rental revenues
|
|
$
|
10.3
|
|
|
$
|
7.7
|
|
|
$
|
4.8
|
|
|
$
|
3.6
|
|
|
$
|
3.2
|
|
|
$
|
1.2
|
|
|
$
|
30.8
|
|
|
|
|
|
|
Included in accompanying balance sheet
at December 31, 2017 |
|||||||||||||
|
Notional
Amount
|
|
Interest
Rate
(1)
|
|
Asset
|
|
AOCL –
loss/
(income)
|
|
Noncontrolling
Interest
|
|||||||||
|
(in millions, except %)
|
|||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
2006 secured railcar equipment notes
|
$
|
200.0
|
|
|
4.87
|
%
|
|
$
|
—
|
|
|
$
|
(0.4
|
)
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
788.5
|
|
|
3.60
|
%
|
|
$
|
—
|
|
|
$
|
4.0
|
|
|
$
|
5.4
|
|
TRIP Master Funding secured railcar equipment notes
|
$
|
34.8
|
|
|
2.62
|
%
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
0.5
|
|
Open hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
2017 promissory notes
|
$
|
176.1
|
|
|
3.00
|
%
|
|
$
|
1.6
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
(1)
|
Weighted average fixed interest rate, except for 2017 promissory notes. Interest rate cap for 2017 promissory notes.
|
|
Effect on interest expense-increase/(decrease)
|
||||||||||||||
|
Year Ended December 31,
|
|
Expected effect during next twelve months
(1)
|
||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
|||||||||
|
(in millions)
|
||||||||||||||
2006 secured railcar equipment notes
|
$
|
(0.3
|
)
|
|
$
|
(0.4
|
)
|
|
$
|
(0.3
|
)
|
|
$
|
(0.1
|
)
|
Promissory notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6.5
|
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
4.5
|
|
|
$
|
4.8
|
|
|
$
|
4.9
|
|
|
$
|
2.2
|
|
TRIP Master Funding secured railcar equipment notes
|
$
|
0.4
|
|
|
$
|
0.9
|
|
|
$
|
1.3
|
|
|
$
|
0.2
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Manufacturing/Corporate:
|
|
|
|
||||
Land
|
$
|
122.1
|
|
|
$
|
103.3
|
|
Buildings and improvements
|
668.1
|
|
|
642.6
|
|
||
Machinery and other
|
1,223.6
|
|
|
1,151.1
|
|
||
Construction in progress
|
32.6
|
|
|
39.1
|
|
||
|
2,046.4
|
|
|
1,936.1
|
|
||
Less accumulated depreciation
|
(1,073.7
|
)
|
|
(974.4
|
)
|
||
|
972.7
|
|
|
961.7
|
|
||
Leasing:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
Machinery and other
|
10.7
|
|
|
10.7
|
|
||
Equipment on lease
|
4,987.6
|
|
|
4,673.0
|
|
||
|
4,998.3
|
|
|
4,683.7
|
|
||
Less accumulated depreciation
|
(858.3
|
)
|
|
(760.1
|
)
|
||
|
4,140.0
|
|
|
3,923.6
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
Equipment on lease
|
2,315.5
|
|
|
2,309.4
|
|
||
Less accumulated depreciation
|
(492.8
|
)
|
|
(429.8
|
)
|
||
|
1,822.7
|
|
|
1,879.6
|
|
||
|
|
|
|
||||
Deferred profit on railcars sold to the Leasing Group
|
(974.9
|
)
|
|
(948.2
|
)
|
||
Less accumulated amortization
|
174.2
|
|
|
150.1
|
|
||
|
(800.7
|
)
|
|
(798.1
|
)
|
||
|
$
|
6,134.7
|
|
|
$
|
5,966.8
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Rail Group
|
$
|
134.6
|
|
|
$
|
134.6
|
|
Construction Products Group
|
136.0
|
|
|
111.0
|
|
||
Energy Equipment Group
|
507.9
|
|
|
506.7
|
|
||
Railcar Leasing and Management Services Group
|
1.8
|
|
|
1.8
|
|
||
|
$
|
780.3
|
|
|
$
|
754.1
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||
|
(in millions)
|
||||||||||
Beginning balance
|
$
|
15.7
|
|
|
$
|
21.5
|
|
|
$
|
17.8
|
|
Warranty costs incurred
|
(8.5
|
)
|
|
(9.4
|
)
|
|
(7.1
|
)
|
|||
Warranty originations and revisions
|
9.0
|
|
|
8.0
|
|
|
17.2
|
|
|||
Warranty expirations
|
(3.5
|
)
|
|
(4.4
|
)
|
|
(6.4
|
)
|
|||
Ending balance
|
$
|
12.7
|
|
|
$
|
15.7
|
|
|
$
|
21.5
|
|
|
December 31,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Corporate – Recourse:
|
|
|
|
||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
Senior notes, net of unamortized discount of $0.3 and $0.4
|
399.7
|
|
|
399.6
|
|
||
Convertible subordinated notes, net of unamortized discount of $8.2 and $26.7
|
441.2
|
|
|
422.7
|
|
||
Other
|
0.5
|
|
|
—
|
|
||
|
841.4
|
|
|
822.3
|
|
||
Less: unamortized debt issuance costs
|
(2.9
|
)
|
|
(3.7
|
)
|
||
|
838.5
|
|
|
818.6
|
|
||
Leasing – Recourse:
|
|
|
|
||||
Capital lease obligations, net of unamortized debt issuance costs of $- and $0.1
|
28.3
|
|
|
32.0
|
|
||
Total recourse debt
|
866.8
|
|
|
850.6
|
|
||
|
|
|
|
||||
Leasing – Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
2006 secured railcar equipment notes
|
158.5
|
|
|
194.2
|
|
||
2009 secured railcar equipment notes
|
166.2
|
|
|
172.5
|
|
||
2010 secured railcar equipment notes
|
266.9
|
|
|
280.6
|
|
||
2017 promissory notes
|
293.6
|
|
|
—
|
|
||
TILC warehouse facility
|
150.7
|
|
|
204.1
|
|
||
|
1,035.9
|
|
|
851.4
|
|
||
Less: unamortized debt issuance costs
|
(11.1
|
)
|
|
(11.4
|
)
|
||
|
1,024.8
|
|
|
840.0
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
TRL 2012 secured railcar equipment notes
|
402.8
|
|
|
425.5
|
|
||
TRIP Master Funding secured railcar equipment notes
|
962.5
|
|
|
955.5
|
|
||
|
1,365.3
|
|
|
1,381.0
|
|
||
Less: unamortized debt issuance costs
|
(14.5
|
)
|
|
(15.0
|
)
|
||
|
1,350.8
|
|
|
1,366.0
|
|
||
Total non–recourse debt
|
2,375.6
|
|
|
2,206.0
|
|
||
Total debt
|
$
|
3,242.4
|
|
|
$
|
3,056.6
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Coupon rate interest
|
$
|
17.4
|
|
|
$
|
17.4
|
|
|
$
|
17.4
|
|
Amortized debt discount
|
18.6
|
|
|
17.1
|
|
|
15.7
|
|
|||
|
$
|
36.0
|
|
|
$
|
34.5
|
|
|
$
|
33.1
|
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Recourse:
|
|
||||||||||||||||||||||
Corporate
(1)
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
849.4
|
|
Leasing – capital lease obligations (Note 6)
|
28.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Non-recourse – leasing (Note 6):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2006 secured railcar equipment notes
