Document and Entity Information
Document and Entity Information Document - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Cover Page [Abstract] | |||
Document Transition Report | false | ||
Document Type | 10-K | ||
Entity File Number | 1-6903 | ||
Document Annual Report | true | ||
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 | ||
Entity Registrant Name | TRINITY INDUSTRIES INC | ||
Entity Central Index Key | 0000099780 | ||
Document Period End Date | Dec. 31, 2019 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | TRN | ||
Security Exchange Name | NYSE | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,154.2 | ||
Entity Common Stock, Shares Outstanding | 119,704,056 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No |
Consolidated Statements of Oper
Consolidated Statements of Operations Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 3,005.1 | $ 2,509.1 | $ 2,397.4 |
Cost of Goods and Services Sold | 2,365.7 | 1,938.8 | 1,775.2 |
Selling, General and Administrative Expense | 262.8 | 296.6 | 339.3 |
Gain (Loss) on Sale of Property, Plant and Equipment, Railroad Transportation Equipment | 50.5 | 50.4 | 83.5 |
Gain (Loss) on Disposition of Other Assets | 3.9 | (9) | 1.9 |
Gain (Loss) on Disposition of Property Plant Equipment | 54.4 | 41.4 | 85.4 |
Restructuring Charges | 14.7 | 0 | 0 |
Operating Income (Loss) | 416.3 | 315.1 | 368.3 |
Investment Income, Interest | (7.3) | (11.9) | (10.4) |
Interest Expense | 221.8 | 179.3 | 184 |
Other Nonoperating Income (Expense) | 1.1 | (3.9) | (0.7) |
Other Nonoperating Expense | 215.6 | 163.5 | 172.9 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 200.7 | 151.6 | 195.4 |
Current Income Tax Expense (Benefit) | 6.7 | (15.3) | (57.7) |
Deferred Income Tax Expense (Benefit) | 54.8 | 57.9 | (357.1) |
Income Tax Expense (Benefit) | 61.5 | 42.6 | (414.8) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 139.2 | 109 | 610.2 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3.1) | 54.1 | 103.4 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 136.1 | 163.1 | 713.6 |
Net Income (Loss) Attributable to Noncontrolling Interest | (1.5) | 3.8 | 11.1 |
Net Income (Loss) Attributable to Parent | $ 137.6 | $ 159.3 | $ 702.5 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.11 | $ 0.72 | $ 3.94 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.02) | 0.37 | 0.68 |
Earnings Per Share, Basic | 1.09 | 1.09 | 4.62 |
Income (Loss) from Continuing Operations, Per Diluted Share | 1.09 | 0.70 | 3.85 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (0.02) | 0.37 | 0.67 |
Earnings Per Share, Diluted | $ 1.07 | $ 1.07 | $ 4.52 |
Weighted Average Number of Shares Outstanding, Basic | 125.6 | 144 | 148.6 |
Weighted Average Number of Shares Outstanding, Diluted | 127.3 | 146.4 | 152 |
Manufacturing [Member] | |||
Revenues | $ 1,888.8 | $ 1,667.1 | $ 1,555.2 |
Cost of Goods and Services Sold | 1,649.5 | 1,459.8 | 1,342.8 |
Selling, General and Administrative Expense | 105.3 | 96.4 | 113.6 |
Leasing [Member] | |||
Revenues | 1,116.3 | 842 | 842.2 |
Cost of Goods and Services Sold | 716.2 | 479 | 432.4 |
Selling, General and Administrative Expense | 49.5 | 51.1 | 50.7 |
Other [Member] | |||
Selling, General and Administrative Expense | $ 108 | $ 149.1 | $ 175 |
Consolidated Statements of Op_2
Consolidated Statements of Operations Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Operations (Parenthetical) [Abstract] | |||
Discontinued Operation, Tax Effect of Discontinued Operation | $ (1) | $ 30.7 | $ 73.1 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 136.1 | $ 163.1 | $ 713.6 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (12.8) | (9.6) | (0.9) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 4.5 | 2.3 | 3.9 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 0 | 0 | 1.3 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (30.2) | (9.5) | 3.6 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 3.5 | 3.6 | 3.4 |
Other Comprehensive Income (Loss), Net of Tax | (35) | (13.2) | 11.3 |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 101.1 | 149.9 | 724.9 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (0.2) | 5.2 | 13.7 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 101.3 | $ 144.7 | $ 711.2 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income (Parenthetical) [Abstract] | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | $ 3.8 | $ 3 | $ 0.2 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 0.8 | 0.4 | 0.7 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax | (9) | (2.9) | 1.6 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | $ 1.1 | $ 1.1 | $ 1.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents, at Carrying Value | $ 166.2 | $ 179.2 |
Accounts Receivable, after Allowance for Credit Loss | 260.1 | 276.6 |
Income Taxes Receivable | 14.7 | 40.4 |
Inventory, Raw Materials and Supplies, Net of Reserves | 263.4 | 342.5 |
Inventory, Work in Process, Net of Reserves | 108.8 | 119.3 |
Inventory, Finished Goods, Net of Reserves | 61.2 | 62.9 |
Inventory, Net | 433.4 | 524.7 |
Restricted Cash and Cash Equivalents | 111.4 | 171.6 |
Property, Plant and Equipment, Gross | 9,272.5 | 8,253.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,161.9 | 1,919 |
Property, Plant and Equipment, Net | 7,110.6 | 6,334.4 |
Goodwill | 208.8 | 208.8 |
Other Assets | 396.2 | 253.5 |
Assets | 8,701.4 | 7,989.2 |
Accounts Payable | 203.9 | 212.1 |
Accrued Liabilities | 342.1 | 368.3 |
Debt and Lease Obligation | 522.8 | 397.4 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,881.9 | 4,029.2 |
Deferred Gain on Sale of Property | 0 | 17.7 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 798.3 | 743.1 |
Other Liabilities | 96.3 | 56.8 |
Liabilities | 6,322.5 | 5,427.2 |
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 1.2 | 1.3 |
Additional Paid in Capital | 0 | 1.2 |
Retained Earnings (Accumulated Deficit) | 2,182.9 | 2,326.1 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | (153.1) | (116.8) |
Treasury Stock, Value | 0.9 | 1 |
Stockholders' Equity Attributable to Parent | 2,030.1 | 2,210.8 |
Stockholders' Equity Attributable to Noncontrolling Interest | 348.8 | 351.2 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,378.9 | 2,562 |
Liabilities and Equity | 8,701.4 | 7,989.2 |
Wholly Owned Subsidiaries [Member] | ||
Non-Recourse Debt | 3,080.7 | 2,316.6 |
Partially-Owned Subsidiaries [Member] | ||
Property, Plant and Equipment, Gross | 2,065.3 | 2,032 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 527.7 | 472 |
Non-Recourse Debt | $ 1,278.4 | $ 1,315.2 |
Consolidated Balance Sheets Con
Consolidated Balance Sheets Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss | $ 12.6 | $ 19.9 |
Preferred Stock, Shares Authorized | 1.5 | 1.5 |
Preferred Stock, Shares Unissued | 1.5 | 1.5 |
Common Stock, Shares Authorized | 400 | 400 |
Restricted Cash and Cash Equivalents | $ 111.4 | $ 171.6 |
Property, Plant and Equipment, Gross | 9,272.5 | 8,253.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,161.9 | 1,919 |
Partially-Owned Subsidiaries [Member] | ||
Property, Plant and Equipment, Gross | 2,065.3 | 2,032 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 527.7 | $ 472 |
Common Stock [Member] | ||
Common Stock, Shares, Issued | 119.7 | 133.3 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 136.1 | $ 163.1 | $ 713.6 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3.1 | (54.1) | (103.4) |
Depreciation, Depletion and Amortization | 283.6 | 251.9 | 229.7 |
Share-based Payment Arrangement, Noncash Expense | 29.2 | 29.2 | 22.1 |
Deferred Income Tax Expense (Benefit) | 54.8 | 57.9 | (357.1) |
Gain (Loss) on Sale of Property, Plant and Equipment, Railroad Transportation Equipment | (50.5) | (50.4) | (83.5) |
Gain (Loss) on Disposition of Property, Plant and Equipment, Other | (3.9) | 9 | (1.9) |
Asset Impairment Charges | 10.9 | 0 | 0 |
Amortization of Debt Issuance Costs and Discounts | 16.7 | 18.1 | 31.8 |
Other Noncash Income (Expense) | (4.3) | (8) | (1.2) |
Increase (Decrease) in Accounts Receivable | 40.9 | (88.5) | 117.2 |
Increase (Decrease) in Inventories | 91.3 | (122) | 8.9 |
Increase (Decrease) in Other Operating Assets | (114.5) | (77.3) | (17.1) |
Increase (Decrease) in Accounts Payable | (10) | 92.7 | 12.2 |
Increase (Decrease) in Accrued Liabilities | (82.6) | 51.5 | 49 |
Increase (Decrease) in Other Operating Liabilities | (4.1) | 1.1 | (10.2) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 396.7 | 274.2 | 610.1 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (3.1) | 104.9 | 151.5 |
Net Cash Provided by (Used in) Operating Activities | 393.6 | 379.1 | 761.6 |
Payments for (Proceeds from) Short-term Investments | 0 | 319.5 | (84.8) |
Proceeds from Sale of Other Productive Assets | 20.2 | 17.1 | 7.8 |
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale | 205.7 | 230.5 | 360.7 |
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | (1,122.2) | (948.3) | (608.3) |
Payments to Acquire Property, Plant, and Equipment | (97) | (37.3) | (22) |
Payments for (Proceeds from) Other Investing Activities | 0 | 6.2 | 0.3 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (993.3) | (412.3) | (346.3) |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (78.2) | (126.4) |
Net Cash Provided by (Used in) Investing Activities | (993.3) | (490.5) | (472.7) |
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security | (1,724.1) | (887.8) | (375.3) |
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 2,567.8 | 1,206.6 | 533.5 |
Payments for Repurchase of Common Stock | (224.7) | (506.1) | (79.4) |
Payments of Ordinary Dividends, Common Stock | (82.1) | (77.4) | (72.6) |
Payment, Tax Withholding, Share-based Payment Arrangement | (8.2) | (12.2) | (14.4) |
Payments of Ordinary Dividends, Noncontrolling Interest | (2.2) | (10.9) | (48.7) |
Proceeds from (Payments for) Other Financing Activities | 0 | (3.3) | 0.2 |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 526.5 | (291.1) | (56.7) |
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | (220.5) | 0 |
Net Cash Provided by (Used in) Financing Activities | 526.5 | (511.6) | (56.7) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (73.2) | (623) | 232.2 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 277.6 | 350.8 | 973.8 |
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 208.1 | 158.9 | 151.2 |
Income Taxes Paid, Net | (16.7) | 4.1 | (79.9) |
Discontinued Operations, NonCash Net Assets Distribution | 0 | 1,534.9 | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 0 | $ 283.9 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Cash Flows (Parenthetical) [Abstract] | |||
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less Net Cost | $ 319.3 | $ 92.4 | $ 79.9 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Millions, $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Parent [Member] | Noncontrolling Interest [Member] |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,311.1 | $ 1.6 | $ 534.6 | $ 3,497.3 | $ (113.5) | $ (1.5) | $ 3,918.5 | $ 392.6 |
Common Stock, Shares, Issued | (152.2) | (0.1) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 713.6 | 702.5 | 702.5 | 11.1 | ||||
Other Comprehensive Income (Loss), Net of Tax | 11.3 | 8.7 | 8.7 | 2.6 | ||||
Dividends, Common Stock, Cash | (75.8) | (75.8) | (75.8) | |||||
Share-based Payment Arrangement, Expense | 24.6 | 24.6 | 24.6 | |||||
Treasury Stock, Value, Acquired, Cost Method | (85.4) | 0 | $ (85.4) | (85.4) | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1.7 | (0.7) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 7.9 | (10.6) | $ 18.5 | 7.9 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0.2 | 0.2 | 0.2 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (48.7) | 0 | (48.7) | |||||
Treasury Stock, Shares, Retired | 3.5 | 3.5 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | (103.8) | 0 | $ (103.8) | 0 | |||
Stock Issued During Period, Shares, Acquisitions | 0.5 | |||||||
Stock Issued During Period, Value, Acquisitions | 14.7 | 14.7 | 14.7 | |||||
Stockholders' Equity, Other | 0.3 | 1.6 | (0.6) | 1 | (0.7) | |||
Treasury Stock, Shares, Acquired | (2.8) | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,858 | $ 1.6 | 482.5 | 4,123.4 | (104.8) | $ (1.6) | 4,501.1 | 356.9 |
Common Stock, Shares, Issued | (150.9) | (0.1) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 163.1 | 159.3 | 159.3 | 3.8 | ||||
Other Comprehensive Income (Loss), Net of Tax | (13.2) | (14.6) | (14.6) | 1.4 | ||||
Dividends, Common Stock, Cash | (75.9) | (75.9) | (75.9) | |||||
Share-based Payment Arrangement, Expense | 29.3 | 29.3 | 29.3 | |||||
Treasury Stock, Value, Acquired, Cost Method | (500.1) | 75.9 | (145.9) | $ (430.1) | (500.1) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.2 | (0.6) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 4.3 | (15.1) | $ 19.4 | 4.3 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 0.3 | 0.3 | 0.3 | |||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (10.9) | 0 | (10.9) | |||||
Treasury Stock, Shares, Retired | 17.8 | 17.8 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | $ (0.2) | (449.3) | 0 | $ (449.5) | 0 | ||
CumulativeEffectofNewAccountingPrincipleinPeriodofAdoption(Duration) | 0 | 18.7 | (18.7) | 0 | ||||
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt | (152.9) | (152.9) | (152.9) | |||||
Stockholders' Equity Note, Spinoff Transaction | (1,732.2) | (1,753.5) | 21.3 | (1,732.2) | ||||
Stockholders' Equity, Other | 0.8 | (0.1) | 0.3 | 0 | $ 0.6 | 0.8 | ||
Treasury Stock, Shares, Acquired | (17.2) | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,562 | $ 1.3 | 1.2 | 2,326.1 | (116.8) | $ (1) | 2,210.8 | 351.2 |
Common Stock, Shares, Issued | (133.3) | (0.1) | ||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 136.1 | 137.6 | 137.6 | (1.5) | ||||
Other Comprehensive Income (Loss), Net of Tax | (35) | (36.3) | (36.3) | 1.3 | ||||
Dividends, Common Stock, Cash | (88.2) | (88.2) | (88.2) | |||||
Share-based Payment Arrangement, Expense | 29.2 | 29.2 | 29.2 | |||||
Treasury Stock, Value, Acquired, Cost Method | (224.7) | 70 | 0 | $ (294.7) | (224.7) | |||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0.7 | (0.6) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | 8.5 | (2.8) | $ 11.3 | 8.5 | ||||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | (2.2) | 0 | (2.2) | |||||
Treasury Stock, Shares, Retired | 14.3 | 14.3 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | $ (0.1) | (103.2) | (202.8) | $ (306.1) | 0 | ||
CumulativeEffectofNewAccountingPrincipleinPeriodofAdoption(Duration) | 13.7 | 13.7 | 0 | 13.7 | ||||
Stockholders' Equity, Other | (3.5) | $ 0 | (3.5) | (3.5) | 0 | |||
Treasury Stock, Shares, Acquired | (2.6) | (13.7) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,378.9 | $ 1.2 | $ 0 | $ 2,182.9 | $ (153.1) | $ (0.9) | $ 2,030.1 | $ 348.8 |
Common Stock, Shares, Issued | (119.7) | (0.1) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Consolidated Statements of Stockholders' Equity (Parenthetical) [Abstract] | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Dividends, Per Share, Declared | $ 0.70 | $ 0.52 | $ 0.50 |
Note 1. Summary of Significant
Note 1. Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 1 . Summary of Significant Accounting Policies Principles of Consolidation The financial statements of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") include the accounts of its wholly-owned subsidiaries and its partially-owned subsidiaries, TRIP Rail Holdings LLC ("TRIP Holdings") and RIV 2013 Rail Holdings LLC ("RIV 2013"), in which we have a controlling interest. All significant intercompany accounts and transactions have been eliminated. Spin-off of Arcosa, Inc. Upon completion of the spin-off of Arcosa, Inc. ("Arcosa") 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 Form 10-K. 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 $5.2 million and $10.2 million as of December 31, 2019 and 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. 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 shipment has occurred 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 December 31, 2019 and the percentage of the outstanding performance obligations as of December 31, 2019 expected to be delivered during 2020 : Unsatisfied performance obligations at December 31, 2019 Total Amount Percent expected to be delivered in 2020 (in millions) Rail Products Group: Products: External Customers $ 1,213.4 Leasing Group 619.1 $ 1,832.5 59 % Maintenance Services $ 44.8 100 % Railcar Leasing and Management Services Group $ 100.5 16 % 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, maintenance, and management agreements and are expected to be performed through 2029. 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 December 31, 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): Year Ended December 31, 2019 Consolidated Statement of Operations Operating lease expense $ 18.0 Short-term lease expense $ 4.1 December 31, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 44.2 Lease liabilities (2) $ 44.8 Weighted average remaining lease term 4.8 years Weighted average discount rate 4.1 % Year Ended December 31, 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 18.0 Right-of-use assets recognized in exchange for new lease liabilites $ 10.3 (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 2020 $ 10.1 $ 3.9 $ 14.0 2021 8.6 2.8 11.4 2022 7.8 2.6 10.4 2023 5.9 2.2 8.1 2024 2.7 1.1 3.8 Thereafter 1.5 2.9 4.4 Total operating lease payments $ 36.6 $ 15.5 $ 52.1 Less: Present value adjustment (7.3 ) Total operating lease liabilities $ 44.8 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 a small percentage of our leases include options to terminate within one year with certain notice requirements and early termination penalties. Our sales-type leases include an option for the lessee to purchase the leased railcars with certain notice. As of December 31, 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): Year Ended December 31, 2019 Operating lease revenues $ 676.3 Variable operating lease revenues 50.5 Sales-type lease revenues 160.5 Interest income on sales-type lease receivables 2.4 Profit recognized at sales-type lease commencement 19.0 Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions): 2020 $ 43.4 2021 131.8 2022 — 2023 — 2024 — Thereafter — Total $ 175.2 Less: Unearned interest income (20.7 ) Net investment in sales-type leases (1) $ 154.5 (1) Included in other assets in our Consolidated Balance Sheet Future contractual minimum revenues for operating leases will mature as follows (in millions): 2020 $ 568.1 2021 451.9 2022 347.1 2023 243.7 2024 154.0 Thereafter 268.3 Total $ 2,033.1 Income Taxes The liability method is used to account for income taxes. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances reduce deferred tax assets to an amount that will more likely than not be realized. We regularly evaluate the likelihood of realization of tax benefits derived from positions we have taken in various federal and state filings after consideration of all relevant facts, circumstances, and available information. For those tax positions that are deemed more likely than not to be sustained, we recognize the benefit we believe is cumulatively greater than 50% likely to be realized. To the extent that we were to prevail in matters for which accruals have been established or be required to pay amounts in excess of recorded reserves, the effective tax rate in a given financial statement period could be materially impacted. 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. We place our cash investments in bank deposits and investment grade, short-term debt instruments and limit the amount of credit exposure to any one commercial issuer. 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. Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined principally on the first in first out method. Work in process and finished goods include material, labor, and overhead. Property, Plant, and Equipment Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. The costs of ordinary maintenance and repair are charged to operating costs. The estimated useful lives are as follows: Buildings and improvements 3 – 30 years Leasehold improvements The lesser of the term of the lease or 7 years Machinery and equipment 2 – 10 years Information systems hardware and software 2 – 5 years Railcars in our lease fleet Generally 35 years As of early 2020, we are finalizing an assessment of the estimated useful lives and salvage value assumptions for the railcars in our lease fleet. Based upon analysis of historical fleet data, review of industry standards, and consideration of certain economic factors by railcar type, we have determined that it is appropriate to revise the useful lives and salvage values of certain railcar types in our lease fleet. We believe that the revised useful lives reflect the estimated economic lives of the railcars in our lease fleet. The net impact of these changes, which will become effective January 1, 2020, is expected to result in a change in the weighted average useful life of railcars in our lease fleet from approximately 34 years to approximately 37 years . This change will be accounted for as a change in accounting estimate, which is required to be accounted for on a prospective basis. Based on the composition of the lease fleet as of December 31, 2019, we expect this change to result in a net decrease in annual depreciation expense of between $27 million and $33 million for the year ended December 31, 2020. Long-lived Assets We periodically evaluate the carrying value of long-lived assets for potential impairment. The carrying value of long-lived assets is considered impaired when their carrying value is not recoverable through undiscounted future cash flows and the fair value of the assets is less than their carrying value. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risks involved or market quotes as available. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced by the estimated cost to dispose of the assets. Based on our evaluations, no impairment charges were determined to be necessary on assets held and used as of December 31, 2019 and 2018 . Goodwill and Intangible Assets Goodwill is required to be tested for impairment at least annually, or on an interim basis if events or circumstances change indicating that the carrying amount of the goodwill might be impaired. The quantitative goodwill impairment test is a two-step process, with step one requiring the comparison of the reporting unit's estimated fair value with the carrying amount of its net assets. If necessary, step two of the impairment test determines the amount of goodwill impairment to be recorded when the reporting unit's recorded net assets exceed its fair value. Impairment is assessed at the reporting unit level by applying a fair value-based test for each unit with recorded goodwill. The estimates and judgments that most significantly affect the fair value calculations are assumptions, consisting of level three inputs, related to revenue and operating profit results, discount rates, terminal growth rates and exit multiples. As of December 31, 2019 and 2018 , our annual impairment test of goodwill was completed at the reporting unit level, and no impairment charges were determined to be necessary. The net book value of intangible assets totaled $18.7 million and $22.4 million as of December 31, 2019 and 2018 , respectively, and included finite-lived intangible assets of $16.2 million and $19.9 million , respectively, which are amortized over their estimated useful lives ranging from one year to twenty years . Based on our evaluations of intangible assets, no impairment charges were determined to be necessary as of December 31, 2019 and 2018 . Goodwill by segment is as follows: December 31, 2019 December 31, 2018 (in millions) Railcar Leasing and Management Services Group $ 1.8 $ 1.8 Rail Products Group 145.4 145.4 All Other 61.6 61.6 $ 208.8 $ 208.8 Restricted Cash Restricted cash consists of cash and cash equivalents held either as collateral for our non-recourse debt and lease obligations or as security for the performance of certain product sales agreements. As such, they are restricted in use. Investments in Affiliates We continuously evaluate our investments and other contractual arrangements with third party entities to determine if our variable interests are considered a variable interest entity ("VIE"). Consolidation is required for VIEs in which we are the primary beneficiary. We have determined that we are the primary beneficiary for TRIP Holdings and RIV 2013. At December 31, 2019 , the carrying value of our investment in TRIP Holdings and RIV 2013 totaled $186.5 million . For further information regarding our partially-owned leasing subsidiaries, see Note 5 of the Consolidated Financial Statements. Other Investments We hold certain other investments for which we do not have a controlling financial interest but have a significant influence over the financial and operating policies. The carrying values of our equity method investments totaled approximately $3.8 million and $3.4 million as of December 31, 2019 and 2018 , respectively. Insurance We are effectively self-insured for workers' compensation and employee health care claims. A third party administrator is used to process claims. We accrue our workers' compensation and group medical liabilities based upon independent actuarial studies. These liabilities are calculated based upon loss development factors, which contemplate a number of variables, including claims history and expected trends. 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 years ended December 31, 2019 , 2018 , and 2017 are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Beginning balance $ 7.4 $ 10.1 $ 12.0 Warranty costs incurred (3.8 ) (2.8 ) (4.8 ) Warranty originations and revisions 4.5 0.1 4.8 Warranty expirations — — (1.9 ) Ending balance $ 8.1 $ 7.4 $ 10.1 Foreign Currency Transactions The functional currency of our Mexico operations is the United States dollar. Certain transactions in Mexico occur in currencies other than the United States dollar. The impact of foreign currency fluctuations on these transactions is recorded in other, net (income) expense in our Consolidated Statement of Operations. Other Comprehensive Income (Loss) Other comprehensive net income (loss) consists of foreign currency translation adjustments, unrealized gains and losses on our derivative financial instruments, and the net actuarial gains and losses of our defined benefit plans, the sum of which, together with net income (loss), constitutes comprehensive income (loss). See Note 12 . All components are shown net of tax. 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 permitted 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. ASU 2018-16 — In October 2018, the FASB issued ASU No. 2018-16, "Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes," which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. ASU 2018-16 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted ASU 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedges. The adoption did not have a significant impact on our Consolidated Financial Statements and did not impact pre-existing hedges. Effective in 2020 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 adopting ASU 2016-13 effective January 1, 2020, and we do not currently expect a material opening retained earnings adjustment as a result of the adoption. Further, we do not expect the ongoing application of ASU 2016-13 to materially impact our Consolidated Financial Statements. 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 adopted ASU 2018-15 effective January 1, 2020 on a prospective basis. The adoption is not expected to have a significant impact on our Consolidated Financial Statements. Management's Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 2. Discontinued Operations
Note 2. Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 2 . 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 years ended December 31, 2019 and 2018 . We incurred $2.9 million , $36.3 million , and $14.2 million in spin-off related transaction costs during the years ended December 31, 2019 , 2018 , and 2017 , respectively, of which $2.9 million , $31.2 million , and $14.2 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 years ended December 31, 2019 , 2018 , and 2017 : Year Ended December 31, 2019 2018 2017 (in millions) Revenues $ — $ 1,042.0 $ 1,265.4 Cost of revenues — 840.8 971.0 Selling, engineering, and administrative expenses 4.1 116.8 116.3 Other (income) expense — (0.4 ) 1.6 Income (loss) from discontinued operations before income taxes (4.1 ) 84.8 176.5 Provision (benefit) for income taxes (1.0 ) 30.7 73.1 Income (loss) from discontinued operations, net of income taxes $ (3.1 ) $ 54.1 $ 103.4 |
Note 3. Derivative Instruments
Note 3. Derivative Instruments and Fair Value Measurements Derivative Instruments (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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 % $ — $ (0.1 ) $ — 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 1.0 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 2.2 $ 3.0 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.1 $ 0.2 2017 promissory notes – interest rate cap $ 169.3 3.00 % $ — $ (0.6 ) $ — Open hedge: 2017 promissory notes – interest rate swap $ 571.1 2.68 % $ (28.0 ) $ 27.8 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. Effect on interest expense – increase/(decrease) Year Ended December 31, Expected effect during next twelve months (1) 2019 2018 2017 (in millions) Expired hedges: 2006 secured railcar equipment notes $ (0.2 ) $ (0.2 ) $ (0.3 ) $ (0.1 ) 2018 secured railcar equipment notes $ 0.2 $ 0.1 $ — $ 0.2 TRIP Holdings warehouse loan $ 2.0 $ 2.2 $ 4.5 $ 2.0 TRIP Master Funding secured railcar equipment notes $ 0.2 $ 0.2 $ 0.4 $ 0.2 2017 promissory notes – interest rate cap $ (0.1 ) $ 0.1 $ — $ (0.1 ) Open hedge: 2017 promissory notes – interest rate swap $ 3.1 $ 0.3 $ — $ 3.1 (1) Based on the fair value of open hedges as of December 31, 2019 . Other Derivatives Included in accompanying balance sheet at December 31, 2019 Effect on cost of revenues –increase/(decrease) Notional Amount Asset/(Liability) AOCL – loss/(income) Year Ended December 31, 2019 Expected effect during next twelve months (1) (in millions) Foreign currency hedge $ 29.9 $ 1.2 $ (1.6 ) $ 0.1 $ 1.6 |
Note 3. Derivative Instrument_2
Note 3. Derivative Instruments and Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Disclosures [Text Block] | 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 December 31, 2019 December 31, 2018 (in millions) Assets: Cash equivalents $ 57.9 $ 124.9 Restricted cash 111.4 171.6 Total assets $ 169.3 $ 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. Foreign currency hedges are valued at exit prices obtained from each counterparty, which are based on currency spot and forward rates and forward points. The liabilities measured as Level 2 in the fair value hierarchy are summarized below: Level 2 December 31, 2019 December 31, 2018 (in millions) Assets: Foreign currency hedge (1) $ 1.2 $ — Total assets $ 1.2 $ — Liabilities: Interest rate hedge (2) $ 28.0 $ 12.9 Total liabilities $ 28.0 $ 12.9 (1) Included in other assets in our Consolidated Balance Sheets. (2) 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 December 31, 2019 and 2018 , we have no assets measured as Level 3 in the fair value hierarchy, except as described in Note 10 and Note 11 . 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. |
Note 4. Segment Information
Note 4. Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Information [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Note 4 . 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 business; 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. Our Chief Operating Decision Maker ("CODM") regularly reviews the operating results of our reportable segments in order to assess performance and allocate resources. Our CODM does not consider restructuring activities when evaluating segment operating results; therefore, restructuring activities are not allocated to segment profit or loss. 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 (in millions). We operate principally in North America. Year Ended December 31, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations — Lease Subsidiary (1) Eliminations — Other Consolidated Total External Revenue $ 1,116.3 $ 1,595.4 $ 293.4 $ — $ — $ — $ 3,005.1 Intersegment Revenue 0.9 1,331.1 51.7 — (1,331.1 ) (52.6 ) — Total Revenues $ 1,117.2 $ 2,926.5 $ 345.1 $ — $ (1,331.1 ) $ (52.6 ) $ 3,005.1 Depreciation & Amortization $ 232.2 $ 29.6 $ 12.8 $ 9.0 $ — $ — $ 283.6 Capital Expenditures $ 1,122.2 $ 85.6 $ 9.1 $ 2.3 $ — $ — $ 1,219.2 Year Ended December 31, 2018 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations — Lease Subsidiary (1) Eliminations — Other Consolidated Total External Revenue $ 842.0 $ 1,356.4 $ 310.7 $ — $ — $ — $ 2,509.1 Intersegment Revenue 0.8 990.3 50.6 — (990.3 ) (51.4 ) — Total Revenues $ 842.8 $ 2,346.7 $ 361.3 $ — $ (990.3 ) $ (51.4 ) $ 2,509.1 Depreciation & Amortization $ 196.6 $ 30.3 $ 15.1 $ 9.9 $ — $ — $ 251.9 Capital Expenditures $ 948.3 $ 16.0 $ 17.3 $ 4.0 $ — $ — $ 985.6 Year Ended December 31, 2017 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations — Lease Subsidiary (1) Eliminations — Other Consolidated Total External Revenue $ 842.2 $ 1,254.5 $ 300.7 $ — $ — $ — $ 2,397.4 Intersegment Revenue 1.0 789.5 32.4 — (789.5 ) (33.4 ) — Total Revenues $ 843.2 $ 2,044.0 $ 333.1 $ — $ (789.5 ) $ (33.4 ) $ 2,397.4 Depreciation & Amortization $ 172.3 $ 35.1 $ 12.8 $ 9.6 $ — $ (0.1 ) $ 229.7 Capital Expenditures $ 608.3 $ 4.9 $ 9.5 $ 7.6 $ — $ — $ 630.3 The reconciliation of segment operating profit or loss to consolidated net income is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Operating profit: Railcar Leasing and Management Services Group $ 406.6 $ 351.1 $ 444.5 Rail Products Group 281.4 172.1 196.3 All Other 16.1 35.7 1.4 Segment Totals before Eliminations, Corporate Expenses, and Restructuring activities 704.1 558.9 642.2 Corporate (108.0 ) (149.1 ) (175.1 ) Restructuring activities (14.7 ) — — Eliminations – Lease Subsidiary (1) (164.7 ) (95.1 ) (96.5 ) Eliminations – Other (0.4 ) 0.4 (2.3 ) Consolidated operating profit $ 416.3 $ 315.1 $ 368.3 Other (income) expense 215.6 163.5 172.9 Provision (benefit) for income taxes 61.5 42.6 (414.8 ) Income (loss) from discontinued operations, net of income taxes (3.1 ) 54.1 103.4 Net income $ 136.1 $ 163.1 $ 713.6 (1) Historically, "Eliminations – Lease Subsidiary" has included only railcar shipments from the Rail Products Group to the Leasing Group; however, beginning January 1, 2018, we elected to include the sales from our maintenance services business, previously reflected in Eliminations – Other, in "Eliminations – Lease Subsidiary." Previously reported amounts have been recast to conform to the current presentation. Total assets for these segments is shown in the table below. December 31, 2019 December 31, 2018 (in millions) Railcar Leasing and Management Services Group $ 8,012.6 $ 7,096.0 Rail Products Group 992.8 1,039.1 All Other 222.7 238.5 Segment Totals before Eliminations and Corporate 9,228.1 8,373.6 Corporate 378.1 443.4 Eliminations – Lease Subsidiary (903.8 ) (827.7 ) Eliminations – Other (1.0 ) (0.1 ) Total Assets $ 8,701.4 $ 7,989.2 Corporate assets are composed of cash and cash equivalents, short-term marketable securities, notes receivable, certain property, plant, and equipment, and other assets. We operate principally in North America. Our foreign operations are primarily located in Mexico. Revenues and operating profit for our Mexico operations for the years ended December 31, 2019 , 2018 , and 2017 were not significant in relation to the Consolidated Financial Statements. Total assets for our Mexico operations as of December 31, 2019 and 2018 are $136.0 million and $116.0 million , respectively. Total long-lived assets for our Mexico operations as of December 31, 2019 and 2018 are $112.2 million and $84.2 million , respectively. |
