Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 18, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 1-6903 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-0225040 | |
Entity Address, Address Line One | 2525 N. Stemmons Freeway | |
Entity Address, City or Town | Dallas, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75207-2401 | |
City Area Code | 214 | |
Local Phone Number | 631-4420 | |
Title of 12(b) Security | Common Stock | |
Entity Trading Symbol | TRN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 127,874,316 | |
Entity Registrant Name | TRINITY INDUSTRIES INC | |
Entity Central Index Key | 0000099780 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues [Abstract] | ||||
Revenues | $ 736 | $ 634 | $ 1,340.8 | $ 1,167.2 |
Cost of revenues: | ||||
Total cost of revenues | 578.5 | 481.9 | 1,041.9 | 881.8 |
Selling, engineering, and administrative expenses: | ||||
Selling, engineering, and administrative expenses | 69.8 | 75.6 | 129.4 | 149 |
Gains on dispositions of property: | ||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | 18.7 | 9.5 | 26.6 | 11.6 |
Other | 0.6 | 2 | 2.7 | 2.1 |
Total gains (losses) on disposition of property | 19.3 | 11.5 | 29.3 | 13.7 |
Total operating profit | 107 | 88 | 198.8 | 150.1 |
Other (income) expense: | ||||
Interest income | (1.6) | (3.7) | (2.9) | (7.6) |
Interest expense | 57 | 43.8 | 109.7 | 90.1 |
Other, net | 0.1 | 1.9 | (0.2) | 3.1 |
Other Nonoperating Expense | 55.3 | 38.2 | 107 | 79.4 |
Income from continuing operations before income taxes | 51.7 | 49.8 | 91.8 | 70.7 |
Provision for income taxes | 14.1 | 12.5 | 23 | 18.2 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37.6 | 37.3 | 68.8 | 52.5 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.8) | 28.2 | (1.9) | 54.6 |
Net income | 36.8 | 65.5 | 66.9 | 107.1 |
Net income (loss) attributable to noncontrolling interest | 0.4 | 1.4 | (0.1) | 2.8 |
Net income attributable to Trinity Industries, Inc. | $ 36.4 | $ 64.1 | $ 67 | $ 104.3 |
Basic earnings per common share: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.29 | $ 0.24 | $ 0.53 | $ 0.33 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.01) | 0.19 | (0.02) | 0.37 |
Basic (in dollars per share) | 0.28 | 0.43 | 0.51 | 0.70 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.29 | 0.24 | 0.52 | 0.32 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (0.01) | 0.19 | (0.01) | 0.36 |
Diluted (in dollars per share) | $ 0.28 | $ 0.43 | $ 0.51 | $ 0.68 |
Weighted average number of shares outstanding: | ||||
Basic (in shares) | 127.6 | 146.2 | 129 | 146.7 |
Diluted (in shares) | 129.2 | 147 | 130.7 | 150.2 |
Manufacturing | ||||
Revenues [Abstract] | ||||
Revenues | $ 459.1 | $ 420.8 | $ 863.7 | $ 779.7 |
Cost of revenues: | ||||
Total cost of revenues | 399.6 | 363.4 | 751.2 | 669.9 |
Selling, engineering, and administrative expenses: | ||||
Selling, engineering, and administrative expenses | 26.5 | 23.1 | 49.7 | 46.6 |
Leasing | ||||
Revenues [Abstract] | ||||
Revenues | 276.9 | 213.2 | 477.1 | 387.5 |
Cost of revenues: | ||||
Total cost of revenues | 178.9 | 118.5 | 290.7 | 211.9 |
Selling, engineering, and administrative expenses: | ||||
Selling, engineering, and administrative expenses | 12.7 | 12.6 | 25.5 | 24.8 |
Other | ||||
Selling, engineering, and administrative expenses: | ||||
Selling, engineering, and administrative expenses | $ 30.6 | $ 39.9 | $ 54.2 | $ 77.6 |
Consolidated Statements of Op_2
Consolidated Statements of Operations Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | $ (0.3) | $ 8.1 | $ (0.5) | $ 17.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 36.8 | $ 65.5 | $ 66.9 | $ 107.1 |
Derivative financial instruments: | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (8) | (0.9) | (13.5) | (0.1) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 1 | 0.3 | 1.9 | 1.3 |
Currency translation adjustment | 0 | (0.8) | 0 | (1.5) |
Defined benefit plans: | ||||
Amortization of net actuarial losses, net of tax benefit | 0.8 | 0.9 | 1.6 | 1.7 |
Other comprehensive income | (6.2) | (0.5) | (10) | 1.4 |
Comprehensive income | 30.6 | 65 | 56.9 | 108.5 |
Less: comprehensive income attributable to noncontrolling interest | 0.7 | 1.8 | 0.5 | 3.6 |
Comprehensive income attributable to Trinity Industries, Inc. | $ 29.9 | $ 63.2 | $ 56.4 | $ 104.9 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ (2.4) | $ (0.2) | $ (4.2) | $ 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0 | 0.2 | 0.4 | (0.1) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ (0.3) | $ (0.2) | $ (0.6) | $ (0.6) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 102.8 | $ 179.2 |
Receivables, net of allowance | 351.7 | 276.6 |
Income tax receivable | 21 | 40.4 |
Restricted Cash and Cash Equivalents | 113.7 | 171.6 |
Property, Plant and Equipment, Gross | 8,882.5 | 8,253.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,012.9 | 1,919 |
Property, plant, and equipment, net | 6,869.6 | 6,334.4 |
Inventories: | ||
Raw materials and supplies | 333.7 | 342.5 |
Work in process | 194.2 | 119.3 |
Finished goods | 72.6 | 62.9 |
Inventory, net | 600.5 | 524.7 |
Goodwill | 208.8 | 208.8 |
Other assets | 307.8 | 253.5 |
Total assets | 8,575.9 | 7,989.2 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 217.7 | 212.1 |
Accrued liabilities | 346.3 | 368.3 |
Debt: | ||
Recourse | 397.6 | 397.4 |
Non-recourse debt | 4,218.3 | 3,631.8 |
Total debt | 4,615.9 | 4,029.2 |
Deferred income | 0 | 17.7 |
Deferred income taxes | 769 | 743.1 |
Other liabilities | 97.4 | 56.8 |
Total liabilities | 6,046.3 | 5,427.2 |
Stockholders’ equity: | ||
Preferred stock – 1.5 shares authorized and unissued | 0 | 0 |
Common stock – 400.0 shares authorized | 1.3 | 1.3 |
Capital in excess of par value | 0 | 1.2 |
Retained earnings | 2,305.8 | 2,326.1 |
Accumulated other comprehensive loss | (127.4) | (116.8) |
Treasury stock | (0.9) | (1) |
Total stockholders' equity | 2,178.8 | 2,210.8 |
Noncontrolling interest | 350.8 | 351.2 |
Total stockholders' equity, including portion attributable to noncontrolling interest | 2,529.6 | 2,562 |
Total liabilities and stockholders' equity | 8,575.9 | 7,989.2 |
Partially-owned subsidiaries | ||
ASSETS | ||
Restricted Cash and Cash Equivalents | 30.8 | 36.6 |
Property, Plant and Equipment, Gross | 2,048.3 | 2,032 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 499.8 | 472 |
Debt: | ||
Non-recourse debt | 1,298.9 | 1,315.2 |
Wholly-owned subsidiaries | ||
Debt: | ||
Non-recourse debt | $ 2,919.4 | $ 2,316.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, shares authorized | 1.5 | 1.5 |
Preferred Stock, Shares Unissued | 1.5 | 1.5 |
Common stock, shares authorized | 400 | 400 |
Restricted cash | $ 113.7 | $ 171.6 |
Property, plant and equipment, at cost | 8,882.5 | 8,253.4 |
Less accumulated depreciation | (2,012.9) | (1,919) |
Partially-owned subsidiaries | ||
Restricted cash | 30.8 | 36.6 |
Property, plant and equipment, at cost | 2,048.3 | 2,032 |
Less accumulated depreciation | $ (499.8) | $ (472) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net income | $ 66.9 | $ 107.1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (1.9) | 54.6 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 138.1 | 119.7 |
Stock-based compensation expense | 13 | 14.2 |
Provision for deferred income taxes | 22.8 | 19 |
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (26.6) | (11.6) |
Gains on dispositions of property and other assets | (2.7) | (2.1) |
Non-cash interest expense | 7.2 | 12.6 |
Other | (1.9) | (0.6) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in receivables | (55.7) | 11 |
(Increase) decrease in inventories | (75.8) | 41.9 |
(Increase) decrease in other assets | (33) | (26.8) |
Increase (decrease) in accounts payable | 5.6 | 14.4 |
Increase (decrease) in accrued liabilities | (51.7) | (25.9) |
Increase (decrease) in other liabilities | (5.2) | 1.5 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 2.9 | 219.8 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 128.5 |
Net cash provided (required) by operating activities | 2.9 | 348.3 |
Investing activities: | ||
(Increase) decrease in short-term marketable securities | 0 | 294.5 |
Proceeds from dispositions of property and other assets | 14.3 | 4.4 |
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 99.9 | 56.4 |
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | 690.9 | 503.2 |
Capital expenditures – manufacturing and other | (34) | (13.5) |
Other | (1.2) | 1.3 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (611.9) | (160.1) |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (44.3) |
Net cash provided (required) by investing activities | (611.9) | (204.4) |
Financing activities: | ||
Payments to retire debt | (1,044.9) | (674.5) |
Proceeds from issuance of debt | 1,626.9 | 478 |
Shares repurchased | (59) | (102.2) |
Dividends paid to common shareholders | (39.5) | (39.3) |
Purchase of shares to satisfy employee tax on vested stock | (7.9) | (11.3) |
Distributions to noncontrolling interest | (0.9) | (10.3) |
Other | 0 | (3.2) |
Net cash provided (required) by financing activities | 474.7 | (362.8) |
Net decrease in cash, cash equivalents, and restricted cash | (134.3) | (218.9) |
Cash, cash equivalents, and restricted cash at beginning of period | 350.8 | 973.8 |
Cash, cash equivalents, and restricted cash at end of period | $ 216.5 | $ 754.9 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||
Capital expenditures – leasing, net of sold railcars owned one year or less, net cost | $ 91.8 | $ 24.8 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Trinity Stockholders’ Equity | Noncontrolling Interest |
Beginning balance (in shares) at Dec. 31, 2017 | (150,900,000) | (100,000) | ||||||
Beginning balance at Dec. 31, 2017 | $ 4,858 | $ 1.6 | $ 482.5 | $ 4,123.4 | $ (104.8) | $ (1.6) | $ 4,501.1 | $ 356.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 41.6 | 40.2 | 40.2 | 1.4 | ||||
Other comprehensive (loss) income | 1.9 | 1.5 | 1.5 | 0.4 | ||||
Dividends, Common Stock, Cash | (19.4) | (19.4) | (19.4) | |||||
Stock-based compensation | 6.2 | 6.2 | 6.2 | |||||
Restricted shares, net, (in shares) | (100,000) | |||||||
Shares repurchased, shares | (1,500,000) | |||||||
Shares repurchased | (50) | $ (50) | (50) | |||||
Stock options exercised | 0.1 | 0.1 | 0.1 | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 2 | 3.9 | $ (1.9) | 2 | ||||
Distributions to noncontrolling interest | (5.8) | 0 | (5.8) | |||||
Cumulative effect of new accounting principle | 0 | 18.7 | (18.7) | 0 | ||||
Ending balance (in shares) at Mar. 31, 2018 | (150,900,000) | (1,700,000) | ||||||
Ending balance at Mar. 31, 2018 | 4,834.6 | $ 1.6 | 492.7 | 4,162.9 | (122) | $ (53.5) | 4,481.7 | 352.9 |
Beginning balance (in shares) at Dec. 31, 2017 | (150,900,000) | (100,000) | ||||||
Beginning balance at Dec. 31, 2017 | 4,858 | $ 1.6 | 482.5 | 4,123.4 | (104.8) | $ (1.6) | 4,501.1 | 356.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 107.1 | |||||||
Other comprehensive (loss) income | 1.4 | |||||||
Stock-based compensation | 14.2 | |||||||
Shares repurchased, shares | (2,970,674) | |||||||
Shares repurchased | (100.1) | |||||||
Ending balance (in shares) at Jun. 30, 2018 | (147,700,000) | (100,000) | ||||||
Ending balance at Jun. 30, 2018 | 4,671.8 | $ 1.5 | 237.2 | 4,207.4 | (122.9) | $ (1.6) | 4,321.6 | 350.2 |
Beginning balance (in shares) at Mar. 31, 2018 | (150,900,000) | (1,700,000) | ||||||
Beginning balance at Mar. 31, 2018 | 4,834.6 | $ 1.6 | 492.7 | 4,162.9 | (122) | $ (53.5) | 4,481.7 | 352.9 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 65.5 | 64.1 | 64.1 | 1.4 | ||||
Other comprehensive (loss) income | (0.5) | (0.9) | (0.9) | 0.4 | ||||
Dividends, Common Stock, Cash | (19.6) | (19.6) | (19.6) | |||||
Stock-based compensation | 8 | 8 | 8 | |||||
Restricted shares, net, (in shares) | 200,000 | (300,000) | ||||||
Shares repurchased, shares | (1,451,171) | |||||||
Shares repurchased | (50.1) | $ (50.1) | (50.1) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (8.6) | 4.2 | $ (12.8) | (8.6) | ||||
Distributions to noncontrolling interest | (4.5) | 0 | (4.5) | |||||
Treasury Stock, Shares, Retired | (3,400,000) | 3,400,000 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | (114.8) | $ 114.8 | 0 | ||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (152.9) | (152.9) | (152.9) | |||||
Stockholders' equity, other | (0.1) | $ (0.1) | (0.1) | |||||
Ending balance (in shares) at Jun. 30, 2018 | (147,700,000) | (100,000) | ||||||
Ending balance at Jun. 30, 2018 | 4,671.8 | $ 1.5 | 237.2 | 4,207.4 | (122.9) | $ (1.6) | 4,321.6 | 350.2 |
Beginning balance (in shares) at Dec. 31, 2018 | (133,300,000) | (100,000) | ||||||
Beginning balance at Dec. 31, 2018 | 2,562 | $ 1.3 | 1.2 | 2,326.1 | (116.8) | $ (1) | 2,210.8 | 351.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 30.1 | 30.6 | 30.6 | (0.5) | ||||
Other comprehensive (loss) income | (3.8) | (4.1) | (4.1) | 0.3 | ||||
Dividends, Common Stock, Cash | (22.3) | (22.3) | (22.3) | |||||
Stock-based compensation | 5.5 | 5.5 | 5.5 | |||||
Shares repurchased, shares | (3,500,000) | |||||||
Shares repurchased | (19) | 70 | $ (89) | (19) | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (0.5) | 0.6 | $ (1.1) | (0.5) | ||||
Distributions to noncontrolling interest | (0.4) | 0 | (0.4) | |||||
Cumulative effect of new accounting principle | 13.7 | 13.7 | 13.7 | |||||
Stockholders' equity, other | (0.2) | (0.2) | (0.2) | |||||
Ending balance (in shares) at Mar. 31, 2019 | (133,300,000) | (3,600,000) | ||||||
Ending balance at Mar. 31, 2019 | 2,565.1 | $ 1.3 | 77.3 | 2,347.9 | (120.9) | $ (91.1) | 2,214.5 | 350.6 |
Beginning balance (in shares) at Dec. 31, 2018 | (133,300,000) | (100,000) | ||||||
Beginning balance at Dec. 31, 2018 | 2,562 | $ 1.3 | $ 1.2 | 2,326.1 | (116.8) | $ (1) | 2,210.8 | 351.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 66.9 | |||||||
Other comprehensive (loss) income | (10) | 0.6 | ||||||
Stock-based compensation | 13 | |||||||
Shares repurchased, shares | (2,607,172) | (5,607,003) | ||||||
Shares repurchased | $ (70) | $ (133) | ||||||
Ending balance (in shares) at Jun. 30, 2019 | (127,900,000) | (100,000) | ||||||
Ending balance at Jun. 30, 2019 | 2,529.6 | $ 1.3 | 0 | 2,305.8 | (127.4) | $ (0.9) | 2,178.8 | 350.8 |
Beginning balance (in shares) at Mar. 31, 2019 | (133,300,000) | (3,600,000) | ||||||
Beginning balance at Mar. 31, 2019 | 2,565.1 | $ 1.3 | 77.3 | 2,347.9 | (120.9) | $ (91.1) | 2,214.5 | 350.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 36.8 | 36.4 | 36.4 | 0.4 | ||||
Other comprehensive (loss) income | (6.2) | (6.5) | (6.5) | 0.3 | ||||
Dividends, Common Stock, Cash | (21.6) | (21.6) | (21.6) | |||||
Stock-based compensation | 7.5 | 7.5 | 7.5 | |||||
Restricted shares, net, (in shares) | 700,000 | (500,000) | ||||||
Shares repurchased, shares | (2,133,116) | |||||||
Shares repurchased | (44) | $ (44) | (44) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (7.5) | 1 | $ (8.5) | (7.5) | ||||
Distributions to noncontrolling interest | (0.5) | 0 | (0.5) | |||||
Treasury Stock, Shares, Retired | (6,100,000) | 6,100,000 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | (85.8) | (56.9) | $ (142.7) | 0 | |||
Ending balance (in shares) at Jun. 30, 2019 | (127,900,000) | (100,000) | ||||||
Ending balance at Jun. 30, 2019 | $ 2,529.6 | $ 1.3 | $ 0 | $ 2,305.8 | $ (127.4) | $ (0.9) | $ 2,178.8 | $ 350.8 |
Consolidated Statement of Sto_2
Consolidated Statement of Stockholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Par Value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Dividends, Per Share, Declared | $ 0.17 | $ 0.13 | $ 0.34 | $ 0.26 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The foregoing Consolidated Financial Statements are unaudited and have been prepared from the books and records of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") including the accounts of our wholly-owned subsidiaries and partially-owned subsidiaries, TRIP Rail Holdings LLC (“TRIP Holdings”) and RIV 2013 Rail Holdings LLC ("RIV 2013"), in which we have a controlling interest. In our opinion, all normal and recurring adjustments necessary for a fair presentation of our financial position as of June 30, 2019 , and the results of operations for the three and six months ended June 30, 2019 and 2018 , and cash flows for the six months ended June 30, 2019 and 2018 , have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2019 presentation. Due to seasonal and other factors, the results of operations for the six months ended June 30, 2019 may not be indicative of expected results of operations for the year ending December 31, 2019 . These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2018 . Spin-off of Arcosa, Inc. On November 1, 2018, we completed the separation of Trinity Industries, Inc. into two public companies: (1) Trinity Industries, Inc., comprised primarily of Trinity’s rail-related businesses, which are leading providers of railcar products and services in North America, and (2) Arcosa, Inc. ("Arcosa"), a new public company focused on infrastructure-related products and services. The separation was effected through a pro rata dividend to Trinity's shareholders of all outstanding Arcosa shares and was structured to qualify as a tax-free distribution for federal income tax purposes. Following the distribution, Arcosa became an independent, publicly-traded company on the New York Stock Exchange. Trinity did not retain an ownership interest in Arcosa following the completion of the spin-off transaction. Upon completion of the spin-off transaction on November 1, 2018, the accounting requirements for reporting Arcosa as a discontinued operation were met. Accordingly, Arcosa's results of operations are presented as discontinued operations for all periods in this Quarterly Report on Form 10-Q. See Note 2 for further information related to the spin-off transaction. Revenue Recognition Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. Payments for our products and services are generally due within normal commercial terms. The following is a description of principal activities from which we generate our revenue, separated by reportable segments. See Note 4 for a further discussion regarding our reportable segments. Railcar Leasing and Management Services Group In our Railcar Leasing and Management Services Group ("Leasing Group"), revenue from rentals and operating leases, including contracts that contain non-level fixed lease payments, is recognized monthly on a straight-line basis. Leases not classified as operating leases are generally considered sales-type leases as a result of an option to purchase. We review our operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the lessee’s payment history, the financial condition of the lessee, and business and economic conditions in the industry in which the lessee operates. In the event that the collectibility of a receivable with respect to any lessee is no longer probable, we de-recognize the revenue and related receivable and recognize future revenue only when the lessee makes a rental payment. Contingent rents are recognized when the contingency is resolved. Selling profit or loss associated with sales-type leases is recognized upon lease commencement, and a net investment in the sales-type lease is recorded on the Consolidated Balance Sheet. Interest income related to sales-type leases is recognized over the lease term using the effective interest method. Revenue is recognized from the sales of railcars from the lease fleet on a gross basis in leasing revenues and cost of revenues if the railcar has been owned for one year or less at the time of sale. Sales of railcars from the lease fleet owned for more than one year are recognized as a net gain or loss from the disposal of a long-term asset. Revenue from servicing and management agreements is recognized as each performance period occurs. We account for shipping and handling costs as activities to fulfill the promise to transfer the good; as such, these fees are recorded in revenue. The fees and costs of shipping and handling activities are accrued when the related performance obligation has been satisfied. Rail Products Group Our railcar manufacturing business recognizes revenue when the customer has submitted its certificate of acceptance and legal title of the railcar has passed to the customer. Certain long-term contracts for the sales of railcars include price adjustments based on steel-price indices; this amount represents variable consideration for which we are unable to estimate the final consideration until the railcar is delivered, at which time the pricing becomes fixed. Within our maintenance services business, revenue is recognized over time as repair and maintenance projects are completed, using an input approach based on the costs incurred relative to the total estimated costs of performing the project. We recorded contract assets of $10.1 million and $10.2 million as of June 30, 2019 and December 31, 2018 , respectively, related to unbilled revenues recognized on repair and maintenance services that have been performed, but for which the entire project has not yet been completed, and the railcar has not yet been shipped to the customer. These contract assets are included within the Receivables, net of allowance line in our Consolidated Balance Sheets. All Other Our highway products business recognizes revenue when the customer has accepted the product and legal title of the product has passed to the customer. Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of June 30, 2019 and the percentage of the outstanding performance obligations as of June 30, 2019 expected to be delivered during the remainder of 2019 : Unsatisfied performance obligations at June 30, 2019 Total Amount Percent expected to be delivered in 2019 (in millions) Rail Products Group: Products: External Customers $ 1,892.0 Leasing Group 973.5 $ 2,865.5 50 % Maintenance Services $ 70.4 78 % Railcar Leasing and Management Services Group $ 100.1 12 % The remainder of the unsatisfied performance obligations for the Rail Products Group is expected to be delivered through 2023. Unsatisfied performance obligations for the Railcar Leasing and Management Services Group are related to servicing and management agreements and are expected to be performed through 2024. Lease Accounting Lessee We are the lessee of operating leases predominantly for railcars, as well as office buildings, manufacturing equipment, and office equipment. Our operating leases have remaining lease terms ranging from one year to forty years , some of which include options to extend for up to five years , and some of which include options to terminate within one year . As of June 30, 2019 , we had no finance leases in which we were the lessee. The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Consolidated Statement of Operations Operating lease expense $ 4.1 $ 9.3 Short-term lease expense $ 1.2 $ 2.6 June 30, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 46.2 Lease liabilities (2) $ 47.2 Weighted average remaining lease term 5.0 years Weighted average discount rate 4.1 % Six Months Ended June 30, 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 9.3 Right-of-use assets recognized in exchange for new lease liabilites $ 4.2 (1) Included in other assets in our Consolidated Balance Sheet (2) Included in other liabilities in our Consolidated Balance Sheet Future contractual minimum operating lease liabilities will mature as follows (in millions): Leasing Group Non-Leasing Group Total Remaining six months of 2019 $ 5.2 $ 2.0 $ 7.2 2020 9.1 3.3 12.4 2021 8.2 1.8 10.0 2022 7.5 1.7 9.2 2023 5.5 1.4 6.9 Thereafter 3.3 3.2 6.5 Total operating lease payments $ 38.8 $ 13.4 $ 52.2 Less: Present value adjustment (5.0 ) Total operating lease liabilities $ 47.2 Lessor Our Leasing Group enters into railcar operating leases with third parties with terms generally ranging between one year and ten years , although certain leases entered into in prior periods had lease terms of up to twenty years . The majority of our fleet operates on leases that earn fixed monthly lease payments. A portion of our fleet operates on per diem leases that earn usage-based variable lease payments. Some of our leases include options to extend the leases for up to five years , and some include options to terminate the leases within one year with certain notice requirements. Our sales-type leases include an option for the lessee to purchase the leased railcars with certain notice. As of June 30, 2019 , non-Leasing Group operating leases were not significant, and we had no direct finance leases. We manage risks associated with residual values of leased railcars by investing across a diverse portfolio of railcar types, staggering lease maturities within any given railcar type, avoiding concentration of railcar type and industry, and participating in active secondary markets. Additionally, our lease agreements contain normal wear and tear return condition provisions and high mileage thresholds designed to protect the value of our residual assets. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease revenues $ 171.6 $ 339.9 Variable operating lease payments 10.8 21.6 Sales-type lease revenues 32.3 34.2 Interest income on sales-type lease receivables 0.3 0.3 Profit recognized at sales-type lease commencement 3.9 4.1 Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions): Remaining six months of 2019 $ 5.3 2020 9.0 2021 24.9 2022 — 2023 — Thereafter — Total $ 39.2 Less: Unearned interest income (4.7 ) Net investment in sales-type leases (1) $ 34.5 (1) Includes $1.1 million in receivables, net of allowance and $33.4 million other assets in our Consolidated Balance Sheet Future contractual minimum revenues for operating leases will mature as follows (in millions): Remaining six months of 2019 $ 295.6 2020 504.3 2021 390.1 2022 293.8 2023 198.6 Thereafter 355.9 Total $ 2,038.3 Financial Instruments We consider all highly liquid debt instruments to be either cash and cash equivalents if purchased with a maturity of three months or less, or short-term marketable securities if purchased with a maturity of more than three months and less than one year . Financial instruments that potentially subject us to a concentration of credit risk are primarily cash investments including restricted cash and receivables. Concentrations of credit risk with respect to receivables are limited due to control procedures that monitor the credit worthiness of customers, the large number of customers in our customer base, and their dispersion across different end markets and geographic areas. As receivables are generally unsecured, we maintain an allowance for doubtful accounts based upon the expected collectibility of all receivables. Receivable balances determined to be uncollectible are charged against the allowance. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values. Goodwill As of both June 30, 2019 and December 31, 2018 , the carrying amount of our goodwill totaled $208.8 million . Warranties We provide various express, limited product warranties that generally range from one year to five years depending on the product. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. The changes in the accruals for warranties for the three and six months ended June 30, 2019 and 2018 are as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Beginning balance $ 7.1 $ 9.7 $ 7.4 $ 10.1 Warranty costs incurred (0.6 ) (0.6 ) (1.5 ) (1.8 ) Warranty originations and revisions 1.9 1.1 2.6 1.9 Warranty expirations (0.1 ) 0.3 (0.2 ) 0.3 Ending balance $ 8.3 $ 10.5 $ 8.3 $ 10.5 Recent Accounting Pronouncements Adopted in 2019 ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, "Leases", ("ASC 842") which amended the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASC 842 is effective for public companies during interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU No. 2018-11, which permits entities to record the right-of-use asset and lease liability on the date of adoption, with no requirement to recast comparative periods. We adopted ASC 842 effective January 1, 2019 using the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019. Therefore, comparative financial information was not adjusted and continues to be reported under the prior lease accounting guidance in ASC 840. We elected the transition relief package of practical expedients, and as a result, we did not assess 1) whether existing or expired contracts contain embedded leases, 2) lease classification for any existing or expired leases, and 3) whether lease origination costs qualified as initial direct costs. We elected the short-term lease practical expedient by establishing an accounting policy to exclude leases with a term of 12 months or less, as well as the land easement practical expedient for maintaining our current accounting policy for existing or expired land easements. For qualifying operating leases in which we are the lessor, we do not separate lease components for our leased railcars from non-lease components, which are comprised of stand-ready maintenance obligations. We did not elect the practical expedient to use hindsight in determining a lease term and impairment of right-of-use assets at the adoption date. Upon adoption, we recognized right-of-use assets and corresponding lease liabilities of $47.0 million and $48.3 million , respectively, in our Consolidated Balance Sheet based on the present value of future minimum lease payments under operating leases for which we are the lessee. This excluded the impact of railcars that were previously under operating leases as of January 1, 2019 but which were purchased on January 14, 2019 and are now wholly-owned by our Leasing Group. Additionally, we recorded an adjustment to opening retained earnings of $17.7 million ( $13.7 million , net of tax) related to the derecognition of deferred profit related to sale-leaseback transactions. Our accounting treatment under ASC 842 for leases in which we are the lessor remained substantially unchanged from our accounting treatment under ASC 840. The adoption of ASC 842 did not have a significant impact on our consolidated results of operations or cash flows. Effective in 2020 ASU 2018-15 — In August 2018, the FASB issued ASU No. 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We plan to adopt ASU 2018-15 effective January 1, 2020 on a prospective basis and are currently evaluating the impact of ASU 2018-15 on our Consolidated Financial Statements. ASU 2016-13 — In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments", which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This approach may result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses", which excludes operating lease receivables from the scope of ASU 2016-13. ASU 2016-13 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of ASU 2016-13 on our Consolidated Financial Statements. |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations | 6 Months Ended |