|
25.5
|
|
|
28.0
|
|
|
29.8
|
|
|
29.2
|
|
|
29.9
|
|
|
16.1
|
|
||||||
2009 secured railcar equipment notes
|
6.4
|
|
|
11.2
|
|
|
6.6
|
|
|
13.4
|
|
|
14.1
|
|
|
114.5
|
|
||||||
2010 secured railcar equipment notes
|
10.0
|
|
|
7.6
|
|
|
14.2
|
|
|
20.1
|
|
|
21.0
|
|
|
194.0
|
|
||||||
2017 Promissory notes
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
218.1
|
|
||||||
TILC warehouse facility
|
6.4
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Facility termination payments - TILC warehouse facility
|
—
|
|
|
142.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
TRL 2012 secured railcar equipment notes
|
22.9
|
|
|
21.9
|
|
|
19.3
|
|
|
19.9
|
|
|
19.6
|
|
|
299.2
|
|
||||||
TRIP Master Funding secured railcar equipment notes
|
20.0
|
|
|
23.8
|
|
|
32.9
|
|
|
40.4
|
|
|
40.6
|
|
|
804.8
|
|
||||||
Total principal payments
|
$
|
134.7
|
|
|
$
|
252.0
|
|
|
$
|
118.1
|
|
|
$
|
138.2
|
|
|
$
|
140.3
|
|
|
$
|
2,496.1
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Foreign currency exchange transactions
|
$
|
2.2
|
|
|
$
|
2.4
|
|
|
$
|
(2.1
|
)
|
(Gain) loss on equity investments
|
(0.2
|
)
|
|
(0.1
|
)
|
|
0.1
|
|
|||
Other
|
1.7
|
|
|
(3.4
|
)
|
|
(3.6
|
)
|
|||
Other, net
|
$
|
3.7
|
|
|
$
|
(1.1
|
)
|
|
$
|
(5.6
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(11.1
|
)
|
|
$
|
(130.3
|
)
|
|
$
|
271.2
|
|
State
|
0.6
|
|
|
3.3
|
|
|
19.6
|
|
|||
Foreign
|
6.3
|
|
|
7.7
|
|
|
18.6
|
|
|||
Total current
|
(4.2
|
)
|
|
(119.3
|
)
|
|
309.4
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
|
|
|
|
|
||||||
Effect of Tax Cuts and Jobs Act
|
(476.2
|
)
|
|
—
|
|
|
—
|
|
|||
Other
|
135.6
|
|
|
313.0
|
|
|
117.4
|
|
|||
|
(340.6
|
)
|
|
313.0
|
|
|
117.4
|
|
|||
State
|
4.2
|
|
|
8.1
|
|
|
(0.3
|
)
|
|||
Foreign
|
(1.0
|
)
|
|
0.3
|
|
|
(0.5
|
)
|
|||
Total deferred
|
(337.4
|
)
|
|
321.4
|
|
|
116.6
|
|
|||
Provision
|
$
|
(341.6
|
)
|
|
$
|
202.1
|
|
|
$
|
426.0
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Effect of Tax Cuts and Jobs Act
|
(128.0
|
)
|
|
—
|
|
|
—
|
|
State taxes
|
1.3
|
|
|
1.4
|
|
|
1.2
|
|
Domestic production activities deduction
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
Noncontrolling interest in partially-owned subsidiaries
|
(1.0
|
)
|
|
(1.3
|
)
|
|
(0.8
|
)
|
Settlements with tax authorities
|
(1.1
|
)
|
|
(0.1
|
)
|
|
—
|
|
Equity compensation
|
0.5
|
|
|
—
|
|
|
—
|
|
Changes in valuation allowances and reserves
|
1.8
|
|
|
0.3
|
|
|
—
|
|
Other, net
|
(0.3
|
)
|
|
0.4
|
|
|
—
|
|
Effective rate
|
(91.8
|
)%
|
|
35.7
|
%
|
|
34.0
|
%
|
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Deferred tax liabilities:
|
|
|
|
||||
Depreciation, depletion, and amortization
|
$
|
628.0
|
|
|
$
|
919.6
|
|
Partially-owned subsidiaries basis difference
|
117.2
|
|
|
171.5
|
|
||
Convertible debt
|
93.3
|
|
|
137.4
|
|
||
Total deferred tax liabilities
|
838.5
|
|
|
1,228.5
|
|
||
Deferred tax assets:
|
|
|
|
||||
Workers compensation, pensions, and other benefits
|
23.8
|
|
|
46.7
|
|
||
Warranties and reserves
|
7.1
|
|
|
12.1
|
|
||
Equity items
|
32.0
|
|
|
52.6
|
|
||
Tax loss carryforwards and credits
|
33.7
|
|
|
24.9
|
|
||
Inventory
|
17.0
|
|
|
29.2
|
|
||
Accrued liabilities and other
|
10.9
|
|
|
6.5
|
|
||
Total deferred tax assets
|
124.5
|
|
|
172.0
|
|
||
Net deferred tax liabilities before valuation allowances
|
714.0
|
|
|
1,056.5
|
|
||
Valuation allowances
|
12.0
|
|
|
11.7
|
|
||
Net deferred tax liabilities before reserve for uncertain tax positions
|
726.0
|
|
|
1,068.2
|
|
||
Deferred tax assets included in reserve for uncertain tax positions
|
(2.1
|
)
|
|
(11.2
|
)
|
||
Adjusted net deferred tax liabilities
|
$
|
723.9
|
|
|
$
|
1,057.0
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Beginning balance
|
$
|
28.2
|
|
|
$
|
65.2
|
|
|
$
|
62.3
|
|
Additions for tax positions related to the current year
|
—
|
|
|
—
|
|
|
5.5
|
|
|||
Additions for tax positions of prior years
|
4.7
|
|
|
1.0
|
|
|
—
|
|
|||
Reductions for tax positions of prior years
|
—
|
|
|
(26.6
|
)
|
|
(0.7
|
)
|
|||
Settlements
|
(23.3
|
)
|
|
(7.1
|
)
|
|
(1.9
|
)
|
|||
Expiration of statute of limitations
|
(1.3
|
)
|
|
(4.3
|
)
|
|
—
|
|
|||
Ending balance
|
$
|
8.3
|
|
|
$
|
28.2
|
|
|
$
|
65.2
|
|
|
Year Ended December 31,
|
||||
|
2017
|
|
2016
|
|
2015
|
Assumptions used to determine benefit obligations at the annual measurement date were:
|
|
|
|
|
|
Obligation discount rate
|
3.79%
|
|
4.34%
|
|
4.79%
|
Compensation increase rate
|
4.00%
|
|
4.00%
|
|
4.00%
|
Assumptions used to determine net periodic benefit costs were:
|
|
|
|
|
|
Obligation discount rate
|
4.34%
|
|
4.79%
|
|
4.33%
|
Long-term rate of return on plan assets
|
6.25%
|
|
6.50%
|
|
7.00%
|
Compensation increase rate
|
4.00%
|
|
4.00%
|
|
4.00%
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Expense Components
|
|
|
|
|
|
||||||
Service cost
|
$
|
0.2
|
|
|
$
|
0.4
|
|
|
$
|
0.5
|
|
Interest
|
19.6
|
|
|
20.8
|
|
|
20.0
|
|
|||
Expected return on plan assets
|
(27.2
|
)
|
|
(27.2
|
)
|
|
(30.5
|
)
|
|||
Amortization of actuarial loss
|
4.9
|
|
|
5.1
|
|
|
5.0
|
|
|||
Defined benefit expense
|
(2.5
|
)
|
|
(0.9
|
)
|
|
(5.0
|
)
|
|||
Profit sharing
|
15.5
|
|
|
15.2
|
|
|
18.7
|
|
|||
Multiemployer plan
|
2.1
|
|
|
2.3
|
|
|
2.4
|
|
|||
Net expense
|
$
|
15.1
|
|
|
$
|
16.6
|
|
|
$
|
16.1
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Accumulated Benefit Obligations
|
$
|
490.0
|
|
|
$
|
459.6
|
|
Projected Benefit Obligations:
|
|
|
|
||||
Beginning of year
|
$
|
459.6
|
|
|
$
|
445.3
|
|
Service cost
|
0.2
|
|
|
0.4
|
|
||
Interest
|
19.6
|
|
|
20.8
|
|
||
Benefits paid
|
(19.9
|
)
|
|
(18.1
|
)
|
||
