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(Mark One)
|
|
þ
|
QUARTERLY 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)
|
Caption
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
CERTIFICATIONS
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions, except per share amounts)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
713.6
|
|
|
$
|
888.8
|
|
|
$
|
1,412.3
|
|
|
$
|
1,898.9
|
|
Leasing
|
191.9
|
|
|
296.1
|
|
|
370.5
|
|
|
473.9
|
|
||||
|
905.5
|
|
|
1,184.9
|
|
|
1,782.8
|
|
|
2,372.8
|
|
||||
Operating costs:
|
|
|
|
|
|
|
|
||||||||
Cost of revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
589.7
|
|
|
719.1
|
|
|
1,165.8
|
|
|
1,513.0
|
|
||||
Leasing
|
92.2
|
|
|
178.6
|
|
|
175.8
|
|
|
274.6
|
|
||||
|
681.9
|
|
|
897.7
|
|
|
1,341.6
|
|
|
1,787.6
|
|
||||
Selling, engineering, and administrative expenses:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
61.4
|
|
|
60.3
|
|
|
117.9
|
|
|
121.7
|
|
||||
Leasing
|
13.1
|
|
|
11.7
|
|
|
23.9
|
|
|
22.1
|
|
||||
Other
|
38.3
|
|
|
34.7
|
|
|
73.3
|
|
|
59.4
|
|
||||
|
112.8
|
|
|
106.7
|
|
|
215.1
|
|
|
203.2
|
|
||||
Gains (losses) on dispositions of property:
|
|
|
|
|
|
|
|
||||||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
23.7
|
|
|
11.4
|
|
|
23.7
|
|
|
13.5
|
|
||||
Other
|
0.7
|
|
|
(0.3
|
)
|
|
2.0
|
|
|
(0.5
|
)
|
||||
|
24.4
|
|
|
11.1
|
|
|
25.7
|
|
|
13.0
|
|
||||
Total operating profit
|
135.2
|
|
|
191.6
|
|
|
251.8
|
|
|
395.0
|
|
||||
Other (income) expense:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
(2.3
|
)
|
|
(1.3
|
)
|
|
(4.0
|
)
|
|
(2.5
|
)
|
||||
Interest expense
|
45.7
|
|
|
45.6
|
|
|
90.7
|
|
|
91.4
|
|
||||
Other, net
|
0.5
|
|
|
(4.9
|
)
|
|
1.3
|
|
|
(5.6
|
)
|
||||
|
43.9
|
|
|
39.4
|
|
|
88.0
|
|
|
83.3
|
|
||||
Income before income taxes
|
91.3
|
|
|
152.2
|
|
|
163.8
|
|
|
311.7
|
|
||||
Provision for income taxes
|
37.3
|
|
|
53.4
|
|
|
58.1
|
|
|
110.8
|
|
||||
Net income
|
54.0
|
|
|
98.8
|
|
|
105.7
|
|
|
200.9
|
|
||||
Net income attributable to noncontrolling interest
|
2.9
|
|
|
4.2
|
|
|
8.6
|
|
|
9.1
|
|
||||
Net income attributable to Trinity Industries, Inc.
|
$
|
51.1
|
|
|
$
|
94.6
|
|
|
$
|
97.1
|
|
|
$
|
191.8
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.34
|
|
|
$
|
0.62
|
|
|
$
|
0.64
|
|
|
$
|
1.25
|
|
Diluted
|
$
|
0.33
|
|
|
$
|
0.62
|
|
|
$
|
0.63
|
|
|
$
|
1.25
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
149.1
|
|
|
147.8
|
|
|
148.9
|
|
|
148.7
|
|
||||
Diluted
|
151.0
|
|
|
147.8
|
|
|
151.0
|
|
|
148.7
|
|
||||
Dividends declared per common share
|
$
|
0.13
|
|
|
$
|
0.11
|
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Net income
|
$
|
54.0
|
|
|
$
|
98.8
|
|
|
$
|
105.7
|
|
|
$
|
200.9
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized losses arising during the period, net of tax benefit of $-, $-, $-, and $0.2
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(0.2
|
)
|
|
(0.7
|
)
|
||||
Reclassification adjustments for losses included in net income, net of tax benefit of $-, $0.1, $0.3, and $0.5
|
1.2
|
|
|
1.2
|
|
|
2.2
|
|
|
2.2
|
|
||||
Currency translation adjustment
|
0.5
|
|
|
0.3
|
|
|
0.8
|
|
|
1.8
|
|
||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Amortization of net actuarial losses, net of tax benefit of $0.5, $0.5, $0.9, and $1.0
|
0.7
|
|
|
0.8
|
|
|
1.5
|
|
|
1.6
|
|
||||
|
2.2
|
|
|
2.0
|
|
|
4.3
|
|
|
4.9
|
|
||||
Comprehensive income
|
56.2
|
|
|
100.8
|
|
|
110.0
|
|
|
205.8
|
|
||||
Less: comprehensive income attributable to noncontrolling interest
|
3.6
|
|
|
4.9
|
|
|
10.1
|
|
|
10.3
|
|
||||
Comprehensive income attributable to Trinity Industries, Inc.
|
$
|
52.6
|
|
|
$
|
95.9
|
|
|
$
|
99.9
|
|
|
$
|
195.5
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(unaudited)
|
|
|
||||
|
(in millions)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
808.7
|
|
|
$
|
563.4
|
|
Short-term marketable securities
|
179.6
|
|
|
234.7
|
|
||
Receivables, net of allowance
|
351.4
|
|
|
378.7
|
|
||
Income tax receivable
|
182.7
|
|
|
102.1
|
|
||
Inventories:
|
|
|
|
||||
Raw materials and supplies
|
294.7
|
|
|
302.5
|
|
||
Work in process
|
172.6
|
|
|
189.5
|
|
||
Finished goods
|
160.0
|
|
|
173.8
|
|
||
|
627.3
|
|
|
665.8
|
|
||
Restricted cash, including partially-owned subsidiaries of $77.0 and $78.4
|
194.8
|
|
|
178.2
|
|
||
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,981.7 and $1,979.8
|
8,213.6
|
|
|
7,981.0
|
|
||
Less accumulated depreciation, including partially-owned subsidiaries of $391.4 and $364.9
|
(2,140.4
|
)
|
|
(2,014.2
|
)
|
||
|
6,073.2
|
|
|
5,966.8
|
|
||
Goodwill
|
754.7
|
|
|
754.1
|
|
||
Other assets
|
279.7
|
|
|
281.5
|
|
||
|
$
|
9,452.1
|
|
|
$
|
9,125.3
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
167.1
|
|
|
$
|
156.1
|
|
Accrued liabilities
|
412.4
|
|
|
426.1
|
|
||
Debt:
|
|
|
|
||||
Recourse, net of unamortized discount of $17.9 and $27.1
|
859.0
|
|
|
850.6
|
|
||
Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries
|
1,069.0
|
|
|
840.0
|
|
||
Partially-owned subsidiaries
|
1,342.0
|
|
|
1,366.0
|
|
||
|
3,270.0
|
|
|
3,056.6
|
|
||
Deferred income
|
22.0
|
|
|
23.5
|
|
||
Deferred income taxes
|
1,210.7
|
|
|
1,072.9
|
|
||
Other liabilities
|
54.4
|
|
|
79.0
|
|
||
|
5,136.6
|
|
|
4,814.2
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock – 1.5 shares authorized and unissued
|
—
|
|
|
—
|
|
||
Common stock – 400.0 shares authorized
|
1.6
|
|
|
1.6
|
|
||
Capital in excess of par value
|
483.0
|
|
|
534.6
|
|
||
Retained earnings
|
3,557.4
|
|
|
3,497.3
|
|
||
Accumulated other comprehensive loss
|
(110.7
|
)
|
|
(113.5
|
)
|
||
Treasury stock
|
(1.6
|
)
|
|
(1.5
|
)
|
||
|
3,929.7
|
|
|
3,918.5
|
|
||
Noncontrolling interest
|
385.8
|
|
|
392.6
|
|
||
|
4,315.5
|
|
|
4,311.1
|
|
||
|
$
|
9,452.1
|
|
|
$
|
9,125.3
|
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
105.7
|
|
|
$
|
200.9
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
146.5
|
|
|
139.9
|
|
||
Stock-based compensation expense
|
13.8
|
|
|
22.8
|
|
||
Excess tax benefits from stock-based compensation
|
—
|
|
|
(0.6
|
)
|
||
Provision for deferred income taxes
|
116.4
|
|
|
126.9
|
|
||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
(23.7
|
)
|
|
(13.5
|
)
|
||
(Gains) losses on dispositions of property and other assets
|
(2.0
|
)
|
|
0.5
|
|
||
Non-cash interest expense
|
14.7
|
|
|
14.2
|
|
||
Other
|
(0.6
|
)
|
|
(2.6
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
(Increase) decrease in receivables
|
(52.8
|
)
|
|
(43.4
|
)
|
||
(Increase) decrease in inventories
|
39.6
|
|
|
60.5
|
|
||
(Increase) decrease in other assets
|
(0.9
|
)
|
|
19.7
|
|
||
Increase (decrease) in accounts payable
|
11.0
|
|
|
4.4
|
|
||
Increase (decrease) in accrued liabilities
|
(4.9
|
)
|
|
(47.8
|
)
|
||
Increase (decrease) in other liabilities
|
(26.7
|
)
|
|
4.5
|
|
||
Net cash provided by operating activities
|
336.1
|
|
|
486.4
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
(Increase) decrease in short-term marketable securities
|
55.1
|
|
|
(115.1
|
)
|
||
Proceeds from dispositions of property and other assets
|
6.0
|
|
|
4.1
|
|
||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale
|
92.4
|
|
|
37.7
|
|
||
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $5.6 and $92.0
|
(271.6
|
)
|
|
(346.0
|
)
|
||
Capital expenditures – manufacturing and other
|
(43.4
|
)
|
|
(79.8
|
)
|
||
Acquisitions, net of cash acquired
|
(5.3
|
)
|
|
—
|
|
||
Other
|
(2.1
|
)
|
|
2.3
|
|
||
Net cash required by investing activities
|
(168.9
|
)
|
|
(496.8
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
0.6
|
|
||
Payments to retire debt
|
(98.3
|
)
|
|
(77.6
|
)
|
||
Proceeds from issuance of debt
|
299.4
|
|
|
—
|
|
||
(Increase) decrease in restricted cash
|
(16.6
|
)
|
|
12.5
|
|
||
Shares repurchased
|
(41.9
|
)
|
|
(34.7
|
)
|
||
Dividends paid to common shareholders
|
(33.5
|
)
|
|
(33.4
|
)
|
||
Purchase of shares to satisfy employee tax on vested stock
|
(14.0
|
)
|
|
(16.1
|
)
|
||
Distributions to noncontrolling interest
|
(16.9
|
)
|
|
(10.9
|
)
|
||
Other
|
(0.1
|
)
|
|
(2.0
|
)
|
||
Net cash provided (required) by financing activities