Jun. 30, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations On November 1, 2018, we completed the spin-off of Arcosa. Upon completion of the spin-off transaction, the accounting requirements for reporting Arcosa as a discontinued operation were met, and, accordingly, Arcosa's historical results have been reclassified to discontinued operations for the periods presented herein. In connection with the spin-off transaction, Trinity and Arcosa entered into various agreements to effect the distribution and provide a framework for their relationship after the separation, including a separation and distribution agreement, a transition services agreement, an employee matters agreement, a tax matters agreement, and an intellectual property matters agreement. Trinity is also party to certain commercial agreements with Arcosa entities. These agreements have various durations ranging between one and eighteen months. We have determined that the continuing cash flows generated by these agreements do not constitute significant continuing involvement in the operations of Arcosa. The amount billed for transition services provided under the above agreements was not material to our results of operations for the three and six months ended June 30, 2019 . We incurred $0.8 million and $10.4 million in spin-off related transaction costs during the three months ended June 30, 2019 and 2018 , respectively, of which $0.8 million and $9.0 million are included in income from discontinued operations, net of income taxes in our Consolidated Statements of Operations. We incurred $1.8 million and $18.3 million in spin-off related transaction costs during the six months ended June 30, 2019 and 2018 , respectively, of which $1.8 million and $16.4 million are included in income from discontinued operations, net of income taxes in our Consolidated Statements of Operations. These costs primarily relate to the preparation of regulatory filings, investment banking fees, professional fees associated with various legal, accounting, and tax matters related to the spin-off, and other separation activities within the finance, tax, legal, and information technology functions. Arcosa is a stand-alone public company that separately reports its financial results. Due to differences between the basis of presentation for discontinued operations and the basis of presentation as a stand-alone company, the financial results of Arcosa included within discontinued operations may not be indicative of the actual financial results of Arcosa as a stand-alone company. The following is a summary of operating results included in income (loss) from discontinued operations for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 (in millions) Revenues $ — $ 320.3 $ — $ 631.2 Cost of revenues — 248.0 0.1 490.9 Selling, engineering, and administrative expenses 1.1 34.9 2.3 66.4 Other expense — 1.1 — 2.1 Income (loss) from discontinued operations before income taxes (1.1 ) 36.3 (2.4 ) 71.8 Provision (benefit) for income taxes (0.3 ) 8.1 (0.5 ) 17.2 Income (loss) from discontinued operations, net of income taxes $ (0.8 ) $ 28.2 $ (1.9 ) $ 54.6 |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Accounting | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 3 . Derivative Instruments and Fair Value Accounting Derivative Instruments We use derivative instruments to mitigate the impact of changes in interest rates, both in anticipation of future debt issuances and to offset interest rate variability of certain floating rate debt issuances outstanding. We also may use derivative instruments to mitigate the impact of changes in natural gas and diesel fuel prices and changes in foreign currency exchange rates. Derivative instruments that are designated and qualify as cash flow hedges are accounted for by recording the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive loss ("AOCL") as a separate component of stockholders' equity and reclassified into earnings in the period during which the hedged transaction affects earnings. We continuously monitor our derivative positions and the credit ratings of our counterparties and do not anticipate losses due to non-performance. See Note 8 for a description of our debt instruments. Interest Rate Hedges Included in accompanying balance sheet 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 % $ — $ (0.2 ) $ — 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 1.2 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 2.6 $ 3.6 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.2 $ 0.2 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.7 ) $ — Open hedge: 2017 promissory notes - interest rate swap $ 586.2 2.68 % $ (29.2 ) $ 29.2 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2019 2018 2019 2018 (in millions) Expired hedges: 2006 secured railcar equipment notes $ (0.1 ) $ — $ (0.1 ) $ (0.1 ) $ (0.1 ) 2018 secured railcar equipment notes $ — $ — $ 0.1 $ — $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.2 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 2017 promissory notes - interest rate cap $ (0.1 ) $ — $ (0.1 ) $ — $ (0.1 ) Open hedge: 2017 promissory notes - interest rate swap $ 0.7 $ — $ 1.3 $ — $ 2.6 (1) Based on the fair value of open hedges as of June 30, 2019 Natural Gas and Diesel Fuel Derivatives From time to time, we may enter into derivative instruments to mitigate the impact of increases in natural gas and diesel fuel prices. For any instruments that do not qualify for hedge accounting treatment, changes in their fair values are recorded directly to the Consolidated Statement of Operations. The effect of commodity hedge transactions was immaterial to the Consolidated Financial Statements for all periods presented herein. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to establish a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are listed below. Level 1 — This level is defined as quoted prices in active markets for identical assets or liabilities. Our cash equivalents and restricted cash are instruments of the U.S. Treasury or highly-rated money market mutual funds. The assets measured as Level 1 in the fair value hierarchy are summarized below: Level 1 June 30, 2019 December 31, 2018 (in millions) Assets: Cash equivalents $ 32.6 $ 124.9 Restricted cash 113.7 171.6 Total assets $ 146.3 $ 296.5 Level 2 — This level is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Interest rate hedges are valued at exit prices obtained from each counterparty. The liabilities measured as Level 2 in the fair value hierarchy are summarized below: Level 2 June 30, 2019 December 31, 2018 (in millions) Liabilities: Interest rate hedge (1) $ 29.2 $ 12.9 Total liabilities $ 29.2 $ 12.9 (1) Included in accrued liabilities in our Consolidated Balance Sheets Level 3 — This level is defined as unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2019 and December 31, 2018 , we have no assets measured as Level 3 in the fair value hierarchy. See Note 8 for the estimated fair values of our debt instruments. The fair values of all other financial instruments are estimated to approximate carrying value. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We report our operating results in three principal business segments: (1) the Railcar Leasing and Management Services Group, which owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; (2) the Rail Products Group, which manufactures and sells railcars and related parts and components, and provides railcar maintenance and modification services; and (3) All Other. The All Other segment includes our highway products business; our logistics businesses; legal, environmental, and maintenance costs associated with non-operating facilities; and other peripheral businesses. Gains and losses from the sale of property, plant, and equipment are included in the operating profit of each respective segment. Sales and related net profits ("deferred profit") from the Rail Products Group to the Leasing Group are recorded in the Rail Products Group and eliminated in consolidation and are reflected in "Eliminations - Lease Subsidiary" in the tables below. Sales between these groups are recorded at prices comparable to those charged to external customers, taking into consideration quantity, features, and production demand. Amortization of deferred profit on railcars sold to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Sales of railcars from the lease fleet are included in the Leasing Group, with related gains and losses computed based on the net book value of the original manufacturing cost of the railcars. The financial information for these segments is shown in the tables below. We operate principally in North America. Three Months Ended June 30, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 276.9 $ 383.4 $ 75.7 $ — $ — $ — $ 736.0 Intersegment Revenue 0.2 328.9 12.8 — (328.9 ) (13.0 ) — Total Revenues $ 277.1 $ 712.3 $ 88.5 $ — $ (328.9 ) $ (13.0 ) $ 736.0 Operating Profit (Loss) $ 104.8 $ 68.0 $ 6.2 $ (30.6 ) $ (41.6 ) $ 0.2 $ 107.0 Three Months Ended June 30, 2018 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 213.2 $ 337.7 $ 83.1 $ — $ — $ — $ 634.0 Intersegment Revenue 0.2 228.5 9.1 — (228.5 ) (9.3 ) — Total Revenues $ 213.4 $ 566.2 $ 92.2 $ — $ (228.5 ) $ (9.3 ) $ 634.0 Operating Profit (Loss) $ 91.8 $ 48.5 $ 12.4 $ (39.9 ) $ (24.5 ) $ (0.3 ) $ 88.0 Six Months Ended June 30, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 477.1 $ 716.9 $ 146.8 $ — $ — $ — $ 1,340.8 Intersegment Revenue 0.4 599.0 28.1 — (599.0 ) (28.5 ) — Total Revenues $ 477.5 $ 1,315.9 $ 174.9 $ — $ (599.0 ) $ (28.5 ) $ 1,340.8 Operating Profit (Loss) $ 190.6 $ 118.6 $ 12.8 $ (54.2 ) $ (68.8 ) $ (0.2 ) $ 198.8 Six Months Ended June 30, 2018 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 387.5 $ 629.7 $ 150.0 $ — $ — $ — $ 1,167.2 Intersegment Revenue 0.5 524.6 19.5 — (524.6 ) (20.0 ) — Total Revenues $ 388.0 $ 1,154.3 $ 169.5 $ — $ (524.6 ) $ (20.0 ) $ 1,167.2 Operating Profit (Loss) $ 162.9 $ 100.0 $ 18.2 $ (77.6 ) $ (53.2 ) $ (0.2 ) $ 150.1 |
Partially-Owned Leasing Subsidi
Partially-Owned Leasing Subsidiaries | 6 Months Ended |
Jun. 30, 2019 | |
Noncontrolling Interest [Abstract] | |
Partially-Owned Leasing Subsidiaries | Partially-Owned Leasing Subsidiaries Through our wholly-owned subsidiary, Trinity Industries Leasing Company (“TILC”), we formed two subsidiaries, TRIP Holdings and RIV 2013, for the purpose of providing railcar leasing in North America. Each of TRIP Holdings and RIV 2013 are direct, partially-owned subsidiaries of TILC in which we have a controlling interest. Each is governed by a seven -member board of representatives, two of whom are designated by TILC. TILC is the agent of each of TRIP Holdings and RIV 2013 and, as such, has been delegated the authority, power, and discretion to take certain actions on behalf of the respective companies. At June 30, 2019 , the carrying value of our investment in TRIP Holdings and RIV 2013 totaled $188.6 million . Our weighted average ownership interest in TRIP Holdings and RIV 2013 is 38% while the remaining 62% weighted average interest is owned by third-party investor-owned funds. The investment in our partially-owned leasing subsidiaries is eliminated in consolidation. Each of TRIP Holdings and RIV 2013 has wholly-owned subsidiaries that are the owners of railcars acquired from our Rail Products and Leasing Groups. These wholly-owned subsidiaries are TRIP Master Funding (wholly-owned by TRIP Holdings) and Trinity Rail Leasing 2012 LLC ("TRL-2012", wholly-owned by RIV 2013). Railcar purchases by these subsidiaries were funded by secured borrowings and capital contributions from TILC and third-party equity investors. TILC is the contractual servicer for TRIP Master Funding and TRL-2012, with the authority to manage and service each entity's owned railcars. Our controlling interest in each of TRIP Holdings and RIV 2013 results from our combined role as both equity member and agent/servicer. The noncontrolling interest included in the accompanying Consolidated Balance Sheets represents the non-Trinity equity interest in these partially-owned subsidiaries. Trinity has no obligation to guarantee performance under any of our partially-owned subsidiaries' (or their respective subsidiaries') debt agreements, guarantee any railcar residual values, shield any parties from losses, or guarantee minimum yields. The assets of each of TRIP Master Funding and TRL-2012 may only be used to satisfy the particular subsidiary's liabilities, and the creditors of each of TRIP Master Funding and TRL-2012 have recourse only to the particular subsidiary's assets. Each of TILC and the third-party equity investors receive distributions from TRIP Holdings and RIV 2013, when available, in proportion to its respective equity interests, and has an interest in the net assets of the partially-owned subsidiaries upon a liquidation event in the same proportion. TILC is paid fees for the services it provides to TRIP Master Funding and TRL-2012 and has the potential to earn certain incentive fees. TILC and the third-party equity investors have commitments to provide additional equity funding to TRIP Holdings that are scheduled to expire in May 2021 contingent upon certain returns on investment in TRIP Holdings and other conditions being met. There are no remaining equity commitments with respect to RIV 2013. See Note 8 regarding the debt of TRIP Holdings and RIV 2013 and their respective subsidiaries. Other Investments In 2018, TILC acquired a 5% equity interest in an RIV fund that is managed and controlled by a third party that is also one of our RIV partners. We have evaluated the potential for consolidation using the variable interest model and have determined that Trinity is not required to consolidate this entity. The carrying value of our investment in this entity was not significant to our Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018 |
Railcar Leasing and Management
Railcar Leasing and Management Services Group | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group The Railcar Leasing and Management Services Group owns and operates a fleet of railcars as well as provides third-party fleet leasing, management, and administrative services. Selected consolidated financial information for the Leasing Group is as follows: June 30, 2019 Leasing Group Wholly- Owned Subsidiaries Partially-Owned Subsidiaries Manufacturing/ Corporate Total (in millions) Cash and cash equivalents $ 2.9 $ — $ 99.9 $ 102.8 Property, plant, and equipment, net $ 5,550.1 $ 1,800.6 $ 380.8 $ 7,731.5 Net deferred profit on railcars sold to the Leasing Group (861.9 ) Consolidated property, plant, and equipment, net $ 6,869.6 Restricted cash $ 82.8 $ 30.8 $ 0.1 $ 113.7 Debt: Recourse, net of unamortized discount of $-, $-, $0.2, and $0.2 $ — $ — $ 399.8 $ 399.8 Less: unamortized debt issuance costs — — (2.2 ) (2.2 ) — — 397.6 397.6 Non-recourse, net of unamortized discount of $2.6, $-, $-, and $2.6 2,942.0 1,310.7 — 4,252.7 Less: unamortized debt issuance costs (22.6 ) (11.8 ) — (34.4 ) 2,919.4 1,298.9 — 4,218.3 Total debt $ 2,919.4 $ 1,298.9 $ 397.6 $ 4,615.9 Net deferred tax liabilities $ 819.3 $ 1.0 $ (65.7 ) $ 754.6 December 31, 2018 Leasing Group Wholly- Owned Subsidiaries Partially-Owned Subsidiaries Manufacturing/ Corporate Total (in millions) Cash and cash equivalents $ 6.0 $ — $ 173.2 $ 179.2 Property, plant, and equipment, net $ 4,976.5 $ 1,814.7 $ 370.9 $ 7,162.1 Net deferred profit on railcars sold to the Leasing Group (827.7 ) Consolidated property, plant, and equipment, net $ 6,334.4 Restricted cash $ 134.9 $ 36.6 $ 0.1 $ 171.6 Debt: Recourse, net of unamortized discount of $-, $-, $0.3, and $0.3 $ — $ — $ 399.7 $ 399.7 Less: uamortized debt issuance costs — — (2.3 ) (2.3 ) — — 397.4 397.4 Non-recourse, net of unamortized discount of $2.7, $-, $-, and $2.7 2,336.3 1,327.9 — 3,664.2 Less: unamortized debt issuance costs (19.7 ) (12.7 ) — (32.4 ) 2,316.6 1,315.2 — 3,631.8 Total debt $ 2,316.6 $ 1,315.2 $ 397.4 $ 4,029.2 Net deferred tax liabilities $ 797.6 $ 1.0 $ (67.0 ) $ 731.6 Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation and is, therefore, not allocated to an operating segment. See Note 5 and Note 8 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness. See Note 15 for a discussion of subsidiary guarantees of our 4.55% senior notes due 2024 ("Senior Notes"). Three Months Ended June 30, Six Months Ended June 30, 2019 2018 Percent 2019 2018 Percent ($ in millions) Change ($ in millions) Change Revenues: Leasing and management $ 189.4 $ 184.2 2.8 % $ 376.5 $ 358.8 4.9 % Sales of railcars owned one year or less at the time of sale (1) 87.7 29.2 * 101.0 29.2 * Total revenues $ 277.1 $ 213.4 29.9 $ 477.5 $ 388.0 23.1 Operating profit: Leasing and management $ 77.7 $ 77.9 (0.3 ) $ 154.8 $ 146.9 5.4 Railcar sales: Railcars owned one year or less at the time of sale 8.4 4.4 * 9.2 4.4 * Railcars owned more than one year at the time of sale 18.7 9.5 * 26.6 11.6 * Total operating profit $ 104.8 $ 91.8 14.2 $ 190.6 $ 162.9 17.0 Total operating profit margin 37.8 % 43.0 % 39.9 % 42.0 % Leasing and management operating profit margin 41.0 % 42.3 % 41.1 % 40.9 % Selected expense information (2) : Depreciation $ 57.8 $ 47.0 23.0 $ 112.2 $ 92.1 21.8 Maintenance and compliance $ 26.5 $ 25.0 6.0 $ 54.3 $ 51.4 5.6 Rent $ 4.3 $ 9.9 (56.6 ) $ 9.8 $ 20.0 (51.0 ) Selling, engineering, and administrative expenses $ 12.7 $ 12.6 0.8 $ 25.5 $ 24.8 2.8 Interest $ 50.4 $ 32.3 56.0 $ 96.4 $ 63.8 51.1 * Not meaningful (1) Includes revenues associated with sales-type leases of $32.3 million and $34.2 million , respectively, for the three and six months ended June 30, 2019 . (2) Operating profit includes: depreciation; maintenance and compliance; rent; and selling, engineering, and administrative expenses. Amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. During the six months ended June 30, 2019 and 2018 , the Leasing Group recognized sales of leased railcars as follows: Six Months Ended June 30, 2019 2018 (in millions) Railcars owned one year or less at the time of sale (1) $ 101.0 $ 29.2 Railcars owned more than one year at the time of sale 99.9 56.4 $ 200.9 $ 85.6 (1) Includes revenues associated with sales-type leases of $34.2 million for the six months ended June 30, 2019 . Equipment consists primarily of railcars leased by third parties. The Leasing Group purchases equipment manufactured predominantly by the Rail Products Group and enters into lease contracts with third parties with terms generally ranging between one year and ten years , although certain leases entered into in prior periods had lease terms of up to twenty years . The Leasing Group primarily enters into operating leases. Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows: Remaining six months of 2019 2020 2021 2022 2023 Thereafter Total (in millions) Future contractual minimum rental revenue $ 290.5 $ 496.9 $ 384.6 $ 290.0 $ 197.1 $ 355.4 $ 2,014.5 Debt. Wholly-owned subsidiaries. The Leasing Group’s debt at June 30, 2019 consisted primarily of non-recourse debt. As of June 30, 2019 , Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $4,256.3 million which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at June 30, 2019 was $1,285.3 million . See Note 8 for more information regarding the Leasing Group debt. Partially-owned subsidiaries. Debt owed by TRIP Holdings and RIV 2013 and their respective subsidiaries is nonrecourse to Trinity and TILC. Creditors of each of TRIP Holdings and RIV 2013 and their respective subsidiaries have recourse only to the particular subsidiary's assets. TRIP Master Funding equipment with a net book value of $1,250.8 million is pledged as collateral for the TRIP Master Funding debt. TRL-2012 equipment with a net book value of $549.8 million is pledged solely as collateral for the TRL-2012 secured railcar equipment notes. See Note 5 for a description of TRIP Holdings and RIV 2013. Off Balance Sheet Arrangements. In prior years, the Leasing Group completed a series of financing transactions whereby railcars were sold to one or more separate independent owner trusts (“Trusts”). Each of the Trusts financed the purchase of the railcars with a combination of debt and equity. In each transaction, the equity participant in each of the respective Trusts is considered to be the primary beneficiary of the Trust; and therefore, the accounts of the Trusts, including the debt related to each of the Trusts, are not included as part of the Consolidated Financial Statements. The Leasing Group, through wholly-owned, qualified subsidiaries, leased railcars from the Trusts under operating leases with terms of twenty-two years , and subleased the railcars to independent third-party customers under shorter term operating lease agreements. The terms of the operating lease agreements between the subsidiaries and the remaining Trusts provided the Leasing Group with the option to purchase, at a predetermined fixed price, certain railcars from the remaining Trusts in 2019. On January 14, 2019, we completed the purchase for a purchase price of $218.4 million . As a result, 6,779 railcars previously under lease are now wholly-owned by our Leasing Group. The future contractual minimum rental revenues associated with these railcars are included in the table above. Operating Lease Obligations. Future amounts due as well as future contractual minimum rental revenues related to operating leases related to the Leasing Group other than the leases discussed above are as follows: Remaining six months of 2019 2020 2021 2022 2023 Thereafter Total (in millions) Future operating lease obligations $ 5.2 $ 9.1 $ 8.2 $ 7.5 $ 5.5 $ 3.3 $ 38.8 Future contractual minimum rental revenues $ 5.1 $ 7.4 $ 5.5 $ 3.8 $ 1.5 $ 0.5 $ 23.8 Operating lease obligations totaling $3.2 million are guaranteed by Trinity Industries, Inc. and certain subsidiaries. See Note 6 in our 2018 Annual Report on Form 10-K for a detailed explanation of these financing transactions. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment The following table summarizes the components of property, plant, and equipment as of June 30, 2019 and December 31, 2018 . June 30, December 31, (in millions) Manufacturing/Corporate: Land $ 25.5 $ 24.2 Buildings and improvements 388.1 385.5 Machinery and other 529.9 537.2 Construction in progress 45.1 16.3 988.6 963.2 Less accumulated depreciation (607.8 ) (592.3 ) 380.8 370.9 Leasing: Wholly-owned subsidiaries: Machinery and other 13.8 13.5 Equipment on lease 6,568.2 5,934.8 6,582.0 5,948.3 Less accumulated depreciation (1,031.9 ) (971.8 ) 5,550.1 4,976.5 Partially-owned subsidiaries: Equipment on lease 2,390.7 2,371.9 Less accumulated depreciation (590.1 ) (557.2 ) 1,800.6 1,814.7 Deferred profit on railcars sold to the Leasing Group (1,078.8 ) (1,030.0 ) Less accumulated amortization 216.9 202.3 (861.9 ) (827.7 ) $ 6,869.6 $ 6,334.4 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The carrying amounts and estimated fair values of our long-term debt are as follows: June 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Corporate – Recourse: Revolving credit facility $ — $ — $ — $ — Senior notes, net of unamortized discount of $0.2 and $0.3 399.8 398.4 399.7 343.7 399.8 398.4 399.7 343.7 Less: unamortized debt issuance costs (2.2 ) (2.3 ) Total recourse debt 397.6 397.4 Leasing – Non-recourse: Wholly-owned subsidiaries: 2006 secured railcar equipment notes 120.4 126.0 133.4 138.0 2009 secured railcar equipment notes 153.8 158.0 159.7 174.0 2010 secured railcar equipment notes 252.9 268.8 257.0 264.0 2017 promissory notes 643.6 643.6 660.2 660.2 2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2 462.3 485.5 472.2 475.2 TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $2.1 and $2.5 271.6 276.6 279.0 278.1 2019 secured railcar equipment notes, net of unamortized discount of $0.3 and $- 526.3 543.3 — — TILC warehouse facility 511.1 511.1 374.8 374.8 2,942.0 3,012.9 2,336.3 2,364.3 Less: unamortized debt issuance costs (22.6 ) (19.7 ) 2,919.4 2,316.6 Partially-owned subsidiaries: TRL 2012 secured railcar equipment notes 381.1 389.0 386.2 370.9 TRIP Master Funding secured railcar equipment notes 929.6 968.8 941.7 963.0 1,310.7 1,357.8 1,327.9 1,333.9 Less: unamortized debt issuance costs (11.8 ) (12.7 ) 1,298.9 1,315.2 Total non–recourse debt 4,218.3 3,631.8 Total debt $ 4,615.9 $ 4,769.1 $ 4,029.2 $ 4,041.9 The estimated fair value of our Senior Notes is based on a quoted market price in a market with little activity as of June 30, 2019 and December 31, 2018 (Level 2 input). The estimated fair values of our 2006, 2009, 2010, 2012, 2018, and 2019 secured railcar equipment notes, TRIHC 2018 LLC ("TRIHC 2018"), and TRIP Rail Master Funding LLC (“TRIP Master Funding”) secured railcar equipment notes are based on our estimate of their fair value as of June 30, 2019 and December 31, 2018 using unobservable input values provided by a third party (Level 3 inputs). The respective carrying values of our revolving credit facility, TILC warehouse facility, and 2017 promissory notes approximate fair value because the interest rate adjusts to the market interest rate (Level 3 input). Revolving Credit Facility — We have a $450.0 million unsecured corporate revolving credit facility that matures in November 2023. During the six months ended June 30, 2019 , we borrowed and repaid $550.0 million under the revolving credit facility. Additionally, we had outstanding letters of credit issued in an aggregate principal amount of $35.5 million , leaving $414.5 million available for borrowing as of June 30, 2019 . The outstanding letters of credit as of June 30, 2019 are scheduled to expire in July 2020. Our letters of credit obligations support our various insurance programs and generally renew by their terms each year. The revolving credit facility bears interest at a variable rate based on LIBOR or an alternate base rate at the time of the borrowing and Trinity’s leverage as measured by a consolidated total indebtedness to consolidated EBITDA ratio, and was initially set at LIBOR plus 1.25% ( 1.75% as of June 30, 2019 ). A commitment fee accrues on the average daily unused portion of the revolving facility at the rate of 0.175% to 0.30% ( 0.250% as of June 30, 2019 ). The revolving credit facility requires the maintenance of ratios related to minimum interest coverage for the leasing and manufacturing operations and maximum leverage. As of June 30, 2019 , we were in compliance with all such financial covenants. Borrowings under the credit facility are guaranteed by certain of our 100%-owned subsidiaries. TILC Warehouse Loan Facility — The TILC warehouse loan facility was established to finance railcars owned by TILC. During the six months ended June 30, 2019 , we borrowed $554.7 million and repaid $418.4 million under the TILC warehouse loan facility, with a remaining outstanding balance of $511.1 million as of June 30, 2019 . The entire unused facility amount of $238.9 million was available as of June 30, 2019 based on the amount of warehouse-eligible, unpledged equipment. The warehouse loan facility is a non-recourse obligation and is secured by a portfolio of railcars and operating leases, certain cash reserves, and other assets acquired and owned by the warehouse loan facility trust. The principal and interest of this indebtedness are paid from the cash flows of the underlying leases. Advances under the facility bear interest at a defined index rate plus a margin, for an all-in interest rate of 4.03% at June 30, 2019 . Amounts outstanding at maturity, absent renewal, are payable in March 2022. TRL-2019 — In April 2019, Trinity Rail Leasing 2019 LLC ("TRL-2019"), a Delaware limited liability company and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $528.3 million in Secured Railcar Equipment Notes (the "TRL-2019 Secured Railcar Equipment Notes"). The TRL-2019 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture, dated as of April 10, 2019 between TRL-2019 and U.S. Bank National Association, as indenture trustee. The TRL-2019 Secured Railcar Equipment Notes bear interest at a fixed rate of 3.82% , are payable monthly, and have a stated final maturity date of April 17, 2049. The TRL-2019 Secured Railcar Equipment Notes are obligations of TRL-2019 and are non-recourse to Trinity. The obligations are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2019. Net proceeds received from the transaction were used to repay approximately $347.0 million of borrowings under TILC’s secured warehouse credit facility, to repay approximately $125.0 million of borrowings under the Company’s revolving credit facility, and for general corporate purposes. Terms and conditions of other debt, including recourse and non-recourse provisions, are described in Note 11 of our 2018 Annual Report on Form 10-K. The remaining principal payments under existing debt agreements as of June 30, 2019 , are as follows: Remaining six months of 2019 2020 2021 2022 2023 Thereafter (in millions) Recourse: Corporate $ — $ — $ — $ — $ — $ 400.0 Non-recourse – leasing (Note 6): 2006 secured railcar equipment notes 15.7 29.7 29.1 29.8 16.1 — 2009 secured railcar equipment notes 5.5 6.6 13.4 14.0 11.8 102.5 2010 secured railcar equipment notes 4.3 14.1 20.0 20.9 22.5 171.1 2017 promissory notes 16.6 33.1 33.1 33.2 33.1 494.5 2018 secured railcar equipment notes 10.0 20.0 20.0 20.0 20.0 372.5 TRIHC 2018 secured railcar equipment notes 6.5 10.9 11.9 9.3 11.6 223.5 2019 secured railcar equipment notes 10.4 20.7 22.5 21.5 19.6 431.9 TILC warehouse facility 7.8 15.6 15.6 2.6 — — Facility termination payments - TILC warehouse facility — — — 469.5 — — TRL 2012 secured railcar equipment notes 9.8 19.3 19.9 19.6 29.2 283.3 TRIP Master Funding secured railcar equipment notes 11.7 32.9 40.4 41.8 37.0 765.8 Total principal payments $ 98.3 $ 202.9 $ 225.9 $ 682.2 $ 200.9 $ 3,245.1 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rates were 27.3% and 25.1% for the three and six months ended June 30, 2019 , respectively, and 25.1% and 25.7% for the three and six months ended June 30, 2018 , respectively. Our effective tax rates differ from the U.S. statutory rate of 21.0% due to the impacts of state income taxes, income attributable to the noncontrolling interests in partially-owned leasing subsidiaries for which no income tax expense is provided, the incremental tax on profits of branches taxed in both U.S. and foreign jurisdictions, excess tax benefits of equity based compensation, non-deductible executive compensation, and tax return true-ups. Our federal tax years remain open under statute from 2014 forward. The 2014-2017 tax years have been reviewed by the Internal Revenue Service but remain open due to tax loss carryback claims that have been filed. We have state tax returns that are under audit in the normal course of business, and our Mexican subsidiaries remain open from 2013 forward. We believe we are appropriately reserved for any potential matters. During the six months ended June 30, 2019 , we effectively settled a state tax audit resulting in a decrease in uncertain tax positions of $5.7 million |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans The following table summarizes the components of our net retirement cost: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Expense Components Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.1 Interest 4.9 4.6 9.8 9.1 Expected return on plan assets (5.8 ) (6.9 ) (11.5 ) (13.7 ) Amortization of actuarial loss 1.1 1.1 2.2 2.3 Net periodic benefit cost 0.3 (1.1 ) 0.6 (2.2 ) Profit sharing 3.0 2.5 5.2 5.0 Net expense $ 3.3 $ 1.4 $ 5.8 $ 2.8 We had no contributions to our defined benefit pension plans for the three months ended June 30, 2019 . We contributed $0.2 million to our defined benefit pension plans for the six months ended June 30, 2019 . We contributed $3.0 million and $3.7 million to our defined benefit pension plans for the three and six months ended June 30, 2018 , respectively. We do not expect any further contributions to our defined benefit pension plans in 2019 . The non-service cost components of net periodic benefit cost shown in the table above are included in the Other, net line in our Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in AOCL for the six months ended June 30, 2019 are as follows: 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, 2018 $ (1.3 ) $ (8.3 ) $ (107.2 ) $ (116.8 ) Other comprehensive loss, net of tax, before reclassifications — (13.5 ) — (13.5 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.4, $0.6, and $1.0 — 1.9 1.6 3.5 Less: noncontrolling interest — (0.6 ) — (0.6 ) Other comprehensive income (loss) — (12.2 ) 1.6 (10.6 ) Balances at June 30, 2019 $ (1.3 ) $ (20.5 ) $ (105.6 ) $ (127.4 ) See Note 3 for information on the reclassification of amounts in AOCL into earnings. Reclassifications of unrealized before-tax losses on derivative financial instruments are included in interest expense in the Consolidated Statements of Operations. Reclassifications of before-tax net actuarial gains/(losses) of defined benefit plans are included in other, net (income) expense in the Consolidated Statements of Operations. |
Common Stock and Stock-Based Co
Common Stock and Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Note 12 . Common Stock and Stock-Based Compensation Stockholders' Equity In December 2017, our Board of Directors authorized a $500 million share repurchase program effective January 1, 2018 through December 31, 2019. On November 16, 2018, we entered into an accelerated share repurchase program (the "ASR Program") to repurchase $350 million of the Company's common stock. The $350 million notional value of the ASR Program represented the entire remaining amount that was available to us under the share repurchase program that was in effect at that time. The ASR Program was completed in March 2019. In March 2019 , our Board of Directors authorized a new share repurchase program effective March 7, 2019 through December 31, 2020 . The new share repurchase program authorizes the Company to repurchase up to $350.0 million of its common stock, not to exceed 13.7 million shares. The share repurchase program is designed to meet certain IRS safe harbor guidelines associated with our spin-off of Arcosa, which was completed on November 1, 2018. During the three and six months ended June 30, 2019 , we repurchased 2,133,116 and 5,607,003 shares, respectively, at a cost of approximately $44.0 million and $133.0 million , respectively. The total for the six months ended June 30, 2019 includes 2,607,172 shares at a cost of approximately $70.0 million representing the final settlement of the ASR Program, which was funded in November 2018 but a portion of which remained outstanding as of December 31, 2018. As of June 30, 2019 , the Company had a remaining authorization to repurchase up to $287.0 million , not to exceed 10.7 million shares, of its common stock under the current repurchase program. Certain shares of stock repurchased during June 2019, totaling $4.0 million , were cash settled in July 2019 in accordance with normal settlement practices. During the three and six months ended June 30, 2018 , 1,451,171 and 2,970,674 shares, respectively, were repurchased at a cost of approximately $50.1 million and $100.1 million , respectively, under the prior share repurchase program. Stock-Based Compensation Stock-based compensation totaled approximately $7.5 million and $13.0 million for the three and six months ended June 30, 2019 , respectively. Stock-based compensation totaled approximately $8.0 million and $14.2 million for the three and six months ended June 30, 2018 , respectively. The Company's annual grant of share-based awards generally occurs in the second quarter under our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”). Expense related to restricted stock units issued to eligible employees under the Plan is recognized ratably over the vesting period, generally between three years and four years , or to the date on which retirement eligibility is achieved, if shorter. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years . Expense related to restricted stock awards granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year . The following table summarizes stock-based compensation awards granted during the three months ended June 30, 2019 : Number of Shares Granted Weighted Average Grant-Date Restricted stock units 953,666 $ 22.21 Restricted stock awards 17,538 $ 22.24 Performance units 476,394 $ 22.22 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic net income attributable to Trinity Industries, Inc. per common share ("EPS") is computed by dividing net income attributable to Trinity remaining after allocation to unvested restricted shares by the weighted average number of basic common shares outstanding for the period. Except when the effect would be antidilutive, the calculation of diluted EPS includes 1) the net impact of unvested RSAs and RSUs and 2) with respect to the six months ended June 30, 2018 , the dilutive impact of our then-outstanding convertible notes due 2036 (the "Convertible Notes"), which were subsequently converted and settled in cash during the second quarter of 2018. See Note 11 of our 2018 Annual Report on Form 10-K for further information regarding the settlement of the Convertible Notes. Total weighted average restricted shares were 5.6 million and 5.5 million shares for the three and six months ended June 30, 2019 , respectively. Total weighted average restricted shares were 6.0 million and 5.9 million shares for the three and six months ended June 30, 2018 , respectively. Approximately 0.6 million of these shares were excluded from the EPS calculation for the three months ended June 30, 2019 as their effect would have been antidilutive. There were no antidilutive restrictive shares or stock options for the six months ended June 30, 2019 or the three and six months ended June 30, 2018 . The computation of basic and diluted net income attributable to Trinity Industries, Inc. is as follows. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions, except per share amounts) Income from continuing operations $ 37.6 $ 37.3 $ 68.8 $ 52.5 Less: Net (income) loss attributable to noncontrolling interest (0.4 ) (1.4 ) 0.1 (2.8 ) Unvested restricted share participation - continuing operations (0.3 ) (0.8 ) (0.9 ) (1.3 ) Net income from continuing operations attributable to Trinity Industries, Inc. 36.9 35.1 68.0 48.4 Net income (loss) from discontinued operations, net of income taxes (0.8 ) 28.2 (1.9 ) 54.6 Unvested restricted share participation - discontinued operations — (0.3 ) — (0.6 ) Net income (loss) from discontinued operations attributable to Trinity Industries, Inc. (0.8 ) 27.9 (1.9 ) 54.0 Net income attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation $ 36.1 $ 63.0 $ 66.1 $ 102.4 Basic weighted average shares outstanding 127.6 146.2 129.0 146.7 Effect of dilutive securities: Nonparticipating unvested RSUs and RSAs 1.6 0.8 1.7 0.8 Convertible subordinated notes — — — 2.7 Diluted weighted average shares outstanding 129.2 147.0 130.7 150.2 Basic earnings per common share: Income from continuing operations $ 0.29 $ 0.24 $ 0.53 $ 0.33 Income (loss) from discontinued operations (0.01 ) 0.19 (0.02 ) 0.37 Basic net income attributable to Trinity Industries, Inc. $ 0.28 $ 0.43 $ 0.51 $ 0.70 Diluted earnings per common share: Income from continuing operations $ 0.29 $ 0.24 $ 0.52 $ 0.32 Income (loss) from discontinued operations (0.01 ) 0.19 (0.01 ) 0.36 Diluted net income attributable to Trinity Industries, Inc. $ 0.28 $ 0.43 $ 0.51 $ 0.68 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Highway products litigation We previously reported the filing of a False Claims Act (“FCA”) complaint in the United States District Court for the Eastern District of Texas, Marshall Division (“District Court”) styled Joshua Harman, on behalf of the United States of America, Plaintiff/Relator v. Trinity Industries, Inc., Defendant , Case No. 2:12-cv-00089-JRG (E.D. Tex.). In this case, in which the U.S. Government declined to intervene, the relator, Mr. Joshua Harman, alleged the Company violated the FCA pertaining to sales of the Company's ET-Plus® System, a highway guardrail end-terminal system (“ET Plus”). On October 20, 2014, a trial in this case concluded with a jury verdict stating that the Company and its subsidiary, Trinity Highway Products, LLC (“Trinity Highway Products”), “knowingly made, used or caused to be made or used, a false record or statement material to a false or fraudulent claim" and awarding $175.0 million in damages. On June 9, 2015 the District Court entered judgment on the verdict in the total amount of $682.4 million , comprised of $175.0 million in damages, which amount is automatically trebled under the FCA to $525.0 million plus $138.4 million in civil penalties and $19.0 million in costs and attorneys' fees. On September 29, 2017, the United States Court of Appeals for the Fifth Circuit ("Fifth Circuit") reversed the District Court’s $682.4 million judgment and rendered judgment as a matter of law in favor of the Company and Trinity Highway Products. On October 27, 2017, Mr. Harman filed a Petition for Rehearing En Banc in the Fifth Circuit, which was denied by the Fifth Circuit on November 14, 2017. On February 12, 2018, Mr. Harman, filed a petition for certiorari with the United States Supreme Court, seeking a review of the Fifth Circuit's decision. On January 7, 2019, the United States Supreme Court denied Mr. Harman's petition for certiorari. The denial of Mr. Harman's petition ends this action. State, county, and municipal actions Mr. Harman also filed thirteen separate state qui tam actions pursuant to: the Virginia Fraud Against Taxpayers Act ( Commonwealth of Virginia ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. CL13-698, in the Circuit Court, Richmond, Virginia); the Indiana False Claims and Whistleblower Protection Act ( State of Indiana ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 49D06-1407-PL-024117, in the Sixth Court of Marion County, Indiana); the Delaware False Claims and Reporting Act ( State of Delaware ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Civ. No. N14C-06-227 MMJ CCLD, in the Superior Court of the State of Delaware In and For New Castle County); the Iowa False Claims Act ( State of Iowa ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. CVCV048309, in the Iowa District Court for Polk County); the Rhode Island False Claims Act ( State of Rhode Island ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 14-3498, in the Superior Court for the State of Rhode Island and Providence Plantations); the Tennessee False Claims Act ( State of Tennessee ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 14C2652, in the Circuit Court for Davidson County, Tennessee); the Minnesota False Claims Act ( State of Minnesota ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 62-CV-14-3457, in the Second Judicial District Court, Ramsey County, Minnesota); the Montana False Claims Act ( State of Montana ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. DV 14-0692, in the Montana Thirteenth Judicial District Court for Yellowstone County); the Georgia Taxpayer Protection False Claims Act ( State of Georgia ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 1:15-CV-1260, in the U.S. District Court for the Northern District of Georgia); the Florida False Claims Act ( State of Florida ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 2014-CA-000596, in the Circuit Court of the Second Judicial Circuit in and for Leon County, Florida); the Illinois False Claims Act ( State of Illinois ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. 2014 L 000098, in the Circuit Court for the Sixth Judicial District, Sangamon County, Illinois); the Massachusetts False Claims Act ( Commonwealth of Massachusetts ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. 1484-CV-02364, in the Superior Court Department of the Trial Court); and the Nevada False Claims Act ( State of Nevada ex rel. Joshua M. Harman V. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. A-14-699028-C, in the District Court for Clark County, Nevada). In each of these cases, Mr. Harman alleged the Company violated the respective states' false claims act pertaining to sales of the ET Plus, and he is seeking damages, civil penalties, attorneys’ fees, costs and interest. Also, the respective states’ Attorneys General filed Notices of Election to Decline Intervention in all of these matters, with the exception of the Commonwealth of Virginia Attorney General, who intervened in the Virginia matter. Following the United States Supreme Court’s denial of Mr. Harman’s petition for certiorari, the stays have expired or been lifted by court order in all of the above-referenced state qui tam cases except Virginia. As previously reported, the state qui tam actions filed by Mr. Harman in Indiana, Florida, and Delaware were dismissed earlier this year. In the Iowa state qui tam action filed by Mr. Harman ( State of Iowa ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. CVCV048309, in the Iowa District Court for Polk County), on May 7, 2019, Mr. Harman filed a Notice of Dismissal with prejudice as to Mr. Harman and without prejudice as to the State of Iowa. On May 8, 2019, the Court entered an Order dismissing the case. In the Montana state qui tam action filed by Mr. Harman ( State of Montana ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. DV 14-0692, in the Montana Thirteenth Judicial District Court for Yellowstone County), on May 21, 2019, Mr. Harman filed a Notice of Dismissal with prejudice as to Mr. Harman and without prejudice as to the State of Montana. On May 22, 2019, the Court entered an Order dismissing the case. In the Rhode Island state qui tam action filed by Mr. Harman ( State of Rhode Island ex rel. Joshua M. Harman v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 14-3498, in the Superior Court for the State of Rhode Island and Providence Plantations), on May 14, 2019, Mr. Harman filed a Notice of Dismissal with prejudice as to Mr. Harman and without prejudice as to the State of Rhode Island. On June 19, 2019, the Court entered an Order dismissing the case. In the Nevada state qui tam action filed by Mr. Harman ( State of Nevada ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. A-14-699028-C, in the District Court for Clark County, Nevada), on May 28, 2019, Mr. Harman filed a Notice of Dismissal with prejudice as to Mr. Harman and without prejudice as to the State of Nevada. On May 31, 2019, the Court entered an Order dismissing the case. In the Minnesota state qui tam action filed by Mr. Harman ( State of Minnesota ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc., and Trinity Highway Products, LLC , Case No. 62-CV-14-3457, in the Second Judicial District Court, Ramsey County, Minnesota), on June 12, 2019, Mr. Harman filed a Notice of Dismissal with prejudice as to Mr. Harman and without prejudice as to the State of Minnesota. On June 14, 2019, the Court entered an Order dismissing the case. The Company believes these state qui tam lawsuits are without merit and intends to vigorously defend all allegations. Other states could take similar or different actions, and could be considering similar state false claims or other litigation against the Company. The Company has been served in a lawsuit filed November 5, 2015, titled Jackson County, Missouri, individually and on behalf of a class of others similarly situated vs. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. 1516-CV23684 (Circuit Court of Jackson County, Missouri). The case is being brought by plaintiff for and on behalf of itself and all Missouri counties with a population of 10,000 or more persons, including the City of St. Louis, and the State of Missouri’s transportation authority. The plaintiff alleges that the Company and Trinity Highway Products did not disclose design changes to the ET Plus and these allegedly undisclosed design changes made the ET Plus allegedly defective, unsafe, and unreasonably dangerous. The plaintiff alleges product liability negligence, product liability strict liability, and negligently supplying dangerous instrumentality for supplier’s business purposes. The plaintiff seeks compensatory damages, interest, attorneys' fees and costs, and in the alternative plaintiff seeks a declaratory judgment that the ET Plus is defective, the Company’s conduct was unlawful, and class-wide costs and expenses associated with removing and replacing the ET Plus throughout Missouri. On December 6, 2017, the Court granted plaintiff's Motion for Class Certification, certifying a class of Missouri counties with populations of 10,000 or more persons, including the City of St. Louis and the State of Missouri's transportation authority that have or had ET Plus guardrail end terminals with 4-inch wide guide channels installed on roadways they own or maintain. A trial date has been scheduled in this case for April 27, 2020. The Company believes this lawsuit is without merit and intends to vigorously defend all allegations. While the financial impacts of these state, county, and municipal actions are currently unknown, they could be material. Based on information currently available to the Company and previously disclosed, including, but not limited to the significance of the successful completion of eight post-verdict crash tests of the ET Plus in 2015, the favorable findings and conclusions published in 2015 by two joint task forces of the Federal Highway Administration and the American Association of State Highway and Transportation Officials regarding the ET Plus end terminal system, the Fifth Circuit's unanimous panel opinion reversing the $682.4 million judgment and rendering judgment in favor of the Company, and the United States Supreme Court’s subsequent denial of Mr. Harman's petition for certiorari in the FCA case, we currently do not believe that a loss is probable in any one or more of the actions described under "State, county, and municipal actions," therefore no accrual has been included in the accompanying Consolidated Financial Statements. Because of the complexity of these actions as well as the current status of certain of these actions, we are not able to estimate a range of possible losses with respect to any one or more of these actions. Product liability cases The Company is currently defending a number of product liability lawsuits in several different states that are alleged to involve the ET Plus as well as other products manufactured by Trinity Highway Products. These cases are diverse in light of the randomness of collisions in general and the fact that each accident involving a roadside device, such as an end terminal, or any other fixed object along the highway, has its own unique facts and circumstances. As previously disclosed, National Cooperative Highway Research Program Report 350 recognizes that performance of even the most carefully researched and tested roadside device is subject to physical laws and the crash worthiness of vehicles. The Company believes the District Court judgment in the FCA case, coupled with the media attention such judgment generated, caused the plaintiff’s bar to seek out individuals involved in collisions with a Trinity Highway Products manufactured product as potential clients, which resulted in additional product liability lawsuits being filed against the Company. The Company carries general liability insurance to mitigate the impact of adverse judgment exposures in these product liability cases. To the extent that the Company believes that a loss is probable with respect to these product liability cases, the accrual for such losses is included in the amounts described below under "Other matters". Shareholder class actions On January 11, 2016, the previously reported cases styled Thomas Nemky, Individually and On Behalf of All Other Similarly Situated v. Trinity Industries, Inc., Timothy R. Wallace, and James E. Perry , Case No. (2:15-CV-00732) (“Nemky”) and Richard J. Isolde, Individually and On Behalf of All Other Similarly Situated v. Trinity Industries, Inc., Timothy R. Wallace, and James E. Perry, Case No. (3:15-CV-2093) ("Isolde"), were consolidated in the District Court for the Northern District of Texas, with all future filings to be filed in the Isolde case. On March 9, 2016, the Court appointed the Department of the Treasury of the State of New Jersey and its Division of Investment and the Plumbers and Pipefitters National Pension Fund and United Association Local Union Officers & Employees’ Pension Fund as co-lead plaintiffs ("Lead Plaintiffs"). On May 11, 2016, the Lead Plaintiffs filed their Consolidated Complaint alleging defendants Trinity Industries, Inc., Timothy R. Wallace, James E. Perry, and Gregory B. Mitchell violated Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 promulgated thereunder, and defendants Mr. Wallace and Mr. Perry violated Section 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements and/or by failing to disclose material facts about Trinity's ET Plus and the FCA case styled Joshua Harman, on behalf of the United States of America, Plaintiff/Relator v. Trinity Industries, Inc., Defendant , Case No. 2:12-cv-00089-JRG (E.D. Tex.). On August 18, 2016, Trinity, Mr. Wallace, Mr. Perry, and Mr. Mitchell filed motions to dismiss Lead Plaintiffs Consolidated Complaint, which remain pending. On March 13, 2017, the Court granted defendant's motion to stay and administratively close proceedings pending the Fifth Circuit appeal. Following the conclusion of the appeal, the Court entered orders regarding the schedule for filing Lead Plaintiffs’ amended complaint and Defendants’ motion to dismiss an amended complaint. The parties have reached an agreement in principle to settle all claims in this case without any admission of liability or fault for $7.5 million . Defendants have denied and continue to deny specifically each and all of the claims and contentions alleged by Lead Plaintiffs in this case. The settlement is subject to completion of a formal stipulation of settlement and final court approval. Lead Plaintiffs will file a motion for preliminary approval of the settlement once the stipulation of settlement has been executed. During the three months ended June 30, 2019, we accrued a $2.5 million charge for these claims, net of insurance recoveries, which is included in the amounts described below under "Other matters". Other matters The Company is involved in claims and lawsuits incidental to our business arising from various matters, including product warranty, personal injury, environmental issues, workplace laws, and various governmental regulations. The Company evaluates its exposure to such claims and suits periodically and establishes accruals for these contingencies when a range of loss can be reasonably estimated. The range of reasonably possible losses for such matters is $24.5 million to $41.0 million , which includes our rights in indemnity and recourse to third parties of approximately $19.0 million , which is recorded in Other Assets on our Consolidated Balance Sheet. This range includes any amounts related to the Highway Products litigation matters described above in the section titled “Highway products litigation” and the settlement described above in the section titled "Shareholder class actions." At June 30, 2019 , total accruals of $29.2 million , including environmental and workplace matters described below, are included in accrued liabilities in the accompanying Consolidated Balance Sheets. The Company believes any additional liability would not be material to its financial position or results of operations. Trinity is subject to remedial orders and federal, state, local, and foreign laws and regulations relating to the environment and the workplace. The Company has reserved $1.5 million to cover our probable and estimable liabilities with respect to the investigations, assessments, and remedial responses to such matters, taking into account currently available information and our contractual rights to indemnification and recourse to third parties. However, estimates of liability arising from future proceedings, assessments, or remediation are inherently imprecise. Accordingly, there can be no assurance that we will not become involved in future litigation or other proceedings involving the environment and the workplace or, if we are found to be responsible or liable in any such litigation or proceeding, that such costs would not be material to the Company. We believe that we are currently in substantial compliance with environmental and workplace laws and regulations. |