Actuarial loss
|
30.5
|
|
|
11.2
|
|
||
End of year
|
$
|
490.0
|
|
|
$
|
459.6
|
|
Plans' Assets:
|
|
|
|
||||
Beginning of year
|
$
|
442.5
|
|
|
$
|
422.8
|
|
Actual return on assets
|
62.9
|
|
|
33.1
|
|
||
Employer contributions
|
2.5
|
|
|
4.7
|
|
||
Benefits paid
|
(19.9
|
)
|
|
(18.1
|
)
|
||
End of year
|
$
|
488.0
|
|
|
$
|
442.5
|
|
|
|
|
|
||||
Consolidated Balance Sheet Components:
|
|
|
|
||||
Other assets
|
$
|
13.1
|
|
|
$
|
5.1
|
|
Accrued liabilities
|
(15.1
|
)
|
|
(22.2
|
)
|
||
Net funded status
|
$
|
(2.0
|
)
|
|
$
|
(17.1
|
)
|
Percent of projected benefit obligations funded
|
99.6
|
%
|
|
96.3
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(in millions)
|
||||||||||
Actuarial gain (loss)
|
$
|
5.2
|
|
|
$
|
(5.3
|
)
|
|
$
|
(9.4
|
)
|
Amortization of actuarial loss
|
4.9
|
|
|
5.1
|
|
|
5.0
|
|
|||
Total before income taxes
|
10.1
|
|
|
(0.2
|
)
|
|
(4.4
|
)
|
|||
Income tax expense (benefit)
|
3.1
|
|
|
(0.1
|
)
|
|
(1.6
|
)
|
|||
Net amount recognized in other comprehensive income (loss)
|
$
|
7.0
|
|
|
$
|
(0.1
|
)
|
|
$
|
(2.8
|
)
|
|
Target
Allocation |
|
December 31,
2017 |
||
Cash and cash equivalents
|
—
|
%
|
|
2
|
%
|
Liability hedging portfolio
|
50
|
%
|
|
44
|
%
|
Growth portfolio
|
50
|
%
|
|
54
|
%
|
Total
|
100
|
%
|
|
100
|
%
|
|
Fair Value Measurement as of December 31, 2017
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
||||||||||||||
Temporary cash investments
|
$
|
7.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7.3
|
|
Debt common trust funds
|
—
|
|
|
292.8
|
|
|
—
|
|
|
292.8
|
|
||||
Equity common trust funds
|
—
|
|
|
187.9
|
|
|
—
|
|
|
187.9
|
|
||||
|
$
|
7.3
|
|
|
$
|
480.7
|
|
|
$
|
—
|
|
|
$
|
488.0
|
|
|
Fair Value Measurement as of December 31, 2016
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
|
|
||||||||||||||
Temporary cash investments
|
$
|
5.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.9
|
|
Debt common trust funds
|
—
|
|
|
277.2
|
|
|
—
|
|
|
277.2
|
|
||||
Equity common trust funds
|
—
|
|
|
159.4
|
|
|
—
|
|
|
159.4
|
|
||||
|
$
|
5.9
|
|
|
$
|
436.6
|
|
|
$
|
—
|
|
|
$
|
442.5
|
|
|
|
|
|
PPA Zone Status
|
|
|
|
Contributions for Year Ended December 31,
|
|
|
|
|
||||||||||||
Pension Fund
|
|
Employer Identification Number
|
|
2017
|
|
2016
|
|
Financial improvement plan status
|
|
2017
|
|
2016
|
|
2015
|
|
Surcharge imposed
|
|
Expiration date of collective bargaining agreement
|
||||||
|
|
|
|
|
|
|
|
|
|
(in millions)
|
|
|
|
|
||||||||||
Boilermaker-Blacksmith National Pension Trust
|
|
48-6168020
|
|
Yellow
|
|
Yellow
|
|
Implemented
|
|
$
|
1.9
|
|
|
$
|
2.3
|
|
|
$
|
2.5
|
|
|
No
|
|
July 3, 2019
|
|
Year Ending December 31,
|
||
|
(in millions)
|
||
2018
|
$
|
21.6
|
|
2019
|
23.5
|
|
|
2020
|
24.4
|
|
|
2021
|
25.3
|
|
|
2022
|
26.3
|
|
|
2023-2027
|
141.9
|
|
|
Currency translation adjustments
|
|
Unrealized loss on derivative financial instruments
|
|
Net actuarial gains/(losses) of defined benefit plans
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||
|
(in millions)
|
||||||||||||||
Balances at December 31, 2014
|
$
|
(18.5
|
)
|
|
$
|
(6.6
|
)
|
|
$
|
(86.8
|
)
|
|
$
|
(111.9
|
)
|
Other comprehensive loss, net of tax, before reclassifications
|
(6.0
|
)
|
|
(0.7
|
)
|
|
(6.0
|
)
|
|
(12.7
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $3.4, $1.8, and $5.2
|
—
|
|
|
9.0
|
|
|
3.2
|
|
|
12.2
|
|
||||
Less: noncontrolling interest
|
—
|
|
|
(3.0
|
)
|
|
—
|
|
|
(3.0
|
)
|
||||
Other comprehensive income (loss)
|
(6.0
|
)
|
|
5.3
|
|
|
(2.8
|
)
|
|
(3.5
|
)
|
||||
Balances at December 31, 2015
|
(24.5
|
)
|
|
(1.3
|
)
|
|
(89.6
|
)
|
|
(115.4
|
)
|
||||
Other comprehensive income (loss), net of tax, before reclassifications
|
0.8
|
|
|
(0.3
|
)
|
|
(3.3
|
)
|
|
(2.8
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.7, $1.9, and $2.6
|
—
|
|
|
4.6
|
|
|
3.2
|
|
|
7.8
|
|
||||
Less: noncontrolling interest
|
—
|
|
|
(3.1
|
)
|
|
—
|
|
|
(3.1
|
)
|
||||
Other comprehensive income (loss)
|
0.8
|
|
|
1.2
|
|
|
(0.1
|
)
|
|
1.9
|
|
||||
Balances at December 31, 2016
|
(23.7
|
)
|
|
(0.1
|
)
|
|
(89.7
|
)
|
|
(113.5
|
)
|
||||
Other comprehensive income (loss), net of tax, before reclassifications
|
1.3
|
|
|
(0.9
|
)
|
|
3.6
|
|
|
4.0
|
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.7, $1.5, and $2.2
|
—
|
|
|
3.9
|
|
|
3.4
|
|
|
7.3
|
|
||||
Less: noncontrolling interest
|
—
|
|
|
(2.6
|
)
|
|
—
|
|
|
(2.6
|
)
|
||||
Other comprehensive income
|
1.3
|
|
|
0.4
|
|
|
7.0
|
|
|
8.7
|
|
||||
Balances at December 31, 2017
|
$
|
(22.4
|
)
|
|
$
|
0.3
|
|
|
$
|
(82.7
|
)
|
|
$
|
(104.8
|
)
|
|
Number of Shares
|
|
Weighted Average Exercise Price
|
|
Weighted Average Remaining Contractual Terms (Years)
|
|
Aggregate Intrinsic Value
|
|||
|
|
|
|
|
|
|
(in millions)
|
|||
Options outstanding at December 31, 2016
|
60,793
|
|
|
$
|
8.12
|
|
|
1.9
|
|
$1.2
|
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|
Exercised
|
(26,450
|
)
|
|
8.12
|
|
|
|
|
|
|
Cancelled
|
—
|
|
|
—
|
|
|
|
|
|
|
Options outstanding at December 31, 2017
|
34,343
|
|
|
$
|
8.12
|
|
|
0.9
|
|
$1.0
|
|
Number of Restricted Share Awards
|
|
Weighted Average Grant-Date
Fair Value per Award |
|||
Restricted share awards outstanding at December 31, 2016
|
6,749,083
|
|
|
$
|
22.35
|
|
Granted
|
2,060,027
|
|
|
28.87
|
|
|
Vested
|
(1,840,119
|
)
|
|
31.09
|
|
|
Forfeited
|
(158,610
|
)
|
|
24.27
|
|
|
Restricted share awards outstanding at December 31, 2017
|
6,810,381
|
|
|
$
|
21.91
|
|
|
Year Ended
December 31, 2017 |
|||||||||
|
(in millions, except per share amounts)
|
|||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|||||
Net income attributable to Trinity Industries, Inc.