Note 5. Partially Owned Leasing
Note 5. Partially Owned Leasing Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Partially-Owned Leasing Subsidiaries [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Note 5 . 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 services in North America for institutional investors. 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 December 31, 2019 , the carrying value of our investment in TRIP Holdings and RIV 2013 totaled $186.5 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. |
Note 6. Railcar Leasing and Man
Note 6. Railcar Leasing and Management Services Group | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Leasing Operations Of The Company [Text Block] | Note 6 . 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: December 31, 2019 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 1.8 $ — $ 1.8 $ — $ 1.8 Accounts receivable 73.9 8.7 82.6 — 82.6 Property, plant, and equipment, net 5,818.9 1,786.7 7,605.6 (903.8 ) 6,701.8 Restricted cash 78.4 33.0 111.4 — 111.4 Other assets 209.8 1.4 211.2 — 211.2 Total assets $ 6,182.8 $ 1,829.8 $ 8,012.6 $ (903.8 ) $ 7,108.8 Accounts payable and accrued liabilities $ 72.7 $ 44.6 $ 117.3 $ — $ 117.3 Debt, net 3,080.7 1,278.4 4,359.1 — 4,359.1 Deferred income taxes 861.7 1.1 862.8 (184.8 ) 678.0 Other liabilities 60.7 — 60.7 — 60.7 Total liabilities 4,075.8 1,324.1 5,399.9 (184.8 ) 5,215.1 Noncontrolling interest — 348.8 348.8 — 348.8 Total Equity $ 2,107.0 $ 156.9 $ 2,263.9 $ (719.0 ) $ 1,544.9 December 31, 2018 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 6.0 $ — $ 6.0 $ — $ 6.0 Accounts receivable 63.0 8.7 71.7 — 71.7 Property, plant, and equipment, net 4,976.5 1,814.7 6,791.2 (827.7 ) 5,963.5 Restricted cash 134.9 36.6 171.5 — 171.5 Other assets 52.7 2.9 55.6 — 55.6 Total assets $ 5,233.1 $ 1,862.9 $ 7,096.0 $ (827.7 ) $ 6,268.3 Accounts payable and accrued liabilities $ 89.9 $ 38.6 $ 128.5 $ — $ 128.5 Debt, net 2,316.6 1,315.2 3,631.8 — 3,631.8 Deferred income taxes 797.6 1.0 798.6 (163.2 ) 635.4 Other liabilities 12.9 — 12.9 — 12.9 Total liabilities 3,217.0 1,354.8 4,571.8 (163.2 ) 4,408.6 Noncontrolling interest — 351.2 351.2 — 351.2 Total Equity $ 2,016.1 $ 156.9 $ 2,173.0 $ (664.5 ) $ 1,508.5 (1) Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation. Net deferred profit and the related deferred tax impact are included as adjustments to the property, plant, and equipment, net and deferred income taxes line items, respectively, in the Eliminations – Lease Subsidiary column above to reflect the net book value of the railcars purchased by the Leasing Group from the Rail Products Group based on manufacturing cost. See Note 5 and Note 8 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness. Year Ended December 31, Percent Change 2019 2018 2017 2019 versus 2018 2018 versus 2017 ($ in millions) Revenues: Leasing and management $ 756.5 $ 728.9 $ 743.6 3.8 % (2.0 )% Sales of railcars owned one year or less at the time of sale (1) 360.7 113.9 99.6 216.7 % 14.4 % Total revenues $ 1,117.2 $ 842.8 $ 843.2 32.6 % — % Operating profit (2) : Leasing and management $ 314.7 $ 291.8 $ 341.3 7.8 % (14.5 )% Railcar sales: Railcars owned one year or less at the time of sale 41.4 21.5 19.7 92.6 % 9.1 % Railcars owned more than one year at the time of sale 50.5 50.4 83.5 0.2 % (39.6 )% Property disposition losses (3) — (12.6 ) — * * Total operating profit $ 406.6 $ 351.1 $ 444.5 15.8 % (21.0 )% Total operating profit margin 36.4 % 41.7 % 52.7 % Leasing and management operating profit margin 41.6 % 40.0 % 45.9 % Selected expense information: Depreciation $ 232.2 $ 196.6 $ 172.3 18.1 % 14.1 % Maintenance and compliance $ 102.1 $ 99.3 $ 96.4 2.8 % 3.0 % Rent $ 16.9 $ 42.4 $ 39.9 (60.1 )% 6.3 % Selling, engineering, and administrative expenses $ 49.5 $ 51.1 $ 50.7 (3.1 )% 0.8 % Interest $ 197.2 $ 142.3 $ 125.8 38.6 % 13.1 % * Not meaningful (1) Includes revenues associated with sales-type leases of $160.5 million for the year ended December 31, 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. (3) Property disposition losses during the year ended December 31, 2018 included a non-cash charge of $12.6 million associated with our election to forego the early purchase options contained in certain lease agreements. During the years ended December 31, 2019 , 2018 , and 2017 , information related to the sales of leased railcars is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Sales of leased railcars: Railcars owned one year or less at the time of sale (1) $ 360.7 $ 113.9 $ 99.6 Railcars owned more than one year at the time of sale 205.7 230.5 360.7 $ 566.4 $ 344.4 $ 460.3 Operating profit on sales of leased railcars: Railcars owned one year or less at the time of sale $ 41.4 $ 21.5 $ 19.7 Railcars owned more than one year at the time of sale 50.5 50.4 83.5 $ 91.9 $ 71.9 $ 103.2 Operating profit margin on sales of leased railcars: Railcars owned one year or less at the time of sale 11.5 % 18.9 % 19.8 % Railcars owned more than one year at the time of sale 24.6 % 21.9 % 23.1 % Weighted average operating profit margin on sales of leased railcars 16.2 % 20.9 % 22.4 % (1) Includes revenues associated with sales-type leases of $160.5 million for the year ended December 31, 2019 . Railcar Leasing Portfolio. The Leasing Group's 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: 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future contractual minimum rental revenue $ 560.0 $ 445.8 $ 342.6 $ 241.5 $ 153.5 $ 268.0 $ 2,011.4 Debt. Wholly-owned subsidiaries. The Leasing Group’s debt at December 31, 2019 consisted primarily of non-recourse debt. As of December 31, 2019 , Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $4,501.2 million which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at December 31, 2019 was $1,303.5 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 $1,246.1 million is pledged as collateral for the TRIP Master Funding debt. TRL-2012 equipment with a net book value of $540.6 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 was 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, were 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 the Leasing Group's railcar operating lease obligations are as follows: 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future operating lease obligations $ 9.8 $ 8.2 $ 7.5 $ 5.5 $ 2.3 $ 0.9 $ 34.2 Future contractual minimum rental revenues $ 8.1 $ 6.1 $ 4.5 $ 2.2 $ 0.5 $ 0.3 $ 21.7 Operating lease obligations totaling $2.9 million are guaranteed by Trinity Industries, Inc. and certain subsidiaries. The Leasing Group also has future amounts due for operating lease obligations related to office space of approximately $2.4 million , which is excluded from the table above. |
Note 7. Property, Plant, and Eq
Note 7. Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Note 7. Property, Plant, and Equipment The following table summarizes the components of property, plant, and equipment: December 31, 2019 December 31, 2018 (in millions) Manufacturing/Corporate: Land $ 28.4 $ 24.2 Buildings and improvements 402.2 385.5 Machinery and other 546.7 537.2 Construction in progress 63.1 16.3 1,040.4 963.2 Less accumulated depreciation (631.6 ) (592.3 ) 408.8 370.9 Leasing: Wholly-owned subsidiaries: Machinery and other 13.7 13.5 Equipment on lease 6,944.2 5,934.8 6,957.9 5,948.3 Less accumulated depreciation (1,139.0 ) (971.8 ) 5,818.9 4,976.5 Partially-owned subsidiaries: Equipment on lease 2,410.0 2,371.9 Less accumulated depreciation (623.3 ) (557.2 ) 1,786.7 1,814.7 Deferred profit on railcars sold to the Leasing Group (1,135.8 ) (1,030.0 ) Less accumulated amortization 232.0 202.3 (903.8 ) (827.7 ) $ 7,110.6 $ 6,334.4 We lease certain equipment and facilities under operating leases. See Note 1 for future operating lease obligations on non-Leasing Group leases. See Note 1 and Note 6 for information related to the lease agreements, future operating lease obligations, and future minimum rental revenues associated with the Leasing Group. We did not capitalize any interest expense as part of the construction of facilities and equipment during 2019 or 2018 . We estimate the fair market value of properties no longer in use based on the location and condition of the properties, the fair market value of similar properties in the area, and our experience selling similar properties in the past. As of December 31, 2019 , we had non-operating plants with a net book value of $13.8 million . See Note 11 for further information regarding asset impairment charges related to non-operating plants that were recorded during the year ended December 31, 2019. |
Note 8. Debt
Note 8. Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Note 8 . Debt The carrying amounts and estimated fair values of our long-term debt are as follows: December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Corporate – Recourse: Revolving credit facility $ 125.0 $ 125.0 $ — $ — Senior notes, net of unamortized discount of $0.2 and $0.3 399.8 411.7 399.7 343.7 524.8 536.7 399.7 343.7 Less: unamortized debt issuance costs (2.0 ) (2.3 ) Total recourse debt 522.8 397.4 Leasing – Non-recourse: Wholly-owned subsidiaries: 2006 secured railcar equipment notes 109.3 114.0 133.4 138.0 2009 secured railcar equipment notes 147.8 168.7 159.7 174.0 2010 secured railcar equipment notes 248.5 264.3 257.0 264.0 2017 promissory notes 627.1 627.1 660.2 660.2 2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2 452.1 466.2 472.2 475.2 TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $1.4 and $2.5 265.4 270.9 279.0 278.1 2019 secured railcar equipment notes, net of unamortized discount of $0.4 and $- 901.0 904.9 — — TILC warehouse facility 353.4 353.4 374.8 374.8 3,104.6 3,169.5 2,336.3 2,364.3 Less: unamortized debt issuance costs (23.9 ) (19.7 ) 3,080.7 2,316.6 Partially-owned subsidiaries: TRL 2012 secured railcar equipment notes 371.4 374.4 386.2 370.9 TRIP Master Funding secured railcar equipment notes 917.9 984.0 941.7 963.0 1,289.3 1,358.4 1,327.9 1,333.9 Less: unamortized debt issuance costs (10.9 ) (12.7 ) 1,278.4 1,315.2 Total non–recourse debt 4,359.1 3,631.8 Total debt $ 4,881.9 $ 5,064.6 $ 4,029.2 $ 4,041.9 The estimated fair value of our 4.55% senior notes due 2024 ("Senior Notes") is based on a quoted market price in a market with little activity as of December 31, 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 December 31, 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. Revolving Credit Facility — We have a $450.0 million unsecured corporate revolving credit facility that matures in November 2023. Additionally, we are permitted to increase the amount of the commitments under the revolving credit facility by an aggregate amount not to exceed $200.0 million , subject to certain conditions, including the agreement of existing lenders to increase their commitments or by obtaining commitments from one or more new lenders. During the year ended December 31, 2019 , we had total borrowings of $1.0 billion and total repayments of $875.0 million under the revolving credit facility, with a remaining outstanding balance of $125.0 million as of December 31, 2019 . Additionally, we had outstanding letters of credit issued in an aggregate principal amount of $35.5 million , leaving $289.5 million available for borrowing as of December 31, 2019 . The outstanding letters of credit as of December 31, 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% ( 1.50% as of December 31, 2019 ). A commitment fee accrues on the average daily unused portion of the revolving facility at the rate of 0.175% to 0.30% ( 0.20% as of December 31, 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 December 31, 2019 , we were in compliance with all such financial covenants. Borrowings under the credit facility are guaranteed by certain of our 100%-owned subsidiaries. Senior Notes Due 2024 — In September 2014, we issued $400.0 million aggregate principal amount of 4.55% senior notes due October 2024. Interest on the Senior Notes is payable semiannually commencing April 1, 2015. The Senior Notes rank senior to existing and future subordinated debt, including our Notes and rank equal to existing and future senior indebtedness, including our revolving credit facility. The Senior Notes are subordinated to all our existing and future secured debt to the extent of the value of the collateral securing such indebtedness. The Senior Notes contain covenants that limit our ability and/or certain subsidiaries' ability to create or permit to exist certain liens; enter into sale and leaseback transactions; and consolidate, merge, or transfer all or substantially all of our assets. Our Senior Notes are fully and unconditionally and jointly and severally guaranteed by each of Trinity’s domestic subsidiaries that is a guarantor under our revolving credit facility. See Note 16 . Wholly-owned leasing subsidiaries TRL V — In May 2006, Trinity Rail Leasing V, L.P., a limited partnership (“TRL V”) and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC issued $355.0 million in aggregate principal amount of Secured Railcar Equipment Notes, Series 2006-1A (the “2006 Secured Railcar Equipment Notes”), of which $109.3 million was outstanding as of December 31, 2019 . The 2006 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture, dated May 24, 2006, between TRL V and Wilmington Trust Company, as indenture trustee. The 2006 Secured Railcar Equipment Notes bear interest at a fixed rate of 5.90% per annum, are payable monthly, and have a final maturity of May 14, 2036. The 2006 Secured Railcar Equipment Notes are obligations of TRL V 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 V. TRL VII — In November 2009, Trinity Rail Leasing VII LLC, a Delaware limited liability company (“TRL VII”) and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $238.3 million in aggregate principal amount of Secured Railcar Equipment Notes, Series 2009-1 (the “2009 Secured Railcar Equipment Notes”), of which $147.8 million was outstanding as of December 31, 2019 . The 2009 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture, dated November 5, 2009 between TRL VII and Wilmington Trust Company, as indenture trustee. The 2009 Secured Railcar Equipment Notes bear interest at a fixed rate of 6.66% per annum, are payable monthly, and have a final maturity date of November 16, 2039. The 2009 Secured Railcar Equipment Notes are obligations of TRL VII 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 VII. TRL-2010 — In October 2010, Trinity Rail Leasing 2010 LLC, a Delaware limited liability company ("TRL-2010") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $369.2 million in aggregate principal amount of Secured Railcar Equipment Notes, Series 2010-1 (“2010 Secured Railcar Equipment Notes"), of which $248.5 million was outstanding as of December 31, 2019 . The 2010 Secured Railcar Equipment Notes were issued pursuant to an Indenture, dated as of October 25, 2010 between TRL-2010 and Wilmington Trust Company, as indenture trustee. The 2010 Secured Railcar Equipment Notes bear interest at a fixed rate of 5.19% , are payable monthly, and have a stated final maturity date of October 16, 2040. The 2010 Secured Railcar Equipment Notes are obligations of TRL-2010 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-2010. TILC Warehouse Loan Facility — TILC has a $750.0 million warehouse loan facility, which was established to finance railcars owned by TILC. During the year ended December 31, 2019 , we had total borrowings of $663.1 million and total repayments of $684.5 million under the TILC warehouse loan facility, with a remaining outstanding balance of $353.4 million as of December 31, 2019 . The entire unused facility amount of $396.6 million was available as of December 31, 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 3.32% at December 31, 2019 . Amounts outstanding at maturity, absent renewal, are payable in March 2022. TRL-2017 — Trinity Rail Leasing 2017, LLC, a Delaware limited liability company ("TRL-2017") and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, previously issued $302.4 million of promissory notes (the "2017 Promissory Notes") due May 15, 2024. In November 2018, the 2017 Promissory Notes were extended through November 8, 2025 at an increased aggregate amount of $663.0 million , of which $627.1 million was outstanding as of December 31, 2019 . The 2017 Promissory Notes are obligations of TRL-2017 and are non-recourse to Trinity. The 2017 Promissory Notes bear interest at Libor plus a margin for an all-in interest rate of 3.25% as of December 31, 2019 , payable monthly. The 2017 Promissory Notes are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2017. TRL-2018 — In June 2018, TRL-2018, a Delaware limited liability company and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $482.5 million in Secured Railcar Equipment Notes (the "TRL-2018 Secured Railcar Equipment Notes"). The TRL-2018 Secured Railcar Equipment Notes consisted of two classes of notes with (i) an aggregate principal amount of $200.0 million of TRL-2018's Series 2018-1 Class A-1 Secured Railcar Equipment Notes (the "Class A-1 Notes"), and (ii) an aggregate principal amount of $282.5 million of TRL-2018's Series 2018-1 Class A-2 Secured Railcar Equipment Notes (the “Class A-2 Notes”). The TRL-2018 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture, dated June 20, 2018 between TRL-2018 and Wilmington Trust Company, as indenture trustee. The Class A-1 Notes, of which $169.8 million was outstanding as of December 31, 2019 , bear interest at a fixed rate of 3.82% , are payable monthly, and have a stated final maturity date of June 17, 2048. The Class A-2 Notes, of which $282.5 million was outstanding as of December 31, 2019 , bear interest at a fixed rate of 4.62% , are payable monthly, and have a stated final maturity date of June 17, 2048. The Notes are obligations of TRL-2018 only, secured by a portfolio of railcars and operating leases thereon acquired and owned by TRL-2018, certain cash reserves, and other assets of TRL-2018. TRIHC 2018 — In October 2018, TRIHC 2018 was acquired by the Leasing Group, from an unrelated seller, and included the entire equity interest of a railcar leasing entity for $75.4 million in cash. As a result of the purchase transaction, the Leasing Group acquired approximately 4,150 railcars, substantially all of which are currently under lease to third parties, and assumed indebtedness of approximately $283.9 million with maturities ranging from 2018 through 2035, of which $265.4 million , net of unamortized discount, was outstanding as of December 31, 2019 . 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, of which $516.2 million was outstanding as of December 31, 2019 , 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. In October 2019, TRL-2019 issued an additional $386.5 million in Secured Railcar Equipment Notes (the "TRL-2019-2 Secured Railcar Equipment Notes"). The TRL-2019-2 Secured Railcar Equipment Notes consisted of two classes of notes with (i) an aggregate principal amount of $106.9 million of TRL-2019's Series 2019-2 Class A-1 Secured Railcar Equipment Notes (the "Class A-1 Notes"), and (ii) an aggregate principal amount of $279.6 million of TRL-2019's Series 2019-2 Class A-2 Secured Railcar Equipment Notes (the “Class A-2 Notes”). The TRL-2019-2 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture, dated April 10, 2019 between TRL-2019 and U.S. Bank National Association, as indenture trustee, as supplemented by a Series 2019-2 Supplement dated as of October 17, 2019. The Class A-1 Notes, of which $105.6 million was outstanding as of December 31, 2019 , bear interest at a fixed rate of 2.39% , are payable monthly, and have a stated final maturity date of October 17, 2049. The Class A-2 Notes, of which $279.6 million was outstanding as of December 31, 2019 , bear interest at a fixed rate of 3.10% , are payable monthly, and have a stated final maturity date of October 17, 2049. The TRL-2019-2 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 these two transactions were used to repay approximately $514.0 million in outstanding borrowings under the Leasing Group's secured warehouse loan facility, to repay approximately $250.0 million in outstanding borrowings under the Company's revolving credit facility, and for general corporate purposes. Partially-owned leasing subsidiaries TRIP Master Funding — The TRIP Master Funding Secured Railcar Equipment Notes consisted of three classes with the Class A-1a notes bearing interest at 4.37% , the Class A-1b notes bearing interest at LIBOR plus 2.50% , and the Class A-2 notes bearing interest at 6.02% , all payable monthly, with a final maturity date in July 2041. In May 2014, TRIP Master Funding issued $335.7 million in aggregate principal amount of Series 2014-1 Secured Railcar Equipment Notes consisting of two classes with the Class A-1 notes bearing interest at 2.86% and the Class A-2 notes bearing interest at 4.09% , with a final maturity date of April 2044. In August 2017, TRIP Master Funding issued $237.9 million in aggregate principal amount of Series 2017-1 Secured Railcar Equipment Notes pursuant to the Master Indenture between TRIP Master Funding and Wilmington Trust Company, as indenture trustee, with a final maturity date of August 2047. The proceeds from the issuance were used primarily to retire the TRIP Master Funding Secured Railcar Equipment Notes Class A-1a and Class A-1b notes as well as the TRIP Master Funding Series 2014-1 Secured Railcar Equipment Notes Class A-1 notes in full. The TRIP Master Funding Secured Railcar Equipment Notes and the TRIP Master Funding Series 2014-1 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture dated July 6, 2011 between TRIP Master Funding and Wilmington Trust Company, as indenture trustee; are non-recourse to Trinity, TILC, TRIP Holdings, and the other equity investors in TRIP Holdings; and are secured by TRIP Master Funding's portfolio of railcars and operating leases thereon, its cash reserves, and all other assets owned by TRIP Master Funding. As of December 31, 2019 , there were $508.8 million outstanding of the Class A-2 TRIP Master Funding Secured Railcar Equipment Notes and $220.7 million of the Class A-2 Series 2014-1 Secured Railcar Equipment Notes. The TRIP Master Funding Series 2017-1 Secured Railcar Equipment Notes consist of two classes with the Class A-1 notes bearing interest at 2.71% and the Class A-2 notes bearing interest at 3.74% . The TRIP Master Funding Series 2017-1 Secured Railcar Equipment Notes are non-recourse to Trinity, TILC, TRIP Holdings, and the other equity investors in TRIP Holdings and are secured by TRIP Master Funding's portfolio of railcars and operating leases thereon, its cash reserves, and all other assets owned by TRIP Master Funding. As of December 31, 2019 , there were $53.5 million and $134.9 million of Class A-1 and Class A-2 notes outstanding, respectively. TRL-2012 — In December 2012, TRL-2012, a Delaware limited liability company and a limited purpose, indirect wholly-owned subsidiary of the Company owned through TILC, issued $145.4 million in aggregate principal amount of Series 2012-1 Class A-1 Secured Railcar Equipment Notes (the "2012 Class A-1 Notes") and $188.4 million in aggregate principal amount of Series 2012-1 Class A-2 Secured Railcar Equipment Notes (the "2012 Class A-2 Notes" and collectively with the 2012 Class A-1 Notes, the "2012 Secured Railcar Equipment Notes"), of which $41.6 million and $188.4 million , respectively, were outstanding as of December 31, 2019 . The 2012 Class A-1 Notes bear interest at a fixed rate of 2.27% , are payable monthly, and have a stated final maturity date of January 15, 2043. The 2012 Class A-2 Notes bear interest at a fixed rate of 3.53% , are payable monthly, and have a stated final maturity date of January 15, 2043. In May 2013, TRL-2012 became a subsidiary of one of the Company's partially-owned subsidiaries, RIV 2013. See Note 5 for further explanation. In August 2013, TRL-2012 issued $183.4 million in aggregate principal amount of Series 2013-1 Secured Railcar Equipment Notes of which $141.4 million was outstanding as of December 31, 2019 . The 2013-1 Secured Railcar Equipment Notes bear interest at a fixed rate of 3.90% , are payable monthly, and have a stated final maturity date of July 15, 2043. The 2012 Secured Railcar Equipment Notes and the 2013-1 Secured Railcar Equipment Notes were issued pursuant to a Master Indenture dated December 19, 2012 between TRL-2012 and Wilmington Trust Company, as indenture trustee; are non-recourse to Trinity, TILC, RIV 2013, and the other equity investors in RIV 2013; and are secured by TRL-2012's portfolio of railcars and operating leases thereon, its cash reserves, and all other assets owned by TRL-2012. TRIP Master Funding and TRL-2012 are wholly-owned subsidiaries of TRIP Holdings and RIV 2013, respectively, which, in turn, are partially-owned subsidiaries of the Company, through its wholly-owned subsidiary, TILC. Our combined weighted average ownership interest in TRIP Holdings and RIV 2013 is 38% . See Note 5 for further explanation. The remaining principal payments under existing debt agreements as of December 31, 2019 are as follows: 2020 2021 2022 2023 2024 Thereafter Total (in millions) Recourse: Corporate $ — $ — $ — $ 125.0 $ 400.0 $ — $ 525.0 Non-recourse – leasing (Note 6): 2006 secured railcar equipment notes 34.3 29.1 29.8 16.1 — — 109.3 2009 secured railcar equipment notes 6.6 13.4 14.0 11.8 14.5 87.5 147.8 2010 secured railcar equipment notes 14.5 20.0 20.9 22.4 18.5 152.2 248.5 2017 promissory notes 33.1 33.1 33.2 33.2 33.2 461.3 627.1 2018 secured railcar equipment notes 20.0 20.0 20.0 20.0 20.0 352.3 452.3 TRIHC 2018 secured railcar equipment notes 10.6 11.8 9.3 11.7 14.7 208.7 266.8 2019 secured railcar equipment notes 36.2 38.0 37.0 35.1 36.8 718.3 901.4 TILC warehouse facility 11.8 11.8 2.0 — — — 25.6 Facility termination payments – TILC warehouse facility — — 327.8 — — — 327.8 TRL 2012 secured railcar equipment notes 19.3 19.9 19.6 26.8 28.9 256.9 371.4 TRIP Master Funding secured railcar equipment notes 32.9 40.4 41.8 37.0 191.6 574.2 917.9 Total principal payments $ 219.3 $ 237.5 $ 555.4 $ 339.1 $ 758.2 $ 2,811.4 $ 4,920.9 |
Note 9. Income Taxes
Note 9. Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Note 9 . Income Taxes The components of the provision (benefit) for income taxes from continuing operations are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Current: Federal $ (6.0 ) $ (19.1 ) $ (61.1 ) State 6.6 (1.5 ) (1.1 ) Foreign 6.1 5.3 4.5 Total current 6.7 (15.3 ) (57.7 ) Deferred: Federal Effect of Tax Cuts and Jobs Act — (5.9 ) (476.2 ) Other 44.0 49.1 121.9 44.0 43.2 (354.3 ) State 12.3 14.7 (2.8 ) Foreign (1.5 ) — — Total deferred 54.8 57.9 (357.1 ) Provision (benefit) $ 61.5 $ 42.6 $ (414.8 ) The provision for income taxes from continuing operations results in effective tax rates that differ from the statutory rates. The following is a reconciliation between the statutory U.S. federal income tax rate and our effective income tax rate on income before income taxes: Year Ended December 31, 2019 2018 2017 Statutory rate 21.0 % 21.0 % 35.0 % State taxes 2.2 2.3 (1.9 ) Foreign branch taxes 1.2 2.9 — Executive compensation limitations 1.2 0.9 — Interest expense limitations from partially-owned subsidiaries 1.0 1.3 — Noncontrolling interest in partially-owned subsidiaries 0.1 (0.5 ) (2.0 ) Equity compensation (0.8 ) (1.4 ) 0.8 Changes in state laws and apportionment 4.3 5.2 (0.5 ) Effect of Tax Cuts and Jobs Act — (3.9 ) (243.7 ) Changes in valuation allowances and reserves — 1.6 1.9 Settlements with tax authorities — — (2.1 ) Other, net 0.4 (1.3 ) 0.3 Effective rate 30.6 % 28.1 % (212.2 )% The effective tax rate is based upon the U.S. statutory rate of 21.0% , 21.0% , and 35.0% for the years ended December 31, 2019 , 2018 , and 2017 , respectively. For the year ended December 31, 2019 , the difference between the U.S. statutory rate and effective tax rate is primarily due to state income tax expense, foreign branch taxes, and changes in state tax laws and apportionment. The changes in apportionment include the effects of a one-time, non-cash, deferred tax impact related to our planned Maintenance Services expansion into a new Midwest facility of $9.7 million . For the year ended December 31, 2018, the difference between the U.S. statutory tax rate and the effective tax rate was primarily attributed to state taxes, foreign branch taxes, the impact changes in state apportionment and state tax laws, and the final accounting for the effects of the Tax Cuts and Jobs Act (the "Tax Act") that was enacted on December 22, 2017. For the year ended December 31, 2017, the difference between the statutory tax rate and effective tax rate was primarily attributable to the enactment of the Tax Act. See Note 5 for a further explanation of activities with respect to our partially-owned leasing subsidiaries. The Tax Act reduced the U.S. federal corporate income tax rate from 35.0% to 21.0% . The Tax Act also required certain calendar year companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that had previously not been taxed in the U.S. as part of their 2017 tax return filing. Beginning with the 2018 tax year, the Tax Act subjects certain earnings of foreign subsidiaries to U.S. taxation; in 2018, the Company did not incur the new U.S. tax on the income of its foreign subsidiaries. For the year ended December 31, 2017, we recognized a provisional net benefit of $476.2 million . During the year ended December 31, 2018, we finalized the accounting for the enactment of the Tax Act and recorded an additional benefit of $5.9 million , primarily as a result of truing up deferred taxes and our calculation of the one-time transition tax. Income (loss) before income taxes for the years ended December 31, 2019 , 2018 , and 2017 was $201.1 million , $139.8 million , and $186.2 million , respectively, for U.S. operations, and $(0.4) million , $11.8 million , and $9.2 million , respectively, for foreign operations, principally Mexico and Canada. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred tax liabilities and assets are as follows: December 31, 2019 2018 (in millions) Deferred tax liabilities: Depreciation, depletion, and amortization $ 913.4 $ 718.4 Partially-owned subsidiaries basis difference 144.7 131.7 Right-of-use assets 10.0 — Total deferred tax liabilities 1,068.1 850.1 Deferred tax assets: Workers compensation, pensions, and other benefits 3.1 5.7 Warranties and reserves 4.5 8.1 Equity items 46.1 34.0 Tax loss carryforwards and credits 229.0 65.5 Inventory 5.1 8.9 Accrued liabilities and other 9.7 9.1 Lease liabilities 10.0 — Total deferred tax assets 307.5 131.3 Net deferred tax liabilities before valuation allowances 760.6 718.8 Valuation allowances 19.5 15.1 Net deferred tax liabilities before reserve for uncertain tax positions 780.1 733.9 Deferred tax assets included in reserve for uncertain tax positions (1.0 ) (2.3 ) Adjusted net deferred tax liabilities $ 779.1 $ 731.6 At December 31, 2019 , we had $940.5 million of federal consolidated net operating loss carryforwards and $13.2 million of tax-effected state loss carryforwards remaining. $18.9 million of the federal net operating loss carryforwards was acquired as part of an acquisition of a company in 2010 and is subject to limitations on the amount that can be utilized in any one tax year. The acquired federal net operating loss carryforwards are due to expire in 2028 and 2029. The federal net operating loss generated in the current year can be carried forward indefinitely. We have established a valuation allowance for federal, state, and foreign tax operating losses and credits that we have estimated may not be realizable. Taxing authority examinations We have settled our 2015 and 2016 tax years and received partial acceptance of our 2017 and 2018 tax years, pending final review of items related to the spin-off of Arcosa. The 2014-2019 tax years remain open. Our subsidiaries in Mexico file separate tax returns and are subject to examination by taxing authorities at different times. The entities statutes of limitations are open for their 2014 tax years and forward. Unrecognized tax benefits The change in unrecognized tax benefits for the years ended December 31, 2019 , 2018 , and 2017 was as follows: Year Ended December 31, 2019 2018 2017 (in millions) Beginning balance $ 8.1 $ 7.0 $ 20.7 Additions for tax positions of prior years — 3.0 4.5 Reductions for tax positions of prior years — (0.3 ) — Settlements (5.8 ) (1.5 ) (17.2 ) Expiration of statute of limitations — (0.1 ) (1.0 ) Ending balance $ 2.3 $ 8.1 $ 7.0 Settlements during the years ended December 31, 2019 and 2018 were due to the resolution of state audits. Settlements for the year ended December 31, 2017 were due to the Internal Revenue Service's ("IRS") resolution of our 2006-2009 tax years. Expiration of statutes of limitations during the years ended December 31, 2018 and 2017 relate to the 2013 and 2012 federal tax return, respectively, as well as some state statutes. The total amount of unrecognized tax benefits including interest and penalties at December 31, 2019 and 2018 , that would affect our effective tax rate if recognized, was $4.0 million and $9.4 million , respectively. Trinity accounts for interest expense and penalties related to income tax issues as income tax expense. Accordingly, interest expense and penalties associated with an uncertain tax position are included in the income tax provision. The total amount of accrued interest and penalties from continuing operations as of December 31, 2019 and 2018 was $2.7 million and $3.7 million , respectively. Income tax expense for the years ended December 31, 2019 , 2018 , and 2017 included a decrease of $1.0 million , an increase of $0.5 million , and a decrease of $3.3 million , respectively, with regard to interest expense and penalties related to uncertain tax positions. |
Note 10. Employee Retirement Pl