|
78.1
|
|
|
(161.6
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
245.3
|
|
|
(172.0
|
)
|
||
Cash and cash equivalents at beginning of period
|
563.4
|
|
|
786.0
|
|
||
Cash and cash equivalents at end of period
|
$
|
808.7
|
|
|
$
|
614.0
|
|
|
|
Common
Stock
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Trinity
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||
|
|
Shares
|
|
$0.01 Par Value
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||||||||||
|
|
(in millions, except par value)
|
||||||||||||||||||||||||||||||||||||
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97.1
|
|
|
8.6
|
|
|
105.7
|
|
||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
1.5
|
|
|
4.3
|
|
||||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36.4
|
)
|
|
—
|
|
|
(36.4
|
)
|
||||||||
Restricted shares, net
|
|
1.6
|
|
|
—
|
|
|
15.6
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
(16.0
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.9
|
)
|
|
(52.4
|
)
|
|
(52.4
|
)
|
|
—
|
|
|
(52.4
|
)
|
||||||||
Stock options exercised
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
||||||||
Disbursements to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.9
|
)
|
|
(16.9
|
)
|
||||||||
Retirement of treasury stock
|
|
(2.5
|
)
|
|
—
|
|
|
(68.3
|
)
|
|
—
|
|
|
—
|
|
|
2.5
|
|
|
68.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
(0.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||||||
Balances at
June 30, 2017 |
|
151.3
|
|
|
$
|
1.6
|
|
|
$
|
483.0
|
|
|
$
|
3,557.4
|
|
|
$
|
(110.7
|
)
|
|
(0.1
|
)
|
|
$
|
(1.6
|
)
|
|
$
|
3,929.7
|
|
|
$
|
385.8
|
|
|
$
|
4,315.5
|
|
|
Fair Value Measurement as of June 30, 2017
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
103.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
103.7
|
|
Restricted cash
|
194.8
|
|
|
—
|
|
|
—
|
|
|
194.8
|
|
||||
Equity instruments
(1)
|
—
|
|
|
1.9
|
|
|
—
|
|
|
1.9
|
|
||||
Interest rate hedge
(1)
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
||||
Total assets
|
$
|
298.5
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
302.5
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge:
(2)
|
|
|
|
|
|
|
|
||||||||
Partially-owned subsidiaries
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
0.7
|
|
|
$
|
—
|
|
|
$
|
0.7
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurement as of December 31, 2016
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
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
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
|
(in millions)
|
||||||||||||||
Recourse:
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
$
|
399.7
|
|
|
$
|
404.9
|
|
|
$
|
399.6
|
|
|
$
|
386.3
|
|
Convertible subordinated notes
|
449.4
|
|
|
565.4
|
|
|
449.4
|
|
|
575.5
|
|
||||
Less: unamortized discount
|
(17.6
|
)
|
|
|
|
(26.7
|
)
|
|
|
||||||
|
431.8
|
|
|
|
|
422.7
|
|
|
|
||||||
Capital lease obligations
|
30.3
|
|
|
30.3
|
|
|
32.1
|
|
|
32.1
|
|
||||
Other
|
0.6
|
|
|
0.6
|
|
|
—
|
|
|
—
|
|
||||
|
862.4
|
|
|
1,001.2
|
|
|
854.4
|
|
|
993.9
|
|
||||
Less: unamortized debt issuance costs
|
(3.4
|
)
|
|
|
|
(3.8
|
)
|
|
|
||||||
|
859.0
|
|
|
|
|
850.6
|
|
|
|
||||||
Non-recourse:
|
|
|
|
|
|
|
|
||||||||
2006 secured railcar equipment notes
|
170.5
|
|
|
173.9
|
|
|
194.2
|
|
|
201.5
|
|
||||
2009 secured railcar equipment notes
|
169.4
|
|
|
180.0
|
|
|
172.5
|
|
|
189.9
|
|
||||
2010 secured railcar equipment notes
|
273.5
|
|
|
267.5
|
|
|
280.6
|
|
|
284.3
|
|
||||
2017 promissory notes
|
301.1
|
|
|
301.1
|
|
|
—
|
|
|
—
|
|
||||
TILC warehouse facility
|
167.6
|
|
|
167.6
|
|
|
204.1
|
|
|
204.1
|
|
||||
TRL 2012 secured railcar equipment notes
|
413.8
|
|
|
378.5
|
|
|
425.5
|
|
|
395.6
|
|
||||
TRIP Master Funding secured railcar equipment notes
|
942.3
|
|
|
926.4
|
|
|
955.5
|
|
|
960.6
|
|
||||
|
2,438.2
|
|
|
2,395.0
|
|
|
2,232.4
|
|
|
2,236.0
|
|
||||
Less: unamortized debt issuance costs
|
(27.2
|
)
|
|
|
|
(26.4
|
)
|
|
|
||||||
|
2,411.0
|
|
|
|
|
2,206.0
|
|
|
|
||||||
Total
|
$
|
3,270.0
|
|
|
$
|
3,396.2
|
|
|
$
|
3,056.6
|
|
|
$
|
3,229.9
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
335.4
|
|
|
$
|
130.5
|
|
|
$
|
465.9
|
|
|
$
|
37.0
|
|
Construction Products Group
|
130.7
|
|
|
0.6
|
|
|
131.3
|
|
|
22.3
|
|
||||
Inland Barge Group
|
33.5
|
|
|
—
|
|
|
33.5
|
|
|
0.5
|
|
||||
Energy Equipment Group
|
212.2
|
|
|
26.3
|
|
|
238.5
|
|
|
24.3
|
|
||||
Railcar Leasing and Management Services Group
|
191.9
|
|
|
0.2
|
|
|
192.1
|
|
|
110.8
|
|
||||
All Other
|
1.8
|
|
|
20.9
|
|
|
22.7
|
|
|
(5.7
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
905.5
|
|
|
178.5
|
|
|
1,084.0
|
|
|
189.2
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(38.3
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(115.9
|
)
|
|
(115.9
|
)
|
|
(13.6
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(62.6
|
)
|
|
(62.6
|
)
|
|
(2.1
|
)
|
||||
Consolidated Total
|
$
|
905.5
|
|
|
$
|
—
|
|
|
$
|
905.5
|
|
|
$
|
135.2
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
427.7
|
|
|
$
|
265.5
|
|
|
$
|
693.2
|
|
|
$
|
88.8
|
|
Construction Products Group
|
141.7
|
|
|
4.1
|
|
|
145.8
|
|
|
21.5
|
|
||||
Inland Barge Group
|
118.3
|
|
|
—
|
|
|
118.3
|
|
|
14.3
|
|
||||
Energy Equipment Group
|
199.1
|
|
|
41.5
|
|
|
240.6
|
|
|
34.9
|
|
||||
Railcar Leasing and Management Services Group
|
296.1
|
|
|
0.5
|
|
|
296.6
|
|
|
117.7
|
|
||||
All Other
|
2.0
|
|
|
17.7
|
|
|
19.7
|
|
|
(5.2
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
1,184.9
|
|
|
329.3
|
|
|
1,514.2
|
|
|
272.0
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(34.7
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(252.1
|
)
|
|
(252.1
|
)
|
|
(45.9
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(77.2
|
)
|
|
(77.2
|
)
|
|
0.2
|
|
||||
Consolidated Total
|
$
|
1,184.9
|
|
|
$
|
—
|
|
|
$
|
1,184.9
|
|
|
$
|
191.6
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
621.4
|
|
|
$
|
322.8
|
|
|
$
|
944.2
|
|
|
$
|
87.7
|
|
Construction Products Group
|
251.6
|
|
|
2.8
|
|
|
254.4
|
|
|
37.9
|
|
||||
Inland Barge Group
|
96.2
|
|
|
—
|
|
|
96.2
|
|
|
6.9
|
|
||||
Energy Equipment Group
|
440.0
|
|
|
53.9
|
|
|
493.9
|
|
|
54.1
|
|
||||
Railcar Leasing and Management Services Group
|
370.5
|
|
|
0.5
|
|
|
371.0
|
|
|
195.8
|
|
||||
All Other
|
3.1
|
|
|
42.4
|
|
|
45.5
|
|
|
(10.3
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
1,782.8
|
|
|
422.4
|
|
|
2,205.2
|
|
|
372.1
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(73.3
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(296.9
|
)
|
|
(296.9
|
)
|
|
(42.5
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(125.5
|
)
|
|
(125.5
|
)
|
|
(4.5
|
)
|
||||
Consolidated Total
|
$
|
1,782.8
|
|
|
$
|
—
|
|
|
$
|
1,782.8
|
|
|
$
|
251.8
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
970.9
|
|
|
$
|
569.2
|
|
|
$
|
1,540.1
|
|
|
$
|
246.0
|
|
Construction Products Group
|
263.3
|
|
|
7.4
|
|
|
270.7
|
|
|
37.4
|
|
||||
Inland Barge Group
|
229.1
|
|
|
—
|
|
|
229.1
|
|
|
26.9
|
|
||||
Energy Equipment Group
|
431.6
|
|
|
82.4
|
|
|
514.0
|
|
|
72.3
|
|
||||
Railcar Leasing and Management Services Group
|
473.9
|
|
|
1.2
|
|
|
475.1
|
|
|
191.9
|
|
||||
All Other
|
4.0
|
|
|
37.6
|
|
|
41.6
|
|
|
(10.3
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
2,372.8
|
|
|
697.8
|
|
|
3,070.6
|
|
|
564.2
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(59.4
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(535.4
|
)
|
|
(535.4
|
)
|
|
(111.4
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(162.4
|
)
|
|
(162.4
|
)
|
|
1.6
|
|
||||
Consolidated Total
|
$
|
2,372.8
|
|
|
$
|
—
|
|
|
$
|
2,372.8
|
|
|
$
|
395.0
|
|
|
June 30, 2017
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-Owned Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
8.0
|
|
|
$
|
—
|
|
|
$
|
980.3
|
|
|
$
|
988.3
|
|
Property, plant, and equipment, net
|
$
|
4,077.1
|
|
|
$
|
1,850.1
|
|
|
$
|
953.1
|
|
|
$
|
6,880.3
|
|
Net deferred profit on railcars sold to the Leasing Group
|
|
|
|
|
|
|
(807.1
|
)
|
|||||||
Consolidated property, plant and equipment, net
|
|
|
|
|
|
|
$
|