|
$
|
702.5
|
|
|
|
|
|
|||
Unvested restricted share participation
|
(15.4
|
)
|
|
|
|
|
||||
Net income attributable to Trinity Industries, Inc. – basic
|
687.1
|
|
|
148.6
|
|
|
$
|
4.62
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Nonparticipating unvested restricted shares and stock options
|
—
|
|
|
0.5
|
|
|
|
|||
Convertible subordinated notes
|
0.3
|
|
|
2.9
|
|
|
|
|||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
687.4
|
|
|
152.0
|
|
|
$
|
4.52
|
|
|
Year Ended
December 31, 2016 |
|||||||||
|
(in millions, except per share amounts)
|
|||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|||||
Net income attributable to Trinity Industries, Inc.
|
$
|
343.6
|
|
|
|
|
|
|||
Unvested restricted share participation
|
(9.4
|
)
|
|
|
|
|
||||
Net income attributable to Trinity Industries, Inc. – basic
|
334.2
|
|
|
148.4
|
|
|
$
|
2.25
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Nonparticipating unvested restricted shares and stock options
|
—
|
|
|
—
|
|
|
|
|||
Convertible subordinated notes
|
—
|
|
|
0.2
|
|
|
|
|||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
334.2
|
|
|
148.6
|
|
|
$
|
2.25
|
|
|
Year Ended
December 31, 2015 |
|||||||||
|
(in millions, except per share amounts)
|
|||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|||||
Net income attributable to Trinity Industries, Inc.
|
$
|
796.5
|
|
|
|
|
|
|||
Unvested restricted share participation
|
(24.1
|
)
|
|
|
|
|
||||
Net income attributable to Trinity Industries, Inc. – basic
|
772.4
|
|
|
150.2
|
|
|
$
|
5.14
|
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|||||
Nonparticipating unvested restricted shares and stock options
|
—
|
|
|
—
|
|
|
|
|||
Convertible subordinated notes
|
0.3
|
|
|
2.0
|
|
|
|
|||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
772.7
|
|
|
152.2
|
|
|
$
|
5.08
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
2,275.9
|
|
|
$
|
1,958.6
|
|
|
$
|
(571.7
|
)
|
|
$
|
3,662.8
|
|
Cost of revenues
|
3.1
|
|
|
1,818.0
|
|
|
1,520.8
|
|
|
(596.4
|
)
|
|
2,745.5
|
|
|||||
Selling, engineering, and administrative expenses
|
159.0
|
|
|
135.5
|
|
|
160.3
|
|
|
—
|
|
|
454.8
|
|
|||||
Gains on dispositions on property
|
1.0
|
|
|
71.0
|
|
|
14.6
|
|
|
—
|
|
|
86.6
|
|
|||||
|
161.1
|
|
|
1,882.5
|
|
|
1,666.5
|
|
|
(596.4
|
)
|
|
3,113.7
|
|
|||||
Operating profit (loss)
|
(161.1
|
)
|
|
393.4
|
|
|
292.1
|
|
|
24.7
|
|
|
549.1
|
|
|||||
Other (income) expense
|
(157.2
|
)
|
|
87.0
|
|
|
247.3
|
|
|
—
|
|
|
177.1
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
671.4
|
|
|
77.8
|
|
|
—
|
|
|
(749.2
|
)
|
|
—
|
|
|||||
Income before income taxes
|
667.5
|
|
|
384.2
|
|
|
44.8
|
|
|
(724.5
|
)
|
|
372.0
|
|
|||||
Provision (benefit) for income taxes
|
(35.0
|
)
|
|
(295.2
|
)
|
|
12.0
|
|
|
(23.4
|
)
|
|
(341.6
|
)
|
|||||
Net income
|
702.5
|
|
|
679.4
|
|
|
32.8
|
|
|
(701.1
|
)
|
|
713.6
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
11.1
|
|
|
11.1
|
|
|||||
Net income attributable to controlling interest
|
$
|
702.5
|
|
|
$
|
679.4
|
|
|
$
|
32.8
|
|
|
$
|
(712.2
|
)
|
|
$
|
702.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
702.5
|
|
|
$
|
679.4
|
|
|
$
|
32.8
|
|
|
$
|
(701.1
|
)
|
|
$
|
713.6
|
|
Other comprehensive income (loss)
|
8.3
|
|
|
0.1
|
|
|
2.9
|
|
|
—
|
|
|
11.3
|
|
|||||
Comprehensive income
|
710.8
|
|
|
679.5
|
|
|
35.7
|
|
|
(701.1
|
)
|
|
724.9
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
13.7
|
|
|
13.7
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
710.8
|
|
|
$
|
679.5
|
|
|
$
|
35.7
|
|
|
$
|
(714.8
|
)
|
|
$
|
711.2
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
3,267.8
|
|
|
$
|
2,122.6
|
|
|
$
|
(802.1
|
)
|
|
$
|
4,588.3
|
|
Cost of revenues
|
(1.3
|
)
|
|
2,616.1
|
|
|
1,671.4
|
|
|
(830.1
|
)
|
|
3,456.1
|
|
|||||
Selling, engineering, and administrative expenses
|
125.3
|
|
|
131.2
|
|
|
150.9
|
|
|
—
|
|
|
407.4
|
|
|||||
Gains on dispositions on property
|
(0.5
|
)
|
|
11.1
|
|
|
6.8
|
|
|
—
|
|
|
17.4
|
|
|||||
|
124.5
|
|
|
2,736.2
|
|
|
1,815.5
|
|
|
(830.1
|
)
|
|
3,846.1
|
|
|||||
Operating profit (loss)
|
(124.5
|
)
|
|
531.6
|
|
|
307.1
|
|
|
28.0
|
|
|
742.2
|
|
|||||
Other (income) expense
|
(128.8
|
)
|
|
73.0
|
|
|
231.2
|
|
|
—
|
|
|
175.4
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
387.5
|
|
|
91.8
|
|
|
—
|
|
|
(479.3
|
)
|
|
—
|
|
|||||
Income before income taxes
|
391.8
|
|
|
550.4
|
|
|
75.9
|
|
|
(451.3
|
)
|
|
566.8
|
|
|||||
Provision (benefit) for income taxes
|
48.2
|
|
|
186.0
|
|
|
25.1
|
|
|
(57.2
|
)
|
|
202.1
|
|
|||||
Net income
|
343.6
|
|
|
364.4
|
|
|
50.8
|
|
|
(394.1
|
)
|
|
364.7
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
21.1
|
|
|
21.1
|
|
|||||
Net income attributable to controlling interest
|
$
|
343.6
|
|
|
$
|
364.4
|
|
|
$
|
50.8
|
|
|
$
|
(415.2
|
)
|
|
$
|
343.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
343.6
|
|
|
$
|
364.4
|
|
|
$
|
50.8
|
|
|
$
|
(394.1
|
)
|
|
$
|
364.7
|
|
Other comprehensive income (loss)
|
0.6
|
|
|
(0.4
|
)
|
|
4.8
|
|
|
—
|
|
|
5.0
|
|
|||||
Comprehensive income
|
344.2
|
|
|
364.0
|
|
|
55.6
|
|
|
(394.1
|
)
|
|
369.7
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
24.2
|
|
|
24.2
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
344.2
|
|
|
$
|
364.0
|
|
|
$
|
55.6
|
|
|
$
|
(418.3
|
)
|
|
$
|
345.5
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
4,956.6
|
|
|
$
|
2,370.8
|
|
|
$
|
(934.7
|
)
|
|
$
|
6,392.7
|
|
Cost of revenues
|
(2.0
