(Mark One)
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|
þ
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QUARTERLY REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
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|
OR
|
¨
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
75-0225040
|
(State or Other Jurisdiction of Incorporation or Organization)
|
(I.R.S. Employer Identification No.)
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|
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2525 N. Stemmons Freeway, Dallas, Texas
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75207-2401
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(Address of principal executive offices)
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(Zip Code)
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Caption
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Page
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CERTIFICATIONS
|
|
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Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions, except per share amounts)
|
||||||
Revenues:
|
|
|
|
||||
Manufacturing
|
$
|
1,382.5
|
|
|
$
|
1,018.3
|
|
Leasing
|
244.2
|
|
|
442.2
|
|
||
|
1,626.7
|
|
|
1,460.5
|
|
||
Operating costs:
|
|
|
|
||||
Cost of revenues:
|
|
|
|
||||
Manufacturing
|
1,084.5
|
|
|
794.7
|
|
||
Leasing
|
126.6
|
|
|
279.3
|
|
||
|
1,211.1
|
|
|
1,074.0
|
|
||
Selling, engineering, and administrative expenses:
|
|
|
|
||||
Manufacturing
|
61.3
|
|
|
49.5
|
|
||
Leasing
|
10.3
|
|
|
11.0
|
|
||
Other
|
26.7
|
|
|
23.1
|
|
||
|
98.3
|
|
|
83.6
|
|
||
Gains on disposition of property, plant, and equipment:
|
|
|
|
||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
14.9
|
|
|
77.5
|
|
||
Other
|
0.9
|
|
|
10.9
|
|
||
|
15.8
|
|
|
88.4
|
|
||
Total operating profit
|
333.1
|
|
|
391.3
|
|
||
Other (income) expense:
|
|
|
|
||||
Interest income
|
(0.5
|
)
|
|
(0.4
|
)
|
||
Interest expense
|
51.5
|
|
|
46.3
|
|
||
Other, net
|
(2.3
|
)
|
|
(0.1
|
)
|
||
|
48.7
|
|
|
45.8
|
|
||
Income before income taxes
|
284.4
|
|
|
345.5
|
|
||
Provision for income taxes
|
95.4
|
|
|
112.5
|
|
||
Net income
|
189.0
|
|
|
233.0
|
|
||
Net income attributable to noncontrolling interest
|
8.8
|
|
|
6.6
|
|
||
Net income attributable to Trinity Industries, Inc.
|
$
|
180.2
|
|
|
$
|
226.4
|
|
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|
||||
Net income attributable to Trinity Industries, Inc. per common share:
|
|
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|
||||
Basic
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$
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1.15
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$
|
1.46
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Diluted
|
$
|
1.13
|
|
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$
|
1.42
|
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Weighted average number of shares outstanding:
|
|
|
|
||||
Basic
|
151.2
|
|
|
150.2
|
|
||
Diluted
|
154.3
|
|
|
154.0
|
|
||
Dividends declared per common share
|
$
|
0.100
|
|
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$
|
0.075
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Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Net income
|
$
|
189.0
|
|
|
$
|
233.0
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Derivative financial instruments:
|
|
|
|
||||
Unrealized losses arising during the period, net of tax benefit of $0.2 and $0.4
|
(0.3
|
)
|
|
(1.2
|
)
|
||
Reclassification adjustments for losses included in net income, net of tax benefit of $2.1 and $2.0
|
3.8
|
|
|
4.3
|
|
||
Currency translation adjustment
|
(3.8
|
)
|
|
—
|
|
||
Defined benefit plans:
|
|
|
|
||||
Amortization of net actuarial losses, net of tax benefit of $0.5 and $0.1
|
0.8
|
|
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0.2
|
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||
|
0.5
|
|
|
3.3
|
|
||
Comprehensive income
|
189.5
|
|
|
236.3
|
|
||
Less: comprehensive income attributable to noncontrolling interest
|
9.4
|
|
|
7.3
|
|
||
Comprehensive income attributable to Trinity Industries, Inc.
|
$
|
180.1
|
|
|
$
|
229.0
|
|
|
March 31,
2015 |
|
December 31,
2014 |
||||
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(unaudited)
|
|
|
||||
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(in millions)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
590.7
|
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|
$
|
887.9
|
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Short-term marketable securities
|
100.0
|
|
|
75.0
|
|
||
Receivables, net of allowance
|
544.9
|
|
|
405.3
|
|
||
Income tax receivable
|
—
|
|
|
58.6
|
|
||
Inventories:
|
|
|
|
||||
Raw materials and supplies
|
590.8
|
|
|
585.4
|
|
||
Work in process
|
303.3
|
|
|
298.2
|
|
||
Finished goods
|
151.2
|
|
|
184.8
|
|
||
|
1,045.3
|
|
|
1,068.4
|
|
||
Restricted cash, including partially-owned subsidiaries of $89.1 and $91.9
|
211.1
|
|
|
234.7
|
|
||
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $2,260.6 and $2,261.2
|
6,870.3
|
|
|
6,586.0
|
|
||
Less accumulated depreciation, including partially-owned subsidiaries of $277.2 and $261.3
|
(1,721.4
|
)
|
|
(1,683.1
|
)
|
||
|
5,148.9
|
|
|
4,902.9
|
|
||
Goodwill
|
771.7
|
|
|
773.2
|
|
||
Other assets
|
309.8
|
|
|
327.8
|
|
||
|
$
|
8,722.4
|
|
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$
|
8,733.8
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
||||
Accounts payable
|
$
|
299.6
|
|
|
$
|
295.4
|
|
Accrued liabilities
|
612.3
|
|
|
709.6
|
|
||
Debt:
|
|
|
|
||||
Recourse, net of unamortized discount of $56.2 and $60.0
|
832.3
|
|
|
829.3
|
|
||
Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries
|
1,155.4
|
|
|
1,207.8
|
|
||
Partially-owned subsidiaries
|
1,498.2
|
|
|
1,515.9
|
|
||
|
3,485.9
|
|
|
3,553.0
|
|
||
Deferred income
|
29.1
|
|
|
36.4
|
|
||
Deferred income taxes
|
630.6
|
|
|
632.6
|
|
||
Other liabilities
|
113.5
|
|
|
109.4
|
|
||
|
5,171.0
|
|
|
5,336.4
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Preferred stock – 1.5 shares authorized and unissued
|
—
|
|
|
—
|
|
||
Common stock – 200.0 shares authorized
|
155.7
|
|
|
155.7
|
|
||
Capital in excess of par value
|
480.2
|
|
|
463.2
|
|
||
Retained earnings
|
2,654.5
|
|
|
2,489.9
|
|
||
Accumulated other comprehensive loss
|
(112.0
|
)
|
|
(111.9
|
)
|
||
Treasury stock
|
(26.6
|
)
|
|
(1.0
|
)
|
||
|
3,151.8
|
|
|
2,995.9
|
|
||
Noncontrolling interest
|
399.6
|
|
|
401.5
|
|
||
|
3,551.4
|
|
|
3,397.4
|
|
||
|
$
|
8,722.4
|
|
|
$
|
8,733.8
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
189.0
|
|
|
$
|
233.0
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
64.0
|
|
|
55.3
|
|
||
Stock-based compensation expense
|
16.4
|
|
|
10.9
|
|
||
Excess tax benefits from stock-based compensation
|
(0.4
|
)
|
|
(0.4
|
)
|
||
Provision (benefit) for deferred income taxes
|
(2.9
|
)
|
|
1.0
|
|
||
Net gains on railcar lease fleet sales owned more than one year at the time of sale
|
(14.9
|
)
|
|
(77.5
|
)
|
||
Gains on disposition of property, plant, equipment, and other assets
|
(0.9
|
)
|
|
(10.9
|
)
|
||
Non-cash interest expense
|
7.7
|
|
|
7.8
|
|
||
