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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trinity Industries Inc | NYSE:TRN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 30.74 | 0 | 09:05:16 |
(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
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions, except per share amounts)
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
$
|
938.5
|
|
|
$
|
1,295.6
|
|
|
$
|
2,837.4
|
|
|
$
|
4,123.5
|
|
Leasing
|
173.2
|
|
|
246.6
|
|
|
647.1
|
|
|
722.2
|
|
||||
|
1,111.7
|
|
|
1,542.2
|
|
|
3,484.5
|
|
|
4,845.7
|
|
||||
Operating costs:
|
|
|
|
|
|
|
|
||||||||
Cost of revenues:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
745.4
|
|
|
976.0
|
|
|
2,258.4
|
|
|
3,162.3
|
|
||||
Leasing
|
81.9
|
|
|
133.4
|
|
|
356.5
|
|
|
377.8
|
|
||||
|
827.3
|
|
|
1,109.4
|
|
|
2,614.9
|
|
|
3,540.1
|
|
||||
Selling, engineering, and administrative expenses:
|
|
|
|
|
|
|
|
||||||||
Manufacturing
|
54.9
|
|
|
71.5
|
|
|
176.6
|
|
|
202.2
|
|
||||
Leasing
|
11.8
|
|
|
15.4
|
|
|
33.9
|
|
|
38.4
|
|
||||
Other
|
35.6
|
|
|
39.7
|
|
|
95.0
|
|
|
98.7
|
|
||||
|
102.3
|
|
|
126.6
|
|
|
305.5
|
|
|
339.3
|
|
||||
Gains on dispositions of property:
|
|
|
|
|
|
|
|
||||||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
—
|
|
|
57.8
|
|
|
13.5
|
|
|
102.8
|
|
||||
Other
|
1.5
|
|
|
0.9
|
|
|
1.0
|
|
|
11.8
|
|
||||
|
1.5
|
|
|
58.7
|
|
|
14.5
|
|
|
114.6
|
|
||||
Total operating profit
|
183.6
|
|
|
364.9
|
|
|
578.6
|
|
|
1,080.9
|
|
||||
Other (income) expense:
|
|
|
|
|
|
|
|
||||||||
Interest income
|
(1.4
|
)
|
|
(0.6
|
)
|
|
(3.9
|
)
|
|
(1.6
|
)
|
||||
Interest expense
|
45.3
|
|
|
46.7
|
|
|
136.7
|
|
|
148.8
|
|
||||
Other, net
|
0.2
|
|
|
(1.0
|
)
|
|
(5.4
|
)
|
|
(4.0
|
)
|
||||
|
44.1
|
|
|
45.1
|
|
|
127.4
|
|
|
143.2
|
|
||||
Income before income taxes
|
139.5
|
|
|
319.8
|
|
|
451.2
|
|
|
937.7
|
|
||||
Provision for income taxes
|
49.9
|
|
|
107.6
|
|
|
160.7
|
|
|
315.7
|
|
||||
Net income
|
89.6
|
|
|
212.2
|
|
|
290.5
|
|
|
622.0
|
|
||||
Net income attributable to noncontrolling interest
|
5.4
|
|
|
7.9
|
|
|
14.5
|
|
|
25.5
|
|
||||
Net income attributable to Trinity Industries, Inc.
|
$
|
84.2
|
|
|
$
|
204.3
|
|
|
$
|
276.0
|
|
|
$
|
596.5
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.55
|
|
|
$
|
1.32
|
|
|
$
|
1.81
|
|
|
$
|
3.84
|
|
Diluted
|
$
|
0.55
|
|
|
$
|
1.31
|
|
|
$
|
1.81
|
|
|
$
|
3.78
|
|
Weighted average number of shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
148.7
|
|
|
150.0
|
|
|
148.3
|
|
|
150.6
|
|
||||
Diluted
|
148.7
|
|
|
150.9
|
|
|
148.3
|
|
|
153.1
|
|
||||
Dividends declared per common share
|
$
|
0.11
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.32
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Net income
|
$
|
89.6
|
|
|
$
|
212.2
|
|
|
$
|
290.5
|
|
|
$
|
622.0
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Derivative financial instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized losses arising during the period, net of tax expense (benefit) of $0.1, $(0.2), $(0.1), and $(0.4)
|
—
|
|
|
(0.5
|
)
|
|
(0.7
|
)
|
|
(0.8
|
)
|
||||
Reclassification adjustments for losses included in net income, net of tax benefit of $0.1, $0.2, $0.6, and $3.3
|
1.2
|
|
|
1.2
|
|
|
3.4
|
|
|
7.6
|
|
||||
Currency translation adjustment
|
(0.4
|
)
|
|
(2.6
|
)
|
|
1.4
|
|
|
(5.2
|
)
|
||||
Defined benefit plans:
|
|
|
|
|
|
|
|
||||||||
Amortization of net actuarial losses, net of tax benefit of $0.4, $0.5, $1.4, and $1.5
|
0.8
|
|
|
0.8
|
|
|
2.4
|
|
|
2.4
|
|
||||
|
1.6
|
|
|
(1.1
|
)
|
|
6.5
|
|
|
4.0
|
|
||||
Comprehensive income
|
91.2
|
|
|
211.1
|
|
|
297.0
|
|
|
626.0
|
|
||||
Less: comprehensive income attributable to noncontrolling interest
|
6.2
|
|
|
8.4
|
|
|
16.5
|
|
|
27.5
|
|
||||
Comprehensive income attributable to Trinity Industries, Inc.
|
$
|
85.0
|
|
|
$
|
202.7
|
|
|
$
|
280.5
|
|
|
$
|
598.5
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(unaudited)
|
|
|
||||
|
(in millions)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
557.8
|
|
|
$
|
786.0
|
|
Short-term marketable securities
|
284.7
|
|
|
84.9
|
|
||
Receivables, net of allowance
|
372.2
|
|
|
369.9
|
|
||
Income tax receivable
|
54.9
|
|
|
94.9
|
|
||
Inventories:
|
|
|
|
||||
Raw materials and supplies
|
406.1
|
|
|
478.6
|
|
||
Work in process
|
265.1
|
|
|
222.8
|
|
||
Finished goods
|
198.4
|
|
|
241.7
|
|
||
|
869.6
|
|
|
943.1
|
|
||
Restricted cash, including partially-owned subsidiaries of $81.7 and $89.9
|
183.9
|
|
|
195.8
|
|
||
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,978.6 and $1,980.1
|
7,713.9
|
|
|
7,145.4
|
|
||
Less accumulated depreciation, including partially-owned subsidiaries of $351.9 and $313.7
|
(1,950.7
|
)
|
|
(1,797.4
|
)
|
||
|
5,763.2
|
|
|
5,348.0
|
|
||
Goodwill
|
754.5
|
|
|
753.8
|
|
||
Other assets
|
294.8
|
|
|
309.5
|
|
||
|
$
|
9,135.6
|
|
|
$
|
8,885.9
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
211.0
|
|
|
$
|
216.8
|
|
Accrued liabilities
|
477.7
|
|
|
529.6
|
|
||
Debt:
|
|
|
|
||||
Recourse, net of unamortized discount of $31.5 and $44.2
|
847.4
|
|
|
836.7
|
|
||
Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries
|
880.7
|
|
|
928.7
|
|
||
Partially-owned subsidiaries
|
1,379.0
|
|
|
1,430.0
|
|
||
|
3,107.1
|
|
|
3,195.4
|
|
||
Deferred income
|
24.2
|
|
|
27.1
|
|
||
Deferred income taxes
|
936.0
|
|
|
752.2
|
|
||
Other liabilities
|
125.2
|
|
|
116.1
|
|
||
|
4,881.2
|
|
|
4,837.2
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock – 1.5 shares authorized and unissued
|
—
|
|
|
—
|
|
||
Common stock – 400.0 shares authorized
|
1.5
|
|
|
1.5
|
|
||
Capital in excess of par value
|
528.9
|
|
|
548.5
|
|
||
Retained earnings
|
3,446.4
|
|
|
3,220.3
|
|
||
Accumulated other comprehensive loss
|
(110.9
|
)
|
|
(115.4
|
)
|
||
Treasury stock
|
(4.4
|
)
|
|
(1.0
|
)
|
||
|
3,861.5
|
|
|
3,653.9
|
|
||
Noncontrolling interest
|
392.9
|
|
|
394.8
|
|
||
|
4,254.4
|
|
|
4,048.7
|
|
||
|
$
|
9,135.6
|
|
|
$
|
8,885.9
|
|
|
Nine Months Ended
September 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
290.5
|
|
|
$
|
622.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
210.6
|
|
|
197.9
|
|
||
Stock-based compensation expense
|
33.2
|
|
|
46.3
|
|
||
Excess tax benefits from stock-based compensation
|
(0.8
|
)
|
|
(13.1
|
)
|
||
Provision for deferred income taxes
|
158.1
|
|
|
13.8
|
|
||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
(13.5
|
)
|
|
(102.8
|
)
|
||
Gains on dispositions of property and other assets
|
(1.0
|
)
|
|
(11.8
|
)
|
||
Non-cash interest expense
|
21.3
|
|
|
23.0
|
|
||
Other
|
(3.1
|
)
|
|
(1.1
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
(Increase) decrease in receivables
|
37.7
|
|
|
(43.9
|
)
|
||
(Increase) decrease in inventories
|
73.5
|
|
|
50.7
|
|
||
(Increase) decrease in restricted cash
|
—
|
|
|
(9.4
|
)
|
||
(Increase) decrease in other assets
|
8.5
|
|
|
(16.1
|
)
|
||
Increase (decrease) in accounts payable
|
(5.8
|
)
|
|
(0.8
|
)
|
||
Increase (decrease) in accrued liabilities
|
(26.4
|
)
|
|
(128.7
|
)
|
||
Increase (decrease) in other liabilities
|
9.3
|
|
|
4.3
|
|
||
Net cash provided by operating activities
|
792.1
|
|
|
630.3
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
(Increase) decrease in short-term marketable securities
|
(199.8
|
)
|
|
75.0
|
|
||
Proceeds from dispositions of property and other assets
|
8.9
|
|
|
6.1
|
|
||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale
|
37.7
|
|
|
313.4
|
|
||
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $92.0 and $150.0
|
(555.2
|
)
|
|
(642.2
|
)
|
||
Capital expenditures – manufacturing and other
|
(101.1
|
)
|
|
(145.1
|
)
|
||
Acquisitions, net of cash acquired
|
—
|
|
|
(46.2
|
)
|
||
Divestitures
|
—
|
|
|
51.3
|
|
||
Other
|
4.0
|
|
|
4.8
|
|
||
Net cash required by investing activities
|