|
)
|
|
3,808.2
|
|
|
1,808.1
|
|
|
(958.1
|
)
|
|
4,656.2
|
|
|||||
Selling, engineering, and administrative expenses
|
147.0
|
|
|
162.6
|
|
|
166.8
|
|
|
—
|
|
|
476.4
|
|
|||||
Gains on dispositions on property
|
2.0
|
|
|
86.0
|
|
|
90.8
|
|
|
—
|
|
|
178.8
|
|
|||||
|
143.0
|
|
|
3,884.8
|
|
|
1,884.1
|
|
|
(958.1
|
)
|
|
4,953.8
|
|
|||||
Operating profit (loss)
|
(143.0
|
)
|
|
1,071.8
|
|
|
486.7
|
|
|
23.4
|
|
|
1,438.9
|
|
|||||
Other (income) expense
|
(118.7
|
)
|
|
74.0
|
|
|
231.6
|
|
|
—
|
|
|
186.9
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
920.0
|
|
|
217.3
|
|
|
—
|
|
|
(1,137.3
|
)
|
|
—
|
|
|||||
Income before income taxes
|
895.7
|
|
|
1,215.1
|
|
|
255.1
|
|
|
(1,113.9
|
)
|
|
1,252.0
|
|
|||||
Provision (benefit) for income taxes
|
99.2
|
|
|
370.9
|
|
|
(5.2
|
)
|
|
(38.9
|
)
|
|
426.0
|
|
|||||
Net income
|
796.5
|
|
|
844.2
|
|
|
260.3
|
|
|
(1,075.0
|
)
|
|
826.0
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
29.5
|
|
|
29.5
|
|
|||||
Net income attributable to controlling interest
|
$
|
796.5
|
|
|
$
|
844.2
|
|
|
$
|
260.3
|
|
|
$
|
(1,104.5
|
)
|
|
$
|
796.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
796.5
|
|
|
$
|
844.2
|
|
|
$
|
260.3
|
|
|
$
|
(1,075.0
|
)
|
|
$
|
826.0
|
|
Other comprehensive income (loss)
|
(6.0
|
)
|
|
—
|
|
|
5.5
|
|
|
—
|
|
|
(0.5
|
)
|
|||||
Comprehensive income
|
790.5
|
|
|
844.2
|
|
|
265.8
|
|
|
(1,075.0
|
)
|
|
825.5
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
32.5
|
|
|
32.5
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
790.5
|
|
|
$
|
844.2
|
|
|
$
|
265.8
|
|
|
$
|
(1,107.5
|
)
|
|
$
|
793.0
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
763.9
|
|
|
$
|
1.6
|
|
|
$
|
65.3
|
|
|
$
|
(52.2
|
)
|
|
$
|
778.6
|
|
Short-term marketable securities
|
319.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
319.5
|
|
|||||
Receivables, net of allowance
|
1.1
|
|
|
204.2
|
|
|
164.4
|
|
|
—
|
|
|
369.7
|
|
|||||
Income tax receivable
|
24.0
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
|
29.0
|
|
|||||
Inventory
|
—
|
|
|
413.6
|
|
|
236.8
|
|
|
(9.8
|
)
|
|
640.6
|
|
|||||
Property, plant, and equipment, net
|
47.6
|
|
|
2,310.7
|
|
|
4,293.0
|
|
|
(516.6
|
)
|
|
6,134.7
|
|
|||||
Investments in and advances to subsidiaries
|
5,515.2
|
|
|
3,049.7
|
|
|
255.5
|
|
|
(8,820.4
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
—
|
|
|
143.0
|
|
|
52.2
|
|
|
195.2
|
|
|||||
Goodwill and other assets
|
159.2
|
|
|
590.9
|
|
|
326.3
|
|
|
(0.5
|
)
|
|
1,075.9
|
|
|||||
|
$
|
6,830.5
|
|
|
$
|
6,570.7
|
|
|
$
|
5,489.3
|
|
|
$
|
(9,347.3
|
)
|
|
$
|
9,543.2
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
7.5
|
|
|
$
|
65.9
|
|
|
$
|
102.2
|
|
|
$
|
(0.2
|
)
|
|
$
|
175.4
|
|
Accrued liabilities
|
236.5
|
|
|
59.1
|
|
|
144.9
|
|
|
(0.5
|
)
|
|
440.0
|
|
|||||
Debt
|
838.1
|
|
|
28.3
|
|
|
2,376.0
|
|
|
—
|
|
|
3,242.4
|
|
|||||
Deferred income
|
—
|
|
|
19.1
|
|
|
1.4
|
|
|
—
|
|
|
20.5
|
|
|||||
Deferred income taxes
|
53.8
|
|
|
683.2
|
|
|
5.9
|
|
|
0.3
|
|
|
743.2
|
|
|||||
Advances from subsidiaries
|
775.2
|
|
|
—
|
|
|
—
|
|
|
(775.2
|
)
|
|
—
|
|
|||||
Other liabilities
|
61.4
|
|
|
0.7
|
|
|
1.6
|
|
|
—
|
|
|
63.7
|
|
|||||
Total stockholders' equity
|
4,858.0
|
|
|
5,714.4
|
|
|
2,857.3
|
|
|
(8,571.7
|
)
|
|
4,858.0
|
|
|||||
|
$
|
6,830.5
|
|
|
$
|
6,570.7
|
|
|
$
|
5,489.3
|
|
|
$
|
(9,347.3
|
)
|
|
$
|
9,543.2
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
537.9
|
|
|
$
|
5.2
|
|
|
$
|
51.3
|
|
|
$
|
(31.0
|
)
|
|
$
|
563.4
|
|
Short-term marketable securities
|
234.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
234.7
|
|
|||||
Receivables, net of allowance
|
1.1
|
|
|
219.2
|
|
|
158.4
|
|
|
—
|
|
|
378.7
|
|
|||||
Income tax receivable
|
99.9
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
102.1
|
|
|||||
Inventory
|
—
|
|
|
444.2
|
|
|
231.5
|
|
|
(9.9
|
)
|
|
665.8
|
|
|||||
Property, plant, and equipment, net
|
48.8
|
|
|
2,347.4
|
|
|
4,029.8
|
|
|
(459.2
|
)
|
|
5,966.8
|
|
|||||
Investments in and advances to subsidiaries
|
4,862.4
|
|
|
2,565.0
|
|
|
334.6
|
|
|
(7,762.0
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
—
|
|
|
147.1
|
|
|
31.1
|
|
|
178.2
|
|
|||||
Goodwill and other assets
|
150.8
|
|
|
585.1
|
|
|
301.0
|
|
|
(1.3
|
)
|
|
1,035.6
|
|
|||||
|
$
|
5,935.6
|
|
|
$
|
6,166.1
|
|
|
$
|
5,255.9
|
|
|
$
|
(8,232.3
|
)
|
|
$
|
9,125.3
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
5.7
|
|
|
$
|
54.8
|
|
|
$
|
96.1
|
|
|
$
|
(0.5
|
)
|
|
$
|
156.1
|
|
Accrued liabilities
|
200.0
|
|
|
87.7
|
|
|
139.7
|
|
|
(1.3
|
)
|
|
426.1
|
|
|||||
Debt
|
818.7
|
|
|
32.0
|
|
|
2,205.9
|
|
|
—
|
|
|
3,056.6
|
|
|||||
Deferred income
|
—
|
|
|
21.9
|
|
|
1.6
|
|
|
—
|
|
|
23.5
|
|
|||||
Deferred income taxes
|
78.6
|
|
|
984.7
|
|
|
9.3
|
|
|
0.3
|
|
|
1,072.9
|
|
|||||
Advances from subsidiaries
|
458.2
|
|
|
—
|
|
|
—
|
|
|
(458.2
|
)
|
|
—
|
|
|||||
Other liabilities
|
63.3
|
|
|
13.5
|
|
|
2.2
|
|
|
—
|
|
|
79.0
|
|
|||||
Total stockholders' equity
|
4,311.1
|
|
|
4,971.5
|
|
|
2,801.1
|
|
|
(7,772.6
|
)
|
|
4,311.1
|
|
|||||
|
$
|
5,935.6
|
|
|
$
|
6,166.1
|
|
|
$
|
5,255.9
|
|
|
$
|
(8,232.3
|
)
|
|
$
|
9,125.3
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
702.5
|
|
|
$
|
679.4
|
|
|
$
|
32.8
|
|
|
$
|
(701.1
|
)
|
|
$
|
713.6
|
|
Equity in earnings of subsidiaries, net of taxes
|
(671.4
|
)
|
|
(77.8
|
)
|
|
—
|
|
|
749.2
|
|
|
—
|
|
|||||
Other
|
137.2
|
|
|
(281.4
|
)
|
|
213.1
|
|
|