Other
|
0.8
|
|
|
(0.2
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
(Increase) decrease in receivables
|
(76.6
|
)
|
|
(43.3
|
)
|
||
(Increase) decrease in inventories
|
31.7
|
|
|
(57.9
|
)
|
||
(Increase) decrease in restricted cash
|
(9.4
|
)
|
|
25.0
|
|
||
(Increase) decrease in other assets
|
0.8
|
|
|
(10.6
|
)
|
||
Increase (decrease) in accounts payable
|
4.0
|
|
|
38.4
|
|
||
Increase (decrease) in accrued liabilities
|
(103.3
|
)
|
|
30.8
|
|
||
Increase (decrease) in other liabilities
|
3.4
|
|
|
3.9
|
|
||
Net cash provided by operating activities
|
109.4
|
|
|
205.3
|
|
||
|
|
|
|
||||
Investing activities:
|
|
|
|
||||
(Increase) decrease in short-term marketable securities
|
(25.0
|
)
|
|
(106.7
|
)
|
||
Proceeds from railcar lease fleet sales owned more than one year at the time of sale
|
78.5
|
|
|
224.3
|
|
||
Proceeds from disposition of property, plant, equipment, and other assets
|
1.6
|
|
|
17.2
|
|
||
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $53.1 and $204.0
|
(283.4
|
)
|
|
0.4
|
|
||
Capital expenditures – manufacturing and other
|
(53.5
|
)
|
|
(49.1
|
)
|
||
Acquisitions, net of cash acquired
|
(45.5
|
)
|
|
(112.6
|
)
|
||
Other
|
4.2
|
|
|
2.9
|
|
||
Net cash required by investing activities
|
(323.1
|
)
|
|
(23.6
|
)
|
||
|
|
|
|
||||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of common stock, net
|
—
|
|
|
0.3
|
|
||
Excess tax benefits from stock-based compensation
|
0.4
|
|
|
0.4
|
|
||
Payments to retire debt
|
(70.9
|
)
|
|
(53.1
|
)
|
||
(Increase) decrease in restricted cash
|
33.0
|
|
|
4.3
|
|
||
Shares repurchased
|
(18.0
|
)
|
|
(12.5
|
)
|
||
Dividends paid to common shareholders
|
(15.6
|
)
|
|
(11.6
|
)
|
||
Purchase of shares to satisfy employee tax on vested stock
|
(0.4
|
)
|
|
(0.1
|
)
|
||
Distributions to noncontrolling interest
|
(11.3
|
)
|
|
(5.4
|
)
|
||
Other
|
(0.7
|
)
|
|
(0.3
|
)
|
||
Net cash required by financing activities
|
(83.5
|
)
|
|
(78.0
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
(297.2
|
)
|
|
103.7
|
|
||
Cash and cash equivalents at beginning of period
|
887.9
|
|
|
428.5
|
|
||
Cash and cash equivalents at end of period
|
$
|
590.7
|
|
|
$
|
532.2
|
|
|
|
Common
Stock
|
|
Capital in
Excess of
Par Value
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Treasury
Stock
|
|
Trinity
Stockholders’
Equity
|
|
Noncontrolling
Interest
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||
|
|
Shares
|
|
$1 Par Value
|
|
|
|
|
Shares
|
|
Amount
|
|
|
|
||||||||||||||||||||||||
|
|
(in millions, except par value)
|
||||||||||||||||||||||||||||||||||||
Balances at
December 31, 2014 |
|
155.7
|
|
|
$
|
155.7
|
|
|
$
|
463.2
|
|
|
$
|
2,489.9
|
|
|
$
|
(111.9
|
)
|
|
(0.1
|
)
|
|
$
|
(1.0
|
)
|
|
$
|
2,995.9
|
|
|
$
|
401.5
|
|
|
$
|
3,397.4
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
180.2
|
|
|
8.8
|
|
|
189.0
|
|
||||||||
Other comprehensive income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
0.6
|
|
|
0.5
|
|
||||||||
Cash dividends on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.6
|
)
|
|
—
|
|
|
(15.6
|
)
|
||||||||
Restricted shares, net
|
|
—
|
|
|
—
|
|
|
16.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
16.0
|
|
|
—
|
|
|
16.0
|
|
||||||||
Shares repurchased
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|
(25.0
|
)
|
|
(25.0
|
)
|
|
—
|
|
|
(25.0
|
)
|
||||||||
Excess tax benefits from stock-based compensation
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|
—
|
|
|
0.4
|
|
||||||||
Distributions to noncontrolling interest
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.3
|
)
|
|
(11.3
|
)
|
||||||||
Balances at
March 31, 2015 |
|
155.7
|
|
|
$
|
155.7
|
|
|
$
|
480.2
|
|
|
$
|
2,654.5
|
|
|
$
|
(112.0
|
)
|
|
(0.8
|
)
|
|
$
|
(26.6
|
)
|
|
$
|
3,151.8
|
|
|
$
|
399.6
|
|
|
$
|
3,551.4
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Acquisitions:
|
|
|
|
||||
Purchase price
|
$
|
46.4
|
|
|
$
|
117.6
|
|
Net cash paid
|
$
|
45.5
|
|
|
$
|
112.6
|
|
Goodwill recorded
|
$
|
—
|
|
|
$
|
82.1
|
|
|
March 31,
2015 |
||
|
(in millions)
|
||
Accounts receivable
|
$
|
29.4
|
|
Inventories
|
36.1
|
|
|
Property, plant, and equipment
|
70.5
|
|
|
Goodwill
|
409.1
|
|
|
Other assets
|
76.0
|
|
|
Accounts payable
|
(15.4
|
)
|
|
Accrued liabilities
|
(10.1
|
)
|
|
Total net assets acquired
|
$
|
595.6
|
|
|
Fair Value Measurement as of March 31, 2015
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
353.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
353.8
|
|
Restricted cash
|
211.1
|
|
|
—
|
|
|
—
|
|
|
211.1
|
|
||||
Total assets
|
$
|
564.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
564.9
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedges:
(1)
|
|
|
|
|
|
|
|
||||||||
Wholly-owned subsidiaries
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
Partially-owned subsidiaries
|
—
|
|
|
2.2
|
|
|
—
|
|
|
2.2
|
|
||||
Fuel derivative instruments
(1)
|
—
|
|
|
1.4
|
|
|
—
|
|
|
1.4
|
|
||||
Total liabilities
|
$
|
—
|
|
|
$
|
6.1
|
|
|
$
|
—
|
|
|
$
|
6.1
|
|
|
|
|
|
|
|
|
|
||||||||
|
Fair Value Measurement as of December 31, 2014
|
||||||||||||||
|
(in millions)
|
||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
415.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
415.2
|
|
Restricted cash
|
234.7
|
|
|
—
|
|
|
—
|
|
|
234.7
|
|
||||
Total assets
|
$
|
649.9
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
649.9
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate hedges:
(1)
|
|
|
|
|
|
|
|
||||||||
Wholly-owned subsidiaries
|
$
|
—
|
|
|
$
|
6.4
|
|
|
$
|
—
|
|
|
$
|
6.4
|
|
Partially-owned subsidiaries
|
—
|
|
|
2.0
|
|
|
—
|
|
|
2.0
|
|
||||
Fuel derivative instruments
(1)
|
—
|
|
|
2.1
|
|
|
—
|
|
|
2.1
|
|
||||
Total liabilities
|
$
|
—
|
|
|
$
|
10.5
|
|
|
$
|
—
|
|
|
$
|
10.5
|
|
|
March 31, 2015
|
|
December 31, 2014
|
||||||||||||
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
|
(in millions)
|
||||||||||||||
Recourse:
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
$
|
399.6
|
|
|
$
|
402.6
|
|
|
$
|
399.6
|
|
|
$
|
387.0
|
|
Convertible subordinated notes
|
449.5
|
|
|
699.0
|
|
|
449.5
|
|
|
593.9
|
|
||||
Less: unamortized discount
|
(55.8
|
)
|
|
|
|
(59.6
|
)
|
|
|
||||||
|
393.7
|
|
|
|
|
389.9
|
|
|
|
||||||
Capital lease obligations
|
38.3
|
|
|
38.3
|
|
|
39.1
|
|
|
39.1
|
|
||||
Other
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
|
0.7
|
|
||||
|
832.3
|
|
|
1,140.6
|
|
|
829.3
|
|
|
1,020.7
|
|
||||
Non-recourse:
|
|
|
|
|
|
|
|
||||||||
2006 secured railcar equipment notes
|
218.6
|
|
|
240.6
|
|
|
223.0
|
|
|
245.6
|
|
||||
Promissory notes
|
341.3
|
|
|
340.8
|
|
|
363.9
|
|
|
362.7
|
|
||||
2009 secured railcar equipment notes
|
186.4
|
|
|
225.2
|
|
|
188.8
|
|
|
227.7
|
|
||||
2010 secured railcar equipment notes
|
307.7
|
|
|
340.9
|
|
|
311.5
|
|
|
344.0
|
|
||||
TILC warehouse facility
|
101.4
|
|
|
101.4
|
|
|
120.6
|
|
|
120.6
|
|
||||
TRL 2012 secured railcar equipment notes (RIV 2013)
|
466.1
|
|
|
466.1
|
|
|
472.2
|
|
|
470.3
|
|
||||
TRIP Master Funding secured railcar equipment notes
|
1,032.1
|
|
|
1,110.0
|
|
|
1,043.7
|
|
|
1,121.4
|
|
||||
|
2,653.6
|
|
|
2,825.0
|
|
|
2,723.7
|
|
|
2,892.3
|
|
||||
Total
|
$
|
3,485.9
|
|
|
$
|