(805.5
|
)
|
|
(382.9
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of common stock, net
|
—
|
|
|
0.2
|
|
||
Excess tax benefits from stock-based compensation
|
0.8
|
|
|
13.1
|
|
||
Payments to retire debt
|
(106.0
|
)
|
|
(530.8
|
)
|
||
Proceeds from issuance of debt
|
—
|
|
|
242.4
|
|
||
Decrease in restricted cash
|
11.9
|
|
|
32.3
|
|
||
Shares repurchased
|
(34.7
|
)
|
|
(107.5
|
)
|
||
Dividends paid to common shareholders
|
(50.0
|
)
|
|
(48.0
|
)
|
||
Purchase of shares to satisfy employee tax on vested stock
|
(16.4
|
)
|
|
(27.4
|
)
|
||
Distributions to noncontrolling interest
|
(18.4
|
)
|
|
(30.4
|
)
|
||
Other
|
(2.0
|
)
|
|
(1.4
|
)
|
||
Net cash required by financing activities
|
(214.8
|
)
|
|
(457.5
|
)
|
||
Net decrease in cash and cash equivalents
|
(228.2
|
)
|
|
(210.1
|
)
|
||
Cash and cash equivalents at beginning of period
|
786.0
|
|
|
887.9
|
|
||
Cash and cash equivalents at end of period
|
$
|
557.8
|
|
|
$
|
677.8
|
|
|
|
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, 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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
276.0
|
|
|
14.5
|
|
|
290.5
|
|
||||||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.5
|
|
|
—
|
|
|
—
|
|
|
4.5
|
|
|
2.0
|
|
|
6.5
|
|
||||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49.9
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49.9
|
)
|
|
—
|
|
|
(49.9
|
)
|
||||||||
Restricted shares, net
|
|
2.6
|
|
|
—
|
|
|
36.8
|
|
|
—
|
|
|
—
|
|
|
(1.1
|
)
|
|
(20.0
|
)
|
|
16.8
|
|
|
—
|
|
|
16.8
|
|
||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
(34.7
|
)
|
|
(34.7
|
)
|
|
—
|
|
|
(34.7
|
)
|
||||||||
Excess net tax deficiency from stock-based compensation
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4.7
|
)
|
|
—
|
|
|
(4.7
|
)
|
||||||||
Disbursements to non-controlling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18.4
|
)
|
|
(18.4
|
)
|
||||||||
Retirement of treasury stock
|
|
(3.1
|
)
|
|
—
|
|
|
(51.7
|
)
|
|
—
|
|
|
—
|
|
|
3.1
|
|
|
51.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
(0.4
|
)
|
|
—
|
|
|
(0.4
|
)
|
||||||||
Balances at
September 30, 2016 |
|
152.4
|
|
|
$
|
1.5
|
|
|
$
|
528.9
|
|
|
$
|
3,446.4
|
|
|
$
|
(110.9
|
)
|
|
(0.2
|
)
|
|
$
|
(4.4
|
)
|
|
$
|
3,861.5
|
|
|
$
|
392.9
|
|
|
$
|
4,254.4
|
|
|
Fair Value Measurement as of September 30, 2016
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
114.7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
114.7
|
|
Restricted cash
|
183.9
|
|
|
—
|
|
|
—
|
|
|
183.9
|
|
||||
Equity instruments
|
—
|
|
|
3.4
|
|
|
—
|
|
|
3.4
|
|
||||
Total assets
|
$
|
298.6
|
|
|
$
|
3.4
|
|
|
$
|
—
|
|
|
$
|
302.0
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge:
(1)
|
|
|
|
|
|
|
|
||||||||
Partially-owned subsidiaries
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
Total liabilities
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurement as of December 31, 2015
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
174.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
174.0
|
|
Restricted cash
|
195.8
|
|
|
—
|
|
|
—
|
|
|
195.8
|
|
||||
Total assets
|
$
|
369.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
369.8
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedge:
(1)
|
|
|
|
|
|
|
|
||||||||
Partially-owned subsidiaries
|
$
|
—
|
|
|
$
|
1.6
|
|
|
$
|
—
|
|
|
$
|
1.6
|
|
Fuel derivative instruments
(1)
|
—
|
|
|
0.8
|
|
|
—
|
|
|
0.8
|
|
||||
Total liabilities
|
$
|
—
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
2.4
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
|
(in millions)
|
||||||||||||||
Recourse:
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
$
|
399.6
|
|
|
$
|
398.4
|
|
|
$
|
399.6
|
|
|
$
|
370.3
|
|
Convertible subordinated notes
|
449.4
|
|
|
538.6
|
|
|
449.4
|
|
|
534.8
|
|
||||
Less: unamortized discount
|
(31.1
|
)
|
|
|
|
(43.8
|
)
|
|
|
||||||
|
418.3
|
|
|
|
|
405.6
|
|
|
|
||||||
Capital lease obligations
|
33.2
|
|
|
33.2
|
|
|
35.8
|
|
|
35.8
|
|
||||
Other
|
0.3
|
|
|
0.3
|
|
|
0.5
|
|
|
0.5
|
|
||||
|
851.4
|
|
|
970.5
|
|
|
841.5
|
|
|
941.4
|
|
||||
Less: unamortized debt issuance costs
|
(4.0
|
)
|
|
|
|
(4.8
|
)
|
|
|
||||||
|
847.4
|
|
|
|
|
836.7
|
|
|
|
||||||
Non-recourse:
|
|
|
|
|
|
|
|
||||||||
2006 secured railcar equipment notes
|
198.0
|
|
|
207.8
|
|
|
204.1
|
|
|
218.2
|
|
||||
2009 secured railcar equipment notes
|
174.1
|
|
|
196.4
|
|
|
179.2
|
|
|
207.2
|
|
||||
2010 secured railcar equipment notes
|
284.1
|
|
|
295.1
|
|
|
296.2
|
|
|
314.2
|
|
||||
TILC warehouse facility
|
236.8
|
|
|
236.8
|
|
|
264.3
|
|
|
264.3
|
|
||||
TRL 2012 secured railcar equipment notes (RIV 2013)
|
431.1
|
|
|
411.3
|
|
|
449.1
|
|
|
436.9
|
|
||||
TRIP Master Funding secured railcar equipment notes (TRIP Holdings)
|
963.3
|
|
|
984.0
|
|
|
997.8
|
|
|
1,039.5
|
|
||||
|
2,287.4
|
|
|
2,331.4
|
|
|
2,390.7
|
|
|
2,480.3
|
|
||||
Less: unamortized debt issuance costs
|
(27.7
|
)
|
|
|
|
(32.0
|
)
|
|
|
||||||
|
2,259.7
|
|
|
|
|
2,358.7
|
|
|
|
||||||
Total
|
$
|
3,107.1
|
|
|
$
|
3,301.9
|
|
|
$
|
3,195.4
|
|
|
$
|
3,421.7
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
506.0
|
|
|
$
|
214.8
|
|
|
$
|
720.8
|
|
|
$
|
103.6
|
|
Construction Products Group
|
136.3
|
|
|
3.5
|
|
|
139.8
|
|
|
23.8
|
|
||||
Inland Barge Group
|
98.9
|
|
|
—
|
|
|
98.9
|
|
|
11.7
|
|
||||
Energy Equipment Group
|
194.6
|
|
|
47.1
|
|
|
241.7
|
|
|
31.2
|
|
||||
Railcar Leasing and Management Services Group
|
173.2
|
|
|
0.5
|
|
|
173.7
|
|
|
80.5
|
|
||||
All Other
|
2.7
|
|
|
24.0
|
|
|
26.7
|
|
|
(3.5
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
1,111.7
|
|
|
289.9
|
|
|
1,401.6
|
|
|
247.3
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(35.6
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(206.7
|
)
|
|
(206.7
|
)
|
|
(27.7
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(83.2
|
)
|
|
(83.2
|
)
|
|
(0.4
|
)
|
||||
Consolidated Total
|
$
|
1,111.7
|
|
|
$
|
—
|
|
|
$
|
1,111.7
|
|
|
$
|
183.6
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
747.2
|
|
|
$
|
326.2
|
|
|
$
|
1,073.4
|
|
|
$
|
223.3
|
|
Construction Products Group
|
151.1
|
|
|
3.7
|
|
|
154.8
|
|
|
19.9
|
|
||||
Inland Barge Group
|
164.8
|
|
|
—
|
|
|
164.8
|
|
|
28.1
|
|
||||
Energy Equipment Group
|
229.6
|
|
|
59.9
|
|
|
289.5
|
|
|
44.8
|
|
||||
Railcar Leasing and Management Services Group
|
246.6
|
|
|
2.6
|
|
|
249.2
|
|
|
158.2
|
|
||||
All Other
|
2.9
|
|
|
26.2
|
|
|
29.1
|
|
|
(3.0
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
1,542.2
|
|
|
418.6
|
|
|
1,960.8
|
|
|
471.3
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(39.7
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(308.4
|
)
|
|
(308.4
|
)
|
|
(65.6
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(110.2
|
)
|
|
(110.2
|
)
|
|
(1.1
|
)
|
||||
Consolidated Total
|
$
|
1,542.2
|
|
|
$
|
—
|
|
|
$
|
1,542.2
|
|
|
$
|
364.9
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
1,476.9
|
|
|
$
|
784.0
|
|
|
$
|
2,260.9
|
|
|
$
|
349.6
|
|
Construction Products Group
|
399.6
|
|
|
10.9
|
|
|
410.5
|
|
|
61.2
|
|
||||
Inland Barge Group
|
328.0
|
|
|
—
|
|
|
328.0
|
|
|
38.6
|
|
||||
Energy Equipment Group
|
626.2
|
|
|
129.5
|
|
|
755.7
|
|
|
103.5
|
|
||||
Railcar Leasing and Management Services Group
|
647.1
|
|
|
1.7
|
|
|
648.8
|
|
|
272.4
|
|
||||
All Other
|
6.7
|
|
|
61.6
|
|
|
68.3
|
|
|
(13.8
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
3,484.5
|
|
|
987.7
|
|
|
4,472.2
|
|
|
811.5
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(95.0
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(742.1
|
)
|
|
(742.1
|
)
|
|
(139.1
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(245.6
|
)
|
|
(245.6
|
)
|
|
1.2
|
|
||||
Consolidated Total
|
$
|
3,484.5
|
|
|
$
|
—
|
|
|
$
|
3,484.5
|
|
|
$
|
578.6
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