Financial Statements for Guaran
Financial Statements for Guarantors of the Senior Notes | 6 Months Ended |
Jun. 30, 2019 | |
Financial Statements for Guarantors of the Senior Notes [Abstract] | |
Financial Statements for Guarantors of the Senior Notes | Financial Statements for Guarantors of the Senior Notes Our Senior Notes are fully and unconditionally and jointly and severally guaranteed by certain of Trinity’s 100%-owned subsidiaries: Trinity Industries Leasing Company; Trinity North American Freight Car, Inc.; Trinity Rail Group, LLC; Trinity Tank Car, Inc.; Trinity Highway Products, LLC; and TrinityRail Maintenance Services, Inc. (collectively, the "Combined Guarantor Subsidiaries”). The Senior Notes indenture agreement includes customary provisions for the release of the guarantees by the Combined Guarantor Subsidiaries upon the occurrence of certain allowed events including the release of one or more of the Combined Guarantor Subsidiaries as guarantor under our revolving credit facility. See Note 11 of our 2018 Annual Report on Form 10-K. The Senior Notes are not guaranteed by any of our remaining 100%-owned subsidiaries or partially-owned subsidiaries (“Combined Non-Guarantor Subsidiaries”). As discussed in Note 11 of our 2018 Annual Report on Form 10-K, on November 1, 2018, we amended our Credit Agreement and the Supplemental Indenture governing our Senior Notes to release Trinity Marine Products, Inc., Trinity Meyer Utility Structures LLC and Trinity Structural Towers, Inc. from their obligations as guarantors for the Credit Agreement and the Senior Notes effective upon completion of the Arcosa spin-off as these businesses were transferred to Arcosa in connection with the spin-off. Additionally, upon completion of the Arcosa spin-off, the accounting requirements for reporting Arcosa as a discontinued operation were met. Accordingly, we have recast the financial information included in the tables below for all periods presented to: 1) reflect the historical balances and operating results of Arcosa as discontinued operations, 2) reclassify the historical balances and operating results of Trinity Marine Products, Inc., Trinity Meyer Utility Structures LLC and Trinity Structural Towers, Inc., who were formerly guarantor subsidiaries and whose results were previously reflected in the guarantor column, to the non-guarantor column, and 3) include Trinity Highway Products, LLC in the guarantor column. Additionally, amounts previously reported have been restated to include TrinityRail Maintenance Services, Inc. as a Guarantor Subsidiary. As of June 30, 2019 , assets held by the Combined Non-Guarantor Subsidiaries included $ 88.3 million of restricted cash that was not available for distribution to Trinity Industries, Inc. (“Parent”), $ 6,221.3 million of equipment securing certain non-recourse debt, and $ 124.1 million of assets located in foreign locations. As of December 31, 2018 , assets held by the Combined Non-Guarantor Subsidiaries included $ 132.9 million of restricted cash that was not available for distribution to the Parent, $ 5,316.2 million of equipment securing certain non-recourse debt, $ 67.5 million of equipment securing certain lease obligations held by the Combined Non-Guarantor Subsidiaries, and $ 116.0 million of assets located in foreign locations. Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 516.9 $ 280.8 $ (61.7 ) $ 736.0 Cost of revenues 0.3 435.8 215.6 (73.2 ) 578.5 Selling, engineering, and administrative expenses 26.6 27.2 16.0 — 69.8 Gains on dispositions of property — 7.4 11.9 — 19.3 26.9 455.6 219.7 (73.2 ) 629.0 Operating profit (loss) (26.9 ) 61.3 61.1 11.5 107.0 Other expense (4.1 ) 8.3 51.1 — 55.3 Equity in earnings of subsidiaries, net of taxes 65.6 10.6 6.6 (82.8 ) — Income from continuing operations before income taxes 42.8 63.6 16.6 (71.3 ) 51.7 Provision (benefit) for income taxes 5.7 12.7 1.1 (5.4 ) 14.1 Income from continuing operations 37.1 50.9 15.5 (65.9 ) 37.6 Loss from discontinued operations, net of income taxes (0.7 ) — (0.1 ) — (0.8 ) Net income 36.4 50.9 15.4 (65.9 ) 36.8 Net income attributable to noncontrolling interest — — — 0.4 0.4 Net income attributable to controlling interest $ 36.4 $ 50.9 $ 15.4 $ (66.3 ) $ 36.4 Net income $ 36.4 $ 50.9 $ 15.4 $ (65.9 ) $ 36.8 Other comprehensive income (loss) 0.8 — (7.0 ) — (6.2 ) Comprehensive income 37.2 50.9 8.4 (65.9 ) 30.6 Comprehensive income attributable to noncontrolling interest — — — 0.7 0.7 Comprehensive income attributable to controlling interest $ 37.2 $ 50.9 $ 8.4 $ (66.6 ) $ 29.9 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 465.0 $ 224.5 $ (55.5 ) $ 634.0 Cost of revenues 0.5 384.2 159.3 (62.1 ) 481.9 Selling, engineering, and administrative expenses 38.2 27.4 10.0 — 75.6 Gains on dispositions of property 1.3 13.8 (3.6 ) — 11.5 37.4 397.8 172.9 (62.1 ) 546.0 Operating profit (loss) (37.4 ) 67.2 51.6 6.6 88.0 Other expense (0.3 ) 7.8 30.7 — 38.2 Equity in earnings of subsidiaries, net of taxes 102.6 13.4 7.6 (123.6 ) — Income before income taxes 65.5 72.8 28.5 (117.0 ) 49.8 Provision (benefit) for income taxes (1.7 ) 16.7 2.9 (5.4 ) 12.5 Income from continuing operations 67.2 56.1 25.6 (111.6 ) 37.3 Income (loss) from discontinued operations, net of income taxes (3.1 ) — 31.3 — 28.2 Net income 64.1 56.1 56.9 (111.6 ) 65.5 Net income attributable to noncontrolling interest — — — 1.4 1.4 Net income attributable to controlling interest $ 64.1 $ 56.1 $ 56.9 $ (113.0 ) $ 64.1 Net income $ 64.1 $ 56.1 $ 56.9 $ (111.6 ) $ 65.5 Other comprehensive income (loss) 0.3 — (0.8 ) — (0.5 ) Comprehensive income 64.4 56.1 56.1 (111.6 ) 65.0 Comprehensive income attributable to noncontrolling interest — — — 1.8 1.8 Comprehensive income attributable to controlling interest $ 64.4 $ 56.1 $ 56.1 $ (113.4 ) $ 63.2 Condensed Consolidating Statement of Operations and Comprehensive Income Six Months Ended June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 926.4 $ 541.8 $ (127.4 ) $ 1,340.8 Cost of revenues 1.2 779.3 409.6 (148.2 ) 1,041.9 Selling, engineering, and administrative expenses 47.3 53.4 28.7 — 129.4 Gains on dispositions of property — 9.1 20.2 — 29.3 48.5 823.6 418.1 (148.2 ) 1,142.0 Operating profit (loss) (48.5 ) 102.8 123.7 20.8 198.8 Other expense 0.6 9.8 96.6 — 107.0 Equity in earnings of subsidiaries, net of taxes 119.8 26.0 11.6 (157.4 ) — Income from continuing operations before income taxes 70.7 119.0 38.7 (136.6 ) 91.8 Provision (benefit) for income taxes 2.1 25.4 2.3 (6.8 ) 23.0 Income from continuing operations 68.6 93.6 36.4 (129.8 ) 68.8 Loss from discontinued operations, net of income taxes (1.6 ) — (0.3 ) — (1.9 ) Net income 67.0 93.6 36.1 (129.8 ) 66.9 Net loss attributable to noncontrolling interest — — — (0.1 ) (0.1 ) Net income attributable to controlling interest $ 67.0 $ 93.6 $ 36.1 $ (129.7 ) $ 67.0 Net income $ 67.0 $ 93.6 $ 36.1 $ (129.8 ) $ 66.9 Other comprehensive income (loss) 1.6 — (11.6 ) — (10.0 ) Comprehensive income 68.6 93.6 24.5 (129.8 ) 56.9 Comprehensive income attributable to noncontrolling interest — — — 0.5 0.5 Comprehensive income attributable to controlling interest $ 68.6 $ 93.6 $ 24.5 $ (130.3 ) $ 56.4 Condensed Consolidating Statement of Operations and Comprehensive Income Six Months Ended June 30, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 839.6 $ 460.9 $ (133.3 ) $ 1,167.2 Cost of revenues 0.7 689.5 337.8 (146.2 ) 881.8 Selling, engineering, and administrative expenses 74.3 55.7 19.0 — 149.0 Gains on dispositions of property 1.4 15.7 (3.4 ) — 13.7 73.6 729.5 360.2 (146.2 ) 1,017.1 Operating profit (loss) (73.6 ) 110.1 100.7 12.9 150.1 Other expense 2.5 15.8 61.1 — 79.4 Equity in earnings of subsidiaries, net of taxes 183.9 27.2 12.9 (224.0 ) — Income from continuing operations before income taxes 107.8 121.5 52.5 (211.1 ) 70.7 Provision (benefit) for income taxes (1.0 ) 25.0 4.2 (10.0 ) 18.2 Income from continuing operations 108.8 96.5 48.3 (201.1 ) 52.5 Income (loss) from discontinued operations, net of income taxes (4.5 ) — 59.1 — 54.6 Net income 104.3 96.5 107.4 (201.1 ) 107.1 Net income attributable to noncontrolling interest — — — 2.8 2.8 Net income attributable to controlling interest $ 104.3 $ 96.5 $ 107.4 $ (203.9 ) $ 104.3 Net income $ 104.3 $ 96.5 $ 107.4 $ (201.1 ) $ 107.1 Other comprehensive income 0.4 — 1.0 — 1.4 Comprehensive income 104.7 96.5 108.4 (201.1 ) 108.5 Comprehensive income attributable to noncontrolling interest — — — 3.6 3.6 Comprehensive income attributable to controlling interest $ 104.7 $ 96.5 $ 108.4 $ (204.7 ) $ 104.9 Condensed Consolidating Balance Sheet June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Assets: Cash and cash equivalents $ 93.3 $ — $ 34.9 $ (25.4 ) $ 102.8 Receivables, net of allowance 3.5 253.2 95.0 — 351.7 Income tax receivable 21.0 — — — 21.0 Inventory — 554.5 46.1 (0.1 ) 600.5 Property, plant, and equipment, net 43.1 1,284.3 6,344.7 (802.5 ) 6,869.6 Investments in and advances to subsidiaries 4,661.5 3,075.1 426.3 (8,162.9 ) — Restricted cash — — 88.3 25.4 113.7 Goodwill and other assets 229.4 275.5 67.3 (55.6 ) 516.6 $ 5,051.8 $ 5,442.6 $ 7,102.6 $ (9,021.1 ) $ 8,575.9 Liabilities: Accounts payable $ 9.4 $ 137.2 $ 71.7 $ (0.6 ) $ 217.7 Accrued liabilities 156.9 53.3 140.3 (4.2 ) 346.3 Debt 397.6 — 4,218.3 — 4,615.9 Deferred income taxes — 831.3 1.4 (63.7 ) 769.0 Advances from subsidiaries 1,904.7 — — (1,904.7 ) — Other liabilities 53.6 42.6 1.2 — 97.4 Total stockholders' equity 2,529.6 4,378.2 2,669.7 (7,047.9 ) 2,529.6 $ 5,051.8 $ 5,442.6 $ 7,102.6 $ (9,021.1 ) $ 8,575.9 Condensed Consolidating Balance Sheet December 31, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Assets: Cash and cash equivalents $ 154.7 $ 4.1 $ 59.1 $ (38.7 ) $ 179.2 Receivables, net of allowance 12.5 181.8 82.3 — 276.6 Income tax receivable 40.4 — — — 40.4 Inventory — 485.8 40.9 (2.0 ) 524.7 Property, plant, and equipment, net 42.0 1,436.3 5,579.7 (723.6 ) 6,334.4 Investments in and advances to subsidiaries 4,558.6 2,981.7 661.1 (8,201.4 ) — Restricted cash — — 132.9 38.7 171.6 Goodwill and other assets 205.1 197.9 106.8 (47.5 ) 462.3 $ 5,013.3 $ 5,287.6 $ 6,662.8 $ (8,974.5 ) $ 7,989.2 Liabilities: Accounts payable $ 8.6 $ 134.0 $ 69.9 $ (0.4 ) $ 212.1 Accrued liabilities 184.3 55.4 128.7 (0.1 ) 368.3 Debt 397.4 — 3,631.8 — 4,029.2 Deferred income — 16.5 1.2 — 17.7 Deferred income taxes — 790.3 — (47.2 ) 743.1 Advances from subsidiaries 1,804.2 — — (1,804.2 ) — Other liabilities 56.8 — — — 56.8 Total stockholders' equity 2,562.0 4,291.4 2,831.2 (7,122.6 ) 2,562.0 $ 5,013.3 $ 5,287.6 $ 6,662.8 $ (8,974.5 ) $ 7,989.2 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 67.0 $ 93.6 $ 36.1 $ (129.8 ) $ 66.9 Loss from discontinued operations 1.6 — 0.3 — 1.9 Equity in earnings of subsidiaries, net of taxes (119.8 ) (26.0 ) (11.6 ) 157.4 — Other (16.1 ) (169.6 ) 142.1 (22.3 ) (65.9 ) Net cash provided by (used in) operating activities (67.3 ) (102.0 ) 166.9 5.3 2.9 Investing activities: Proceeds from railcar lease fleet sales owned more than one year — 999.2 139.3 (1,038.6 ) 99.9 Proceeds from dispositions of property and other assets — 6.0 8.3 — 14.3 Capital expenditures – leasing — (735.5 ) (994.0 ) 1,038.6 (690.9 ) Capital expenditures – manufacturing and other (2.8 ) (19.9 ) (11.3 ) — (34.0 ) (Increase) decrease in investment in partially-owned subsidiaries — 0.7 — (0.7 ) — Other — — (1.2 ) — (1.2 ) Net cash used in (provided by) investing activities (2.8 ) 250.5 (858.9 ) (0.7 ) (611.9 ) Financing activities: Payments to retire debt (550.0 ) — (494.9 ) — (1,044.9 ) Proceeds from issuance of debt 550.0 — 1,076.9 — 1,626.9 Shares repurchased (59.0 ) — — — (59.0 ) Dividends paid to common shareholders (39.5 ) — — — (39.5 ) Purchase of shares to satisfy employee tax on vested stock (7.9 ) — — — (7.9 ) Distributions to noncontrolling interest — — (0.9 ) — (0.9 ) Distributions to controlling interest in partially-owned subsidiaries — — (0.7 ) 0.7 — Change in intercompany financing between entities 115.1 (152.6 ) 42.8 (5.3 ) — Net cash (used in) provided by financing activities 8.7 (152.6 ) 623.2 (4.6 ) 474.7 Net decrease in cash, cash equivalents, and restricted cash (61.4 ) (4.1 ) (68.8 ) — (134.3 ) Cash, cash equivalents, and restricted cash at beginning of period 154.7 4.1 192.0 — 350.8 Cash, cash equivalents, and restricted cash at end of period $ 93.3 $ — $ 123.2 $ — $ 216.5 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 104.3 $ 96.5 $ 107.4 $ (201.1 ) $ 107.1 Income (loss) from discontinued operations 4.5 — (59.1 ) — (54.6 ) Equity in earnings of subsidiaries, net of taxes (183.9 ) (27.2 ) (12.9 ) 224.0 — Other (35.1 ) 122.6 100.1 (20.3 ) 167.3 Net cash (used in) provided by operating activities - continuing operations (110.2 ) 191.9 135.5 2.6 219.8 Net cash (used in) provided by operating activities - discontinued operations (4.5 ) — 133.0 — 128.5 Net cash (used in) provided by operating activities (114.7 ) 191.9 268.5 2.6 348.3 Investing activities: Decrease in short-term marketable securities 294.5 — — — 294.5 Proceeds from railcar lease fleet sales owned more than one year — 700.1 4.0 (647.7 ) 56.4 Proceeds from dispositions of property and other assets 0.1 1.9 2.4 — 4.4 Capital expenditures – leasing — (462.3 ) (688.6 ) 647.7 (503.2 ) Capital expenditures – manufacturing and other (2.6 ) (4.1 ) (6.8 ) — (13.5 ) (Increase) decrease in investment in partially-owned subsidiaries — 4.9 — (4.9 ) — Other — — 1.3 — 1.3 Net cash (used in) provided by investing activities - continuing operations 292.0 240.5 (687.7 ) (4.9 ) (160.1 ) Net cash used in investing activities - discontinued operations — — (44.3 ) — (44.3 ) Net cash (used in) provided by investing activities 292.0 240.5 (732.0 ) (4.9 ) (204.4 ) Financing activities: Payments to retire debt (619.7 ) (1.5 ) (53.3 ) — (674.5 ) Proceeds from issuance of debt — — 478.0 — 478.0 Shares repurchased (102.2 ) — — — (102.2 ) Dividends paid to common shareholders (39.3 ) — — — (39.3 ) Purchase of shares to satisfy employee tax on vested stock (11.3 ) — — — (11.3 ) Distributions to noncontrolling interest — — (10.3 ) — (10.3 ) Distributions to controlling interest in partially-owned subsidiaries — — (4.9 ) 4.9 — Change in intercompany financing between entities 422.2 (429.8 ) 10.2 (2.6 ) — Other — — (3.2 ) — (3.2 ) Net cash (used in) provided by financing activities (350.3 ) (431.3 ) 416.5 2.3 (362.8 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (173.0 ) 1.1 (47.0 ) — (218.9 ) Cash, cash equivalents, and restricted cash at beginning of period 763.9 1.6 208.3 — 973.8 Cash, cash equivalents, and restricted cash at end of period $ 590.9 $ 2.7 $ 161.3 $ — $ 754.9 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The foregoing Consolidated Financial Statements are unaudited and have been prepared from the books and records of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") including the accounts of our wholly-owned subsidiaries and partially-owned subsidiaries, TRIP Rail Holdings LLC (“TRIP Holdings”) and RIV 2013 Rail Holdings LLC ("RIV 2013"), in which we have a controlling interest. In our opinion, all normal and recurring adjustments necessary for a fair presentation of our financial position as of June 30, 2019 , and the results of operations for the three and six months ended June 30, 2019 and 2018 , and cash flows for the six months ended June 30, 2019 and 2018 , have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2019 presentation. Due to seasonal and other factors, the results of operations for the six months ended June 30, 2019 may not be indicative of expected results of operations for the year ending December 31, 2019 . These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2018 . |
Spin-Off Transaction | Spin-off of Arcosa, Inc. On November 1, 2018, we completed the separation of Trinity Industries, Inc. into two public companies: (1) Trinity Industries, Inc., comprised primarily of Trinity’s rail-related businesses, which are leading providers of railcar products and services in North America, and (2) Arcosa, Inc. ("Arcosa"), a new public company focused on infrastructure-related products and services. The separation was effected through a pro rata dividend to Trinity's shareholders of all outstanding Arcosa shares and was structured to qualify as a tax-free distribution for federal income tax purposes. Following the distribution, Arcosa became an independent, publicly-traded company on the New York Stock Exchange. Trinity did not retain an ownership interest in Arcosa following the completion of the spin-off transaction. Upon completion of the spin-off transaction on November 1, 2018, the accounting requirements for reporting Arcosa as a discontinued operation were met. Accordingly, Arcosa's results of operations are presented as discontinued operations for all periods in this Quarterly Report on Form 10-Q. See Note 2 for further information related to the spin-off transaction. |
Revenue Recognition | Revenue Recognition Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. Payments for our products and services are generally due within normal commercial terms. The following is a description of principal activities from which we generate our revenue, separated by reportable segments. See Note 4 for a further discussion regarding our reportable segments. Railcar Leasing and Management Services Group In our Railcar Leasing and Management Services Group ("Leasing Group"), revenue from rentals and operating leases, including contracts that contain non-level fixed lease payments, is recognized monthly on a straight-line basis. Leases not classified as operating leases are generally considered sales-type leases as a result of an option to purchase. We review our operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the lessee’s payment history, the financial condition of the lessee, and business and economic conditions in the industry in which the lessee operates. In the event that the collectibility of a receivable with respect to any lessee is no longer probable, we de-recognize the revenue and related receivable and recognize future revenue only when the lessee makes a rental payment. Contingent rents are recognized when the contingency is resolved. Selling profit or loss associated with sales-type leases is recognized upon lease commencement, and a net investment in the sales-type lease is recorded on the Consolidated Balance Sheet. Interest income related to sales-type leases is recognized over the lease term using the effective interest method. Revenue is recognized from the sales of railcars from the lease fleet on a gross basis in leasing revenues and cost of revenues if the railcar has been owned for one year or less at the time of sale. Sales of railcars from the lease fleet owned for more than one year are recognized as a net gain or loss from the disposal of a long-term asset. Revenue from servicing and management agreements is recognized as each performance period occurs. We account for shipping and handling costs as activities to fulfill the promise to transfer the good; as such, these fees are recorded in revenue. The fees and costs of shipping and handling activities are accrued when the related performance obligation has been satisfied. Rail Products Group Our railcar manufacturing business recognizes revenue when the customer has submitted its certificate of acceptance and legal title of the railcar has passed to the customer. Certain long-term contracts for the sales of railcars include price adjustments based on steel-price indices; this amount represents variable consideration for which we are unable to estimate the final consideration until the railcar is delivered, at which time the pricing becomes fixed. Within our maintenance services business, revenue is recognized over time as repair and maintenance projects are completed, using an input approach based on the costs incurred relative to the total estimated costs of performing the project. We recorded contract assets of $10.1 million and $10.2 million as of June 30, 2019 and December 31, 2018 , respectively, related to unbilled revenues recognized on repair and maintenance services that have been performed, but for which the entire project has not yet been completed, and the railcar has not yet been shipped to the customer. These contract assets are included within the Receivables, net of allowance line in our Consolidated Balance Sheets. All Other Our highway products business recognizes revenue when the customer has accepted the product and legal title of the product has passed to the customer. Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of June 30, 2019 and the percentage of the outstanding performance obligations as of June 30, 2019 expected to be delivered during the remainder of 2019 : Unsatisfied performance obligations at June 30, 2019 Total Amount Percent expected to be delivered in 2019 (in millions) Rail Products Group: Products: External Customers $ 1,892.0 Leasing Group 973.5 $ 2,865.5 50 % Maintenance Services $ 70.4 78 % Railcar Leasing and Management Services Group $ 100.1 12 % The remainder of the unsatisfied performance obligations for the Rail Products Group is expected to be delivered through 2023. Unsatisfied performance obligations for the Railcar Leasing and Management Services Group are related to servicing and management agreements and are expected to be performed through 2024. |
Lessee, Leases [Policy Text Block] | Lessee We are the lessee of operating leases predominantly for railcars, as well as office buildings, manufacturing equipment, and office equipment. Our operating leases have remaining lease terms ranging from one year to forty years , some of which include options to extend for up to five years , and some of which include options to terminate within one year . As of June 30, 2019 , we had no finance leases in which we were the lessee. The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Consolidated Statement of Operations Operating lease expense $ 4.1 $ 9.3 Short-term lease expense $ 1.2 $ 2.6 June 30, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 46.2 Lease liabilities (2) $ 47.2 Weighted average remaining lease term 5.0 years Weighted average discount rate 4.1 % Six Months Ended June 30, 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 9.3 Right-of-use assets recognized in exchange for new lease liabilites $ 4.2 (1) Included in other assets in our Consolidated Balance Sheet (2) Included in other liabilities in our Consolidated Balance Sheet Future contractual minimum operating lease liabilities will mature as follows (in millions): Leasing Group Non-Leasing Group Total Remaining six months of 2019 $ 5.2 $ 2.0 $ 7.2 2020 9.1 3.3 12.4 2021 8.2 1.8 10.0 2022 7.5 1.7 9.2 2023 5.5 1.4 6.9 Thereafter 3.3 3.2 6.5 Total operating lease payments $ 38.8 $ 13.4 $ 52.2 Less: Present value adjustment (5.0 ) Total operating lease liabilities $ 47.2 |
Lessor, Leases [Policy Text Block] | Lessor Our Leasing Group enters into railcar operating leases with third parties with terms generally ranging between one year and ten years , although certain leases entered into in prior periods had lease terms of up to twenty years . The majority of our fleet operates on leases that earn fixed monthly lease payments. A portion of our fleet operates on per diem leases that earn usage-based variable lease payments. Some of our leases include options to extend the leases for up to five years , and some include options to terminate the leases within one year with certain notice requirements. Our sales-type leases include an option for the lessee to purchase the leased railcars with certain notice. As of June 30, 2019 , non-Leasing Group operating leases were not significant, and we had no direct finance leases. We manage risks associated with residual values of leased railcars by investing across a diverse portfolio of railcar types, staggering lease maturities within any given railcar type, avoiding concentration of railcar type and industry, and participating in active secondary markets. Additionally, our lease agreements contain normal wear and tear return condition provisions and high mileage thresholds designed to protect the value of our residual assets. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease revenues $ 171.6 $ 339.9 Variable operating lease payments 10.8 21.6 Sales-type lease revenues 32.3 34.2 Interest income on sales-type lease receivables 0.3 0.3 Profit recognized at sales-type lease commencement 3.9 4.1 Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions): Remaining six months of 2019 $ 5.3 2020 9.0 2021 24.9 2022 — 2023 — Thereafter — Total $ 39.2 Less: Unearned interest income (4.7 ) Net investment in sales-type leases (1) $ 34.5 (1) Includes $1.1 million in receivables, net of allowance and $33.4 million other assets in our Consolidated Balance Sheet Future contractual minimum revenues for operating leases will mature as follows (in millions): Remaining six months of 2019 $ 295.6 2020 504.3 2021 390.1 2022 293.8 2023 198.6 Thereafter 355.9 Total $ 2,038.3 |