3,965.6
|
|
|
$
|
3,553.0
|
|
|
$
|
3,913.0
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
875.4
|
|
|
$
|
269.1
|
|
|
$
|
1,144.5
|
|
|
$
|
212.7
|
|
Construction Products Group
|
111.4
|
|
|
1.4
|
|
|
112.8
|
|
|
8.3
|
|
||||
Inland Barge Group
|
153.1
|
|
|
—
|
|
|
153.1
|
|
|
27.5
|
|
||||
Energy Equipment Group
|
241.5
|
|
|
58.6
|
|
|
300.1
|
|
|
37.2
|
|
||||
Railcar Leasing and Management Services Group
|
244.2
|
|
|
0.6
|
|
|
244.8
|
|
|
122.8
|
|
||||
All Other
|
1.1
|
|
|
27.0
|
|
|
28.1
|
|
|
(1.5
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
1,626.7
|
|
|
356.7
|
|
|
1,983.4
|
|
|
407.0
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(26.7
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(259.0
|
)
|
|
(259.0
|
)
|
|
(48.3
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(97.7
|
)
|
|
(97.7
|
)
|
|
1.1
|
|
||||
Consolidated Total
|
$
|
1,626.7
|
|
|
$
|
—
|
|
|
$
|
1,626.7
|
|
|
$
|
333.1
|
|
|
Revenues
|
|
Operating Profit (Loss)
|
||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
|||||||||
|
(in millions)
|
||||||||||||||
Rail Group
|
$
|
601.1
|
|
|
$
|
256.3
|
|
|
$
|
857.4
|
|
|
$
|
167.5
|
|
Construction Products Group
|
112.2
|
|
|
0.9
|
|
|
113.1
|
|
|
21.7
|
|
||||
Inland Barge Group
|
136.9
|
|
|
—
|
|
|
136.9
|
|
|
26.7
|
|
||||
Energy Equipment Group
|
167.0
|
|
|
43.6
|
|
|
210.6
|
|
|
22.9
|
|
||||
Railcar Leasing and Management Services Group
|
442.2
|
|
|
0.9
|
|
|
443.1
|
|
|
230.3
|
|
||||
All Other
|
1.1
|
|
|
22.1
|
|
|
23.2
|
|
|
(5.4
|
)
|
||||
Segment Totals before Eliminations and Corporate
|
1,460.5
|
|
|
323.8
|
|
|
1,784.3
|
|
|
463.7
|
|
||||
Corporate
|
—
|
|
|
—
|
|
|
—
|
|
|
(23.1
|
)
|
||||
Eliminations – Lease subsidiary
|
—
|
|
|
(249.1
|
)
|
|
(249.1
|
)
|
|
(49.3
|
)
|
||||
Eliminations – Other
|
—
|
|
|
(74.7
|
)
|
|
(74.7
|
)
|
|
—
|
|
||||
Consolidated Total
|
$
|
1,460.5
|
|
|
$
|
—
|
|
|
$
|
1,460.5
|
|
|
$
|
391.3
|
|
|
March 31, 2015
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-Owned Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
4.4
|
|
|
$
|
—
|
|
|
$
|
686.3
|
|
|
$
|
690.7
|
|
Property, plant, and equipment, net
|
$
|
2,833.3
|
|
|
$
|
1,983.4
|
|
|
$
|
916.4
|
|
|
$
|
5,733.1
|
|
Net deferred profit on railcars sold to
the Leasing Group
|
|
|
|
|
|
|
(584.2
|
)
|
|||||||
Consolidated property, plant and equipment, net
|
|
|
|
|
|
|
$
|
5,148.9
|
|
||||||
Restricted cash
|
$
|
122.0
|
|
|
$
|
89.1
|
|
|
$
|
—
|
|
|
$
|
211.1
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
38.3
|
|
|
$
|
—
|
|
|
$
|
850.2
|
|
|
$
|
888.5
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(56.2
|
)
|
|
(56.2
|
)
|
||||
|
38.3
|
|
|
—
|
|
|
794.0
|
|
|
832.3
|
|
||||
Non-recourse
|
1,155.4
|
|
|
1,498.2
|
|
|
—
|
|
|
2,653.6
|
|
||||
Total debt
|
$
|
1,193.7
|
|
|
$
|
1,498.2
|
|
|
$
|
794.0
|
|
|
$
|
3,485.9
|
|
Net deferred tax liabilities
|
$
|
654.7
|
|
|
$
|
0.9
|
|
|
$
|
(40.9
|
)
|
|
$
|
614.7
|
|
|
December 31, 2014
|
||||||||||||||
|
Leasing Group
|
|
|
|
|
||||||||||
|
Wholly-
Owned
Subsidiaries
|
|
Partially-Owned Subsidiaries
|
|
Manufacturing/
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Cash, cash equivalents, and short-term marketable securities
|
$
|
11.9
|
|
|
$
|
—
|
|
|
$
|
951.0
|
|
|
$
|
962.9
|
|
Property, plant, and equipment, net
|
$
|
2,599.2
|
|
|
$
|
1,999.9
|
|
|
$
|
861.0
|
|
|
$
|
5,460.1
|
|
Net deferred profit on railcars sold to
the Leasing Group
|
|
|
|
|
|
|
(557.2
|
)
|
|||||||
Consolidated property, plant and equipment, net
|
|
|
|
|
|
|
$
|
4,902.9
|
|
||||||
Restricted cash
|
$
|
142.8
|
|
|
$
|
91.9
|
|
|
$
|
—
|
|
|
$
|
234.7
|
|
Debt:
|
|
|
|
|
|
|
|
||||||||
Recourse
|
$
|
39.1
|
|
|
$
|
—
|
|
|
$
|
850.2
|
|
|
$
|
889.3
|
|
Less: unamortized discount
|
—
|
|
|
—
|
|
|
(60.0
|
)
|
|
(60.0
|
)
|
||||
|
39.1
|
|
|
—
|
|
|
790.2
|
|
|
829.3
|
|
||||
Non-recourse
|
1,207.8
|
|
|
1,515.9
|
|
|
—
|
|
|
2,723.7
|
|
||||
Total debt
|
$
|
1,246.9
|
|
|
$
|
1,515.9
|
|
|
$
|
790.2
|
|
|
$
|
3,553.0
|
|
Net deferred tax liabilities
|
$
|
658.2
|
|
|
$
|
0.9
|
|
|
$
|
(44.1
|
)
|
|
$
|
615.0
|
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues:
|
|
|
|
|
|
|||||
Leasing and management
|
$
|
166.1
|
|
|
$
|
150.2
|
|
|
10.6
|
%
|
Sales of railcars owned one year or less at the time of sale
|
78.7
|
|
|
292.9
|
|
|
*
|
|||
Total revenues
|
$
|
244.8
|
|
|
$
|
443.1
|
|
|
(44.8
|
)
|
|
|
|
|
|
|
|||||
Operating profit:
|
|
|
|
|
|
|||||
Leasing and management
|
$
|
82.3
|
|
|
$
|
63.9
|
|
|
28.8
|
|
Railcar sales:
|
|
|
|
|
|
|||||
Railcars owned one year or less at the time of sale
|
25.6
|
|
|
88.9
|
|
|
|
|||
Railcars owned more than one year at the time of sale
|
14.9
|
|
|
77.5
|
|
|
|
|||
Total operating profit
|
$
|
122.8
|
|
|
$
|
230.3
|
|
|
(46.7
|
)
|
|
|
|
|
|
|
|||||
Operating profit margin:
|
|
|
|
|
|
|||||
Leasing and management
|
49.5
|
%
|
|
42.5
|
%
|
|
|
|||
Railcar sales
|
*
|
|
*
|
|
|
|||||
Total operating profit margin
|
50.2
|
%
|
|
52.0
|
%
|
|
|
|||
|
|
|
|
|
|
|||||
Selected expense information
(1)
:
|
|
|
|
|
|
|||||
Depreciation
|
$
|
34.1
|
|
|
$
|
32.5
|
|
|
4.9
|
|
Maintenance
|
$
|
19.9
|
|
|
$
|
21.0
|
|
|
(5.2
|
)
|
Rent
|
$
|
11.8
|
|
|
$
|
13.3
|
|
|
(11.3
|
)
|
Interest
|
$
|
37.9
|
|
|
$
|
37.3
|
|
|
1.6
|
|
|
Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
50.1
|
|
|
$
|
277.9
|
|
Railcars owned more than one year at the time of sale
|
61.7
|
|
|
222.7
|
|
||
Rail Group
|
15.2
|
|
|
13.7
|
|
||
|
$
|
127.0
|
|
|
$
|
514.3
|
|
|
|
Remaining nine months of 2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future contractual minimum rental revenue
|
|
$
|
384.8
|
|
|
$
|
437.7
|
|
|
$
|
363.4
|
|
|
$
|
289.0
|
|
|
$
|
206.5
|
|
|
$
|
304.0
|
|
|
$
|
1,985.4
|
|
|
|
Remaining nine months of 2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations of Trusts’ railcars
|
|
$
|
22.5
|
|
|
$
|
29.3
|
|
|
$
|
29.2
|
|
|
$
|
29.2
|
|
|
$
|
28.8
|
|
|
$
|
170.2
|
|
|
$
|
309.2
|
|
Future contractual minimum rental revenues of Trusts’ railcars
|
|
$
|
39.6
|
|
|
$
|
45.7
|
|
|
$
|
36.7
|
|
|
$
|
27.3
|
|
|
$
|
18.3
|
|
|
$
|
32.8
|
|
|
$
|
200.4
|
|
|
|
Remaining nine months of 2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
|
Total
|
||||||||||||||
|
|
(in millions)
|
||||||||||||||||||||||||||
Future operating lease obligations
|
|
$
|
9.7
|
|
|
$
|
12.8
|
|
|
$
|
12.1
|
|
|
$
|
12.0
|
|
|
$
|
9.5
|
|
|
$
|
28.7
|
|
|
$
|
84.8
|
|
Future contractual minimum rental revenues
|
|
$
|
15.4
|
|
|
$
|
18.6
|
|
|
$
|
11.0
|
|
|
$
|
6.6
|
|
|
$
|
3.7
|
|
|
$
|
5.9
|
|
|
$
|
61.2
|
|
(1)
|
Weighted average fixed interest rate
|
|
Effect on interest expense - increase/(decrease)
|
||||||||||
|
Three Months Ended
March 31, |
|
Expected effect during next twelve months
(1)
|
||||||||
|
2015
|
|
2014
|
|
|||||||
|
(in millions)
|
||||||||||
Expired hedges:
|
|
|
|
|
|
||||||
2006 secured railcar equipment notes
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
Promissory notes
|
$
|
0.7
|
|
|
$
|
0.8
|
|
|
$
|
0.5
|
|
TRIP Holdings warehouse loan
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
4.9
|
|
Open hedges:
|
|
|
|
|
|
||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
0.3
|
|
|
$
|
0.4
|
|
|
$
|
1.1
|
|