2,506.8
|
|
|
$
|
821.4
|
|
|
$
|
3,328.2
|
|
|
$
|
663.7
|
|
Construction Products Group
|
411.4
|
|
|
7.5
|
|
|
418.9
|
|
|
49.5
|
|
||||
Inland Barge Group
|
505.7
|
|
|
—
|
|
|
505.7
|
|
|
96.3
|
|
||||
Energy Equipment Group
|
694.4
|
|
|
177.1
|
|
|
871.5
|
|
|
118.3
|
|
||||
Railcar Leasing and Management Services Group
|
722.2
|
|
|
9.9
|
|
|
732.1
|
|
|
418.7
|
|
||||
All Other
|
5.2
|
|
|
78.8
|
|
|
84.0
|
|
|
(4.6
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
4,845.7
|
|
|
1,094.7
|
|
|
5,940.4
|
|
|
1,341.9
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(98.7
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(782.9
|
)
|
|
(782.9
|
)
|
|
(163.8
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(311.8
|
)
|
|
(311.8
|
)
|
|
1.5
|
|
||||
Consolidated Total
|
$
|
4,845.7
|
|
|
$
|
—
|
|
|
$
|
4,845.7
|
|
|
$
|
1,080.9
|
|
|
September 30, 2016
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-Owned Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
5.8
|
|
|
$
|
—
|
|
|
$
|
836.7
|
|
|
$
|
842.5
|
|
Property, plant, and equipment, net
|
$
|
3,677.0
|
|
|
$
|
1,894.0
|
|
|
$
|
958.5
|
|
|
$
|
6,529.5
|
|
Net deferred profit on railcars sold to
the Leasing Group
|
|
|
|
|
|
|
(766.3
|
)
|
|||||||
Consolidated property, plant and equipment, net
|
|
|
|
|
|
|
$
|
5,763.2
|
|
||||||
Restricted cash
|
$
|
102.1
|
|
|
$
|
81.7
|
|
|
$
|
0.1
|
|
|
$
|
183.9
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
33.2
|
|
|
$
|
—
|
|
|
$
|
849.7
|
|
|
$
|
882.9
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(31.5
|
)
|
|
(31.5
|
)
|
||||
Less: unamortized debt issuance costs
|
(0.1
|
)
|
|
—
|
|
|
(3.9
|
)
|
|
(4.0
|
)
|
||||
|
33.1
|
|
|
—
|
|
|
814.3
|
|
|
847.4
|
|
||||
Non-recourse
|
893.0
|
|
|
1,394.4
|
|
|
—
|
|
|
2,287.4
|
|
||||
Less: unamortized debt issuance costs
|
(12.3
|
)
|
|
(15.4
|
)
|
|
—
|
|
|
(27.7
|
)
|
||||
|
880.7
|
|
|
1,379.0
|
|
|
—
|
|
|
2,259.7
|
|
||||
Total debt
|
$
|
913.8
|
|
|
$
|
1,379.0
|
|
|
$
|
814.3
|
|
|
$
|
3,107.1
|
|
Net deferred tax liabilities
|
$
|
878.8
|
|
|
$
|
1.4
|
|
|
$
|
38.3
|
|
|
$
|
918.5
|
|
|
December 31, 2015
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-Owned Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
3.8
|
|
|
$
|
—
|
|
|
$
|
867.1
|
|
|
$
|
870.9
|
|
Property, plant, and equipment, net
|
$
|
3,126.3
|
|
|
$
|
1,938.6
|
|
|
$
|
956.1
|
|
|
$
|
6,021.0
|
|
Net deferred profit on railcars sold to
the Leasing Group
|
|
|
|
|
|
|
(673.0
|
)
|
|||||||
Consolidated property, plant and equipment, net
|
|
|
|
|
|
|
$
|
5,348.0
|
|
||||||
Restricted cash
|
$
|
105.9
|
|
|
$
|
89.9
|
|
|
$
|
—
|
|
|
$
|
195.8
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
35.8
|
|
|
$
|
—
|
|
|
$
|
849.9
|
|
|
$
|
885.7
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(44.2
|
)
|
|
(44.2
|
)
|
||||
Less: uamortized debt issuance costs
|
(0.1
|
)
|
|
—
|
|
|
(4.7
|
)
|
|
(4.8
|
)
|
||||
|
35.7
|
|
|
—
|
|
|
801.0
|
|
|
836.7
|
|
||||
Non-recourse
|
943.8
|
|
|
1,446.9
|
|
|
—
|
|
|
2,390.7
|
|
||||
Less: unamortized debt issuance costs
|
(15.1
|
)
|
|
(16.9
|
)
|
|
—
|
|
|
(32.0
|
)
|
||||
|
928.7
|
|
|
1,430.0
|
|
|
—
|
|
|
2,358.7
|
|
||||
Total debt
|
$
|
964.4
|
|
|
$
|
1,430.0
|
|
|
$
|
801.0
|
|
|
$
|
3,195.4
|
|
Net deferred tax liabilities
|
$
|
746.0
|
|
|
$
|
1.4
|
|
|
$
|
(12.6
|
)
|
|
$
|
734.8
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
173.7
|
|
|
$
|
176.6
|
|
|
(1.6
|
)%
|
|
$
|
522.7
|
|
|
$
|
520.9
|
|
|
0.3
|
%
|
Sales of railcars owned one year or less at the time of sale
|
—
|
|
|
72.6
|
|
|
*
|
|
126.1
|
|
|
211.2
|
|
|
*
|
||||||
Total revenues
|
$
|
173.7
|
|
|
$
|
249.2
|
|
|
(30.3
|
)
|
|
$
|
648.8
|
|
|
$
|
732.1
|
|
|
(11.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
80.5
|
|
|
$
|
81.8
|
|
|
(1.6
|
)
|
|
$
|
224.8
|
|
|
$
|
254.7
|
|
|
(11.7
|
)
|
Railcar sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Railcars owned one year or less at the time of sale
|
—
|
|
|
18.6
|
|
|
*
|
|
34.1
|
|
|
61.2
|
|
|
*
|
||||||
Railcars owned more than one year at the time of sale
|
—
|
|
|
57.8
|
|
|
*
|
|
13.5
|
|
|
102.8
|
|
|
*
|
||||||
Total operating profit
|
$
|
80.5
|
|
|
$
|
158.2
|
|
|
(49.1
|
)
|
|
$
|
272.4
|
|
|
$
|
418.7
|
|
|
(34.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
46.3
|
%
|
|
46.3
|
%
|
|
|
|
43.0
|
%
|
|
48.9
|
%
|
|
|
||||||
Railcar sales
|
*
|
|
*
|
|
|
|
*
|
|
*
|
|
|
||||||||||
Total operating profit margin
|
46.3
|
%
|
|
63.5
|
%
|
|
|
|
42.0
|
%
|
|
57.2
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected expense information
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
$
|
39.4
|
|
|
$
|
35.9
|
|
|
9.7
|
|
|
$
|
115.5
|
|
|
$
|
105.8
|
|
|
9.2
|
|
Maintenance and compliance
|
$
|
21.3
|
|
|
$
|
24.6
|
|
|
(13.4
|
)
|
|
$
|
84.7
|
|
|
$
|
65.9
|
|
|
28.5
|
|
Rent
|
$
|
9.9
|
|
|
$
|
9.9
|
|
|
—
|
|
|
$
|
29.3
|
|
|
$
|
31.3
|
|
|
(6.4
|
)
|
Interest
|
$
|
31.2
|
|
|
$
|
32.5
|
|
|
(4.0
|
)
|
|
$
|
94.4
|
|
|
$
|
106.8
|
|
|
(11.6
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
126.1
|
|
|
$
|
211.2
|
|
Railcars owned more than one year at the time of sale
|
37.7
|
|
|
313.4
|
|
||
Rail Group
|
8.1
|
|
|
175.8
|
|
||
|
$
|
171.9
|
|
|
$
|
700.4
|
|
|
|
Remaining three months of 2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future contractual minimum rental revenue
|
|
$
|
136.8
|
|
|
$
|
489.0
|
|
|
$
|
405.0
|
|
|
$
|
322.7
|
|
|
$
|
249.0
|
|
|
$
|
411.8
|
|
|
$
|
2,014.3
|
|
|
|
Remaining three months of 2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations of Trusts’ railcars
|
|
$
|
7.3
|
|
|
$
|
29.2
|
|
|
$
|
29.2
|
|
|
$
|
28.8
|
|
|
$
|
26.1
|
|
|
$
|
144.1
|
|
|
$
|
264.7
|
|
Future contractual minimum rental revenues of Trusts’ railcars
|
|
$
|
12.7
|
|
|
$
|
43.7
|
|
|
$
|
34.3
|
|
|
$
|
23.8
|
|
|
$
|
14.1
|
|
|
$
|
23.5
|
|
|
$
|
152.1
|
|
|
|
Remaining three months of 2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations
|
|
$
|
3.1
|
|
|
$
|
12.1
|
|
|
$
|
12.0
|
|
|
$
|
9.5
|
|
|
$
|
7.7
|
|
|
$
|
20.7
|
|
|
$
|
65.1
|
|
Future contractual minimum rental revenues
|
|
$
|
4.6
|
|
|
$
|
14.5
|
|
|
$
|
7.4
|
|
|
$
|
5.4
|
|
|
$
|
3.5
|
|
|
$
|
6.6
|
|
|
$
|
42.0
|
|
(1)
|
Weighted average fixed interest rate
|
|
Effect on interest expense - increase/(decrease)
|
||||||||||||||||||
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
Expected effect during next twelve months
(1)
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|||||||||||
|
(in millions)
|
||||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
2006 secured railcar equipment notes
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
Promissory notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.2
|
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
$
|
3.6
|
|
|
$
|
3.7
|
|
|
$
|
4.6
|
|
Open hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.7
|
|
|
$
|
0.9
|
|
|
$
|
0.7
|
|
Promissory notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.3
|
|
|
$
|
—
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(in millions)
|
||||||
Manufacturing/Corporate:
|
|
|
|
||||
Land
|
$
|
103.4
|
|
|
$
|
86.5
|
|
Buildings and improvements
|
634.6
|
|
|
610.4
|
|
||
Machinery and other
|
1,132.4
|
|
|
1,095.9
|
|
||
Construction in progress
|
38.6
|
|
|
68.7
|
|
||
|
1,909.0
|
|
|
1,861.5
|
|
||
Less accumulated depreciation
|
(950.5
|
)
|
|
(905.4
|
)
|
||
|
958.5
|
|
|
956.1
|
|
||
Leasing:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
Machinery and other
|
10.7
|
|
|
10.7
|
|
||
Equipment on lease
|
4,395.4
|
|
|
3,763.5
|
|
||
|
4,406.1
|
|
|
3,774.2
|
|
||
Less accumulated depreciation
|
(729.1
|
)
|
|
(647.9
|
)
|
||
|
3,677.0
|
|
|
3,126.3
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
Equipment on lease
|
2,308.4
|
|
|
2,307.7
|
|
||
Less accumulated depreciation
|
(414.4
|
)
|
|
(369.1
|
)
|
||
|