Cash and Cash Equivalents | Financial Instruments We consider all highly liquid debt instruments to be either cash and cash equivalents if purchased with a maturity of three months or less, or short-term marketable securities if purchased with a maturity of more than three months and less than one year . Financial instruments that potentially subject us to a concentration of credit risk are primarily cash investments including restricted cash and receivables. Concentrations of credit risk with respect to receivables are limited due to control procedures that monitor the credit worthiness of customers, the large number of customers in our customer base, and their dispersion across different end markets and geographic areas. As receivables are generally unsecured, we maintain an allowance for doubtful accounts based upon the expected collectibility of all receivables. Receivable balances determined to be uncollectible are charged against the allowance. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values. |
Goodwill Disclosure [Text Block] | Goodwill As of both June 30, 2019 and December 31, 2018 , the carrying amount of our goodwill totaled $208.8 million . |
Product Warranty Disclosure [Text Block] | Warranties We provide various express, limited product warranties that generally range from one year to five years depending on the product. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. The changes in the accruals for warranties for the three and six months ended June 30, 2019 and 2018 are as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Beginning balance $ 7.1 $ 9.7 $ 7.4 $ 10.1 Warranty costs incurred (0.6 ) (0.6 ) (1.5 ) (1.8 ) Warranty originations and revisions 1.9 1.1 2.6 1.9 Warranty expirations (0.1 ) 0.3 (0.2 ) 0.3 Ending balance $ 8.3 $ 10.5 $ 8.3 $ 10.5 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted in 2019 ASU 2016-02 — In February 2016, the FASB issued ASU No. 2016-02, "Leases", ("ASC 842") which amended the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASC 842 is effective for public companies during interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU No. 2018-11, which permits entities to record the right-of-use asset and lease liability on the date of adoption, with no requirement to recast comparative periods. We adopted ASC 842 effective January 1, 2019 using the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019. Therefore, comparative financial information was not adjusted and continues to be reported under the prior lease accounting guidance in ASC 840. We elected the transition relief package of practical expedients, and as a result, we did not assess 1) whether existing or expired contracts contain embedded leases, 2) lease classification for any existing or expired leases, and 3) whether lease origination costs qualified as initial direct costs. We elected the short-term lease practical expedient by establishing an accounting policy to exclude leases with a term of 12 months or less, as well as the land easement practical expedient for maintaining our current accounting policy for existing or expired land easements. For qualifying operating leases in which we are the lessor, we do not separate lease components for our leased railcars from non-lease components, which are comprised of stand-ready maintenance obligations. We did not elect the practical expedient to use hindsight in determining a lease term and impairment of right-of-use assets at the adoption date. Upon adoption, we recognized right-of-use assets and corresponding lease liabilities of $47.0 million and $48.3 million , respectively, in our Consolidated Balance Sheet based on the present value of future minimum lease payments under operating leases for which we are the lessee. This excluded the impact of railcars that were previously under operating leases as of January 1, 2019 but which were purchased on January 14, 2019 and are now wholly-owned by our Leasing Group. Additionally, we recorded an adjustment to opening retained earnings of $17.7 million ( $13.7 million , net of tax) related to the derecognition of deferred profit related to sale-leaseback transactions. Our accounting treatment under ASC 842 for leases in which we are the lessor remained substantially unchanged from our accounting treatment under ASC 840. The adoption of ASC 842 did not have a significant impact on our consolidated results of operations or cash flows. Effective in 2020 ASU 2018-15 — In August 2018, the FASB issued ASU No. 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract", which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We plan to adopt ASU 2018-15 effective January 1, 2020 on a prospective basis and are currently evaluating the impact of ASU 2018-15 on our Consolidated Financial Statements. ASU 2016-13 — In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments", which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This approach may result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses", which excludes operating lease receivables from the scope of ASU 2016-13. ASU 2016-13 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of ASU 2016-13 on our Consolidated Financial Statements. |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Accounting Derivatives (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | We use derivative instruments to mitigate the impact of changes in interest rates, both in anticipation of future debt issuances and to offset interest rate variability of certain floating rate debt issuances outstanding. We also may use derivative instruments to mitigate the impact of changes in natural gas and diesel fuel prices and changes in foreign currency exchange rates. Derivative instruments that are designated and qualify as cash flow hedges are accounted for by recording the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive loss ("AOCL") as a separate component of stockholders' equity and reclassified into earnings in the period during which the hedged transaction affects earnings. We continuously monitor our derivative positions and the credit ratings of our counterparties and do not anticipate losses due to non-performance. See Note 8 for a description of our debt instruments. Interest Rate Hedges Included in accompanying balance sheet 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 % $ — $ (0.2 ) $ — 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 1.2 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 2.6 $ 3.6 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.2 $ 0.2 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.7 ) $ — Open hedge: 2017 promissory notes - interest rate swap $ 586.2 2.68 % $ (29.2 ) $ 29.2 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2019 2018 2019 2018 (in millions) Expired hedges: 2006 secured railcar equipment notes $ (0.1 ) $ — $ (0.1 ) $ (0.1 ) $ (0.1 ) 2018 secured railcar equipment notes $ — $ — $ 0.1 $ — $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.2 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 2017 promissory notes - interest rate cap $ (0.1 ) $ — $ (0.1 ) $ — $ (0.1 ) Open hedge: 2017 promissory notes - interest rate swap $ 0.7 $ — $ 1.3 $ — $ 2.6 (1) Based on the fair value of open hedges as of June 30, 2019 Natural Gas and Diesel Fuel Derivatives From time to time, we may enter into derivative instruments to mitigate the impact of increases in natural gas and diesel fuel prices. For any instruments that do not qualify for hedge accounting treatment, changes in their fair values are recorded directly to the Consolidated Statement of Operations. The effect of commodity hedge transactions was immaterial to the Consolidated Financial Statements for all periods presented herein. |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Compensation Stockholders Equity (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Stockholders' Equity In December 2017, our Board of Directors authorized a $500 million share repurchase program effective January 1, 2018 through December 31, 2019. On November 16, 2018, we entered into an accelerated share repurchase program (the "ASR Program") to repurchase $350 million of the Company's common stock. The $350 million notional value of the ASR Program represented the entire remaining amount that was available to us under the share repurchase program that was in effect at that time. The ASR Program was completed in March 2019. In March 2019 , our Board of Directors authorized a new share repurchase program effective March 7, 2019 through December 31, 2020 . The new share repurchase program authorizes the Company to repurchase up to $350.0 million of its common stock, not to exceed 13.7 million shares. The share repurchase program is designed to meet certain IRS safe harbor guidelines associated with our spin-off of Arcosa, which was completed on November 1, 2018. During the three and six months ended June 30, 2019 , we repurchased 2,133,116 and 5,607,003 shares, respectively, at a cost of approximately $44.0 million and $133.0 million , respectively. The total for the six months ended June 30, 2019 includes 2,607,172 shares at a cost of approximately $70.0 million representing the final settlement of the ASR Program, which was funded in November 2018 but a portion of which remained outstanding as of December 31, 2018. As of June 30, 2019 , the Company had a remaining authorization to repurchase up to $287.0 million , not to exceed 10.7 million shares, of its common stock under the current repurchase program. Certain shares of stock repurchased during June 2019, totaling $4.0 million , were cash settled in July 2019 in accordance with normal settlement practices. During the three and six months ended June 30, 2018 , 1,451,171 and 2,970,674 shares, respectively, were repurchased at a cost of approximately $50.1 million and $100.1 million , respectively, under the prior share repurchase program. |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation Stock-based compensation totaled approximately $7.5 million and $13.0 million for the three and six months ended June 30, 2019 , respectively. Stock-based compensation totaled approximately $8.0 million and $14.2 million for the three and six months ended June 30, 2018 , respectively. The Company's annual grant of share-based awards generally occurs in the second quarter under our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”). Expense related to restricted stock units issued to eligible employees under the Plan is recognized ratably over the vesting period, generally between three years and four years , or to the date on which retirement eligibility is achieved, if shorter. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years . Expense related to restricted stock awards granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year . The following table summarizes stock-based compensation awards granted during the three months ended June 30, 2019 : Number of Shares Granted Weighted Average Grant-Date Restricted stock units 953,666 $ 22.21 Restricted stock awards 17,538 $ 22.24 Performance units 476,394 $ 22.22 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Remaining Performance Obligation | The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of June 30, 2019 and the percentage of the outstanding performance obligations as of June 30, 2019 expected to be delivered during the remainder of 2019 : Unsatisfied performance obligations at June 30, 2019 Total Amount Percent expected to be delivered in 2019 (in millions) Rail Products Group: Products: External Customers $ 1,892.0 Leasing Group 973.5 $ 2,865.5 50 % Maintenance Services $ 70.4 78 % Railcar Leasing and Management Services Group $ 100.1 12 % |
Lessee, Operating Lease, Disclosure [Table Text Block] | The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Consolidated Statement of Operations Operating lease expense $ 4.1 $ 9.3 Short-term lease expense $ 1.2 $ 2.6 June 30, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 46.2 Lease liabilities (2) $ 47.2 Weighted average remaining lease term 5.0 years Weighted average discount rate 4.1 % Six Months Ended June 30, 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 9.3 Right-of-use assets recognized in exchange for new lease liabilites $ 4.2 (1) Included in other assets in our Consolidated Balance Sheet (2) Included in other liabilities in our Consolidated Balance Sheet |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future contractual minimum operating lease liabilities will mature as follows (in millions): Leasing Group Non-Leasing Group Total Remaining six months of 2019 $ 5.2 $ 2.0 $ 7.2 2020 9.1 3.3 12.4 2021 8.2 1.8 10.0 2022 7.5 1.7 9.2 2023 5.5 1.4 6.9 Thereafter 3.3 3.2 6.5 Total operating lease payments $ 38.8 $ 13.4 $ 52.2 Less: Present value adjustment (5.0 ) Total operating lease liabilities $ 47.2 |
Leases of Lessor Disclosure [Text Block] | The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Operating lease revenues $ 171.6 $ 339.9 Variable operating lease payments 10.8 21.6 Sales-type lease revenues 32.3 34.2 Interest income on sales-type lease receivables 0.3 0.3 Profit recognized at sales-type lease commencement 3.9 4.1 |
Lessor, Payments to be Received, Maturity [Table Text Block] | Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions): Remaining six months of 2019 $ 5.3 2020 9.0 2021 24.9 2022 — 2023 — Thereafter — Total $ 39.2 Less: Unearned interest income (4.7 ) Net investment in sales-type leases (1) $ 34.5 (1) Includes $1.1 million in receivables, net of allowance and $33.4 million other assets in our Consolidated Balance Sheet Future contractual minimum revenues for operating leases will mature as follows (in millions): Remaining six months of 2019 $ 295.6 2020 504.3 2021 390.1 2022 293.8 2023 198.6 Thereafter 355.9 Total $ 2,038.3 |
Schedule of Product Warranty Liability [Table Text Block] | The changes in the accruals for warranties for the three and six months ended June 30, 2019 and 2018 are as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Beginning balance $ 7.1 $ 9.7 $ 7.4 $ 10.1 Warranty costs incurred (0.6 ) (0.6 ) (1.5 ) (1.8 ) Warranty originations and revisions 1.9 1.1 2.6 1.9 Warranty expirations (0.1 ) 0.3 (0.2 ) 0.3 Ending balance $ 8.3 $ 10.5 $ 8.3 $ 10.5 |
Discontinued Operations Disco_2
Discontinued Operations Discontinued Operations Income Statement (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following is a summary of operating results included in income (loss) from discontinued operations for the three and six months ended June 30, 2019 and 2018 : Three Months Ended June 30, Six Months Ended 2019 2018 2019 2018 (in millions) Revenues $ — $ 320.3 $ — $ 631.2 Cost of revenues — 248.0 0.1 490.9 Selling, engineering, and administrative expenses 1.1 34.9 2.3 66.4 Other expense — 1.1 — 2.1 Income (loss) from discontinued operations before income taxes (1.1 ) 36.3 (2.4 ) 71.8 Provision (benefit) for income taxes (0.3 ) 8.1 (0.5 ) 17.2 Income (loss) from discontinued operations, net of income taxes $ (0.8 ) $ 28.2 $ (1.9 ) $ 54.6 |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Accounting Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | Included in accompanying balance sheet 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 % $ — $ (0.2 ) $ — 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 1.2 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 2.6 $ 3.6 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.2 $ 0.2 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.7 ) $ — Open hedge: 2017 promissory notes - interest rate swap $ 586.2 2.68 % $ (29.2 ) $ 29.2 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. |
Derivative Instruments, Gain (Loss) [Table Text Block] | Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2019 2018 2019 2018 (in millions) Expired hedges: 2006 secured railcar equipment notes $ (0.1 ) $ — $ (0.1 ) $ (0.1 ) $ (0.1 ) 2018 secured railcar equipment notes $ — $ — $ 0.1 $ — $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.2 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 2017 promissory notes - interest rate cap $ (0.1 ) $ — $ (0.1 ) $ — $ (0.1 ) Open hedge: 2017 promissory notes - interest rate swap $ 0.7 $ — $ 1.3 $ — $ 2.6 (1) Based on the fair value of open hedges as of June 30, 2019 |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Accounting Fair Value Tables (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The assets measured as Level 1 in the fair value hierarchy are summarized below: Level 1 June 30, 2019 December 31, 2018 (in millions) Assets: Cash equivalents $ 32.6 $ 124.9 Restricted cash 113.7 171.6 Total assets $ 146.3 $ 296.5 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The liabilities measured as Level 2 in the fair value hierarchy are summarized below: Level 2 June 30, 2019 December 31, 2018 (in millions) Liabilities: Interest rate hedge (1) $ 29.2 $ 12.9 Total liabilities $ 29.2 $ 12.9 (1) Included in accrued liabilities in our Consolidated Balance Sheets |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Financial information for segments | The financial information for these segments is shown in the tables below. We operate principally in North America. Three Months Ended June 30, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 276.9 $ 383.4 $ 75.7 $ — $ — $ — $ 736.0 Intersegment Revenue 0.2 328.9 12.8 — (328.9 ) (13.0 ) — Total Revenues $ 277.1 $ 712.3 $ 88.5 $ — $ (328.9 ) $ (13.0 ) $ 736.0 Operating Profit (Loss) $ 104.8 $ 68.0 $ 6.2 $ (30.6 ) $ (41.6 ) $ 0.2 $ 107.0 Three Months Ended June 30, 2018 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 213.2 $ 337.7 $ 83.1 $ — $ — $ — $ 634.0 Intersegment Revenue 0.2 228.5 9.1 — (228.5 ) (9.3 ) — Total Revenues $ 213.4 $ 566.2 $ 92.2 $ — $ (228.5 ) $ (9.3 ) $ 634.0 Operating Profit (Loss) $ 91.8 $ 48.5 $ 12.4 $ (39.9 ) $ (24.5 ) $ (0.3 ) $ 88.0 Six Months Ended June 30, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 477.1 $ 716.9 $ 146.8 $ — $ — $ — $ 1,340.8 Intersegment Revenue 0.4 599.0 28.1 — (599.0 ) (28.5 ) — Total Revenues $ 477.5 $ 1,315.9 $ 174.9 $ — $ (599.0 ) $ (28.5 ) $ 1,340.8 Operating Profit (Loss) $ 190.6 $ 118.6 $ 12.8 $ (54.2 ) $ (68.8 ) $ (0.2 ) $ 198.8 Six Months Ended June 30, 2018 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations - Lease Subsidiary Eliminations - Other Consolidated Total External Revenue $ 387.5 $ 629.7 $ 150.0 $ — $ — $ — $ 1,167.2 Intersegment Revenue 0.5 524.6 19.5 — (524.6 ) (20.0 ) — Total Revenues $ 388.0 $ 1,154.3 $ 169.5 $ — $ (524.6 ) $ (20.0 ) $ 1,167.2 Operating Profit (Loss) $ 162.9 $ 100.0 $ 18.2 $ (77.6 ) $ (53.2 ) $ (0.2 ) $ 150.1 |
Railcar Leasing and Managemen_2
Railcar Leasing and Management Services Group (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Sale Leaseback Transaction [Line Items] | |
Selected consolidating financial information for the Leasing Group | Selected consolidated financial information for the Leasing Group is as follows: June 30, 2019 Leasing Group Wholly- Owned Subsidiaries Partially-Owned Subsidiaries Manufacturing/ Corporate Total (in millions) Cash and cash equivalents $ 2.9 $ — $ 99.9 $ 102.8 Property, plant, and equipment, net $ 5,550.1 $ 1,800.6 $ 380.8 $ 7,731.5 Net deferred profit on railcars sold to the Leasing Group (861.9 ) Consolidated property, plant, and equipment, net $ 6,869.6 Restricted cash $ 82.8 $ 30.8 $ 0.1 $ 113.7 Debt: Recourse, net of unamortized discount of $-, $-, $0.2, and $0.2 $ — $ — $ 399.8 $ 399.8 Less: unamortized debt issuance costs — — (2.2 ) (2.2 ) — — 397.6 397.6 Non-recourse, net of unamortized discount of $2.6, $-, $-, and $2.6 2,942.0 1,310.7 — 4,252.7 Less: unamortized debt issuance costs (22.6 ) (11.8 ) — (34.4 ) 2,919.4 1,298.9 — 4,218.3 Total debt $ 2,919.4 $ 1,298.9 $ 397.6 $ 4,615.9 Net deferred tax liabilities $ 819.3 $ 1.0 $ (65.7 ) $ 754.6 December 31, 2018 Leasing Group Wholly- Owned Subsidiaries Partially-Owned Subsidiaries Manufacturing/ Corporate Total (in millions) Cash and cash equivalents $ 6.0 $ — $ 173.2 $ 179.2 Property, plant, and equipment, net $ 4,976.5 $ 1,814.7 $ 370.9 $ 7,162.1 Net deferred profit on railcars sold to the Leasing Group (827.7 ) Consolidated property, plant, and equipment, net $ 6,334.4 Restricted cash $ 134.9 $ 36.6 $ 0.1 $ 171.6 Debt: Recourse, net of unamortized discount of $-, $-, $0.3, and $0.3 $ — $ — $ 399.7 $ 399.7 Less: uamortized debt issuance costs — — (2.3 ) (2.3 ) — — 397.4 397.4 Non-recourse, net of unamortized discount of $2.7, $-, $-, and $2.7 2,336.3 1,327.9 — 3,664.2 Less: unamortized debt issuance costs (19.7 ) (12.7 ) — (32.4 ) 2,316.6 1,315.2 — 3,631.8 Total debt $ 2,316.6 $ 1,315.2 $ 397.4 $ 4,029.2 Net deferred tax liabilities $ 797.6 $ 1.0 $ (67.0 ) $ 731.6 |
Selected consolidating income statement information for the Leasing Group | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 Percent 2019 2018 Percent ($ in millions) Change ($ in millions) Change Revenues: Leasing and management $ 189.4 $ 184.2 2.8 % $ 376.5 $ 358.8 4.9 % Sales of railcars owned one year or less at the time of sale (1) 87.7 29.2 * 101.0 29.2 * Total revenues $ 277.1 $ 213.4 29.9 $ 477.5 $ 388.0 23.1 Operating profit: Leasing and management $ 77.7 $ 77.9 (0.3 ) $ 154.8 $ 146.9 5.4 Railcar sales: Railcars owned one year or less at the time of sale 8.4 4.4 * 9.2 4.4 * Railcars owned more than one year at the time of sale 18.7 9.5 * 26.6 11.6 * Total operating profit $ 104.8 $ 91.8 14.2 $ 190.6 $ 162.9 17.0 Total operating profit margin 37.8 % 43.0 % 39.9 % 42.0 % Leasing and management operating profit margin 41.0 % 42.3 % 41.1 % 40.9 % Selected expense information (2) : Depreciation $ 57.8 $ 47.0 23.0 $ 112.2 $ 92.1 21.8 Maintenance and compliance $ 26.5 $ 25.0 6.0 $ 54.3 $ 51.4 5.6 Rent $ 4.3 $ 9.9 (56.6 ) $ 9.8 $ 20.0 (51.0 ) Selling, engineering, and administrative expenses $ 12.7 $ 12.6 0.8 $ 25.5 $ 24.8 2.8 Interest $ 50.4 $ 32.3 56.0 $ 96.4 $ 63.8 51.1 * Not meaningful (1) Includes revenues associated with sales-type leases of $32.3 million and $34.2 million , respectively, for the three and six months ended June 30, 2019 . (2) Operating profit includes: depreciation; maintenance and compliance; rent; and selling, engineering, and administrative expenses. Amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. |
Schedule of proceeds from leased railcars | During the six months ended June 30, 2019 and 2018 , the Leasing Group recognized sales of leased railcars as follows: Six Months Ended June 30, 2019 2018 (in millions) Railcars owned one year or less at the time of sale (1) $ 101.0 $ 29.2 Railcars owned more than one year at the time of sale 99.9 56.4 $ 200.9 $ 85.6 (1) Includes revenues associated with sales-type leases of $34.2 million for the six months ended June 30, 2019 . |
Future contractual minimum rental revenues on leases | Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows: Remaining six months of 2019 2020 2021 2022 2023 Thereafter Total (in millions) Future contractual minimum rental revenue $ 290.5 $ 496.9 $ 384.6 $ 290.0 $ 197.1 $ 355.4 $ 2,014.5 |
Railroad Transportation Equipment Leased From Independent Owner Trusts [Member] | |
Sale Leaseback Transaction [Line Items] | |
Sale Leaseback Transactions [Text Block] | Off Balance Sheet Arrangements. In prior years, the Leasing Group completed a series of financing transactions whereby railcars were sold to one or more separate independent owner trusts (“Trusts”). Each of the Trusts financed the purchase of the railcars with a combination of debt and equity. In each transaction, the equity participant in each of the respective Trusts is considered to be the primary beneficiary of the Trust; and therefore, the accounts of the Trusts, including the debt related to each of the Trusts, are not included as part of the Consolidated Financial Statements. The Leasing Group, through wholly-owned, qualified subsidiaries, leased railcars from the Trusts under operating leases with terms of twenty-two years , and subleased the railcars to independent third-party customers under shorter term operating lease agreements. The terms of the operating lease agreements between the subsidiaries and the remaining Trusts provided the Leasing Group with the option to purchase, at a predetermined fixed price, certain railcars from the remaining Trusts in 2019. On January 14, 2019, we completed the purchase for a purchase price of $218.4 million . As a result, 6,779 railcars previously under lease are now wholly-owned by our Leasing Group. The future contractual minimum rental revenues associated with these railcars are included in the table above. |
Operating leases | |
Sale Leaseback Transaction [Line Items] | |
Future operating lease obligations and future contractual minimum rental revenues | Future amounts due as well as future contractual minimum rental revenues related to operating leases related to the Leasing Group other than the leases discussed above are as follows: Remaining six months of 2019 2020 2021 2022 2023 Thereafter Total (in millions) Future operating lease obligations $ 5.2 $ 9.1 $ 8.2 $ 7.5 $ 5.5 $ 3.3 $ 38.8 Future contractual minimum rental revenues $ 5.1 $ 7.4 $ 5.5 $ 3.8 $ 1.5 $ 0.5 $ 23.8 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Components of property, plant, and equipment | The following table summarizes the components of property, plant, and equipment as of June 30, 2019 and December 31, 2018 . June 30, December 31, (in millions) Manufacturing/Corporate: Land $ 25.5 $ 24.2 Buildings and improvements 388.1 385.5 Machinery and other 529.9 537.2 Construction in progress 45.1 16.3 988.6 963.2 Less accumulated depreciation (607.8 ) (592.3 ) 380.8 370.9 Leasing: Wholly-owned subsidiaries: Machinery and other 13.8 13.5 Equipment on lease 6,568.2 5,934.8 6,582.0 5,948.3 Less accumulated depreciation (1,031.9 ) (971.8 ) 5,550.1 4,976.5 Partially-owned subsidiaries: Equipment on lease 2,390.7 2,371.9 Less accumulated depreciation (590.1 ) (557.2 ) 1,800.6 1,814.7 Deferred profit on railcars sold to the Leasing Group (1,078.8 ) (1,030.0 ) Less accumulated amortization 216.9 202.3 (861.9 ) (827.7 ) $ 6,869.6 $ 6,334.4 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Components of debt | The carrying amounts and estimated fair values of our long-term debt are as follows: June 30, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Corporate – Recourse: Revolving credit facility $ — $ — $ — $ — Senior notes, net of unamortized discount of $0.2 and $0.3 399.8 398.4 399.7 343.7 399.8 398.4 399.7 343.7 Less: unamortized debt issuance costs (2.2 ) (2.3 ) Total recourse debt 397.6 397.4 Leasing – Non-recourse: Wholly-owned subsidiaries: 2006 secured railcar equipment notes 120.4 126.0 133.4 138.0 2009 secured railcar equipment notes 153.8 158.0 159.7 174.0 2010 secured railcar equipment notes 252.9 268.8 257.0 264.0 2017 promissory notes 643.6 643.6 660.2 660.2 2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2 462.3 485.5 472.2 475.2 TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $2.1 and $2.5 271.6 276.6 279.0 278.1 2019 secured railcar equipment notes, net of unamortized discount of $0.3 and $- 526.3 543.3 — — TILC warehouse facility 511.1 511.1 374.8 374.8 2,942.0 3,012.9 2,336.3 2,364.3 Less: unamortized debt issuance costs (22.6 ) (19.7 ) 2,919.4 2,316.6 Partially-owned subsidiaries: TRL 2012 secured railcar equipment notes 381.1 389.0 386.2 370.9 TRIP Master Funding secured railcar equipment notes 929.6 968.8 941.7 963.0 1,310.7 1,357.8 1,327.9 1,333.9 Less: unamortized debt issuance costs (11.8 ) (12.7 ) 1,298.9 1,315.2 Total non–recourse debt 4,218.3 3,631.8 Total debt $ 4,615.9 $ 4,769.1 $ 4,029.2 $ 4,041.9 |