Promissory notes
|
$
|
3.7
|
|
|
$
|
3.9
|
|
|
$
|
2.5
|
|
|
March 31,
2015 |
|
December 31,
2014 |
||||
|
(in millions)
|
||||||
Manufacturing/Corporate:
|
|
|
|
||||
Land
|
$
|
88.6
|
|
|
$
|
81.4
|
|
Buildings and improvements
|
557.2
|
|
|
548.2
|
|
||
Machinery and other
|
1,020.3
|
|
|
975.7
|
|
||
Construction in progress
|
88.9
|
|
|
76.4
|
|
||
|
1,755.0
|
|
|
1,681.7
|
|
||
Less accumulated depreciation
|
(838.6
|
)
|
|
(820.7
|
)
|
||
|
916.4
|
|
|
861.0
|
|
||
Leasing:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
Machinery and other
|
10.7
|
|
|
10.7
|
|
||
Equipment on lease
|
3,428.2
|
|
|
3,189.6
|
|
||
|
3,438.9
|
|
|
3,200.3
|
|
||
Less accumulated depreciation
|
(605.6
|
)
|
|
(601.1
|
)
|
||
|
2,833.3
|
|
|
2,599.2
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
Equipment on lease
|
2,260.6
|
|
|
2,261.2
|
|
||
Less accumulated depreciation
|
(277.2
|
)
|
|
(261.3
|
)
|
||
|
1,983.4
|
|
|
1,999.9
|
|
||
|
|
|
|
||||
Net deferred profit on railcars sold to the Leasing Group
|
(584.2
|
)
|
|
(557.2
|
)
|
||
|
$
|
5,148.9
|
|
|
$
|
4,902.9
|
|
|
March 31,
2015 |
|
December 31,
2014 |
||||
|
|
|
(as reported)
|
||||
|
(in millions)
|
||||||
Rail Group
|
$
|
134.6
|
|
|
$
|
134.6
|
|
Construction Products Group
|
128.3
|
|
|
128.3
|
|
||
Energy Equipment Group
|
507.0
|
|
|
508.5
|
|
||
Railcar Leasing and Management Services Group
|
1.8
|
|
|
1.8
|
|
||
|
$
|
771.7
|
|
|
$
|
773.2
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Beginning balance
|
$
|
17.8
|
|
|
$
|
14.7
|
|
Warranty costs incurred
|
(1.7
|
)
|
|
(0.8
|
)
|
||
Warranty originations and revisions
|
5.7
|
|
|
2.3
|
|
||
Warranty expirations
|
(1.4
|
)
|
|
(1.0
|
)
|
||
Ending balance
|
$
|
20.4
|
|
|
$
|
15.2
|
|
|
March 31, 2015
|
|
December 31,
2014 |
||||
|
(in millions)
|
||||||
Corporate – Recourse:
|
|
|
|
||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
—
|
|
Senior notes, net of unamortized discount of $0.4 and $0.4
|
399.6
|
|
|
399.6
|
|
||
Convertible subordinated notes, net of unamortized discount of $55.8 and $59.6
|
393.7
|
|
|
389.9
|
|
||
Other
|
0.7
|
|
|
0.7
|
|
||
|
794.0
|
|
|
790.2
|
|
||
Leasing – Recourse:
|
|
|
|
||||
Capital lease obligations
|
38.3
|
|
|
39.1
|
|
||
Total recourse debt
|
832.3
|
|
|
829.3
|
|
||
|
|
|
|
||||
Leasing – Non-recourse:
|
|
|
|
||||
Wholly-owned subsidiaries:
|
|
|
|
||||
2006 secured railcar equipment notes
|
218.6
|
|
|
223.0
|
|
||
Promissory notes
|
341.3
|
|
|
363.9
|
|
||
2009 secured railcar equipment notes
|
186.4
|
|
|
188.8
|
|
||
2010 secured railcar equipment notes
|
307.7
|
|
|
311.5
|
|
||
TILC warehouse facility
|
101.4
|
|
|
120.6
|
|
||
|
1,155.4
|
|
|
1,207.8
|
|
||
Partially-owned subsidiaries:
|
|
|
|
||||
TRL 2012 secured railcar equipment notes (RIV 2013)
|
466.1
|
|
|
472.2
|
|
||
TRIP Master Funding secured railcar equipment notes
|
1,032.1
|
|
|
1,043.7
|
|
||
|
1,498.2
|
|
|
1,515.9
|
|
||
Total non–recourse debt
|
2,653.6
|
|
|
2,723.7
|
|
||
Total debt
|
$
|
3,485.9
|
|
|
$
|
3,553.0
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Coupon rate interest
|
$
|
4.4
|
|
|
$
|
4.4
|
|
Amortized debt discount
|
3.8
|
|
|
3.5
|
|
||
|
$
|
8.2
|
|
|
$
|
7.9
|
|
|
Remaining nine months of 2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
Thereafter
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Recourse:
|
|
||||||||||||||||||||||
Corporate
|
$
|
0.2
|
|
|
$
|
0.2
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
849.5
|
|
Leasing – capital lease obligations (Note 6)
|
2.5
|
|
|
3.5
|
|
|
3.7
|
|
|
28.6
|
|
|
—
|
|
|
—
|
|
||||||
Non-recourse – leasing (Note 6):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
2006 secured railcar equipment notes
|
14.1
|
|
|
21.8
|
|
|
24.0
|
|
|
25.3
|
|
|
28.0
|
|
|
105.4
|
|
||||||
Promissory notes
|
18.9
|
|
|
322.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
2009 secured railcar equipment notes
|
7.2
|
|
|
6.5
|
|
|
6.3
|
|
|
6.5
|
|
|
11.2
|
|
|
148.7
|
|
||||||
2010 secured railcar equipment notes
|
11.5
|
|
|
14.9
|
|
|
13.7
|
|
|
10.0
|
|
|
7.6
|
|
|
250.0
|
|
||||||
TILC warehouse facility
|
2.8
|
|
|
3.7
|
|
|
3.7
|
|
|
3.7
|
|
|
0.7
|
|
|
—
|
|
||||||
TRL 2012 secured railcar equipment notes
(RIV 2013)
|
17.1
|
|
|
22.3
|
|
|
22.9
|
|
|
23.1
|
|
|
22.2
|
|
|
358.5
|
|
||||||
TRIP Master Funding secured railcar equipment notes
|
34.3
|
|
|
39.8
|
|
|
29.2
|
|
|
41.8
|
|
|
50.1
|
|
|
836.9
|
|
||||||
Facility termination payments - TILC warehouse facility
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86.8
|
|
|
—
|
|
||||||
Total principal payments
|
$
|
108.6
|
|
|
$
|
435.1
|
|
|
$
|
103.8
|
|
|
$
|
139.0
|
|
|
$
|
206.6
|
|
|
$
|
2,549.0
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Foreign currency exchange transactions
|
$
|
(1.2
|
)
|
|
$
|
0.4
|
|
Gain (loss) on equity investments
|
0.1
|
|
|
(0.2
|
)
|
||
Other
|
(1.2
|
)
|
|
(0.3
|
)
|
||
Other, net
|
$
|
(2.3
|
)
|
|
$
|
(0.1
|
)
|
|
Three Months Ended
March 31, |
||||
|
2015
|
|
2014
|
||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
State taxes
|
1.2
|
|
|
0.9
|
|
Domestic production activities deduction
|
(2.1
|
)
|
|
(2.2
|
)
|
Noncontrolling interest in partially-owned subsidiaries
|
(1.0
|
)
|
|
(1.2
|
)
|
Other, net
|
0.4
|
|
|
0.1
|
|
Effective rate
|
33.5
|
%
|
|
32.6
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Beginning balance
|
$
|
62.3
|
|
|
$
|
55.0
|
|
Additions for tax positions related to the current year
|
1.3
|
|
|
1.2
|
|
||
Reductions for tax positions of prior years
|
(0.1
|
)
|
|
(0.1
|
)
|
||
Settlements
|
(0.2
|
)
|
|
—
|
|
||
Ending balance
|
$
|
63.3
|
|
|
$
|
56.1
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Expense Components
|
|
|
|
||||
Defined benefit:
|
|
|
|
||||
Service cost
|
$
|
0.1
|
|
|
$
|
0.1
|
|
Interest
|
5.0
|
|
|
5.0
|
|
||
Expected return on plan assets
|
(7.6
|
)
|
|
(7.7
|
)
|
||
Amortization of actuarial loss
|
1.3
|
|
|
0.3
|
|
||
|
(1.2
|
)
|
|
(2.3
|
)
|
||
Profit sharing
|
5.3
|
|
|
3.7
|
|
||
Multiemployer plan
|
0.6
|
|
|
—
|
|
||
Net retirement cost
|
$
|
4.7
|
|
|
$
|
1.4
|
|
|
Currency translation adjustments
|
|
Unrealized loss on derivative financial instruments
|
|
Net actuarial gains/(losses) of defined benefit plans
|
|
Accumulated
Other
Comprehensive
Loss
|
||||||||
|
(in millions)
|
||||||||||||||
Balances at December 31, 2014
|
$
|
(18.5
|
)
|
|
$
|
(6.6
|
)
|
|
$
|
(86.8
|
)
|
|
$
|
(111.9
|
)
|
Other comprehensive loss, net of tax, before reclassifications
|
(3.8
|
)
|
|
(0.3
|
)
|
|
—
|
|
|
(4.1
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $2.1, $0.5 and $2.6
|
—
|
|
|
3.8
|
|
|
0.8
|
|
|
4.6
|
|
||||
Less: noncontrolling interest
|
—
|
|
|
(0.6
|
)
|
|
—
|
|
|
(0.6
|
)
|
||||
Other comprehensive income (loss)
|
(3.8
|
)
|
|
2.9
|
|
|
0.8
|
|
|
(0.1
|
)
|
||||
Balances at March 31, 2015
|
$
|
(22.3
|
)
|
|
$
|
(3.7
|
)
|
|
$
|
(86.0
|
)
|
|
$
|
(112.0
|
)
|
|
Three Months Ended
March 31, 2015 |
|
Three Months Ended
March 31, 2014 |
||||||||||||||||||
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
|
Income
(Loss)
|
|
Average
Shares
|
|
EPS
|
||||||||||
|
(in millions, except per share amounts)
|
||||||||||||||||||||
Net income attributable to Trinity Industries, Inc.