(20.9
|
)
|
|
48.0
|
|
|||||
Net cash provided (required) by operating activities
|
168.3
|
|
|
320.2
|
|
|
245.9
|
|
|
27.2
|
|
|
761.6
|
|
|||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(84.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(84.8
|
)
|
|||||
Proceeds from railcar lease fleet sales owned more than one year
|
—
|
|
|
663.3
|
|
|
61.3
|
|
|
(363.9
|
)
|
|
360.7
|
|
|||||
Proceeds from disposition of property and other assets
|
—
|
|
|
1.2
|
|
|
10.1
|
|
|
—
|
|
|
11.3
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(589.8
|
)
|
|
(382.4
|
)
|
|
363.9
|
|
|
(608.3
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(7.7
|
)
|
|
(19.1
|
)
|
|
(77.6
|
)
|
|
—
|
|
|
(104.4
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(47.5
|
)
|
|
—
|
|
|
(47.5
|
)
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
35.0
|
|
|
—
|
|
|
(35.0
|
)
|
|
—
|
|
|||||
Divestitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
|||||
Net cash provided (required) by investing activities
|
(92.5
|
)
|
|
90.6
|
|
|
(435.8
|
)
|
|
(35.0
|
)
|
|
(472.7
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Payments to retire debt
|
—
|
|
|
(3.8
|
)
|
|
(371.6
|
)
|
|
—
|
|
|
(375.4
|
)
|
|||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
534.1
|
|
|
—
|
|
|
534.1
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
—
|
|
|
4.1
|
|
|
(21.1
|
)
|
|
(17.0
|
)
|
|||||
Shares repurchased
|
(79.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79.4
|
)
|
|||||
Dividends paid to common shareholders
|
(72.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(72.6
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(14.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.4
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(48.7
|
)
|
|
—
|
|
|
(48.7
|
)
|
|||||
Distributions to controlling interest in partially-owned leasing subsidiaries
|
—
|
|
|
—
|
|
|
(35.0
|
)
|
|
35.0
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
316.6
|
|
|
(410.6
|
)
|
|
121.3
|
|
|
(27.3
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
|||||
Net cash provided (required) by financing activities
|
150.2
|
|
|
(414.4
|
)
|
|
203.9
|
|
|
(13.4
|
)
|
|
(73.7
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
226.0
|
|
|
(3.6
|
)
|
|
14.0
|
|
|
(21.2
|
)
|
|
215.2
|
|
|||||
Cash and cash equivalents at beginning of period
|
537.9
|
|
|
5.2
|
|
|
51.3
|
|
|
(31.0
|
)
|
|
563.4
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
763.9
|
|
|
$
|
1.6
|
|
|
$
|
65.3
|
|
|
$
|
(52.2
|
)
|
|
$
|
778.6
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
343.6
|
|
|
$
|
364.4
|
|
|
$
|
50.8
|
|
|
$
|
(394.1
|
)
|
|
$
|
364.7
|
|
Equity in earnings of subsidiaries, net of taxes
|
(387.5
|
)
|
|
(91.8
|
)
|
|
—
|
|
|
479.3
|
|
|
—
|
|
|||||
Other
|
64.5
|
|
|
489.2
|
|
|
205.2
|
|
|
(33.4
|
)
|
|
725.5
|
|
|||||
Net cash provided (required) by operating activities
|
20.6
|
|
|
761.8
|
|
|
256.0
|
|
|
51.8
|
|
|
1,090.2
|
|
|||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(149.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(149.8
|
)
|
|||||
Proceeds from railcar lease fleet sales owned more than one year
|
—
|
|
|
27.3
|
|
|
10.4
|
|
|
—
|
|
|
37.7
|
|
|||||
Proceeds from disposition of property and other assets
|
—
|
|
|
4.1
|
|
|
11.9
|
|
|
—
|
|
|
16.0
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(798.7
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
(799.1
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(18.0
|
)
|
|
(16.6
|
)
|
|
(99.7
|
)
|
|
—
|
|
|
(134.3
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
17.1
|
|
|
—
|
|
|
(17.1
|
)
|
|
—
|
|
|||||
Divestitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
1.5
|
|
|
5.3
|
|
|
—
|
|
|
6.8
|
|
|||||
Net cash provided (required) by investing activities
|
(167.8
|
)
|
|
(765.3
|
)
|
|
(72.5
|
)
|
|
(17.1
|
)
|
|
(1,022.7
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Excess tax benefits from stock-based compensation
|
1.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.0
|
|
|||||
Payments to retire debt
|
—
|
|
|
(3.6
|
)
|
|
(158.9
|
)
|
|
—
|
|
|
(162.5
|
)
|
|||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
0.2
|
|
|
13.4
|
|
|
4.0
|
|
|
17.6
|
|
|||||
Shares repurchased
|
(34.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34.7
|
)
|
|||||
Dividends paid to common shareholders
|
(66.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(66.7
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(16.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.3
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(26.4
|
)
|
|
—
|
|
|
(26.4
|
)
|
|||||
Distributions to controlling interest in partially-owned leasing subsidiaries
|
—
|
|
|
—
|
|
|
(17.1
|
)
|
|
17.1
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
33.5
|
|
|
10.4
|
|
|
7.8
|
|
|
(51.7
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
(2.1
|
)
|
|||||
Net cash provided (required) by financing activities
|
(83.2
|
)
|
|
7.0
|
|
|
(183.3
|
)
|
|
(30.6
|
)
|
|
(290.1
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(230.4
|
)
|
|
3.5
|
|
|
0.2
|
|
|
4.1
|
|
|
(222.6
|
)
|
|||||
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
|
$
|
537.9
|
|
|
$
|
5.2
|
|
|
$
|
51.3
|
|
|
$
|
(31.0
|
)
|
|
$
|
563.4
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
796.5
|
|
|
$
|
844.2
|
|
|
$
|
260.3
|
|
|
$
|
(1,075.0
|
)
|
|
$
|
826.0
|
|
Equity in earnings of subsidiaries, net of taxes
|
(920.0