Remaining principal payments under existing debt agreements | The remaining principal payments under existing debt agreements as of June 30, 2019 , are as follows: Remaining six months of 2019 2020 2021 2022 2023 Thereafter (in millions) Recourse: Corporate $ — $ — $ — $ — $ — $ 400.0 Non-recourse – leasing (Note 6): 2006 secured railcar equipment notes 15.7 29.7 29.1 29.8 16.1 — 2009 secured railcar equipment notes 5.5 6.6 13.4 14.0 11.8 102.5 2010 secured railcar equipment notes 4.3 14.1 20.0 20.9 22.5 171.1 2017 promissory notes 16.6 33.1 33.1 33.2 33.1 494.5 2018 secured railcar equipment notes 10.0 20.0 20.0 20.0 20.0 372.5 TRIHC 2018 secured railcar equipment notes 6.5 10.9 11.9 9.3 11.6 223.5 2019 secured railcar equipment notes 10.4 20.7 22.5 21.5 19.6 431.9 TILC warehouse facility 7.8 15.6 15.6 2.6 — — Facility termination payments - TILC warehouse facility — — — 469.5 — — TRL 2012 secured railcar equipment notes 9.8 19.3 19.9 19.6 29.2 283.3 TRIP Master Funding secured railcar equipment notes 11.7 32.9 40.4 41.8 37.0 765.8 Total principal payments $ 98.3 $ 202.9 $ 225.9 $ 682.2 $ 200.9 $ 3,245.1 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Components of net retirement cost | The following table summarizes the components of our net retirement cost: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Expense Components Service cost $ 0.1 $ 0.1 $ 0.1 $ 0.1 Interest 4.9 4.6 9.8 9.1 Expected return on plan assets (5.8 ) (6.9 ) (11.5 ) (13.7 ) Amortization of actuarial loss 1.1 1.1 2.2 2.3 Net periodic benefit cost 0.3 (1.1 ) 0.6 (2.2 ) Profit sharing 3.0 2.5 5.2 5.0 Net expense $ 3.3 $ 1.4 $ 5.8 $ 2.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Changes in accumulated other comprehensive loss | Changes in AOCL for the six months ended June 30, 2019 are as follows: 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, 2018 $ (1.3 ) $ (8.3 ) $ (107.2 ) $ (116.8 ) Other comprehensive loss, net of tax, before reclassifications — (13.5 ) — (13.5 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.4, $0.6, and $1.0 — 1.9 1.6 3.5 Less: noncontrolling interest — (0.6 ) — (0.6 ) Other comprehensive income (loss) — (12.2 ) 1.6 (10.6 ) Balances at June 30, 2019 $ (1.3 ) $ (20.5 ) $ (105.6 ) $ (127.4 ) |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Compensation Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation, Activity [Table Text Block] | The following table summarizes stock-based compensation awards granted during the three months ended June 30, 2019 : Number of Shares Granted Weighted Average Grant-Date Restricted stock units 953,666 $ 22.21 Restricted stock awards 17,538 $ 22.24 Performance units 476,394 $ 22.22 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income attributable to Trinity Industries, Inc. | The computation of basic and diluted net income attributable to Trinity Industries, Inc. is as follows. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (in millions, except per share amounts) Income from continuing operations $ 37.6 $ 37.3 $ 68.8 $ 52.5 Less: Net (income) loss attributable to noncontrolling interest (0.4 ) (1.4 ) 0.1 (2.8 ) Unvested restricted share participation - continuing operations (0.3 ) (0.8 ) (0.9 ) (1.3 ) Net income from continuing operations attributable to Trinity Industries, Inc. 36.9 35.1 68.0 48.4 Net income (loss) from discontinued operations, net of income taxes (0.8 ) 28.2 (1.9 ) 54.6 Unvested restricted share participation - discontinued operations — (0.3 ) — (0.6 ) Net income (loss) from discontinued operations attributable to Trinity Industries, Inc. (0.8 ) 27.9 (1.9 ) 54.0 Net income attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation $ 36.1 $ 63.0 $ 66.1 $ 102.4 Basic weighted average shares outstanding 127.6 146.2 129.0 146.7 Effect of dilutive securities: Nonparticipating unvested RSUs and RSAs 1.6 0.8 1.7 0.8 Convertible subordinated notes — — — 2.7 Diluted weighted average shares outstanding 129.2 147.0 130.7 150.2 Basic earnings per common share: Income from continuing operations $ 0.29 $ 0.24 $ 0.53 $ 0.33 Income (loss) from discontinued operations (0.01 ) 0.19 (0.02 ) 0.37 Basic net income attributable to Trinity Industries, Inc. $ 0.28 $ 0.43 $ 0.51 $ 0.70 Diluted earnings per common share: Income from continuing operations $ 0.29 $ 0.24 $ 0.52 $ 0.32 Income (loss) from discontinued operations (0.01 ) 0.19 (0.01 ) 0.36 Diluted net income attributable to Trinity Industries, Inc. $ 0.28 $ 0.43 $ 0.51 $ 0.68 |
Financial Statements for Guar_2
Financial Statements for Guarantors of the Senior Notes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Financial Statements for Guarantors of the Senior Notes [Abstract] | |
Statement of Operations and Comprehensive Income | Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 516.9 $ 280.8 $ (61.7 ) $ 736.0 Cost of revenues 0.3 435.8 215.6 (73.2 ) 578.5 Selling, engineering, and administrative expenses 26.6 27.2 16.0 — 69.8 Gains on dispositions of property — 7.4 11.9 — 19.3 26.9 455.6 219.7 (73.2 ) 629.0 Operating profit (loss) (26.9 ) 61.3 61.1 11.5 107.0 Other expense (4.1 ) 8.3 51.1 — 55.3 Equity in earnings of subsidiaries, net of taxes 65.6 10.6 6.6 (82.8 ) — Income from continuing operations before income taxes 42.8 63.6 16.6 (71.3 ) 51.7 Provision (benefit) for income taxes 5.7 12.7 1.1 (5.4 ) 14.1 Income from continuing operations 37.1 50.9 15.5 (65.9 ) 37.6 Loss from discontinued operations, net of income taxes (0.7 ) — (0.1 ) — (0.8 ) Net income 36.4 50.9 15.4 (65.9 ) 36.8 Net income attributable to noncontrolling interest — — — 0.4 0.4 Net income attributable to controlling interest $ 36.4 $ 50.9 $ 15.4 $ (66.3 ) $ 36.4 Net income $ 36.4 $ 50.9 $ 15.4 $ (65.9 ) $ 36.8 Other comprehensive income (loss) 0.8 — (7.0 ) — (6.2 ) Comprehensive income 37.2 50.9 8.4 (65.9 ) 30.6 Comprehensive income attributable to noncontrolling interest — — — 0.7 0.7 Comprehensive income attributable to controlling interest $ 37.2 $ 50.9 $ 8.4 $ (66.6 ) $ 29.9 Condensed Consolidating Statement of Operations and Comprehensive Income Three Months Ended June 30, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 465.0 $ 224.5 $ (55.5 ) $ 634.0 Cost of revenues 0.5 384.2 159.3 (62.1 ) 481.9 Selling, engineering, and administrative expenses 38.2 27.4 10.0 — 75.6 Gains on dispositions of property 1.3 13.8 (3.6 ) — 11.5 37.4 397.8 172.9 (62.1 ) 546.0 Operating profit (loss) (37.4 ) 67.2 51.6 6.6 88.0 Other expense (0.3 ) 7.8 30.7 — 38.2 Equity in earnings of subsidiaries, net of taxes 102.6 13.4 7.6 (123.6 ) — Income before income taxes 65.5 72.8 28.5 (117.0 ) 49.8 Provision (benefit) for income taxes (1.7 ) 16.7 2.9 (5.4 ) 12.5 Income from continuing operations 67.2 56.1 25.6 (111.6 ) 37.3 Income (loss) from discontinued operations, net of income taxes (3.1 ) — 31.3 — 28.2 Net income 64.1 56.1 56.9 (111.6 ) 65.5 Net income attributable to noncontrolling interest — — — 1.4 1.4 Net income attributable to controlling interest $ 64.1 $ 56.1 $ 56.9 $ (113.0 ) $ 64.1 Net income $ 64.1 $ 56.1 $ 56.9 $ (111.6 ) $ 65.5 Other comprehensive income (loss) 0.3 — (0.8 ) — (0.5 ) Comprehensive income 64.4 56.1 56.1 (111.6 ) 65.0 Comprehensive income attributable to noncontrolling interest — — — 1.8 1.8 Comprehensive income attributable to controlling interest $ 64.4 $ 56.1 $ 56.1 $ (113.4 ) $ 63.2 |
Balance Sheet | Condensed Consolidating Balance Sheet June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Assets: Cash and cash equivalents $ 93.3 $ — $ 34.9 $ (25.4 ) $ 102.8 Receivables, net of allowance 3.5 253.2 95.0 — 351.7 Income tax receivable 21.0 — — — 21.0 Inventory — 554.5 46.1 (0.1 ) 600.5 Property, plant, and equipment, net 43.1 1,284.3 6,344.7 (802.5 ) 6,869.6 Investments in and advances to subsidiaries 4,661.5 3,075.1 426.3 (8,162.9 ) — Restricted cash — — 88.3 25.4 113.7 Goodwill and other assets 229.4 275.5 67.3 (55.6 ) 516.6 $ 5,051.8 $ 5,442.6 $ 7,102.6 $ (9,021.1 ) $ 8,575.9 Liabilities: Accounts payable $ 9.4 $ 137.2 $ 71.7 $ (0.6 ) $ 217.7 Accrued liabilities 156.9 53.3 140.3 (4.2 ) 346.3 Debt 397.6 — 4,218.3 — 4,615.9 Deferred income taxes — 831.3 1.4 (63.7 ) 769.0 Advances from subsidiaries 1,904.7 — — (1,904.7 ) — Other liabilities 53.6 42.6 1.2 — 97.4 Total stockholders' equity 2,529.6 4,378.2 2,669.7 (7,047.9 ) 2,529.6 $ 5,051.8 $ 5,442.6 $ 7,102.6 $ (9,021.1 ) $ 8,575.9 Condensed Consolidating Balance Sheet December 31, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Assets: Cash and cash equivalents $ 154.7 $ 4.1 $ 59.1 $ (38.7 ) $ 179.2 Receivables, net of allowance 12.5 181.8 82.3 — 276.6 Income tax receivable 40.4 — — — 40.4 Inventory — 485.8 40.9 (2.0 ) 524.7 Property, plant, and equipment, net 42.0 1,436.3 5,579.7 (723.6 ) 6,334.4 Investments in and advances to subsidiaries 4,558.6 2,981.7 661.1 (8,201.4 ) — Restricted cash — — 132.9 38.7 171.6 Goodwill and other assets 205.1 197.9 106.8 (47.5 ) 462.3 $ 5,013.3 $ 5,287.6 $ 6,662.8 $ (8,974.5 ) $ 7,989.2 Liabilities: Accounts payable $ 8.6 $ 134.0 $ 69.9 $ (0.4 ) $ 212.1 Accrued liabilities 184.3 55.4 128.7 (0.1 ) 368.3 Debt 397.4 — 3,631.8 — 4,029.2 Deferred income — 16.5 1.2 — 17.7 Deferred income taxes — 790.3 — (47.2 ) 743.1 Advances from subsidiaries 1,804.2 — — (1,804.2 ) — Other liabilities 56.8 — — — 56.8 Total stockholders' equity 2,562.0 4,291.4 2,831.2 (7,122.6 ) 2,562.0 $ 5,013.3 $ 5,287.6 $ 6,662.8 $ (8,974.5 ) $ 7,989.2 |
Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 67.0 $ 93.6 $ 36.1 $ (129.8 ) $ 66.9 Loss from discontinued operations 1.6 — 0.3 — 1.9 Equity in earnings of subsidiaries, net of taxes (119.8 ) (26.0 ) (11.6 ) 157.4 — Other (16.1 ) (169.6 ) 142.1 (22.3 ) (65.9 ) Net cash provided by (used in) operating activities (67.3 ) (102.0 ) 166.9 5.3 2.9 Investing activities: Proceeds from railcar lease fleet sales owned more than one year — 999.2 139.3 (1,038.6 ) 99.9 Proceeds from dispositions of property and other assets — 6.0 8.3 — 14.3 Capital expenditures – leasing — (735.5 ) (994.0 ) 1,038.6 (690.9 ) Capital expenditures – manufacturing and other (2.8 ) (19.9 ) (11.3 ) — (34.0 ) (Increase) decrease in investment in partially-owned subsidiaries — 0.7 — (0.7 ) — Other — — (1.2 ) — (1.2 ) Net cash used in (provided by) investing activities (2.8 ) 250.5 (858.9 ) (0.7 ) (611.9 ) Financing activities: Payments to retire debt (550.0 ) — (494.9 ) — (1,044.9 ) Proceeds from issuance of debt 550.0 — 1,076.9 — 1,626.9 Shares repurchased (59.0 ) — — — (59.0 ) Dividends paid to common shareholders (39.5 ) — — — (39.5 ) Purchase of shares to satisfy employee tax on vested stock (7.9 ) — — — (7.9 ) Distributions to noncontrolling interest — — (0.9 ) — (0.9 ) Distributions to controlling interest in partially-owned subsidiaries — — (0.7 ) 0.7 — Change in intercompany financing between entities 115.1 (152.6 ) 42.8 (5.3 ) — Net cash (used in) provided by financing activities 8.7 (152.6 ) 623.2 (4.6 ) 474.7 Net decrease in cash, cash equivalents, and restricted cash (61.4 ) (4.1 ) (68.8 ) — (134.3 ) Cash, cash equivalents, and restricted cash at beginning of period 154.7 4.1 192.0 — 350.8 Cash, cash equivalents, and restricted cash at end of period $ 93.3 $ — $ 123.2 $ — $ 216.5 Condensed Consolidating Statement of Cash Flows Six Months Ended June 30, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 104.3 $ 96.5 $ 107.4 $ (201.1 ) $ 107.1 Income (loss) from discontinued operations 4.5 — (59.1 ) — (54.6 ) Equity in earnings of subsidiaries, net of taxes (183.9 ) (27.2 ) (12.9 ) 224.0 — Other (35.1 ) 122.6 100.1 (20.3 ) 167.3 Net cash (used in) provided by operating activities - continuing operations (110.2 ) 191.9 135.5 2.6 219.8 Net cash (used in) provided by operating activities - discontinued operations (4.5 ) — 133.0 — 128.5 Net cash (used in) provided by operating activities (114.7 ) 191.9 268.5 2.6 348.3 Investing activities: Decrease in short-term marketable securities 294.5 — — — 294.5 Proceeds from railcar lease fleet sales owned more than one year — 700.1 4.0 (647.7 ) 56.4 Proceeds from dispositions of property and other assets 0.1 1.9 2.4 — 4.4 Capital expenditures – leasing — (462.3 ) (688.6 ) 647.7 (503.2 ) Capital expenditures – manufacturing and other (2.6 ) (4.1 ) (6.8 ) — (13.5 ) (Increase) decrease in investment in partially-owned subsidiaries — 4.9 — (4.9 ) — Other — — 1.3 — 1.3 Net cash (used in) provided by investing activities - continuing operations 292.0 240.5 (687.7 ) (4.9 ) (160.1 ) Net cash used in investing activities - discontinued operations — — (44.3 ) — (44.3 ) Net cash (used in) provided by investing activities 292.0 240.5 (732.0 ) (4.9 ) (204.4 ) Financing activities: Payments to retire debt (619.7 ) (1.5 ) (53.3 ) — (674.5 ) Proceeds from issuance of debt — — 478.0 — 478.0 Shares repurchased (102.2 ) — — — (102.2 ) Dividends paid to common shareholders (39.3 ) — — — (39.3 ) Purchase of shares to satisfy employee tax on vested stock (11.3 ) — — — (11.3 ) Distributions to noncontrolling interest — — (10.3 ) — (10.3 ) Distributions to controlling interest in partially-owned subsidiaries — — (4.9 ) 4.9 — Change in intercompany financing between entities 422.2 (429.8 ) 10.2 (2.6 ) — Other — — (3.2 ) — (3.2 ) Net cash (used in) provided by financing activities (350.3 ) (431.3 ) 416.5 2.3 (362.8 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (173.0 ) 1.1 (47.0 ) — (218.9 ) Cash, cash equivalents, and restricted cash at beginning of period 763.9 1.6 208.3 — 973.8 Cash, cash equivalents, and restricted cash at end of period $ 590.9 $ 2.7 $ 161.3 $ — $ 754.9 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Revenue Recognition and Remaining performance obligation (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract Receivable | $ 10.1 | $ 10.2 |
Rail Group | Railcars | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 2,865.5 | |
Revenue, remaining performance obligation expected to be delivered in current year | 50.00% | |
Rail Group | Railcars | External Customers | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,892 | |
Rail Group | Railcars | Leasing | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 973.5 | |
Rail Group | Maintenance services | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 70.4 | |
Revenue, remaining performance obligation expected to be delivered in current year | 78.00% | |
Railcar Leasing and Management Services Group | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 100.1 | |
Revenue, remaining performance obligation expected to be delivered in current year | 12.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Lessee Accounting (Details) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years |
Lessee, Operating Lease, Termination Option Term | 1 year | |
Finance Lease, Principal Payments | $ 0 | |
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 7.2 | 7.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 12.4 | 12.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 10 | 10 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 9.2 | 9.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 6.9 | 6.9 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 6.5 | 6.5 |
Lessee, Operating Lease, Liability, Payments, Due | 52.2 | 52.2 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (5) | (5) |
Operating Leases, Rent Expense | 4.1 | 9.3 |
Short-term Lease, Cost | 1.2 | 2.6 |
Operating Lease, Right-of-Use Asset | 46.2 | 46.2 |
Operating Lease, Liability, Noncurrent | $ 47.2 | $ 47.2 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years | 5 years |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4.10% |
Operating Lease, Payments | $ 9.3 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 4.2 | |
Railcar Leasing and Management Services Group [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Minimum Lease Payments, Sale Leaseback Transactions, Remainder of Fiscal Year | $ 5.2 | 5.2 |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 9.1 | 9.1 |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 8.2 | 8.2 |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 7.5 | 7.5 |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 5.5 | 5.5 |
Minimum Lease Payments, Sale Leaseback Transactions, Thereafter | 3.3 | 3.3 |
Minimum Lease Payments, Sale Leaseback Transactions | $ 38.8 | $ 38.8 |
Railcar Leasing and Management Services Group [Member] | Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year |
Railcar Leasing and Management Services Group [Member] | Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 40 years | 40 years |
Consolidated Subsidiaries, Excluding Leasing [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 2 | $ 2 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3.3 | 3.3 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1.8 | 1.8 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 1.7 | 1.7 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1.4 | 1.4 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 3.2 | 3.2 |
Lessee, Operating Lease, Liability, Payments, Due | $ 13.4 | $ 13.4 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Lessor Accounting (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | |||
Lessor, Operating Lease, Renewal Term | 5 years | 5 years | |
Lessor, Operating Lease, Termination Option Term | 1 year | ||
Direct Financing Lease, Revenue | $ 0 | ||
Operating Lease, Lease Income, Lease Payments | $ 171.6 | 339.9 | |
Operating Lease, Variable Lease Income | 10.8 | 21.6 | |
Sales-type Lease, Revenue | 32.3 | 34.2 | |
Sales-type Lease, Interest Income | 0.3 | 0.3 | |
Sales-type Lease, Selling Profit (Loss) | 3.9 | 4.1 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Remainder of Fiscal Year | 5.3 | 5.3 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 9 | 9 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 24.9 | 24.9 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 0 | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 0 | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 0 | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 39.2 | 39.2 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (4.7) | (4.7) | |
Sales-type Lease, Net Investment in Lease | 34.5 | 34.5 | |
Net Investment in Lease, Current | 1.1 | 1.1 | |
Net Investment in Lease, Noncurrent | 33.4 | 33.4 | |
Railcar Leasing and Management Services Group [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 295.6 | 295.6 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 504.3 | 504.3 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 390.1 | 390.1 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 293.8 | 293.8 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 198.6 | 198.6 | |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 355.9 | 355.9 | |
Operating Leases, Future Minimum Payments Receivable | $ 2,038.3 | $ 2,038.3 | |
Minimum | Railcar Leasing and Management Services Group [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 1 year | 1 year | |
Maximum | Railcar Leasing and Management Services Group [Member] | |||
Lessor, Lease, Description [Line Items] | |||
Lessor, Operating Lease, Term of Contract | 10 years | 10 years | 20 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 208.8 | $ 208.8 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Warranties (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | |
Product Warranty Liability [Line Items] | ||||||||
Standard Product Warranty Accrual | $ 8.3 | $ 10.5 | $ 8.3 | $ 10.5 | $ 7.1 | $ 7.4 | $ 9.7 | $ 10.1 |
Standard Product Warranty Accrual, Decrease for Payments | 0.6 | 0.6 | 1.5 | 1.8 | ||||
Warranty_originations_and_revisions | 1.9 | 1.1 | 2.6 | 1.9 | ||||
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ (0.1) | $ 0.3 | $ (0.2) | $ 0.3 | ||||
Minimum | ||||||||
Product Warranty Liability [Line Items] | ||||||||
Product Warranty Period | 1 year | |||||||
Maximum | ||||||||
Product Warranty Liability [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Recent Accounting Pronouncement (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 17.7 |
Cumulative Effect on Retained Earnings, Net of Tax | 13.7 |
Right Of Use Asset [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 47 |
Lease Liability [Domain] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 48.3 |
Discontinued Operations Disco_3
Discontinued Operations Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Revenue | $ 0 | $ 320.3 | $ 0 | $ 631.2 |
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 248 | 0.1 | 490.9 |
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 1.1 | 34.9 | 2.3 | 66.4 |
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 1.1 | 0 | 2.1 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (1.1) | 36.3 | (2.4) | 71.8 |
Discontinued Operation, Tax Effect of Discontinued Operation | (0.3) | 8.1 | (0.5) | 17.2 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (0.8) | $ 28.2 | $ (1.9) | $ 54.6 |
Discontinued Operations Related
Discontinued Operations Related Party Transactions (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transaction [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | $ 0.8 | $ 10.4 | $ 1.8 | $ 18.3 |
Disposal Group Classification [Domain] | ||||
Related Party Transaction [Line Items] | ||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | $ 0.8 | $ 9 | $ 1.8 | $ 16.4 |
Derivative Instruments and Fa_5
Derivative Instruments and Fair Value Accounting Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,529.6 | $ 2,565.1 | $ 2,562 | $ 4,671.8 | $ 4,834.6 | $ 4,858 |
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2006 Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 200 | |||||
Derivative, Average Fixed Interest Rate | 4.87% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 249.3 | |||||
Derivative, Average Fixed Interest Rate | 4.41% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 788.5 | |||||
Derivative, Average Fixed Interest Rate | 3.60% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap, Open, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 34.8 | |||||
Derivative, Average Fixed Interest Rate | 2.62% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 169.3 | |||||
Derivative, Cap Interest Rate | 3.00% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 586.2 | |||||
Derivative, Cap Interest Rate | 2.68% | |||||
Derivative Liability | $ (29.2) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (20.5) | $ (8.3) | ||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2006 Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (0.2) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1.2 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2.6 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Open, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.2 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (0.7) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 29.2 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2006 Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3.6 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Open, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.2 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 |
Derivative Instruments and Fa_6
Derivative Instruments and Fair Value Accounting Derivative Effect on Interest (Details) - Interest Expense [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Rate Swap, Expired, 2006 Secured Railcar Equipment Notes [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.1) | $ 0 | $ (0.1) | $ (0.1) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (0.1) | (0.1) | ||
Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0.1 | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.2 | 0.2 | ||
Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.5 | 0.5 | 1 | 1.2 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2 | 2 | ||
Interest Rate Swap, Open, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0.1 | 0.1 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.2 | 0.2 | ||
Interest Rate Cap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | 0 | (0.1) | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (0.1) | (0.1) | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.7 | $ 0 | 1.3 | $ 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 2.6 | $ 2.6 |
Derivative Instruments and Fa_7
Derivative Instruments and Fair Value Accounting - Assets and liabilities Measured at fair value on recurring basis (Details) - Fair value measurements, recurring - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Level 1 | ||
Assets: | ||
Cash equivalents | $ 32.6 | $ 124.9 |
Restricted cash | 113.7 | 171.6 |
Level 1 | Other assets | ||
Assets: | ||
Assets, Fair Value Disclosure | 146.3 | 296.5 |
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||
Liabilities [Abstract] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 29.2 | 12.9 |
Level 3 | ||
Assets: | ||
Assets, Fair Value Disclosure | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||
Liabilities [Abstract] | ||
Derivative Liability | $ 29.2 | $ 12.9 |
Segment Information - Financial
Segment Information - Financial information for segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
External Revenue | $ 736 | $ 634 | $ 1,340.8 | $ 1,167.2 |
Total revenues | 736 | 634 | 1,340.8 | 1,167.2 |
Operating Profit (Loss) | 107 | 88 | 198.8 | 150.1 |
Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 0 | 0 | 0 | 0 |
Intersegment | Eliminations – Lease subsidiary | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | (328.9) | (228.5) | (599) | (524.6) |
Total revenues | (328.9) | (228.5) | (599) | (524.6) |
Operating Profit (Loss) | (41.6) | (24.5) | (68.8) | (53.2) |
Intersegment | Eliminations – Other | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | (13) | (9.3) | (28.5) | (20) |
Total revenues | (13) | (9.3) | (28.5) | (20) |
Operating Profit (Loss) | 0.2 | (0.3) | (0.2) | (0.2) |
Total | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 736 | 634 | 1,340.8 | 1,167.2 |
Rail Group | ||||
Segment Reporting Information [Line Items] | ||||
External Revenue | 383.4 | 337.7 | 716.9 | 629.7 |
Rail Group | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 328.9 | 228.5 | 599 | 524.6 |
Rail Group | Total | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 712.3 | 566.2 | 1,315.9 | 1,154.3 |
Operating Profit (Loss) | 68 | 48.5 | 118.6 | 100 |
Railcar Leasing and Management Services Group | ||||
Segment Reporting Information [Line Items] | ||||
External Revenue | 276.9 | 213.2 | 477.1 | 387.5 |
Railcar Leasing and Management Services Group | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 0.2 | 0.2 | 0.4 | 0.5 |
Railcar Leasing and Management Services Group | Total | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 277.1 | 213.4 | 477.5 | 388 |
Operating Profit (Loss) | 104.8 | 91.8 | 190.6 | 162.9 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
External Revenue | 75.7 | 83.1 | 146.8 | 150 |
All Other | Intersegment | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 12.8 | 9.1 | 28.1 | 19.5 |
All Other | Total | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 88.5 | 92.2 | 174.9 | 169.5 |
Operating Profit (Loss) | 6.2 | 12.4 | 12.8 | 18.2 |
Corporate | Total | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 0 | 0 | 0 | 0 |
Operating Profit (Loss) | $ (30.6) | $ (39.9) | $ (54.2) | $ (77.6) |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019segment | |
Segment Reporting [Abstract] | |
Number of principal business segments of Company | 3 |
Partially-Owned Leasing Subsi_2
Partially-Owned Leasing Subsidiaries - Narrative (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)board_membersubsidiary | Dec. 31, 2018 | |
Noncontrolling Interest [Line Items] | ||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 5.00% | |
Partially-owned subsidiaries | ||
Noncontrolling Interest [Line Items] | ||
Trinity guarantees of subsidiary-related activities | $ | $ 0 | |
Railcar Leasing and Management Services Group | Partially-owned subsidiaries | ||
Noncontrolling Interest [Line Items] | ||
Number of subsidiaries | subsidiary | 2 | |
Number of board members | board_member | 7 | |
Number of TILC designated board members | board_member | 2 | |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group | ||
Noncontrolling Interest [Line Items] | ||