6,073.2
|
|
||||||
Restricted cash
|
$
|
117.7
|
|
|
$
|
77.0
|
|
|
$
|
0.1
|
|
|
$
|
194.8
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
30.2
|
|
|
$
|
—
|
|
|
$
|
850.0
|
|
|
$
|
880.2
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(17.9
|
)
|
|
(17.9
|
)
|
||||
Less: unamortized debt issuance costs
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
(3.3
|
)
|
||||
|
30.2
|
|
|
—
|
|
|
828.8
|
|
|
859.0
|
|
||||
Non-recourse
|
1,082.1
|
|
|
1,356.1
|
|
|
—
|
|
|
2,438.2
|
|
||||
Less: unamortized debt issuance costs
|
(13.1
|
)
|
|
(14.1
|
)
|
|
—
|
|
|
(27.2
|
)
|
||||
|
1,069.0
|
|
|
1,342.0
|
|
|
—
|
|
|
2,411.0
|
|
||||
Total debt
|
$
|
1,099.2
|
|
|
$
|
1,342.0
|
|
|
$
|
828.8
|
|
|
$
|
3,270.0
|
|
Net deferred tax liabilities
|
$
|
1,035.5
|
|
|
$
|
2.0
|
|
|
$
|
157.1
|
|
|
$
|
1,194.6
|
|
|
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: uamortized 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
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
185.0
|
|
|
$
|
178.5
|
|
|
3.6
|
%
|
|
$
|
363.9
|
|
|
$
|
349.0
|
|
|
4.3
|
%
|
Sales of railcars owned one year or less at the time of sale
|
7.1
|
|
|
118.1
|
|
|
*
|
|
7.1
|
|
|
126.1
|
|
|
*
|
||||||
Total revenues
|
$
|
192.1
|
|
|
$
|
296.6
|
|
|
(35.2
|
)
|
|
$
|
371.0
|
|
|
$
|
475.1
|
|
|
(21.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
85.6
|
|
|
$
|
74.5
|
|
|
14.9
|
|
|
$
|
170.6
|
|
|
$
|
144.3
|
|
|
18.2
|
|
Railcar sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Railcars owned one year or less at the time of sale
|
1.5
|
|
|
31.8
|
|
|
*
|
|
1.5
|
|
|
34.1
|
|
|
*
|
||||||
Railcars owned more than one year at the time of sale
|
23.7
|
|
|
11.4
|
|
|
*
|
|
23.7
|
|
|
13.5
|
|
|
*
|
||||||
Total operating profit
|
$
|
110.8
|
|
|
$
|
117.7
|
|
|
(5.9
|
)
|
|
$
|
195.8
|
|
|
$
|
191.9
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
46.3
|
%
|
|
41.7
|
%
|
|
|
|
46.9
|
%
|
|
41.3
|
%
|
|
|
||||||
Railcar sales
|
*
|
|
*
|
|
|
|
*
|
|
|
*
|
|
|
|
||||||||
Total operating profit margin
|
57.7
|
%
|
|
39.7
|
%
|
|
|
|
52.8
|
%
|
|
40.4
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected expense information
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
$
|
43.1
|
|
|
$
|
38.7
|
|
|
11.4
|
|
|
$
|
85.2
|
|
|
$
|
76.1
|
|
|
12.0
|
|
Maintenance and compliance
|
$
|
23.9
|
|
|
$
|
31.8
|
|
|
(24.8
|
)
|
|
$
|
44.4
|
|
|
$
|
63.4
|
|
|
(30.0
|
)
|
Rent
|
$
|
9.9
|
|
|
$
|
9.9
|
|
|
—
|
|
|
$
|
20.0
|
|
|
$
|
19.4
|
|
|
3.1
|
|
Interest
|
$
|
31.3
|
|
|
$
|
31.4
|
|
|
(0.3
|
)
|
|
$
|
61.9
|
|
|
$
|
63.2
|
|
|
(2.1
|
)
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
7.1
|
|
|
$
|
126.1
|
|
Railcars owned more than one year at the time of sale
|
92.4
|
|
|
37.7
|
|
||
Rail Group
|
—
|
|
|
8.1
|
|
||
|
$
|
99.5
|
|
|
$
|
171.9
|
|
|
|
Remaining six months of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future contractual minimum rental revenue
|
|
$
|
271.9
|
|
|
$
|
478.2
|
|
|
$
|
392.6
|
|
|
$
|
313.0
|
|
|
$
|
215.3
|
|
|
$
|
478.2
|
|
|
$
|
2,149.2
|
|
|
|
Remaining six months of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations of Trusts’ railcars
|
|
$
|
14.6
|
|
|
$
|
29.2
|
|
|
$
|
28.8
|
|
|
$
|
26.1
|
|
|
$
|
26.1
|
|
|
$
|
117.9
|
|
|
$
|
242.7
|
|
Future contractual minimum rental revenues of Trusts’ railcars
|
|
$
|
21.6
|
|
|
$
|
34.2
|
|
|
$
|
23.5
|
|
|
$
|
14.3
|
|
|
$
|
9.5
|
|
|
$
|
13.7
|
|
|
$
|
116.8
|
|
|
|
Remaining six months of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations
|
|
$
|
5.9
|
|
|
$
|
12.0
|
|
|
$
|
9.5
|
|
|
$
|
7.7
|
|
|
$
|
7.6
|
|
|
$
|
13.5
|
|
|
$
|
56.2
|
|
Future contractual minimum rental revenues
|
|
$
|
6.7
|
|
|
$
|
9.2
|
|
|
$
|
6.8
|
|
|
$
|
4.5
|
|
|
$
|
3.3
|
|
|
$
|
4.1
|
|
|
$
|
34.6
|
|
|
|
|
|
|
Included in accompanying balance sheet
at June 30, 2017 |
|||||||||||||
|
Notional
Amount
|
|
Interest
Rate
(1)
|
|
Asset / (liability)
|
|
AOCL –
loss/
(income)
|
|
Noncontrolling
Interest
|
|||||||||
|
(in millions, except %)
|
|||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
2006 secured railcar equipment notes
|
$
|
200.0
|
|
|
4.87
|
%
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
788.5
|
|
|
3.60
|
%
|
|
$
|
—
|
|
|
$
|
4.9
|
|
|
$
|
6.6
|
|
Open hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
35.4
|
|
|
2.62
|
%
|
|
$
|
(0.7
|
)
|
|
$
|
0.3
|
|
|
$
|
0.4
|
|
2017 promissory notes
|
$
|
180.7
|
|
|
3.00
|
%
|
|
$
|
2.1
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
(1)
|
W
eighted average fixed interest rate, except for 2017 promissory notes. Interest rate cap for 2017 promissory notes.
|
|
Effect on interest expense - increase/(decrease)
|
||||||||||||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Expected effect during next twelve months
(1)
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|||||||||||
|
(in millions)
|
||||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
2006 secured railcar equipment notes
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
TRIP Holdings warehouse loan
|
$
|
1.1
|
|
|
$
|
1.2
|
|
|
$
|
2.3
|
|
|
$
|
2.4
|
|
|
$
|
3.5
|
|
Open hedge:
|
|
|
|
|
|
|
|
|
|
||||||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
|
$
|
0.5
|
|
|
$
|
0.4
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
(in millions)
|
||||||
Manufacturing/Corporate:
|
|
|
|
||||
Land
|
$
|
105.8
|
|
|
$
|
103.3
|
|
Buildings and improvements
|
654.4
|
|
|
642.6
|
|
||
Machinery and other
|
1,176.1
|
|
|
1,151.1
|
|
||
Construction in progress
|
40.1
|
|
|
39.1
|
|
||
|
1,976.4
|
|
|
1,936.1
|
|
||
Less accumulated depreciation
|
(1,023.3
|
)
|
|
(974.4
|
)
|
||
|
953.1
|
|
|
961.7
|
|
||
Leasing:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
Machinery and other
|
10.7
|
|
|
10.7
|
|
||
Equipment on lease
|
4,885.4
|
|
|
4,673.0
|
|
||
|
4,896.1
|
|
|
4,683.7
|
|
||
Less accumulated depreciation
|
(819.0
|
)
|
|
(760.1
|
)
|
||
|
4,077.1
|
|
|
3,923.6
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
Equipment on lease
|
2,311.4
|
|
|
2,309.4
|
|
||
Less accumulated depreciation
|
(461.3
|
)
|
|
(429.8
|
)
|
||
|
1,850.1
|
|
|
1,879.6
|
|
||
|
|
|
|
||||
Deferred profit on railcars sold to the Leasing Group
|
(970.4
|
)
|
|
(948.2
|
)
|
||
Less accumulated amortization
|
163.3
|
|
|
150.1
|
|
||
|
(807.1
|
)
|
|
(798.1
|
)
|
||
|
$
|
6,073.2
|
|
|
$
|
5,966.8
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
|
(as reported)
|
||||
|
(in millions)
|
||||||
Rail Group
|
$
|
134.6
|
|
|
$
|
134.6
|
|
Construction Products Group
|
111.0
|
|
|
111.0
|
|
||
Energy Equipment Group
|
507.3
|
|
|
506.7
|
|
||
Railcar Leasing and Management Services Group
|
1.8
|
|
|
1.8
|
|
||
|
$
|
754.7
|
|
|
$
|
754.1
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Beginning balance
|
$
|
14.0
|
|
|
$
|
18.7
|
|
|
$
|
15.7
|
|
|
$
|
21.5
|
|
Warranty costs incurred
|
(2.4
|
)
|
|
(2.0
|
)
|
|
(4.1
|
)
|
|
(4.8
|
)
|
||||
Warranty originations and revisions
|
4.0
|
|
|
2.8
|
|
|
4.8
|
|
|
4.4
|
|
||||
Warranty expirations
|
(0.8
|
)
|
|
(1.3
|
)
|
|
(1.6
|
)
|
|
(2.9
|
)
|
||||
Ending balance
|
$
|
14.8
|
|
|
$
|
18.2
|
|
|
$
|
14.8
|
|
|
$
|
18.2
|
|
|
June 30,
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 $17.6 and $26.7
|
431.8
|
|
|
422.7
|
|
||
Other
|
0.6
|
|
|
—
|
|
||
|
832.1
|
|
|
822.3
|
|
||
Less: unamortized debt issuance costs
|
(3.3
|
)
|
|
(3.7
|
)
|
||
|
828.8
|
|
|
818.6
|
|
||
Leasing – Recourse:
|
|
|
|
||||
Capital lease obligations, net of unamortized debt issuances costs of $0.1 and $0.1
|
30.2
|
|
|
32.0
|
|
||
Total recourse debt
|
859.0
|
|
|
850.6
|
|
||
|
|
|
|
||||
Leasing – Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
2006 secured railcar equipment notes
|
170.5
|
|
|
194.2
|
|
||
2009 secured railcar equipment notes
|
169.4
|
|
|
172.5
|
|
||
2010 secured railcar equipment notes
|
273.5
|
|
|
280.6
|
|
||
2017 promissory notes
|
301.1
|
|
|
—
|
|
||
TILC warehouse facility
|
167.6
|
|
|
204.1
|
|
||
|
1,082.1
|
|
|
851.4
|
|
||
Less: unamortized debt issuance costs
|
(13.1
|
)
|
|
(11.4
|
)
|
||
|
1,069.0
|
|
|
840.0
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
TRL 2012 secured railcar equipment notes