Note 10. Employee Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 10 . Employee Retirement Plans We sponsor defined benefit plans and defined contribution profit sharing plans that provide retirement income and death benefits for eligible employees. The annual measurement date of the benefit obligations, fair value of plan assets, and funded status is December 31. Planned Pension Plan Termination On September 4, 2019, our Board of Directors approved the termination of the Trinity Industries, Inc. Consolidated Pension Plan (the "Pension Plan"), effective December 31, 2019. Except for retirees currently receiving payments under the Pension Plan, participants will have the choice of receiving a single lump sum payment or an annuity from a highly-rated insurance company that will pay and administer future benefit payments. The Pension Plan is expected to be settled between late 2020 and early 2021, subject to required governmental approvals, and would then result in the Company no longer having any remaining funded pension plan obligations. Upon settlement, we expect to incur pre-tax pension settlement charges totaling between $155 million and $185 million . The settlement charges will be recognized in our Statement of Operations in two phases, with the first charge to be recognized when payments are made to those participants electing to receive a lump sum distribution, and the second charge to be recognized when the annuity contracts are purchased to settle all remaining outstanding pension obligations. The range of settlement charges includes: (1) a non-cash charge for the recognition of all pre-tax actuarial losses accumulated in AOCL related to the Pension Plan, which totaled approximately $170.1 million ( $131.2 million , net of tax) as of December 31, 2019 ; and (2) a potential additional cash contribution to settle all of the Pension Plan’s obligations, which is not expected to exceed $15.0 million . The actual amount of the settlement charges and any potential cash contribution will depend on interest rates, Pension Plan asset returns, the lump-sum election rate, and other factors. In anticipation of the planned settlement of the Pension Plan, our benefit obligations as of December 31, 2019 were valued based on the amounts expected to be required to settle these obligations, which included assumptions regarding the portion of obligations expected to be settled through lump sum payments or annuity contracts, and the current estimates of the cost to purchase such annuity contracts. Actuarial assumptions Year Ended December 31, 2019 2018 2017 Assumptions used to determine benefit obligations at the annual measurement date were: Obligation discount rate 2.73% 4.45% 3.79% Compensation increase rate (1) n/a n/a 4.00% Assumptions used to determine net periodic benefit costs were: Obligation discount rate 4.45% 3.79% 4.34% Long-term rate of return on plan assets 4.90% 5.65% 6.25% Compensation increase rate (1) n/a n/a 4.00% (1) The compensation increase rate pertains to a plan associated with our Former Inland Barge Group. The Inland Barge Group was transferred to Arcosa in connection with the spin-off, but Trinity retained the pension plan. Effective as of November 1, 2018, all participants in this plan have been granted the maximum benefit allowed under the plan; therefore, the compensation increase rate is not applicable. The obligation discount rate assumption is determined by deriving a single discount rate from a theoretical settlement portfolio of high quality corporate bonds sufficient to provide for the plans' projected benefit payments. The expected long-term rate of return on the plans' assets is an assumption reflecting the anticipated weighted average rate of earnings on the portfolio over the long-term. To arrive at this rate, estimates were developed based upon the anticipated performance of the plans' assets. Substantially all of the accrued benefits of our remaining pension plans were frozen in 2009, with all qualified pension plans frozen as of December 31, 2019. Components of Net Periodic Benefit Cost and Other Retirement Expenses Year Ended December 31, 2019 2018 2017 (in millions) Expense Components Service cost $ 0.1 $ 0.1 $ 0.2 Interest 19.7 18.3 19.6 Expected return on plan assets (23.0 ) (27.4 ) (27.2 ) Amortization of actuarial loss 4.6 4.8 4.9 Other — 0.6 — Net periodic benefit cost 1.4 (3.6 ) (2.5 ) Profit sharing 11.0 11.1 7.7 Net expense $ 12.4 $ 7.5 $ 5.2 The expected return on plan assets is based on the plan assets' fair value. Amortization of actuarial loss is determined using the corridor method. Under the corridor method, unamortized actuarial gains or losses in excess of 10% of the greater of the projected benefit obligation or the fair value of plan assets as of the beginning of the plan year are amortized, for frozen plans, over the average expected remaining lifetime of frozen and inactive participants. Obligations and funded status Year Ended December 31, 2019 2018 (in millions) Accumulated Benefit Obligations $ 557.9 $ 453.2 Projected Benefit Obligations: Beginning of year $ 453.2 $ 490.0 Service cost 0.1 0.1 Interest 19.7 18.3 Benefits paid (22.2 ) (20.2 ) Actuarial (gain) loss 105.6 (35.6 ) Plan amendments 1.5 — Other — 0.6 End of year $ 557.9 $ 453.2 Plans' Assets: Beginning of year $ 478.7 $ 488.0 Actual return on assets 90.9 (20.7 ) Employer contributions 1.1 31.6 Benefits paid (22.2 ) (20.2 ) End of year $ 548.5 $ 478.7 Consolidated Balance Sheet Components: Other assets $ 5.5 $ 39.4 Accrued liabilities (14.9 ) (13.9 ) Net funded status $ (9.4 ) $ 25.5 Percent of projected benefit obligations funded 98.3 % 105.6 % None of the plans' assets are expected to be returned to us during the year ending December 31, 2020 . Amounts recognized in other comprehensive (loss) income Year Ended December 31, 2019 2018 2017 (in millions) Actuarial (loss) gain $ (37.7 ) $ (12.5 ) $ 5.2 Amortization of actuarial loss 4.6 4.8 4.9 New prior service cost base (1.5 ) — — Total before income taxes (34.6 ) (7.7 ) 10.1 Income tax (benefit) expense (7.9 ) (1.8 ) 3.1 Net amount recognized in other comprehensive (loss) income $ (26.7 ) $ (5.9 ) $ 7.0 At December 31, 2019 , AOCL included unrecognized actuarial losses of $173.5 million and prior service cost of $1.5 million ( $133.9 million net of related income taxes). Actuarial losses included in AOCL and expected to be recognized in net periodic pension cost for the year ended December 31, 2020 are $6.0 million ( $4.6 million net of related income taxes). Amortization of prior service cost included in AOCL and expected to be recognized in net periodic pension cost for the year ended December 31, 2020 is $1.2 million ( $0.9 million net of related income taxes). Plan assets Our pension plan investment strategies have been developed as part of a comprehensive asset/liability management process that considers the relationship between both the assets and liabilities of the plans for the purpose of providing the capital assets necessary to meet the financial obligations made to participants of our pension plans. These strategies consider not only the expected risk and returns on the plans' assets, but also the actuarial projections of liabilities, projected contributions, and funded status. Our investment policy statement allocates our pension plan assets into two portfolios as follows: • Liability hedging portfolio — The objective of the liability hedging portfolio is to match the characteristics of the pension plans' liabilities. This portfolio consists of fixed income holdings which are generally investment grade. • Growth portfolio — The objective of the growth portfolio is to focus upon total return with an acceptable level of risk. This portfolio is heavily weighted toward U.S. equities with a lesser exposure to international equities, domestic real estate investment trusts, U.S. high yield and emerging market sovereign debt. The target allocation between these two portfolios varies based on the pension plans' percentage of projected benefit obligations funded status. The range of target asset allocations has been determined after giving consideration to the expected returns of each asset category within the two portfolios, the expected performance of each asset category, the volatility of asset returns over time, and the complementary nature of the asset mix within the portfolio. The principal pension investment strategies include asset allocation and active asset management within approved guidelines. These assets are managed by an investment advisor. Following our Board of Directors approval to terminate our Pension Plan, a new investment allocation strategy was implemented to protect the funded status of the plan assets. The target allocation at December 31, 2019 is 100% liability hedging portfolio, compared to 90% liability hedging portfolio and 10% growth portfolio at December 31, 2018. The target and actual allocations of the plans' assets at December 31, 2019 are as follows: Target December 31, Cash and cash equivalents — % 3 % Liability hedging portfolio 100 % 92 % Growth portfolio — % 5 % Total 100 % 100 % The estimated fair value of the plans' assets at December 31, 2019 and 2018 , indicating input levels used to determine fair value are as follows: Fair Value Measurement as of December 31, 2019 (in millions) Level 1 Level 2 Level 3 Total Temporary cash investments $ 13.5 $ — $ — $ 13.5 Fixed Income — Government and agencies — 121.7 — 121.7 Fixed Income — Corporate — 370.5 — 370.5 Fixed Income — Asset-backed securities — 2.2 — 2.2 Fixed Income — Collateralized mortgage-backed — 4.1 — 4.1 Equity common trust funds — 29.1 — 29.1 Debt common trust funds — — 7.4 7.4 $ 13.5 $ 527.6 $ 7.4 $ 548.5 Fair Value Measurement as of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Temporary cash investments $ 14.0 $ — $ — $ 14.0 Fixed Income — Government and agencies — 77.1 — 77.1 Fixed Income — Corporate — 309.1 — 309.1 Fixed Income — Collateralized mortgage-backed — 2.1 — 2.1 Equity common trust funds — 69.7 — 69.7 Debt common trust funds — — 6.7 6.7 $ 14.0 $ 458.0 $ 6.7 $ 478.7 The pension plans' assets are valued at fair value. The following is a description of the valuation methodologies used in determining fair value, including the general classification of such instruments pursuant to the valuation hierarchy as described further in Note 3 : Temporary cash investments — These investments consist of U.S. dollars held in master trust accounts with the trustee. These temporary cash investments are classified as Level 1 instruments. Fixed Income — Government and agencies — These investments consist primarily of U.S. treasury bonds and notes, U.S. treasury inflation protected securities, U.S. government agency debt, municipal bonds, and other global government bonds. The fair value of these securities is based on quoted market prices when available or is based on yields currently available on comparable securities or on an industry valuation model, which maximizes observable inputs. These securities are categorized as Level 2 instruments. Fixed Income — Corporate — These investments consist of U.S. and global corporate bonds and notes. The fair value of these securities is based on yields currently available on comparable securities of issuers with similar credit ratings. When quoted prices are not available for identical or similar debt instruments, the fair value is based upon an industry valuation model, which maximizes observable inputs. These securities are categorized as Level 2 instruments. Fixed Income — Asset-backed securities — Asset-backed securities are valued using quotes from independent pricing vendors based on recent trading activity and other relevant information, including market interest rate curves, referenced credit spreads, and estimated prepayment rates, where applicable. These securities are categorized as Level 2 instruments. Fixed Income — Collateralized mortgage-backed — Mortgage-backed securities are valued using quotes from independent pricing vendors based on recent trading activity and other relevant information, including market interest rate curves, referenced credit spreads, and estimated prepayment rates, where applicable. These securities are categorized as Level 2 instruments. Common trust funds — Common trust funds are comprised of shares or units in commingled funds that are not publicly traded. The underlying assets in these funds are publicly traded on exchanges and price quotes for the assets held by these funds are readily available. Holdings of common trust funds are classified as a combination of Level 2 and Level 3 instruments. Cash flows Employer contributions for the year ending December 31, 2020 are expected to be $1.1 million for the defined benefit plans, which excludes any potential cash contribution that may be required to settle the Company's pension plan obligations as described above, compared to $1.1 million contributed during 2019 . Employer contributions to the 401(k) plan and the Supplemental Profit Sharing Plan for the year ending December 31, 2020 are expected to be $11.4 million compared to $10.6 million contributed during 2019 . Benefit payments for our defined benefit plans are expected to be approximately $225 million in 2020 and approximately $336 million in 2021, which reflects the impact of the Pension Plan termination. Participants in the 401(k) plan are eligible to receive future retirement benefits through a company-funded annual retirement contribution provided through the Profit Sharing Plan for Employees of Trinity Industries, Inc. and Certain Affiliates. The contribution ranges from one to three percent of eligible compensation based on service. Both the annual retirement contribution and the company matching contribution are discretionary, requiring board approval, and are made annually with the investment of the funds directed by the participants. |
Note 11. Restructuring Activiti
Note 11. Restructuring Activities (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | Note 11 . Restructuring Activities In November 2019, we approved a restructuring plan to resize certain resources, reduce stranded costs, and better align support services with our rail-focused strategy. As part of the restructuring program, we eliminated positions across multiple locations and functions, including certain corporate and operational support functions. Other restructuring actions associated with this plan are expected to be substantially completed in 2020. During the year ended December 31, 2019, we recorded total restructuring charges of $14.7 million , consisting of approximately $3.8 million in cash charges for severance costs and approximately $10.9 million of non-cash charges, primarily from write-downs of assets associated with our non-operating facilities that will no longer be utilized as we execute our rail-focused strategy. The final liquidation of our non-operating facilities could result in the disposition of certain assets, which were not included in the fourth quarter 2019 restructuring charge, at amounts in excess of their carrying value. As we continue to reposition the organization, it is possible that we will engage in additional restructuring activities in 2020. The following table sets forth the restructuring activity and balance of the restructuring liability, which is included in other liabilities in our Consolidated Balance Sheet: Accrued charges as of December 31, 2018 Charges and adjustments Payments Accrued charges as of December 31, 2019 (in millions) Cash charges: Employee severance costs $ — $ 3.8 $ (0.4 ) $ 3.4 $ — $ 3.8 $ (0.4 ) $ 3.4 Non-cash charges: Write-down of assets $ 10.9 Total restructuring activities $ 14.7 Although restructuring activities are not allocated to our reportable segments, the following table summarizes the restructuring activities by reportable segment: Year Ended December 31, 2019 Employee Severance Costs Write-down of Assets Total (in millions) Railcar Leasing and Management Services Group $ 0.2 $ — $ 0.2 Rail Products Group 0.7 — 0.7 All Other 0.5 10.9 11.4 Corporate 2.4 — 2.4 Total restructuring activities $ 3.8 $ 10.9 $ 14.7 |
Note 12. Accumulated Other Comp
Note 12. Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 12 . Accumulated Other Comprehensive Loss Changes in AOCL for the years ended December 31, 2019 and 2018 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, 2017 $ (22.4 ) $ 0.3 $ (82.7 ) $ (104.8 ) Other comprehensive loss, net of tax, before reclassifications — (9.6 ) (9.5 ) (19.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $-, $1.1, and $1.1 — 2.3 3.6 5.9 Less: noncontrolling interest — (1.4 ) — (1.4 ) Other comprehensive loss — (8.7 ) (5.9 ) (14.6 ) Spin-off of Arcosa 21.3 — — 21.3 Cumulative effect of adopting accounting standard (0.2 ) 0.1 (18.6 ) (18.7 ) Balances at December 31, 2018 (1.3 ) (8.3 ) (107.2 ) (116.8 ) Other comprehensive loss, net of tax, before reclassifications — (12.8 ) (30.2 ) (43.0 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.8, $1.1, and $1.9 — 4.5 3.5 8.0 Less: noncontrolling interest — (1.3 ) — (1.3 ) Other comprehensive (loss) — (9.6 ) (26.7 ) (36.3 ) Balances at December 31, 2019 $ (1.3 ) $ (17.9 ) $ (133.9 ) $ (153.1 ) 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 for our interest rate hedges and in cost of revenues for our foreign currency hedges in our Consolidated Statements of Operations. Reclassifications of before-tax net actuarial gains/(losses) of defined benefit plans are included in other, net (income) expense in our Consolidated Statements of Operations. |
Note 13. Common Stock and Stock
Note 13. Common Stock and Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Common Stock and Stock-based Compensation [Abstract] | |
Shareholders' Equity and Share-based Payments [Text Block] | Note 13 . 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 years ended December 31, 2019 , 2018 , and 2017 , we repurchased 13.7 million , 17.2 million , and 2.8 million shares, respectively, at a cost of approximately $294.7 million , $430.1 million , and $85.4 million , respectively. The total for the year ended December 31, 2019 includes 2.6 million 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 December 31, 2019 , the Company had a remaining authorization to repurchase up to $125.3 million , not to exceed 2.6 million shares, of its common stock under the current repurchase program. Stock-Based Compensation Stock Award Plans Our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”) provides for awarding 20,150,000 (adjusted for stock splits) shares of common stock plus (i) shares covered by forfeited, expired, and canceled options granted under prior plans; and (ii) shares tendered as full or partial payment for the purchase price of an award or to satisfy tax withholding obligations. At December 31, 2019 , a total of 2,737,464 shares were available for issuance. The Plan provides for the granting of nonqualified and incentive stock options having maximum ten-year terms to purchase common stock at its market value on the award date; stock appreciation rights based on common stock fair market values with settlement in common stock or cash; restricted stock awards; restricted stock units; and performance awards with settlement in common stock or cash on achievement of specific business objectives. Options become exercisable in various percentages over periods ranging up to five years. Stock-Based Compensation Expense The cost of employee services received in exchange for awards of equity instruments is referred to as share-based compensation and is based on the grant date fair-value of those awards. Stock-based compensation includes compensation expense, recognized over the applicable vesting periods, for share-based awards. Stock-based compensation expense totaled $29.2 million , $29.3 million , and $24.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The income tax benefit related to stock-based compensation expense was $6.6 million , $7.7 million , and $14.5 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Restricted Stock Restricted share awards consist of restricted stock and restricted stock units. Restricted stock and restricted stock units generally vest for periods ranging from one to fifteen years from the date of grant. Certain restricted stock and restricted stock units vest in their entirety upon the employee's retirement from the Company, taking into consideration the employee's age and years of service to the Company, as defined more specifically in our benefit plans. Restricted stock and restricted stock units granted to non-employee directors under the Plan generally vest one year from the grant date and are released at that time or upon completion of the directors' service to the Company. 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. Expense related to restricted stock awards granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year. Forfeitures are recognized as a reduction to expense in the period in which they occur. Number of Restricted Share Awards Weighted Average Grant-Date Restricted share awards outstanding at December 31, 2018 5,633,434 $ 21.06 Granted 978,056 22.20 Vested (1,270,190 ) 21.90 Forfeited (285,839 ) 22.49 Restricted share awards outstanding at December 31, 2019 (1) 5,055,461 $ 20.99 (1) The balance of restricted share awards outstanding at December 31, 2019 includes approximately 0.8 million restricted shares for Arcosa employees that were converted under the shareholder method at the time of the Arcosa spin-off. These restricted shares will be released to Arcosa employees upon vesting, but as of the spin-off date, Trinity no longer records the compensation expense associated with these shares. At December 31, 2019 , unrecognized compensation expense related to restricted share awards totaled $39.2 million , which will be recognized over a weighted average period of 2.8 years . The total grant-date fair value of shares vested and released during the years ended December 31, 2019 , 2018 , and 2017 was $26.4 million , $30.1 million , and $28.2 million , respectively. The weighted average grant-date fair value of restricted share awards granted during the years ended December 31, 2019 , 2018 , and 2017 was $22.20 , $25.52 , and $23.28 per share, respectively. Performance Units Performance units are granted to employees based upon a target level; however, depending upon the achievement of certain specified goals during the performance period, performance units may be adjusted to a level ranging between 0% and 200% of the target level. The performance units vest upon certification by the Human Resources Committee of the Board of Directors of the achievement of the specified performance goals. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years. Forfeitures are recognized as a reduction to expense in the period in which they occur. Number of Performance Units Weighted Average Grant-Date Performance units outstanding at December 31, 2018 324,368 $ 32.37 Granted 476,394 22.22 Vested — — Forfeited — — Performance units outstanding at December 31, 2019 800,762 $ 26.33 At December 31, 2019 , unrecognized compensation expense related to performance units totaled $11.3 million , which will be recognized over a weighted average period of 1.7 years . The total vesting-date fair value of performance units vested and released during the year ended December 31, 2017 was $22.0 million . There were no performance units vested during the years ended December 31, 2019 and 2018 . The weighted average grant-date fair value of performance units granted during the years ended December 31, 2019 and 2018 was $22.22 and $32.37 |
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 years ended December 31, 2019 , 2018 , and 2017 , we repurchased 13.7 million , 17.2 million , and 2.8 million shares, respectively, at a cost of approximately $294.7 million , $430.1 million , and $85.4 million , respectively. The total for the year ended December 31, 2019 includes 2.6 million 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 December 31, 2019 , the Company had a remaining authorization to repurchase up to $125.3 million , not to exceed 2.6 million shares, of its common stock under the current repurchase program. |
Share-based Payment Arrangement [Text Block] | Stock-Based Compensation Stock Award Plans Our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”) provides for awarding 20,150,000 (adjusted for stock splits) shares of common stock plus (i) shares covered by forfeited, expired, and canceled options granted under prior plans; and (ii) shares tendered as full or partial payment for the purchase price of an award or to satisfy tax withholding obligations. At December 31, 2019 , a total of 2,737,464 shares were available for issuance. The Plan provides for the granting of nonqualified and incentive stock options having maximum ten-year terms to purchase common stock at its market value on the award date; stock appreciation rights based on common stock fair market values with settlement in common stock or cash; restricted stock awards; restricted stock units; and performance awards with settlement in common stock or cash on achievement of specific business objectives. Options become exercisable in various percentages over periods ranging up to five years. Stock-Based Compensation Expense The cost of employee services received in exchange for awards of equity instruments is referred to as share-based compensation and is based on the grant date fair-value of those awards. Stock-based compensation includes compensation expense, recognized over the applicable vesting periods, for share-based awards. Stock-based compensation expense totaled $29.2 million , $29.3 million , and $24.6 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. The income tax benefit related to stock-based compensation expense was $6.6 million , $7.7 million , and $14.5 million for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Restricted Stock Restricted share awards consist of restricted stock and restricted stock units. Restricted stock and restricted stock units generally vest for periods ranging from one to fifteen years from the date of grant. Certain restricted stock and restricted stock units vest in their entirety upon the employee's retirement from the Company, taking into consideration the employee's age and years of service to the Company, as defined more specifically in our benefit plans. Restricted stock and restricted stock units granted to non-employee directors under the Plan generally vest one year from the grant date and are released at that time or upon completion of the directors' service to the Company. 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. Expense related to restricted stock awards granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year. Forfeitures are recognized as a reduction to expense in the period in which they occur. Number of Restricted Share Awards Weighted Average Grant-Date Restricted share awards outstanding at December 31, 2018 5,633,434 $ 21.06 Granted 978,056 22.20 Vested (1,270,190 ) 21.90 Forfeited (285,839 ) 22.49 Restricted share awards outstanding at December 31, 2019 (1) 5,055,461 $ 20.99 (1) The balance of restricted share awards outstanding at December 31, 2019 includes approximately 0.8 million restricted shares for Arcosa employees that were converted under the shareholder method at the time of the Arcosa spin-off. These restricted shares will be released to Arcosa employees upon vesting, but as of the spin-off date, Trinity no longer records the compensation expense associated with these shares. At December 31, 2019 , unrecognized compensation expense related to restricted share awards totaled $39.2 million , which will be recognized over a weighted average period of 2.8 years . The total grant-date fair value of shares vested and released during the years ended December 31, 2019 , 2018 , and 2017 was $26.4 million , $30.1 million , and $28.2 million , respectively. The weighted average grant-date fair value of restricted share awards granted during the years ended December 31, 2019 , 2018 , and 2017 was $22.20 , $25.52 , and $23.28 per share, respectively. Performance Units Performance units are granted to employees based upon a target level; however, depending upon the achievement of certain specified goals during the performance period, performance units may be adjusted to a level ranging between 0% and 200% of the target level. The performance units vest upon certification by the Human Resources Committee of the Board of Directors of the achievement of the specified performance goals. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years. Forfeitures are recognized as a reduction to expense in the period in which they occur. Number of Performance Units Weighted Average Grant-Date Performance units outstanding at December 31, 2018 324,368 $ 32.37 Granted 476,394 22.22 Vested — — Forfeited — — Performance units outstanding at December 31, 2019 800,762 $ 26.33 At December 31, 2019 , unrecognized compensation expense related to performance units totaled $11.3 million , which will be recognized over a weighted average period of 1.7 years . The total vesting-date fair value of performance units vested and released during the year ended December 31, 2017 was $22.0 million . There were no performance units vested during the years ended December 31, 2019 and 2018 . The weighted average grant-date fair value of performance units granted during the years ended December 31, 2019 and 2018 was $22.22 and $32.37 |
Note 14. Earnings Per Common Sh
Note 14. Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Common Share [Abstract] | |
Earnings Per Share [Text Block] | Note 14. 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 years ended December 31, 2018 and 2017 , the dilutive impact of our then-outstanding convertible notes due 2036 (the "Convertible Notes"), which were 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 5.5 million , 5.8 million , and 6.4 million shares for the years ended December 31, 2019 , 2018 , and 2017 , respectively. Approximately 0.2 million of these shares were excluded from the EPS calculation for the year ended December 31, 2019 , as their effect would have been antidilutive. There were no antidilutive restrictive shares for the years ended December 31, 2018 and 2017 . The computation of basic and diluted net income attributable to Trinity Industries, Inc. is as follows: Year Ended December 31, 2019 2018 2017 (in millions, except per share amounts) Income from continuing operations $ 139.2 $ 109.0 $ 610.2 Less: Net (income) loss attributable to noncontrolling interest 1.5 (3.8 ) (11.1 ) Unvested restricted share participation — continuing operations (1.8 ) (2.2 ) (13.5 ) Convertible subordinated notes — — 0.3 Net income from continuing operations attributable to Trinity Industries, Inc. 138.9 103.0 585.9 Net income (loss) from discontinued operations, net of income taxes (3.1 ) 54.1 103.4 Unvested restricted share participation — discontinued operations — (0.6 ) (1.9 ) Net income (loss) from discontinued operations attributable to Trinity Industries, Inc. (3.1 ) 53.5 101.5 Net income attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation $ 135.8 $ 156.5 $ 687.4 Basic weighted average shares outstanding 125.6 144.0 148.6 Effect of dilutive securities: Nonparticipating unvested RSUs and RSAs 1.7 1.0 0.5 Convertible subordinated notes — 1.4 2.9 Diluted weighted average shares outstanding 127.3 146.4 152.0 Basic earnings per common share: Income from continuing operations $ 1.11 $ 0.72 $ 3.94 Income (loss) from discontinued operations (0.02 ) 0.37 0.68 Basic net income attributable to Trinity Industries, Inc. $ 1.09 $ 1.09 $ 4.62 Diluted earnings per common share: Income from continuing operations $ 1.09 $ 0.70 $ 3.85 Income (loss) from discontinued operations (0.02 ) 0.37 0.67 Diluted net income attributable to Trinity Industries, Inc. $ 1.07 $ 1.07 $ 4.52 |
Note 15. Commitments and Contin
Note 15. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 15 . 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 was 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 has separate state qui tam actions currently pending 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 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 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); the New Jersey False Claims Act ( State of New Jersey ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No.L-1344-14, in the Superior Court of New Jersey Law Division: Mercer County); and the California False Claims Act ( State of California ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. RG 14721864, in the Superior Court of California, Alameda County). 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, state qui tam actions filed by Mr. Harman in the states of Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Minnesota, Montana, Nevada, and Rhode Island were dismissed. 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 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. 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 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.). The parties reached an agreement to settle all claims in this case without any admission of liability or fault for $7.5 million , and on September 23, 2019, entered into a Stipulation of Settlement. 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 final court approval. On September 24, 2019, Lead Plaintiffs filed with the Court an Unopposed Motion for Preliminary Approval of Settlement and Approval of Notice to the Class. On November 12, 2019, the Court entered an Order Preliminarily Approving Settlement and Providing for Notice and scheduled a settlement hearing on March 31, 2020. 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 $21.6 million to $35.3 million , which includes our rights in indemnity and recourse to third parties of approximately $15.2 million , which is recorded in Other Assets on our Consolidated Balance Sheet as of December 31, 2019 . This range includes any amounts related to the Highway Products litigation matters described above in the section titled “Highway products litigation.” At December 31, 2019 , total accruals of $23.0 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 $1.2 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. |
Note 16. Financial Statements f
Note 16. Financial Statements for Guarantors of Senior Notes | 12 Months Ended |
Dec. 31, 2019 | |
Guarantor Obligations [Line Items] | |