Carrying value of investment in partially-owned subsidiaries | $ | $ 188,600,000 | |
Weighted average ownership | 38.00% | |
Weighted average ownership interest by institutional investors | 62.00% |
Railcar Leasing and Managemen_3
Railcar Leasing and Management Services Group - Selected consolidating financial information for the Leasing Group (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Consolidating Financial Information | ||
Cash and cash equivalents | $ 102.8 | $ 179.2 |
Property, plant, and equipment, net | 6,869.6 | 6,334.4 |
Restricted cash | 113.7 | 171.6 |
Debt: | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 399.8 | 399.7 |
Less: unamortized debt issuance costs | (2.2) | (2.3) |
Debt and Capital Lease Obligations | 397.6 | 397.4 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 4,252.7 | 3,664.2 |
Less: unamortized debt issuance costs | (34.4) | (32.4) |
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 4,218.3 | 3,631.8 |
Total debt | 4,615.9 | 4,029.2 |
Net deferred tax liabilities | 754.6 | 731.6 |
Railcar Leasing and Management Services Group [Member] | ||
Debt: | ||
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 4,218.3 | 3,631.8 |
Operating Segments | ||
Consolidating Financial Information | ||
Property, plant, and equipment, net | 7,731.5 | 7,162.1 |
Net deferred profit on railcars sold to the Leasing Group | ||
Consolidating Financial Information | ||
Property, plant, and equipment, net | (861.9) | (827.7) |
Wholly-owned subsidiaries | ||
Debt: | ||
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 2,919.4 | 2,316.6 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | ||
Debt: | ||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 2,942 | 2,336.3 |
Less: unamortized debt issuance costs | (22.6) | (19.7) |
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 2,919.4 | 2,316.6 |
Wholly-owned subsidiaries | Operating Segments | Railcar Leasing and Management Services Group [Member] | ||
Consolidating Financial Information | ||
Cash and cash equivalents | 2.9 | 6 |
Property, plant, and equipment, net | 5,550.1 | 4,976.5 |
Restricted cash | 82.8 | 134.9 |
Debt: | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 0 | 0 |
Less: unamortized debt issuance costs | 0 | 0 |
Debt and Capital Lease Obligations | 0 | 0 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 2,942 | 2,336.3 |
Less: unamortized debt issuance costs | (22.6) | (19.7) |
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 2,919.4 | 2,316.6 |
Total debt | 2,919.4 | 2,316.6 |
Net deferred tax liabilities | 819.3 | 797.6 |
Partially-owned subsidiaries | ||
Consolidating Financial Information | ||
Restricted cash | 30.8 | 36.6 |
Debt: | ||
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 1,298.9 | 1,315.2 |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | ||
Debt: | ||
Less: unamortized debt issuance costs | (11.8) | (12.7) |
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 1,298.9 | 1,315.2 |
Partially-owned subsidiaries | Operating Segments | Railcar Leasing and Management Services Group [Member] | ||
Consolidating Financial Information | ||
Cash and cash equivalents | 0 | 0 |
Property, plant, and equipment, net | 1,800.6 | 1,814.7 |
Restricted cash | 30.8 | 36.6 |
Debt: | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 0 | 0 |
Less: unamortized debt issuance costs | 0 | 0 |
Debt and Capital Lease Obligations | 0 | 0 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 1,310.7 | 1,327.9 |
Less: unamortized debt issuance costs | (11.8) | (12.7) |
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 1,298.9 | 1,315.2 |
Total debt | 1,298.9 | 1,315.2 |
Net deferred tax liabilities | 1 | 1 |
Manufacturing/ Corporate | ||
Consolidating Financial Information | ||
Property, plant, and equipment, net | 380.8 | 370.9 |
Manufacturing/ Corporate | Operating Segments | Manufacturing/ Corporate | ||
Consolidating Financial Information | ||
Cash and cash equivalents | 99.9 | 173.2 |
Property, plant, and equipment, net | 380.8 | 370.9 |
Restricted cash | 0.1 | 0.1 |
Debt: | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 399.8 | 399.7 |
Less: unamortized debt issuance costs | (2.2) | (2.3) |
Debt and Capital Lease Obligations | 397.6 | 397.4 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 0 | 0 |
Less: unamortized debt issuance costs | 0 | 0 |
Non-recourse debt, net of unamortized discount and unamortized debt issuance costs | 0 | 0 |
Total debt | 397.6 | 397.4 |
Net deferred tax liabilities | $ (65.7) | $ (67) |
Railcar Leasing and Managemen_4
Railcar Leasing and Management Services Group - Selected consolidating income statement information for the Leasing Group (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues: | ||||
Revenues | $ 736 | $ 634 | $ 1,340.8 | $ 1,167.2 |
Sales-type Lease, Revenue | 32.3 | 34.2 | ||
Operating profit: | ||||
Total operating profit | 107 | 88 | 198.8 | 150.1 |
Select expense information: | ||||
Depreciation | 138.1 | 119.7 | ||
Rent | 4.1 | 9.3 | ||
Selling, General and Administrative Expense | 69.8 | 75.6 | 129.4 | 149 |
Interest | 57 | 43.8 | 109.7 | 90.1 |
Leasing [Member] | ||||
Revenues: | ||||
Revenues | 276.9 | 213.2 | 477.1 | 387.5 |
Select expense information: | ||||
Selling, General and Administrative Expense | 12.7 | 12.6 | 25.5 | 24.8 |
Operating Segments | ||||
Revenues: | ||||
Revenues | 736 | 634 | 1,340.8 | 1,167.2 |
Railcar Leasing and Management Services Group | Operating Segments | ||||
Revenues: | ||||
Revenues | $ 277.1 | 213.4 | $ 477.5 | 388 |
Revenues, Percent Change | 29.90% | 23.10% | ||
Operating profit: | ||||
Total operating profit | $ 104.8 | $ 91.8 | $ 190.6 | $ 162.9 |
Operating Income (Loss), Percent Change | 14.20% | 17.00% | ||
Total operating profit margin | 37.80% | 43.00% | 39.90% | 42.00% |
Select expense information: | ||||
Depreciation | $ 57.8 | $ 47 | $ 112.2 | $ 92.1 |
Depreciation, Depletion, and Amortization, Percent Change | 23.00% | 21.80% | ||
Maintenance and compliance costs | $ 26.5 | 25 | $ 54.3 | 51.4 |
Maintenance Costs, Percent Change | 6.00% | 5.60% | ||
Rent | $ 4.3 | 9.9 | $ 9.8 | 20 |
Operating Leases, Rent Expense, Percent Change | (56.60%) | (51.00%) | ||
Selling, General and Administrative Expense | $ 12.7 | 12.6 | $ 25.5 | 24.8 |
Selling, Engineering, and Administrative Expense, Percent Change | 0.80% | 2.80% | ||
Interest | $ 50.4 | 32.3 | $ 96.4 | 63.8 |
Interest Expense, Percent Change | 56.00% | 51.10% | ||
Railcar Leasing and Management Services Group | Operating Segments | Leasing and management | ||||
Revenues: | ||||
Revenues | $ 189.4 | 184.2 | $ 376.5 | 358.8 |
Revenues, Percent Change | 2.80% | 4.90% | ||
Operating profit: | ||||
Total operating profit | $ 77.7 | $ 77.9 | $ 154.8 | $ 146.9 |
Operating Income (Loss), Percent Change | (0.30%) | 5.40% | ||
Total operating profit margin | 41.00% | 42.30% | 41.10% | 40.90% |
Railcar Leasing and Management Services Group | Operating Segments | Railcars owned one year or less at the time of sale | ||||
Revenues: | ||||
Revenues | $ 87.7 | $ 29.2 | $ 101 | $ 29.2 |
Operating profit: | ||||
Total operating profit | 8.4 | 4.4 | 9.2 | 4.4 |
Railcar Leasing and Management Services Group | Operating Segments | Railcars owned more than one year at the time of sale | ||||
Operating profit: | ||||
Total operating profit | $ 18.7 | $ 9.5 | $ 26.6 | $ 11.6 |
Railcar Leasing and Managemen_5
Railcar Leasing and Management Services Group - Schedule of proceeds from leased railcars (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Proceeds from sale leased railcars | $ 200.9 | $ 85.6 | |
Sales-type Lease, Revenue | $ 32.3 | 34.2 | |
Payments to Acquire Equipment on Lease | $ 218.4 | ||
Railcars Acquired | 6,779 | 6,779 | |
Railcar Leasing and Management Services Group | Railcars owned one year or less at the time of sale | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Proceeds from sale leased railcars | $ 101 | 29.2 | |
Railcar Leasing and Management Services Group | Railcars owned more than one year at the time of sale | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Proceeds from sale leased railcars | $ 99.9 | $ 56.4 |
Railcar Leasing and Managemen_6
Railcar Leasing and Management Services Group - Future contractual minimum rental revenues on leases (Details) - Railcar Leasing and Management Services Group $ in Millions | Jun. 30, 2019USD ($) |
Future contractual minimum rental revenue | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 295.6 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 504.3 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 390.1 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 293.8 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 198.6 |
Thereafter | 355.9 |
Total | 2,038.3 |
Railroad Transportation Equipment | |
Future contractual minimum rental revenue | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 290.5 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 496.9 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 384.6 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 290 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 197.1 |
Thereafter | 355.4 |
Total | $ 2,014.5 |
Railcar Leasing and Managemen_7
Railcar Leasing and Management Services Group - Future operating lease obligations and future contractual minimum rental revenues (Details) - Railcar Leasing and Management Services Group $ in Millions | Jun. 30, 2019USD ($) |
Future operating lease obligations | |
Minimum Lease Payments, Sale Leaseback Transactions, Remainder of Fiscal Year | $ 5.2 |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 9.1 |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 8.2 |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 7.5 |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 5.5 |
Thereafter | 3.3 |
Total | 38.8 |
Operating leases | |
Future contractual minimum rental revenues | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Remainder of Fiscal Year | 5.1 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 7.4 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 5.5 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 3.8 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 1.5 |
Thereafter | 0.5 |
Total | $ 23.8 |
Railcar Leasing and Managemen_8
Railcar Leasing and Management Services Group - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2014 |
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 2.6 | $ 2.7 | |
Senior Notes [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | 0.2 | 0.3 | |
Corporate Segment [Member] | Senior Notes [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 0.2 | $ 0.3 | |
Corporate Segment [Member] | Senior Notes [Member] | 4.55% Senior Notes Due October 2024 [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | ||
Railcar Leasing and Management Services Group | Minimum | |||
Segment Reporting Information [Line Items] | |||
Term of leases with third parties (in years) | 1 year | ||
Period of railcars leased under operating leases (in years) | 1 year | ||
Railcar Leasing and Management Services Group | Maximum | |||
Segment Reporting Information [Line Items] | |||
Term of leases with third parties (in years) | 10 years | 20 years | |
Period of railcars leased under operating leases (in years) | 40 years | ||
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | |||
Segment Reporting Information [Line Items] | |||
Net book value of unpledged equipment | $ 1,285.3 | ||
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | Non-recourse debt | |||
Segment Reporting Information [Line Items] | |||
Collateral securing debt | $ 4,256.3 | ||
Wholly-Owned Qualified Subsidiaries for Leasing Railcars from Trusts [Member] | Railcar Leasing and Management Services Group | Railroad transportation equipment leased from independent owner trusts | |||
Segment Reporting Information [Line Items] | |||
Period of railcars leased under operating leases (in years) | 22 years | ||
TRIP Holdings | Railcar Leasing and Management Services Group | Non-recourse debt | TRIP Master Funding secured railcar equipment notes | |||
Segment Reporting Information [Line Items] | |||
Collateral securing debt | $ 1,250.8 | ||
TRL 2012 | Railcar Leasing and Management Services Group | Non-recourse debt | TRL 2012 secured railcar equipment notes | |||
Segment Reporting Information [Line Items] | |||
Collateral securing debt | 549.8 | ||
Property Lease Guarantee [Member] | Railcar Leasing and Management Services Group | |||
Segment Reporting Information [Line Items] | |||
Operating lease obligations guaranteed | 3.2 | ||
Operating Segments | Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | 2.6 | $ 2.7 | |
Operating Segments | Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | Senior Notes [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Operating Segments | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Operating Segments | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group | Senior Notes [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Operating Segments | Manufacturing and Corporate [Member] | Manufacturing and Corporate [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | 0 | 0 | |
Operating Segments | Manufacturing and Corporate [Member] | Manufacturing and Corporate [Member] | Senior Notes [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 0.2 | $ 0.3 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Components of property, plant, and equipment (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | $ 8,882.5 | $ 8,253.4 |
Less accumulated depreciation | (2,012.9) | (1,919) |
Property, plant, and equipment, net | 6,869.6 | 6,334.4 |
Operating Segments | ||
Components of property, plant, and equipment | ||
Property, plant, and equipment, net | 7,731.5 | 7,162.1 |
Net deferred profit on railcars sold to the Leasing Group | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | (1,078.8) | (1,030) |
Less accumulated amortization | 216.9 | 202.3 |
Property, plant, and equipment, net | (861.9) | (827.7) |
Manufacturing/ Corporate | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 988.6 | 963.2 |
Less accumulated depreciation | (607.8) | (592.3) |
Property, plant, and equipment, net | 380.8 | 370.9 |
Manufacturing/ Corporate | Land | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 25.5 | 24.2 |
Manufacturing/ Corporate | Buildings and improvements | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 388.1 | 385.5 |
Manufacturing/ Corporate | Machinery and other | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 529.9 | 537.2 |
Manufacturing/ Corporate | Construction in progress | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 45.1 | 16.3 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Operating Segments | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 6,582 | 5,948.3 |
Less accumulated depreciation | (1,031.9) | (971.8) |
Property, plant, and equipment, net | 5,550.1 | 4,976.5 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Machinery and other | Operating Segments | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 13.8 | 13.5 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Equipment on lease | Operating Segments | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 6,568.2 | 5,934.8 |
Partially-owned subsidiaries | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 2,048.3 | 2,032 |
Less accumulated depreciation | (499.8) | (472) |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Operating Segments | ||
Components of property, plant, and equipment | ||
Property, plant, and equipment, net | 1,800.6 | 1,814.7 |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Equipment on lease | Operating Segments | ||
Components of property, plant, and equipment | ||
Property, plant and equipment, at cost | 2,390.7 | 2,371.9 |
Less accumulated depreciation | $ (590.1) | $ (557.2) |
Debt - Components of debt (Deta
Debt - Components of debt (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | $ 399.8 | $ 399.7 |
Unamortized Debt Issuance Expense | 2.2 | 2.3 |
Debt and Capital Lease Obligations | 397.6 | 397.4 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 4,252.7 | 3,664.2 |
Non-Recourse Debt, Debt Issuance Costs | 34.4 | 32.4 |
Non-recourse debt | 4,218.3 | 3,631.8 |
Total debt | 4,615.9 | 4,029.2 |
Long-term Debt, Fair Value | 4,769.1 | 4,041.9 |
Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 399.8 | 399.7 |
Unamortized Debt Issuance Expense | 2.2 | 2.3 |
Long-term Debt, Fair Value | 398.4 | 343.7 |
Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse debt | 4,218.3 | 3,631.8 |
Senior Notes [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 399.8 | 399.7 |
Long-term Debt, Fair Value | $ 398.4 | 343.7 |
Revolving Credit Facility [Member] | Line of Credit [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.75% | |
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | $ 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Partially-Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse debt | 1,298.9 | 1,315.2 |
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 1,310.7 | 1,327.9 |
Non-Recourse Debt, Debt Issuance Costs | 11.8 | 12.7 |
Non-recourse debt | 1,298.9 | 1,315.2 |
Long-term Debt, Fair Value | 1,357.8 | 1,333.9 |
Partially-Owned Subsidiaries [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 381.1 | 386.2 |
Long-term Debt, Fair Value | 389 | 370.9 |
Partially-Owned Subsidiaries [Member] | TRIP Master Funding Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 929.6 | 941.7 |
Long-term Debt, Fair Value | 968.8 | 963 |
Wholly Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse debt | 2,919.4 | 2,316.6 |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 2,942 | 2,336.3 |
Non-Recourse Debt, Debt Issuance Costs | 22.6 | 19.7 |
Non-recourse debt | 2,919.4 | 2,316.6 |
Long-term Debt, Fair Value | 3,012.9 | 2,364.3 |
Wholly Owned Subsidiaries [Member] | 2006 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 120.4 | 133.4 |
Long-term Debt, Fair Value | 126 | 138 |
Wholly Owned Subsidiaries [Member] | 2009 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 153.8 | 159.7 |
Long-term Debt, Fair Value | 158 | 174 |
Wholly Owned Subsidiaries [Member] | 2010 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 252.9 | 257 |
Long-term Debt, Fair Value | 268.8 | 264 |
Wholly Owned Subsidiaries [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | Promissory Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 643.6 | 660.2 |
Long-term Debt, Fair Value | 643.6 | 660.2 |
Wholly Owned Subsidiaries [Member] | 2018 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 462.3 | 472.2 |
Long-term Debt, Fair Value | 485.5 | 475.2 |
Wholly Owned Subsidiaries [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 271.6 | 279 |
Long-term Debt, Fair Value | 276.6 | 278.1 |
Wholly Owned Subsidiaries [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 526.3 | 0 |
Long-term Debt, Fair Value | $ 543.3 | 0 |
TILC [Member] | Revolving Credit Facility [Member] | TILC Warehouse Facility [Member] | Line of Credit [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.03% | |
Long-term Line of Credit | $ 511.1 | 374.8 |
Long-term Debt, Fair Value | $ 511.1 | $ 374.8 |
London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.25% |
Debt - Remaining principal paym
Debt - Remaining principal payments under existing debt agreements (Details) $ in Millions | Jun. 30, 2019USD ($) |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 98.3 |
2020 | 202.9 |
2021 | 225.9 |
2022 | 682.2 |
2023 | 200.9 |
Thereafter | 3,245.1 |
Corporate | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
2020 | 0 |
2021 | 0 |
2022 | 0 |
2023 | 0 |
Thereafter | 400 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | 2006 secured railcar equipment notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 15.7 |
2020 | 29.7 |
2021 | 29.1 |
2022 | 29.8 |
2023 | 16.1 |
Thereafter | 0 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | 2009 secured railcar equipment notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 5.5 |
2020 | 6.6 |
2021 | 13.4 |
2022 | 14 |
2023 | 11.8 |
Thereafter | 102.5 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | 2010 secured railcar equipment notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 4.3 |
2020 | 14.1 |
2021 | 20 |
2022 | 20.9 |
2023 | 22.5 |
Thereafter | 171.1 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | 2018 secured railcar equipment notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 10 |
2020 | 20 |
2021 | 20 |
2022 | 20 |
2023 | 20 |
Thereafter | 372.5 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 6.5 |
2020 | 10.9 |
2021 | 11.9 |
2022 | 9.3 |
2023 | 11.6 |
Thereafter | 223.5 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 10.4 |
2020 | 20.7 |
2021 | 22.5 |
2022 | 21.5 |
2023 | 19.6 |
Thereafter | 431.9 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | TRL 2012 secured railcar equipment notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 9.8 |
2020 | 19.3 |
2021 | 19.9 |
2022 | 19.6 |
2023 | 29.2 |
Thereafter | 283.3 |
Railcar Leasing and Management Services Group | Secured Debt [Member] | TRIP Master Funding secured railcar equipment notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 11.7 |
2020 | 32.9 |
2021 | 40.4 |
2022 | 41.8 |
2023 | 37 |
Thereafter | 765.8 |
Railcar Leasing and Management Services Group | Promissory note | 2017 promissory notes | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 16.6 |
2020 | 33.1 |
2021 | 33.1 |
2022 | 33.2 |
2023 | 33.1 |
Thereafter | 494.5 |
Railcar Leasing and Management Services Group | Line of credit | Revolving credit facility | TILC warehouse facility | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 7.8 |
2020 | 15.6 |
2021 | 15.6 |
2022 | 2.6 |
2023 | 0 |
Thereafter | 0 |
Railcar Leasing and Management Services Group | Line of credit | Revolving credit facility | Facility termination payments - TILC warehouse facility | |
Remaining principal payments under existing debt agreements | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
2020 | 0 |
2021 | 0 |
2022 | 469.5 |
2023 | 0 |
Thereafter | $ 0 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2019 | Apr. 10, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | $ 2,600,000 | $ 2,700,000 | |
Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 200,000 | 300,000 | |
Corporate | Senior notes | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 200,000 | 300,000 | |
Corporate | Revolving Credit Facility [Member] | Line of credit | |||
Debt Instrument [Line Items] | |||
Revolving credit facility | 450,000,000 | ||
Line of Credit Facility, Borrowings and Repayments in Period | 550,000,000 | ||
Remaining borrowing capacity on revolving credit facility | $ 414,500,000 | ||
Effective annual interest rate yield | 1.75% | ||
Line of Credit Facility, Interest Rate at Period End | 0.25% | ||
Corporate | Letter of credit | Line of credit | |||
Debt Instrument [Line Items] | |||
Used revolving credit facility for letters of credit | $ 35,500,000 | ||
TILC [Member] | Railcar Leasing and Management Services Group | Revolving Credit Facility [Member] | Line of credit | TILC warehouse facility | |||
Debt Instrument [Line Items] | |||
Effective annual interest rate yield | 4.03% | ||
Borrowings on Warehouse Loan Facility | $ 554,700,000 | ||
Repayments on Warehouse Loan Facility | 418,400,000 | ||
Long-term Line of Credit | 511,100,000 | 374,800,000 | |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | 2018 Secured Railcar Equipment Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 200,000 | 200,000 | |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | TRIHC 2018 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 2,100,000 | 2,500,000 | |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Unamortized Discount | 300,000 | $ 0 | |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | Revolving Credit Facility [Member] | Line of credit | TILC warehouse facility | |||
Debt Instrument [Line Items] | |||
TILC warehouse loan, unused portion | 238,900,000 | ||
Trinity Rail Leasing 2019 [Domain] [Domain] | Secured Debt [Member] | Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Repayments | 125,000,000 | ||
Trinity Rail Leasing 2019 [Domain] [Domain] | Secured Debt [Member] | TILC warehouse facility | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Repayments | $ 347,000,000 | ||
Trinity Rail Leasing 2019 [Domain] [Domain] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 528,300,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | ||
Minimum | Corporate | Revolving Credit Facility [Member] | Line of credit | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 0.175% | ||
Maximum | Corporate | Revolving Credit Facility [Member] | Line of credit | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 0.30% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, Percent | 27.30% | 25.10% | 25.10% | 25.70% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | $ 5.7 | $ 5.7 |
Employee Retirement Plans - Com
Employee Retirement Plans - Components of net retirement cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Components of Net Retirement Cost | ||||
Service cost | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Interest | 4.9 | 4.6 | 9.8 | 9.1 |
Expected return on plan assets | (5.8) | (6.9) | (11.5) | (13.7) |
Amortization of actuarial loss | 1.1 | 1.1 | 2.2 | 2.3 |
Net periodic benefit cost | 0.3 | (1.1) | 0.6 | (2.2) |
Profit sharing | 3 | 2.5 | 5.2 | 5 |
Net expense | $ 3.3 | $ 1.4 | $ 5.8 | $ 2.8 |
Employee Retirement Plans - Nar
Employee Retirement Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Actual employer contributions to defined benefit plans | $ 0 | $ 3 | $ 0.2 | $ 3.7 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Changes in accumulated other comprehensive loss | ||||||
Beginning balance | $ 2,565.1 | $ 2,562 | $ 4,834.6 | $ 4,858 | $ 2,562 | $ 4,858 |
Other comprehensive loss, net of tax, before reclassifications | (13.5) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (3.5) | |||||
Less: noncontrolling interest | 6.2 | 3.8 | 0.5 | (1.9) | 10 | (1.4) |
Other comprehensive income (loss) | (10.6) | |||||
Ending balance | 2,529.6 | 2,565.1 | 4,671.8 | 4,834.6 | 2,529.6 | 4,671.8 |
Amounts reclassified from accumulated other comprehensive loss, tax expense (benefit) | (1) | |||||
Currency translation adjustments | ||||||
Changes in accumulated other comprehensive loss | ||||||
Beginning balance | (1.3) | (1.3) | ||||
Other comprehensive loss, net of tax, before reclassifications | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | |||||
Other comprehensive income (loss) | 0 | |||||
Ending balance | (1.3) | (1.3) | ||||
Amounts reclassified from accumulated other comprehensive loss, tax expense (benefit) | 0 | |||||
Unrealized gain/(loss) on derivative financial instruments | ||||||
Changes in accumulated other comprehensive loss | ||||||
Beginning balance | (8.3) | (8.3) | ||||
Other comprehensive loss, net of tax, before reclassifications | (13.5) | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1.9) | |||||
Other comprehensive income (loss) | (12.2) | |||||
Ending balance | (20.5) | (20.5) | ||||
Amounts reclassified from accumulated other comprehensive loss, tax expense (benefit) | (0.4) | |||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | ||||||
Changes in accumulated other comprehensive loss | ||||||
Less: noncontrolling interest | (0.6) | |||||
Net actuarial gains/(losses) of defined benefit plans | ||||||
Changes in accumulated other comprehensive loss | ||||||
Beginning balance | (107.2) | (107.2) | ||||
Other comprehensive loss, net of tax, before reclassifications | 0 | |||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (1.6) | |||||
Other comprehensive income (loss) | 1.6 | |||||
Ending balance | (105.6) | (105.6) | ||||
Amounts reclassified from accumulated other comprehensive loss, tax expense (benefit) | (0.6) | |||||
Accumulated Other Comprehensive Loss, noncontrolling interest | ||||||
Changes in accumulated other comprehensive loss | ||||||
Beginning balance | 350.6 | 351.2 | 352.9 | 356.9 | 351.2 | 356.9 |