|
$
|
180.2
|
|
|
|
|
|
|
$
|
226.4
|
|
|
|
|
|
||||||
Unvested restricted share participation
|
(5.7
|
)
|
|
|
|
|
|
(7.8
|
)
|
|
|
|
|
||||||||
Net income attributable to Trinity Industries, Inc. – basic
|
174.5
|
|
|
151.2
|
|
|
$
|
1.15
|
|
|
218.6
|
|
|
150.2
|
|
|
$
|
1.46
|
|
||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
0.1
|
|
|
|
||||||
Convertible subordinated notes
|
0.1
|
|
|
3.1
|
|
|
|
|
0.2
|
|
|
3.7
|
|
|
|
||||||
Net income attributable to Trinity Industries, Inc. – diluted
|
$
|
174.6
|
|
|
154.3
|
|
|
$
|
1.13
|
|
|
$
|
218.8
|
|
|
154.0
|
|
|
$
|
1.42
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
1,300.6
|
|
|
$
|
559.6
|
|
|
$
|
(233.5
|
)
|
|
$
|
1,626.7
|
|
Cost of revenues
|
(0.8
|
)
|
|
1,038.7
|
|
|
410.5
|
|
|
(237.3
|
)
|
|
1,211.1
|
|
|||||
Selling, engineering, and administrative expenses
|
25.4
|
|
|
43.8
|
|
|
29.1
|
|
|
—
|
|
|
98.3
|
|
|||||
Gains/(losses) on disposition of property, plant, and equipment
|
0.2
|
|
|
(0.1
|
)
|
|
15.7
|
|
|
—
|
|
|
15.8
|
|
|||||
|
24.4
|
|
|
1,082.6
|
|
|
423.9
|
|
|
(237.3
|
)
|
|
1,293.6
|
|
|||||
Operating profit (loss)
|
(24.4
|
)
|
|
218.0
|
|
|
135.7
|
|
|
3.8
|
|
|
333.1
|
|
|||||
Other (income) expense
|
4.3
|
|
|
7.7
|
|
|
36.7
|
|
|
—
|
|
|
48.7
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
196.8
|
|
|
68.3
|
|
|
—
|
|
|
(265.1
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
168.1
|
|
|
278.6
|
|
|
99.0
|
|
|
(261.3
|
)
|
|
284.4
|
|
|||||
Provision (benefit) for income taxes
|
(12.1
|
)
|
|
96.9
|
|
|
9.3
|
|
|
1.3
|
|
|
95.4
|
|
|||||
Net income (loss)
|
180.2
|
|
|
181.7
|
|
|
89.7
|
|
|
(262.6
|
)
|
|
189.0
|
|
|||||
Net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
8.8
|
|
|
8.8
|
|
|||||
Net income (loss) attributable to controlling interest
|
$
|
180.2
|
|
|
$
|
181.7
|
|
|
$
|
89.7
|
|
|
$
|
(271.4
|
)
|
|
$
|
180.2
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
180.2
|
|
|
$
|
181.7
|
|
|
$
|
89.7
|
|
|
$
|
(262.6
|
)
|
|
$
|
189.0
|
|
Other comprehensive income (loss)
|
1.2
|
|
|
(0.5
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
0.5
|
|
|||||
Comprehensive income
|
$
|
181.4
|
|
|
$
|
181.2
|
|
|
$
|
89.5
|
|
|
$
|
(262.6
|
)
|
|
$
|
189.5
|
|
Statement of Operations and Comprehensive Income
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended March 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
1,139.6
|
|
|
$
|
506.8
|
|
|
$
|
(185.9
|
)
|
|
$
|
1,460.5
|
|
Cost of revenues
|
0.4
|
|
|
856.5
|
|
|
400.8
|
|
|
(183.7
|
)
|
|
1,074.0
|
|
|||||
Selling, engineering, and administrative expenses
|
22.0
|
|
|
31.4
|
|
|
30.2
|
|
|
—
|
|
|
83.6
|
|
|||||
Gains/(losses) on disposition of property, plant, and equipment
|
(0.3
|
)
|
|
34.3
|
|
|
54.4
|
|
|
—
|
|
|
88.4
|
|
|||||
|
22.7
|
|
|
853.6
|
|
|
376.6
|
|
|
(183.7
|
)
|
|
1,069.2
|
|
|||||
Operating profit (loss)
|
(22.7
|
)
|
|
286.0
|
|
|
130.2
|
|
|
(2.2
|
)
|
|
391.3
|
|
|||||
Other (income) expense
|
3.8
|
|
|
5.6
|
|
|
36.4
|
|
|
—
|
|
|
45.8
|
|
|||||
Equity in earnings of subsidiaries, net of taxes
|
252.4
|
|
|
68.1
|
|
|
—
|
|
|
(320.5
|
)
|
|
—
|
|
|||||
Income (loss) before income taxes
|
225.9
|
|
|
348.5
|
|
|
93.8
|
|
|
(322.7
|
)
|
|
345.5
|
|
|||||
Provision (benefit) for income taxes
|
(0.5
|
)
|
|
106.2
|
|
|
8.8
|
|
|
(2.0
|
)
|
|
112.5
|
|
|||||
Net income (loss)
|
226.4
|
|
|
242.3
|
|
|
85.0
|
|
|
(320.7
|
)
|
|
233.0
|
|
|||||
Net income (loss) attributable to noncontrolling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
6.6
|
|
|
6.6
|
|
|||||
Net income (loss) attributable to controlling interest
|
$
|
226.4
|
|
|
$
|
242.3
|
|
|
$
|
85.0
|
|
|
$
|
(327.3
|
)
|
|
$
|
226.4
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
226.4
|
|
|
$
|
242.3
|
|
|
$
|
85.0
|
|
|
$
|
(320.7
|
)
|
|
$
|
233.0
|
|
Other comprehensive income (loss)
|
0.6
|
|
|
—
|
|
|
2.7
|
|
|
—
|
|
|
3.3
|
|
|||||
Comprehensive income
|
$
|
227.0
|
|
|
$
|
242.3
|
|
|
$
|
87.7
|
|
|
$
|
(320.7
|
)
|
|
$
|
236.3
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
March 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
548.5
|
|
|
$
|
2.4
|
|
|
$
|
76.9
|
|
|
$
|
(37.1
|
)
|
|
$
|
590.7
|
|
Short-term marketable securities
|
100.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
100.0
|
|
|||||
Receivables, net of allowance
|
—
|
|
|
377.7
|
|
|
168.2
|
|
|
(1.0
|
)
|
|
544.9
|
|
|||||
Income tax receivable
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Inventory
|
—
|
|
|
837.1
|
|
|
228.2
|
|
|
(20.0
|
)
|
|
1,045.3
|
|
|||||
Property, plant, and equipment, net
|
29.5
|
|
|
1,126.1
|
|
|
4,541.9
|
|
|
(548.6
|
)
|
|
5,148.9
|
|
|||||
Investments in and advances to subsidiaries
|
4,657.7
|
|
|
3,262.3
|
|
|
—
|
|
|
(7,920.0
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
—
|
|
|
174.0
|
|
|
37.1
|
|
|
211.1
|
|
|||||
Goodwill and other assets
|
169.0
|
|
|
618.5
|
|
|
322.5
|
|
|
(28.5
|
)
|
|
1,081.5
|
|
|||||
|
$
|
5,504.7
|
|
|
$
|
6,224.1
|
|
|
$
|
5,511.7
|
|
|
$
|
(8,518.1
|
)
|
|
$
|
8,722.4
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
19.1
|
|
|
$
|
168.1
|
|
|
$
|
114.0
|
|
|
$
|
(1.6
|
)
|
|
$
|
299.6
|
|
Accrued liabilities
|
224.7
|
|
|
238.7
|
|
|
148.9
|
|
|
—
|
|
|
612.3
|
|
|||||
Debt
|
793.3
|
|
|
38.3
|
|
|
2,654.3
|
|
|
—
|
|
|
3,485.9
|
|
|||||
Deferred income
|
—
|
|
|
27.2
|
|
|
1.9
|
|
|
—
|
|
|
29.1
|
|
|||||
Deferred income taxes
|
—
|
|
|
632.8
|
|
|
9.6
|
|
|
(11.8
|
)
|
|
630.6
|
|
|||||
Advances from subsidiaries
|
818.8
|
|
|
—
|
|
|
—
|
|
|
(818.8
|
)
|
|
—
|
|
|||||
Other liabilities
|
97.4
|
|
|
13.0
|
|
|
3.1
|
|
|
—
|
|
|
113.5
|
|
|||||
Total stockholders' equity
|
3,551.4
|
|
|
5,106.0
|
|
|
2,579.9
|
|
|
(7,685.9
|
)
|
|
3,551.4
|
|
|||||
|
$
|
5,504.7
|
|
|
$
|
6,224.1
|
|
|
$
|
5,511.7
|
|
|
$
|
(8,518.1
|
)
|
|
$
|
8,722.4
|
|
Balance Sheet
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
827.7
|
|
|
$
|
11.1
|
|
|
$
|
89.4
|
|
|
$
|
(40.3
|
)
|
|
$
|
887.9
|
|
Short-term marketable securities
|
75.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75.0
|
|
|||||
Receivables, net of allowance
|
—
|
|
|
226.5
|
|
|
179.2
|
|
|
(0.4
|
)
|
|
405.3
|
|
|||||
Income tax receivable
|
58.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58.6
|
|
|||||
Inventory
|
—
|
|
|
878.3
|
|
|
208.1
|
|
|
(18.0
|
)
|
|
1,068.4
|
|
|||||
Property, plant, and equipment, net
|
29.3
|
|
|
843.8
|
|
|
4,594.1
|
|
|
(564.3
|
)
|
|
4,902.9
|
|
|||||
Investments in and advances to subsidiaries
|
4,431.1
|
|
|
3,435.2
|
|
|
3.0
|
|
|
(7,869.3
|
)
|
|
—
|
|
|||||
Restricted cash
|
—
|
|
|
—
|
|
|
194.4
|
|
|
40.3
|
|
|
234.7
|
|
|||||
Goodwill and other assets
|
180.6
|
|
|
610.9
|
|
|
339.7
|
|
|
(30.2
|
)
|
|
1,101.0
|
|
|||||
|
$
|
5,602.3
|
|
|
$
|
6,005.8
|
|
|
$
|
5,607.9
|
|
|
$
|
(8,482.2
|
)
|
|
$
|
8,733.8
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable
|
$
|
15.0
|
|
|
$
|
174.4
|
|
|
$
|
106.6
|
|
|
$
|
(0.6
|
)
|
|
$
|
295.4
|
|
Accrued liabilities
|
235.8
|
|
|
300.1
|
|
|
173.7
|
|
|
—
|
|
|
709.6
|
|
|||||
Debt
|
789.5
|
|
|
39.1
|
|
|
2,724.4
|
|
|
—
|
|
|
3,553.0
|
|
|||||
Deferred income
|
—
|
|
|
34.5
|
|
|
1.9
|
|
|
—
|
|
|
36.4
|
|
|||||
Deferred income taxes
|
—
|
|
|
636.9
|
|
|
9.3
|
|
|
(13.6
|
)
|
|
632.6
|
|
|||||
Advances from subsidiaries
|
1,072.0
|
|
|
—
|
|
|
—
|
|
|
(1,072.0
|
)
|
|
—
|
|
|||||
Other liabilities
|
92.6
|
|
|
13.7
|
|
|
3.1
|
|
|
—
|
|
|
109.4
|
|
|||||
Total stockholders' equity
|
3,397.4
|
|
|
4,807.1
|
|
|
2,588.9
|
|
|
(7,396.0
|
)
|
|
3,397.4
|
|
|||||
|
$
|
5,602.3
|
|
|
$
|
6,005.8
|
|
|
$
|
5,607.9
|
|
|
$
|
(8,482.2
|
)
|
|
$
|
8,733.8
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended March 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