Condensed Financial Statements [Text Block] | Note 16 . 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 8 . The Senior Notes are not guaranteed by any of our remaining 100%-owned subsidiaries or partially-owned subsidiaries (“Combined Non-Guarantor Subsidiaries”). 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 for all periods presented and to affect reallocations of certain corporate costs between the parent, guarantor, and non-guarantor columns for the year ended December 31, 2018. As of December 31, 2019 , assets held by the Combined Non-Guarantor Subsidiaries included $ 86.1 million of restricted cash that was not available for distribution to Trinity Industries, Inc. (“Parent”), $ 6,409.8 million of equipment securing certain non-recourse debt, and $ 136.0 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 Year Ended December 31, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 2,138.9 $ 1,148.7 $ (282.5 ) $ 3,005.1 Cost of revenues 2.9 1,802.2 883.7 (323.1 ) 2,365.7 Selling, engineering, and administrative expenses 102.4 105.7 54.7 — 262.8 Gains on dispositions of property (0.3 ) 24.4 30.3 — 54.4 Restructuring activities 2.4 0.2 12.1 — 14.7 108.0 1,883.7 920.2 (323.1 ) 2,588.8 Operating profit (loss) (108.0 ) 255.2 228.5 40.6 416.3 Other (income) expense (82.5 ) 84.2 214.4 (0.5 ) 215.6 Equity in earnings of subsidiaries, net of taxes 193.5 46.6 18.7 (258.8 ) — Income from continuing operations before income taxes 168.0 217.6 32.8 (217.7 ) 200.7 Provision (benefit) for income taxes 27.3 60.3 0.7 (26.8 ) 61.5 Income from continuing operations 140.7 157.3 32.1 (190.9 ) 139.2 Loss from discontinued operations, net of income taxes (3.1 ) — — — (3.1 ) Net income 137.6 157.3 32.1 (190.9 ) 136.1 Net loss attributable to noncontrolling interest — — — (1.5 ) (1.5 ) Net income attributable to controlling interest $ 137.6 $ 157.3 $ 32.1 $ (189.4 ) $ 137.6 Net income $ 137.6 $ 157.3 $ 32.1 $ (190.9 ) $ 136.1 Other comprehensive income (loss) (26.7 ) — (8.3 ) — (35.0 ) Comprehensive income 110.9 157.3 23.8 (190.9 ) 101.1 Comprehensive loss attributable to noncontrolling interest — — — (0.2 ) (0.2 ) Comprehensive income attributable to controlling interest $ 110.9 $ 157.3 $ 23.8 $ (190.7 ) $ 101.3 Condensed Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 1,817.9 $ 992.9 $ (301.7 ) $ 2,509.1 Cost of revenues 2.1 1,545.2 724.5 (333.0 ) 1,938.8 Selling, engineering, and administrative expenses 141.7 113.0 41.9 — 296.6 Gains on dispositions of property 1.0 17.6 22.8 — 41.4 142.8 1,640.6 743.6 (333.0 ) 2,194.0 Operating profit (loss) (142.8 ) 177.3 249.3 31.3 315.1 Other (income) expense (70.3 ) 81.3 152.5 — 163.5 Equity in earnings of subsidiaries, net of taxes 246.8 74.6 19.5 (340.9 ) — Income from continuing operations before income taxes 174.3 170.6 116.3 (309.6 ) 151.6 Provision (benefit) for income taxes (1.0 ) 48.8 11.2 (16.4 ) 42.6 Income from continuing operations 175.3 121.8 105.1 (293.2 ) 109.0 Income (loss) from discontinued operations, net of income taxes (16.0 ) — 70.1 — 54.1 Net income 159.3 121.8 175.2 (293.2 ) 163.1 Net income attributable to noncontrolling interest — — — 3.8 3.8 Net income attributable to controlling interest $ 159.3 $ 121.8 $ 175.2 $ (297.0 ) $ 159.3 Net income $ 159.3 $ 121.8 $ 175.2 $ (293.2 ) $ 163.1 Other comprehensive loss (5.8 ) (0.4 ) (7.0 ) — (13.2 ) Comprehensive income 153.5 121.4 168.2 (293.2 ) 149.9 Comprehensive income attributable to noncontrolling interest — — — 5.2 5.2 Comprehensive income attributable to controlling interest $ 153.5 $ 121.4 $ 168.2 $ (298.4 ) $ 144.7 Condensed Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2017 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 1,738.0 $ 955.8 $ (296.4 ) $ 2,397.4 Cost of revenues 3.0 1,389.2 703.9 (320.9 ) 1,775.2 Selling, engineering, and administrative expenses 166.9 129.7 42.7 — 339.3 Gains on dispositions of property 1.1 71.0 13.3 — 85.4 168.8 1,447.9 733.3 (320.9 ) 2,029.1 Operating profit (loss) (168.8 ) 290.1 222.5 24.5 368.3 Other (income) expense (158.6 ) 127.2 204.3 — 172.9 Equity in earnings of subsidiaries, net of taxes 617.0 55.5 3.8 (676.3 ) — Income from continuing operations before income taxes 606.8 218.4 22.0 (651.8 ) 195.4 Provision (benefit) for income taxes (87.0 ) (310.3 ) 6.0 (23.5 ) (414.8 ) Income from continuing operations 693.8 528.7 16.0 (628.3 ) 610.2 Income from discontinued operations, net of income taxes 8.7 — 94.7 — 103.4 Net income 702.5 528.7 110.7 (628.3 ) 713.6 Net income attributable to noncontrolling interest — — — 11.1 11.1 Net income attributable to controlling interest $ 702.5 $ 528.7 $ 110.7 $ (639.4 ) $ 702.5 Net income $ 702.5 $ 528.7 $ 110.7 $ (628.3 ) $ 713.6 Other comprehensive income 8.3 0.2 2.8 — 11.3 Comprehensive income 710.8 528.9 113.5 (628.3 ) 724.9 Comprehensive income attributable to noncontrolling interest — — — 13.7 13.7 Comprehensive income attributable to controlling interest $ 710.8 $ 528.9 $ 113.5 $ (642.0 ) $ 711.2 Condensed Consolidating Balance Sheet December 31, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Assets: Cash and cash equivalents $ 155.1 $ 0.1 $ 36.3 $ (25.3 ) $ 166.2 Receivables, net of allowance 1.3 185.7 74.0 (0.9 ) 260.1 Income tax receivable 14.6 — 0.1 — 14.7 Inventory — 398.8 34.7 (0.1 ) 433.4 Property, plant, and equipment, net 37.8 1,320.7 6,595.8 (843.7 ) 7,110.6 Investments in and advances to subsidiaries 4,600.0 3,136.2 347.0 (8,083.2 ) — Restricted cash — — 86.1 25.3 111.4 Goodwill and other assets 190.9 394.4 58.6 (38.9 ) 605.0 $ 4,999.7 $ 5,435.9 $ 7,232.6 $ (8,966.8 ) $ 8,701.4 Liabilities: Accounts payable $ 5.3 $ 109.1 $ 90.6 $ (1.1 ) $ 203.9 Accrued liabilities 166.7 23.2 152.9 (0.7 ) 342.1 Debt 522.8 — 4,359.1 — 4,881.9 Deferred income taxes — 844.6 (8.2 ) (38.1 ) 798.3 Advances from subsidiaries 1,871.8 — — (1,871.8 ) — Other liabilities 54.2 40.9 1.2 — 96.3 Total stockholders' equity 2,378.9 4,418.1 2,637.0 (7,055.1 ) 2,378.9 $ 4,999.7 $ 5,435.9 $ 7,232.6 $ (8,966.8 ) $ 8,701.4 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 4,505.2 2,925.0 651.0 (8,081.2 ) — Restricted cash — — 132.9 38.7 171.6 Goodwill and other assets 205.1 198.0 98.1 (38.9 ) 462.3 $ 4,959.9 $ 5,231.0 $ 6,644.0 $ (8,845.7 ) $ 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 — 781.7 — (38.6 ) 743.1 Advances from subsidiaries 1,750.8 (0.1 ) — (1,750.7 ) — Other liabilities 56.8 — — — 56.8 Total stockholders' equity 2,562.0 4,243.5 2,812.4 (7,055.9 ) 2,562.0 $ 4,959.9 $ 5,231.0 $ 6,644.0 $ (8,845.7 ) $ 7,989.2 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 137.6 $ 157.3 $ 32.1 $ (190.9 ) $ 136.1 Loss from discontinued operations 3.1 — — — 3.1 Equity in earnings of subsidiaries, net of taxes (193.5 ) (46.6 ) (18.7 ) 258.8 — Other 86.4 (93.2 ) 282.9 (18.6 ) 257.5 Net cash provided by operating activities – continuing operations 33.6 17.5 296.3 49.3 396.7 Net cash used in operating activities – discontinued operations (3.1 ) — — — (3.1 ) Net cash provided by operating activities $ 30.5 $ 17.5 $ 296.3 $ 49.3 $ 393.6 Investing activities: Proceeds from railcar lease fleet sales owned more than one year — 1,462.8 196.8 (1,453.9 ) 205.7 Proceeds from dispositions of property and other assets — 7.8 12.4 — 20.2 Capital expenditures – leasing — (1,142.8 ) (1,433.3 ) 1,453.9 (1,122.2 ) Capital expenditures – manufacturing and other (4.1 ) (53.6 ) (39.3 ) — (97.0 ) (Increase) decrease in investment in partially-owned subsidiaries — 1.7 — (1.7 ) — Net cash (used in) provided by investing activities (4.1 ) 275.9 (1,263.4 ) (1.7 ) (993.3 ) Financing activities: Payments to retire debt (875.0 ) — (849.1 ) — (1,724.1 ) Proceeds from issuance of debt 1,000.0 — 1,567.8 — 2,567.8 Shares repurchased (224.7 ) — — — (224.7 ) Dividends paid to common shareholders (82.1 ) — — — (82.1 ) Purchase of shares to satisfy employee tax on vested stock (8.2 ) — — — (8.2 ) Distributions to noncontrolling interest — — (2.2 ) — (2.2 ) Distributions to controlling interest in partially-owned subsidiaries — — (1.7 ) 1.7 — Change in intercompany financing between entities 164.0 (297.4 ) 182.7 (49.3 ) — Net cash (used in) provided by financing activities (26.0 ) (297.4 ) 897.5 (47.6 ) 526.5 Net decrease in cash, cash equivalents, and restricted cash 0.4 (4.0 ) (69.6 ) — (73.2 ) 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 $ 155.1 $ 0.1 $ 122.4 $ — $ 277.6 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 159.3 $ 121.8 $ 175.2 $ (293.2 ) $ 163.1 Income (loss) from discontinued operations 16.0 — (70.1 ) — (54.1 ) Equity in earnings of subsidiaries, net of taxes (246.8 ) (74.6 ) (19.5 ) 340.9 — Other (57.8 ) 79.3 157.3 (13.6 ) 165.2 Net cash (used in) provided by operating activities – continuing operations (129.3 ) 126.5 242.9 34.1 274.2 Net cash (used in) provided by operating activities – discontinued operations (16.0 ) — 120.9 — 104.9 Net cash (used in) provided by operating activities (145.3 ) 126.5 363.8 34.1 379.1 Investing activities: Decrease in short-term marketable securities 319.5 — — — 319.5 Proceeds from railcar lease fleet sales owned more than one year — 759.5 118.7 (647.7 ) 230.5 Proceeds from dispositions of property and other assets 0.1 4.1 12.9 — 17.1 Capital expenditures – leasing — (807.3 ) (788.7 ) 647.7 (948.3 ) Capital expenditures – manufacturing and other (14.5 ) (18.6 ) (4.2 ) — (37.3 ) (Increase) decrease in investment in partially-owned subsidiaries — 7.5 — (7.5 ) — Other — (1.9 ) 8.1 — 6.2 Net cash (used in) provided by investing activities – continuing operations 305.1 (56.7 ) (653.2 ) (7.5 ) (412.3 ) Net cash used in investing activities – discontinued operations — — (78.2 ) — (78.2 ) Net cash (used in) provided by investing activities 305.1 (56.7 ) (731.4 ) (7.5 ) (490.5 ) Financing activities: Payments to retire debt (647.6 ) (1.8 ) (238.4 ) — (887.8 ) Proceeds from issuance of debt — — 1,206.6 — 1,206.6 Shares repurchased (506.1 ) — — — (506.1 ) Dividends paid to common shareholders (77.4 ) — — — (77.4 ) Purchase of shares to satisfy employee tax on vested stock (12.2 ) — — — (12.2 ) Distributions to noncontrolling interest — — (10.9 ) — (10.9 ) Distributions to controlling interest in partially-owned subsidiaries — — (7.5 ) 7.5 — Change in intercompany financing between entities 474.3 (65.5 ) (374.7 ) (34.1 ) — Other — — (3.3 ) — (3.3 ) Net cash (used in) provided by financing activities – continuing operations (769.0 ) (67.3 ) 571.8 (26.6 ) (291.1 ) Cash distributions to Arcosa, Inc. — — (220.5 ) — (220.5 ) Net cash (used in) provided by financing activities (769.0 ) (67.3 ) 351.3 (26.6 ) (511.6 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (609.2 ) 2.5 (16.3 ) — (623.0 ) 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 $ 154.7 $ 4.1 $ 192.0 $ — $ 350.8 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 702.5 $ 528.7 $ 110.7 $ (628.3 ) $ 713.6 Loss from discontinued operations (8.7 ) — (94.7 ) — (103.4 ) Equity in earnings of subsidiaries, net of taxes (617.0 ) (55.5 ) (3.8 ) 676.3 — Other 116.8 (274.0 ) 152.1 5.0 (0.1 ) Net cash provided by operating activities – continuing operations 193.6 199.2 164.3 53.0 610.1 Net cash provided by operating activities – discontinued operations 8.7 — 142.8 — 151.5 Net cash provided by operating activities 202.3 199.2 307.1 53.0 761.6 Investing activities: Decrease in short-term marketable securities (84.8 ) — — — (84.8 ) Proceeds from railcar lease fleet sales owned more than one year — 663.3 61.3 (363.9 ) 360.7 Proceeds from dispositions of property and other assets — 1.4 6.4 — 7.8 Capital expenditures – leasing — (589.8 ) (382.4 ) 363.9 (608.3 ) Capital expenditures – manufacturing and other (7.4 ) (7.5 ) (7.1 ) — (22.0 ) (Increase) decrease in investment in partially-owned subsidiaries — 35.0 — (35.0 ) — Other — — 0.3 — 0.3 Net cash (used in) provided by investing activities – continuing operations (92.2 ) 102.4 (321.5 ) (35.0 ) (346.3 ) Net cash used in investing activities – discontinued operations — — (126.4 ) — (126.4 ) Net cash (used in) provided by investing activities (92.2 ) 102.4 (447.9 ) (35.0 ) (472.7 ) Financing activities: Payments to retire debt — (3.8 ) (371.5 ) — (375.3 ) Proceeds from issuance of debt — — 533.5 — 533.5 Shares repurchased (79.4 ) — — — (79.4 ) Dividends paid to common shareholders (72.6 ) — — — (72.6 ) Purchase of shares to satisfy employee tax on vested stock (14.4 ) — — — (14.4 ) Distributions to noncontrolling interest — — (48.7 ) — (48.7 ) Distributions to controlling interest in partially-owned subsidiaries — — (35.0 ) 35.0 — Change in intercompany financing between entities 282.3 (301.5 ) 72.2 (53.0 ) — Other — — 0.2 — 0.2 Net cash (used in) provided by financing activities 115.9 (305.3 ) 150.7 (18.0 ) (56.7 ) Net (decrease) increase in cash, cash equivalents, and restricted cash 226.0 (3.7 ) 9.9 — 232.2 Cash, cash equivalents, and restricted cash at beginning of period 537.9 5.3 198.4 — 741.6 Cash, cash equivalents, and restricted cash at end of period $ 763.9 $ 1.6 $ 208.3 $ — $ 973.8 |
Note 17. Selected Quarterly Fin
Note 17. Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | Note 17. Selected Quarterly Financial Data (Unaudited) Three Months Ended March 31, June 30, September 30, 2019 December 31, (in millions, except per share data) Revenues: Manufacturing $ 404.6 $ 459.1 $ 487.4 $ 537.7 Leasing 200.2 276.9 326.2 313.0 604.8 736.0 813.6 850.7 Operating costs: Costs of revenues: Manufacturing 351.6 399.6 430.7 467.6 Leasing 111.8 178.9 218.4 207.1 463.4 578.5 649.1 674.7 Selling, engineering, and administrative expenses 59.6 69.8 62.1 71.3 Gains on disposition of property 10.0 19.3 17.9 7.2 Restructuring activities (1) — — — 14.7 Operating profit 91.8 107.0 120.3 97.2 Income from continuing operations before income taxes 40.1 51.7 66.3 42.6 Provision for income taxes (2) 8.9 14.1 18.2 20.3 Income from continuing operations 31.2 37.6 48.1 22.3 Loss from discontinued operations, net of income taxes (1.1 ) (0.8 ) (0.4 ) (0.8 ) Net income 30.1 36.8 47.7 21.5 Net income (loss) attributable to noncontrolling interest (0.5 ) 0.4 (1.3 ) (0.1 ) Net income attributable to Trinity Industries, Inc. $ 30.6 $ 36.4 $ 49.0 $ 21.6 Basic earnings per common share (3) : Income from continuing operations $ 0.24 $ 0.29 $ 0.39 $ 0.18 Loss from discontinued operations (0.01 ) (0.01 ) — (0.01 ) Basic net income attributable to Trinity Industries, Inc. $ 0.23 $ 0.28 $ 0.39 $ 0.17 Diluted earnings per common share (3) : Income from continuing operations $ 0.24 $ 0.29 $ 0.39 $ 0.18 Loss from discontinued operations (0.01 ) (0.01 ) — (0.01 ) Diluted net income attributable to Trinity Industries, Inc. $ 0.23 $ 0.28 $ 0.39 $ 0.17 (1) Restructuring activities for the three months ended December 31, 2019 were $14.7 million primarily as a result of write-downs related to underutilized assets in our manufacturing footprint and employee transition costs. See Note 2 of the Consolidated Financial Statements. (2) Provision for income taxes for the three months ended December 31, 2019 includes the effects of a one-time, non-cash, deferred tax impact related to our planned Maintenance Services expansion into a new Midwest facility of $9.7 million . See Note 9 of the Consolidated Financial Statements. (3) The sum of the quarters may not necessarily be equal to the full year net income per common share amount. Three Months Ended March 31, June 30, September 30, December 31, 2018 (in millions, except per share data) Revenues: Manufacturing $ 358.9 $ 420.8 $ 379.7 $ 507.7 Leasing 174.3 213.2 227.2 227.3 533.2 634.0 606.9 735.0 Operating costs: Costs of revenues: Manufacturing 306.5 363.4 333.5 456.4 Leasing 93.4 118.5 133.0 134.1 399.9 481.9 466.5 590.5 Selling, engineering, and administrative expenses 73.4 75.6 75.6 72.0 Gains on disposition of property 2.2 11.5 10.4 17.3 Operating profit 62.1 88.0 75.2 89.8 Income from continuing operations before income taxes 20.9 49.8 35.2 45.7 Provision for income taxes 5.7 12.5 6.7 17.7 Income from continuing operations 15.2 37.3 28.5 28.0 Income (loss) from discontinued operations, net of income taxes 26.4 28.2 (0.2 ) (0.3 ) Net income 41.6 65.5 28.3 27.7 Net income attributable to noncontrolling interest 1.4 1.4 0.6 0.4 Net income attributable to Trinity Industries, Inc. $ 40.2 $ 64.1 $ 27.7 $ 27.3 Basic earnings per common share (1) : Income from continuing operations $ 0.09 $ 0.24 $ 0.19 $ 0.20 Income from discontinued operations 0.18 0.19 — — Basic net income attributable to Trinity Industries, Inc. $ 0.27 $ 0.43 $ 0.19 $ 0.20 Diluted earnings per common share (1) : Income from continuing operations $ 0.09 $ 0.24 $ 0.19 $ 0.19 Income from discontinued operations 0.17 0.19 — — Diluted net income attributable to Trinity Industries, Inc. $ 0.26 $ 0.43 $ 0.19 $ 0.19 (1) The sum of the quarters may not necessarily be equal to the full year net income per common share amount. |
Note 1. Summary of Significan_2
Note 1. Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The financial statements of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") include the accounts of its wholly-owned subsidiaries and its partially-owned subsidiaries, TRIP Rail Holdings LLC ("TRIP Holdings") and RIV 2013 Rail Holdings LLC ("RIV 2013"), in which we have a controlling interest. All significant intercompany accounts and transactions have been eliminated. |
Spin-Off Transaction [Policy Text Block] | Spin-off of Arcosa, Inc. Upon completion of the spin-off of Arcosa, Inc. ("Arcosa") 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 Form 10-K. See Note 2 for further information related to the spin-off transaction. |
Revenue from Contract with Customer [Policy Text Block] | 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 $5.2 million and $10.2 million as of December 31, 2019 and 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. 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 shipment has occurred 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 December 31, 2019 and the percentage of the outstanding performance obligations as of December 31, 2019 expected to be delivered during 2020 : Unsatisfied performance obligations at December 31, 2019 Total Amount Percent expected to be delivered in 2020 (in millions) Rail Products Group: Products: External Customers $ 1,213.4 Leasing Group 619.1 $ 1,832.5 59 % Maintenance Services $ 44.8 100 % Railcar Leasing and Management Services Group $ 100.5 16 % 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, maintenance, and management agreements and are expected to be performed through 2029. |
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 December 31, 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): Year Ended December 31, 2019 Consolidated Statement of Operations Operating lease expense $ 18.0 Short-term lease expense $ 4.1 December 31, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 44.2 Lease liabilities (2) $ 44.8 Weighted average remaining lease term 4.8 years Weighted average discount rate 4.1 % Year Ended December 31, 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 18.0 Right-of-use assets recognized in exchange for new lease liabilites $ 10.3 (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 2020 $ 10.1 $ 3.9 $ 14.0 2021 8.6 2.8 11.4 2022 7.8 2.6 10.4 2023 5.9 2.2 8.1 2024 2.7 1.1 3.8 Thereafter 1.5 2.9 4.4 Total operating lease payments $ 36.6 $ 15.5 $ 52.1 Less: Present value adjustment (7.3 ) Total operating lease liabilities $ 44.8 |
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 a small percentage of our leases include options to terminate within one year with certain notice requirements and early termination penalties. Our sales-type leases include an option for the lessee to purchase the leased railcars with certain notice. As of December 31, 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): Year Ended December 31, 2019 Operating lease revenues $ 676.3 Variable operating lease revenues 50.5 Sales-type lease revenues 160.5 Interest income on sales-type lease receivables 2.4 Profit recognized at sales-type lease commencement 19.0 Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions): 2020 $ 43.4 2021 131.8 2022 — 2023 — 2024 — Thereafter — Total $ 175.2 Less: Unearned interest income (20.7 ) Net investment in sales-type leases (1) $ 154.5 (1) Included in other assets in our Consolidated Balance Sheet Future contractual minimum revenues for operating leases will mature as follows (in millions): 2020 $ 568.1 2021 451.9 2022 347.1 2023 243.7 2024 154.0 Thereafter 268.3 Total $ 2,033.1 |
Income Tax, Policy [Policy Text Block] | Income Taxes The liability method is used to account for income taxes. Deferred income taxes represent the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Valuation allowances reduce deferred tax assets to an amount that will more likely than not be realized. We regularly evaluate the likelihood of realization of tax benefits derived from positions we have taken in various federal and state filings after consideration of all relevant facts, circumstances, and available information. For those tax positions that are deemed more likely than not to be sustained, we recognize the benefit we believe is cumulatively greater than 50% likely to be realized. To the extent that we were to prevail in matters for which accruals have been established or be required to pay amounts in excess of recorded reserves, the effective tax rate in a given financial statement period could be materially impacted. |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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 . |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Financial instruments that potentially subject us to a concentration of credit risk are primarily cash investments including restricted cash and receivables. We place our cash investments in bank deposits and investment grade, short-term debt instruments and limit the amount of credit exposure to any one commercial issuer. 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. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost or net realizable value. Cost is determined principally on the first in first out method. Work in process and finished goods include material, labor, and overhead. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment Property, plant, and equipment are stated at cost and depreciated over their estimated useful lives using the straight-line method. The costs of ordinary maintenance and repair are charged to operating costs. The estimated useful lives are as follows: Buildings and improvements 3 – 30 years Leasehold improvements The lesser of the term of the lease or 7 years Machinery and equipment 2 – 10 years Information systems hardware and software 2 – 5 years Railcars in our lease fleet Generally 35 years As of early 2020, we are finalizing an assessment of the estimated useful lives and salvage value assumptions for the railcars in our lease fleet. Based upon analysis of historical fleet data, review of industry standards, and consideration of certain economic factors by railcar type, we have determined that it is appropriate to revise the useful lives and salvage values of certain railcar types in our lease fleet. We believe that the revised useful lives reflect the estimated economic lives of the railcars in our lease fleet. The net impact of these changes, which will become effective January 1, 2020, is expected to result in a change in the weighted average useful life of railcars in our lease fleet from approximately 34 years to approximately 37 years . This change will be accounted for as a change in accounting estimate, which is required to be accounted for on a prospective basis. Based on the composition of the lease fleet as of December 31, 2019, we expect this change to result in a net decrease in annual depreciation expense of between $27 million and $33 million for the year ended December 31, 2020. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived Assets We periodically evaluate the carrying value of long-lived assets for potential impairment. The carrying value of long-lived assets is considered impaired when their carrying value is not recoverable through undiscounted future cash flows and the fair value of the assets is less than their carrying value. Fair value is determined primarily using the anticipated cash flows discounted at a rate commensurate with the risks involved or market quotes as available. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced by the estimated cost to dispose of the assets. Based on our evaluations, no impairment charges were determined to be necessary on assets held and used as of December 31, 2019 and 2018 . |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill is required to be tested for impairment at least annually, or on an interim basis if events or circumstances change indicating that the carrying amount of the goodwill might be impaired. The quantitative goodwill impairment test is a two-step process, with step one requiring the comparison of the reporting unit's estimated fair value with the carrying amount of its net assets. If necessary, step two of the impairment test determines the amount of goodwill impairment to be recorded when the reporting unit's recorded net assets exceed its fair value. Impairment is assessed at the reporting unit level by applying a fair value-based test for each unit with recorded goodwill. The estimates and judgments that most significantly affect the fair value calculations are assumptions, consisting of level three inputs, related to revenue and operating profit results, discount rates, terminal growth rates and exit multiples. As of December 31, 2019 and 2018 , our annual impairment test of goodwill was completed at the reporting unit level, and no impairment charges were determined to be necessary. The net book value of intangible assets totaled $18.7 million and $22.4 million as of December 31, 2019 and 2018 , respectively, and included finite-lived intangible assets of $16.2 million and $19.9 million , respectively, which are amortized over their estimated useful lives ranging from one year to twenty years . Based on our evaluations of intangible assets, no impairment charges were determined to be necessary as of December 31, 2019 and 2018 . Goodwill by segment is as follows: December 31, 2019 December 31, 2018 (in millions) Railcar Leasing and Management Services Group $ 1.8 $ 1.8 Rail Products Group 145.4 145.4 All Other 61.6 61.6 $ 208.8 $ 208.8 |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash Restricted cash consists of cash and cash equivalents held either as collateral for our non-recourse debt and lease obligations or as security for the performance of certain product sales agreements. As such, they are restricted in use. |
Variable Interest Entity Disclosure [Text Block] | Investments in Affiliates We continuously evaluate our investments and other contractual arrangements with third party entities to determine if our variable interests are considered a variable interest entity ("VIE"). Consolidation is required for VIEs in which we are the primary beneficiary. We have determined that we are the primary beneficiary for TRIP Holdings and RIV 2013. At December 31, 2019 , the carrying value of our investment in TRIP Holdings and RIV 2013 totaled $186.5 million . For further information regarding our partially-owned leasing subsidiaries, see Note 5 of the Consolidated Financial Statements. |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | Other Investments We hold certain other investments for which we do not have a controlling financial interest but have a significant influence over the financial and operating policies. The carrying values of our equity method investments totaled approximately $3.8 million and $3.4 million as of December 31, 2019 and 2018 , respectively. |
Self Insurance Reserve [Policy Text Block] | Insurance We are effectively self-insured for workers' compensation and employee health care claims. A third party administrator is used to process claims. We accrue our workers' compensation and group medical liabilities based upon independent actuarial studies. These liabilities are calculated based upon loss development factors, which contemplate a number of variables, including claims history and expected trends. |
Standard Product Warranty, Policy [Policy 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 years ended December 31, 2019 , 2018 , and 2017 are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Beginning balance $ 7.4 $ 10.1 $ 12.0 Warranty costs incurred (3.8 ) (2.8 ) (4.8 ) Warranty originations and revisions 4.5 0.1 4.8 Warranty expirations — — (1.9 ) Ending balance $ 8.1 $ 7.4 $ 10.1 |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Transactions The functional currency of our Mexico operations is the United States dollar. Certain transactions in Mexico occur in currencies other than the United States dollar. The impact of foreign currency fluctuations on these transactions is recorded in other, net (income) expense in our Consolidated Statement of Operations. |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) Other comprehensive net income (loss) consists of foreign currency translation adjustments, unrealized gains and losses on our derivative financial instruments, and the net actuarial gains and losses of our defined benefit plans, the sum of which, together with net income (loss), constitutes comprehensive income (loss). See Note 12 . All components are shown net of tax. |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 permitted 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. ASU 2018-16 — In October 2018, the FASB issued ASU No. 2018-16, "Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes," which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815. ASU 2018-16 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted ASU 2018-16 effective January 1, 2019 on a prospective basis for qualifying new or redesignated hedges. The adoption did not have a significant impact on our Consolidated Financial Statements and did not impact pre-existing hedges. Effective in 2020 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 adopting ASU 2016-13 effective January 1, 2020, and we do not currently expect a material opening retained earnings adjustment as a result of the adoption. Further, we do not expect the ongoing application of ASU 2016-13 to materially impact our Consolidated Financial Statements. 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 adopted ASU 2018-15 effective January 1, 2020 on a prospective basis. The adoption is not expected to have a significant impact on our Consolidated Financial Statements. |
Use of Estimates, Policy [Policy Text Block] | Management's Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Note 1. Summary of Significan_3
Note 1. Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | 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 December 31, 2019 and the percentage of the outstanding performance obligations as of December 31, 2019 expected to be delivered during 2020 : Unsatisfied performance obligations at December 31, 2019 Total Amount Percent expected to be delivered in 2020 (in millions) Rail Products Group: Products: External Customers $ 1,213.4 Leasing Group 619.1 $ 1,832.5 59 % Maintenance Services $ 44.8 100 % Railcar Leasing and Management Services Group $ 100.5 16 % |
Note 1. Summary of Significan_4
Note 1. Summary of Significant Accounting Policies Lessee Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
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): Year Ended December 31, 2019 Consolidated Statement of Operations Operating lease expense $ 18.0 Short-term lease expense $ 4.1 December 31, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 44.2 Lease liabilities (2) $ 44.8 Weighted average remaining lease term 4.8 years Weighted average discount rate 4.1 % Year Ended December 31, 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 18.0 Right-of-use assets recognized in exchange for new lease liabilites $ 10.3 (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 2020 $ 10.1 $ 3.9 $ 14.0 2021 8.6 2.8 11.4 2022 7.8 2.6 10.4 2023 5.9 2.2 8.1 2024 2.7 1.1 3.8 Thereafter 1.5 2.9 4.4 Total operating lease payments $ 36.6 $ 15.5 $ 52.1 Less: Present value adjustment (7.3 ) Total operating lease liabilities $ 44.8 |
Note 1. Summary of Significan_5
Note 1. Summary of Significant Accounting Policies Lessor Accounting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating and Sales-Type Leases, Lessor Disclosure [Table Text Block] | The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Year Ended December 31, 2019 Operating lease revenues $ 676.3 Variable operating lease revenues 50.5 Sales-type lease revenues 160.5 Interest income on sales-type lease receivables 2.4 Profit recognized at sales-type lease commencement 19.0 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future contractual minimum rental revenue $ 560.0 $ 445.8 $ 342.6 $ 241.5 $ 153.5 $ 268.0 $ 2,011.4 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity [Table Text Block] | Future contractual minimum lease receivables for sales-type leases will mature as follows (in millions): 2020 $ 43.4 2021 131.8 2022 — 2023 — 2024 — Thereafter — Total $ 175.2 Less: Unearned interest income (20.7 ) Net investment in sales-type leases (1) $ 154.5 (1) Included in other assets in our Consolidated Balance Sheet |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | Future contractual minimum revenues for operating leases will mature as follows (in millions): 2020 $ 568.1 2021 451.9 2022 347.1 2023 243.7 2024 154.0 Thereafter 268.3 Total $ 2,033.1 |
Note 1. Summary of Significan_6
Note 1. Summary of Significant Accounting Policies Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Goodwill by segment is as follows: December 31, 2019 December 31, 2018 (in millions) Railcar Leasing and Management Services Group $ 1.8 $ 1.8 Rail Products Group 145.4 145.4 All Other 61.6 61.6 $ 208.8 $ 208.8 |
Note 1. Summary of Significan_7
Note 1. Summary of Significant Accounting Policies Product Warranty (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | The changes in the accruals for warranties for the years ended December 31, 2019 , 2018 , and 2017 are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Beginning balance $ 7.4 $ 10.1 $ 12.0 Warranty costs incurred (3.8 ) (2.8 ) (4.8 ) Warranty originations and revisions 4.5 0.1 4.8 Warranty expirations — — (1.9 ) Ending balance $ 8.1 $ 7.4 $ 10.1 |
Note 2. Discontinued Operatio_2
Note 2. Discontinued Operations Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
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 years ended December 31, 2019 , 2018 , and 2017 : Year Ended December 31, 2019 2018 2017 (in millions) Revenues $ — $ 1,042.0 $ 1,265.4 Cost of revenues — 840.8 971.0 Selling, engineering, and administrative expenses 4.1 116.8 116.3 Other (income) expense — (0.4 ) 1.6 Income (loss) from discontinued operations before income taxes (4.1 ) 84.8 176.5 Provision (benefit) for income taxes (1.0 ) 30.7 73.1 Income (loss) from discontinued operations, net of income taxes $ (3.1 ) $ 54.1 $ 103.4 |
Note 3. Derivative Instrument_3
Note 3. Derivative Instruments and Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of Interest Rate Derivatives [Table Text Block] | 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 % $ — $ (0.1 ) $ — 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 1.0 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 2.2 $ 3.0 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.1 $ 0.2 2017 promissory notes – interest rate cap $ 169.3 3.00 % $ — $ (0.6 ) $ — Open hedge: 2017 promissory notes – interest rate swap $ 571.1 2.68 % $ (28.0 ) $ 27.8 $ — (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) Year Ended December 31, Expected effect during next twelve months (1) 2019 2018 2017 (in millions) Expired hedges: 2006 secured railcar equipment notes $ (0.2 ) $ (0.2 ) $ (0.3 ) $ (0.1 ) 2018 secured railcar equipment notes $ 0.2 $ 0.1 $ — $ 0.2 TRIP Holdings warehouse loan $ 2.0 $ 2.2 $ 4.5 $ 2.0 TRIP Master Funding secured railcar equipment notes $ 0.2 $ 0.2 $ 0.4 $ 0.2 2017 promissory notes – interest rate cap $ (0.1 ) $ 0.1 $ — $ (0.1 ) Open hedge: 2017 promissory notes – interest rate swap $ 3.1 $ 0.3 $ — $ 3.1 (1) Based on the fair value of open hedges as of December 31, 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 December 31, 2019 December 31, 2018 (in millions) Assets: Cash equivalents $ 57.9 $ 124.9 Restricted cash 111.4 171.6 Total assets $ 169.3 $ 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 December 31, 2019 December 31, 2018 (in millions) Assets: Foreign currency hedge (1) $ 1.2 $ — Total assets $ 1.2 $ — Liabilities: Interest rate hedge (2) $ 28.0 $ 12.9 Total liabilities $ 28.0 $ 12.9 (1) Included in other assets in our Consolidated Balance Sheets. (2) Included in accrued liabilities in our Consolidated Balance Sheets. |
