Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'TRINITY INDUSTRIES INC | ' | ' |
Entity Central Index Key | '0000099780 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period | 'FY | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 77,485,876 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $2,982.40 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Total revenues | $4,365.30 | $3,811.90 | $2,938.30 |
Cost of revenues: | ' | ' | ' |
Total cost of revenues | 3,322.30 | 3,051.50 | 2,357.50 |
Selling, engineering, and administrative expenses: | ' | ' | ' |
Total selling, engineering, and administrative expenses | 291.3 | 224.1 | 194 |
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 | 20.4 | 33.5 | 16.2 |
Disposition of flood-damaged property, plant, and equipment | 0 | 0.4 | 17.6 |
Other | 0.8 | 4.6 | 6.2 |
Total gains on disposition of property, plant, and equipment | 21.2 | 38.5 | 40 |
Total operating profit | 772.9 | 574.8 | 426.8 |
Other (income) expense: | ' | ' | ' |
Interest income | -2.1 | -1.5 | -1.5 |
Interest expense | 187.3 | 194.7 | 185.3 |
Other, net | -2.8 | -4.3 | 4 |
Total other (income) expense | 182.4 | 188.9 | 187.8 |
Income from continuing operations before income taxes | 590.5 | 385.9 | 239 |
Provision for income taxes: | ' | ' | ' |
Current | 158.6 | 7.7 | 31.7 |
Deferred | 45.8 | 126.3 | 60.5 |
Provision | 204.4 | 134 | 92.2 |
Net income from continuing operations | 386.1 | 251.9 | 146.8 |
Discontinued operations: | ' | ' | ' |
Gain on sale of discontinued operations, net of provision for income taxes of $5.4, $-, and $- | 7.1 | 0 | 0 |
Income (loss) from discontinued operations, net of provision (benefit) for income taxes of $(0.8), $1.1, and $(0.4) | -0.8 | 1.8 | -1.1 |
Net income | 392.4 | 253.7 | 145.7 |
Net income (loss) attributable to noncontrolling interest | 16.9 | -1.5 | 3.5 |
Net income attributable to Trinity Industries, Inc. | 375.5 | 255.2 | 142.2 |
Basic: | ' | ' | ' |
Continuing operations (in dollars per share) | $4.68 | $3.18 | $1.78 |
Discontinued operations (in dollars per share) | $0.08 | $0.02 | ($0.01) |
Basic (in dollars per share) | $4.76 | $3.20 | $1.77 |
Diluted: | ' | ' | ' |
Continuing operations (in dollars per share) | $4.67 | $3.17 | $1.78 |
Discontinued operations (in dollars per share) | $0.08 | $0.02 | ($0.01) |
Diluted (in dollars per share) | $4.75 | $3.19 | $1.77 |
Weighted average number of shares outstanding: | ' | ' | ' |
Basic (in shares) | 76.4 | 77.3 | 77.5 |
Diluted (in shares) | 76.5 | 77.5 | 77.8 |
Dividends declared per common share (in dollars per share) | $0.54 | $0.42 | $0.35 |
Manufacturing | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 3,719.90 | 3,167.50 | 2,386.90 |
Cost of revenues: | ' | ' | ' |
Total cost of revenues | 2,990.90 | 2,701.20 | 2,067.20 |
Selling, engineering, and administrative expenses: | ' | ' | ' |
Total selling, engineering, and administrative expenses | 180.4 | 143.4 | 127.1 |
Leasing | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 645.4 | 644.4 | 551.4 |
Cost of revenues: | ' | ' | ' |
Total cost of revenues | 331.4 | 350.3 | 290.3 |
Selling, engineering, and administrative expenses: | ' | ' | ' |
Total selling, engineering, and administrative expenses | 37.6 | 29.4 | 23.4 |
Other | ' | ' | ' |
Selling, engineering, and administrative expenses: | ' | ' | ' |
Total selling, engineering, and administrative expenses | $73.30 | $51.30 | $43.50 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Provision for income taxes related to gain on sale of discontinued operations | $5.40 | $0 | $0 |
Provision (benefit) for income taxes related to income (loss) from discontinued operations | ($0.80) | $1.10 | ($0.40) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net income | $392.40 | $253.70 | $145.70 |
Unrealized losses on derivative financial instruments: | ' | ' | ' |