180.2
|
|
|
$
|
181.7
|
|
|
$
|
89.7
|
|
|
$
|
(262.6
|
)
|
|
$
|
189.0
|
|
Equity in earnings of subsidiaries, net of taxes
|
(196.8
|
)
|
|
(68.3
|
)
|
|
—
|
|
|
265.1
|
|
|
—
|
|
|||||
Other
|
81.8
|
|
|
(181.7
|
)
|
|
35.7
|
|
|
(15.4
|
)
|
|
(79.6
|
)
|
|||||
Net cash provided (required) by operating activities
|
65.2
|
|
|
(68.3
|
)
|
|
125.4
|
|
|
(12.9
|
)
|
|
109.4
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(25.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25.0
|
)
|
|||||
Proceeds from railcar lease fleet sales
|
—
|
|
|
15.7
|
|
|
78.2
|
|
|
(15.4
|
)
|
|
78.5
|
|
|||||
Proceeds from disposition of property, plant, equipment, and other assets
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
(290.0
|
)
|
|
(8.8
|
)
|
|
15.4
|
|
|
(283.4
|
)
|
|||||
Capital expenditures – manufacturing and other
|
(1.8
|
)
|
|
(11.5
|
)
|
|
(40.2
|
)
|
|
—
|
|
|
(53.5
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(45.5
|
)
|
|
—
|
|
|
(45.5
|
)
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
7.2
|
|
|
—
|
|
|
(7.2
|
)
|
|
—
|
|
|||||
Other
|
—
|
|
|
0.7
|
|
|
3.5
|
|
|
—
|
|
|
4.2
|
|
|||||
Net cash provided (required) by investing activities
|
(26.8
|
)
|
|
(277.9
|
)
|
|
(11.2
|
)
|
|
(7.2
|
)
|
|
(323.1
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Excess tax benefits from stock-based compensation
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|||||
Payments to retire debt
|
—
|
|
|
(0.8
|
)
|
|
(70.1
|
)
|
|
—
|
|
|
(70.9
|
)
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
—
|
|
|
29.8
|
|
|
3.2
|
|
|
33.0
|
|
|||||
Shares repurchased
|
(18.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18.0
|
)
|
|||||
Dividends paid to common shareholders
|
(15.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.6
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(11.3
|
)
|
|
—
|
|
|
(11.3
|
)
|
|||||
Distributions to controlling interest in partially-owned subsidiaries
|
—
|
|
|
—
|
|
|
(7.2
|
)
|
|
7.2
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
(284.0
|
)
|
|
339.0
|
|
|
(67.9
|
)
|
|
12.9
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
—
|
|
|
(0.7
|
)
|
|||||
Net cash provided (required) by financing activities
|
(317.6
|
)
|
|
337.5
|
|
|
(126.7
|
)
|
|
23.3
|
|
|
(83.5
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
(279.2
|
)
|
|
(8.7
|
)
|
|
(12.5
|
)
|
|
3.2
|
|
|
(297.2
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
827.7
|
|
|
11.1
|
|
|
89.4
|
|
|
(40.3
|
)
|
|
887.9
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
548.5
|
|
|
$
|
2.4
|
|
|
$
|
76.9
|
|
|
$
|
(37.1
|
)
|
|
$
|
590.7
|
|
Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
||||||||||
Three Months Ended March 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Parent
|
|
Combined
Guarantor Subsidiaries |
|
Combined
Non-Guarantor Subsidiaries |
|
Eliminations
|
|
Consolidated
|
||||||||||
Operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income
|
$
|
226.4
|
|
|
$
|
242.3
|
|
|
$
|
85.0
|
|
|
$
|
(320.7
|
)
|
|
$
|
233.0
|
|
Equity in earnings of subsidiaries, net of taxes
|
(252.4
|
)
|
|
(68.1
|
)
|
|
—
|
|
|
320.5
|
|
|
—
|
|
|||||
Other
|
86.0
|
|
|
(89.0
|
)
|
|
(22.1
|
)
|
|
(2.6
|
)
|
|
(27.7
|
)
|
|||||
Net cash provided (required) by operating activities
|
60.0
|
|
|
85.2
|
|
|
62.9
|
|
|
(2.8
|
)
|
|
205.3
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
(Increase) decrease in short-term marketable securities
|
(106.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106.7
|
)
|
|||||
Proceeds from railcar lease fleet sales
|
—
|
|
|
146.0
|
|
|
109.7
|
|
|
(31.4
|
)
|
|
224.3
|
|
|||||
Proceeds from disposition of property, plant, equipment, and other assets
|
0.4
|
|
|
—
|
|
|
16.8
|
|
|
—
|
|
|
17.2
|
|
|||||
Capital expenditures – leasing
|
—
|
|
|
1.9
|
|
|
(32.9
|
)
|
|
31.4
|
|
|
0.4
|
|
|||||
Capital expenditures – manufacturing and other
|
(3.3
|
)
|
|
(7.6
|
)
|
|
(38.2
|
)
|
|
—
|
|
|
(49.1
|
)
|
|||||
Acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(112.6
|
)
|
|
—
|
|
|
(112.6
|
)
|
|||||
(Increase) decrease in investment in partially-owned subsidiaries
|
—
|
|
|
3.3
|
|
|
—
|
|
|
(3.3
|
)
|
|
—
|
|
|||||
Other
|
1.0
|
|
|
(1.0
|
)
|
|
2.9
|
|
|
—
|
|
|
2.9
|
|
|||||
Net cash provided (required) by investing activities
|
(108.6
|
)
|
|
142.6
|
|
|
(54.3
|
)
|
|
(3.3
|
)
|
|
(23.6
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Proceeds from issuance of common stock, net
|
0.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.3
|
|
|||||
Excess tax benefits from stock-based compensation
|
0.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.4
|
|
|||||
Payments to retire debt
|
—
|
|
|
(0.8
|
)
|
|
(52.3
|
)
|
|
—
|
|
|
(53.1
|
)
|
|||||
(Increase) decrease in restricted cash
|
—
|
|
|
—
|
|
|
6.7
|
|
|
(2.4
|
)
|
|
4.3
|
|
|||||
Shares repurchased
|
(12.5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12.5
|
)
|
|||||
Dividends paid to common shareholders
|
(11.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.6
|
)
|
|||||
Purchase of shares to satisfy employee tax on vested stock
|
(0.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|||||
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(5.4
|
)
|
|
—
|
|
|
(5.4
|
)
|
|||||
Distributions to controlling interest in partially-owned subsidiaries
|
—
|
|
|
—
|
|
|
(3.3
|
)
|
|
3.3
|
|
|
—
|
|
|||||
Change in intercompany financing between entities
|
173.4
|
|
|
(228.1
|
)
|
|
51.9
|
|
|
2.8
|
|
|
—
|
|
|||||
Other
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|||||
Net cash provided (required) by financing activities
|
149.9
|
|
|
(229.2
|
)
|
|
(2.4
|
)
|
|
3.7
|
|
|
(78.0
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net increase (decrease) in cash and cash equivalents
|
101.3
|
|
|
(1.4
|
)
|
|
6.2
|
|
|
(2.4
|
)
|
|
103.7
|
|
|||||
Cash and cash equivalents at beginning of period
|
409.8
|
|
|
2.1
|
|
|
44.0
|
|
|
(27.4
|
)
|
|
428.5
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
511.1
|
|
|
$
|
0.7
|
|
|
$
|
50.2
|
|
|
$
|
(29.8
|
)
|
|
$
|
532.2
|
|
|
March 31, 2015
|
|
March 31, 2014
|
||||
|
(in millions)
|
||||||
Rail Group
|
|
|
|
||||
External Customers
|
$
|
4,553.4
|
|
|
$
|
4,233.3
|
|
Leasing Group
|
2,254.4
|
|
|
1,008.9
|
|
||
|
$
|
6,807.8
|
|
|
$
|
5,242.2
|
|
Inland Barge Group
|
$
|
565.4
|
|
|
$
|
508.0
|
|
Wind towers
|
$
|
390.7
|
|
|
$
|
476.7
|
|
|
Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
50.1
|
|
|
$
|
277.9
|
|
Railcars owned more than one year at the time of sale
|
61.7
|
|
|
222.7
|
|
||
Rail Group
|
15.2
|
|
|
13.7
|
|
||
|
$
|
127.0
|
|
|
$
|
514.3
|
|
|
Three Months Ended March 31, 2015
|
|
Three Months Ended March 31, 2014
|
|
|
|||||||||||||||||||||
|
Revenues
|
|
Revenues
|
|
Percent
|
|||||||||||||||||||||
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
|
Total
|
|
Change
|
||||||||||||
|
($ in millions)
|
|
|
|||||||||||||||||||||||
Rail Group
|
$
|
875.4
|
|
|
$
|
269.1
|
|
|
$
|
1,144.5
|
|
|
$
|
601.1
|
|
|
$
|
256.3
|
|
|
$
|
857.4
|
|
|
33.5
|
%
|
Construction Products Group
|
111.4
|
|
|
1.4
|
|
|
112.8
|
|
|
112.2
|
|
|
0.9
|
|
|
113.1
|
|
|
(0.3
|
)
|
||||||
Inland Barge Group
|
153.1
|
|
|
—
|
|
|
153.1
|
|
|
136.9
|
|
|
—
|
|
|
136.9
|
|
|
11.8
|
|
||||||
Energy Equipment Group
|
241.5
|
|
|
58.6
|
|
|
300.1
|
|
|
167.0
|
|
|
43.6
|
|
|
210.6
|
|
|
42.5
|
|
||||||
Railcar Leasing and Management Services Group
|
244.2
|
|
|
0.6
|
|
|
244.8
|
|
|
442.2
|
|
|
0.9
|
|
|
443.1
|
|
|
(44.8
|
)
|
||||||
All Other
|
1.1
|
|
|
27.0
|
|
|
28.1
|
|
|
1.1
|
|
|
22.1
|
|
|
23.2
|
|
|
21.1
|
|
||||||
Segment Totals before Eliminations
|