Note 4. Segment Information Seg
Note 4. Segment Information Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |
Segment Reporting Disclosure [Text Block] | The financial information for these segments is shown in the tables below (in millions). We operate principally in North America. Year Ended December 31, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations — Lease Subsidiary (1) Eliminations — Other Consolidated Total External Revenue $ 1,116.3 $ 1,595.4 $ 293.4 $ — $ — $ — $ 3,005.1 Intersegment Revenue 0.9 1,331.1 51.7 — (1,331.1 ) (52.6 ) — Total Revenues $ 1,117.2 $ 2,926.5 $ 345.1 $ — $ (1,331.1 ) $ (52.6 ) $ 3,005.1 Depreciation & Amortization $ 232.2 $ 29.6 $ 12.8 $ 9.0 $ — $ — $ 283.6 Capital Expenditures $ 1,122.2 $ 85.6 $ 9.1 $ 2.3 $ — $ — $ 1,219.2 Year Ended December 31, 2018 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations — Lease Subsidiary (1) Eliminations — Other Consolidated Total External Revenue $ 842.0 $ 1,356.4 $ 310.7 $ — $ — $ — $ 2,509.1 Intersegment Revenue 0.8 990.3 50.6 — (990.3 ) (51.4 ) — Total Revenues $ 842.8 $ 2,346.7 $ 361.3 $ — $ (990.3 ) $ (51.4 ) $ 2,509.1 Depreciation & Amortization $ 196.6 $ 30.3 $ 15.1 $ 9.9 $ — $ — $ 251.9 Capital Expenditures $ 948.3 $ 16.0 $ 17.3 $ 4.0 $ — $ — $ 985.6 Year Ended December 31, 2017 Railcar Leasing and Management Services Group Rail Products Group All Other Corporate Eliminations — Lease Subsidiary (1) Eliminations — Other Consolidated Total External Revenue $ 842.2 $ 1,254.5 $ 300.7 $ — $ — $ — $ 2,397.4 Intersegment Revenue 1.0 789.5 32.4 — (789.5 ) (33.4 ) — Total Revenues $ 843.2 $ 2,044.0 $ 333.1 $ — $ (789.5 ) $ (33.4 ) $ 2,397.4 Depreciation & Amortization $ 172.3 $ 35.1 $ 12.8 $ 9.6 $ — $ (0.1 ) $ 229.7 Capital Expenditures $ 608.3 $ 4.9 $ 9.5 $ 7.6 $ — $ — $ 630.3 The reconciliation of segment operating profit or loss to consolidated net income is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Operating profit: Railcar Leasing and Management Services Group $ 406.6 $ 351.1 $ 444.5 Rail Products Group 281.4 172.1 196.3 All Other 16.1 35.7 1.4 Segment Totals before Eliminations, Corporate Expenses, and Restructuring activities 704.1 558.9 642.2 Corporate (108.0 ) (149.1 ) (175.1 ) Restructuring activities (14.7 ) — — Eliminations – Lease Subsidiary (1) (164.7 ) (95.1 ) (96.5 ) Eliminations – Other (0.4 ) 0.4 (2.3 ) Consolidated operating profit $ 416.3 $ 315.1 $ 368.3 Other (income) expense 215.6 163.5 172.9 Provision (benefit) for income taxes 61.5 42.6 (414.8 ) Income (loss) from discontinued operations, net of income taxes (3.1 ) 54.1 103.4 Net income $ 136.1 $ 163.1 $ 713.6 (1) Historically, "Eliminations – Lease Subsidiary" has included only railcar shipments from the Rail Products Group to the Leasing Group; however, beginning January 1, 2018, we elected to include the sales from our maintenance services business, previously reflected in Eliminations – Other, in "Eliminations – Lease Subsidiary." Previously reported amounts have been recast to conform to the current presentation. |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Total assets for these segments is shown in the table below. December 31, 2019 December 31, 2018 (in millions) Railcar Leasing and Management Services Group $ 8,012.6 $ 7,096.0 Rail Products Group 992.8 1,039.1 All Other 222.7 238.5 Segment Totals before Eliminations and Corporate 9,228.1 8,373.6 Corporate 378.1 443.4 Eliminations – Lease Subsidiary (903.8 ) (827.7 ) Eliminations – Other (1.0 ) (0.1 ) Total Assets $ 8,701.4 $ 7,989.2 |
Note 6. Railcar Leasing and M_2
Note 6. Railcar Leasing and Management Services Group Railcar Leasing and Management Services Group (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Sale Leaseback Transaction [Line Items] | |
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] | Selected consolidated financial information for the Leasing Group is as follows: December 31, 2019 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 1.8 $ — $ 1.8 $ — $ 1.8 Accounts receivable 73.9 8.7 82.6 — 82.6 Property, plant, and equipment, net 5,818.9 1,786.7 7,605.6 (903.8 ) 6,701.8 Restricted cash 78.4 33.0 111.4 — 111.4 Other assets 209.8 1.4 211.2 — 211.2 Total assets $ 6,182.8 $ 1,829.8 $ 8,012.6 $ (903.8 ) $ 7,108.8 Accounts payable and accrued liabilities $ 72.7 $ 44.6 $ 117.3 $ — $ 117.3 Debt, net 3,080.7 1,278.4 4,359.1 — 4,359.1 Deferred income taxes 861.7 1.1 862.8 (184.8 ) 678.0 Other liabilities 60.7 — 60.7 — 60.7 Total liabilities 4,075.8 1,324.1 5,399.9 (184.8 ) 5,215.1 Noncontrolling interest — 348.8 348.8 — 348.8 Total Equity $ 2,107.0 $ 156.9 $ 2,263.9 $ (719.0 ) $ 1,544.9 December 31, 2018 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 6.0 $ — $ 6.0 $ — $ 6.0 Accounts receivable 63.0 8.7 71.7 — 71.7 Property, plant, and equipment, net 4,976.5 1,814.7 6,791.2 (827.7 ) 5,963.5 Restricted cash 134.9 36.6 171.5 — 171.5 Other assets 52.7 2.9 55.6 — 55.6 Total assets $ 5,233.1 $ 1,862.9 $ 7,096.0 $ (827.7 ) $ 6,268.3 Accounts payable and accrued liabilities $ 89.9 $ 38.6 $ 128.5 $ — $ 128.5 Debt, net 2,316.6 1,315.2 3,631.8 — 3,631.8 Deferred income taxes 797.6 1.0 798.6 (163.2 ) 635.4 Other liabilities 12.9 — 12.9 — 12.9 Total liabilities 3,217.0 1,354.8 4,571.8 (163.2 ) 4,408.6 Noncontrolling interest — 351.2 351.2 — 351.2 Total Equity $ 2,016.1 $ 156.9 $ 2,173.0 $ (664.5 ) $ 1,508.5 (1) Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation. Net deferred profit and the related deferred tax impact are included as adjustments to the property, plant, and equipment, net and deferred income taxes line items, respectively, in the Eliminations – Lease Subsidiary column above to reflect the net book value of the railcars purchased by the Leasing Group from the Rail Products Group based on manufacturing cost. See Note 5 and Note 8 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness. |
Consolidating Financial Performance Information of Specific Segment of Company [Table Text Block] | Year Ended December 31, Percent Change 2019 2018 2017 2019 versus 2018 2018 versus 2017 ($ in millions) Revenues: Leasing and management $ 756.5 $ 728.9 $ 743.6 3.8 % (2.0 )% Sales of railcars owned one year or less at the time of sale (1) 360.7 113.9 99.6 216.7 % 14.4 % Total revenues $ 1,117.2 $ 842.8 $ 843.2 32.6 % — % Operating profit (2) : Leasing and management $ 314.7 $ 291.8 $ 341.3 7.8 % (14.5 )% Railcar sales: Railcars owned one year or less at the time of sale 41.4 21.5 19.7 92.6 % 9.1 % Railcars owned more than one year at the time of sale 50.5 50.4 83.5 0.2 % (39.6 )% Property disposition losses (3) — (12.6 ) — * * Total operating profit $ 406.6 $ 351.1 $ 444.5 15.8 % (21.0 )% Total operating profit margin 36.4 % 41.7 % 52.7 % Leasing and management operating profit margin 41.6 % 40.0 % 45.9 % Selected expense information: Depreciation $ 232.2 $ 196.6 $ 172.3 18.1 % 14.1 % Maintenance and compliance $ 102.1 $ 99.3 $ 96.4 2.8 % 3.0 % Rent $ 16.9 $ 42.4 $ 39.9 (60.1 )% 6.3 % Selling, engineering, and administrative expenses $ 49.5 $ 51.1 $ 50.7 (3.1 )% 0.8 % Interest $ 197.2 $ 142.3 $ 125.8 38.6 % 13.1 % * Not meaningful (1) Includes revenues associated with sales-type leases of $160.5 million for the year ended December 31, 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. (3) Property disposition losses during the year ended December 31, 2018 included a non-cash charge of $12.6 million associated with our election to forego the early purchase options contained in certain lease agreements. |
Operating Leases of Lessor Disclosure [Table Text Block] | The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Year Ended December 31, 2019 Operating lease revenues $ 676.3 Variable operating lease revenues 50.5 Sales-type lease revenues 160.5 Interest income on sales-type lease receivables 2.4 Profit recognized at sales-type lease commencement 19.0 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future contractual minimum rental revenue $ 560.0 $ 445.8 $ 342.6 $ 241.5 $ 153.5 $ 268.0 $ 2,011.4 |
Sale Of Leased Railcars [Table Text Block] | During the years ended December 31, 2019 , 2018 , and 2017 , information related to the sales of leased railcars is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Sales of leased railcars: Railcars owned one year or less at the time of sale (1) $ 360.7 $ 113.9 $ 99.6 Railcars owned more than one year at the time of sale 205.7 230.5 360.7 $ 566.4 $ 344.4 $ 460.3 Operating profit on sales of leased railcars: Railcars owned one year or less at the time of sale $ 41.4 $ 21.5 $ 19.7 Railcars owned more than one year at the time of sale 50.5 50.4 83.5 $ 91.9 $ 71.9 $ 103.2 Operating profit margin on sales of leased railcars: Railcars owned one year or less at the time of sale 11.5 % 18.9 % 19.8 % Railcars owned more than one year at the time of sale 24.6 % 21.9 % 23.1 % Weighted average operating profit margin on sales of leased railcars 16.2 % 20.9 % 22.4 % (1) Includes revenues associated with sales-type leases of $160.5 million for the year ended December 31, 2019 . |
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 was 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, were 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. |
Other Third Parties [Member] | |
Sale Leaseback Transaction [Line Items] | |
Sale Leaseback Transactions [Table Text Block] | Future amounts due as well as future contractual minimum rental revenues related to the Leasing Group's railcar operating lease obligations are as follows: 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future operating lease obligations $ 9.8 $ 8.2 $ 7.5 $ 5.5 $ 2.3 $ 0.9 $ 34.2 Future contractual minimum rental revenues $ 8.1 $ 6.1 $ 4.5 $ 2.2 $ 0.5 $ 0.3 $ 21.7 |
Note 7. Property, Plant, and _2
Note 7. Property, Plant, and Equipment Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment [Table Text Block] | The following table summarizes the components of property, plant, and equipment: December 31, 2019 December 31, 2018 (in millions) Manufacturing/Corporate: Land $ 28.4 $ 24.2 Buildings and improvements 402.2 385.5 Machinery and other 546.7 537.2 Construction in progress 63.1 16.3 1,040.4 963.2 Less accumulated depreciation (631.6 ) (592.3 ) 408.8 370.9 Leasing: Wholly-owned subsidiaries: Machinery and other 13.7 13.5 Equipment on lease 6,944.2 5,934.8 6,957.9 5,948.3 Less accumulated depreciation (1,139.0 ) (971.8 ) 5,818.9 4,976.5 Partially-owned subsidiaries: Equipment on lease 2,410.0 2,371.9 Less accumulated depreciation (623.3 ) (557.2 ) 1,786.7 1,814.7 Deferred profit on railcars sold to the Leasing Group (1,135.8 ) (1,030.0 ) Less accumulated amortization 232.0 202.3 (903.8 ) (827.7 ) $ 7,110.6 $ 6,334.4 |
Note 8. Debt Debt (Tables)
Note 8. Debt Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt [Table Text Block] | The carrying amounts and estimated fair values of our long-term debt are as follows: December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Corporate – Recourse: Revolving credit facility $ 125.0 $ 125.0 $ — $ — Senior notes, net of unamortized discount of $0.2 and $0.3 399.8 411.7 399.7 343.7 524.8 536.7 399.7 343.7 Less: unamortized debt issuance costs (2.0 ) (2.3 ) Total recourse debt 522.8 397.4 Leasing – Non-recourse: Wholly-owned subsidiaries: 2006 secured railcar equipment notes 109.3 114.0 133.4 138.0 2009 secured railcar equipment notes 147.8 168.7 159.7 174.0 2010 secured railcar equipment notes 248.5 264.3 257.0 264.0 2017 promissory notes 627.1 627.1 660.2 660.2 2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2 452.1 466.2 472.2 475.2 TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $1.4 and $2.5 265.4 270.9 279.0 278.1 2019 secured railcar equipment notes, net of unamortized discount of $0.4 and $- 901.0 904.9 — — TILC warehouse facility 353.4 353.4 374.8 374.8 3,104.6 3,169.5 2,336.3 2,364.3 Less: unamortized debt issuance costs (23.9 ) (19.7 ) 3,080.7 2,316.6 Partially-owned subsidiaries: TRL 2012 secured railcar equipment notes 371.4 374.4 386.2 370.9 TRIP Master Funding secured railcar equipment notes 917.9 984.0 941.7 963.0 1,289.3 1,358.4 1,327.9 1,333.9 Less: unamortized debt issuance costs (10.9 ) (12.7 ) 1,278.4 1,315.2 Total non–recourse debt 4,359.1 3,631.8 Total debt $ 4,881.9 $ 5,064.6 $ 4,029.2 $ 4,041.9 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The remaining principal payments under existing debt agreements as of December 31, 2019 are as follows: 2020 2021 2022 2023 2024 Thereafter Total (in millions) Recourse: Corporate $ — $ — $ — $ 125.0 $ 400.0 $ — $ 525.0 Non-recourse – leasing (Note 6): 2006 secured railcar equipment notes 34.3 29.1 29.8 16.1 — — 109.3 2009 secured railcar equipment notes 6.6 13.4 14.0 11.8 14.5 87.5 147.8 2010 secured railcar equipment notes 14.5 20.0 20.9 22.4 18.5 152.2 248.5 2017 promissory notes 33.1 33.1 33.2 33.2 33.2 461.3 627.1 2018 secured railcar equipment notes 20.0 20.0 20.0 20.0 20.0 352.3 452.3 TRIHC 2018 secured railcar equipment notes 10.6 11.8 9.3 11.7 14.7 208.7 266.8 2019 secured railcar equipment notes 36.2 38.0 37.0 35.1 36.8 718.3 901.4 TILC warehouse facility 11.8 11.8 2.0 — — — 25.6 Facility termination payments – TILC warehouse facility — — 327.8 — — — 327.8 TRL 2012 secured railcar equipment notes 19.3 19.9 19.6 26.8 28.9 256.9 371.4 TRIP Master Funding secured railcar equipment notes 32.9 40.4 41.8 37.0 191.6 574.2 917.9 Total principal payments $ 219.3 $ 237.5 $ 555.4 $ 339.1 $ 758.2 $ 2,811.4 $ 4,920.9 |
Note 9. Income Taxes Income Tax
Note 9. Income Taxes Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Unrecognized Tax Benefit Rollforward [Table Text Block] | The change in unrecognized tax benefits for the years ended December 31, 2019 , 2018 , and 2017 was as follows: Year Ended December 31, 2019 2018 2017 (in millions) Beginning balance $ 8.1 $ 7.0 $ 20.7 Additions for tax positions of prior years — 3.0 4.5 Reductions for tax positions of prior years — (0.3 ) — Settlements (5.8 ) (1.5 ) (17.2 ) Expiration of statute of limitations — (0.1 ) (1.0 ) Ending balance $ 2.3 $ 8.1 $ 7.0 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the provision (benefit) for income taxes from continuing operations are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Current: Federal $ (6.0 ) $ (19.1 ) $ (61.1 ) State 6.6 (1.5 ) (1.1 ) Foreign 6.1 5.3 4.5 Total current 6.7 (15.3 ) (57.7 ) Deferred: Federal Effect of Tax Cuts and Jobs Act — (5.9 ) (476.2 ) Other 44.0 49.1 121.9 44.0 43.2 (354.3 ) State 12.3 14.7 (2.8 ) Foreign (1.5 ) — — Total deferred 54.8 57.9 (357.1 ) Provision (benefit) $ 61.5 $ 42.6 $ (414.8 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following is a reconciliation between the statutory U.S. federal income tax rate and our effective income tax rate on income before income taxes: Year Ended December 31, 2019 2018 2017 Statutory rate 21.0 % 21.0 % 35.0 % State taxes 2.2 2.3 (1.9 ) Foreign branch taxes 1.2 2.9 — Executive compensation limitations 1.2 0.9 — Interest expense limitations from partially-owned subsidiaries 1.0 1.3 — Noncontrolling interest in partially-owned subsidiaries 0.1 (0.5 ) (2.0 ) Equity compensation (0.8 ) (1.4 ) 0.8 Changes in state laws and apportionment 4.3 5.2 (0.5 ) Effect of Tax Cuts and Jobs Act — (3.9 ) (243.7 ) Changes in valuation allowances and reserves — 1.6 1.9 Settlements with tax authorities — — (2.1 ) Other, net 0.4 (1.3 ) 0.3 Effective rate 30.6 % 28.1 % (212.2 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred tax liabilities and assets are as follows: December 31, 2019 2018 (in millions) Deferred tax liabilities: Depreciation, depletion, and amortization $ 913.4 $ 718.4 Partially-owned subsidiaries basis difference 144.7 131.7 Right-of-use assets 10.0 — Total deferred tax liabilities 1,068.1 850.1 Deferred tax assets: Workers compensation, pensions, and other benefits 3.1 5.7 Warranties and reserves 4.5 8.1 Equity items 46.1 34.0 Tax loss carryforwards and credits 229.0 65.5 Inventory 5.1 8.9 Accrued liabilities and other 9.7 9.1 Lease liabilities 10.0 — Total deferred tax assets 307.5 131.3 Net deferred tax liabilities before valuation allowances 760.6 718.8 Valuation allowances 19.5 15.1 Net deferred tax liabilities before reserve for uncertain tax positions 780.1 733.9 Deferred tax assets included in reserve for uncertain tax positions (1.0 ) (2.3 ) Adjusted net deferred tax liabilities $ 779.1 $ 731.6 |
Note 10. Employee Retirement _2
Note 10. Employee Retirement Plans Employee Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Allocation of Plan Assets [Table Text Block] | The target and actual allocations of the plans' assets at December 31, 2019 are as follows: Target December 31, Cash and cash equivalents — % 3 % Liability hedging portfolio 100 % 92 % Growth portfolio — % 5 % Total 100 % 100 % The estimated fair value of the plans' assets at December 31, 2019 and 2018 , indicating input levels used to determine fair value are as follows: Fair Value Measurement as of December 31, 2019 (in millions) Level 1 Level 2 Level 3 Total Temporary cash investments $ 13.5 $ — $ — $ 13.5 Fixed Income — Government and agencies — 121.7 — 121.7 Fixed Income — Corporate — 370.5 — 370.5 Fixed Income — Asset-backed securities — 2.2 — 2.2 Fixed Income — Collateralized mortgage-backed — 4.1 — 4.1 Equity common trust funds — 29.1 — 29.1 Debt common trust funds — — 7.4 7.4 $ 13.5 $ 527.6 $ 7.4 $ 548.5 Fair Value Measurement as of December 31, 2018 (in millions) Level 1 Level 2 Level 3 Total Temporary cash investments $ 14.0 $ — $ — $ 14.0 Fixed Income — Government and agencies — 77.1 — 77.1 Fixed Income — Corporate — 309.1 — 309.1 Fixed Income — Collateralized mortgage-backed — 2.1 — 2.1 Equity common trust funds — 69.7 — 69.7 Debt common trust funds — — 6.7 6.7 $ 14.0 $ 458.0 $ 6.7 $ 478.7 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | Amounts recognized in other comprehensive (loss) income Year Ended December 31, 2019 2018 2017 (in millions) Actuarial (loss) gain $ (37.7 ) $ (12.5 ) $ 5.2 Amortization of actuarial loss 4.6 4.8 4.9 New prior service cost base (1.5 ) — — Total before income taxes (34.6 ) (7.7 ) 10.1 Income tax (benefit) expense (7.9 ) (1.8 ) 3.1 Net amount recognized in other comprehensive (loss) income $ (26.7 ) $ (5.9 ) $ 7.0 |
Defined Benefit Plan, Assumptions [Table Text Block] | Actuarial assumptions Year Ended December 31, 2019 2018 2017 Assumptions used to determine benefit obligations at the annual measurement date were: Obligation discount rate 2.73% 4.45% 3.79% Compensation increase rate (1) n/a n/a 4.00% Assumptions used to determine net periodic benefit costs were: Obligation discount rate 4.45% 3.79% 4.34% Long-term rate of return on plan assets 4.90% 5.65% 6.25% Compensation increase rate (1) n/a n/a 4.00% (1) The compensation increase rate pertains to a plan associated with our Former Inland Barge Group. The Inland Barge Group was transferred to Arcosa in connection with the spin-off, but Trinity retained the pension plan. Effective as of November 1, 2018, all participants in this plan have been granted the maximum benefit allowed under the plan; therefore, the compensation increase rate is not applicable. |
Schedule of Costs of Retirement Plans [Table Text Block] | Components of Net Periodic Benefit Cost and Other Retirement Expenses Year Ended December 31, 2019 2018 2017 (in millions) Expense Components Service cost $ 0.1 $ 0.1 $ 0.2 Interest 19.7 18.3 19.6 Expected return on plan assets (23.0 ) (27.4 ) (27.2 ) Amortization of actuarial loss 4.6 4.8 4.9 Other — 0.6 — Net periodic benefit cost 1.4 (3.6 ) (2.5 ) Profit sharing 11.0 11.1 7.7 Net expense $ 12.4 $ 7.5 $ 5.2 |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Obligations and funded status Year Ended December 31, 2019 2018 (in millions) Accumulated Benefit Obligations $ 557.9 $ 453.2 Projected Benefit Obligations: Beginning of year $ 453.2 $ 490.0 Service cost 0.1 0.1 Interest 19.7 18.3 Benefits paid (22.2 ) (20.2 ) Actuarial (gain) loss 105.6 (35.6 ) Plan amendments 1.5 — Other — 0.6 End of year $ 557.9 $ 453.2 Plans' Assets: Beginning of year $ 478.7 $ 488.0 Actual return on assets 90.9 (20.7 ) Employer contributions 1.1 31.6 Benefits paid (22.2 ) (20.2 ) End of year $ 548.5 $ 478.7 Consolidated Balance Sheet Components: Other assets $ 5.5 $ 39.4 Accrued liabilities (14.9 ) (13.9 ) Net funded status $ (9.4 ) $ 25.5 Percent of projected benefit obligations funded 98.3 % 105.6 % |
Schedule of Expected Benefit Payments [Table Text Block] | Benefit payments for our defined benefit plans are expected to be approximately $225 million in 2020 and approximately $336 million in 2021, which reflects the impact of the Pension Plan termination. |
Note 11. Restructuring Activi_2
Note 11. Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring Charges [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table sets forth the restructuring activity and balance of the restructuring liability, which is included in other liabilities in our Consolidated Balance Sheet: Accrued charges as of December 31, 2018 Charges and adjustments Payments Accrued charges as of December 31, 2019 (in millions) Cash charges: Employee severance costs $ — $ 3.8 $ (0.4 ) $ 3.4 $ — $ 3.8 $ (0.4 ) $ 3.4 Non-cash charges: Write-down of assets $ 10.9 Total restructuring activities $ 14.7 |
Restructuring and Related Costs [Table Text Block] | Although restructuring activities are not allocated to our reportable segments, the following table summarizes the restructuring activities by reportable segment: Year Ended December 31, 2019 Employee Severance Costs Write-down of Assets Total (in millions) Railcar Leasing and Management Services Group $ 0.2 $ — $ 0.2 Rail Products Group 0.7 — 0.7 All Other 0.5 10.9 11.4 Corporate 2.4 — 2.4 Total restructuring activities $ 3.8 $ 10.9 $ 14.7 |
Note 12. Accumulated Other Co_2
Note 12. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCL for the years ended December 31, 2019 and 2018 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, 2017 $ (22.4 ) $ 0.3 $ (82.7 ) $ (104.8 ) Other comprehensive loss, net of tax, before reclassifications — (9.6 ) (9.5 ) (19.1 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $-, $1.1, and $1.1 — 2.3 3.6 5.9 Less: noncontrolling interest — (1.4 ) — (1.4 ) Other comprehensive loss — (8.7 ) (5.9 ) (14.6 ) Spin-off of Arcosa 21.3 — — 21.3 Cumulative effect of adopting accounting standard (0.2 ) 0.1 (18.6 ) (18.7 ) Balances at December 31, 2018 (1.3 ) (8.3 ) (107.2 ) (116.8 ) Other comprehensive loss, net of tax, before reclassifications — (12.8 ) (30.2 ) (43.0 ) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $0.8, $1.1, and $1.9 — 4.5 3.5 8.0 Less: noncontrolling interest — (1.3 ) — (1.3 ) Other comprehensive (loss) — (9.6 ) (26.7 ) (36.3 ) Balances at December 31, 2019 $ (1.3 ) $ (17.9 ) $ (133.9 ) $ (153.1 ) |
Note 13. Common Stock and Sto_2
Note 13. Common Stock and Stock-based Compensation Common Stock and Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Restricted Share Awards Weighted Average Grant-Date Restricted share awards outstanding at December 31, 2018 5,633,434 $ 21.06 Granted 978,056 22.20 Vested (1,270,190 ) 21.90 Forfeited (285,839 ) 22.49 Restricted share awards outstanding at December 31, 2019 (1) 5,055,461 $ 20.99 (1) The balance of restricted share awards outstanding at December 31, 2019 includes approximately 0.8 million |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | Number of Performance Units Weighted Average Grant-Date Performance units outstanding at December 31, 2018 324,368 $ 32.37 Granted 476,394 22.22 Vested — — Forfeited — — Performance units outstanding at December 31, 2019 800,762 $ 26.33 |
Note 14. Earnings Per Common _2
Note 14. Earnings Per Common Share Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The computation of basic and diluted net income attributable to Trinity Industries, Inc. is as follows: Year Ended December 31, 2019 2018 2017 (in millions, except per share amounts) Income from continuing operations $ 139.2 $ 109.0 $ 610.2 Less: Net (income) loss attributable to noncontrolling interest 1.5 (3.8 ) (11.1 ) Unvested restricted share participation — continuing operations (1.8 ) (2.2 ) (13.5 ) Convertible subordinated notes — — 0.3 Net income from continuing operations attributable to Trinity Industries, Inc. 138.9 103.0 585.9 Net income (loss) from discontinued operations, net of income taxes (3.1 ) 54.1 103.4 Unvested restricted share participation — discontinued operations — (0.6 ) (1.9 ) Net income (loss) from discontinued operations attributable to Trinity Industries, Inc. (3.1 ) 53.5 101.5 Net income attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation $ 135.8 $ 156.5 $ 687.4 Basic weighted average shares outstanding 125.6 144.0 148.6 Effect of dilutive securities: Nonparticipating unvested RSUs and RSAs 1.7 1.0 0.5 Convertible subordinated notes — 1.4 2.9 Diluted weighted average shares outstanding 127.3 146.4 152.0 Basic earnings per common share: Income from continuing operations $ 1.11 $ 0.72 $ 3.94 Income (loss) from discontinued operations (0.02 ) 0.37 0.68 Basic net income attributable to Trinity Industries, Inc. $ 1.09 $ 1.09 $ 4.62 Diluted earnings per common share: Income from continuing operations $ 1.09 $ 0.70 $ 3.85 Income (loss) from discontinued operations (0.02 ) 0.37 0.67 Diluted net income attributable to Trinity Industries, Inc. $ 1.07 $ 1.07 $ 4.52 |
Note 16. Financial Statements_2
Note 16. Financial Statements for Guarantors of Senior Notes Financial Statements for Guarantors of Senior Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Statements for Guarantors [Abstract] | |
Condensed Income Statement [Table Text Block] | Condensed Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 2,138.9 $ 1,148.7 $ (282.5 ) $ 3,005.1 Cost of revenues 2.9 1,802.2 883.7 (323.1 ) 2,365.7 Selling, engineering, and administrative expenses 102.4 105.7 54.7 — 262.8 Gains on dispositions of property (0.3 ) 24.4 30.3 — 54.4 Restructuring activities 2.4 0.2 12.1 — 14.7 108.0 1,883.7 920.2 (323.1 ) 2,588.8 Operating profit (loss) (108.0 ) 255.2 228.5 40.6 416.3 Other (income) expense (82.5 ) 84.2 214.4 (0.5 ) 215.6 Equity in earnings of subsidiaries, net of taxes 193.5 46.6 18.7 (258.8 ) — Income from continuing operations before income taxes 168.0 217.6 32.8 (217.7 ) 200.7 Provision (benefit) for income taxes 27.3 60.3 0.7 (26.8 ) 61.5 Income from continuing operations 140.7 157.3 32.1 (190.9 ) 139.2 Loss from discontinued operations, net of income taxes (3.1 ) — — — (3.1 ) Net income 137.6 157.3 32.1 (190.9 ) 136.1 Net loss attributable to noncontrolling interest — — — (1.5 ) (1.5 ) Net income attributable to controlling interest $ 137.6 $ 157.3 $ 32.1 $ (189.4 ) $ 137.6 Net income $ 137.6 $ 157.3 $ 32.1 $ (190.9 ) $ 136.1 Other comprehensive income (loss) (26.7 ) — (8.3 ) — (35.0 ) Comprehensive income 110.9 157.3 23.8 (190.9 ) 101.1 Comprehensive loss attributable to noncontrolling interest — — — (0.2 ) (0.2 ) Comprehensive income attributable to controlling interest $ 110.9 $ 157.3 $ 23.8 $ (190.7 ) $ 101.3 Condensed Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 1,817.9 $ 992.9 $ (301.7 ) $ 2,509.1 Cost of revenues 2.1 1,545.2 724.5 (333.0 ) 1,938.8 Selling, engineering, and administrative expenses 141.7 113.0 41.9 — 296.6 Gains on dispositions of property 1.0 17.6 22.8 — 41.4 142.8 1,640.6 743.6 (333.0 ) 2,194.0 Operating profit (loss) (142.8 ) 177.3 249.3 31.3 315.1 Other (income) expense (70.3 ) 81.3 152.5 — 163.5 Equity in earnings of subsidiaries, net of taxes 246.8 74.6 19.5 (340.9 ) — Income from continuing operations before income taxes 174.3 170.6 116.3 (309.6 ) 151.6 Provision (benefit) for income taxes (1.0 ) 48.8 11.2 (16.4 ) 42.6 Income from continuing operations 175.3 121.8 105.1 (293.2 ) 109.0 Income (loss) from discontinued operations, net of income taxes (16.0 ) — 70.1 — 54.1 Net income 159.3 121.8 175.2 (293.2 ) 163.1 Net income attributable to noncontrolling interest — — — 3.8 3.8 Net income attributable to controlling interest $ 159.3 $ 121.8 $ 175.2 $ (297.0 ) $ 159.3 Net income $ 159.3 $ 121.8 $ 175.2 $ (293.2 ) $ 163.1 Other comprehensive loss (5.8 ) (0.4 ) (7.0 ) — (13.2 ) Comprehensive income 153.5 121.4 168.2 (293.2 ) 149.9 Comprehensive income attributable to noncontrolling interest — — — 5.2 5.2 Comprehensive income attributable to controlling interest $ 153.5 $ 121.4 $ 168.2 $ (298.4 ) $ 144.7 Condensed Consolidating Statement of Operations and Comprehensive Income Year Ended December 31, 2017 Parent Combined Combined Eliminations Consolidated (in millions) Revenues $ — $ 1,738.0 $ 955.8 $ (296.4 ) $ 2,397.4 Cost of revenues 3.0 1,389.2 703.9 (320.9 ) 1,775.2 Selling, engineering, and administrative expenses 166.9 129.7 42.7 — 339.3 Gains on dispositions of property 1.1 71.0 13.3 — 85.4 168.8 1,447.9 733.3 (320.9 ) 2,029.1 Operating profit (loss) (168.8 ) 290.1 222.5 24.5 368.3 Other (income) expense (158.6 ) 127.2 204.3 — 172.9 Equity in earnings of subsidiaries, net of taxes 617.0 55.5 3.8 (676.3 ) — Income from continuing operations before income taxes 606.8 218.4 22.0 (651.8 ) 195.4 Provision (benefit) for income taxes (87.0 ) (310.3 ) 6.0 (23.5 ) (414.8 ) Income from continuing operations 693.8 528.7 16.0 (628.3 ) 610.2 Income from discontinued operations, net of income taxes 8.7 — 94.7 — 103.4 Net income 702.5 528.7 110.7 (628.3 ) 713.6 Net income attributable to noncontrolling interest — — — 11.1 11.1 Net income attributable to controlling interest $ 702.5 $ 528.7 $ 110.7 $ (639.4 ) $ 702.5 Net income $ 702.5 $ 528.7 $ 110.7 $ (628.3 ) $ 713.6 Other comprehensive income 8.3 0.2 2.8 — 11.3 Comprehensive income 710.8 528.9 113.5 (628.3 ) 724.9 Comprehensive income attributable to noncontrolling interest — — — 13.7 13.7 Comprehensive income attributable to controlling interest $ 710.8 $ 528.9 $ 113.5 $ (642.0 ) $ 711.2 |
Condensed Balance Sheet [Table Text Block] | Condensed Consolidating Balance Sheet December 31, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Assets: Cash and cash equivalents $ 155.1 $ 0.1 $ 36.3 $ (25.3 ) $ 166.2 Receivables, net of allowance 1.3 185.7 74.0 (0.9 ) 260.1 Income tax receivable 14.6 — 0.1 — 14.7 Inventory — 398.8 34.7 (0.1 ) 433.4 Property, plant, and equipment, net 37.8 1,320.7 6,595.8 (843.7 ) 7,110.6 Investments in and advances to subsidiaries 4,600.0 3,136.2 347.0 (8,083.2 ) — Restricted cash — — 86.1 25.3 111.4 Goodwill and other assets 190.9 394.4 58.6 (38.9 ) 605.0 $ 4,999.7 $ 5,435.9 $ 7,232.6 $ (8,966.8 ) $ 8,701.4 Liabilities: Accounts payable $ 5.3 $ 109.1 $ 90.6 $ (1.1 ) $ 203.9 Accrued liabilities 166.7 23.2 152.9 (0.7 ) 342.1 Debt 522.8 — 4,359.1 — 4,881.9 Deferred income taxes — 844.6 (8.2 ) (38.1 ) 798.3 Advances from subsidiaries 1,871.8 — — (1,871.8 ) — Other liabilities 54.2 40.9 1.2 — 96.3 Total stockholders' equity 2,378.9 4,418.1 2,637.0 (7,055.1 ) 2,378.9 $ 4,999.7 $ 5,435.9 $ 7,232.6 $ (8,966.8 ) $ 8,701.4 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 4,505.2 2,925.0 651.0 (8,081.2 ) — Restricted cash — — 132.9 38.7 171.6 Goodwill and other assets 205.1 198.0 98.1 (38.9 ) 462.3 $ 4,959.9 $ 5,231.0 $ 6,644.0 $ (8,845.7 ) $ 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 — 781.7 — (38.6 ) 743.1 Advances from subsidiaries 1,750.8 (0.1 ) — (1,750.7 ) — Other liabilities 56.8 — — — 56.8 Total stockholders' equity 2,562.0 4,243.5 2,812.4 (7,055.9 ) 2,562.0 $ 4,959.9 $ 5,231.0 $ 6,644.0 $ (8,845.7 ) $ 7,989.2 |
Condensed Cash Flow Statement [Table Text Block] | Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2019 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 137.6 $ 157.3 $ 32.1 $ (190.9 ) $ 136.1 Loss from discontinued operations 3.1 — — — 3.1 Equity in earnings of subsidiaries, net of taxes (193.5 ) (46.6 ) (18.7 ) 258.8 — Other 86.4 (93.2 ) 282.9 (18.6 ) 257.5 Net cash provided by operating activities – continuing operations 33.6 17.5 296.3 49.3 396.7 Net cash used in operating activities – discontinued operations (3.1 ) — — — (3.1 ) Net cash provided by operating activities $ 30.5 $ 17.5 $ 296.3 $ 49.3 $ 393.6 Investing activities: Proceeds from railcar lease fleet sales owned more than one year — 1,462.8 196.8 (1,453.9 ) 205.7 Proceeds from dispositions of property and other assets — 7.8 12.4 — 20.2 Capital expenditures – leasing — (1,142.8 ) (1,433.3 ) 1,453.9 (1,122.2 ) Capital expenditures – manufacturing and other (4.1 ) (53.6 ) (39.3 ) — (97.0 ) (Increase) decrease in investment in partially-owned subsidiaries — 1.7 — (1.7 ) — Net cash (used in) provided by investing activities (4.1 ) 275.9 (1,263.4 ) (1.7 ) (993.3 ) Financing activities: Payments to retire debt (875.0 ) — (849.1 ) — (1,724.1 ) Proceeds from issuance of debt 1,000.0 — 1,567.8 — 2,567.8 Shares repurchased (224.7 ) — — — (224.7 ) Dividends paid to common shareholders (82.1 ) — — — (82.1 ) Purchase of shares to satisfy employee tax on vested stock (8.2 ) — — — (8.2 ) Distributions to noncontrolling interest — — (2.2 ) — (2.2 ) Distributions to controlling interest in partially-owned subsidiaries — — (1.7 ) 1.7 — Change in intercompany financing between entities 164.0 (297.4 ) 182.7 (49.3 ) — Net cash (used in) provided by financing activities (26.0 ) (297.4 ) 897.5 (47.6 ) 526.5 Net decrease in cash, cash equivalents, and restricted cash 0.4 (4.0 ) (69.6 ) — (73.2 ) 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 $ 155.1 $ 0.1 $ 122.4 $ — $ 277.6 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2018 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 159.3 $ 121.8 $ 175.2 $ (293.2 ) $ 163.1 Income (loss) from discontinued operations 16.0 — (70.1 ) — (54.1 ) Equity in earnings of subsidiaries, net of taxes (246.8 ) (74.6 ) (19.5 ) 340.9 — Other (57.8 ) 79.3 157.3 (13.6 ) 165.2 Net cash (used in) provided by operating activities – continuing operations (129.3 ) 126.5 242.9 34.1 274.2 Net cash (used in) provided by operating activities – discontinued operations (16.0 ) — 120.9 — 104.9 Net cash (used in) provided by operating activities (145.3 ) 126.5 363.8 34.1 379.1 Investing activities: Decrease in short-term marketable securities 319.5 — — — 319.5 Proceeds from railcar lease fleet sales owned more than one year — 759.5 118.7 (647.7 ) 230.5 Proceeds from dispositions of property and other assets 0.1 4.1 12.9 — 17.1 Capital expenditures – leasing — (807.3 ) (788.7 ) 647.7 (948.3 ) Capital expenditures – manufacturing and other (14.5 ) (18.6 ) (4.2 ) — (37.3 ) (Increase) decrease in investment in partially-owned subsidiaries — 7.5 — (7.5 ) — Other — (1.9 ) 8.1 — 6.2 Net cash (used in) provided by investing activities – continuing operations 305.1 (56.7 ) (653.2 ) (7.5 ) (412.3 ) Net cash used in investing activities – discontinued operations — — (78.2 ) — (78.2 ) Net cash (used in) provided by investing activities 305.1 (56.7 ) (731.4 ) (7.5 ) (490.5 ) Financing activities: Payments to retire debt (647.6 ) (1.8 ) (238.4 ) — (887.8 ) Proceeds from issuance of debt — — 1,206.6 — 1,206.6 Shares repurchased (506.1 ) — — — (506.1 ) Dividends paid to common shareholders (77.4 ) — — — (77.4 ) Purchase of shares to satisfy employee tax on vested stock (12.2 ) — — — (12.2 ) Distributions to noncontrolling interest — — (10.9 ) — (10.9 ) Distributions to controlling interest in partially-owned subsidiaries — — (7.5 ) 7.5 — Change in intercompany financing between entities 474.3 (65.5 ) (374.7 ) (34.1 ) — Other — — (3.3 ) — (3.3 ) Net cash (used in) provided by financing activities – continuing operations (769.0 ) (67.3 ) 571.8 (26.6 ) (291.1 ) Cash distributions to Arcosa, Inc. — — (220.5 ) — (220.5 ) Net cash (used in) provided by financing activities (769.0 ) (67.3 ) 351.3 (26.6 ) (511.6 ) Net (decrease) increase in cash, cash equivalents, and restricted cash (609.2 ) 2.5 (16.3 ) — (623.0 ) 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 $ 154.7 $ 4.1 $ 192.0 $ — $ 350.8 Condensed Consolidating Statement of Cash Flows Year Ended December 31, 2017 Parent Combined Combined Eliminations Consolidated (in millions) Operating activities: Net income $ 702.5 $ 528.7 $ 110.7 $ (628.3 ) $ 713.6 Loss from discontinued operations (8.7 ) — (94.7 ) — (103.4 ) Equity in earnings of subsidiaries, net of taxes (617.0 ) (55.5 ) (3.8 ) 676.3 — Other 116.8 (274.0 ) 152.1 5.0 (0.1 ) Net cash provided by operating activities – continuing operations 193.6 199.2 164.3 53.0 610.1 Net cash provided by operating activities – discontinued operations 8.7 — 142.8 — 151.5 Net cash provided by operating activities 202.3 199.2 307.1 53.0 761.6 Investing activities: Decrease in short-term marketable securities (84.8 ) — — — (84.8 ) Proceeds from railcar lease fleet sales owned more than one year — 663.3 61.3 (363.9 ) 360.7 Proceeds from dispositions of property and other assets — 1.4 6.4 — 7.8 Capital expenditures – leasing — (589.8 ) (382.4 ) 363.9 (608.3 ) Capital expenditures – manufacturing and other (7.4 ) (7.5 ) (7.1 ) — (22.0 ) (Increase) decrease in investment in partially-owned subsidiaries — 35.0 — (35.0 ) — Other — — 0.3 — 0.3 Net cash (used in) provided by investing activities – continuing operations (92.2 ) 102.4 (321.5 ) (35.0 ) (346.3 ) Net cash used in investing activities – discontinued operations — — (126.4 ) — (126.4 ) Net cash (used in) provided by investing activities (92.2 ) 102.4 (447.9 ) (35.0 ) (472.7 ) Financing activities: Payments to retire debt — (3.8 ) (371.5 ) — (375.3 ) Proceeds from issuance of debt — — 533.5 — 533.5 Shares repurchased (79.4 ) — — — (79.4 ) Dividends paid to common shareholders (72.6 ) — — — (72.6 ) Purchase of shares to satisfy employee tax on vested stock (14.4 ) — — — (14.4 ) Distributions to noncontrolling interest — — (48.7 ) — (48.7 ) Distributions to controlling interest in partially-owned subsidiaries — — (35.0 ) 35.0 — Change in intercompany financing between entities 282.3 (301.5 ) 72.2 (53.0 ) — Other — — 0.2 — 0.2 Net cash (used in) provided by financing activities 115.9 (305.3 ) 150.7 (18.0 ) (56.7 ) Net (decrease) increase in cash, cash equivalents, and restricted cash 226.0 (3.7 ) 9.9 — 232.2 Cash, cash equivalents, and restricted cash at beginning of period 537.9 5.3 198.4 — 741.6 Cash, cash equivalents, and restricted cash at end of period $ 763.9 $ 1.6 $ 208.3 $ — $ 973.8 |