1,894.0
|
|
|
1,938.6
|
|
||
|
|
|
|
||||
Deferred profit on railcars sold to the Leasing Group
|
(909.6
|
)
|
|
(798.0
|
)
|
||
Less accumulated amortization
|
143.3
|
|
|
125.0
|
|
||
|
(766.3
|
)
|
|
(673.0
|
)
|
||
|
$
|
5,763.2
|
|
|
$
|
5,348.0
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
|
|
(as reported)
|
||||
|
(in millions)
|
||||||
Rail Group
|
$
|
134.6
|
|
|
$
|
134.6
|
|
Construction Products Group
|
111.0
|
|
|
111.0
|
|
||
Energy Equipment Group
|
507.1
|
|
|
506.4
|
|
||
Railcar Leasing and Management Services Group
|
1.8
|
|
|
1.8
|
|
||
|
$
|
754.5
|
|
|
$
|
753.8
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Beginning balance
|
$
|
18.2
|
|
|
$
|
20.5
|
|
|
$
|
21.5
|
|
|
$
|
17.8
|
|
Warranty costs incurred
|
(1.7
|
)
|
|
(2.0
|
)
|
|
(6.5
|
)
|
|
(5.4
|
)
|
||||
Warranty originations and revisions
|
(0.4
|
)
|
|
5.8
|
|
|
4.0
|
|
|
14.8
|
|
||||
Warranty expirations
|
(0.7
|
)
|
|
(1.7
|
)
|
|
(3.6
|
)
|
|
(4.6
|
)
|
||||
Ending balance
|
$
|
15.4
|
|
|
$
|
22.6
|
|
|
$
|
15.4
|
|
|
$
|
22.6
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(in millions)
|
||||||
Corporate – Recourse:
|
|
|
|
||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
Senior notes, net of unamortized discount of $0.4 and $0.4
|
399.6
|
|
|
399.6
|
|
||
Convertible subordinated notes, net of unamortized discount of $31.1 and $43.8
|
418.3
|
|
|
405.6
|
|
||
Other
|
0.3
|
|
|
0.5
|
|
||
|
818.2
|
|
|
805.7
|
|
||
Less: unamortized debt issuance costs
|
(3.9
|
)
|
|
(4.7
|
)
|
||
|
814.3
|
|
|
801.0
|
|
||
Leasing – Recourse:
|
|
|
|
||||
Capital lease obligations, net of unamortized debt issuances costs of $0.1 and $0.1
|
33.1
|
|
|
35.7
|
|
||
Total recourse debt
|
847.4
|
|
|
836.7
|
|
||
|
|
|
|
||||
Leasing – Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
2006 secured railcar equipment notes
|
198.0
|
|
|
204.1
|
|
||
2009 secured railcar equipment notes
|
174.1
|
|
|
179.2
|
|
||
2010 secured railcar equipment notes
|
284.1
|
|
|
296.2
|
|
||
TILC warehouse facility
|
236.8
|
|
|
264.3
|
|
||
|
893.0
|
|
|
943.8
|
|
||
Less: unamortized debt issuance costs
|
(12.3
|
)
|
|
(15.1
|
)
|
||
|
880.7
|
|
|
928.7
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
TRL 2012 secured railcar equipment notes (RIV 2013)
|
431.1
|
|
|
449.1
|
|
||
TRIP Master Funding secured railcar equipment notes (TRIP Holdings)
|
963.3
|
|
|
997.8
|
|
||
|
1,394.4
|
|
|
1,446.9
|
|
||
Less: unamortized debt issuance costs
|
(15.4
|
)
|
|
(16.9
|
)
|
||
|
1,379.0
|
|
|
1,430.0
|
|
||
Total non–recourse debt
|
2,259.7
|
|
|
2,358.7
|
|
||
Total debt
|
$
|
3,107.1
|
|
|
$
|
3,195.4
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Coupon rate interest
|
$
|
4.4
|
|
|
$
|
4.4
|
|
|
$
|
13.1
|
|
|
$
|
13.1
|
|
Amortized debt discount
|
4.3
|
|
|
4.0
|
|
|
12.7
|
|
|
11.7
|
|
||||
|
$
|
8.7
|
|
|
$
|
8.4
|
|
|
$
|
25.8
|
|
|
$
|
24.8
|
|
|
Remaining three months of 2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Recourse:
|
|
||||||||||||||||||||||
Corporate
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
849.4
|
|
Leasing – capital lease obligations (Note 6)
|
0.9
|
|
|
3.7
|
|
|
28.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Non-recourse – leasing (Note 6):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2006 secured railcar equipment notes
|
15.7
|
|
|
23.9
|
|
|
25.3
|
|
|
28.0
|
|
|
29.8
|
|
|
75.3
|
|
||||||
2009 secured railcar equipment notes
|
1.6
|
|
|
6.3
|
|
|
6.4
|
|
|
11.2
|
|
|
6.6
|
|
|
142.0
|
|
||||||
2010 secured railcar equipment notes
|
3.6
|
|
|
13.6
|
|
|
10.0
|
|
|
7.6
|
|
|
14.2
|
|
|
235.1
|
|
||||||
TILC warehouse facility
|
2.4
|
|
|
8.2
|
|
|
8.2
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
||||||
TRL 2012 secured railcar equipment notes
(RIV 2013)
|
5.7
|
|
|
22.7
|
|
|
22.9
|
|
|
21.9
|
|
|
19.3
|
|
|
338.6
|
|
||||||
TRIP Master Funding secured railcar equipment notes (TRIP Holdings)
|
7.8
|
|
|
28.8
|
|
|
41.5
|
|
|
49.5
|
|
|
48.8
|
|
|
786.9
|
|
||||||
Facility termination payments - TILC warehouse facility
|
—
|
|
|
—
|
|
|
—
|
|
|
216.0
|
|
|
—
|
|
|
—
|
|
||||||
Total principal payments
|
$
|
37.7
|
|
|
$
|
107.5
|
|
|
$
|
142.9
|
|
|
$
|
336.2
|
|
|
$
|
118.7
|
|
|
$
|
2,427.3
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Foreign currency exchange transactions
|
$
|
0.9
|
|
|
$
|
(0.5
|
)
|
|
$
|
(2.0
|
)
|
|
$
|
(2.3
|
)
|
(Gain) loss on equity investments
|
(0.1
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
0.1
|
|
||||
Other
|
(0.6
|
)
|
|
(0.5
|
)
|
|
(3.3
|
)
|
|
(1.8
|
)
|
||||
Other, net
|
$
|
0.2
|
|
|
$
|
(1.0
|
)
|
|
$
|
(5.4
|
)
|
|
$
|
(4.0
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State taxes
|
1.3
|
|
|
1.2
|
|
|
1.2
|
|
|
1.2
|
|
Domestic production activities deduction
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
(1.8
|
)
|
Noncontrolling interest in partially-owned subsidiaries
|
(0.8
|
)
|
|
(0.9
|
)
|
|
(1.0
|
)
|
|
(0.9
|
)
|
State adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Other, net
|
0.3
|
|
|
—
|
|
|
0.4
|
|
|
0.1
|
|
Effective rate
|
35.8
|
%
|
|
33.6
|
%
|
|
35.6
|
%
|
|
33.7
|
%
|
|
Nine Months Ended
September 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Beginning balance
|
$
|
65.2
|
|
|
$
|
62.3
|
|
Additions for tax positions related to the current year
|
4.6
|
|
|
4.1
|
|
||
Additions for tax positions of prior years
|
1.0
|
|
|
—
|
|
||
Reductions for tax positions of prior years
|
—
|
|
|
(0.1
|
)
|
||
Settlements
|
—
|
|
|
(0.7
|
)
|
||
Expiration of statute of limitations
|
(0.1
|
)
|
|
—
|
|
||
Ending balance
|
$
|
70.7
|
|
|
$
|
65.6
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Expense Components
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
0.1
|
|
|
$
|
0.1
|
|
|
$
|
0.3
|
|
|
$
|
0.3
|
|
Interest
|
5.3
|
|
|
5.0
|
|
|
15.7
|
|
|
15.0
|
|
||||
Expected return on plan assets
|
(6.8
|
)
|
|
(7.6
|
)
|
|
(20.4
|
)
|
|
(22.8
|
)
|
||||
Amortization of actuarial loss
|
1.2
|
|
|
1.3
|
|
|
3.8
|
|
|
3.9
|
|
||||
Defined benefit expense
|
(0.2
|
)
|
|
(1.2
|
)
|
|
(0.6
|
)
|
|
(3.6
|
)
|
||||
Profit sharing
|
3.5
|
|
|
4.5
|
|
|
12.0
|
|
|
14.9
|
|
||||
Multiemployer plan
|
0.5
|
|
|
0.6
|
|
|
1.7
|
|
|
1.7
|
|
||||
Net expense
|
$
|
3.8
|
|
|
$
|
3.9
|
|
|
$
|
13.1
|
|
|
$
|
13.0
|
|
|
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, 2015
|
$
|
(24.5
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(89.6
|
)
|
|
$
|
(115.4
|
)
|
Other comprehensive income (loss), net of tax, before reclassifications
|
1.4
|
|
|
(0.7
|
)
|
|
—
|
|
|
0.7
|
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.6, $1.4, and $2.0
|
—
|
|
|
3.4
|
|
|
2.4
|
|
|
5.8
|
|
||||
Less: noncontrolling interest
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
||||
Other comprehensive income
|
1.4
|
|
|
0.7
|
|
|
2.4
|
|
|
4.5
|
|
||||
Balances at September 30, 2016
|
$
|
(23.1
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(87.2
|
)
|
|
$
|
(110.9
|
)
|
|
Three Months Ended
September 30, 2016 |
|
Three Months Ended
September 30, 2015 |
||||||||||||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income attributable to Trinity Industries, Inc.
|
$
|
84.2
|
|
|
|
|
|
|
$
|
204.3
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(2.2
|
)
|
|
|
|
|
|
(6.0
|
)
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. – basic
|
82.0
|
|
|
148.7
|
|
|
$
|
0.55
|
|
|
198.3
|
|
|
150.0
|
|
|
$
|
1.32
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Convertible subordinated notes
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
0.9
|
|
|
|
||||||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
82.0
|
|
|
148.7
|
|
|
$
|
0.55
|
|
|
$
|
198.3
|
|
|
150.9
|
|
|
$
|
1.31
|
|
|
Nine Months Ended
September 30, 2016 |
|
Nine Months Ended
September 30, 2015 |
||||||||||||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income attributable to Trinity Industries, Inc.