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $0.8, $4.2, and $(1.9) | 0.8 | 7.2 | -3.9 |
Reclassification adjustments for losses included in net income, net of tax benefit of $8.7, $3.2, and $2.3 | 18.1 | 5.8 | 4.1 |
Currency translation adjustment – reclassification adjustment for losses included in net income, net of tax benefit of $-, $0.4, and $- | 0 | 0.6 | 0 |
Net actuarial gains (losses) of defined benefit plans: | ' | ' | ' |
Unrealized gains (losses) arising during the period, net of tax expense (benefit) of $31.0, $(17.8), and $(17.5) | 52.7 | -30.3 | -29.8 |
Amortization of net actuarial losses, net of tax benefit of $1.9, $1.1, and $0.6 | 3.1 | 2.2 | 1.2 |
Other comprehensive income (loss), net of tax | 74.7 | -14.5 | -28.4 |
Comprehensive income | 467.1 | 239.2 | 117.3 |
Less: comprehensive income attributable to noncontrolling interest | 21.1 | 0.1 | 3.6 |
Comprehensive income attributable to Trinity Industries, Inc. | $446 | $239.10 | $113.70 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unrealized gains (losses) arising during the period, tax expense (benefit) | $0.80 | $4.20 | ($1.90) |
Reclassification adjustments for losses included in net income, tax benefit | 8.7 | 3.2 | 2.3 |
Currency translation adjustment – reclassification adjustment for losses included in net income, tax benefit | 0 | 0.4 | 0 |
Unrealized gains (losses) arising during the period, tax expense (benefit) | 31 | -17.8 | -17.5 |
Amortization of net actuarial losses, tax benefit | $1.90 | $1.10 | $0.60 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $428.50 | $573 |
Short-term marketable securities | 149.7 | 0 |
Receivables, net of allowance for doubtful accounts of $3.1 and $4.6 | 372.7 | 390 |
Inventories: | ' | ' |
Raw materials and supplies | 477 | 439.7 |
Work in process | 201.4 | 140.9 |
Finished goods | 136.3 | 121.5 |
Inventory, net | 814.7 | 702.1 |
Restricted cash, including partially-owned subsidiaries of $77.1 and $57.8 | 260.7 | 223.2 |
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,887.2 and $1,661.0 | 6,275.80 | 5,642 |
Less accumulated depreciation, including partially-owned subsidiaries of $202.1 and $153.8 | -1,505.20 | -1,343 |
Property, plant, and equipment, net | 4,770.60 | 4,299 |
Goodwill | 278.2 | 240.4 |
Assets held for sale and discontinued operations | 0 | 27.9 |
Other assets | 238.3 | 214.3 |
Total assets | 7,313.40 | 6,669.90 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 216.3 | 188.2 |
Accrued liabilities | 567.4 | 583.1 |
Debt: | ' | ' |
Recourse, net of unamortized discount of $74.1 and $87.5 | 419 | 458.1 |
Non-recourse: | ' | ' |
Wholly-owned subsidiaries | 1,314.70 | 1,404.20 |
Partially-owned subsidiaries | 1,256.10 | 1,192.70 |
Total debt | 2,989.80 | 3,055 |
Deferred income | 40.8 | 44.5 |
Deferred income taxes | 650.7 | 572.4 |
Liabilities held for sale and discontinued operations | 0 | 3.7 |
Other liabilities | 99.3 | 85.4 |
Total liabilities | 4,564.30 | 4,532.30 |
Stockholders’ equity: | ' | ' |
Preferred stock – 1.5 shares authorized and unissued | 0 | 0 |
Common stock – 200.0 shares authorized; shares issued and outstanding at December 31, 2013 and 2012 – 81.7 | 81.7 | 81.7 |
Capital in excess of par value | 686.6 | 652.6 |
Retained earnings | 1,870 | 1,536.70 |
Accumulated other comprehensive loss | -78.2 | -150.1 |
Treasury stock – shares at December 31, 2013 – 4.3; at December 31, 2012 – 2.6 | -158 | -67.9 |
Total stockholders' equity | 2,402.10 | 2,053 |
Noncontrolling interest | 347 | 84.6 |
Total stockholders' equity, including portion attributable to noncontrolling interest | 2,749.10 | 2,137.60 |
Total liabilities and stockholders' equity | $7,313.40 | $6,669.90 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Receivables, allowance for doubtful accounts | $3.10 | $4.60 |
Restricted cash | 260.7 | 223.2 |
Property, plant and equipment, at cost | 6,275.80 | 5,642 |