|
)
|
|
(217.3
|
)
|
|
—
|
|
|
1,137.3
|
|
|
—
|
|
|||||
Other
|
57.8
|
|
|
(36.9
|
)
|
|
150.2
|
|
|
(57.4
|
)
|
|
113.7
|
|
|||||
Net cash provided (required) by operating activities
|
(65.7
|
)
|
|
590.0
|
|
|
410.5
|
|
|
4.9
|
|
|
939.7
|
|
|||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(9.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9.9
|
)
|
|||||
Proceeds from railcar lease fleet sales owned more than one year
|
—
|
|
|
290.6
|
|
|
267.2
|
|
|
(43.2
|
)
|
|
514.6
|
|
|||||
Proceeds from disposition of property and other assets
|
—
|
|
|
1.9
|
|
|
6.3
|
|
|
—
|
|
|
8.2
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(821.6
|
)
|
|
(55.4
|
)
|
|
43.2
|
|
|
(833.8
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(14.5
|
)
|
|
(44.6
|
)
|
|
(136.9
|
)
|
|
—
|
|
|
(196.0
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(46.2
|
)
|
|
—
|
|
|
(46.2
|
)
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
24.8
|
|
|
—
|
|
|
(24.8
|
)
|
|
—
|
|
|||||
Divestitures
|
—
|
|
|
—
|
|
|
51.3
|
|
|
—
|
|
|
51.3
|
|
|||||
Other
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
—
|
|
|
0.5
|
|
|||||
Net cash provided (required) by investing activities
|
(24.4
|
)
|
|
(548.7
|
)
|
|
86.6
|
|
|
(24.8
|
)
|
|
(511.3
|
)
|
|||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Excess tax benefits from stock-based compensation
|
13.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.3
|
|
|||||
Payments to retire debt
|
—
|
|
|
(3.2
|
)
|
|
(584.0
|
)
|
|
—
|
|
|
(587.2
|
)
|
|||||
Proceeds from issuance of debt
|
(1.5
|
)
|
|
—
|
|
|
243.9
|
|
|
—
|
|
|
242.4
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
(0.2
|
)
|
|
43.3
|
|
|
5.2
|
|
|
48.3
|
|
|||||
Shares repurchased
|
(115.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115.0
|
)
|
|||||
Dividends paid to common shareholders
|
(64.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64.9
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(27.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27.5
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(39.2
|
)
|
|
—
|
|
|
(39.2
|
)
|
|||||
Distributions to controlling interest in partially-owned leasing subsidiaries
|
—
|
|
|
—
|
|
|
(24.8
|
)
|
|
24.8
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
226.0
|
|
|
(47.3
|
)
|
|
(173.8
|
)
|
|
(4.9
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
|||||
Net cash provided (required) by financing activities
|
30.7
|
|
|
(50.7
|
)
|
|
(535.4
|
)
|
|
25.1
|
|
|
(530.3
|
)
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(59.4
|
)
|
|
(9.4
|
)
|
|
(38.3
|
)
|
|
5.2
|
|
|
(101.9
|
)
|
|||||
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
|
$
|
768.3
|
|
|
$
|
1.7
|
|
|
$
|
51.1
|
|
|
$
|
(35.1
|
)
|
|
$
|
786.0
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31,
2017 |
|
June 30,
2017 |
|
September 30,
2017 |
|
December 31,
2017 |
||||||||
|
(in millions except per share data)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
698.7
|
|
|
$
|
713.6
|
|
|
$
|
698.7
|
|
|
$
|
709.6
|
|
Leasing
|
178.6
|
|
|
191.9
|
|
|
274.9
|
|
|
196.8
|
|
||||
|
877.3
|
|
|
905.5
|
|
|
973.6
|
|
|
906.4
|
|
||||
Operating costs:
|
|
|
|
|
|
|
|
||||||||
Costs of revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
576.1
|
|
|
589.7
|
|
|
565.6
|
|
|
581.8
|
|
||||
Leasing
|
83.6
|
|
|
92.2
|
|
|
156.6
|
|
|
99.9
|
|
||||
|
659.7
|
|
|
681.9
|
|
|
722.2
|
|
|
681.7
|
|
||||
Selling, engineering, and administrative expenses
|
102.3
|
|
|
112.8
|
|
|
114.5
|
|
|
125.2
|
|
||||
Gains on disposition of property
|
1.3
|
|
|
24.4
|
|
|
16.1
|
|
|
44.8
|
|
||||
Operating profit
|
116.6
|
|
|
135.2
|
|
|
153.0
|
|
|
144.3
|
|
||||
Income before income taxes
|
72.5
|
|
|
91.3
|
|
|
107.6
|
|
|
100.6
|
|
||||
Provision (benefit) for income taxes
|
20.8
|
|
|
37.3
|
|
|
39.7
|
|
|
(439.4
|
)
|
||||
Net income
|
51.7
|
|
|
54.0
|
|
|
67.9
|
|
|
540.0
|
|
||||
Net income attributable to Trinity Industries, Inc.
|
46.0
|
|
|
51.1
|
|
|
66.9
|
|
|
538.5
|
|
||||
Net income attributable to Trinity Industries, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.30
|
|
|
$
|
0.34
|
|
|
$
|
0.44
|
|
|
$
|
3.56
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
$
|
0.30
|
|
|
$
|
0.33
|
|
|
$
|
0.43
|
|
|
$
|
3.42
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31,
2016 |
|
June 30,
2016 |
|
September 30,
2016 |
|
December 31,
2016 |
||||||||
|
(in millions except per share data)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
1,010.1
|
|
|
$
|
888.8
|
|
|
$
|
938.5
|
|
|
$
|
926.0
|
|
Leasing
|
177.8
|
|
|
296.1
|
|
|
173.2
|
|
|
177.8
|
|
||||
|
1,187.9
|
|
|
1,184.9
|
|
|
1,111.7
|
|
|
1,103.8
|
|
||||
Operating costs:
|
|
|
|
|
|
|
|
||||||||
Costs of revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
793.9
|
|
|
719.1
|
|
|
745.4
|
|
|
761.2
|
|
||||
Leasing
|
96.0
|
|
|
178.6
|
|
|
81.9
|
|
|
80.0
|
|
||||
|
889.9
|
|
|
897.7
|
|
|
827.3
|
|
|
841.2
|
|
||||
Selling, engineering, and administrative expenses
|
96.5
|
|
|
106.7
|
|
|
102.3
|
|
|
101.9
|
|
||||
Gains on disposition of property
|
1.9
|
|
|
11.1
|
|
|
1.5
|
|
|
2.9
|
|
||||
Operating profit
|
203.4
|
|
|
191.6
|
|
|
183.6
|
|
|
163.6
|
|
||||
Income before income taxes
|
159.5
|
|
|
152.2
|
|
|
139.5
|
|
|
115.6
|
|
||||
Provision for income taxes
|
57.4
|
|
|
53.4
|
|
|
49.9
|
|
|
41.4
|
|
||||
Net income
|
102.1
|
|
|
98.8
|
|
|
89.6
|
|
|
74.2
|
|
||||
Net income attributable to Trinity Industries, Inc.