|
$
|
276.0
|
|
|
|
|
|
|
$
|
596.5
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(7.7
|
)
|
|
|
|
|
|
(18.2
|
)
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. – basic
|
268.3
|
|
|
148.3
|
|
|
$
|
1.81
|
|
|
578.3
|
|
|
150.6
|
|
|
$
|
3.84
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Convertible subordinated notes
|
—
|
|
|
—
|
|
|
|
|
0.3
|
|
|
2.5
|
|
|
|
||||||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
268.3
|
|
|
148.3
|
|
|
$
|
1.81
|
|
|
$
|
578.6
|
|
|
153.1
|
|
|
$
|
3.78
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
686.7
|
|
|
$
|
620.0
|
|
|
$
|
(195.0
|
)
|
|
$
|
1,111.7
|
|
Cost of revenues
|
0.3
|
|
|
555.2
|
|
|
474.0
|
|
|
(202.2
|
)
|
|
827.3
|
|
|||||
Selling, engineering, and administrative expenses
|
33.8
|
|
|
27.2
|
|
|
41.3
|
|
|
—
|
|
|
102.3
|
|
|||||
Gains/(losses) on dispositions of property
|
0.2
|
|
|
0.2
|
|
|
1.1
|
|
|
—
|
|
|
1.5
|
|
|||||
|
33.9
|
|
|
582.2
|
|
|
514.2
|
|
|
(202.2
|
)
|
|
928.1
|
|
|||||
Operating profit (loss)
|
(33.9
|
)
|
|
104.5
|
|
|
105.8
|
|
|
7.2
|
|
|
183.6
|
|
|||||
Other (income) expense
|
—
|
|
|
9.9
|
|
|
34.2
|
|
|
—
|
|
|
44.1
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
114.8
|
|
|
33.9
|
|
|
—
|
|
|
(148.7
|
)
|
|
—
|
|
|||||
Income before income taxes
|
80.9
|
|
|
128.5
|
|
|
71.6
|
|
|
(141.5
|
)
|
|
139.5
|
|
|||||
Provision (benefit) for income taxes
|
(3.3
|
)
|
|
30.9
|
|
|
19.7
|
|
|
2.6
|
|
|
49.9
|
|
|||||
Net income
|
84.2
|
|
|
97.6
|
|
|
51.9
|
|
|
(144.1
|
)
|
|
89.6
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
5.4
|
|
|
5.4
|
|
|||||
Net income attributable to controlling interest
|
$
|
84.2
|
|
|
$
|
97.6
|
|
|
$
|
51.9
|
|
|
$
|
(149.5
|
)
|
|
$
|
84.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
84.2
|
|
|
$
|
97.6
|
|
|
$
|
51.9
|
|
|
$
|
(144.1
|
)
|
|
$
|
89.6
|
|
Other comprehensive income (loss)
|
0.3
|
|
|
(0.1
|
)
|
|
1.4
|
|
|
—
|
|
|
1.6
|
|
|||||
Comprehensive income
|
84.5
|
|
|
97.5
|
|
|
53.3
|
|
|
(144.1
|
)
|
|
91.2
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
6.2
|
|
|
6.2
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
84.5
|
|
|
$
|
97.5
|
|
|
$
|
53.3
|
|
|
$
|
(150.3
|
)
|
|
$
|
85.0
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
2,186.8
|
|
|
$
|
1,881.4
|
|
|
$
|
(583.7
|
)
|
|
$
|
3,484.5
|
|
Cost of revenues
|
(3.3
|
)
|
|
1,772.3
|
|
|
1,446.2
|
|
|
(600.3
|
)
|
|
2,614.9
|
|
|||||
Selling, engineering, and administrative expenses
|
90.7
|
|
|
92.3
|
|
|
122.5
|
|
|
—
|
|
|
305.5
|
|
|||||
Gains/(losses) on dispositions of property
|
(0.7
|
)
|
|
10.6
|
|
|
4.6
|
|
|
—
|
|
|
14.5
|
|
|||||
|
88.1
|
|
|
1,854.0
|
|
|
1,564.1
|
|
|
(600.3
|
)
|
|
2,905.9
|
|
|||||
Operating profit (loss)
|
(88.1
|
)
|
|
332.8
|
|
|
317.3
|
|
|
16.6
|
|
|
578.6
|
|
|||||
Other (income) expense
|
(0.1
|
)
|
|
27.2
|
|
|
100.3
|
|
|
—
|
|
|
127.4
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
343.2
|
|
|
76.5
|
|
|
—
|
|
|
(419.7
|
)
|
|
—
|
|
|||||
Income before income taxes
|
255.2
|
|
|
382.1
|
|
|
217.0
|
|
|
(403.1
|
)
|
|
451.2
|
|
|||||
Provision (benefit) for income taxes
|
(20.8
|
)
|
|
116.6
|
|
|
58.9
|
|
|
6.0
|
|
|
160.7
|
|
|||||
Net income
|
276.0
|
|
|
265.5
|
|
|
158.1
|
|
|
(409.1
|
)
|
|
290.5
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
14.5
|
|
|
14.5
|
|
|||||
Net income attributable to controlling interest
|
$
|
276.0
|
|
|
$
|
265.5
|
|
|
$
|
158.1
|
|
|
$
|
(423.6
|
)
|
|
$
|
276.0
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
276.0
|
|
|
$
|
265.5
|
|
|
$
|
158.1
|
|
|
$
|
(409.1
|
)
|
|
$
|
290.5
|
|
Other comprehensive income (loss)
|
3.3
|
|
|
(0.1
|
)
|
|
3.3
|
|
|
—
|
|
|
6.5
|
|
|||||
Comprehensive income
|
279.3
|
|
|
265.4
|
|
|
161.4
|
|
|
(409.1
|
)
|
|
297.0
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
16.5
|
|
|
16.5
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
279.3
|
|
|
$
|
265.4
|
|
|
$
|
161.4
|
|
|
$
|
(425.6
|
)
|
|
$
|
280.5
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
1,084.3
|
|
|
$
|
678.3
|
|
|
$
|
(220.4
|
)
|
|
$
|
1,542.2
|
|
Cost of revenues
|
0.1
|
|
|
818.6
|
|
|
513.2
|
|
|
(222.5
|
)
|
|
1,109.4
|
|
|||||
Selling, engineering, and administrative expenses
|
38.5
|
|
|
41.2
|
|
|
46.9
|
|
|
—
|
|
|
126.6
|
|
|||||
Gains/(losses) on dispositions of property
|
0.2
|
|
|
31.0
|
|
|
27.5
|
|
|
—
|
|
|
58.7
|
|
|||||
|
38.4
|
|
|
828.8
|
|
|
532.6
|
|
|
(222.5
|
)
|
|
1,177.3
|
|
|||||
Operating profit (loss)
|
(38.4
|
)
|
|
255.5
|
|
|
145.7
|
|
|
2.1
|
|
|
364.9
|
|
|||||
Other (income) expense
|
4.8
|
|
|
7.8
|
|
|
32.5
|
|
|
—
|
|
|
45.1
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
283.3
|
|
|
56.9
|
|
|
—
|
|
|
(340.2
|
)
|
|
—
|
|
|||||
Income before income taxes
|
240.1
|
|
|
304.6
|
|
|
113.2
|
|
|
(338.1
|
)
|
|
319.8
|
|
|||||
Provision (benefit) for income taxes
|
35.8
|
|
|
96.5
|
|
|
21.1
|
|
|
(45.8
|
)
|
|
107.6
|
|
|||||
Net income
|
204.3
|
|
|
208.1
|
|
|
92.1
|
|
|
(292.3
|
)
|
|
212.2
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
7.9
|
|
|
7.9
|
|
|||||
Net income attributable to controlling interest
|
$
|
204.3
|
|
|
$
|
208.1
|
|
|
$
|
92.1
|
|
|
$
|
(300.2
|
)
|
|
$
|
204.3
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
204.3
|
|
|
$
|
208.1
|
|
|
$
|
92.1
|
|
|
$
|
(292.3
|
)
|
|
$
|
212.2
|
|
Other comprehensive income (loss)
|
(1.0
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
(1.1
|
)
|
|||||
Comprehensive income
|
203.3
|
|
|
208.1
|
|
|
92.0
|
|
|
(292.3
|
)
|
|
211.1
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
8.4
|
|
|
8.4
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
203.3
|
|
|
$
|
208.1
|
|
|
$
|
92.0
|
|
|
$
|
(300.7
|
)
|
|
$
|
202.7
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Revenues
|
$
|
—
|
|
|
$
|
3,484.2
|
|
|
$
|
2,049.6
|
|
|
$
|
(688.1
|
)
|
|
$
|
4,845.7
|
|
Cost of revenues
|
(1.8
|
)
|
|
2,708.0
|
|
|
1,534.4
|
|
|
(700.5
|
)
|
|
3,540.1
|
|
|||||
Selling, engineering, and administrative expenses
|
94.5
|
|
|
112.4
|
|
|
132.4
|
|
|
—
|
|
|
339.3
|
|
|||||
Gains/(losses) on dispositions of property
|
1.7
|
|
|
38.9
|
|
|
74.0
|
|
|
—
|
|
|
114.6
|
|
|||||
|
91.0
|
|
|
2,781.5
|
|
|
1,592.8
|
|
|
(700.5
|
)
|
|
3,764.8
|
|
|||||
Operating profit (loss)
|
(91.0
|
)
|
|
702.7
|
|
|
456.8
|
|
|
12.4
|
|
|
1,080.9
|
|
|||||
Other (income) expense
|
11.9
|
|
|
23.8
|
|
|
107.5
|
|
|
—
|
|
|
143.2
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
726.4
|
|
|
181.5
|
|
|
—
|
|
|
(907.9
|
)
|
|
—
|
|
|||||
Income before income taxes
|
623.5
|
|
|
860.4
|
|
|
349.3
|
|
|
(895.5
|
)
|
|
937.7
|
|
|||||
Provision (benefit) for income taxes
|
27.0
|
|
|
276.5
|
|
|
54.3
|
|
|
(42.1
|
)
|
|
315.7
|
|
|||||
Net income
|
596.5
|
|
|
583.9
|
|
|
295.0
|
|
|
(853.4
|
)
|
|
622.0
|
|
|||||
Net income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
25.5
|
|
|
25.5
|
|
|||||
Net income attributable to controlling interest
|
$
|
596.5
|
|
|
$
|
583.9
|
|
|
$
|
295.0
|
|
|
$
|
(878.9
|
)
|
|
$
|
596.5
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
596.5
|
|
|
$
|
583.9
|
|
|
$
|
295.0
|
|
|
$
|
(853.4
|
)
|
|
$
|
622.0
|
|
Other comprehensive income (loss)
|
(0.1
|
)
|
|
(0.5
|
)
|
|
4.6
|
|
|
—
|
|
|
4.0
|
|
|||||
Comprehensive income
|
596.4
|
|
|
583.4
|
|
|
299.6
|
|
|
(853.4
|
)
|
|
626.0
|
|
|||||
Comprehensive income attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
27.5
|
|
|
27.5
|
|
|||||
Comprehensive income attributable to controlling interest
|
$
|
596.4
|
|
|
$
|
583.4
|
|
|
$
|
299.6
|
|
|
$
|
(880.9
|
)
|
|
$
|
598.5
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
523.6
|
|
|
$
|
3.9
|
|
|
$
|
64.3
|
|
|
$
|
(34.0
|
)
|
|
$
|
557.8
|
|
Short-term marketable securities
|
284.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
284.7
|
|
|||||
Receivables, net of allowance
|
—
|
|
|
184.4
|
|
|
189.0
|
|
|
(1.2
|
)
|
|
372.2
|
|
|||||
Income tax receivable
|
54.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54.9
|
|
|||||
Inventory
|
—
|
|
|
594.8
|
|
|
291.0
|
|
|
(16.2
|
)
|
|
869.6
|
|
|||||