Note 17. Selected Quarterly F_2
Note 17. Selected Quarterly Financial Data Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Table Text Block] | Three Months Ended March 31, June 30, September 30, 2019 December 31, (in millions, except per share data) Revenues: Manufacturing $ 404.6 $ 459.1 $ 487.4 $ 537.7 Leasing 200.2 276.9 326.2 313.0 604.8 736.0 813.6 850.7 Operating costs: Costs of revenues: Manufacturing 351.6 399.6 430.7 467.6 Leasing 111.8 178.9 218.4 207.1 463.4 578.5 649.1 674.7 Selling, engineering, and administrative expenses 59.6 69.8 62.1 71.3 Gains on disposition of property 10.0 19.3 17.9 7.2 Restructuring activities (1) — — — 14.7 Operating profit 91.8 107.0 120.3 97.2 Income from continuing operations before income taxes 40.1 51.7 66.3 42.6 Provision for income taxes (2) 8.9 14.1 18.2 20.3 Income from continuing operations 31.2 37.6 48.1 22.3 Loss from discontinued operations, net of income taxes (1.1 ) (0.8 ) (0.4 ) (0.8 ) Net income 30.1 36.8 47.7 21.5 Net income (loss) attributable to noncontrolling interest (0.5 ) 0.4 (1.3 ) (0.1 ) Net income attributable to Trinity Industries, Inc. $ 30.6 $ 36.4 $ 49.0 $ 21.6 Basic earnings per common share (3) : Income from continuing operations $ 0.24 $ 0.29 $ 0.39 $ 0.18 Loss from discontinued operations (0.01 ) (0.01 ) — (0.01 ) Basic net income attributable to Trinity Industries, Inc. $ 0.23 $ 0.28 $ 0.39 $ 0.17 Diluted earnings per common share (3) : Income from continuing operations $ 0.24 $ 0.29 $ 0.39 $ 0.18 Loss from discontinued operations (0.01 ) (0.01 ) — (0.01 ) Diluted net income attributable to Trinity Industries, Inc. $ 0.23 $ 0.28 $ 0.39 $ 0.17 (1) Restructuring activities for the three months ended December 31, 2019 were $14.7 million primarily as a result of write-downs related to underutilized assets in our manufacturing footprint and employee transition costs. See Note 2 of the Consolidated Financial Statements. (2) Provision for income taxes for the three months ended December 31, 2019 includes the effects of a one-time, non-cash, deferred tax impact related to our planned Maintenance Services expansion into a new Midwest facility of $9.7 million . See Note 9 of the Consolidated Financial Statements. (3) The sum of the quarters may not necessarily be equal to the full year net income per common share amount. Three Months Ended March 31, June 30, September 30, December 31, 2018 (in millions, except per share data) Revenues: Manufacturing $ 358.9 $ 420.8 $ 379.7 $ 507.7 Leasing 174.3 213.2 227.2 227.3 533.2 634.0 606.9 735.0 Operating costs: Costs of revenues: Manufacturing 306.5 363.4 333.5 456.4 Leasing 93.4 118.5 133.0 134.1 399.9 481.9 466.5 590.5 Selling, engineering, and administrative expenses 73.4 75.6 75.6 72.0 Gains on disposition of property 2.2 11.5 10.4 17.3 Operating profit 62.1 88.0 75.2 89.8 Income from continuing operations before income taxes 20.9 49.8 35.2 45.7 Provision for income taxes 5.7 12.5 6.7 17.7 Income from continuing operations 15.2 37.3 28.5 28.0 Income (loss) from discontinued operations, net of income taxes 26.4 28.2 (0.2 ) (0.3 ) Net income 41.6 65.5 28.3 27.7 Net income attributable to noncontrolling interest 1.4 1.4 0.6 0.4 Net income attributable to Trinity Industries, Inc. $ 40.2 $ 64.1 $ 27.7 $ 27.3 Basic earnings per common share (1) : Income from continuing operations $ 0.09 $ 0.24 $ 0.19 $ 0.20 Income from discontinued operations 0.18 0.19 — — Basic net income attributable to Trinity Industries, Inc. $ 0.27 $ 0.43 $ 0.19 $ 0.20 Diluted earnings per common share (1) : Income from continuing operations $ 0.09 $ 0.24 $ 0.19 $ 0.19 Income from discontinued operations 0.17 0.19 — — Diluted net income attributable to Trinity Industries, Inc. $ 0.26 $ 0.43 $ 0.19 $ 0.19 (1) The sum of the quarters may not necessarily be equal to the full year net income per common share amount. |
Note 1. Summary of Significan_8
Note 1. Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Cumulative Effect on Retained Earnings, before Tax | $ 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 |
Note 1. Summary of Significan_9
Note 1. Summary of Significant Accounting Policies Revenue Recognition (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract Receivable | $ 5.2 | $ 10.2 |
Railcar Leasing and Management Services Group [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 100.5 | |
Revenue, remaining performance obligation expected to be delivered in current year | 16.00% | |
Rail Group [Member] | Railcar products [Domain] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,832.5 | |
Revenue, remaining performance obligation expected to be delivered in current year | 59.00% | |
Rail Group [Member] | Railcar products [Domain] | External Customers [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,213.4 | |
Rail Group [Member] | Railcar products [Domain] | Leasing [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 619.1 | |
Rail Group [Member] | Components and maintenance services [Domain] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 44.8 | |
Revenue, remaining performance obligation expected to be delivered in current year | 100.00% |
Note 1. Summary of Significa_10
Note 1. Summary of Significant Accounting Policies Lessee Accounting (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Renewal Term | 5 years |
Lessee, Operating Lease, Termination Option Term | 1 year |
Finance Lease, Principal Payments | $ 0 |
Operating Leases, Rent Expense | 18 |
Short-term Lease, Cost | 4.1 |
Operating Lease, Right-of-Use Asset | 44.2 |
Operating Lease, Liability, Noncurrent | $ 44.8 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 9 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% |
Operating Lease, Payments | $ 18 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 10.3 |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 14 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 10.4 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 8.1 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 3.8 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 4.4 |
Lessee, Operating Lease, Liability, Payments, Due | 52.1 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ (7.3) |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Term of Contract | 40 years |
Railcar Leasing and Management Services Group [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 10.1 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 8.6 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7.8 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5.9 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2.7 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1.5 |
Lessee, Operating Lease, Liability, Payments, Due | 36.6 |
Consolidated Subsidiaries, Excluding Leasing [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | 3.9 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 2.8 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 2.6 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 2.2 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 1.1 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 2.9 |
Lessee, Operating Lease, Liability, Payments, Due | $ 15.5 |
Note 1. Summary of Significa_11
Note 1. Summary of Significant Accounting Policies Lessor Accounting (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Lease Income, Lease Payments | $ 676.3 | |
Operating Lease, Variable Lease Income | 50.5 | |
Sales-type Lease, Interest Income | 2.4 | |
Sales-type Lease, Selling Profit (Loss) | $ 19 | |
Lessor, Operating Lease, Renewal Term | 5 years | |
Lessor, Operating Lease, Termination Option Term | 1 year | |
Direct Financing Lease, Revenue | $ 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Twelve Months | 43.4 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Two Years | 131.8 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Three Years | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Four Years | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Five Years | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Thereafter | 0 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 175.2 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (20.7) | |
Sales-type Lease, Net Investment in Lease | 154.5 | |
Railcar Leasing and Management Services Group [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Leases, Future Minimum Payments Receivable, Current | 568.1 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 451.9 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 347.1 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 243.7 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 154 | |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 268.3 | |
Operating Leases, Future Minimum Payments Receivable | $ 2,033.1 | |
Railcar Leasing and Management Services Group [Member] | Minimum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 1 year | |
Railcar Leasing and Management Services Group [Member] | Maximum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 10 years | 20 years |
Other Assets [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Sales-type Lease, Lease Income | $ 160.5 |
Note 1. Summary of Significa_12
Note 1. Summary of Significant Accounting Policies Property, Plant, and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Technology Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Technology Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Equipment Leased to Other Party [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 34 years |
Note 1. Summary of Significa_13
Note 1. Summary of Significant Accounting Policies Change in Depreciable Lives (Details) - Subsequent Event Type [Domain] - Equipment Leased to Other Party [Member] $ in Millions | Jan. 01, 2020USD ($) |
Change in Accounting Estimate [Line Items] | |
Property, Plant and Equipment, Useful Life | 37 years |
Minimum [Member] | |
Change in Accounting Estimate [Line Items] | |
Depreciation | $ 27 |
Maximum [Member] | |
Change in Accounting Estimate [Line Items] | |
Depreciation | $ 33 |
Note 1. Summary of Significa_14
Note 1. Summary of Significant Accounting Policies Long-Lived Assets (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Abstract] | |
Impairment of Long-Lived Assets Held-for-use | $ 0 |
Note 1. Summary of Significa_15
Note 1. Summary of Significant Accounting Policies Goodwill and Intangibles (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill, Impairment Loss | $ 0 | |
Intangible Assets, Net (Excluding Goodwill) | 18,700,000 | $ 22,400,000 |
Finite-Lived Intangible Assets, Net | 16,200,000 | 19,900,000 |
Impairment of Intangible Assets (Excluding Goodwill) | 0 | |
Goodwill | $ 208,800,000 | 208,800,000 |
Minimum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 1 year | |
Maximum [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Railcar Leasing and Management Services Group [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 1,800,000 | 1,800,000 |
Rail Group [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | 145,400,000 | 145,400,000 |
Other Segments [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 61,600,000 | $ 61,600,000 |
Note 1. Summary of Significa_16
Note 1. Summary of Significant Accounting Policies Investments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Equity Method Investments | $ 3.8 | $ 3.4 |
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Variable Interest Entity [Line Items] | ||
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary | $ 186.5 |
Note 1. Summary of Significa_17
Note 1. Summary of Significant Accounting Policies Warranties (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Product Warranty Liability [Line Items] | ||||
Standard Product Warranty Accrual, Decrease for Payments | $ (3.8) | $ (2.8) | $ (4.8) | |
Standard Product Warranty Accrual, Period Increase (Decrease) | 4.5 | 0.1 | 4.8 | |
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 0 | 0 | (1.9) | |
Standard Product Warranty Accrual | $ 8.1 | $ 7.4 | $ 10.1 | $ 12 |
Minimum [Member] | ||||
Product Warranty Liability [Line Items] | ||||
Product Warranty Period | 1 year | |||
Maximum [Member] | ||||
Product Warranty Liability [Line Items] | ||||
Product Warranty Period | 5 years |
Note 2. Discontinued Operatio_3
Note 2. Discontinued Operations Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Expense | $ 2.9 | $ 36.3 | $ 14.2 | ||||||||
Business Combination, Separately Recognized Transactions, Expenses and Losses Recognized | 2.9 | 31.2 | 14.2 | ||||||||
Disposal Group, Including Discontinued Operation, Revenue | 0 | 1,042 | 1,265.4 | ||||||||
Disposal Group, Including Discontinued Operation, Costs of Goods Sold | 0 | 840.8 | 971 | ||||||||
Disposal Group, Including Discontinued Operation, General and Administrative Expense | 4.1 | 116.8 | 116.3 | ||||||||
Disposal Group, Including Discontinued Operation, Other Expense | 0 | 1.6 | |||||||||
Disposal Group, Including Discontinued Operation, Other Income | (0.4) | ||||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (4.1) | 84.8 | 176.5 | ||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | (1) | 30.7 | 73.1 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (0.8) | $ (0.4) | $ (0.8) | $ (1.1) | $ (0.3) | $ (0.2) | $ 28.2 | $ 26.4 | $ (3.1) | $ 54.1 | $ 103.4 |
Note 3. Derivative Instrument_4
Note 3. Derivative Instruments and Fair Value Measurements Derivatives - Interest Rate Hedges (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,378.9 | $ 2,562 | $ 4,858 | $ 4,311.1 |
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, Expired, 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 | $ 571.1 | |||
Derivative, Average Fixed Interest Rate | 2.68% | |||
Derivative Liability | $ 28 | |||
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 | (0.1) | |||
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 | |||
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 | 2.2 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||
Derivative [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.1 | |||
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 | (0.6) | |||
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 | 27.8 | |||
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 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 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 |
Note 3. Derivative Instrument_5
Note 3. Derivative Instruments and Fair Value Measurements Derivatives - Effect on Interest Expense (Details) - Interest Expense [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Rate Swap, Expired, 2006 Secured Railcar Equipment Notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (0.2) | $ (0.2) | $ (0.3) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.1 | ||
Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.2 | 0.1 | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (0.2) | ||
Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2 | 2.2 | 4.5 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (2) | ||
Interest Rate Swap, Expired, TRIP Master Funding Secured Railcar Equipment Notes [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.2 | 0.2 | 0.4 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (0.2) | ||
Interest Rate Cap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.1) | 0.1 | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.1 | ||
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 3.1 | $ 0.3 | $ 0 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ (3.1) |
Note 3. Derivative Instrument_6
Note 3. Derivative Instruments and Fair Value Measurements Derivatives - FX Hedge (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,378.9 | $ 2,562 | $ 4,858 | $ 4,311.1 |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 29.9 | |||
Derivative Asset | 1.2 | |||
Designated as Hedging Instrument [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (1.6) | |||
Designated as Hedging Instrument [Member] | Interest Expense [Member] | Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0.1 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1.6 |
Note 3. Derivative Instrument_7
Note 3. Derivative Instruments and Fair Value Measurements Fair Value Measurements (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 57.9 | $ 124.9 |
Restricted Cash Fair Value Disclosure | 111.4 | 171.6 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 1.2 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | |
Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 169.3 | 296.5 |
Other Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments, Fair Value Disclosure | 1.2 | 0 |
Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 28 | 12.9 |
Interest Rate Swap [Member] | Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative Liability | $ 28 | $ 12.9 |
Note 4. Segment Information S_2
Note 4. Segment Information Segment Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | segment | 3 | ||||||||||
External Revenue | $ 3,005.1 | $ 2,509.1 | $ 2,397.4 | ||||||||
Revenues | $ 850.7 | $ 813.6 | $ 736 | $ 604.8 | $ 735 | $ 606.9 | $ 634 | $ 533.2 | 3,005.1 | 2,509.1 | 2,397.4 |
Operating Income (Loss) | 97.2 | 120.3 | 107 | 91.8 | 89.8 | 75.2 | 88 | 62.1 | 416.3 | 315.1 | 368.3 |
Restructuring Charges | (14.7) | 0 | 0 | 0 | (14.7) | 0 | 0 | ||||
Other Nonoperating Expense | 215.6 | 163.5 | 172.9 | ||||||||
Income Tax Expense (Benefit) | 20.3 | 18.2 | 14.1 | 8.9 | 17.7 | 6.7 | 12.5 | 5.7 | 61.5 | 42.6 | (414.8) |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.8) | (0.4) | (0.8) | (1.1) | (0.3) | (0.2) | 28.2 | 26.4 | (3.1) | 54.1 | 103.4 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21.5 | $ 47.7 | $ 36.8 | $ 30.1 | 27.7 | $ 28.3 | $ 65.5 | $ 41.6 | 136.1 | 163.1 | 713.6 |
Depreciation, Depletion and Amortization | 283.6 | 251.9 | 229.7 | ||||||||
Payments to Acquire Productive Assets | 1,219.2 | 985.6 | 630.3 | ||||||||
Assets | 8,701.4 | 7,989.2 | 8,701.4 | 7,989.2 | |||||||
Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External Revenue | 1,116.3 | 842 | 842.2 | ||||||||
Rail Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External Revenue | 1,595.4 | 1,356.4 | 1,254.5 | ||||||||
Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
External Revenue | 293.4 | 310.7 | 300.7 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 3,005.1 | 2,509.1 | 2,397.4 | ||||||||
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,117.2 | 842.8 | 843.2 | ||||||||
Operating Income (Loss) | 406.6 | 351.1 | 444.5 | ||||||||
Restructuring Charges | (0.2) | ||||||||||
Depreciation, Depletion and Amortization | 232.2 | 196.6 | 172.3 | ||||||||
Payments to Acquire Productive Assets | 1,122.2 | 948.3 | 608.3 | ||||||||
Assets | 8,012.6 | 7,096 | 8,012.6 | 7,096 | |||||||
Operating Segments [Member] | Rail Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,926.5 | 2,346.7 | 2,044 | ||||||||
Operating Income (Loss) | 281.4 | 172.1 | 196.3 | ||||||||
Restructuring Charges | (0.7) | ||||||||||
Depreciation, Depletion and Amortization | 29.6 | 30.3 | 35.1 | ||||||||
Payments to Acquire Productive Assets | 85.6 | 16 | 4.9 | ||||||||
Assets | 992.8 | 1,039.1 | 992.8 | 1,039.1 | |||||||
Operating Segments [Member] | Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 345.1 | 361.3 | 333.1 | ||||||||
Operating Income (Loss) | 16.1 | 35.7 | 1.4 | ||||||||
Restructuring Charges | (11.4) | ||||||||||
Depreciation, Depletion and Amortization | 12.8 | 15.1 | 12.8 | ||||||||
Payments to Acquire Productive Assets | 9.1 | 17.3 | 9.5 | ||||||||
Assets | 222.7 | 238.5 | 222.7 | 238.5 | |||||||
Operating Segments [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 704.1 | 558.9 | 642.2 | ||||||||
Assets | 9,228.1 | 8,373.6 | 9,228.1 | 8,373.6 | |||||||
Operating Segments [Member] | Corporate, Non-Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | (108) | (149.1) | (175.1) | ||||||||
Restructuring Charges | (2.4) | ||||||||||
Depreciation, Depletion and Amortization | 9 | 9.9 | 9.6 | ||||||||
Payments to Acquire Productive Assets | 2.3 | 4 | 7.6 | ||||||||
Assets | 378.1 | 443.4 | 378.1 | 443.4 | |||||||
Intersegment Eliminations [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 0.9 | 0.8 | 1 | ||||||||
Intersegment Eliminations [Member] | Rail Group [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 1,331.1 | 990.3 | 789.5 | ||||||||
Intersegment Eliminations [Member] | Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 51.7 | 50.6 | 32.4 | ||||||||
MEXICO | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 136 | 116 | 136 | 116 | |||||||
Long-Lived Assets | 112.2 | 84.2 | 112.2 | 84.2 | |||||||
Consolidated Subsidiaries, Leasing [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | (1,331.1) | (990.3) | (789.5) | ||||||||
Revenues | (1,331.1) | (990.3) | (789.5) | ||||||||
Operating Income (Loss) | (164.7) | (95.1) | (96.5) | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | 0 | ||||||||
Payments to Acquire Productive Assets | 0 | 0 | 0 | ||||||||
Assets | (903.8) | (827.7) | (903.8) | (827.7) | |||||||
Consolidated Subsidiaries, Excluding Leasing [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | (52.6) | (51.4) | (33.4) | ||||||||
Revenues | (52.6) | (51.4) | (33.4) | ||||||||
Operating Income (Loss) | (0.4) | 0.4 | (2.3) | ||||||||
Depreciation, Depletion and Amortization | 0 | 0 | (0.1) | ||||||||
Payments to Acquire Productive Assets | 0 | 0 | $ 0 | ||||||||
Assets | $ (1) | $ (0.1) | $ (1) | $ (0.1) |
Note 5. Partially Owned Leasi_2
Note 5. Partially Owned Leasing Subsidiaries Partially Owned Leasing Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)board_membersubsidiary | |
Partially-Owned Subsidiaries [Member] | |
Noncontrolling Interest [Line Items] | |
Parent Company Guarantees | $ | $ 0 |
Railcar Leasing and Management Services Group [Member] | Partially-Owned Subsidiaries [Member] | |
Noncontrolling Interest [Line Items] | |
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary | $ | $ 186,500,000 |
Noncontrolling Interest, Ownership Percentage by Parent | 38.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 62.00% |
Railcar Leasing and Management Services Group [Member] | Partially-Owned Subsidiaries [Member] | |
Noncontrolling Interest [Line Items] | |
Number of Subsidiaries | subsidiary | 2 |
Number of Board Members | board_member | 7 |
Number of Board Members of Subsidiary, Designated by Parent | board_member | 2 |
Note 6. Railcar Leasing and M_3
Note 6. Railcar Leasing and Management Services Group Selected Leasing Balance Sheet Information (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Accounts Receivable, after Allowance for Credit Loss | $ 260.1 | $ 276.6 |
Property, Plant and Equipment, Net | 7,110.6 | 6,334.4 |
Restricted Cash and Cash Equivalents | 111.4 | 171.6 |
Other Assets | 396.2 | 253.5 |
Assets | 8,701.4 | 7,989.2 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,881.9 | 4,029.2 |
Deferred Tax Liabilities, Net | 779.1 | 731.6 |
Other Liabilities | 96.3 | 56.8 |
Liabilities | 6,322.5 | 5,427.2 |
Stockholders' Equity Attributable to Noncontrolling Interest | 348.8 | 351.2 |
Stockholders' Equity Attributable to Parent | 2,030.1 | 2,210.8 |
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 1.8 | 6 |
Accounts Receivable, after Allowance for Credit Loss | 82.6 | 71.7 |
Property, Plant and Equipment, Net | 7,605.6 | 6,791.2 |
Restricted Cash and Cash Equivalents | 111.4 | 171.5 |
Other Assets | 211.2 | 55.6 |
Assets | 8,012.6 | 7,096 |
Accounts Payable and Accrued Liabilities | 117.3 | 128.5 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,359.1 | 3,631.8 |
Deferred Tax Liabilities, Net | 862.8 | 798.6 |
Other Liabilities | 60.7 | 12.9 |
Liabilities | 5,399.9 | 4,571.8 |
Stockholders' Equity Attributable to Noncontrolling Interest | 348.8 | 351.2 |
Stockholders' Equity Attributable to Parent | 2,263.9 | 2,173 |
Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Property, Plant and Equipment, Net | (903.8) | (827.7) |
Wholly Owned Subsidiaries [Member] | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 1.8 | 6 |
Accounts Receivable, after Allowance for Credit Loss | 73.9 | 63 |
Property, Plant and Equipment, Net | 5,818.9 | 4,976.5 |
Restricted Cash and Cash Equivalents | 78.4 | 134.9 |
Other Assets | 209.8 | 52.7 |
Assets | 6,182.8 | 5,233.1 |
Accounts Payable and Accrued Liabilities | 72.7 | 89.9 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 3,080.7 | 2,316.6 |
Deferred Tax Liabilities, Net | 861.7 | 797.6 |
Other Liabilities | 60.7 | 12.9 |
Liabilities | 4,075.8 | 3,217 |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 |
Stockholders' Equity Attributable to Parent | 2,107 | 2,016.1 |
Partially-Owned Subsidiaries [Member] | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 0 | 0 |
Accounts Receivable, after Allowance for Credit Loss | 8.7 | 8.7 |
Property, Plant and Equipment, Net | 1,786.7 | 1,814.7 |
Restricted Cash and Cash Equivalents | 33 | 36.6 |
Other Assets | 1.4 | 2.9 |
Assets | 1,829.8 | 1,862.9 |
Accounts Payable and Accrued Liabilities | 44.6 | 38.6 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 1,278.4 | 1,315.2 |
Deferred Tax Liabilities, Net | 1.1 | 1 |
Other Liabilities | 0 | 0 |
Liabilities | 1,324.1 | 1,354.8 |
Stockholders' Equity Attributable to Noncontrolling Interest | 348.8 | 351.2 |
Stockholders' Equity Attributable to Parent | 156.9 | 156.9 |
Consolidated Subsidiaries, Leasing [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 0 | 0 |
Accounts Receivable, after Allowance for Credit Loss | 0 | 0 |
Property, Plant and Equipment, Net | (903.8) | (827.7) |
Restricted Cash and Cash Equivalents | 0 | 0 |
Other Assets | 0 | 0 |
Assets | (903.8) | (827.7) |
Accounts Payable and Accrued Liabilities | 0 | 0 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 0 | 0 |
Deferred Tax Liabilities, Net | (184.8) | (163.2) |
Other Liabilities | 0 | 0 |
Liabilities | (184.8) | (163.2) |
Stockholders' Equity Attributable to Noncontrolling Interest | 0 | 0 |
Stockholders' Equity Attributable to Parent | (719) | (664.5) |
Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 1.8 | 6 |
Accounts Receivable, after Allowance for Credit Loss | 82.6 | 71.7 |
Property, Plant and Equipment, Net | 6,701.8 | 5,963.5 |
Restricted Cash and Cash Equivalents | 111.4 | 171.5 |
Other Assets | 211.2 | 55.6 |
Assets | 7,108.8 | 6,268.3 |
Accounts Payable and Accrued Liabilities | 117.3 | 128.5 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,359.1 | 3,631.8 |
Deferred Tax Liabilities, Net | 678 | 635.4 |
Other Liabilities | 60.7 | 12.9 |
Liabilities | 5,215.1 | 4,408.6 |
Stockholders' Equity Attributable to Noncontrolling Interest | 348.8 | 351.2 |
Stockholders' Equity Attributable to Parent | $ 1,544.9 | $ 1,508.5 |
Note 6. Railcar Leasing and M_4
Note 6. Railcar Leasing and Management Services Group Selected Leasing Income Statement Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 850.7 | $ 813.6 | $ 736 | $ 604.8 | $ 735 | $ 606.9 | $ 634 | $ 533.2 | $ 3,005.1 | $ 2,509.1 | $ 2,397.4 |
Operating Income (Loss) | 97.2 | 120.3 | 107 | 91.8 | 89.8 | 75.2 | 88 | 62.1 | 416.3 | 315.1 | 368.3 |
Depreciation, Depletion and Amortization | 283.6 | 251.9 | 229.7 | ||||||||
Operating Leases, Rent Expense | 18 | ||||||||||
Selling, General and Administrative Expense | $ 71.3 | $ 62.1 | $ 69.8 | $ 59.6 | $ 72 | $ 75.6 | $ 75.6 | $ 73.4 | 262.8 | 296.6 | 339.3 |
Interest Expense | 221.8 | 179.3 | 184 | ||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | 3,005.1 | 2,509.1 | 2,397.4 | ||||||||
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 1,117.2 | $ 842.8 | 843.2 | ||||||||
Revenues, Percent Change | 32.60% | 0.00% | |||||||||
Operating Income (Loss) | $ 406.6 | $ 351.1 | $ 444.5 | ||||||||
Operating Income (Loss), Percent Change | 15.80% | (21.00%) | |||||||||
Operating Profit Margin | 36.40% | 41.70% | 52.70% | ||||||||
Depreciation, Depletion and Amortization | $ 232.2 | $ 196.6 | $ 172.3 | ||||||||
Depreciation, Depletion, and Amortization, Percent Change | 18.10% | 14.10% | |||||||||
Cost, Maintenance | $ 102.1 | $ 99.3 | 96.4 | ||||||||
Maintenance Costs, Percent Change | 2.80% | 3.00% | |||||||||
Operating Leases, Rent Expense | $ 16.9 | $ 42.4 | 39.9 | ||||||||
Operating Leases, Rent Expense, Percent Change | (60.10%) | 6.30% | |||||||||
Selling, General and Administrative Expense | $ 49.5 | $ 51.1 | 50.7 | ||||||||
Selling, Engineering, and Administrative Expense, Percent Change | (3.10%) | 0.80% | |||||||||
Interest Expense | $ 197.2 | $ 142.3 | 125.8 | ||||||||
Interest Expense, Percent Change | 38.60% | 13.10% | |||||||||
Leasing and management [Member] | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 756.5 | $ 728.9 | 743.6 | ||||||||
Revenues, Percent Change | 3.80% | (2.00%) | |||||||||
Operating Income (Loss) | $ 314.7 | $ 291.8 | $ 341.3 | ||||||||
Operating Income (Loss), Percent Change | 7.80% | (14.50%) | |||||||||
Operating Profit Margin | 41.60% | 40.00% | 45.90% | ||||||||
Railcar Owned One Year or Less [Member] | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Revenues | $ 360.7 | $ 113.9 | $ 99.6 | ||||||||
Revenues, Percent Change | 216.70% | 14.40% | |||||||||
Operating Income (Loss) | $ 41.4 | $ 21.5 | $ 19.7 | ||||||||
Operating Income (Loss), Percent Change | 92.60% | 9.10% | |||||||||
Operating Profit Margin | 11.50% | 18.90% | 19.80% | ||||||||
Railcar Owned Greater than One Year [Member] | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | $ 50.5 | $ 50.4 | $ 83.5 | ||||||||
Operating Income (Loss), Percent Change | 0.20% | (39.60%) | |||||||||
Operating Profit Margin | 24.60% | 21.90% | 23.10% | ||||||||
Property Disposition Gain (Loss) [Member] | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Operating Income (Loss) | $ 0 | $ (12.6) | $ 0 | ||||||||
Other Assets [Member] | |||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | |||||||||||
Sales-type Lease, Lease Income | $ 160.5 |
Note 6. Railcar Leasing and M_5
Note 6. Railcar Leasing and Management Services Group Proceeds from Sale of Railcars (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sale of Leased Railcars [Line Items] | |||||||||||
Proceeds From Sale Of Property Subject To Or Available For Operating Lease | $ 566.4 | $ 344.4 | $ 460.3 | ||||||||
Operating Income (Loss) | $ 97.2 | $ 120.3 | $ 107 | $ 91.8 | $ 89.8 | $ 75.2 | $ 88 | $ 62.1 | 416.3 | 315.1 | 368.3 |
Railroad Transportation Equipment Owned One Year Or Less [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Sale of Leased Railcars [Line Items] | |||||||||||
Proceeds From Sale Of Property Subject To Or Available For Operating Lease | 360.7 | 113.9 | 99.6 | ||||||||
Railroad Transportation Equipment Owned More Than One Year [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Sale of Leased Railcars [Line Items] | |||||||||||
Proceeds From Sale Of Property Subject To Or Available For Operating Lease | 205.7 | 230.5 | 360.7 | ||||||||
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Sale of Leased Railcars [Line Items] | |||||||||||
Operating Income (Loss) | $ 406.6 | $ 351.1 | $ 444.5 | ||||||||
Operating Profit Margin | 36.40% | 41.70% | 52.70% | ||||||||
Operating Segments [Member] | Railcar Owned One Year or Less [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Sale of Leased Railcars [Line Items] | |||||||||||
Operating Income (Loss) | $ 41.4 | $ 21.5 | $ 19.7 | ||||||||
Operating Profit Margin | 11.50% | 18.90% | 19.80% | ||||||||
Operating Segments [Member] | Railcar Owned Greater than One Year [Member] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Sale of Leased Railcars [Line Items] | |||||||||||
Operating Income (Loss) | $ 50.5 | $ 50.4 | $ 83.5 | ||||||||
Operating Profit Margin | 24.60% | 21.90% | 23.10% | ||||||||
Operating Segments [Member] | Sales of Leased Railcars [Domain] | Railcar Leasing and Management Services Group [Member] | |||||||||||
Sale of Leased Railcars [Line Items] | |||||||||||
Operating Income (Loss) | $ 91.9 | $ 71.9 | $ 103.2 | ||||||||
Operating Profit Margin | 16.20% | 20.90% | 22.40% |
Note 6. Railcar Leasing and M_6
Note 6. Railcar Leasing and Management Services Group Operating Leases (Details) - Railcar Leasing and Management Services Group [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Lessor, Lease, Description [Line Items] | ||