|
413.8
|
|
|
425.5
|
|
||
TRIP Master Funding secured railcar equipment notes
|
942.3
|
|
|
955.5
|
|
||
|
1,356.1
|
|
|
1,381.0
|
|
||
Less: unamortized debt issuance costs
|
(14.1
|
)
|
|
(15.0
|
)
|
||
|
1,342.0
|
|
|
1,366.0
|
|
||
Total non–recourse debt
|
2,411.0
|
|
|
2,206.0
|
|
||
Total debt
|
$
|
3,270.0
|
|
|
$
|
3,056.6
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Coupon rate interest
|
$
|
4.3
|
|
|
$
|
4.3
|
|
|
$
|
8.7
|
|
|
$
|
8.7
|
|
Amortized debt discount
|
4.6
|
|
|
4.2
|
|
|
9.1
|
|
|
8.4
|
|
||||
|
$
|
8.9
|
|
|
$
|
8.5
|
|
|
$
|
17.8
|
|
|
$
|
17.1
|
|
|
Remaining six months of 2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
Thereafter
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Recourse:
|
|
||||||||||||||||||||||
Corporate
(1)
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.1
|
|
|
$
|
849.4
|
|
Leasing – capital lease obligations (Note 6)
|
2.0
|
|
|
28.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Non-recourse – leasing (Note 6):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2006 secured railcar equipment notes
|
12.1
|
|
|
25.3
|
|
|
28.0
|
|
|
29.8
|
|
|
29.2
|
|
|
46.1
|
|
||||||
2009 secured railcar equipment notes
|
3.2
|
|
|
6.4
|
|
|
11.2
|
|
|
6.6
|
|
|
13.4
|
|
|
128.6
|
|
||||||
2010 secured railcar equipment notes
|
6.6
|
|
|
10.0
|
|
|
7.6
|
|
|
14.2
|
|
|
20.1
|
|
|
215.0
|
|
||||||
2017 promissory notes
|
7.6
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
15.1
|
|
|
233.1
|
|
||||||
TILC warehouse facility
|
3.4
|
|
|
6.9
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Facility termination payments - TILC warehouse facility
|
—
|
|
|
—
|
|
|
155.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
TRL 2012 secured railcar equipment notes
|
11.0
|
|
|
22.9
|
|
|
21.9
|
|
|
19.3
|
|
|
19.9
|
|
|
318.8
|
|
||||||
TRIP Master Funding secured railcar equipment notes
|
15.6
|
|
|
41.5
|
|
|
49.5
|
|
|
48.8
|
|
|
49.8
|
|
|
737.1
|
|
||||||
Total principal payments
|
$
|
61.6
|
|
|
$
|
156.5
|
|
|
$
|
290.7
|
|
|
$
|
134.0
|
|
|
$
|
147.6
|
|
|
$
|
2,528.1
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Foreign currency exchange transactions
|
$
|
(0.3
|
)
|
|
$
|
(2.6
|
)
|
|
$
|
1.3
|
|
|
$
|
(2.9
|
)
|
Other
|
0.8
|
|
|
(2.3
|
)
|
|
—
|
|
|
(2.7
|
)
|
||||
Other, net
|
$
|
0.5
|
|
|
$
|
(4.9
|
)
|
|
$
|
1.3
|
|
|
$
|
(5.6
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State taxes
|
1.5
|
|
|
1.2
|
|
|
1.5
|
|
|
1.1
|
|
Noncontrolling interest in partially-owned subsidiaries
|
(0.7
|
)
|
|
(1.0
|
)
|
|
(0.6
|
)
|
|
(1.1
|
)
|
Settlements with tax authorities
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
Equity compensation
|
3.0
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
Other, net
|
2.1
|
|
|
(0.1
|
)
|
|
1.6
|
|
|
0.5
|
|
Effective rate
|
40.9
|
%
|
|
35.1
|
%
|
|
35.5
|
%
|
|
35.5
|
%
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Beginning balance
|
$
|
28.2
|
|
|
$
|
65.2
|
|
Additions for tax positions related to the current year
|
—
|
|
|
3.0
|
|
||
Additions for tax positions of prior years
|
0.1
|
|
|
1.0
|
|
||
Reductions for tax positions of prior years
|
—
|
|
|
(0.1
|
)
|
||
Settlements
|
(23.3
|
)
|
|
—
|
|
||
Ending balance
|
$
|
5.0
|
|
|
$
|
69.1
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Expense Components
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.2
|
|
Interest
|
4.9
|
|
|
5.2
|
|
|
9.8
|
|
|
10.4
|
|
||||
Expected return on plan assets
|
(6.8
|
)
|
|
(6.8
|
)
|
|
(13.6
|
)
|
|
(13.6
|
)
|
||||
Amortization of actuarial loss
|
1.2
|
|
|
1.3
|
|
|
2.4
|
|
|
2.6
|
|
||||
Defined benefit expense
|
(0.6
|
)
|
|
(0.2
|
)
|
|
(1.2
|
)
|
|
(0.4
|
)
|
||||
Profit sharing
|
3.8
|
|
|
3.9
|
|
|
7.8
|
|
|
8.5
|
|
||||
Multiemployer plan
|
0.4
|
|
|
0.6
|
|
|
1.0
|
|
|
1.2
|
|
||||
Net expense
|
$
|
3.6
|
|
|
$
|
4.3
|
|
|
$
|
7.6
|
|
|
$
|
9.3
|
|
|
Currency translation adjustments
|
|
Unrealized gain/(loss) on derivative financial instruments
|
|
Net actuarial gains/(losses) of defined benefit plans
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||
|
(in millions)
|
||||||||||||||
Balances at December 31, 2016
|
$
|
(23.7
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(89.7
|
)
|
|
$
|
(113.5
|
)
|
Other comprehensive income (loss), net of tax, before reclassifications
|
0.8
|
|
|
(0.2
|
)
|
|
—
|
|
|
0.6
|
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.3, $0.9, and $1.2
|
—
|
|
|
2.2
|
|
|
1.5
|
|
|
3.7
|
|
||||
Less: noncontrolling interest
|
—
|
|
|
(1.5
|
)
|
|
—
|
|
|
(1.5
|
)
|
||||
Other comprehensive income
|
0.8
|
|
|
0.5
|
|
|
1.5
|
|
|
2.8
|
|
||||
Balances at June 30, 2017
|
$
|
(22.9
|
)
|
|
$
|
0.4
|
|
|
$
|
(88.2
|
)
|
|
$
|
(110.7
|
)
|
|
Three Months Ended
June 30, 2017 |
|
Three Months Ended
June 30, 2016 |
||||||||||||||||||
|
Income
(Loss) |
|
Average
Shares |
|
EPS
|
|
Income
(Loss) |
|
Average
Shares |
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income attributable to Trinity Industries, Inc.
|
$
|
51.1
|
|
|
|
|
|
|
$
|
94.6
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(1.1
|
)
|
|
|
|
|
|
(2.9
|
)
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. – basic
|
50.0
|
|
|
149.1
|
|
|
$
|
0.34
|
|
|
91.7
|
|
|
147.8
|
|
|
$
|
0.62
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonparticipating unvested restricted shares and stock options
|
—
|
|
|
0.3
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Convertible subordinated notes
|
—
|
|
|
1.6
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
50.0
|
|
|
151.0
|
|
|
$
|
0.33
|
|
|
$
|
91.7
|
|
|
147.8
|
|
|
$
|
0.62
|
|
|
Six Months Ended
June 30, 2017 |
|
Six Months Ended
June 30, 2016 |
||||||||||||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income attributable to Trinity Industries, Inc.
|
$
|
97.1
|
|
|
|
|
|
|
$
|
191.8
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(2.3
|
)
|
|
|
|
|
|
(5.7
|
)
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. – basic
|
94.8
|
|
|
148.9
|
|
|
$
|
0.64
|
|
|
186.1
|
|
|
148.7
|
|
|
$
|
1.25
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonparticipating unvested restricted shares and stock options
|
—
|
|
|
0.4
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Convertible subordinated notes
|
—
|
|
|
1.7
|
|
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
94.8
|
|
|
151.0
|
|
|
$
|
0.63
|
|
|
$
|
186.1
|
|
|
148.7
|
|
|
$
|
1.25
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
564.7
|
|
|
$
|
473.4
|
|
|
$
|
(132.6
|
)
|
|
$
|
905.5
|
|
Cost of revenues
|
1.4
|
|
|
455.6
|
|
|
364.4
|
|
|
(139.5
|
)
|
|
681.9
|
|
|||||
Selling, engineering, and administrative expenses
|
35.9
|
|
|
33.9
|
|
|
43.0
|
|
|
—
|
|
|
112.8
|
|
|||||
Gains/(losses) on dispositions of property
|
0.1
|
|
|
20.9
|
|
|
3.4
|
|
|
—
|
|
|
24.4
|
|
|||||
|
37.2
|
|
|
468.6
|
|
|
404.0
|
|
|
(139.5
|
)
|
|
770.3
|
|
|||||
Operating profit (loss)
|
(37.2
|
)
|
|
96.1
|
|
|
69.4
|
|
|
6.9
|
|
|
135.2
|
|
|||||
Other (income) expense
|
5.1
|
|
|
8.8
|
|
|
30.0
|
|
|
—
|
|
|
43.9
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
103.1
|
|
|
26.1
|
|
|
—
|
|
|
(129.2
|
)
|
|
—
|
|
|||||
Income before income taxes
|
60.8
|
|
|
113.4
|
|
|
39.4
|
|
|
(122.3
|
)
|
|
91.3
|
|
|||||
Provision (benefit) for income taxes
|
9.7
|
|
|
31.5
|
|
|
9.8
|
|
|
(13.7
|
)
|
|
37.3
|
|
|||||
Net income
|
51.1
|
|
|
81.9
|
|
|
29.6
|
|
|
(108.6
|
)
|
|
54.0
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
2.9
|
|
|||||
Net income attributable to controlling interest
|
$
|
51.1
|
|
|
$
|
81.9
|
|
|
$
|
29.6
|
|
|
$
|
(111.5
|
)
|
|
$
|
51.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
51.1
|
|
|
$
|
81.9
|
|
|
$
|
29.6
|
|
|
$
|
(108.6
|
)
|
|
$
|
54.0
|
|
Other comprehensive income (loss)
|
1.2
|
|
|
—
|
|
|
1.0
|
|
|
—
|
|
|
2.2
|
|
|||||
Comprehensive income
|
52.3
|
|
|
81.9
|
|
|
30.6
|
|
|
(108.6
|
)
|
|
56.2
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
3.6
|
|
|
3.6
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
52.3
|
|
|
$
|
81.9
|
|
|
$
|
30.6
|
|
|
$
|
(112.2
|
)
|
|
$
|
52.6
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
1,116.2
|
|
|
$
|
937.2
|
|
|
$
|