Property, plant, and equipment, net
|
45.7
|
|
|
2,128.5
|
|
|
4,068.1
|
|
|
(479.1
|
)
|
|
5,763.2
|
|
|||||
Investments in and advances to subsidiaries
|
6,627.5
|
|
|
3,568.8
|
|
|
1,063.7
|
|
|
(11,260.0
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
—
|
|
|
149.9
|
|
|
34.0
|
|
|
183.9
|
|
|||||
Goodwill and other assets
|
163.8
|
|
|
585.1
|
|
|
301.4
|
|
|
(1.0
|
)
|
|
1,049.3
|
|
|||||
|
$
|
7,700.2
|
|
|
$
|
7,065.5
|
|
|
$
|
6,127.4
|
|
|
$
|
(11,757.5
|
)
|
|
$
|
9,135.6
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
9.2
|
|
|
$
|
83.7
|
|
|
$
|
119.6
|
|
|
$
|
(1.5
|
)
|
|
$
|
211.0
|
|
Accrued liabilities
|
229.8
|
|
|
87.2
|
|
|
161.7
|
|
|
(1.0
|
)
|
|
477.7
|
|
|||||
Debt
|
814.1
|
|
|
33.2
|
|
|
2,259.8
|
|
|
—
|
|
|
3,107.1
|
|
|||||
Deferred income
|
—
|
|
|
22.6
|
|
|
1.6
|
|
|
—
|
|
|
24.2
|
|
|||||
Deferred income taxes
|
70.0
|
|
|
861.5
|
|
|
4.2
|
|
|
0.3
|
|
|
936.0
|
|
|||||
Advances from subsidiaries
|
2,213.3
|
|
|
—
|
|
|
—
|
|
|
(2,213.3
|
)
|
|
—
|
|
|||||
Other liabilities
|
109.4
|
|
|
13.5
|
|
|
2.3
|
|
|
—
|
|
|
125.2
|
|
|||||
Total stockholders' equity
|
4,254.4
|
|
|
5,963.8
|
|
|
3,578.2
|
|
|
(9,542.0
|
)
|
|
4,254.4
|
|
|||||
|
$
|
7,700.2
|
|
|
$
|
7,065.5
|
|
|
$
|
6,127.4
|
|
|
$
|
(11,757.5
|
)
|
|
$
|
9,135.6
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
768.3
|
|
|
$
|
1.7
|
|
|
$
|
51.1
|
|
|
$
|
(35.1
|
)
|
|
$
|
786.0
|
|
Short-term marketable securities
|
84.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84.9
|
|
|||||
Receivables, net of allowance
|
0.1
|
|
|
196.3
|
|
|
173.5
|
|
|
—
|
|
|
369.9
|
|
|||||
Income tax receivable
|
94.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94.9
|
|
|||||
Inventory
|
—
|
|
|
634.1
|
|
|
325.4
|
|
|
(16.4
|
)
|
|
943.1
|
|
|||||
Property, plant, and equipment, net
|
37.7
|
|
|
1,597.0
|
|
|
4,204.3
|
|
|
(491.0
|
)
|
|
5,348.0
|
|
|||||
Investments in and advances to subsidiaries
|
6,262.9
|
|
|
3,633.1
|
|
|
908.5
|
|
|
(10,804.5
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
0.2
|
|
|
160.5
|
|
|
35.1
|
|
|
195.8
|
|
|||||
Goodwill and other assets
|
178.8
|
|
|
579.8
|
|
|
304.7
|
|
|
—
|
|
|
1,063.3
|
|
|||||
|
$
|
7,427.6
|
|
|
$
|
6,642.2
|
|
|
$
|
6,128.0
|
|
|
$
|
(11,311.9
|
)
|
|
$
|
8,885.9
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
9.9
|
|
|
$
|
62.9
|
|
|
$
|
144.3
|
|
|
$
|
(0.3
|
)
|
|
$
|
216.8
|
|
Accrued liabilities
|
224.9
|
|
|
137.3
|
|
|
168.5
|
|
|
(1.1
|
)
|
|
529.6
|
|
|||||
Debt
|
800.6
|
|
|
35.6
|
|
|
2,359.2
|
|
|
—
|
|
|
3,195.4
|
|
|||||
Deferred income
|
—
|
|
|
25.4
|
|
|
1.7
|
|
|
—
|
|
|
27.1
|
|
|||||
Deferred income taxes
|
31.2
|
|
|
711.3
|
|
|
9.4
|
|
|
0.3
|
|
|
752.2
|
|
|||||
Advances from subsidiaries
|
2,212.2
|
|
|
—
|
|
|
—
|
|
|
(2,212.2
|
)
|
|
—
|
|
|||||
Other liabilities
|
100.1
|
|
|
13.6
|
|
|
2.4
|
|
|
—
|
|
|
116.1
|
|
|||||
Total stockholders' equity
|
4,048.7
|
|
|
5,656.1
|
|
|
3,442.5
|
|
|
(9,098.6
|
)
|
|
4,048.7
|
|
|||||
|
$
|
7,427.6
|
|
|
$
|
6,642.2
|
|
|
$
|
6,128.0
|
|
|
$
|
(11,311.9
|
)
|
|
$
|
8,885.9
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
276.0
|
|
|
$
|
265.5
|
|
|
$
|
158.1
|
|
|
$
|
(409.1
|
)
|
|
$
|
290.5
|
|
Equity in earnings of subsidiaries, net of taxes
|
(343.2
|
)
|
|
(76.5
|
)
|
|
—
|
|
|
419.7
|
|
|
—
|
|
|||||
Other
|
157.4
|
|
|
211.9
|
|
|
153.6
|
|
|
(21.3
|
)
|
|
501.6
|
|
|||||
Net cash provided (required) by operating activities
|
90.2
|
|
|
400.9
|
|
|
311.7
|
|
|
(10.7
|
)
|
|
792.1
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(199.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(199.8
|
)
|
|||||
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
|
—
|
|
|
2.2
|
|
|
6.7
|
|
|
—
|
|
|
8.9
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(553.6
|
)
|
|
(1.6
|
)
|
|
—
|
|
|
(555.2
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(12.9
|
)
|
|
(6.5
|
)
|
|
(81.7
|
)
|
|
—
|
|
|
(101.1
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
11.7
|
|
|
—
|
|
|
(11.7
|
)
|
|
—
|
|
|||||
Divestitures
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
4.0
|
|
|||||
Net cash provided (required) by investing activities
|
(212.7
|
)
|
|
(518.9
|
)
|
|
(62.2
|
)
|
|
(11.7
|
)
|
|
(805.5
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Excess tax benefits from stock-based compensation
|
0.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|||||
Payments to retire debt
|
—
|
|
|
(2.5
|
)
|
|
(103.5
|
)
|
|
—
|
|
|
(106.0
|
)
|
|||||
Proceeds from issuance of debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
0.2
|
|
|
10.6
|
|
|
1.1
|
|
|
11.9
|
|
|||||
Shares repurchased
|
(34.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(34.7
|
)
|
|||||
Dividends paid to common shareholders
|
(50.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(50.0
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(16.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(16.4
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(18.4
|
)
|
|
—
|
|
|
(18.4
|
)
|
|||||
Distributions to controlling interest in partially-owned subsidiaries
|
—
|
|
|
—
|
|
|
(11.7
|
)
|
|
11.7
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
(21.9
|
)
|
|
122.5
|
|
|
(111.3
|
)
|
|
10.7
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(2.0
|
)
|
|
—
|
|
|
(2.0
|
)
|
|||||
Net cash provided (required) by financing activities
|
(122.2
|
)
|
|
120.2
|
|
|
(236.3
|
)
|
|
23.5
|
|
|
(214.8
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(244.7
|
)
|
|
2.2
|
|
|
13.2
|
|
|
1.1
|
|
|
(228.2
|
)
|
|||||
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
|
$
|
523.6
|
|
|
$
|
3.9
|
|
|
$
|
64.3
|
|
|
$
|
(34.0
|
)
|
|
$
|
557.8
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
596.5
|
|
|
$
|
583.9
|
|
|
$
|
295.0
|
|
|
$
|
(853.4
|
)
|
|
$
|
622.0
|
|
Equity in earnings of subsidiaries, net of taxes
|
(726.4
|
)
|
|
(181.5
|
)
|
|
—
|
|
|
907.9
|
|
|
—
|
|
|||||
Other
|
20.5
|
|
|
(81.2
|
)
|
|
93.8
|
|
|
(24.8
|
)
|
|
8.3
|
|
|||||
Net cash provided (required) by operating activities
|
(109.4
|
)
|
|
321.2
|
|
|
388.8
|
|
|
29.7
|
|
|
630.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
75.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75.0
|
|
|||||
Proceeds from railcar lease fleet sales owned more than one year
|
—
|
|
|
142.1
|
|
|
214.5
|
|
|
(43.2
|
)
|
|
313.4
|
|
|||||
Proceeds from dispositions of property and other assets
|
—
|
|
|
1.9
|
|
|
4.2
|
|
|
—
|
|
|
6.1
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(638.1
|
)
|
|
(47.3
|
)
|
|
43.2
|
|
|
(642.2
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(8.4
|
)
|
|
(30.9
|
)
|
|
(105.8
|
)
|
|
—
|
|
|
(145.1
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(46.2
|
)
|
|
—
|
|
|
(46.2
|
)
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
19.3
|
|
|
—
|
|
|
(19.3
|
)
|
|
—
|
|
|||||
Divestitures
|
—
|
|
|
—
|
|
|
51.3
|
|
|
—
|
|
|
51.3
|
|
|||||
Other
|
—
|
|
|
0.9
|
|
|
3.9
|
|
|
—
|
|
|
4.8
|
|
|||||
Net cash provided (required) by investing activities
|
66.6
|
|
|
(504.8
|
)
|
|
74.6
|
|
|
(19.3
|
)
|
|
(382.9
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.2
|
|
|||||
Excess tax benefits from stock-based compensation
|
13.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13.1
|
|
|||||
Payments to retire debt
|
—
|
|
|
(2.5
|
)
|
|
(528.3
|
)
|
|
—
|
|
|
(530.8
|
)
|
|||||
Proceeds from issuance of debt
|
(1.5
|
)
|
|
—
|
|
|
243.9
|
|
|
—
|
|
|
242.4
|
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
—
|
|
|
27.7
|
|
|
4.6
|
|
|
32.3
|
|
|||||
Shares repurchased
|
(107.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(107.5
|
)
|
|||||
Dividends paid to common shareholders
|
(48.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(48.0
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(27.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27.4
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(30.4
|
)
|
|
—
|
|
|
(30.4
|
)
|
|||||
Distributions to controlling interest in partially-owned subsidiaries
|
—
|
|
|
—
|
|
|
(19.3
|
)
|
|
19.3