Operating Leases, Future Minimum Payments Receivable, Current | $ 568.1 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 451.9 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 347.1 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 243.7 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 154 | |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 268.3 | |
Operating Leases, Future Minimum Payments Receivable | 2,033.1 | |
Railroad Transportation Equipment [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Leases, Future Minimum Payments Receivable, Current | 560 | |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 445.8 | |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 342.6 | |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 241.5 | |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 153.5 | |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 268 | |
Operating Leases, Future Minimum Payments Receivable | $ 2,011.4 | |
Minimum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 1 year | |
Maximum [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 10 years | 20 years |
Note 6. Railcar Leasing and M_7
Note 6. Railcar Leasing and Management Services Group Other Operating Lease Obligations and Revenues (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Sale Leaseback Transaction [Line Items] | |
Payments to Acquire Equipment on Lease | $ 218.4 |
Railcars Acquired | 6,779 |
Lessee, Operating Lease, Liability, Payments, Due | $ 52.1 |
Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Minimum Lease Payments, Sale Leaseback Transactions, Next Twelve Months | 9.8 |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 8.2 |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 7.5 |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 5.5 |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 2.3 |
Minimum Lease Payments, Sale Leaseback Transactions, Thereafter | 0.9 |
Minimum Lease Payments, Sale Leaseback Transactions | 34.2 |
Lessee, Operating Lease, Liability, Payments, Due | 36.6 |
Other Third Parties [Member] | Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Next Twelve Months | 8.1 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 6.1 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 4.5 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 2.2 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 0.5 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 0.3 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions | 21.7 |
Property Lease Guarantee [Member] | Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2.9 |
Wholly-Owned Qualified Subsidiaries for Leasing Railcars from Trusts [Member] | Railroad Transportation Equipment Leased From Independent Owner Trusts [Member] | Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Lessee, Operating Lease, Term of Contract | 22 years |
Building [Member] | Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due | $ 2.4 |
Note 6. Railcar Leasing and M_8
Note 6. Railcar Leasing and Management Services Group Leasing Debt (Details) - Railcar Leasing and Management Services Group [Member] $ in Millions | Dec. 31, 2019USD ($) |
Wholly Owned Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
Net Book Value of Unpledged Equipment | $ 1,303.5 |
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Collateral Amount | 4,501.2 |
TRIP Holdings [Member] | Secured Debt [Member] | TRIP Master Funding Secured Railcar Equipment Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Collateral Amount | 1,246.1 |
Trinity Rail Leasing 2012 [Member] | Secured Debt [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Collateral Amount | $ 540.6 |
Note 7. Property, Plant, and _3
Note 7. Property, Plant, and Equipment Property, Plant, and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 9,272.5 | $ 8,253.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,161.9 | 1,919 |
Property, Plant and Equipment, Net | 7,110.6 | 6,334.4 |
Manufacturing Facility, Non-Operating [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | 13.8 | |
Intersegment Eliminations [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | (1,135.8) | (1,030) |
NegativeAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment | (232) | (202.3) |
Property, Plant and Equipment, Net | (903.8) | (827.7) |
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | 7,605.6 | 6,791.2 |
Manufacturing and Corporate [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 1,040.4 | 963.2 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 631.6 | 592.3 |
Property, Plant and Equipment, Net | 408.8 | 370.9 |
Manufacturing and Corporate [Member] | Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 28.4 | 24.2 |
Manufacturing and Corporate [Member] | Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 402.2 | 385.5 |
Manufacturing and Corporate [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 546.7 | 537.2 |
Manufacturing and Corporate [Member] | Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 63.1 | 16.3 |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 6,957.9 | 5,948.3 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,139 | 971.8 |
Property, Plant and Equipment, Net | 5,818.9 | 4,976.5 |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 13.7 | 13.5 |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | Equipment Leased to Other Party [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 6,944.2 | 5,934.8 |
Partially-Owned Subsidiaries [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,065.3 | 2,032 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 527.7 | 472 |
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | 1,786.7 | 1,814.7 |
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | Equipment Leased to Other Party [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 2,410 | 2,371.9 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 623.3 | $ 557.2 |
Note 8. Debt Debt (Details)
Note 8. Debt Debt (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)Railcar | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Railcars Acquired | 6,779 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 0 | $ 283.9 | $ 0 |
Corporate Segment [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 524.8 | 399.7 | |
Corporate Segment [Member] | Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | $ 399.8 | 399.7 | |
Corporate Segment [Member] | Senior Notes [Member] | 4.55% Senior Notes Due October 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | ||
Debt Instrument, Face Amount | $ 400 | ||
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 125 | 0 | |
Line of Credit Facility, Current Borrowing Capacity | 450 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | ||
Proceeds from Lines of Credit | 1,000 | ||
Repayments of Lines of Credit | 875 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 289.5 | ||
Line of Credit Facility, Interest Rate at Period End | 0.20% | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | ||
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 0.175% | ||
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Interest Rate at Period End | 0.30% | ||
Revolving Credit Facility [Member] | Corporate Segment [Member] | Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.25% | ||
Letter of Credit [Member] | Corporate Segment [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 35.5 | ||
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | |||
Debt Instrument [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 38.00% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2006 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.90% | ||
Debt Instrument, Face Amount | $ 355 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2009 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.66% | ||
Debt Instrument, Face Amount | $ 238.3 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2010 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.19% | ||
Debt Instrument, Face Amount | $ 369.2 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 663 | $ 302.4 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2018 Secured Railcar Equipment Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 482.5 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2018 Class A-1 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 169.8 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | ||
Debt Instrument, Face Amount | $ 200 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2018 Class A-2 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 282.5 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.62% | ||
Debt Instrument, Face Amount | $ 282.5 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 75.4 | ||
Railcars Acquired | Railcar | 4,150 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 283.9 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 516.2 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | ||
Debt Instrument, Face Amount | $ 528.3 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | Trinity Rail Leasing 2019 [Domain] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 386.5 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes Class A1 Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 105.6 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.39% | ||
Debt Instrument, Face Amount | $ 106.9 | ||
Wholly Owned Subsidiaries [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes Class A2 Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 279.6 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | ||
Debt Instrument, Face Amount | $ 279.6 | ||
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 | 3,104.6 | 2,336.3 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | 2006 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | 109.3 | 133.4 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | 2009 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | 147.8 | 159.7 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | 2010 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | 248.5 | 257 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | 2018 Secured Railcar Equipment Notes [Domain] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 452.1 | 472.2 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 265.4 | 279 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 901 | 0 | |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | 627.1 | 660.2 | |
Wholly Owned Subsidiaries [Member] | Revolving Credit Facility [Member] | Railcar Leasing and Management Services Group [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Remaining Borrowing Capacity Exclusive of Current Restrictions | 396.6 | ||
TILC [Member] | Revolving Credit Facility [Member] | Railcar Leasing and Management Services Group [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | 750 | ||
Borrowings on Warehouse Loan Facility | 663.1 | ||
Repayments on Warehouse Loan Facility | 684.5 | ||
Long-term Line of Credit | $ 353.4 | 374.8 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.32% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Class A-1a Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Class A-1b Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Class A-2 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 508.8 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.02% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Series 2014 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 335.7 | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Series 2014 Class A-1 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.86% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Series 2014 Class A-2 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 220.7 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.09% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Series 2017-1 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 237.9 | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Series 2017-1 Class A-1 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 53.5 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.71% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRIP Master Funding Series 2017-1 Class A-2 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 134.9 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.74% | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 41.6 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.27% | ||
Debt Instrument, Face Amount | $ 145.4 | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRL 2012 Series 2012-1 Class A-2 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 188.4 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.53% | ||
Debt Instrument, Face Amount | $ 188.4 | ||
Partially-Owned Subsidiaries [Member] | Secured Debt [Member] | TRL 2012 Series 2013-1 Notes [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 141.4 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||
Debt Instrument, Face Amount | $ 183.4 | ||
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | |||
Debt Instrument [Line Items] | |||
Non-Recourse Debt, Gross | $ 1,289.3 | $ 1,327.9 |
Note 8. Debt Components and Fai
Note 8. Debt Components and Fair Value of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Debt and Lease Obligation | $ 522.8 | $ 397.4 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,881.9 | 4,029.2 |
Long-term Debt, Fair Value | 5,064.6 | 4,041.9 |
Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 524.8 | 399.7 |
Unamortized Debt Issuance Expense | 2 | 2.3 |
Long-term Debt, Fair Value | 536.7 | 343.7 |
Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | 4,359.1 | 3,631.8 |
Wholly Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | 3,080.7 | 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 | 3,104.6 | 2,336.3 |
Non-Recourse Debt, Debt Issuance Costs | 23.9 | 19.7 |
Non-Recourse Debt | 3,080.7 | 2,316.6 |
Long-term Debt, Fair Value | 3,169.5 | 2,364.3 |
Partially-Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | 1,278.4 | 1,315.2 |
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 1,289.3 | 1,327.9 |
Non-Recourse Debt, Debt Issuance Costs | 10.9 | 12.7 |
Non-Recourse Debt | 1,278.4 | 1,315.2 |
Long-term Debt, Fair Value | 1,358.4 | 1,333.9 |
2006 Secured Railcar Equipment Notes [Member] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 109.3 | 133.4 |
Long-term Debt, Fair Value | 114 | 138 |
2009 Secured Railcar Equipment Notes [Member] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 147.8 | 159.7 |
Long-term Debt, Fair Value | 168.7 | 174 |
2010 Secured Railcar Equipment Notes [Member] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 248.5 | 257 |
Long-term Debt, Fair Value | 264.3 | 264 |
2018 Secured Railcar Equipment Notes [Domain] | 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 | 452.1 | 472.2 |
Long-term Debt, Fair Value | 466.2 | 475.2 |
TRIHC 2018 Secured Railcar Equipment Notes [Member] | 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 | 265.4 | 279 |
Long-term Debt, Fair Value | 270.9 | 278.1 |
2019 Secured Railcar Equipment Notes [Domain] [Domain] | 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 | 901 | 0 |
Long-term Debt, Fair Value | 904.9 | 0 |
TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 371.4 | 386.2 |
Long-term Debt, Fair Value | 374.4 | 370.9 |
TRIP Master Funding Secured Railcar Equipment Notes [Member] | Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 917.9 | 941.7 |
Long-term Debt, Fair Value | 984 | 963 |
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 | 411.7 | 343.7 |
Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 627.1 | 660.2 |
Long-term Debt, Fair Value | 627.1 | 660.2 |
Secured Debt [Member] | Revolving Credit Facility [Member] | Trinity Rail Leasing 2019 [Domain] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Repayments | 250 | |
Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | Wholly Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 516.2 | |
Secured Debt [Member] | TILC Warehouse Facility [Member] | Trinity Rail Leasing 2019 [Domain] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Repayments | 514 | |
Revolving Credit Facility [Member] | Line of Credit [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 125 | 0 |
Long-term Debt, Fair Value | 125 | 0 |
Revolving Credit Facility [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member] | TILC [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Line of Credit | 353.4 | 374.8 |
Long-term Debt, Fair Value | $ 353.4 | $ 374.8 |
Note 8. Debt Remaining Debt Pri
Note 8. Debt Remaining Debt Principal Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 219.3 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 237.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 555.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 339.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 758.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 2,811.4 |
Long-term Debt, Gross | 4,920.9 |
Corporate Segment [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 125 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 400 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | 525 |
Secured Debt [Member] | 2006 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 34.3 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 29.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 29.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 16.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | 109.3 |
Secured Debt [Member] | 2009 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 6.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 13.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 14 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 11.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 14.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 87.5 |
Long-term Debt, Gross | 147.8 |
Secured Debt [Member] | 2010 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 14.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 20.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 22.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 18.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 152.2 |
Long-term Debt, Gross | 248.5 |
Secured Debt [Member] | 2018 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 352.3 |
Long-term Debt, Gross | 452.3 |
Secured Debt [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 10.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 11.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 9.3 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 11.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 14.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 208.7 |
Long-term Debt, Gross | 266.8 |
Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 36.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 38 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 37 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 35.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 36.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 718.3 |
Long-term Debt, Gross | 901.4 |
Secured Debt [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 19.3 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 19.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 19.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 26.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 28.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 256.9 |
Long-term Debt, Gross | 371.4 |
Secured Debt [Member] | TRIP Master Funding Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 32.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 40.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 41.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 37 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 191.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 574.2 |
Long-term Debt, Gross | 917.9 |
Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | Railcar Leasing and Management Services Group [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 33.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 33.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 33.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 33.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 33.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 461.3 |
Long-term Debt, Gross | 627.1 |
Line of Credit [Member] | TILC Warehouse Facility [Member] | Railcar Leasing and Management Services Group [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 11.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 11.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | 25.6 |
Line of Credit [Member] | TILC Warehouse Facility Termination Payments [Member] | Railcar Leasing and Management Services Group [Member] | Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 327.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | $ 327.8 |
Note 8. Debt Debt Discount and
Note 8. Debt Debt Discount and Issuance Costs (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Senior Notes [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 0.2 | $ 0.3 |
Wholly Owned Subsidiaries [Member] | 2018 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0.2 | 0.2 |
Wholly Owned Subsidiaries [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 1.4 | 2.5 |
Wholly Owned Subsidiaries [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | $ 0.4 | $ 0 |
Note 9. Income Taxes Components
Note 9. Income Taxes Components of Income Tax Expense / Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Current Federal Tax Expense (Benefit) | $ (6) | $ (19.1) | $ (61.1) | ||||||||
Current State and Local Tax Expense (Benefit) | 6.6 | (1.5) | (1.1) | ||||||||
Current Foreign Tax Expense (Benefit) | 6.1 | 5.3 | 4.5 | ||||||||
Current Income Tax Expense (Benefit) | 6.7 | (15.3) | (57.7) | ||||||||
Tax Cuts and Jobs Act, Income Tax Expense (Benefit) | 0 | (5.9) | (476.2) | ||||||||
Deferred Other Tax Expense (Benefit) | 44 | 49.1 | 121.9 | ||||||||
Deferred Federal Income Tax Expense (Benefit) | 44 | 43.2 | (354.3) | ||||||||
Deferred State and Local Income Tax Expense (Benefit) | 12.3 | 14.7 | (2.8) | ||||||||
Deferred Foreign Income Tax Expense (Benefit) | (1.5) | 0 | 0 | ||||||||
Deferred Income Tax Expense (Benefit) | 54.8 | 57.9 | (357.1) | ||||||||
Income Tax Expense (Benefit) | $ 20.3 | $ 18.2 | $ 14.1 | $ 8.9 | $ 17.7 | $ 6.7 | $ 12.5 | $ 5.7 | $ 61.5 | $ 42.6 | $ (414.8) |
Note 9. Income Taxes Income T_2
Note 9. Income Taxes Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 5.9 | $ 476.2 | ||
Non-recurring Tax Charge | $ (9.7) | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $ 201.1 | 139.8 | 186.2 | |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ (0.4) | $ 11.8 | $ 9.2 |
Note 9. Income Taxes Effective
Note 9. Income Taxes Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 35.00% |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 2.20% | 2.30% | (1.90%) |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | 1.20% | 2.90% | 0.00% |
Effective Tax Rate Reconciliation, Executive Compensation Limitations | 1.20% | 0.90% | 0.00% |
Effective Tax Rate Reconciliation, Interest Expense Limitations | 1.00% | 1.30% | 0.00% |
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent | 0.10% | (0.50%) | (2.00%) |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Percent | (0.80%) | (1.40%) | 0.80% |
Effective Tax Rate Reconciliation, Changes in Laws and Apportionment | 4.30% | 5.20% | (0.50%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.00% | (3.90%) | (243.70%) |
Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent | 0.00% | 0.00% | (2.10%) |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 0.00% | 1.60% | 1.90% |
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | 0.40% | (1.30%) | 0.30% |
Effective Income Tax Rate Reconciliation, Percent | 30.60% | 28.10% | (212.20%) |
Note 9. Income Taxes Deferred T
Note 9. Income Taxes Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Liabilities, Property, Plant and Equipment | $ 913.4 | $ 718.4 |
Deferred Tax Liabilities, Partially Owned Subsidiaries | 144.7 | 131.7 |
Deferred Tax Liabilities, Right-of-use Assets | 10 | 0 |
Deferred Tax Liabilities, Gross | 1,068.1 | 850.1 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | 3.1 | 5.7 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Warranty Reserves | 4.5 | 8.1 |
Deferred Tax Assets, Other | 46.1 | 34 |
Deferred Tax Assets, Tax Credit Carryforwards | 229 | 65.5 |
Deferred Tax Assets, Inventory | 5.1 | 8.9 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 9.7 | 9.1 |
Deferred Tax Assets, Lease Liabilities | 10 | 0 |
Deferred Tax Assets, Gross | 307.5 | 131.3 |
Deferred Tax Liabilities, Net, Before Adjustments | 760.6 | 718.8 |
Deferred Tax Assets, Valuation Allowance | 19.5 | 15.1 |
Deferred Tax Liabilities, Net, Before Uncertain Tax Positions | 780.1 | 733.9 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Other | (1) | (2.3) |
Deferred Tax Liabilities, Net | 779.1 | $ 731.6 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 940.5 | |
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 13.2 | |
Deferred Tax Assets, Tax Credit Carryforwards, Other | $ 18.9 |
Note 9. Income Taxes Unrecogniz
Note 9. Income Taxes Unrecognized Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits | $ 2.3 | $ 8.1 | $ 7 | $ 20.7 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 3 | 4.5 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | (0.3) | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (5.8) | (1.5) | (17.2) | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | (0.1) | (1) | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4 | 9.4 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 2.7 | 3.7 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 1 | $ (0.5) | $ 3.3 |
Note 10. Employee Retirement _3
Note 10. Employee Retirement Plans Employee Retirement Plans (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,378.9 | $ 2,562 | $ 4,858 | $ 4,311.1 |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 225 | |||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 336 | |||
Terminal Funding Annuity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 15 | |||
Terminal Funding Annuity [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 155 | |||
Terminal Funding Annuity [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 185 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Terminal Funding Annuity [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (131.2) |
Note 10. Employee Retirement _4
Note 10. Employee Retirement Plans Actuarial Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 2.73% | 4.45% | 3.79% |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.45% | 3.79% | 4.34% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Rate of Return on Plan Assets | 4.90% | 5.65% | 6.25% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 4.00% |
Note 10. Employee Retirement _5
Note 10. Employee Retirement Plans Net Retirement Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Service Cost | $ 0.1 | $ 0.1 | $ 0.2 |
Defined Benefit Plan, Interest Cost | 19.7 | 18.3 | 19.6 |
Defined Benefit Plan, Expected Return (Loss) on Plan Assets | (23) | (27.4) | (27.2) |
Defined Benefit Plan, Amortization of Gain (Loss) | 4.6 | 4.8 | 4.9 |
Defined Benefit Plan, Other Cost (Credit) | 0 | 0.6 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 1.4 | (3.6) | (2.5) |
Defined Contribution Plan, Cost | 11 | 11.1 | 7.7 |
Pension Cost (Reversal of Cost) | $ 12.4 | $ 7.5 | $ 5.2 |
Note 10. Employee Retirement _6
Note 10. Employee Retirement Plans Accumulated Benefit Obligations and Funded Status (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Accumulated Benefit Obligation | $ 557,900,000 | $ 453,200,000 | |
Defined Benefit Plan, Benefit Obligation | 557,900,000 | 453,200,000 | $ 490,000,000 |
Defined Benefit Plan, Service Cost | 100,000 | 100,000 | 200,000 |
Defined Benefit Plan, Interest Cost | 19,700,000 | 18,300,000 | 19,600,000 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | (22,200,000) | (20,200,000) | |
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | 105,600,000 | (35,600,000) | |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 1,500,000 | 0 | |
Defined Benefit Plan, Other Cost (Credit) | 0 | 600,000 | 0 |
Defined Benefit Plan, Plan Assets, Amount | 548,500,000 | 478,700,000 | $ 488,000,000 |
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) | 90,900,000 | (20,700,000) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1,100,000 | 31,600,000 | |
Defined Benefit Plan, Plan Assets, Benefits Paid | (22,200,000) | (20,200,000) | |
Assets for Plan Benefits, Defined Benefit Plan | 5,500,000 | 39,400,000 | |
Liability, Defined Benefit Plan | (14,900,000) | (13,900,000) | |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ (9,400,000) | $ 25,500,000 | |
Defined Benefit Plan, Funded Percentage | 98.30% | 105.60% | |
Defined Benefit Plan, Plan Assets, Expected to be Returned to Employer, Amount | $ 0 |
Note 10. Employee Retirement _7
Note 10. Employee Retirement Plans Amounts Recognized in OCI (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | $ 173.5 | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, Prior Service Cost (Credit), before Tax | 1.5 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,378.9 | $ 2,562 | $ 4,858 | $ 4,311.1 |
Defined Benefit Plan, Expected Amortization of Gain (Loss), Next Fiscal Year | 6 | |||
Defined Benefit Plan, Expected Amortization in Next Fiscal Year, Net of Tax | 4.6 | |||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year | 1.2 | |||
Defined Benefit Plan, Expected Amortization of Prior Service Cost (Credit), Next Fiscal Year, Net of Tax | 0.9 | |||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (37.7) | (12.5) | 5.2 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax | 4.6 | 4.8 | 4.9 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | (1.5) | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, before Tax | (34.6) | (7.7) | 10.1 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | (7.9) | (1.8) | 3.1 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | (26.7) | $ (5.9) | $ 7 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | Terminal Funding Annuity [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined Benefit Plan, Accumulated Other Comprehensive Income (Loss), Gain (Loss), before Tax | (170.1) | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (131.2) | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (133.9) |
Note 10. Employee Retirement _8
Note 10. Employee Retirement Plans Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 548.5 | $ 478.7 | $ 488 |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 100.00% | ||
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 13.5 | $ 14 | |
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 3.00% | ||
Liability Hedging Portfolio [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 100.00% | 90.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 92.00% | ||
Growth Portfolio [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | 10.00% | |
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 5.00% | ||
US Treasury and Government [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 121.7 | $ 77.1 | |
Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 370.5 | 309.1 | |
Asset-backed Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.2 | ||
Collateralized Mortgage Backed Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4.1 | 2.1 | |
Equity Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 29.1 | 69.7 | |
Fixed Income Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7.4 | 6.7 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13.5 | 14 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 13.5 | 14 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 527.6 | 458 | |
Fair Value, Inputs, Level 2 [Member] | US Treasury and Government [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 121.7 | 77.1 | |
Fair Value, Inputs, Level 2 [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 370.5 | 309.1 | |
Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2.2 | ||
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4.1 | 2.1 | |
Fair Value, Inputs, Level 2 [Member] | Equity Funds [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 29.1 | 69.7 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7.4 | 6.7 | |
Fair Value, Inputs, Level 3 [Member] | Fixed Income Investments [Member] | |||
Defined Benefit Plan, Plan Assets, Allocation [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 7.4 | $ 6.7 |
Note 10. Employee Retirement _9
Note 10. Employee Retirement Plans Cash Flows (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 1.1 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 1.1 | $ 31.6 |
Defined Contribution Plan, Expected Future Employer Discretionary Contributions, Next Fiscal Year | 11.4 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 10.6 | |
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 225 | |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $ 336 |
Note 11. Restructuring Activi_3
Note 11. Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | $ 3.4 | $ 3.4 | $ 0 | ||||
Severance Costs | 3.8 | ||||||
Payments for Restructuring | (0.4) | ||||||
Asset Impairment Charges | 10.9 | 0 | $ 0 | ||||
Restructuring Charges | $ 14.7 | $ 0 | $ 0 | $ 0 | 14.7 | $ 0 | $ 0 |
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance Costs | 0.2 | ||||||
Asset Impairment Charges | 0 | ||||||
Restructuring Charges | 0.2 | ||||||
Operating Segments [Member] | Rail Group [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance Costs | 0.7 | ||||||
Asset Impairment Charges | 0 | ||||||
Restructuring Charges | 0.7 | ||||||
Operating Segments [Member] | Other Segments [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance Costs | 0.5 | ||||||
Asset Impairment Charges | 10.9 | ||||||
Restructuring Charges | 11.4 | ||||||
Operating Segments [Member] | Corporate, Non-Segment [Member] | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Severance Costs | 2.4 | ||||||
Asset Impairment Charges | 0 | ||||||
Restructuring Charges | $ 2.4 |
Note 12. Accumulated Other Co_3
Note 12. Accumulated Other Comprehensive Income Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | $ 1.9 | $ 1.1 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (153.1) | (116.8) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,378.9 | 2,562 | $ 4,858 | $ 4,311.1 |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (43) | (19.1) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8 | 5.9 | ||
Other Comprehensive Income (Loss), Net of Tax | 35 | 13.2 | (11.3) | |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (36.3) | (14.6) | ||
Stockholders' Equity Note, Spinoff Transaction | (1,732.2) | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (18.7) | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1.3) | (1.3) | (22.4) | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | 0 | 0 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 0 | 0 | ||
Stockholders' Equity Note, Spinoff Transaction | 21.3 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | (0.2) | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | 0.8 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (17.9) | (8.3) | 0.3 | |