(270.6
|
)
|
|
$
|
1,782.8
|
|
Cost of revenues
|
3.8
|
|
|
899.0
|
|
|
721.0
|
|
|
(282.2
|
)
|
|
1,341.6
|
|
|||||
Selling, engineering, and administrative expenses
|
68.7
|
|
|
64.7
|
|
|
81.7
|
|
|
—
|
|
|
215.1
|
|
|||||
Gains/(losses) on dispositions of property
|
0.6
|
|
|
21.0
|
|
|
4.1
|
|
|
—
|
|
|
25.7
|
|
|||||
|
71.9
|
|
|
942.7
|
|
|
798.6
|
|
|
(282.2
|
)
|
|
1,531.0
|
|
|||||
Operating profit (loss)
|
(71.9
|
)
|
|
173.5
|
|
|
138.6
|
|
|
11.6
|
|
|
251.8
|
|
|||||
Other (income) expense
|
11.4
|
|
|
15.7
|
|
|
60.9
|
|
|
—
|
|
|
88.0
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
162.3
|
|
|
43.2
|
|
|
—
|
|
|
(205.5
|
)
|
|
—
|
|
|||||
Income before income taxes
|
79.0
|
|
|
201.0
|
|
|
77.7
|
|
|
(193.9
|
)
|
|
163.8
|
|
|||||
Provision (benefit) for income taxes
|
(18.1
|
)
|
|
70.5
|
|
|
19.5
|
|
|
(13.8
|
)
|
|
58.1
|
|
|||||
Net income
|
97.1
|
|
|
130.5
|
|
|
58.2
|
|
|
(180.1
|
)
|
|
105.7
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
|
8.6
|
|
|||||
Net income attributable to controlling interest
|
$
|
97.1
|
|
|
$
|
130.5
|
|
|
$
|
58.2
|
|
|
$
|
(188.7
|
)
|
|
$
|
97.1
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
97.1
|
|
|
$
|
130.5
|
|
|
$
|
58.2
|
|
|
$
|
(180.1
|
)
|
|
$
|
105.7
|
|
Other comprehensive income (loss)
|
2.2
|
|
|
—
|
|
|
2.1
|
|
|
—
|
|
|
4.3
|
|
|||||
Comprehensive income
|
99.3
|
|
|
130.5
|
|
|
60.3
|
|
|
(180.1
|
)
|
|
110.0
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
10.1
|
|
|
10.1
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
99.3
|
|
|
$
|
130.5
|
|
|
$
|
60.3
|
|
|
$
|
(190.2
|
)
|
|
$
|
99.9
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
838.0
|
|
|
$
|
539.6
|
|
|
$
|
(192.7
|
)
|
|
$
|
1,184.9
|
|
Cost of revenues
|
(1.3
|
)
|
|
668.9
|
|
|
427.5
|
|
|
(197.4
|
)
|
|
897.7
|
|
|||||
Selling, engineering, and administrative expenses
|
33.2
|
|
|
35.6
|
|
|
37.9
|
|
|
—
|
|
|
106.7
|
|
|||||
Gains/(losses) on dispositions of property
|
(0.7
|
)
|
|
10.5
|
|
|
1.3
|
|
|
—
|
|
|
11.1
|
|
|||||
|
32.6
|
|
|
694.0
|
|
|
464.1
|
|
|
(197.4
|
)
|
|
993.3
|
|
|||||
Operating profit (loss)
|
(32.6
|
)
|
|
144.0
|
|
|
75.5
|
|
|
4.7
|
|
|
191.6
|
|
|||||
Other (income) expense
|
(1.2
|
)
|
|
9.3
|
|
|
31.3
|
|
|
—
|
|
|
39.4
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
105.9
|
|
|
16.0
|
|
|
—
|
|
|
(121.9
|
)
|
|
—
|
|
|||||
Income before income taxes
|
74.5
|
|
|
150.7
|
|
|
44.2
|
|
|
(117.2
|
)
|
|
152.2
|
|
|||||
Provision (benefit) for income taxes
|
(20.1
|
)
|
|
60.1
|
|
|
11.7
|
|
|
1.7
|
|
|
53.4
|
|
|||||
Net income
|
94.6
|
|
|
90.6
|
|
|
32.5
|
|
|
(118.9
|
)
|
|
98.8
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
4.2
|
|
|
4.2
|
|
|||||
Net income attributable to controlling interest
|
$
|
94.6
|
|
|
$
|
90.6
|
|
|
$
|
32.5
|
|
|
$
|
(123.1
|
)
|
|
$
|
94.6
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
94.6
|
|
|
$
|
90.6
|
|
|
$
|
32.5
|
|
|
$
|
(118.9
|
)
|
|
$
|
98.8
|
|
Other comprehensive income (loss)
|
0.9
|
|
|
—
|
|
|
1.1
|
|
|
—
|
|
|
2.0
|
|
|||||
Comprehensive income
|
95.5
|
|
|
90.6
|
|
|
33.6
|
|
|
(118.9
|
)
|
|
100.8
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
4.9
|
|
|
4.9
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
95.5
|
|
|
$
|
90.6
|
|
|
$
|
33.6
|
|
|
$
|
(123.8
|
)
|
|
$
|
95.9
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
1,714.0
|
|
|
$
|
1,067.4
|
|
|
$
|
(408.6
|
)
|
|
$
|
2,372.8
|
|
Cost of revenues
|
(3.6
|
)
|
|
1,375.3
|
|
|
834.1
|
|
|
(418.2
|
)
|
|
1,787.6
|
|
|||||
Selling, engineering, and administrative expenses
|
56.8
|
|
|
69.9
|
|
|
76.5
|
|
|
—
|
|
|
203.2
|
|
|||||
Gains/(losses) on dispositions of property
|
(0.9
|
)
|
|
10.3
|
|
|
3.6
|
|
|
—
|
|
|
13.0
|
|
|||||
|
54.1
|
|
|
1,434.9
|
|
|
907.0
|
|
|
(418.2
|
)
|
|
1,977.8
|
|
|||||
Operating profit (loss)
|
(54.1
|
)
|
|
279.1
|
|
|
160.4
|
|
|
9.6
|
|
|
395.0
|
|
|||||
Other (income) expense
|
(0.1
|
)
|
|
18.3
|
|
|
65.1
|
|
|
—
|
|
|
83.3
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
227.8
|
|
|
42.6
|
|
|
—
|
|
|
(270.4
|
)
|
|
—
|
|
|||||
Income before income taxes
|
173.8
|
|
|
303.4
|
|
|
95.3
|
|
|
(260.8
|
)
|
|
311.7
|
|
|||||
Provision (benefit) for income taxes
|
(18.0
|
)
|
|
105.0
|
|
|
20.4
|
|
|
3.4
|
|
|
110.8
|
|
|||||
Net income
|
191.8
|
|
|
198.4
|
|
|
74.9
|
|
|
(264.2
|
)
|
|
200.9
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
9.1
|
|
|
9.1
|
|
|||||
Net income attributable to controlling interest
|
$
|
191.8
|
|
|
$
|
198.4
|
|
|
$
|
74.9
|
|
|
$
|
(273.3
|
)
|
|
$
|
191.8
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
191.8
|
|
|
$
|
198.4
|
|
|
$
|
74.9
|
|
|
$
|
(264.2
|
)
|
|
$
|
200.9
|
|
Other comprehensive income (loss)
|
3.0
|
|
|
—
|
|
|
1.9
|
|
|
—
|
|
|
4.9
|
|
|||||
Comprehensive income
|
194.8
|
|
|
198.4
|
|
|
76.8
|
|
|
(264.2
|
)
|
|
205.8
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
10.3
|
|
|
10.3
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
194.8
|
|
|
$
|
198.4
|
|
|
$
|
76.8
|
|
|
$
|
(274.5
|
)
|
|
$
|
195.5
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
784.0
|
|
|
$
|
6.1
|
|
|
$
|
47.3
|
|
|
$
|
(28.7
|
)
|
|
$
|
808.7
|
|
Short-term marketable securities
|
179.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
179.6
|
|
|||||
Receivables, net of allowance
|
0.4
|
|
|
176.3
|
|
|
174.7
|
|
|
—
|
|
|
351.4
|
|
|||||
Income tax receivable
|
180.5
|
|
|
—
|
|
|
2.2
|
|
|
—
|
|
|
182.7
|
|
|||||
Inventory
|
—
|
|
|
405.1
|
|
|
232.8
|
|
|
(10.6
|
)
|
|
627.3
|
|
|||||
Property, plant, and equipment, net
|
49.4
|
|
|
2,212.5
|
|
|
4,333.3
|
|
|
(522.0
|
)
|
|
6,073.2
|
|
|||||
Investments in and advances to subsidiaries
|
5,032.6
|
|
|
2,963.7
|
|
|
363.2
|
|
|
(8,359.5
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
0.5
|
|
|
165.6
|
|
|
28.7
|
|
|
194.8
|
|
|||||
Goodwill and other assets
|
145.6
|
|
|
587.1
|
|
|
307.4
|
|
|
(5.7
|
)
|
|
1,034.4
|
|
|||||
|
$
|
6,372.1
|
|
|
$
|
6,351.3
|
|
|
$
|
5,626.5
|
|
|
$
|
(8,897.8
|
)
|
|
$
|
9,452.1
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
7.4
|
|
|
$
|
57.2
|
|
|
$
|
102.9
|
|
|
$
|
(0.4
|
)
|
|
$
|
167.1
|
|
Accrued liabilities
|
219.7
|
|
|
61.9
|
|
|
136.5
|
|
|
(5.7
|
)
|
|
412.4
|
|
|||||
Debt
|
828.2
|
|
|
30.2
|
|
|
2,411.6
|
|
|
—
|
|
|
3,270.0
|
|
|||||
Deferred income
|
—
|
|
|
20.5
|
|
|
1.5
|
|
|
—
|
|
|
22.0
|
|
|||||
Deferred income taxes
|
117.0
|
|
|
1,078.6
|
|
|
14.8
|
|
|
0.3
|
|
|
1,210.7
|
|
|||||
Advances from subsidiaries
|
833.9
|
|
|
—
|
|
|
—
|
|
|
(833.9
|
)
|
|
—
|
|
|||||
Other liabilities
|
50.4
|
|
|
1.9
|
|
|
2.1
|
|
|
—
|
|
|
54.4
|
|
|||||
Total stockholders' equity
|
4,315.5
|
|
|
5,101.0
|
|
|
2,957.1
|
|
|
(8,058.1
|
)
|
|
4,315.5
|
|
|||||
|
$
|
6,372.1
|
|
|
$
|
6,351.3
|
|
|
$
|
5,626.5
|
|
|
$
|
(8,897.8
|
)
|
|
$
|
9,452.1
|
|
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
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
97.1
|
|
|
$
|
130.5
|
|
|
$
|
58.2
|
|
|
$
|
(180.1
|
)
|
|
$
|
105.7
|
|
Equity in earnings of subsidiaries, net of taxes
|
(162.3
|
)
|
|
(43.2
|
)
|
|
—
|
|
|
205.5
|
|
|
—
|
|
|||||
Other
|
(11.4
|
)
|
|
161.9
|
|
|
88.5
|
|
|
(8.6
|
)
|
|
230.4
|
|
|||||
Net cash provided (required) by operating activities
|
(76.6
|
)
|
|
249.2
|
|
|
146.7
|
|
|
16.8
|
|
|
336.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
55.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55.1
|
|
|||||
Proceeds from railcar lease fleet sales owned more than one year
|
—
|
|
|
446.2
|
|
|
9.6
|
|
|
(363.4
|
)
|
|
92.4
|
|
|||||
Proceeds from dispositions of property and other assets
|
—
|
|
|
1.0
|
|
|
5.0
|
|
|
—
|
|
|
6.0
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(268.2
|
)
|
|
(366.8
|
)
|
|
363.4
|
|
|
(271.6
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(5.0
|
)
|
|
(7.9
|
)
|
|
(30.5
|
)
|
|
—
|
|
|
(43.4
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(5.3
|
)
|
|
—
|
|
|
(5.3
|
)
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
11.2
|
|
|
—
|
|
|
(11.2
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
(2.1
|
)
|
|||||
Net cash provided (required) by investing activities
|
50.1
|
|
|
182.3
|
|
|
(390.1