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
36.7
|
|
|
175.5
|
|
|
(182.5
|
)
|
|
(29.7
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
—
|
|
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|||||
Net cash provided (required) by financing activities
|
(134.4
|
)
|
|
173.0
|
|
|
(490.3
|
)
|
|
(5.8
|
)
|
|
(457.5
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(177.2
|
)
|
|
(10.6
|
)
|
|
(26.9
|
)
|
|
4.6
|
|
|
(210.1
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
827.7
|
|
|
11.1
|
|
|
89.4
|
|
|
(40.3
|
)
|
|
887.9
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
650.5
|
|
|
$
|
0.5
|
|
|
$
|
62.5
|
|
|
$
|
(35.7
|
)
|
|
$
|
677.8
|
|
|
September 30, 2016
|
|
September 30, 2015
|
||||
|
(in millions)
|
||||||
Rail Group
|
|
|
|
||||
External Customers
|
$
|
2,679.6
|
|
|
$
|
4,444.6
|
|
Leasing Group
|
1,021.7
|
|
|
1,808.6
|
|
||
|
$
|
3,701.3
|
|
|
$
|
6,253.2
|
|
Inland Barge Group
|
$
|
177.3
|
|
|
$
|
373.1
|
|
Wind towers
|
$
|
1,040.9
|
|
|
$
|
424.4
|
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
126.1
|
|
|
$
|
211.2
|
|
Railcars owned more than one year at the time of sale
|
37.7
|
|
|
313.4
|
|
||
Rail Group
|
8.1
|
|
|
175.8
|
|
||
|
$
|
171.9
|
|
|
$
|
700.4
|
|
|
Three Months Ended September 30, 2016
|
|
Three Months Ended September 30, 2015
|
|
|
|||||||||||||||||||||
|
Revenues
|
|
Revenues
|
|
Percent
|
|||||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
|
Total
|
|
Change
|
||||||||||||
|
($ in millions)
|
|
|
|||||||||||||||||||||||
Rail Group
|
$
|
506.0
|
|
|
$
|
214.8
|
|
|
$
|
720.8
|
|
|
$
|
747.2
|
|
|
$
|
326.2
|
|
|
$
|
1,073.4
|
|
|
(32.8
|
)%
|
Construction Products Group
|
136.3
|
|
|
3.5
|
|
|
139.8
|
|
|
151.1
|
|
|
3.7
|
|
|
154.8
|
|
|
(9.7
|
)
|
||||||
Inland Barge Group
|
98.9
|
|
|
—
|
|
|
98.9
|
|
|
164.8
|
|
|
—
|
|
|
164.8
|
|
|
(40.0
|
)
|
||||||
Energy Equipment Group
|
194.6
|
|
|
47.1
|
|
|
241.7
|
|
|
229.6
|
|
|
59.9
|
|
|
289.5
|
|
|
(16.5
|
)
|
||||||
Railcar Leasing and Management Services Group
|
173.2
|
|
|
0.5
|
|
|
173.7
|
|
|
246.6
|
|
|
2.6
|
|
|
249.2
|
|
|
(30.3
|
)
|
||||||
All Other
|
2.7
|
|
|
24.0
|
|
|
26.7
|
|
|
2.9
|
|
|
26.2
|
|
|
29.1
|
|
|
(8.2
|
)
|
||||||
Segment Totals before Eliminations
|
1,111.7
|
|
|
289.9
|
|
|
1,401.6
|
|
|
1,542.2
|
|
|
418.6
|
|
|
1,960.8
|
|
|
(28.5
|
)
|
||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(206.7
|
)
|
|
(206.7
|
)
|
|
—
|
|
|
(308.4
|
)
|
|
(308.4
|
)
|
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(83.2
|
)
|
|
(83.2
|
)
|
|
—
|
|
|
(110.2
|
)
|
|
(110.2
|
)
|
|
|
|||||||
Consolidated Total
|
$
|
1,111.7
|
|
|
$
|
—
|
|
|
$
|
1,111.7
|
|
|
$
|
1,542.2
|
|
|
$
|
—
|
|
|
$
|
1,542.2
|
|
|
(27.9
|
)
|
|
Nine Months Ended September 30, 2016
|
|
Nine Months Ended September 30, 2015
|
|
|
|||||||||||||||||||||
|
Revenues
|
|
Revenues
|
|
Percent
|
|||||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
|
Total
|
|
Change
|
||||||||||||
|
($ in millions)
|
|
|
|||||||||||||||||||||||
Rail Group
|
$
|
1,476.9
|
|
|
$
|
784.0
|
|
|
$
|
2,260.9
|
|
|
$
|
2,506.8
|
|
|
$
|
821.4
|
|
|
$
|
3,328.2
|
|
|
(32.1
|
)%
|
Construction Products Group
|
399.6
|
|
|
10.9
|
|
|
410.5
|
|
|
411.4
|
|
|
7.5
|
|
|
418.9
|
|
|
(2.0
|
)
|
||||||
Inland Barge Group
|
328.0
|
|
|
—
|
|
|
328.0
|
|
|
505.7
|
|
|
—
|
|
|
505.7
|
|
|
(35.1
|
)
|
||||||
Energy Equipment Group
|
626.2
|
|
|
129.5
|
|
|
755.7
|
|
|
694.4
|
|
|
177.1
|
|
|
871.5
|
|
|
(13.3
|
)
|
||||||
Railcar Leasing and Management Services Group
|
647.1
|
|
|
1.7
|
|
|
648.8
|
|
|
722.2
|
|
|
9.9
|
|
|
732.1
|
|
|
(11.4
|
)
|
||||||
All Other
|
6.7
|
|
|
61.6
|
|
|
68.3
|
|
|
5.2
|
|
|
78.8
|
|
|
84.0
|
|
|
(18.7
|
)
|
||||||
Segment Totals before Eliminations
|
3,484.5
|
|
|
987.7
|
|
|
4,472.2
|
|
|
4,845.7
|
|
|
1,094.7
|
|
|
5,940.4
|
|
|
(24.7
|
)
|
||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(742.1
|
)
|
|
(742.1
|
)
|
|
—
|
|
|
(782.9
|
)
|
|
(782.9
|
)
|
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(245.6
|
)
|
|
(245.6
|
)
|
|
—
|
|
|
(311.8
|
)
|
|
(311.8
|
)
|
|
|
|||||||
Consolidated Total
|
$
|
3,484.5
|
|
|
$
|
—
|
|
|
$
|
3,484.5
|
|
|
$
|
4,845.7
|
|
|
$
|
—
|
|
|
$
|
4,845.7
|
|
|
(28.1
|
)
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
617.2
|
|
|
$
|
850.1
|
|
|
$
|
1,911.3
|
|
|
$
|
2,664.5
|
|
Construction Products Group
|
116.0
|
|
|
134.9
|
|
|
349.3
|
|
|
369.4
|
|
||||
Inland Barge Group
|
87.2
|
|
|
136.7
|
|
|
289.4
|
|
|
409.4
|
|
||||
Energy Equipment Group
|
210.5
|
|
|
244.7
|
|
|
652.2
|
|
|
753.2
|
|
||||
Railcar Leasing and Management Services Group
|
93.2
|
|
|
91.0
|
|
|
376.4
|
|
|
313.4
|
|
||||
All Other
|
30.2
|
|
|
32.1
|
|
|
82.1
|
|
|
88.6
|
|
||||
Segment Totals before Eliminations and Corporate Expenses
|
1,154.3
|
|
|
1,489.5
|
|
|
3,660.7
|
|
|
4,598.5
|
|
||||
Corporate
|
35.6
|
|
|
39.7
|
|
|
95.0
|
|
|
98.7
|
|
||||
Eliminations – Lease subsidiary
|
(179.0
|
)
|
|
(242.8
|
)
|
|
(603.0
|
)
|
|
(619.1
|
)
|
||||
Eliminations – Other
|
(82.8
|
)
|
|
(109.1
|
)
|
|
(246.8
|
)
|
|
(313.3
|
)
|
||||
Consolidated Total
|
$
|
928.1
|
|
|
$
|
1,177.3
|
|
|
$
|
2,905.9
|
|
|
$
|
3,764.8
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
103.6
|
|
|
$
|
223.3
|
|
|
$
|
349.6
|
|
|
$
|
663.7
|
|
Construction Products Group
|
23.8
|
|
|
19.9
|
|
|
61.2
|
|
|
49.5
|
|
||||
Inland Barge Group
|
11.7
|
|
|
28.1
|
|
|
38.6
|
|
|
96.3
|
|
||||
Energy Equipment Group
|
31.2
|
|
|
44.8
|
|
|
103.5
|
|
|
118.3
|
|
||||
Railcar Leasing and Management Services Group
|
80.5
|
|
|
158.2
|
|
|
272.4
|
|
|
418.7
|
|
||||
All Other
|
(3.5
|
)
|
|
(3.0
|
)
|
|
(13.8
|
)
|
|
(4.6
|
)
|
||||
Segment Totals before Eliminations and Corporate Expenses
|
247.3
|
|
|
471.3
|
|
|
811.5
|
|
|
1,341.9
|
|
||||
Corporate
|
(35.6
|
)
|
|
(39.7
|
)
|
|
(95.0
|
)
|
|
(98.7
|
)
|
||||
Eliminations – Lease subsidiary
|
(27.7
|
)
|
|
(65.6
|
)
|
|
(139.1
|
)
|
|
(163.8
|
)
|
||||
Eliminations – Other
|
(0.4
|
)
|
|
(1.1
|
)
|
|
1.2
|
|
|
1.5
|
|
||||
Consolidated Total
|
$
|
183.6
|
|
|
$
|
364.9
|
|
|
$
|
578.6
|
|
|
$
|
1,080.9
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in millions)
|
||||||||||||||
Interest income
|
$
|
(1.4
|
)
|
|
$
|
(0.6
|
)
|
|
$
|
(3.9
|
)
|
|
$
|
(1.6
|
)
|
Interest expense
|
45.3
|
|
|
46.7
|
|
|
136.7
|
|
|
148.8
|
|
||||
Other, net
|
0.2
|
|
|
(1.0
|
)
|
|
(5.4
|
)
|
|
(4.0
|
)
|
||||
Consolidated Total
|
$
|
44.1
|
|
|
$
|
45.1
|
|
|
$
|
127.4
|
|
|
$
|
143.2
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
State taxes
|
1.3
|
|
|
1.2
|
|
|
1.2
|
|
|
1.2
|
|
Domestic production activities deduction
|
—
|
|
|
(1.7
|
)
|
|
—
|
|
|
(1.8
|
)
|
Noncontrolling interest in partially-owned subsidiaries
|
(0.8
|
)
|
|
(0.9
|
)
|
|
(1.0
|
)
|
|
(0.9
|
)
|
State adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
Other, net
|
0.3
|
|
|
—
|
|
|
0.4
|
|
|
0.1
|
|
Effective rate
|
35.8
|
%
|
|
33.6
|
%
|
|
35.6
|
%
|
|
33.7
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Railcars
|
$
|
674.5
|
|
|
$
|
1,030.7
|
|
|
(34.6
|
)%
|
|
$
|
2,120.9
|
|
|
$
|
3,211.6
|
|
|
(34.0
|
)%
|
Components and maintenance services
|
46.3
|
|
|
42.7
|
|
|
8.4
|
|
|
140.0
|
|
|
116.6
|
|
|
20.1
|
|
||||
Total revenues
|
720.8
|
|
|
1,073.4
|
|
|
(32.8
|
)
|
|
2,260.9
|
|
|
3,328.2
|
|
|
(32.1
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
603.4
|
|
|
827.8
|
|
|
(27.1
|
)
|
|
1,862.7
|
|
|
2,605.6
|
|
|
(28.5
|
)
|
||||
Selling, engineering, and administrative costs
|
13.8
|
|
|
22.3
|
|
|
(38.1
|
)
|
|
48.6
|
|
|
58.9
|
|
|
(17.5
|
)
|
||||
Operating profit
|
$
|
103.6
|
|
|
$
|
223.3
|
|
|
(53.6
|
)
|
|
$
|
349.6
|
|
|
$
|
663.7
|
|
|
(47.3
|
)
|
Operating profit margin
|
14.4
|
%
|
|
20.8
|
%
|
|
|
|
15.5
|
%
|
|
19.9
|
%
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||
Beginning balance
|
40,205
|
|
|
59,830
|
|
|
48,885
|
|
|
61,035
|
|
Orders received
|
1,260
|
|
|
3,655
|
|
|
5,790
|
|
|
19,690
|
|
Shipments
|
(6,595
|
)
|
|
(8,220
|
)
|
|
(19,805
|
)
|
|
(25,460
|
)
|
Ending balance
|
34,870
|
|
|
55,265
|
|
|
34,870