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (12.8) | (9.6) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 4.5 | 2.3 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (9.6) | (8.7) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | 0.1 | |||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from AOCI, Current Period, Tax | 1.1 | 1.1 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (107.2) | (82.7) | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (133.9) | |||
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax | (30.2) | (9.5) | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 3.5 | 3.6 | ||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (26.7) | (5.9) | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | (18.6) | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Net of Tax | (1.3) | (1.4) | ||
Noncontrolling Interest [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 348.8 | 351.2 | 356.9 | 392.6 |
Other Comprehensive Income (Loss), Net of Tax | (1.3) | (1.4) | (2.6) | |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (153.1) | (116.8) | (104.8) | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (153.1) | (116.8) | (104.8) | $ (113.5) |
Other Comprehensive Income (Loss), Net of Tax | $ 36.3 | 14.6 | $ (8.7) | |
Stockholders' Equity Note, Spinoff Transaction | $ 21.3 |
Note 13. Common Stock and Sto_3
Note 13. Common Stock and Stock-based Compensation Stockholders' Equity (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Nov. 16, 2018 | |
Share Repurchases [Line Items] | |||||
Stock Repurchase Program, Authorized Amount | $ 500 | $ 350 | |||
Accelerated Share Repurchase Program, Authorized Amount | $ 350 | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 13.7 | ||||
Share-based Payment Arrangement, Accelerated Cost | $ 70 | ||||
Treasury Stock, Value, Acquired, Cost Method | 224.7 | $ 500.1 | $ 85.4 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 125.3 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 2.6 | ||||
Treasury Stock [Member] | |||||
Share Repurchases [Line Items] | |||||
Treasury Stock, Shares, Acquired | 13.7 | 17.2 | 2.8 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 294.7 | $ 430.1 | $ 85.4 | ||
Additional Paid-in Capital [Member] | |||||
Share Repurchases [Line Items] | |||||
Treasury Stock, Shares, Acquired | 2.6 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (70) | $ (75.9) | $ 0 |
Note 13. Common Stock and Sto_4
Note 13. Common Stock and Stock-based Compensation Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 20,150,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,737,464 | ||
Share-based Payment Arrangement, Expense | $ 29.2 | $ 29.3 | $ 24.6 |
Share-based Payment Arrangement, Expense, Tax Benefit | 6.6 | $ 7.7 | $ 14.5 |
Restricted Shares Outstanding, Converted | $ 0.8 | ||
Restricted Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 5,055,461 | 5,633,434 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 978,056 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (1,270,190) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | (285,839) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 20.99 | $ 21.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 22.20 | $ 25.52 | $ 23.28 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 21.90 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 22.49 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 39.2 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 26.4 | $ 30.1 | $ 28.2 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 800,762 | 324,368 | |
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, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 26.33 | $ 32.37 | |
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 | $ 32.37 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 11.3 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 | $ 0 | $ 22 |
Note 14. Earnings Per Common _3
Note 14. Earnings Per Common Share Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5.5 | 5.8 | 6.4 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.2 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ 22.3 | $ 48.1 | $ 37.6 | $ 31.2 | $ 28 | $ 28.5 | $ 37.3 | $ 15.2 | $ 139.2 | $ 109 | $ 610.2 |
Net Income (Loss) Attributable to Noncontrolling Interest | 0.1 | 1.3 | (0.4) | 0.5 | (0.4) | (0.6) | (1.4) | (1.4) | 1.5 | (3.8) | (11.1) |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | (1.8) | (2.2) | (13.5) | ||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Dilutive Convertible Securities | 0 | 0 | 0.3 | ||||||||
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | 138.9 | 103 | 585.9 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (0.8) | $ (0.4) | $ (0.8) | $ (1.1) | $ (0.3) | $ (0.2) | $ 28.2 | $ 26.4 | (3.1) | 54.1 | 103.4 |
Undistributed Discontinued Operation Earnings (Loss), Allocation to Participating Securities, Basic | 0 | (0.6) | (1.9) | ||||||||
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic | (3.1) | 53.5 | 101.5 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 135.8 | $ 156.5 | $ 687.4 | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 125.6 | 144 | 148.6 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1.7 | 1 | 0.5 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities, Treasury Stock Method | 0 | 1.4 | 2.9 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 127.3 | 146.4 | 152 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.18 | $ 0.39 | $ 0.29 | $ 0.24 | $ 0.20 | $ 0.19 | $ 0.24 | $ 0.09 | $ 1.11 | $ 0.72 | $ 3.94 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.01) | 0 | (0.01) | (0.01) | 0 | 0 | 0.19 | 0.18 | (0.02) | 0.37 | 0.68 |
Earnings Per Share, Basic | 0.17 | 0.39 | 0.28 | 0.23 | 0.20 | 0.19 | 0.43 | 0.27 | 1.09 | 1.09 | 4.62 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.18 | 0.39 | 0.29 | 0.24 | 0.19 | 0.19 | 0.24 | 0.09 | 1.09 | 0.70 | 3.85 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (0.01) | 0 | (0.01) | (0.01) | 0 | 0 | 0.19 | 0.17 | (0.02) | 0.37 | 0.67 |
Earnings Per Share, Diluted | $ 0.17 | $ 0.39 | $ 0.28 | $ 0.23 | $ 0.19 | $ 0.19 | $ 0.43 | $ 0.26 | $ 1.07 | $ 1.07 | $ 4.52 |
Note 15. Commitments and Cont_2
Note 15. Commitments and Contingencies Commitments and Contingencies (Details) - USD ($) | Jun. 09, 2015 | Dec. 31, 2019 |
Loss Contingencies [Line Items] | ||
Loss Contingency, Receivable | $ 15,200,000 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 21,600,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 35,300,000 | |
Environmental and Workplace Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 1,200,000 | |
Joshua Harman, False Claims Act [Member] | Highway Products Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Damages Awarded, Value | $ 175,000,000 | |
Loss Contingency, Judgment Entered, Value | 682,400,000 | |
Loss Contingency, Damages Awarded, Value, Trebled | 525,000,000 | |
Loss Contingency, Judgment Entered, Civil Penalties, Value | 138,400,000 | |
Loss Contingency, Judgment Entered, Costs and Attorney Fees, Value | $ 19,000,000 | |
State, County, and Municipal Actions [Member] | Highway Products Litigation [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 0 | |
Class Action, Shareholder [Member] | Class Action, Shareholder [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 7,500,000 | |
Accrued Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | $ 23,000,000 |
Note 16. Financial Statements_3
Note 16. Financial Statements for Guarantors of Senior Notes Financial Statements for Guarantors of Senior Notes (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Guarantor Obligations [Line Items] | ||
Restricted Cash and Cash Equivalents | $ 111.4 | $ 171.6 |
Assets | 8,701.4 | 7,989.2 |
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||
Guarantor Obligations [Line Items] | ||
Restricted Cash and Cash Equivalents | 86.1 | 132.9 |
Assets | 7,232.6 | 6,644 |
Secured Debt [Member] | Non-Guarantor Subsidiaries [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Collateral Amount | 6,409.8 | 5,316.2 |
Capital Lease Obligations [Member] | Non-Guarantor Subsidiaries [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Collateral Amount | 67.5 | |
Non-US [Member] | Non-Guarantor Subsidiaries [Member] | ||
Guarantor Obligations [Line Items] | ||
Assets | $ 136 | $ 116 |
Note 16. Financial Statements_4
Note 16. Financial Statements for Guarantors of Senior Notes Income Statements for Guarantors of Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Guarantor Obligations [Line Items] | |||||||||||
Revenues | $ 850.7 | $ 813.6 | $ 736 | $ 604.8 | $ 735 | $ 606.9 | $ 634 | $ 533.2 | $ 3,005.1 | $ 2,509.1 | $ 2,397.4 |
Cost of Goods and Services Sold | 674.7 | 649.1 | 578.5 | 463.4 | 590.5 | 466.5 | 481.9 | 399.9 | 2,365.7 | 1,938.8 | 1,775.2 |
Selling, General and Administrative Expense | 71.3 | 62.1 | 69.8 | 59.6 | 72 | 75.6 | 75.6 | 73.4 | 262.8 | 296.6 | 339.3 |
Gain (Loss) on Disposition of Property Plant Equipment | 7.2 | 17.9 | 19.3 | 10 | 17.3 | 10.4 | 11.5 | 2.2 | 54.4 | 41.4 | 85.4 |
Restructuring Charges | 14.7 | 0 | 0 | 0 | 14.7 | 0 | 0 | ||||
Costs and Expenses | 2,588.8 | 2,194 | 2,029.1 | ||||||||
Operating Income (Loss) | 97.2 | 120.3 | 107 | 91.8 | 89.8 | 75.2 | 88 | 62.1 | 416.3 | 315.1 | 368.3 |
Other Nonoperating Expense | 215.6 | 163.5 | 172.9 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 42.6 | 66.3 | 51.7 | 40.1 | 45.7 | 35.2 | 49.8 | 20.9 | 200.7 | 151.6 | 195.4 |
Income Tax Expense (Benefit) | 20.3 | 18.2 | 14.1 | 8.9 | 17.7 | 6.7 | 12.5 | 5.7 | 61.5 | 42.6 | (414.8) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 22.3 | 48.1 | 37.6 | 31.2 | 28 | 28.5 | 37.3 | 15.2 | 139.2 | 109 | 610.2 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.8) | (0.4) | (0.8) | (1.1) | (0.3) | (0.2) | 28.2 | 26.4 | (3.1) | 54.1 | 103.4 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21.5 | 47.7 | 36.8 | 30.1 | 27.7 | 28.3 | 65.5 | 41.6 | 136.1 | 163.1 | 713.6 |
Net Income (Loss) Attributable to Noncontrolling Interest | (0.1) | (1.3) | 0.4 | (0.5) | 0.4 | 0.6 | 1.4 | 1.4 | (1.5) | 3.8 | 11.1 |
Net Income (Loss) Attributable to Parent | $ 21.6 | $ 49 | $ 36.4 | $ 30.6 | $ 27.3 | $ 27.7 | $ 64.1 | $ 40.2 | 137.6 | 159.3 | 702.5 |
Other Comprehensive Income (Loss), Net of Tax | (35) | (13.2) | 11.3 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 101.1 | 149.9 | 724.9 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (0.2) | 5.2 | 13.7 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 101.3 | 144.7 | 711.2 | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
Revenues | (282.5) | (301.7) | (296.4) | ||||||||
Cost of Goods and Services Sold | (323.1) | (333) | (320.9) | ||||||||
Selling, General and Administrative Expense | 0 | 0 | 0 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 0 | 0 | 0 | ||||||||
Restructuring Charges | 0 | ||||||||||
Costs and Expenses | (323.1) | (333) | (320.9) | ||||||||
Operating Income (Loss) | 40.6 | 31.3 | 24.5 | ||||||||
Nonoperating Income (Expense) | (0.5) | 0 | 0 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | (258.8) | (340.9) | (676.3) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (217.7) | (309.6) | (651.8) | ||||||||
Income Tax Expense (Benefit) | (26.8) | (16.4) | (23.5) | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (190.9) | (293.2) | (628.3) | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (190.9) | (293.2) | (628.3) | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (1.5) | 3.8 | 11.1 | ||||||||
Net Income (Loss) Attributable to Parent | (189.4) | (297) | (639.4) | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (190.9) | (293.2) | (628.3) | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (0.2) | 5.2 | 13.7 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (190.7) | (298.4) | (642) | ||||||||
Parent Company [Member] | Reportable Legal Entities [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Cost of Goods and Services Sold | 2.9 | 2.1 | 3 | ||||||||
Selling, General and Administrative Expense | 102.4 | 141.7 | 166.9 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | (0.3) | 1 | 1.1 | ||||||||
Restructuring Charges | 2.4 | ||||||||||
Costs and Expenses | 108 | 142.8 | 168.8 | ||||||||
Operating Income (Loss) | (108) | (142.8) | (168.8) | ||||||||
Nonoperating Income (Expense) | (82.5) | (70.3) | (158.6) | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 193.5 | 246.8 | 617 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 168 | 174.3 | 606.8 | ||||||||
Income Tax Expense (Benefit) | 27.3 | (1) | (87) | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 140.7 | 175.3 | 693.8 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3.1) | (16) | 8.7 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 137.6 | 159.3 | 702.5 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 137.6 | 159.3 | 702.5 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (26.7) | (5.8) | 8.3 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 110.9 | 153.5 | 710.8 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 110.9 | 153.5 | 710.8 | ||||||||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
Revenues | 2,138.9 | 1,817.9 | 1,738 | ||||||||
Cost of Goods and Services Sold | 1,802.2 | 1,545.2 | 1,389.2 | ||||||||
Selling, General and Administrative Expense | 105.7 | 113 | 129.7 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 24.4 | 17.6 | 71 | ||||||||
Restructuring Charges | 0.2 | ||||||||||
Costs and Expenses | 1,883.7 | 1,640.6 | 1,447.9 | ||||||||
Operating Income (Loss) | 255.2 | 177.3 | 290.1 | ||||||||
Nonoperating Income (Expense) | 84.2 | 81.3 | 127.2 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 46.6 | 74.6 | 55.5 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 217.6 | 170.6 | 218.4 | ||||||||
Income Tax Expense (Benefit) | 60.3 | 48.8 | (310.3) | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 157.3 | 121.8 | 528.7 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 157.3 | 121.8 | 528.7 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 157.3 | 121.8 | 528.7 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 0 | (0.4) | 0.2 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 157.3 | 121.4 | 528.9 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 157.3 | 121.4 | 528.9 | ||||||||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
Revenues | 1,148.7 | 992.9 | 955.8 | ||||||||
Cost of Goods and Services Sold | 883.7 | 724.5 | 703.9 | ||||||||
Selling, General and Administrative Expense | 54.7 | 41.9 | 42.7 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 30.3 | 22.8 | 13.3 | ||||||||
Restructuring Charges | 12.1 | ||||||||||
Costs and Expenses | 920.2 | 743.6 | 733.3 | ||||||||
Operating Income (Loss) | 228.5 | 249.3 | 222.5 | ||||||||
Nonoperating Income (Expense) | 214.4 | 152.5 | 204.3 | ||||||||
Income (Loss) from Subsidiaries, Net of Tax | 18.7 | 19.5 | 3.8 | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 32.8 | 116.3 | 22 | ||||||||
Income Tax Expense (Benefit) | 0.7 | 11.2 | 6 | ||||||||
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 32.1 | 105.1 | 16 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 70.1 | 94.7 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 32.1 | 175.2 | 110.7 | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to Parent | 32.1 | 175.2 | 110.7 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (8.3) | (7) | 2.8 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 23.8 | 168.2 | 113.5 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 23.8 | $ 168.2 | $ 113.5 |
Note 16. Financial Statements_5
Note 16. Financial Statements for Guarantors of Senior Notes Balance Sheets for Guarantors of Senior Notes (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents, at Carrying Value | $ 166.2 | $ 179.2 | ||
Accounts Receivable, after Allowance for Credit Loss | 260.1 | 276.6 | ||
Income Taxes Receivable | 14.7 | 40.4 | ||
Inventory, Net | 433.4 | 524.7 | ||
Property, Plant and Equipment, Net | 7,110.6 | 6,334.4 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 0 | 0 | ||
Restricted Cash and Cash Equivalents | 111.4 | 171.6 | ||
Goodwill and Other Assets | 605 | 462.3 | ||
Assets | 8,701.4 | 7,989.2 | ||
Accounts Payable | 203.9 | 212.1 | ||
Accrued Liabilities | 342.1 | 368.3 | ||
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,881.9 | 4,029.2 | ||
Deferred Gain on Sale of Property | 0 | 17.7 | ||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 798.3 | 743.1 | ||
Due to Affiliate | 0 | 0 | ||
Other Liabilities | 96.3 | 56.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,378.9 | 2,562 | $ 4,858 | $ 4,311.1 |
Liabilities and Equity | 8,701.4 | 7,989.2 | ||
Consolidation, Eliminations [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | (25.3) | (38.7) | ||
Accounts Receivable, after Allowance for Credit Loss | (0.9) | 0 | ||
Income Taxes Receivable | 0 | 0 | ||
Inventory, Net | (0.1) | (2) | ||
Property, Plant and Equipment, Net | (843.7) | (723.6) | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | (8,083.2) | (8,081.2) | ||
Restricted Cash and Cash Equivalents | 25.3 | 38.7 | ||
Goodwill and Other Assets | (38.9) | (38.9) | ||
Assets | (8,966.8) | (8,845.7) | ||
Accounts Payable | (1.1) | (0.4) | ||
Accrued Liabilities | (0.7) | (0.1) | ||
Recourse And Non-Recourse Debt And Capital Lease Obligations | 0 | 0 | ||
Deferred Gain on Sale of Property | 0 | |||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | (38.1) | (38.6) | ||
Due to Affiliate | (1,871.8) | (1,750.7) | ||
Other Liabilities | 0 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (7,055.1) | (7,055.9) | ||
Liabilities and Equity | (8,966.8) | (8,845.7) | ||
Parent Company [Member] | Reportable Legal Entities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 155.1 | 154.7 | ||
Accounts Receivable, after Allowance for Credit Loss | 1.3 | 12.5 | ||
Income Taxes Receivable | 14.6 | 40.4 | ||
Inventory, Net | 0 | 0 | ||
Property, Plant and Equipment, Net | 37.8 | 42 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 4,600 | 4,505.2 | ||
Restricted Cash and Cash Equivalents | 0 | 0 | ||
Goodwill and Other Assets | 190.9 | 205.1 | ||
Assets | 4,999.7 | 4,959.9 | ||
Accounts Payable | 5.3 | 8.6 | ||
Accrued Liabilities | 166.7 | 184.3 | ||
Recourse And Non-Recourse Debt And Capital Lease Obligations | 522.8 | 397.4 | ||
Deferred Gain on Sale of Property | 0 | |||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 0 | 0 | ||
Due to Affiliate | 1,871.8 | 1,750.8 | ||
Other Liabilities | 54.2 | 56.8 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,378.9 | 2,562 | ||
Liabilities and Equity | 4,999.7 | 4,959.9 | ||
Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 0.1 | 4.1 | ||
Accounts Receivable, after Allowance for Credit Loss | 185.7 | 181.8 | ||
Income Taxes Receivable | 0 | 0 | ||
Inventory, Net | 398.8 | 485.8 | ||
Property, Plant and Equipment, Net | 1,320.7 | 1,436.3 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 3,136.2 | 2,925 | ||
Restricted Cash and Cash Equivalents | 0 | 0 | ||
Goodwill and Other Assets | 394.4 | 198 | ||
Assets | 5,435.9 | 5,231 | ||
Accounts Payable | 109.1 | 134 | ||
Accrued Liabilities | 23.2 | 55.4 | ||
Recourse And Non-Recourse Debt And Capital Lease Obligations | 0 | 0 | ||
Deferred Gain on Sale of Property | 16.5 | |||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 844.6 | 781.7 | ||
Due to Affiliate | 0 | (0.1) | ||
Other Liabilities | 40.9 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 4,418.1 | 4,243.5 | ||
Liabilities and Equity | 5,435.9 | 5,231 | ||
Non-Guarantor Subsidiaries [Member] | Reportable Legal Entities [Member] | ||||
Cash and Cash Equivalents, at Carrying Value | 36.3 | 59.1 | ||
Accounts Receivable, after Allowance for Credit Loss | 74 | 82.3 | ||
Income Taxes Receivable | 0.1 | 0 | ||
Inventory, Net | 34.7 | 40.9 | ||
Property, Plant and Equipment, Net | 6,595.8 | 5,579.7 | ||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 347 | 651 | ||
Restricted Cash and Cash Equivalents | 86.1 | 132.9 | ||
Goodwill and Other Assets | 58.6 | 98.1 | ||
Assets | 7,232.6 | 6,644 | ||
Accounts Payable | 90.6 | 69.9 | ||
Accrued Liabilities | 152.9 | 128.7 | ||
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,359.1 | 3,631.8 | ||
Deferred Gain on Sale of Property | 1.2 | |||
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | (8.2) | 0 | ||
Due to Affiliate | 0 | 0 | ||
Other Liabilities | 1.2 | 0 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,637 | 2,812.4 | ||
Liabilities and Equity | $ 7,232.6 | $ 6,644 |
Note 16. Financial Statements_6
Note 16. Financial Statements for Guarantors of Senior Notes Cash Flows for Guarantors of Senior Notes (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 21.5 | $ 47.7 | $ 36.8 | $ 30.1 | $ 27.7 | $ 28.3 | $ 65.5 | $ 41.6 | $ 136.1 | $ 163.1 | $ 713.6 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3.1 | (54.1) | (103.4) | |||||||||
Income (Loss) from Subsidiaries, Net of Tax | 0 | 0 | 0 | |||||||||
Other Operating Activities, Cash Flow Statement | 257.5 | 165.2 | (0.1) | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 396.7 | 274.2 | 610.1 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (3.1) | 104.9 | 151.5 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 393.6 | 379.1 | 761.6 | |||||||||
Payments for (Proceeds from) Short-term Investments | 0 | 319.5 | (84.8) | |||||||||
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale | 205.7 | 230.5 | 360.7 | |||||||||
Proceeds from Sale of Other Productive Assets | 20.2 | 17.1 | 7.8 | |||||||||
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | (1,122.2) | (948.3) | (608.3) | |||||||||
Payments to Acquire Property, Plant, and Equipment | (97) | (37.3) | (22) | |||||||||
Decrease Increase in Investment in Partially-owned Subsidiaries | 0 | 0 | 0 | |||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 6.2 | 0.3 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (993.3) | (412.3) | (346.3) | |||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (78.2) | (126.4) | |||||||||
Net Cash Provided by (Used in) Investing Activities | (993.3) | (490.5) | (472.7) | |||||||||
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security | (1,724.1) | (887.8) | (375.3) | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 2,567.8 | 1,206.6 | 533.5 | |||||||||
Payments for Repurchase of Common Stock | (224.7) | (506.1) | (79.4) | |||||||||
Payments of Ordinary Dividends, Common Stock | (82.1) | (77.4) | (72.6) | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (8.2) | (12.2) | (14.4) | |||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | (2.2) | (10.9) | (48.7) | |||||||||
Payments of Distributions to Affiliates | 0 | 0 | 0 | |||||||||
Change in Intercompany Financing Between Entities | 0 | 0 | 0 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | (3.3) | 0.2 | |||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 526.5 | (291.1) | (56.7) | |||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | (220.5) | 0 | |||||||||
Net Cash Provided by (Used in) Financing Activities | 526.5 | (511.6) | (56.7) | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (73.2) | (623) | 232.2 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 277.6 | 350.8 | 277.6 | 350.8 | 973.8 | $ 741.6 | ||||||
Reportable Legal Entities [Member] | Parent Company [Member] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 137.6 | 159.3 | 702.5 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 3.1 | 16 | (8.7) | |||||||||
Income (Loss) from Subsidiaries, Net of Tax | (193.5) | (246.8) | (617) | |||||||||
Other Operating Activities, Cash Flow Statement | 86.4 | (57.8) | 116.8 | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 33.6 | (129.3) | 193.6 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (3.1) | (16) | 8.7 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 30.5 | (145.3) | 202.3 | |||||||||
Payments for (Proceeds from) Short-term Investments | 319.5 | (84.8) | ||||||||||
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale | 0 | 0 | 0 | |||||||||
Proceeds from Sale of Other Productive Assets | 0 | 0.1 | 0 | |||||||||
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | 0 | 0 | 0 | |||||||||
Payments to Acquire Property, Plant, and Equipment | (4.1) | (14.5) | (7.4) | |||||||||
Decrease Increase in Investment in Partially-owned Subsidiaries | 0 | 0 | 0 | |||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 305.1 | (92.2) | ||||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | (4.1) | 305.1 | (92.2) | |||||||||
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security | (875) | (647.6) | 0 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 1,000 | 0 | 0 | |||||||||
Payments for Repurchase of Common Stock | (224.7) | (506.1) | (79.4) | |||||||||
Payments of Ordinary Dividends, Common Stock | (82.1) | (77.4) | (72.6) | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | (8.2) | (12.2) | (14.4) | |||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Payments of Distributions to Affiliates | 0 | 0 | 0 | |||||||||
Change in Intercompany Financing Between Entities | 164 | 474.3 | 282.3 | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (769) | |||||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | |||||||||||
Net Cash Provided by (Used in) Financing Activities | (26) | (769) | 115.9 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0.4 | (609.2) | 226 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 155.1 | 154.7 | 155.1 | 154.7 | 763.9 | 537.9 | ||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 157.3 | 121.8 | 528.7 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||
Income (Loss) from Subsidiaries, Net of Tax | (46.6) | (74.6) | (55.5) | |||||||||
Other Operating Activities, Cash Flow Statement | (93.2) | 79.3 | (274) | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 17.5 | 126.5 | 199.2 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 17.5 | 126.5 | 199.2 | |||||||||
Payments for (Proceeds from) Short-term Investments | 0 | 0 | ||||||||||
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale | 1,462.8 | 759.5 | 663.3 | |||||||||
Proceeds from Sale of Other Productive Assets | 7.8 | 4.1 | 1.4 | |||||||||
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | (1,142.8) | (807.3) | (589.8) | |||||||||
Payments to Acquire Property, Plant, and Equipment | (53.6) | (18.6) | (7.5) | |||||||||
Decrease Increase in Investment in Partially-owned Subsidiaries | 1.7 | 7.5 | 35 | |||||||||
Payments for (Proceeds from) Other Investing Activities | (1.9) | 0 | ||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (56.7) | 102.4 | ||||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 275.9 | (56.7) | 102.4 | |||||||||
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security | 0 | (1.8) | (3.8) | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 0 | 0 | 0 | |||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | 0 | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Payments of Distributions to Affiliates | 0 | 0 | 0 | |||||||||
Change in Intercompany Financing Between Entities | (297.4) | (65.5) | (301.5) | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (67.3) | |||||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | |||||||||||
Net Cash Provided by (Used in) Financing Activities | (297.4) | (67.3) | (305.3) | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (4) | 2.5 | (3.7) | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 0.1 | 4.1 | 0.1 | 4.1 | 1.6 | 5.3 | ||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 32.1 | 175.2 | 110.7 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | (70.1) | (94.7) | |||||||||
Income (Loss) from Subsidiaries, Net of Tax | (18.7) | (19.5) | (3.8) | |||||||||
Other Operating Activities, Cash Flow Statement | 282.9 | 157.3 | 152.1 | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 296.3 | 242.9 | 164.3 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 120.9 | 142.8 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 296.3 | 363.8 | 307.1 | |||||||||
Payments for (Proceeds from) Short-term Investments | 0 | 0 | ||||||||||
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale | 196.8 | 118.7 | 61.3 | |||||||||
Proceeds from Sale of Other Productive Assets | 12.4 | 12.9 | 6.4 | |||||||||
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | (1,433.3) | (788.7) | (382.4) | |||||||||
Payments to Acquire Property, Plant, and Equipment | (39.3) | (4.2) | (7.1) | |||||||||
Decrease Increase in Investment in Partially-owned Subsidiaries | 0 | 0 | 0 | |||||||||
Payments for (Proceeds from) Other Investing Activities | 8.1 | 0.3 | ||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (653.2) | (321.5) | ||||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (78.2) | (126.4) | ||||||||||
Net Cash Provided by (Used in) Investing Activities | (1,263.4) | (731.4) | (447.9) | |||||||||
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security | (849.1) | (238.4) | (371.5) | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 1,567.8 | 1,206.6 | 533.5 | |||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | 0 | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | (2.2) | (10.9) | (48.7) | |||||||||
Payments of Distributions to Affiliates | (1.7) | (7.5) | (35) | |||||||||
Change in Intercompany Financing Between Entities | 182.7 | (374.7) | 72.2 | |||||||||
Proceeds from (Payments for) Other Financing Activities | (3.3) | 0.2 | ||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 571.8 | |||||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | (220.5) | |||||||||||
Net Cash Provided by (Used in) Financing Activities | 897.5 | 351.3 | 150.7 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | (69.6) | (16.3) | 9.9 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 122.4 | 192 | 122.4 | 192 | 208.3 | 198.4 | ||||||
Consolidation, Eliminations [Member] | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (190.9) | (293.2) | (628.3) | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 0 | |||||||||
Income (Loss) from Subsidiaries, Net of Tax | 258.8 | 340.9 | 676.3 | |||||||||
Other Operating Activities, Cash Flow Statement | (18.6) | (13.6) | 5 | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 49.3 | 34.1 | 53 | |||||||||
Cash Provided by (Used in) Operating Activities, Discontinued Operations | 0 | 0 | 0 | |||||||||
Net Cash Provided by (Used in) Operating Activities | 49.3 | 34.1 | 53 | |||||||||
Payments for (Proceeds from) Short-term Investments | 0 | 0 | ||||||||||
Proceeds from Sales of Railcars Owned More Than One Year at the Time of Sale | (1,453.9) | (647.7) | (363.9) | |||||||||
Proceeds from Sale of Other Productive Assets | 0 | 0 | 0 | |||||||||
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | 1,453.9 | 647.7 | 363.9 | |||||||||
Payments to Acquire Property, Plant, and Equipment | 0 | 0 | 0 | |||||||||
Decrease Increase in Investment in Partially-owned Subsidiaries | (1.7) | (7.5) | (35) | |||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (7.5) | (35) | ||||||||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | (1.7) | (7.5) | (35) | |||||||||
Repayment of Long-term Debt, Long-term Lease Obligation, and Capital Security | 0 | 0 | 0 | |||||||||
Proceeds from Issuance of Long-term Debt and Capital Securities, Net | 0 | 0 | 0 | |||||||||
Payments for Repurchase of Common Stock | 0 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Common Stock | 0 | 0 | 0 | |||||||||
Payment, Tax Withholding, Share-based Payment Arrangement | 0 | 0 | 0 | |||||||||
Payments of Ordinary Dividends, Noncontrolling Interest | 0 | 0 | 0 | |||||||||
Payments of Distributions to Affiliates | 1.7 | 7.5 | 35 | |||||||||
Change in Intercompany Financing Between Entities | (49.3) | (34.1) | (53) | |||||||||
Proceeds from (Payments for) Other Financing Activities | 0 | 0 | ||||||||||
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (26.6) | |||||||||||
Cash Provided by (Used in) Financing Activities, Discontinued Operations | 0 | |||||||||||
Net Cash Provided by (Used in) Financing Activities | (47.6) | (26.6) | (18) | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 0 | 0 | 0 | |||||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 17. Selected Quarterly F_3
Note 17. Selected Quarterly Financial Data Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 850.7 | $ 813.6 | $ 736 | $ 604.8 | $ 735 | $ 606.9 | $ 634 | $ 533.2 | $ 3,005.1 | $ 2,509.1 | $ 2,397.4 |
Cost of Goods and Services Sold | 674.7 | 649.1 | 578.5 | 463.4 | 590.5 | 466.5 | 481.9 | 399.9 | 2,365.7 | 1,938.8 | 1,775.2 |
Selling, General and Administrative Expense | 71.3 | 62.1 | 69.8 | 59.6 | 72 | 75.6 | 75.6 | 73.4 | 262.8 | 296.6 | 339.3 |
Gain (Loss) on Disposition of Property Plant Equipment | 7.2 | 17.9 | 19.3 | 10 | 17.3 | 10.4 | 11.5 | 2.2 | 54.4 | 41.4 | 85.4 |
Restructuring Charges | 14.7 | 0 | 0 | 0 | 14.7 | 0 | 0 | ||||
Operating Income (Loss) | 97.2 | 120.3 | 107 | 91.8 | 89.8 | 75.2 | 88 | 62.1 | 416.3 | 315.1 | 368.3 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 42.6 | 66.3 | 51.7 | 40.1 | 45.7 | 35.2 | 49.8 | 20.9 | 200.7 | 151.6 | 195.4 |
Income Tax Expense (Benefit) | 20.3 | 18.2 | 14.1 | 8.9 | 17.7 | 6.7 | 12.5 | 5.7 | 61.5 | 42.6 | (414.8) |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 22.3 | 48.1 | 37.6 | 31.2 | 28 | 28.5 | 37.3 | 15.2 | 139.2 | 109 | 610.2 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (0.8) | (0.4) | (0.8) | (1.1) | (0.3) | (0.2) | 28.2 | 26.4 | (3.1) | 54.1 | 103.4 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 21.5 | 47.7 | 36.8 | 30.1 | 27.7 | 28.3 | 65.5 | 41.6 | 136.1 | 163.1 | 713.6 |
Net Income (Loss) Attributable to Noncontrolling Interest | (0.1) | (1.3) | 0.4 | (0.5) | 0.4 | 0.6 | 1.4 | 1.4 | (1.5) | 3.8 | 11.1 |
Net Income (Loss) Attributable to Parent | $ 21.6 | $ 49 | $ 36.4 | $ 30.6 | $ 27.3 | $ 27.7 | $ 64.1 | $ 40.2 | $ 137.6 | $ 159.3 | $ 702.5 |
Income (Loss) from Continuing Operations, Per Basic Share | $ 0.18 | $ 0.39 | $ 0.29 | $ 0.24 | $ 0.20 | $ 0.19 | $ 0.24 | $ 0.09 | $ 1.11 | $ 0.72 | $ 3.94 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | (0.01) | 0 | (0.01) | (0.01) | 0 | 0 | 0.19 | 0.18 | (0.02) | 0.37 | 0.68 |
Earnings Per Share, Basic | 0.17 | 0.39 | 0.28 | 0.23 | 0.20 | 0.19 | 0.43 | 0.27 | 1.09 | 1.09 | 4.62 |
Income (Loss) from Continuing Operations, Per Diluted Share | 0.18 | 0.39 | 0.29 | 0.24 | 0.19 | 0.19 | 0.24 | 0.09 | 1.09 | 0.70 | 3.85 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | (0.01) | 0 | (0.01) | (0.01) | 0 | 0 | 0.19 | 0.17 | (0.02) | 0.37 | 0.67 |
Earnings Per Share, Diluted | $ 0.17 | $ 0.39 | $ 0.28 | $ 0.23 | $ 0.19 | $ 0.19 | $ 0.43 | $ 0.26 | $ 1.07 | $ 1.07 | $ 4.52 |
Non-recurring Tax Charge | $ 9.7 | ||||||||||
Manufacturing [Member] | |||||||||||
Revenues | 537.7 | $ 487.4 | $ 459.1 | $ 404.6 | $ 507.7 | $ 379.7 | $ 420.8 | $ 358.9 | $ 1,888.8 | $ 1,667.1 | $ 1,555.2 |
Cost of Goods and Services Sold | 467.6 | 430.7 | 399.6 | 351.6 | 456.4 | 333.5 | 363.4 | 306.5 | 1,649.5 | 1,459.8 | 1,342.8 |
Selling, General and Administrative Expense | 105.3 | 96.4 | 113.6 | ||||||||
Leasing [Member] | |||||||||||
Revenues | 313 | 326.2 | 276.9 | 200.2 | 227.3 | 227.2 | 213.2 | 174.3 | 1,116.3 | 842 | 842.2 |
Cost of Goods and Services Sold | $ 207.1 | $ 218.4 | $ 178.9 | $ 111.8 | $ 134.1 | $ 133 | $ 118.5 | $ 93.4 | 716.2 | 479 | 432.4 |
Selling, General and Administrative Expense | $ 49.5 | $ 51.1 | $ 50.7 |