|
97.2
|
|
|
94.6
|
|
|
84.2
|
|
|
67.6
|
|
||||
Net income attributable to Trinity Industries, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.64
|
|
|
$
|
0.62
|
|
|
$
|
0.55
|
|
|
$
|
0.44
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
$
|
0.64
|
|
|
$
|
0.62
|
|
|
$
|
0.55
|
|
|
$
|
0.44
|
|
/s/ ERNST & YOUNG LLP
|
Equity Compensation Plan Information
|
|||||||||
|
(a)
|
|
(b)
|
|
(c)
|
||||
|
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights
|
|
Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights
|
|
Number of Securities Remaining Available for Future Issuance under Equity Compensation Plans (Excluding Securities Reflected in Column (a))
|
||||
Plan Category:
|
|
|
|
|
|
||||
Equity compensation plans approved by security holders:
|
|
|
|
|
|
||||
Stock Options
|
34,343
|
|
|
$
|
8.12
|
|
|
|
|
Restricted stock units and performance units
|
3,035,639
|
|
1
|
$
|
—
|
|
|
|
|
|
3,069,982
|
|
|
|
|
3,536,418
|
|
||
Equity compensation plans not approved by security holders
|
—
|
|
2
|
|
|
—
|
|
||
Total
|
3,069,982
|
|
|
|
|
3,536,418
|
|
1)
|
Post-Effective Amendment No. 3 to the Registration Statement (Form S-8, No. 2-64813),
|
2)
|
Post-Effective Amendment No. 1 to the Registration Statement (Form S-8, No. 33-10937),
|
3)
|
Registration Statement (Form S-8, No. 33-35514),
|
4)
|
Registration Statement (Form S-8, No. 33-73026),
|
5)
|
Registration Statement (Form S-8, No. 333-77735),
|
6)
|
Registration Statement (Form S-8, No. 333-91067),
|
7)
|
Registration Statement (Form S-8, No. 333-85588),
|
8)
|
Registration Statement (Form S-8, No. 333-85590),
|
9)
|
Registration Statement (Form S-8, No. 333-114854),
|
10)
|
Registration Statement (Form S-8, No. 333-115376),
|
11)
|
Registration Statement (Form S-3, No. 333-134596),
|
12)
|
Registration Statement (Form S-8, No. 333-159552),
|
13)
|
Registration Statement (Form S-8, No. 333-169452),
|
14)
|
Registration Statement (Form S-8, No. 333-183941),
|
15)
|
Registration Statement (Form S-3, No. 333-198744),
|
16)
|
Registration Statement (Form S-8, No. 333-203876), and
|
17)
|
Registration Statement (Form S-8, No. 333-215067);
|
/s/ ERNST & YOUNG LLP
|
TRINITY INDUSTRIES, INC.
|
By
|
/s/ James E. Perry
|
Registrant
|
|
|
|
|
James E. Perry
|
|
|
Senior Vice President and
|
|
|
Chief Financial Officer
|
|
|
February 22, 2018
|
/s/ John L. Adams
|
/s/ Douglas L. Rock
|
John L. Adams
|
Douglas L. Rock
|
Director
|
Director
|
Dated: February 22, 2018
|
Dated: February 22, 2018
|
|
|
/s/ Rhys J. Best
|
/s/ Dunia A. Shive
|
Rhys J. Best
|
Dunia A. Shive
|
Director
|
Director
|
Dated: February 22, 2018
|
Dated: February 22, 2018
|
|
|
/s/ David W. Biegler
|
|
David W. Biegler
|
Principal Executive Officer:
|
Director
|
|
Dated: February 22, 2018
|
/s/ Timothy R. Wallace
|
|
Timothy R. Wallace
|
/s/ Antonio Carrillo
|
Chairman, Chief Executive Officer, President, and Director
|
Antonio Carrillo
|
Dated: February 22, 2018
|
Director
|
|
Dated: February 22, 2018
|
|
|
Principal Financial Officer:
|
/s/ Leldon E. Echols
|
|
Leldon E. Echols
|
/s/ James E. Perry
|
Director
|
James E. Perry
|
Dated: February 22, 2018
|
Senior Vice President and Chief Financial Officer
|
|
Dated: February 22, 2018
|
/s/ Ronald J. Gafford
|
|
Ronald J. Gafford
|
|
Director
|
Principal Accounting Officer:
|
Dated: February 22, 2018
|
|
|
/s/ Mary E. Henderson
|
/s/ Adrián Lajous
|
Mary E. Henderson
|
Adrián Lajous
|
Vice President and Chief Accounting Officer
|
Director
|
Dated: February 22, 2018
|
Dated: February 22, 2018
|
|
|
|
/s/ Charles W. Matthews
|
|
Charles W. Matthews
|
|
Director
|
|
Dated: February 22, 2018
|
|
INDEX TO EXHIBITS
Trinity Industries, Inc.
Index to Exhibits
(Item 15(b))
|
||
NO.
|
|
DESCRIPTION
|
(2.1)
|
|
|
(3.1)
|
|
|
(3.2)
|
|
|
(4.1)
|
|
|
(4.1.1)
|
|
|
(4.2)
|
|
|
(4.3)
|
|
|
(4.3.1)
|
|
|
(4.3.2)
|
|
|
(4.3.3)
|
|
|
(4.3.4)
|
|
|
(10.1)
|
|
|
(10.2)
|
|
|
(10.2.1)
|
|
|
(10.2.2)
|
|
|
(10.3)
|
|
1993 Stock Option and Incentive Plan (incorporated by reference to Exhibit 4.1 of Registration Statement No. 33-73026 filed December 15, 1993).*
|
(10.3.1)
|
|
|
(10.3.2)
|
|
|
(10.3.3)
|
|
|
(10.3.4)
|
|
|
(10.3.5)
|
|
|
(10.4)
|
|
INDEX TO EXHIBITS
Trinity Industries, Inc.
Index to Exhibits
(Item 15(b))
|
||
NO.
|
|
DESCRIPTION
|
(10.5)
|
|
|
(10.6)
|
|
|
(10.7)
|
|
|
(10.7.1)
|
|
|
(10.8)
|
|
|
(10.8.1)
|
|
|
(10.8.2)
|
|
|
(10.9)
|
|
|
(10.9.1)
|
|
|
(10.9.2)
|
|
|
(10.9.3)
|
|
|
(10.9.4)
|
|
|
(10.10)
|
|
|
(10.10.1)
|
|
|
(10.10.2)
|
|
|
(10.10.3)
|
|
|
(10.10.3.1)
|
|
|
(10.10.4)
|
|
|
(10.10.5)
|
|
|
(10.10.5.1)
|
|
|
(10.10.6)
|
|
|
(10.10.7)
|
|
|
(10.10.8)
|
|
INDEX TO EXHIBITS
Trinity Industries, Inc.
Index to Exhibits
(Item 15(b))
|
||
NO.
|
|
DESCRIPTION
|
(10.10.9)
|
|
|
(10.10.10)
|
|
|
(10.11)
|
|
|
(10.12)
|
|
|
(10.13)
|
|
|
(10.14)
|
|
|
(10.14.1)
|
|
|
(10.14.2)
|
|
|
(10.15)
|
|
|
(10.15.1)
|
|
|
(10.16)
|
|
|
(10.16.1)
|
|
|
(10.17)
|
|
|
(10.18)
|
|
|
(10.18.1)
|
|
|
(10.19)
|
|
|
(10.20)
|
|
|
(10.20.1)
|
|
|
(10.21)
|
|
INDEX TO EXHIBITS
Trinity Industries, Inc.
Index to Exhibits
(Item 15(b))
|
||
NO.
|
|
DESCRIPTION
|
(10.21.1)
|
|
|
(10.22)
|
|
|
(10.23)
|
|
|
(10.23.1)
|
|
|
(10.24)
|
|
|
(10.24.1)
|
|
|
(12)
|
|
|
(21)
|
|
|
(23)
|
|
|
(31.1)
|
|
|
(31.2)
|
|
|
(32.1)
|
|
|
(32.2)
|
|
|
(95)
|
|
|
101.INS
|
|
XBRL Instance Document (filed electronically herewith)
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document (filed electronically herewith)
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document (filed electronically herewith)
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith)
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith)
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document (filed electronically herewith)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
ArcelorMittal | MT |
Wabtec Corporation | WAB |
United States Steel Corporation | X |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|