|
|
|
55,265
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Highway Products
|
$
|
71.6
|
|
|
$
|
82.9
|
|
|
(13.6
|
)%
|
|
$
|
215.4
|
|
|
$
|
216.1
|
|
|
(0.3
|
)%
|
Aggregates
|
56.9
|
|
|
58.7
|
|
|
(3.1
|
)
|
|
163.2
|
|
|
146.8
|
|
|
11.2
|
|
||||
Other
|
11.3
|
|
|
13.2
|
|
|
(14.4
|
)
|
|
31.9
|
|
|
56.0
|
|
|
(43.0
|
)
|
||||
Total revenues
|
139.8
|
|
|
154.8
|
|
|
(9.7
|
)
|
|
410.5
|
|
|
418.9
|
|
|
(2.0
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
98.8
|
|
|
114.8
|
|
|
(13.9
|
)
|
|
294.6
|
|
|
319.2
|
|
|
(7.7
|
)
|
||||
Selling, engineering, and administrative costs
|
17.9
|
|
|
20.8
|
|
|
(13.9
|
)
|
|
55.9
|
|
|
59.9
|
|
|
(6.7
|
)
|
||||
Property disposition gains
|
(0.7
|
)
|
|
(0.7
|
)
|
|
—
|
|
|
(1.2
|
)
|
|
(9.7
|
)
|
|
(87.6
|
)
|
||||
Operating profit
|
$
|
23.8
|
|
|
$
|
19.9
|
|
|
19.6
|
|
|
$
|
61.2
|
|
|
$
|
49.5
|
|
|
23.6
|
|
Operating profit margin
|
17.0
|
%
|
|
12.9
|
%
|
|
|
|
14.9
|
%
|
|
11.8
|
%
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues
|
$
|
98.9
|
|
|
$
|
164.8
|
|
|
(40.0
|
)%
|
|
$
|
328.0
|
|
|
$
|
505.7
|
|
|
(35.1
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
83.9
|
|
|
132.1
|
|
|
(36.5
|
)
|
|
278.8
|
|
|
396.5
|
|
|
(29.7
|
)
|
||||
Selling, engineering, and administrative costs
|
3.3
|
|
|
4.6
|
|
|
(28.3
|
)
|
|
10.6
|
|
|
13.3
|
|
|
(20.3
|
)
|
||||
Property disposition gains
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
(0.4
|
)
|
|
|
||||||
Operating profit
|
$
|
11.7
|
|
|
$
|
28.1
|
|
|
(58.4
|
)
|
|
$
|
38.6
|
|
|
$
|
96.3
|
|
|
(59.9
|
)
|
Operating profit margin
|
11.8
|
%
|
|
17.1
|
%
|
|
|
|
11.8
|
%
|
|
19.0
|
%
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Wind towers and utility structures
|
$
|
148.8
|
|
|
$
|
167.0
|
|
|
(10.9
|
)%
|
|
$
|
484.9
|
|
|
$
|
491.6
|
|
|
(1.4
|
)%
|
Other
|
92.9
|
|
|
122.5
|
|
|
(24.2
|
)
|
|
270.8
|
|
|
379.9
|
|
|
(28.7
|
)
|
||||
Total revenues
|
241.7
|
|
|
289.5
|
|
|
(16.5
|
)
|
|
755.7
|
|
|
871.5
|
|
|
(13.3
|
)
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
192.3
|
|
|
223.4
|
|
|
(13.9
|
)
|
|
596.4
|
|
|
689.6
|
|
|
(13.5
|
)
|
||||
Selling, engineering, and administrative costs
|
18.2
|
|
|
21.3
|
|
|
(14.6
|
)
|
|
55.8
|
|
|
63.6
|
|
|
(12.3
|
)
|
||||
Operating profit
|
$
|
31.2
|
|
|
$
|
44.8
|
|
|
(30.4
|
)
|
|
$
|
103.5
|
|
|
$
|
118.3
|
|
|
(12.5
|
)
|
Operating profit margin
|
12.9
|
%
|
|
15.5
|
%
|
|
|
|
13.7
|
%
|
|
13.6
|
%
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
173.7
|
|
|
$
|
176.6
|
|
|
(1.6
|
)%
|
|
$
|
522.7
|
|
|
$
|
520.9
|
|
|
0.3
|
%
|
Sales of railcars owned one year or less at the time of sale
|
—
|
|
|
72.6
|
|
|
*
|
|
126.1
|
|
|
211.2
|
|
|
*
|
||||||
Total revenues
|
$
|
173.7
|
|
|
$
|
249.2
|
|
|
(30.3
|
)
|
|
$
|
648.8
|
|
|
$
|
732.1
|
|
|
(11.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
$
|
80.5
|
|
|
$
|
81.8
|
|
|
(1.6
|
)
|
|
$
|
224.8
|
|
|
$
|
254.7
|
|
|
(11.7
|
)
|
Railcar sales:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Railcars owned one year or less at the time of sale
|
—
|
|
|
18.6
|
|
|
*
|
|
34.1
|
|
|
61.2
|
|
|
*
|
||||||
Railcars owned more than one year at the time of sale
|
—
|
|
|
57.8
|
|
|
*
|
|
13.5
|
|
|
102.8
|
|
|
*
|
||||||
Total operating profit
|
$
|
80.5
|
|
|
$
|
158.2
|
|
|
(49.1
|
)
|
|
$
|
272.4
|
|
|
$
|
418.7
|
|
|
(34.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit margin:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Leasing and management
|
46.3
|
%
|
|
46.3
|
%
|
|
|
|
43.0
|
%
|
|
48.9
|
%
|
|
|
||||||
Railcar sales
|
*
|
|
*
|
|
|
|
*
|
|
*
|
|
|
||||||||||
Total operating profit margin
|
46.3
|
%
|
|
63.5
|
%
|
|
|
|
42.0
|
%
|
|
57.2
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected expense information
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Depreciation
|
$
|
39.4
|
|
|
$
|
35.9
|
|
|
9.7
|
|
|
$
|
115.5
|
|
|
$
|
105.8
|
|
|
9.2
|
|
Maintenance and compliance
|
$
|
21.3
|
|
|
$
|
24.6
|
|
|
(13.4
|
)
|
|
$
|
84.7
|
|
|
$
|
65.9
|
|
|
28.5
|
|
Rent
|
$
|
9.9
|
|
|
$
|
9.9
|
|
|
—
|
|
|
$
|
29.3
|
|
|
$
|
31.3
|
|
|
(6.4
|
)
|
Interest
|
$
|
31.2
|
|
|
$
|
32.5
|
|
|
(4.0
|
)
|
|
$
|
94.4
|
|
|
$
|
106.8
|
|
|
(11.6
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
126.1
|
|
|
$
|
211.2
|
|
Railcars owned more than one year at the time of sale
|
37.7
|
|
|
313.4
|
|
||
Rail Group
|
8.1
|
|
|
175.8
|
|
||
|
$
|
171.9
|
|
|
$
|
700.4
|
|
|
September 30, 2016
|
|
September 30, 2015
|
||
Number of railcars
|
82,540
|
|
|
77,140
|
|
Average age in years
|
8.2
|
|
|
7.9
|
|
Average remaining lease term in years
|
3.4
|
|
|
3.3
|
|
Fleet utilization
|
97.1
|
%
|
|
98.5
|
%
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Revenues
|
$
|
26.7
|
|
|
$
|
29.1
|
|
|
(8.2
|
)%
|
|
$
|
68.3
|
|
|
$
|
84.0
|
|
|
(18.7
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating costs:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cost of revenues
|
28.6
|
|
|
29.9
|
|
|
(4.3
|
)
|
|
75.5
|
|
|
83.7
|
|
|
(9.8
|
)
|
||||
Selling, engineering, and administrative costs
|
1.9
|
|
|
2.4
|
|
|
(20.8
|
)
|
|
5.9
|
|
|
6.7
|
|
|
(11.9
|
)
|
||||
Property disposition (gains) losses
|
(0.3
|
)
|
|
(0.2
|
)
|
|
|
|
0.7
|
|
|
(1.8
|
)
|
|
|
|
|||||
Operating loss
|
$
|
(3.5
|
)
|
|
$
|
(3.0
|
)
|
|
*
|
|
$
|
(13.8
|
)
|
|
$
|
(4.6
|
)
|
|
*
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
Percent
|
|
2016
|
|
2015
|
|
Percent
|
||||||||||
|
($ in millions)
|
|
Change
|
|
($ in millions)
|
|
Change
|
||||||||||||||
Operating costs
|
$
|
35.6
|
|
|
$
|
39.7
|
|
|
(10.3
|
)%
|
|
$
|
95.0
|
|
|
$
|
98.7
|
|
|
(3.7
|
)%
|
|
Nine Months Ended
September 30, |
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Total cash provided by (required by):
|
|
|
|
||||
Operating activities
|
$
|
792.1
|
|
|
$
|
630.3
|
|
Investing activities
|
(805.5
|
)
|
|
(382.9
|
)
|
||
Financing activities
|
(214.8
|
)
|
|
(457.5
|
)
|
||
Net decrease in cash and cash equivalents
|
$
|
(228.2
|
)
|
|
$
|
(210.1
|
)
|
|
Nine Months Ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
126.1
|
|
|
$
|
211.2
|
|
Railcars owned more than one year at the time of sale
|
37.7
|
|
|
313.4
|
|
||
Rail Group
|
8.1
|
|
|
175.8
|
|
||
|
$
|
171.9
|
|
|
$
|
700.4
|
|
(1)
|
Weighted average fixed interest rate
|
|
Effect on interest expense - increase/(decrease)
|
||||||||||||||||||
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
|
Expected effect during next twelve months
(1)
|
||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|||||||||||
|
(in millions)
|
||||||||||||||||||
Expired hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
2006 secured railcar equipment notes
|
$
|
(0.1
|
)
|
|
$
|
—
|
|
|
$
|
(0.3
|
)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.2
|
)
|
Promissory notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1.2
|
|
|
$
|
—
|
|
TRIP Holdings warehouse loan
|
$
|
1.2
|
|
|
$
|
1.2
|
|
|
$
|
3.6
|
|
|
$
|
3.7
|
|
|
$
|
4.6
|
|
Open hedges:
|
|
|
|
|
|
|
|
|
|
||||||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.7
|
|
|
$
|
0.9
|
|
|
$
|
0.7
|
|
Promissory notes
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5.3
|
|
|
$
|
—
|
|
•
|
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 extent of utilization of manufacturing capacity;
|
•
|
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; and
|
•
|
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.
|
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)
|
||||||
July 1, 2016 through July 31, 2016
|
2,965
|
|
|
$
|
19.55
|
|
|
—
|
|
|
$
|
215,375,299
|
|
August 1, 2016 through August 31, 2016
|
499
|
|
|
$
|
26.74
|
|
|
—
|
|
|
$
|
215,375,299
|
|
September 1, 2016 through September 30, 2016
|
1,947
|
|
|
$
|
23.90
|
|
|
—
|
|
|
$
|
215,375,299
|
|
Total
|
5,411
|
|
|
$
|
21.78
|
|
|
—
|
|
|
$
|
215,375,299
|
|
NO.
|
|
DESCRIPTION
|
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
|
|
|
October 27, 2016
|
1 Year Trinity Industries Chart |
1 Month Trinity Industries Chart |
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