|
)
|
|
(11.2
|
)
|
|
(168.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Excess tax benefits from stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Payments to retire debt
|
—
|
|
|
(1.8
|
)
|
|
(96.5
|
)
|
|
—
|
|
|
(98.3
|
)
|
|||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
299.4
|
|
|
—
|
|
|
299.4
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
(0.5
|
)
|
|
(18.5
|
)
|
|
2.4
|
|
|
(16.6
|
)
|
|||||
Shares repurchased
|
(41.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41.9
|
)
|
|||||
Dividends paid to common shareholders
|
(33.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.5
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(14.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14.0
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(16.9
|
)
|
|
—
|
|
|
(16.9
|
)
|
|||||
Distributions to controlling interest in partially-owned subsidiaries
|
—
|
|
|
—
|
|
|
(11.2
|
)
|
|
11.2
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
362.0
|
|
|
(428.3
|
)
|
|
83.2
|
|
|
(16.9
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|||||
Net cash provided (required) by financing activities
|
272.6
|
|
|
(430.6
|
)
|
|
239.4
|
|
|
(3.3
|
)
|
|
78.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
246.1
|
|
|
0.9
|
|
|
(4.0
|
)
|
|
2.3
|
|
|
245.3
|
|
|||||
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
|
$
|
784.0
|
|
|
$
|
6.1
|
|
|
$
|
47.3
|
|
|
$
|
(28.7
|
)
|
|
$
|
808.7
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Six Months Ended June 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
191.8
|
|
|
$
|
198.4
|
|
|
$
|
74.9
|
|
|
$
|
(264.2
|
)
|
|
$
|
200.9
|
|
Equity in earnings of subsidiaries, net of taxes
|
(227.8
|
)
|
|
(42.6
|
)
|
|
—
|
|
|
270.4
|
|
|
—
|
|
|||||
Other
|
48.8
|
|
|
203.7
|
|
|
45.8
|
|
|
(12.8
|
)
|
|
285.5
|
|
|||||
Net cash provided (required) by operating activities
|
12.8
|
|
|
359.5
|
|
|
120.7
|
|
|
(6.6
|
)
|
|
486.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(115.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(115.1
|
)
|
|||||
Proceeds from railcar lease fleet sales owned more than one year
|
—
|
|
|
27.3
|
|
|
10.4
|
|
|
—
|
|
|
37.7
|
|
|||||
Proceeds from dispositions of property and other assets
|
—
|
|
|
0.2
|
|
|
3.9
|
|
|
—
|
|
|
4.1
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(343.7
|
)
|
|
(2.3
|
)
|
|
—
|
|
|
(346.0
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(8.5
|
)
|
|
(8.1
|
)
|
|
(63.2
|
)
|
|
—
|
|
|
(79.8
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
6.7
|
|
|
—
|
|
|
(6.7
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
1.5
|
|
|
0.8
|
|
|
—
|
|
|
2.3
|
|
|||||
Net cash provided (required) by investing activities
|
(123.6
|
)
|
|
(316.1
|
)
|
|
(50.4
|
)
|
|
(6.7
|
)
|
|
(496.8
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Excess tax benefits from stock-based compensation
|
0.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.6
|
|
|||||
Payments to retire debt
|
—
|
|
|
(1.6
|
)
|
|
(76.0
|
)
|
|
—
|
|
|
(77.6
|
)
|
|||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
(3.0
|
)
|
|
6.3
|
|
|
9.2
|
|
|
12.5
|
|
|||||
Shares repurchased
|
(34.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34.7
|
)
|
|||||
Dividends paid to common shareholders
|
(33.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.4
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(16.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.1
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(10.9
|
)
|
|
—
|
|
|
(10.9
|
)
|
|||||
Distributions to controlling interest in partially-owned subsidiaries
|
—
|
|
|
—
|
|
|
(6.7
|
)
|
|
6.7
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
18.7
|
|
|
(39.2
|
)
|
|
13.9
|
|
|
6.6
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
|||||
Net cash provided (required) by financing activities
|
(64.9
|
)
|
|
(43.8
|
)
|
|
(75.4
|
)
|
|
22.5
|
|
|
(161.6
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(175.7
|
)
|
|
(0.4
|
)
|
|
(5.1
|
)
|
|
9.2
|
|
|
(172.0
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
768.3
|
|
|
1.7
|
|
|
51.1
|
|
|
(35.1
|
)
|
|
786.0
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
592.6
|
|
|
$
|
1.3
|
|
|
$
|
46.0
|
|
|
$
|
(25.9
|
)
|
|
$
|
614.0
|
|
|
June 30, 2017
|
|
June 30, 2016
|
||||
|
(in millions)
|
||||||
Rail Group
|
|
|
|
||||
External Customers
|
$
|
1,722.0
|
|
|
$
|
3,125.2
|
|
Leasing Group
|
992.8
|
|
|
1,166.2
|
|
||
|
$
|
2,714.8
|
|
|
$
|
4,291.4
|
|
Inland Barge Group
|
$
|
90.7
|
|
|
$
|
251.0
|
|
Wind towers
|
$
|
945.4
|
|
|
$
|
1,112.6
|
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
7.1
|
|
|
$
|
126.1
|
|
Railcars owned more than one year at the time of sale
|
92.4
|
|
|
37.7
|
|
||
Rail Group
|
—
|
|
|
8.1
|
|
||
|
$
|
99.5
|
|
|
$
|
171.9
|
|
|
Three Months Ended June 30, 2017
|
|
Three Months Ended June 30, 2016
|
|
|
|||||||||||||||||||||
|
Revenues
|
|
Revenues
|
|
Percent
|
|||||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
|
Total
|
|
Change
|
||||||||||||
|
($ in millions)
|
|
|
|||||||||||||||||||||||
Rail Group
|
$
|
335.4
|
|
|
$
|
130.5
|
|
|
$
|
465.9
|
|
|
$
|
427.7
|
|
|
$
|
265.5
|
|
|
$
|
693.2
|
|
|
(32.8
|
)%
|
Construction Products Group
|
130.7
|
|
|
0.6
|
|
|
131.3
|
|
|
141.7
|
|
|
4.1
|
|
|
145.8
|
|
|
(9.9
|
)
|
||||||
Inland Barge Group
|
33.5
|
|
|
—
|
|
|
33.5
|
|
|
118.3
|
|
|
—
|
|
|
118.3
|
|
|
(71.7
|
)
|
||||||
Energy Equipment Group
|
212.2
|
|
|
26.3
|
|
|
238.5
|
|
|
199.1
|
|
|
41.5
|
|
|
240.6
|
|
|
(0.9
|
)
|
||||||
Railcar Leasing and Management Services Group
|
191.9
|
|
|
0.2
|
|
|
192.1
|
|
|
296.1
|
|
|
0.5
|
|
|
296.6
|
|
|
(35.2
|
)
|
||||||
All Other
|
1.8
|
|
|
20.9
|
|
|
22.7
|
|
|
2.0
|
|
|
17.7
|
|
|
19.7
|
|
|
15.2
|
|
||||||
Segment Totals before Eliminations
|
905.5
|
|
|
178.5
|
|
|
1,084.0
|
|
|
1,184.9
|
|
|
329.3
|
|
|
1,514.2
|
|
|
(28.4
|
)
|
||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(115.9
|
)
|
|
(115.9
|
)
|
|
—
|
|
|
(252.1
|
)
|
|
(252.1
|
)
|
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(62.6
|
)
|
|
(62.6
|
)
|
|
—
|
|
|
(77.2
|
)
|
|
(77.2
|
)
|
|
|
|||||||
Consolidated Total
|
$
|
905.5
|
|
|
$
|
—
|
|
|
$
|
905.5
|
|
|
$
|
1,184.9
|
|
|
$
|
—
|
|
|
$
|
1,184.9
|
|
|
(23.6
|
)
|
|
Six Months Ended June 30, 2017
|
|
Six Months Ended June 30, 2016
|
|
|
|||||||||||||||||||||
|
Revenues
|
|
Revenues
|
|
Percent
|
|||||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
|
Total
|
|
Change
|
||||||||||||
|
($ in millions)
|
|
|
|||||||||||||||||||||||
Rail Group
|
$
|
621.4
|
|
|
$
|
322.8
|
|
|
$
|
944.2
|
|
|
$
|
970.9
|
|
|
$
|
569.2
|
|
|
$
|
1,540.1
|
|
|
(38.7
|
)%
|
Construction Products Group
|
251.6
|
|
|
2.8
|
|
|
254.4
|
|
|
263.3
|
|
|
7.4
|
|
|
270.7
|
|
|
(6.0
|
)
|
||||||
Inland Barge Group
|
96.2
|
|
|
—
|
|
|
96.2
|
|
|
229.1
|
|
|
—
|
|
|
229.1
|
|
|
(58.0
|
)
|
||||||
Energy Equipment Group
|
440.0
|
|
|
53.9
|
|
|
493.9
|
|
|
431.6
|
|
|
82.4
|
|
|
514.0
|
|
|
(3.9
|
)
|
||||||
Railcar Leasing and Management Services Group
|
370.5
|
|
|
0.5
|
|
|
371.0
|
|
|
473.9
|
|
|
1.2
|
|
|
475.1
|
|
|
(21.9
|
)
|
||||||
All Other
|
3.1
|
|
|
42.4
|
|
|
45.5
|
|
|
4.0
|
|
|
37.6
|
|
|
41.6
|
|
|
9.4
|
|
||||||
Segment Totals before Eliminations
|
1,782.8
|
|
|
422.4
|
|
|
2,205.2
|
|
|
2,372.8
|
|
|
697.8
|
|
|
3,070.6
|
|
|
(28.2
|
)
|
||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(296.9
|
)
|
|
(296.9
|
)
|
|
—
|
|
|
(535.4
|
)
|
|
(535.4
|
)
|
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(125.5
|
)
|
|
(125.5
|
)
|
|
—
|
|
|
(162.4
|
)
|
|
(162.4
|
)
|
|
|
|||||||
Consolidated Total
|
$
|
1,782.8
|
|
|
$
|
—
|
|
|
$
|
1,782.8
|
|
|
$
|
2,372.8
|
|
|
$
|
—
|
|
|
$
|
2,372.8
|
|
|
(24.9
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
428.9
|
|
|
$
|
604.4
|
|
|
$
|
856.5
|
|
|
$
|
1,294.1
|
|
Construction Products Group
|
109.0
|
|
|
124.3
|
|
|
216.5
|
|
|
233.3
|
|
||||
Inland Barge Group
|
33.0
|
|
|
104.0
|
|
|
89.3
|
|
|
202.2
|
|
||||
Energy Equipment Group
|
214.2
|
|
|
205.7
|
|
|
439.8
|
|
|
441.7
|
|
||||
Railcar Leasing and Management Services Group
|
81.3
|
|
|
178.9
|
|
|
175.2
|
|
|
283.2