Less: noncontrolling interest | (0.3) | (0.3) | (0.4) | (0.4) | (0.6) | |
Ending balance | 350.8 | 350.6 | 350.2 | 352.9 | 350.8 | 350.2 |
Accumulated Other Comprehensive Loss | ||||||
Changes in accumulated other comprehensive loss | ||||||
Beginning balance | (120.9) | (116.8) | (122) | (104.8) | (116.8) | (104.8) |
Less: noncontrolling interest | 6.5 | 4.1 | 0.9 | (1.5) | ||
Ending balance | $ (127.4) | $ (120.9) | $ (122.9) | $ (122) | $ (127.4) | $ (122.9) |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Compensation Stockholders Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Nov. 16, 2018 | Dec. 31, 2017 | |
Share Repurchases [Line Items] | ||||||||
Shares_repurchased_settled_in_subsequent_month | $ 4 | |||||||
Stock Repurchase Program, Authorized Amount | $ 350 | $ 500 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 13,700,000 | |||||||
Accelerated Share Repurchase Program, Authorized Amount | $ 350 | |||||||
Shares repurchased | $ 44 | $ 19 | $ 50.1 | $ 50 | $ 100.1 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 287 | $ 287 | ||||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 10,700,000 | 10,700,000 | ||||||
Treasury Stock [Member] | ||||||||
Share Repurchases [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 2,133,116 | 3,500,000 | 1,451,171 | 1,500,000 | 5,607,003 | 2,970,674 | ||
Shares repurchased | $ 44 | $ 89 | $ 50.1 | $ 50 | $ 133 | |||
Additional Paid-in Capital [Member] | ||||||||
Share Repurchases [Line Items] | ||||||||
Treasury Stock, Shares, Acquired | 2,607,172 | |||||||
Shares repurchased | $ (70) | $ 70 |
Common Stock and Stock-Based _5
Common Stock and Stock-Based Compensation Stock-based Compensation (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 953,666 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.21 | |
Restricted Share Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,538 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.24 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 476,394 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.22 | |
Minimum | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Maximum | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Earnings Per Common Share - EPS
Earnings Per Common Share - EPS calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5.6 | 6 | 5.5 | 5.9 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.6 | 0 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 37.6 | $ 37.3 | $ 68.8 | $ 52.5 |
Net Income (Loss) Attributable to Noncontrolling Interest | (0.4) | (1.4) | 0.1 | (2.8) |
Unvested restricted share participation | (0.3) | (0.8) | (0.9) | (1.3) |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | 36.9 | 35.1 | 68 | 48.4 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.8) | 28.2 | (1.9) | 54.6 |
Undistributed Discontinued Operation Earnings (Loss), Allocation to Participating Securities, Basic | 0 | (0.3) | 0 | (0.6) |
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic | (0.8) | 27.9 | (1.9) | 54 |
Net Income (Loss) Available to Common Stockholders | $ 36.1 | $ 63 | $ 66.1 | $ 102.4 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.29 | $ 0.24 | $ 0.53 | $ 0.33 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.01) | 0.19 | (0.02) | 0.37 |
Net income attributable to Trinity Industries, Inc. - basic, EPS (in dollars per share) | 0.28 | 0.43 | 0.51 | 0.70 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.29 | 0.24 | 0.52 | 0.32 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (0.01) | 0.19 | (0.01) | 0.36 |
Net income attributable to Trinity Industries, Inc. - diluted, EPS (in dollars per share) | $ 0.28 | $ 0.43 | $ 0.51 | $ 0.68 |
Computation of basic and diluted net income attributable to Trinity Industries, Inc | ||||
Net income attributable to Trinity Industries, Inc. - basic, Average Shares (in shares) | 127.6 | 146.2 | 129 | 146.7 |
Effect of dilutive securities: | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.6 | 0.8 | 1.7 | 0.8 |
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities, Treasury Stock Method | 0 | 0 | 0 | 2.7 |
Net income attributable to Trinity Industries, Inc. - diluted, Average Shares | 129.2 | 147 | 130.7 | 150.2 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) | Jun. 09, 2015USD ($) | Jun. 30, 2019USD ($)lawsuit |
Loss Contingencies [Line Items] | ||
Loss Contingency, Receivable | $ 19,000,000 | |
Accrued liabilities | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 29,200,000 | |
Highway Products Litigation | False Claims Act, USA | ||
Loss Contingencies [Line Items] | ||
Damages awarded by jury verdict | $ 175,000,000 | |
Total amount of judgment entered by the District Court | 682,400,000 | |
Damages awarded by jury verdict, automatically trebled under the Act | 525,000,000 | |
Civil penalties included in judgment entered by the District Court | 138,400,000 | |
Costs and attorney's fees included in judgment entered by the District Court | $ 19,000,000 | |
Highway Products Litigation | State, county, and municipal actions | ||
Loss Contingencies [Line Items] | ||
Number of additional separate state qui tam actions filed | lawsuit | 13 | |
Loss Contingency Accrual | $ 0 | |
Class Action, Shareholder | Class Action, Shareholder | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 7,500,000 | |
Loss Contingency Accrual, Net of Insurance Receivable | 2,500,000 | |
Environmental and workplace matters | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 1,500,000 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 24,500,000 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 41,000,000 |
Financial Statements for Guar_3
Financial Statements for Guarantors of the Senior Notes - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | $ 736 | $ 634 | $ 1,340.8 | $ 1,167.2 | ||
Cost of revenues | 578.5 | 481.9 | 1,041.9 | 881.8 | ||
Selling, engineering, and administrative expenses | 69.8 | 75.6 | 129.4 | 149 | ||
Gains on dispositions of property | 19.3 | 11.5 | 29.3 | 13.7 | ||
Cost of revenues and operating costs | 629 | 546 | 1,142 | 1,017.1 | ||
Total operating profit | 107 | 88 | 198.8 | 150.1 | ||
Other Nonoperating Expense | 55.3 | 38.2 | 107 | 79.4 | ||
Equity in earnings of subsidiaries, net of taxes | 0 | 0 | 0 | 0 | ||
Income before income taxes | 51.7 | 49.8 | 91.8 | 70.7 | ||
Provision (benefit) for income taxes | 14.1 | 12.5 | 23 | 18.2 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37.6 | 37.3 | 68.8 | 52.5 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.8) | 28.2 | (1.9) | 54.6 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 36.8 | $ 30.1 | 65.5 | $ 41.6 | 66.9 | 107.1 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0.4 | 1.4 | (0.1) | 2.8 | ||
Net Income (Loss) Attributable to Parent | 36.4 | 64.1 | 67 | 104.3 | ||
Other Comprehensive Income (Loss), Net of Tax | (6.2) | $ (3.8) | (0.5) | $ 1.9 | (10) | 1.4 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 30.6 | 65 | 56.9 | 108.5 | ||
Comprehensive income attributable to noncontrolling interest | 0.7 | 1.8 | 0.5 | 3.6 | ||
Comprehensive income attributable to Trinity Industries, Inc. | 29.9 | 63.2 | 56.4 | 104.9 | ||
Reportable legal entities | Parent | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 0 | 0 | 0 | 0 | ||
Cost of revenues | 0.3 | 0.5 | 1.2 | 0.7 | ||
Selling, engineering, and administrative expenses | 26.6 | 38.2 | 47.3 | 74.3 | ||
Gains on dispositions of property | 0 | 1.3 | 0 | 1.4 | ||
Cost of revenues and operating costs | 26.9 | 37.4 | 48.5 | 73.6 | ||
Total operating profit | (26.9) | (37.4) | (48.5) | (73.6) | ||
Other (income) expense | (4.1) | (0.3) | 0.6 | 2.5 | ||
Equity in earnings of subsidiaries, net of taxes | 65.6 | 102.6 | 119.8 | 183.9 | ||
Income before income taxes | 42.8 | 65.5 | 70.7 | 107.8 | ||
Provision (benefit) for income taxes | 5.7 | (1.7) | 2.1 | (1) | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37.1 | 67.2 | 68.6 | 108.8 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.7) | (3.1) | (1.6) | (4.5) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 36.4 | 64.1 | 67 | 104.3 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | 36.4 | 64.1 | 67 | 104.3 | ||
Other Comprehensive Income (Loss), Net of Tax | 0.8 | 0.3 | 1.6 | 0.4 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 37.2 | 64.4 | 68.6 | 104.7 | ||
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to Trinity Industries, Inc. | 37.2 | 64.4 | 68.6 | 104.7 | ||
Reportable legal entities | Combined Guarantor Subsidiaries | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 516.9 | 465 | 926.4 | 839.6 | ||
Cost of revenues | 435.8 | 384.2 | 779.3 | 689.5 | ||
Selling, engineering, and administrative expenses | 27.2 | 27.4 | 53.4 | 55.7 | ||
Gains on dispositions of property | 7.4 | 13.8 | 9.1 | 15.7 | ||
Cost of revenues and operating costs | 455.6 | 397.8 | 823.6 | 729.5 | ||
Total operating profit | 61.3 | 67.2 | 102.8 | 110.1 | ||
Other (income) expense | 8.3 | 7.8 | 9.8 | 15.8 | ||
Equity in earnings of subsidiaries, net of taxes | 10.6 | 13.4 | 26 | 27.2 | ||
Income before income taxes | 63.6 | 72.8 | 119 | 121.5 | ||
Provision (benefit) for income taxes | 12.7 | 16.7 | 25.4 | 25 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 50.9 | 56.1 | 93.6 | 96.5 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 50.9 | 56.1 | 93.6 | 96.5 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | 50.9 | 56.1 | 93.6 | 96.5 | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 50.9 | 56.1 | 93.6 | 96.5 | ||
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to Trinity Industries, Inc. | 50.9 | 56.1 | 93.6 | 96.5 | ||
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | 280.8 | 224.5 | 541.8 | 460.9 | ||
Cost of revenues | 215.6 | 159.3 | 409.6 | 337.8 | ||
Selling, engineering, and administrative expenses | 16 | 10 | 28.7 | 19 | ||
Gains on dispositions of property | 11.9 | (3.6) | 20.2 | (3.4) | ||
Cost of revenues and operating costs | 219.7 | 172.9 | 418.1 | 360.2 | ||
Total operating profit | 61.1 | 51.6 | 123.7 | 100.7 | ||
Other (income) expense | 51.1 | 30.7 | 96.6 | 61.1 | ||
Equity in earnings of subsidiaries, net of taxes | 6.6 | 7.6 | 11.6 | 12.9 | ||
Income before income taxes | 16.6 | 28.5 | 38.7 | 52.5 | ||
Provision (benefit) for income taxes | 1.1 | 2.9 | 2.3 | 4.2 | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 15.5 | 25.6 | 36.4 | 48.3 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.1) | 31.3 | (0.3) | 59.1 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15.4 | 56.9 | 36.1 | 107.4 | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss) Attributable to Parent | 15.4 | 56.9 | 36.1 | 107.4 | ||
Other Comprehensive Income (Loss), Net of Tax | (7) | (0.8) | (11.6) | 1 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 8.4 | 56.1 | 24.5 | 108.4 | ||
Comprehensive income attributable to noncontrolling interest | 0 | 0 | 0 | 0 | ||
Comprehensive income attributable to Trinity Industries, Inc. | 8.4 | 56.1 | 24.5 | 108.4 | ||
Eliminations | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Revenues | (61.7) | (55.5) | (127.4) | (133.3) | ||
Cost of revenues | (73.2) | (62.1) | (148.2) | (146.2) | ||
Selling, engineering, and administrative expenses | 0 | 0 | 0 | 0 | ||
Gains on dispositions of property | 0 | 0 | 0 | 0 | ||
Cost of revenues and operating costs | (73.2) | (62.1) | (148.2) | (146.2) | ||
Total operating profit | 11.5 | 6.6 | 20.8 | 12.9 | ||
Other (income) expense | 0 | 0 | 0 | 0 | ||
Equity in earnings of subsidiaries, net of taxes | (82.8) | (123.6) | (157.4) | (224) | ||
Income before income taxes | (71.3) | (117) | (136.6) | (211.1) | ||
Provision (benefit) for income taxes | (5.4) | (5.4) | (6.8) | (10) | ||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (65.9) | (111.6) | (129.8) | (201.1) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (65.9) | (111.6) | (129.8) | (201.1) | ||
Net Income (Loss) Attributable to Noncontrolling Interest | 0.4 | 1.4 | (0.1) | 2.8 | ||
Net Income (Loss) Attributable to Parent | (66.3) | (113) | (129.7) | (203.9) | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | 0 | ||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (65.9) | (111.6) | (129.8) | (201.1) | ||
Comprehensive income attributable to noncontrolling interest | 0.7 | 1.8 | 0.5 | 3.6 | ||
Comprehensive income attributable to Trinity Industries, Inc. | $ (66.6) | $ (113.4) | $ (130.3) | $ (204.7) |
Financial Statements for Guar_4
Financial Statements for Guarantors of the Senior Notes - Balance Sheet (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets: | ||||||
Cash and cash equivalents | $ 102.8 | $ 179.2 | ||||
Receivables, net of allowance | 351.7 | 276.6 | ||||
Income tax receivable | 21 | 40.4 | ||||
Inventory | 600.5 | 524.7 | ||||
Property, plant, and equipment, net | 6,869.6 | 6,334.4 | ||||
Investments in and advances to subsidiaries | 0 | 0 | ||||
Restricted cash | 113.7 | 171.6 | ||||
Goodwill and other assets | 516.6 | 462.3 | ||||
Total assets | 8,575.9 | 7,989.2 | ||||
Liabilities: | ||||||
Accounts payable | 217.7 | 212.1 | ||||
Accrued liabilities | 346.3 | 368.3 | ||||
Debt | 4,615.9 | 4,029.2 | ||||
Deferred income | 0 | 17.7 | ||||
Deferred income taxes | 769 | 743.1 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 97.4 | 56.8 | ||||
Total stockholders' equity | 2,529.6 | $ 2,565.1 | 2,562 | $ 4,671.8 | $ 4,834.6 | $ 4,858 |
Total liabilities and stockholders' equity | 8,575.9 | 7,989.2 | ||||
Reportable legal entities | Parent | ||||||
Assets: | ||||||
Cash and cash equivalents | 93.3 | 154.7 | ||||
Receivables, net of allowance | 3.5 | 12.5 | ||||
Income tax receivable | 21 | 40.4 | ||||
Inventory | 0 | 0 | ||||
Property, plant, and equipment, net | 43.1 | 42 | ||||
Investments in and advances to subsidiaries | 4,661.5 | 4,558.6 | ||||
Restricted cash | 0 | 0 | ||||
Goodwill and other assets | 229.4 | 205.1 | ||||
Total assets | 5,051.8 | 5,013.3 | ||||
Liabilities: | ||||||
Accounts payable | 9.4 | 8.6 | ||||
Accrued liabilities | 156.9 | 184.3 | ||||
Debt | 397.6 | 397.4 | ||||
Deferred income | 0 | |||||
Deferred income taxes | 0 | 0 | ||||
Advances from subsidiaries | 1,904.7 | 1,804.2 | ||||
Other liabilities | 53.6 | 56.8 | ||||
Total stockholders' equity | 2,529.6 | 2,562 | ||||
Total liabilities and stockholders' equity | 5,051.8 | 5,013.3 | ||||
Reportable legal entities | Combined Guarantor Subsidiaries | ||||||
Assets: | ||||||
Cash and cash equivalents | 0 | 4.1 | ||||
Receivables, net of allowance | 253.2 | 181.8 | ||||
Income tax receivable | 0 | 0 | ||||
Inventory | 554.5 | 485.8 | ||||
Property, plant, and equipment, net | 1,284.3 | 1,436.3 | ||||
Investments in and advances to subsidiaries | 3,075.1 | 2,981.7 | ||||
Restricted cash | 0 | 0 | ||||
Goodwill and other assets | 275.5 | 197.9 | ||||
Total assets | 5,442.6 | 5,287.6 | ||||
Liabilities: | ||||||
Accounts payable | 137.2 | 134 | ||||
Accrued liabilities | 53.3 | 55.4 | ||||
Debt | 0 | 0 | ||||
Deferred income | 16.5 | |||||
Deferred income taxes | 831.3 | 790.3 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 42.6 | 0 | ||||
Total stockholders' equity | 4,378.2 | 4,291.4 | ||||
Total liabilities and stockholders' equity | 5,442.6 | 5,287.6 | ||||
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ||||||
Assets: | ||||||
Cash and cash equivalents | 34.9 | 59.1 | ||||
Receivables, net of allowance | 95 | 82.3 | ||||
Income tax receivable | 0 | 0 | ||||
Inventory | 46.1 | 40.9 | ||||
Property, plant, and equipment, net | 6,344.7 | 5,579.7 | ||||
Investments in and advances to subsidiaries | 426.3 | 661.1 | ||||
Restricted cash | 88.3 | 132.9 | ||||
Goodwill and other assets | 67.3 | 106.8 | ||||
Total assets | 7,102.6 | 6,662.8 | ||||
Liabilities: | ||||||
Accounts payable | 71.7 | 69.9 | ||||
Accrued liabilities | 140.3 | 128.7 | ||||
Debt | 4,218.3 | 3,631.8 | ||||
Deferred income | 1.2 | |||||
Deferred income taxes | 1.4 | 0 | ||||
Advances from subsidiaries | 0 | 0 | ||||
Other liabilities | 1.2 | 0 | ||||
Total stockholders' equity | 2,669.7 | 2,831.2 | ||||
Total liabilities and stockholders' equity | 7,102.6 | 6,662.8 | ||||
Eliminations | ||||||
Assets: | ||||||
Cash and cash equivalents | (25.4) | (38.7) | ||||
Receivables, net of allowance | 0 | 0 | ||||
Income tax receivable | 0 | 0 | ||||
Inventory | (0.1) | (2) | ||||
Property, plant, and equipment, net | (802.5) | (723.6) | ||||
Investments in and advances to subsidiaries | (8,162.9) | (8,201.4) | ||||
Restricted cash | 25.4 | 38.7 | ||||
Goodwill and other assets | (55.6) | (47.5) | ||||
Total assets | (9,021.1) | (8,974.5) | ||||
Liabilities: | ||||||
Accounts payable | (0.6) | (0.4) | ||||
Accrued liabilities | (4.2) | (0.1) | ||||
Debt | 0 | 0 | ||||
Deferred income | 0 | |||||
Deferred income taxes | (63.7) | (47.2) | ||||
Advances from subsidiaries | (1,904.7) | (1,804.2) | ||||
Other liabilities | 0 | 0 | ||||
Total stockholders' equity | (7,047.9) | (7,122.6) | ||||
Total liabilities and stockholders' equity | $ (9,021.1) | $ (8,974.5) |
Financial Statements for Guar_5
Financial Statements for Guarantors of the Senior Notes - Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||||||
Net income | $ 36.8 | $ 30.1 | $ 65.5 | $ 41.6 | $ 66.9 | $ 107.1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 1.9 | (54.6) | ||||
Equity in earnings of subsidiaries, net of taxes | 0 | 0 | 0 | 0 | ||
Other | (65.9) | 167.3 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 2.9 | 219.8 | ||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 128.5 | ||||
Net Cash Provided by (Used in) Operating Activities | 2.9 | 348.3 | ||||
Investing activities: | ||||||
(Increase) decrease in short-term marketable securities | 0 | 294.5 | ||||
Proceeds from railcar lease fleet sales owned more than one year | 99.9 | 56.4 | ||||
Proceeds from dispositions of property and other assets | 14.3 | 4.4 | ||||
Capital expenditures – leasing | (690.9) | (503.2) | ||||
Capital expenditures – manufacturing and other | (34) | (13.5) | ||||
(Increase) decrease in investment in partially-owned subsidiaries | 0 | 0 | ||||
Other | (1.2) | 1.3 | ||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (611.9) | (160.1) | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (44.3) | ||||
Net cash (used in) provided by investing activities | (611.9) | (204.4) | ||||
Financing activities: | ||||||
Payments to retire debt | (1,044.9) | (674.5) | ||||
Proceeds from issuance of debt | 1,626.9 | 478 | ||||
Shares repurchased | (59) | (102.2) | ||||
Dividends paid to common shareholders | (39.5) | (39.3) | ||||
Purchase of shares to satisfy employee tax on vested stock | (7.9) | (11.3) | ||||
Distributions to noncontrolling interest | (0.9) | (10.3) | ||||
Distributions to controlling interest in partially-owned subsidiaries | 0 | 0 | ||||
Change in intercompany financing between entities | 0 | 0 | ||||
Other | 0 | (3.2) | ||||
Net cash provided (used in) by financing activities | 474.7 | (362.8) | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (134.3) | (218.9) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 350.8 | 973.8 | 350.8 | 973.8 | ||
Cash, cash equivalents, and restricted cash at end of period | 216.5 | 754.9 | 216.5 | 754.9 | ||
Reportable legal entities | Parent | ||||||
Operating activities: | ||||||
Net income | 36.4 | 64.1 | 67 | 104.3 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 1.6 | 4.5 | ||||
Equity in earnings of subsidiaries, net of taxes | (65.6) | (102.6) | (119.8) | (183.9) | ||
Other | (16.1) | (35.1) | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (110.2) | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (4.5) | |||||
Net Cash Provided by (Used in) Operating Activities | (67.3) | (114.7) | ||||
Investing activities: | ||||||
(Increase) decrease in short-term marketable securities | 294.5 | |||||
Proceeds from railcar lease fleet sales owned more than one year | 0 | 0 | ||||
Proceeds from dispositions of property and other assets | 0 | 0.1 | ||||
Capital expenditures – leasing | 0 | 0 | ||||
Capital expenditures – manufacturing and other | (2.8) | (2.6) | ||||
(Increase) decrease in investment in partially-owned subsidiaries | 0 | 0 | ||||
Other | 0 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 292 | |||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | |||||
Net cash (used in) provided by investing activities | (2.8) | 292 | ||||
Financing activities: | ||||||
Payments to retire debt | (550) | (619.7) | ||||
Proceeds from issuance of debt | 550 | 0 | ||||
Shares repurchased | (59) | (102.2) | ||||
Dividends paid to common shareholders | (39.5) | (39.3) | ||||
Purchase of shares to satisfy employee tax on vested stock | (7.9) | (11.3) | ||||
Distributions to noncontrolling interest | 0 | 0 | ||||
Distributions to controlling interest in partially-owned subsidiaries | 0 | 0 | ||||
Change in intercompany financing between entities | 115.1 | 422.2 | ||||
Other | 0 | |||||
Net cash provided (used in) by financing activities | 8.7 | (350.3) | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (61.4) | (173) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 154.7 | 763.9 | 154.7 | 763.9 | ||
Cash, cash equivalents, and restricted cash at end of period | 93.3 | 590.9 | 93.3 | 590.9 | ||
Reportable legal entities | Combined Guarantor Subsidiaries | ||||||
Operating activities: | ||||||
Net income | 50.9 | 56.1 | 93.6 | 96.5 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||||
Equity in earnings of subsidiaries, net of taxes | (10.6) | (13.4) | (26) | (27.2) | ||
Other | (169.6) | 122.6 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 191.9 | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | |||||
Net Cash Provided by (Used in) Operating Activities | (102) | 191.9 | ||||
Investing activities: | ||||||
(Increase) decrease in short-term marketable securities | 0 | |||||
Proceeds from railcar lease fleet sales owned more than one year | 999.2 | 700.1 | ||||
Proceeds from dispositions of property and other assets | 6 | 1.9 | ||||
Capital expenditures – leasing | (735.5) | (462.3) | ||||
Capital expenditures – manufacturing and other | (19.9) | (4.1) | ||||
(Increase) decrease in investment in partially-owned subsidiaries | 0.7 | 4.9 | ||||
Other | 0 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 240.5 | |||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | |||||
Net cash (used in) provided by investing activities | 250.5 | 240.5 | ||||
Financing activities: | ||||||
Payments to retire debt | 0 | (1.5) | ||||
Proceeds from issuance of debt | 0 | 0 | ||||
Shares repurchased | 0 | 0 | ||||
Dividends paid to common shareholders | 0 | 0 | ||||
Purchase of shares to satisfy employee tax on vested stock | 0 | 0 | ||||
Distributions to noncontrolling interest | 0 | 0 | ||||
Distributions to controlling interest in partially-owned subsidiaries | 0 | 0 | ||||
Change in intercompany financing between entities | (152.6) | (429.8) | ||||
Other | 0 | |||||
Net cash provided (used in) by financing activities | (152.6) | (431.3) | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (4.1) | 1.1 | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 4.1 | 1.6 | 4.1 | 1.6 | ||
Cash, cash equivalents, and restricted cash at end of period | 0 | 2.7 | 0 | 2.7 | ||
Reportable legal entities | Combined Non-Guarantor Subsidiaries | ||||||
Operating activities: | ||||||
Net income | 15.4 | 56.9 | 36.1 | 107.4 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0.3 | (59.1) | ||||
Equity in earnings of subsidiaries, net of taxes | (6.6) | (7.6) | (11.6) | (12.9) | ||
Other | 142.1 | 100.1 | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 135.5 | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 133 | |||||
Net Cash Provided by (Used in) Operating Activities | 166.9 | 268.5 | ||||
Investing activities: | ||||||
(Increase) decrease in short-term marketable securities | 0 | |||||
Proceeds from railcar lease fleet sales owned more than one year | 139.3 | 4 | ||||
Proceeds from dispositions of property and other assets | 8.3 | 2.4 | ||||
Capital expenditures – leasing | (994) | (688.6) | ||||
Capital expenditures – manufacturing and other | (11.3) | (6.8) | ||||
(Increase) decrease in investment in partially-owned subsidiaries | 0 | 0 | ||||
Other | (1.2) | 1.3 | ||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (687.7) | |||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (44.3) | |||||
Net cash (used in) provided by investing activities | (858.9) | (732) | ||||
Financing activities: | ||||||
Payments to retire debt | (494.9) | (53.3) | ||||
Proceeds from issuance of debt | 1,076.9 | 478 | ||||
Shares repurchased | 0 | 0 | ||||
Dividends paid to common shareholders | 0 | 0 | ||||
Purchase of shares to satisfy employee tax on vested stock | 0 | 0 | ||||
Distributions to noncontrolling interest | (0.9) | (10.3) | ||||
Distributions to controlling interest in partially-owned subsidiaries | (0.7) | (4.9) | ||||
Change in intercompany financing between entities | 42.8 | 10.2 | ||||
Other | (3.2) | |||||
Net cash provided (used in) by financing activities | 623.2 | 416.5 | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (68.8) | (47) | ||||
Cash, cash equivalents, and restricted cash at beginning of period | 192 | 208.3 | 192 | 208.3 | ||
Cash, cash equivalents, and restricted cash at end of period | 123.2 | 161.3 | 123.2 | 161.3 | ||
Eliminations | ||||||
Operating activities: | ||||||
Net income | (65.9) | (111.6) | (129.8) | (201.1) | ||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | ||||
Equity in earnings of subsidiaries, net of taxes | 82.8 | 123.6 | 157.4 | 224 | ||
Other | (22.3) | (20.3) | ||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 2.6 | |||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | |||||
Net Cash Provided by (Used in) Operating Activities | 5.3 | 2.6 | ||||
Investing activities: | ||||||
(Increase) decrease in short-term marketable securities | 0 | |||||
Proceeds from railcar lease fleet sales owned more than one year | (1,038.6) | (647.7) | ||||
Proceeds from dispositions of property and other assets | 0 | 0 | ||||
Capital expenditures – leasing | 1,038.6 | 647.7 | ||||
Capital expenditures – manufacturing and other | 0 | 0 | ||||
(Increase) decrease in investment in partially-owned subsidiaries | (0.7) | (4.9) | ||||
Other | 0 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (4.9) | |||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | |||||
Net cash (used in) provided by investing activities | (0.7) | (4.9) | ||||
Financing activities: | ||||||
Payments to retire debt | 0 | 0 | ||||
Proceeds from issuance of debt | 0 | 0 | ||||
Shares repurchased | 0 | 0 | ||||
Dividends paid to common shareholders | 0 | 0 | ||||
Purchase of shares to satisfy employee tax on vested stock | 0 | 0 | ||||
Distributions to noncontrolling interest | 0 | 0 | ||||
Distributions to controlling interest in partially-owned subsidiaries | 0.7 | 4.9 | ||||
Change in intercompany financing between entities | (5.3) | (2.6) | ||||
Other | 0 | |||||
Net cash provided (used in) by financing activities | (4.6) | 2.3 | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | 0 | 0 | ||||
Cash, cash equivalents, and restricted cash at beginning of period | $ 0 | $ 0 | 0 | 0 | ||
Cash, cash equivalents, and restricted cash at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Statements for Guar_6
Financial Statements for Guarantors of the Senior Notes - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | ||
Restricted cash | $ 113.7 | $ 171.6 |
Assets | 8,575.9 | 7,989.2 |
Combined Non-Guarantor Subsidiaries | Foreign locations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Assets | 124.1 | 116 |
Combined Non-Guarantor Subsidiaries | Non-recourse debt | ||
Condensed Financial Statements, Captions [Line Items] | ||
Collateral securing debt | 6,221.3 | 5,316.2 |
Combined Non-Guarantor Subsidiaries | Capital lease obligations | ||
Condensed Financial Statements, Captions [Line Items] | ||
Collateral securing debt | 67.5 | |
Combined Non-Guarantor Subsidiaries | Reportable legal entities | ||
Condensed Financial Statements, Captions [Line Items] | ||
Restricted cash | 88.3 | 132.9 |
Assets | $ 7,102.6 | $ 6,662.8 |