1,626.7
|
|
|
356.7
|
|
|
1,983.4
|
|
|
1,460.5
|
|
|
323.8
|
|
|
1,784.3
|
|
|
11.2
|
|
||||||
Eliminations – Lease subsidiary
|
—
|
|
|
(259.0
|
)
|
|
(259.0
|
)
|
|
—
|
|
|
(249.1
|
)
|
|
(249.1
|
)
|
|
|
|||||||
Eliminations – Other
|
—
|
|
|
(97.7
|
)
|
|
(97.7
|
)
|
|
—
|
|
|
(74.7
|
)
|
|
(74.7
|
)
|
|
|
|||||||
Consolidated Total
|
$
|
1,626.7
|
|
|
$
|
—
|
|
|
$
|
1,626.7
|
|
|
$
|
1,460.5
|
|
|
$
|
—
|
|
|
$
|
1,460.5
|
|
|
11.4
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Rail Group
|
$
|
931.8
|
|
|
$
|
689.9
|
|
Construction Products Group
|
104.5
|
|
|
91.4
|
|
||
Inland Barge Group
|
125.6
|
|
|
110.2
|
|
||
Energy Equipment Group
|
262.9
|
|
|
187.7
|
|
||
Railcar Leasing and Management Services Group
|
122.0
|
|
|
212.8
|
|
||
All Other
|
29.6
|
|
|
28.6
|
|
||
Segment Totals before Eliminations and Corporate Expenses
|
1,576.4
|
|
|
1,320.6
|
|
||
Corporate
|
26.7
|
|
|
23.1
|
|
||
Eliminations – Lease subsidiary
|
(210.7
|
)
|
|
(199.8
|
)
|
||
Eliminations – Other
|
(98.8
|
)
|
|
(74.7
|
)
|
||
Consolidated Total
|
$
|
1,293.6
|
|
|
$
|
1,069.2
|
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Rail Group
|
$
|
212.7
|
|
|
$
|
167.5
|
|
Construction Products Group
|
8.3
|
|
|
21.7
|
|
||
Inland Barge Group
|
27.5
|
|
|
26.7
|
|
||
Energy Equipment Group
|
37.2
|
|
|
22.9
|
|
||
Railcar Leasing and Management Services Group
|
122.8
|
|
|
230.3
|
|
||
All Other
|
(1.5
|
)
|
|
(5.4
|
)
|
||
Segment Totals before Eliminations and Corporate Expenses
|
407.0
|
|
|
463.7
|
|
||
Corporate
|
(26.7
|
)
|
|
(23.1
|
)
|
||
Eliminations – Lease subsidiary
|
(48.3
|
)
|
|
(49.3
|
)
|
||
Eliminations – Other
|
1.1
|
|
|
—
|
|
||
Consolidated Total
|
$
|
333.1
|
|
|
$
|
391.3
|
|
|
Three Months Ended
March 31, |
||||
|
2015
|
|
2014
|
||
Statutory rate
|
35.0
|
%
|
|
35.0
|
%
|
State taxes
|
1.2
|
|
|
0.9
|
|
Domestic production activities deduction
|
(2.1
|
)
|
|
(2.2
|
)
|
Noncontrolling interest in partially-owned subsidiaries
|
(1.0
|
)
|
|
(1.2
|
)
|
Other, net
|
0.4
|
|
|
0.1
|
|
Effective rate
|
33.5
|
%
|
|
32.6
|
%
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues:
|
|
|
|
|
|
|||||
Railcars
|
$
|
1,107.2
|
|
|
$
|
822.3
|
|
|
34.6
|
%
|
Components and maintenance services
|
37.3
|
|
|
35.1
|
|
|
6.3
|
|
||
Total revenues
|
1,144.5
|
|
|
857.4
|
|
|
33.5
|
|
||
|
|
|
|
|
|
|||||
Operating costs:
|
|
|
|
|
|
|||||
Cost of revenues
|
915.2
|
|
|
674.7
|
|
|
35.6
|
|
||
Selling, engineering, and administrative costs
|
16.6
|
|
|
15.2
|
|
|
9.2
|
|
||
Operating profit
|
$
|
212.7
|
|
|
$
|
167.5
|
|
|
27.0
|
|
Operating profit margin
|
18.6
|
%
|
|
19.5
|
%
|
|
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues:
|
|
|
|
|
|
|||||
Highway Products
|
$
|
52.8
|
|
|
$
|
57.9
|
|
|
(8.8
|
)%
|
Aggregates
|
37.9
|
|
|
36.5
|
|
|
3.8
|
|
||
Other
|
22.1
|
|
|
18.7
|
|
|
18.2
|
|
||
Total revenues
|
112.8
|
|
|
113.1
|
|
|
(0.3
|
)
|
||
|
|
|
|
|
|
|||||
Operating costs:
|
|
|
|
|
|
|||||
Cost of revenues
|
86.9
|
|
|
87.4
|
|
|
(0.6
|
)
|
||
Selling, engineering, and administrative costs
|
18.3
|
|
|
15.2
|
|
|
20.4
|
|
||
Property disposition gains
|
(0.7
|
)
|
|
(11.2
|
)
|
|
(93.8
|
)
|
||
Operating profit
|
$
|
8.3
|
|
|
$
|
21.7
|
|
|
(61.8
|
)
|
Operating profit margin
|
7.4
|
%
|
|
19.2
|
%
|
|
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues
|
$
|
153.1
|
|
|
$
|
136.9
|
|
|
11.8
|
%
|
|
|
|
|
|
|
|||||
Operating costs:
|
|
|
|
|
|
|||||
Cost of revenues
|
121.7
|
|
|
106.2
|
|
|
14.6
|
|
||
Selling, engineering, and administrative costs
|
3.9
|
|
|
4.0
|
|
|
(2.5
|
)
|
||
Operating profit
|
$
|
27.5
|
|
|
$
|
26.7
|
|
|
3.0
|
|
Operating profit margin
|
18.0
|
%
|
|
19.5
|
%
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues:
|
|
|
|
|
|
|||||
Wind towers and utility structures
|
$
|
168.7
|
|
|
$
|
89.1
|
|
|
89.3
|
%
|
Other
|
131.4
|
|
|
121.5
|
|
|
8.1
|
|
||
Total revenues
|
300.1
|
|
|
210.6
|
|
|
42.5
|
|
||
|
|
|
|
|
|
|||||
Operating costs:
|
|
|
|
|
|
|||||
Cost of revenues
|
242.6
|
|
|
174.2
|
|
|
39.3
|
|
||
Selling, engineering, and administrative costs
|
20.3
|
|
|
13.5
|
|
|
50.4
|
|
||
Operating profit
|
$
|
37.2
|
|
|
$
|
22.9
|
|
|
62.4
|
|
Operating profit margin
|
12.4
|
%
|
|
10.9
|
%
|
|
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues:
|
|
|
|
|
|
|||||
Leasing and management
|
$
|
166.1
|
|
|
$
|
150.2
|
|
|
10.6
|
%
|
Sales of railcars owned one year or less at the time of sale
|
78.7
|
|
|
292.9
|
|
|
*
|
|
||
Total revenues
|
$
|
244.8
|
|
|
$
|
443.1
|
|
|
(44.8
|
)
|
|
|
|
|
|
|
|||||
Operating profit:
|
|
|
|
|
|
|||||
Leasing and management
|
$
|
82.3
|
|
|
$
|
63.9
|
|
|
28.8
|
|
Railcar sales:
|
|
|
|
|
|
|||||
Railcars owned one year or less at the time of sale
|
25.6
|
|
|
88.9
|
|
|
|
|||
Railcars owned more than one year at the time of sale
|
14.9
|
|
|
77.5
|
|
|
|
|||
Total operating profit
|
$
|
122.8
|
|
|
$
|
230.3
|
|
|
(46.7
|
)
|
|
|
|
|
|
|
|||||
Operating profit margin:
|
|
|
|
|
|
|||||
Leasing and management
|
49.5
|
%
|
|
42.5
|
%
|
|
|
|||
Railcar sales
|
*
|
|
|
*
|
|
|
|
|||
Total operating profit margin
|
50.2
|
%
|
|
52.0
|
%
|
|
|
|||
|
|
|
|
|
|
|||||
Selected expense information
(1)
:
|
|
|
|
|
|
|||||
Depreciation
|
$
|
34.1
|
|
|
$
|
32.5
|
|
|
4.9
|
|
Maintenance
|
$
|
19.9
|
|
|
$
|
21.0
|
|
|
(5.2
|
)
|
Rent
|
$
|
11.8
|
|
|
$
|
13.3
|
|
|
(11.3
|
)
|
Interest
|
$
|
37.9
|
|
|
$
|
37.3
|
|
|
1.6
|
|
|
Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Railcars owned one year or less at the time of sale
|
$
|
50.1
|
|
|
$
|
277.9
|
|
Railcars owned more than one year at the time of sale
|
61.7
|
|
|
222.7
|
|
||
|
$
|
111.8
|
|
|
$
|
500.6
|
|
|
March 31, 2015
|
|
March 31, 2014
|
||
Number of railcars
|
76,170
|
|
|
73,545
|
|
Average age in years
|
7.8
|
|
|
7.4
|
|
Average remaining lease term in years
|
3.4
|
|
|
3.4
|
|
Fleet utilization
|
99.3
|
%
|
|
99.5
|
%
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Revenues
|
$
|
28.1
|
|
|
$
|
23.2
|
|
|
21.1
|
%
|
|
|
|
|
|
|
|||||
Operating costs:
|
|
|
|
|
|
|||||
Cost of revenues
|
27.7
|
|
|
26.7
|
|
|
3.7
|
|
||
Selling, engineering, and administrative costs
|
2.1
|
|
|
1.6
|
|
|
31.3
|
|
||
Property disposition (gains) losses
|
(0.2
|
)
|
|
0.3
|
|
|
|
|
||
Operating loss
|
$
|
(1.5
|
)
|
|
$
|
(5.4
|
)
|
|
(72.2
|
)
|
|
Three Months Ended March 31,
|
|||||||||
|
2015
|
|
2014
|
|
Percent
|
|||||
|
($ in millions)
|
|
Change
|
|||||||
Operating costs
|
$
|
26.7
|
|
|
$
|
23.1
|
|
|
15.6
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Total cash provided by (required by):
|
|
|
|
||||
Operating activities
|
$
|
109.4
|
|
|
$
|
205.3
|
|
Investing activities
|
(323.1
|
)
|
|
(23.6
|
)
|
||
Financing activities
|
(83.5
|
)
|
|
(78.0
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
(297.2
|
)
|
|
$
|
103.7
|
|
|
Three Months Ended March 31,
|
||||||
|
2015
|
|
2014
|
||||
|
(in millions)
|
||||||
Leasing Group:
|
|
|
|
||||
Railcars owned one year or less at the time of sale
|
$
|
50.1
|
|
|
$
|
277.9
|
|
Railcars owned more than one year at the time of sale
|
61.7
|
|
|
222.7
|
|
||
Rail Group
|
15.2
|
|
|
13.7
|
|
||
|
$
|
127.0
|
|
|
$
|
514.3
|
|
(1)
|
Weighted average fixed interest rate
|
|
Effect on interest expense - increase/(decrease)
|
||||||||||
|
Three Months Ended
March 31, |
|
Expected effect during next twelve months
(1)
|
||||||||
|
2015
|
|
2014
|
|
|||||||
|
|
|
|
|
|
||||||
Expired hedges:
|
|
|
|
|
|
||||||
2006 secured railcar equipment notes
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.3
|
)
|
Promissory notes
|
$
|
0.7
|
|
|
$
|
0.8
|
|
|
$
|
0.5
|
|
TRIP Holdings warehouse loan
|
$
|
1.3
|
|
|
$
|
1.3
|
|
|
$
|