|
|
||||
All Other
|
28.4
|
|
|
24.9
|
|
|
55.8
|
|
|
51.9
|
|
||||
Segment Totals before Eliminations and Corporate Expenses
|
894.8
|
|
|
1,242.2
|
|
|
1,833.1
|
|
|
2,506.4
|
|
||||
Corporate
|
38.3
|
|
|
34.7
|
|
|
73.3
|
|
|
59.4
|
|
||||
Eliminations – Lease subsidiary
|
(102.3
|
)
|
|
(206.2
|
)
|
|
(254.4
|
)
|
|
(424.0
|
)
|
||||
Eliminations – Other
|
(60.5
|
)
|
|
(77.4
|
)
|
|
(121.0
|
)
|
|
(164.0
|
)
|
||||
Consolidated Total
|
$
|
770.3
|
|
|
$
|
993.3
|
|
|
$
|
1,531.0
|
|
|
$
|
1,977.8
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
37.0
|
|
|
$
|
88.8
|
|
|
$
|
87.7
|
|
|
$
|
246.0
|
|
Construction Products Group
|
22.3
|
|
|
21.5
|
|
|
37.9
|
|
|
37.4
|
|
||||
Inland Barge Group
|
0.5
|
|
|
14.3
|
|
|
6.9
|
|
|
26.9
|
|
||||
Energy Equipment Group
|
24.3
|
|
|
34.9
|
|
|
54.1
|
|
|
72.3
|
|
||||
Railcar Leasing and Management Services Group
|
110.8
|
|
|
117.7
|
|
|
195.8
|
|
|
191.9
|
|
||||
All Other
|
(5.7
|
)
|
|
(5.2
|
)
|
|
(10.3
|
)
|
|
(10.3
|
)
|
||||
Segment Totals before Eliminations and Corporate Expenses
|
189.2
|
|
|
272.0
|
|
|
372.1
|
|
|
564.2
|
|
||||
Corporate
|
(38.3
|
)
|
|
(34.7
|
)
|
|
(73.3
|
)
|
|
(59.4
|
)
|
||||
Eliminations – Lease subsidiary
|
(13.6
|
)
|
|
(45.9
|
)
|
|
(42.5
|
)
|
|
(111.4
|
)
|
||||
Eliminations – Other
|
(2.1
|
)
|
|
0.2
|
|
|
(4.5
|
)
|
|
1.6
|
|
||||
Consolidated Total
|
$
|
135.2
|
|
|
$
|
191.6
|
|
|
$
|
251.8
|
|
|
$
|
395.0
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
(in millions)
|
||||||||||||||
Interest income
|
$
|
(2.3
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(4.0
|
)
|
|
$
|
(2.5
|
)
|
Interest expense
|
45.7
|
|
|
45.6
|
|
|
90.7
|
|
|
91.4
|
|
||||
Other, net
|
0.5
|
|
|
(4.9
|
)
|
|
1.3
|
|
|
(5.6
|
)
|
||||
Consolidated Total
|
$
|
43.9
|
|
|
$
|
39.4
|
|
|
$
|
88.0
|
|
|
$
|
83.3
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State taxes
|
1.5
|
|
|
1.2
|
|
|
1.5
|
|
|
1.1
|
|
Noncontrolling interest in partially-owned subsidiaries
|
(0.7
|
)
|
|
(1.0
|
)
|
|
(0.6
|
)
|
|
(1.1
|
)
|
Settlements with tax authorities
|
—
|
|
|
—
|
|
|
(3.5
|
)
|
|
—
|
|
Equity compensation
|
3.0
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
Other, net
|
2.1
|
|
|
(0.1
|
)
|
|
1.6
|
|
|
0.5
|
|
Effective rate
|
40.9
|
%
|
|
35.1
|
%
|
|
35.5
|
%
|
|
35.5
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Railcars
|
$
|
407.3
|
|
|
$
|
644.0
|
|
|
(36.8
|
)%
|
|
$
|
832.4
|
|
|
$
|
1,446.4
|
|
|
(42.5
|
)%
|
Components and maintenance services
|
58.6
|
|
|
49.2
|
|
|
19.1
|
|
|
111.8
|
|
|
93.7
|
|
|
19.3
|
|
||||
Total revenues
|
465.9
|
|
|
693.2
|
|
|
(32.8
|
)
|
|
944.2
|
|
|
1,540.1
|
|
|
(38.7
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
413.8
|
|
|
586.9
|
|
|
(29.5
|
)
|
|
827.2
|
|
|
1,259.3
|
|
|
(34.3
|
)
|
||||
Selling, engineering, and administrative costs
|
15.1
|
|
|
17.5
|
|
|
(13.7
|
)
|
|
29.3
|
|
|
34.8
|
|
|
(15.8
|
)
|
||||
Operating profit
|
$
|
37.0
|
|
|
$
|
88.8
|
|
|
(58.3
|
)
|
|
$
|
87.7
|
|
|
$
|
246.0
|
|
|
(64.3
|
)
|
Operating profit margin
|
7.9
|
%
|
|
12.8
|
%
|
|
|
|
9.3
|
%
|
|
16.0
|
%
|
|
|
|
As of June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
External Customers
|
$
|
1,722.0
|
|
|
$
|
3,125.2
|
|
Leasing Group
|
992.8
|
|
|
1,166.2
|
|
||
Total
|
$
|
2,714.8
|
|
|
$
|
4,291.4
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Beginning balance
|
26,420
|
|
|
43,360
|
|
|
29,220
|
|
|
48,885
|
|
Orders received
|
5,705
|
|
|
2,910
|
|
|
6,675
|
|
|
4,530
|
|
Shipments
|
(4,055
|
)
|
|
(6,065
|
)
|
|
(7,825
|
)
|
|
(13,210
|
)
|
Ending balance
(1)
|
27,580
|
|
|
40,205
|
|
|
27,580
|
|
|
40,205
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Highway products
|
$
|
65.6
|
|
|
$
|
81.1
|
|
|
(19.1
|
)%
|
|
$
|
129.1
|
|
|
$
|
143.8
|
|
|
(10.2
|
)%
|
Construction aggregates
|
52.2
|
|
|
52.6
|
|
|
(0.8
|
)
|
|
101.8
|
|
|
106.3
|
|
|
(4.2
|
)
|
||||
Other
|
13.5
|
|
|
12.1
|
|
|
11.6
|
|
|
23.5
|
|
|
20.6
|
|
|
14.1
|
|
||||
Total revenues
|
131.3
|
|
|
145.8
|
|
|
(9.9
|
)
|
|
254.4
|
|
|
270.7
|
|
|
(6.0
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
89.4
|
|
|
106.2
|
|
|
(15.8
|
)
|
|
178.3
|
|
|
195.8
|
|
|
(8.9
|
)
|
||||
Selling, engineering, and administrative costs
|
19.8
|
|
|
18.4
|
|
|
7.6
|
|
|
38.8
|
|
|
38.0
|
|
|
2.1
|
|
||||
Property disposition gains
|
(0.2
|
)
|
|
(0.3
|
)
|
|
(33.3
|
)
|
|
(0.6
|
)
|
|
(0.5
|
)
|
|
20.0
|
|
||||
Operating profit
|
$
|
22.3
|
|
|
$
|
21.5
|
|
|
3.7
|
|
|
$
|
37.9
|
|
|
$
|
37.4
|
|
|
1.3
|
|
Operating profit margin
|
17.0
|
%
|
|
14.7
|
%
|
|
|
|
14.9
|
%
|
|
13.8
|
%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues
|
$
|
33.5
|
|
|
$
|
118.3
|
|
|
(71.7
|
)%
|
|
$
|
96.2
|
|
|
$
|
229.1
|
|
|
(58.0
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
30.1
|
|
|
100.5
|
|
|
(70.0
|
)
|
|
83.4
|
|
|
194.9
|
|
|
(57.2
|
)
|
||||
Selling, engineering, and administrative costs
|
2.9
|
|
|
3.5
|
|
|
(17.1
|
)
|
|
5.9
|
|
|
7.3
|
|
|
(19.2
|
)
|
||||
Operating profit
|
$
|
0.5
|
|
|
$
|
14.3
|
|
|
(96.5
|
)
|
|
$
|
6.9
|
|
|
$
|
26.9
|
|
|
(74.3
|
)
|
Operating profit margin
|
1.5
|
%
|
|
12.1
|
%
|
|
|
|
7.2
|
%
|
|
11.7
|
%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wind towers and utility structures
|
$
|
166.5
|
|
|
$
|
149.5
|
|
|
11.4
|
%
|
|
$
|
347.3
|
|
|
$
|
336.1
|
|
|
3.3
|
%
|
Other
|
72.0
|
|
|
91.1
|
|
|
(21.0
|
)
|
|
146.6
|
|
|
177.9
|
|
|
(17.6
|
)
|
||||
Total revenues
|
238.5
|
|
|
240.6
|
|
|
(0.9
|
)
|
|
493.9
|
|
|
514.0
|
|
|
(3.9
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
192.7
|
|
|
186.9
|
|
|
3.1
|
|
|
399.9
|
|
|
404.1
|
|
|
(1.0
|
)
|
||||
Selling, engineering, and administrative costs
|
21.5
|
|
|
18.8
|
|
|
14.4
|
|
|
39.9
|
|
|
37.6
|
|
|
6.1
|
|
||||
Operating profit
|
$
|
24.3
|
|
|
$
|
34.9
|
|
|
(30.4
|
)
|
|
$
|
54.1
|
|
|
$
|
72.3
|
|
|
(25.2
|
)
|
Operating profit margin
|
10.2
|
%
|
|
14.5
|
%
|
|
|
|
11.0
|
%
|
|
14.1
|
%
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
185.0
|
|
|
$
|
178.5
|
|
|
3.6
|
%
|
|
$
|
363.9
|
|
|
$
|
349.0
|
|
|
4.3
|
%
|
Sales of railcars owned one year or less at the time of sale
|
7.1
|
|
|
118.1
|
|
|
*
|
|
7.1
|
|
|
126.1
|
|
|
*
|
||||||
Total revenues
|
$
|
192.1
|
|
|
$
|
296.6
|
|
|
(35.2
|
)
|
|
$
|
371.0
|
|
|
$
|
475.1
|
|
|
(21.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
85.6
|
|
|
$
|
74.5
|
|
|
14.9
|
|
|
$
|
170.6
|
|
|
$
|
144.3
|
|
|
18.2
|
|
Railcar sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Railcars owned one year or less at the time of sale
|
1.5
|
|
|
31.8
|
|
|
*
|
|
1.5
|
|
|
34.1
|
|
|
*
|
||||||
Railcars owned more than one year at the time of sale
|
23.7
|
|
|
11.4
|
|
|
*
|
|
23.7
|
|
|
13.5
|
|
|
*
|
||||||
Total operating profit
|
$
|
110.8
|
|
|
$
|
117.7
|
|
|
(5.9
|
)
|
|
$
|
195.8
|
|
|
$
|
191.9
|
|
|
2.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
46.3
|
%
|
|
41.7
|
%
|
|
|
|
46.9
|
%
|
|
41.3
|
%
|
|
|
||||||
Railcar sales
|
*
|
|
*
|
|
|
|
*
|
|
|
*
|
|
|
|
||||||||
Total operating profit margin
|
57.7
|
%
|
|
39.7
|
%
|
|
|
|
52.8
|
%
|
|
40.4
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected expense information
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
$
|
43.1
|
|
|
$
|
38.7
|
|
|
11.4
|
|
|
$
|
85.2
|
|
|
$
|
76.1
|
|
|
12.0
|
|
Maintenance and compliance
|
$
|
23.9
|
|
|
$
|
31.8
|
|
|
(24.8
|
)
|
|
$
|
44.4
|
|
|
$
|
63.4
|
|
|
(30.0
|
)
|
Rent
|
$
|
9.9
|
|
|
$
|
9.9
|
|
|
—
|
|
|
$
|
20.0
|
|
|
$
|
19.4
|
|
|
3.1
|
|
Interest
|
$
|
31.3
|
|
|
$
|
31.4
|
|
|
(0.3
|
)
|
|
$
|
61.9
|
|
|
$
|
63.2
|
|
|
(2.1
|
)
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
7.1
|
|
|
$
|
126.1
|
|
Railcars owned more than one year at the time of sale
|
92.4
|
|
|
37.7
|
|
||
Rail Group
|
—
|
|
|
8.1
|
|
||
|
$
|
99.5
|
|
|
$
|
171.9
|
|
|
June 30, 2017
|
|
June 30, 2016
|
||
Number of railcars:
|
|
|
|
||
Wholly-owned
|
62,570
|
|
|
55,635
|
|
Partially-owned
|
24,660
|
|
|
24,725
|
|
|
87,230
|
|
|
80,360
|
|
Average age in years
|
8.5
|
|
|
8.2
|
|
Average remaining lease term in years
|
3.5
|
|
|
3.2
|
|
Fleet utilization
|
97.5
|
%
|
|
96.4
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues
|
$
|
22.7
|
|
|
$
|
19.7
|
|
|
15.2
|
%
|
|
$
|
45.5
|
|
|
$
|
41.6
|
|
|
9.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
26.6
|
|
|
22.2
|
|
|
19.8
|
|
|
52.7
|
|
|
46.9
|
|
|
12.4
|
|
||||
Selling, engineering, and administrative costs
|
1.9
|
|
|
2.0
|
|
|
(5.0
|
)
|
|
3.7
|
|
|
4.0
|
|
|
(7.5
|
)
|
||||
Property disposition (gains) losses
|
(0.1
|
)
|
|
0.7
|
|
|
|
|
(0.6
|
)
|
|
1.0
|
|
|
|
|
|||||
Operating loss
|
$
|
(5.7
|
)
|
|
$
|
(5.2
|
)
|
|
*
|
|
$
|
(10.3
|
)
|
|
$
|
(10.3
|
)
|
|
*
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
Percent
|
|
2017
|
|
2016
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Operating costs
|
$
|
38.3
|
|
|
$
|
34.7
|
|
|
10.4
|
%
|
|
$
|
73.3
|
|
|
$
|
59.4
|
|
|
23.4
|
%
|
|
Six Months Ended
June 30, |
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Total cash provided by (required by):
|
|
|
|
||||
Operating activities
|
$
|
336.1
|
|
|
$
|
486.4
|
|
Investing activities
|
(168.9
|
)
|
|
(496.8
|
)
|
||
Financing activities
|
78.1
|
|
|
(161.6
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
245.3
|
|
|
$
|
(172.0
|
)
|
|
Six Months Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
7.1
|
|
|
$
|
126.1
|
|
Railcars owned more than one year at the time of sale
|
92.4
|
|
|
37.7
|
|
||
Rail Group
|
—
|
|
|
8.1
|
|
||
|
$
|
99.5
|
|
|
$
|
171.9
|
|
|
|
|
|
|
Included in accompanying balance sheet
at June 30, 2017 |
|||||||||||||
|
Notional
Amount
|
|
Interest
Rate
(1)
|
|
Asset / (liability)
|
|
AOCL –
loss/
(income)
|
|
Noncontrolling
Interest
|
|||||||||
|
(in millions, except %)
|
|||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
|||||||||
2006 secured railcar equipment notes
|
$
|
200.0
|
|
|
4.87
|
%
|
|
$
|
—
|
|
|
$
|
(0.5
|
)
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
788.5
|
|
|
3.60
|
%
|
|
$
|
—
|
|
|
$
|
4.9
|
|
|
$
|
6.6
|
|
Open hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
35.4
|
|
|
2.62
|
%
|
|
$
|
(0.7
|
)
|
|
$
|
0.3
|
|
|
$
|
0.4
|
|
2017 promissory notes
|
$
|
180.7
|
|
|
3.00
|
%
|
|
$
|
2.1
|
|
|
$
|
0.2
|
|
|
$
|
—
|
|
(1)
|
Weighted average fixed interest rate, except for 2017 promissory notes. Interest rate cap for 2017 promissory notes.
|
|
Effect on interest expense - increase/(decrease)
|
||||||||||||||||||
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
|
Expected effect during next twelve months
(1)
|
||||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
|||||||||||
|
(in millions)
|
||||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
2006 secured railcar equipment notes
|
$
|
—
|
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
TRIP Holdings warehouse loan
|
$
|
1.1
|
|
|
$
|
1.2
|
|
|
$
|
2.3
|
|
|
$
|
2.4
|
|
|
$
|
3.5
|
|
Open hedge:
|
|
|
|
|
|
|
|
|
|
||||||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
0.1
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
|
$
|
0.5
|
|
|
$
|
0.4
|
|
•
|
market conditions and demand for our business products and services;
|
•
|
the cyclical nature of 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 supersedeas 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; and
|
•
|
the inability to sufficiently protect our intellectual property rights.
|
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)
|
||||||
April 1, 2017 through April 30, 2017
|
2,551
|
|
|
$
|
26.18
|
|
|
—
|
|
|
$
|
215,375,299
|
|
May 1, 2017 through May 31, 2017
|
515,011
|
|
|
$
|
27.17
|
|
|
—
|
|
|
$
|
215,375,299
|
|
June 1, 2017 through June 30, 2017
|
1,942,380
|
|
|
$
|
26.95
|
|
|
1,942,200
|
|
|
$
|
163,034,477
|
|
Total
|
2,459,942
|
|
|
$
|
26.99
|
|
|
1,942,200
|
|
|
$
|
163,034,477
|
|
NO.
|
|
DESCRIPTION
|
4.1
|
|
Third Supplemental Indenture dated April 20, 2017, by and among Trinity Industries, Inc., certain of its subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017).
|
10.1
|
|
Supplement to Subsidiary Guaranty, dated April 20, 2017, in favor of JPMorgan Chase Bank, N.A. as Administrative Agent (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017).
|
10.2
|
|
Fourth Amended and Restated Trinity Industries, Inc. 2004 Stock Option and Incentive Plan (incorporated by reference to Exhibit 10.1 to our Form 8-K filed on May 3, 2017).
|
10.3
|
|
Form of Restricted Stock Unit Agreement for grants issued commencing 2017 (incorporated by reference to Exhibit 10.2 to our Form 8-K filed on May 3, 2017).
|
10.4
|
|
Form of Performance-Based Restricted Stock Unit Grant Agreement for grants issued commencing 2017 (incorporated by reference to Exhibit 10.3 to our Form 8-K filed on May 3, 2017).
|
10.5
|
|
Form of Non-Employee Director Restricted Stock Grant Agreement for grants issued commencing 2017 (filed herewith).
|
10.6
|
|
Form of Non-Employee Director Restricted Stock Unit Agreement for grants issued commencing 2017 (filed herewith).
|
10.7
|
|
Term Loan Agreement dated as of May 15, 2017 among Trinity Rail Leasing 2017 LLC, the Lenders From Time to Time Party Hereto, Credit Agricole Corporate and Investment Bank, as Agent, and U.S. Bank National Association, as Collateral and Depositary (filed herewith).
|
10.7.1
|
|
Purchase and Contribution Agreement dated as of May 15, 2017 among Trinity Rail Leasing Warehouse Trust and Trinity Industries Leasing Company, as Sellers, and Trinity Rail Leasing 2017 LLC as Purchaser (filed herewith).
|
31.1
|
|
Rule 13a-15(e) and 15d-15(e) Certification of the Chief Executive Officer (filed herewith).
|
31.2
|
|
Rule 13a-15(e) and 15d-15(e) Certification of the Chief Financial Officer (filed herewith).
|
32.1
|
|
Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
32.2
|
|
Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
95
|
|
Mine Safety Disclosure Exhibit (filed herewith).
|
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).
|
TRINITY INDUSTRIES, INC.
|
By
|
/s/ James E. Perry
|
Registrant
|
|
|
|
|
James E. Perry
|
|
|
Senior Vice President and
|
|
|
Chief Financial Officer
|
|
|
July 26, 2017
|
INDEX TO EXHIBITS
|
||
NO.
|
|
DESCRIPTION
|
4.1
|
|
Third Supplemental Indenture dated April 20, 2017, by and among Trinity Industries, Inc., certain of its subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017).
|
10.1
|
|
Supplement to Subsidiary Guaranty, dated April 20, 2017, in favor of JPMorgan Chase Bank, N.A. as Administrative Agent (incorporated by reference to Exhibit 10.1 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017).
|
10.2
|
|
Fourth Amended and Restated Trinity Industries, Inc. 2004 Stock Option and Incentive Plan (incorporated by reference to Exhibit 10.1 to our Form 8-K filed on May 3, 2017).
|
10.3
|
|
Form of Restricted Stock Unit Agreement for grants issued commencing 2017 (incorporated by reference to Exhibit 10.2 to our Form 8-K filed on May 3, 2017).
|
10.4
|
|
Form of Performance-Based Restricted Stock Unit Grant Agreement for grants issued commencing 2017 (incorporated by reference to Exhibit 10.3 to our Form 8-K filed on May 3, 2017).
|
10.5
|
|
Form of Non-Employee Director Restricted Stock Grant Agreement for grants issued commencing 2017 (filed herewith).
|
10.6
|
|
Form of Non-Employee Director Restricted Stock Unit Agreement for grants issued commencing 2017 (filed herewith).
|
10.7
|
|
Term Loan Agreement dated as of May 15, 2017 among Trinity Rail Leasing 2017 LLC, the Lenders From Time to Time Party Hereto, Credit Agricole Corporate and Investment Bank, as Agent, and U.S. Bank National Association, as Collateral and Depositary (filed herewith).
|
10.7.1
|
|
Purchase and Contribution Agreement dated as of May 15, 2017 among Trinity Rail Leasing Warehouse Trust and Trinity Industries Leasing Company, as Sellers, and Trinity Rail Leasing 2017 LLC as Purchaser (filed herewith).
|
31.1
|
|
Rule 13a-15(e) and 15d-15(e) Certification of the Chief Executive Officer (filed herewith).
|
31.2
|
|
Rule 13a-15(e) and 15d-15(e) Certification of the Chief Financial Officer (filed herewith).
|
32.1
|
|
Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
32.2
|
|
Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
95
|
|
Mine Safety Disclosure Exhibit (filed herewith).
|
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 |
---|