4.9
|
|
Open hedges:
|
|
|
|
|
|
||||||
TRIP Master Funding secured railcar equipment notes
|
$
|
0.3
|
|
|
$
|
0.4
|
|
|
$
|
1.1
|
|
Promissory notes
|
$
|
3.7
|
|
|
$
|
3.9
|
|
|
$
|
2.5
|
|
•
|
market conditions and demand for our business products and services;
|
•
|
the cyclical nature of industries in which we compete;
|
•
|
variations in weather in areas where our construction products are sold, used, or installed;
|
•
|
naturally-occurring events and disasters causing disruption to our manufacturing, product deliveries, and production capacity, thereby giving rise to an increase in expenses, loss of revenue, and property losses;
|
•
|
the timing of introduction of new products;
|
•
|
the timing and delivery of customer orders or a breach of customer contracts;
|
•
|
the credit worthiness of customers and their access to capital;
|
•
|
product price changes;
|
•
|
changes in mix of products sold;
|
•
|
the extent of utilization of manufacturing capacity;
|
•
|
availability and costs of steel, component parts, supplies, and other raw materials;
|
•
|
competition and other competitive factors;
|
•
|
changing technologies;
|
•
|
surcharges and other fees added to fixed pricing agreements for steel, component parts, supplies and other raw materials;
|
•
|
interest rates and capital costs;
|
•
|
counter-party risks for financial instruments;
|
•
|
long-term funding of our operations;
|
•
|
taxes;
|
•
|
the stability of the governments and political and business conditions in certain foreign countries, particularly Mexico;
|
•
|
changes in import and export quotas and regulations;
|
•
|
business conditions in emerging economies;
|
•
|
costs and results of litigation, including trial and appellate costs and supersedeas bonding costs;
|
•
|
changes in accounting standards or inaccurate estimates or assumptions in the application of accounting policies; and
|
•
|
legal, regulatory, and environmental issues, including compliance of our products with mandated specifications, standards, or testing criteria and obligations to remove and replace our products following installation or to recall our products and install different products manufactured by us or our competitors.
|
Period
|
Number of
Shares
Purchased
(1)
|
|
Average
Price
Paid per
Share
(1)
|
|
Total
Number of
Shares (or
Units)
Purchased
as
Part of
Publicly
Announced
Plans or
Programs
(2)
|
|
Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs
(2)
|
||||||
January 1, 2015 through January 31, 2015
|
204
|
|
|
$
|
26.86
|
|
|
—
|
|
|
$
|
218,529,671
|
|
February 1, 2015 through February 28, 2015
|
1,139
|
|
|
$
|
30.17
|
|
|
—
|
|
|
$
|
218,529,671
|
|
March 1, 2015 through March 31, 2015
|
734,342
|
|
|
$
|
34.60
|
|
|
721,040
|
|
|
$
|
193,551,333
|
|
Total
|
735,685
|
|
|
$
|
34.59
|
|
|
721,040
|
|
|
$
|
193,551,333
|
|
NO.
|
|
DESCRIPTION
|
4.1
|
|
Second Supplemental Indenture dated March 24, 2015, by and among Trinity Industries, Inc., certain of its subsidiaries, as guarantors, and Wells Fargo Bank, National Association, as trustee (filed herewith).
|
10.1
|
|
Guaranty Amendment dated March 24, 2015 to Third Amended and Restated Credit Agreement dated as of October 20, 2011 among Trinity Industries, Inc. as Borrower, JP Morgan Chase Bank, N.A., individually and as Administrative Agent, and certain other Lenders as become parties thereto from time to time (filed herewith).
|
31.1
|
|
Rule 13a-15(e) and 15d-15(e) Certification of the Chief Executive Officer (filed herewith).
|
31.2
|
|
Rule 13a-15(e) and 15d-15(e) Certification of the Chief Financial Officer (filed herewith).
|
32.1
|
|
Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
32.2
|
|
Certification pursuant to 18U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).
|
95
|
|
Mine Safety Disclosure Exhibit (filed herewith).
|
101.INS
|
|
XBRL Instance Document (filed electronically herewith)
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document (filed electronically herewith)
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document (filed electronically herewith)
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith)
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith)
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document (filed electronically herewith)
|
TRINITY INDUSTRIES, INC.
|
By
|
/s/ James E. Perry
|
Registrant
|
|
|
|
|
James E. Perry
|
|
|
Senior Vice President and
|
|
|
Chief Financial Officer
|
|
|
April 24, 2015
|
Address:
|
2525 Stemmons Freeway
|
Attention:
|
Gail M. Peck
|
Telecopy:
|
214-589-8824
]
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Trinity Industries, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Trinity Industries, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company, as of, and for, the periods presented in the Report.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company, as of, and for, the periods presented in the Report.
|
Mine or Operating
Name/MSHA
Identification
Number
|
Section 104 S&S Citations (#)
|
|
Section 104(b) Orders (#)
|
|
Section 104(d) Citations and Orders (#)
|
|
Section 110(b)(2) Violations (#)
|
|
Section 107(a) Orders (#)
|
|
Total Dollar Value of MSHA Assessments Proposed
($)
|
|
Total Number of Mining Related Fatalities (#)
|
|
Received Notice of Pattern of Violation Under Section 104(e) (yes/no)
|
|
Received Notice of Potential to Have Pattern under Section 104(e) (yes/no)
|
|
Legal Actions Pending as of Last Day of Period (#)
|
|
Legal
Actions
Initiated
During
Period
(#)
|
|
Legal Actions Resolved During Period (#)
|
||||||||||||||||||||||||
Rye
(4102547)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Belton
(4101043)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
100
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Malloy Bridge
(4102946)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Cottonwood
(4104553)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
100
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Wills Point
(4104113)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Indian Village
(1600348)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
2
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Kopperl
(4104450)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
100
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Wills Point II
(4104071)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
200
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Asa
(4104399)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Paradise
(4103253)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Anacoco
(1600543)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
100
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Streetman
(4101628)
|
2
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
3
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Boulder
(0504415)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
4
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Frazier Park
(0400555)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Livingston
(0100034)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||||
Erwinville
(1600033)
|
—
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
|
—
|
|
|
No
|
|
No
|
|
—
|
|
|
—
|
|
|
—
|
|
1
|
|
Significant and Substantial (S&S) citations are reported on this form. Non-S&S citations are not reported on this form but any assessments resulting from non-S&S citations are reported.
|
2
|
|
One non-S&S citation issued. Proposed penalty amount still pending
|
3
|
|
Two S&S citations issued. Proposed penalty amounts still pending.
|
4
|
|
Eleven non-S&S citations issued. Proposed penalty amounts still pending.
|