Less: accumulated depreciation | 1,505.20 | 1,343 |
Unamortized discount on recourse debt | 74.1 | 87.5 |
Preferred stock, shares authorized | 1,500,000 | 1,500,000 |
Preferred stock, shares unissued | 1,500,000 | 1,500,000 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 81,700,000 | 81,700,000 |
Common stock, shares outstanding | 81,700,000 | 81,700,000 |
Treasury stock, shares | 4,300,000 | 2,600,000 |
Partially-owned subsidiaries | ' | ' |
Restricted cash | 77.1 | 57.8 |
Property, plant and equipment, at cost | 1,887.20 | 1,661 |
Less: accumulated depreciation | $202.10 | $153.80 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating activities: | ' | ' | ' |
Net income | $392.40 | $253.70 | $145.70 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
(Income) loss from discontinued operations | -6.3 | -1.8 | 1.1 |
Depreciation and amortization | 211.5 | 193.7 | 187.7 |
Stock-based compensation expense | 44.5 | 27.7 | 22.8 |
Excess tax benefits from stock-based compensation | -8.5 | -0.6 | -3.2 |
Provision for deferred income taxes | 45.8 | 126.3 | 60.5 |
Net gains on railcar lease fleet sales owned more than one year at the time of sale | -20.4 | -33.5 | -16.2 |
Gain on disposition of property, plant, equipment, and other assets | -0.8 | -4.6 | -6.2 |
Gain on disposition of flood-damaged property, plant, equipment, and other assets | 0 | -0.4 | -17.6 |
Non-cash interest expense | 30.8 | 31.2 | 18.6 |
Other | -6.4 | -3.2 | 1.4 |
Changes in assets and liabilities: | ' | ' | ' |
(Increase) decrease in receivables | 17.2 | 2.7 | -150.3 |
(Increase) decrease in inventories | -95.6 | -128 | -234.4 |
(Increase) decrease in restricted cash | -25 | 0 | 0 |
(Increase) decrease in other assets | -29.1 | -41.5 | 14.2 |
Increase (decrease) in accounts payable | 29 | -16.7 | 74.9 |
Increase (decrease) in accrued liabilities | 72.4 | 125.5 | -11.5 |
Increase (decrease) in other liabilities | 8.2 | -3.9 | 14 |
Net cash provided by operating activities - continuing operations | 659.7 | 526.6 | 101.5 |
Net cash provided by operating activities - discontinued operations | 2.5 | 0.8 | 9.4 |
Net cash provided by operating activities | 662.2 | 527.4 | 110.9 |
Investing activities: | ' | ' | ' |
(Increase) decrease in short-term marketable securities | -149.7 | 0 | 158 |
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 131.6 | 126.3 | 60.6 |
Proceeds from railcar lease fleet sales – sale and leaseback | 0 | 58.3 | 44.4 |
Proceeds from disposition of property, plant, equipment, and other assets | 3.7 | 16.8 | 8.5 |
Proceeds from disposition of flood-damaged property, plant, and equipment | 0 | 0 | 23.3 |
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $49.4, $93.8 and $46.2 | -581.1 | -352.6 | -258.6 |
Capital expenditures – manufacturing and other | -149.9 | -116.6 | -47.6 |
Capital expenditures – replacement of flood-damaged property, plant, and equipment | 0 | 0 | -29.4 |
Acquisitions, net of cash acquired | -73.2 | -46.2 | -42.5 |
Other | 0 | 1.7 | 0 |
Net cash required by investing activities - continuing operations | -818.6 | -312.3 | -83.3 |
Net cash provided (required) by investing activities - discontinued operations | 0.6 | 0.9 | -1.7 |
Net cash required by investing activities | -818 | -311.4 | -85 |
Financing activities: | ' | ' | ' |
Proceeds from issuance of common stock, net | 2.5 | 4.1 | 2.1 |
Excess tax benefits from stock-based compensation | 8.5 | 0.6 | 3.2 |
Payments to retire debt | -262.1 | -378.4 | -1,112.30 |
Proceeds from issuance of debt | 175 | 443.8 | 1,143.30 |
(Increase) decrease in restricted cash | -12.5 | 17.1 | -33.2 |
Shares repurchased | -103.2 | -45.2 | 0 |
Dividends paid to common shareholders | -39.3 | -31.7 | -27.2 |
Proceeds from sale of interests in partially-owned leasing subsidiaries | 296.7 | 0 | 0 |
Repurchase of noncontrolling interests in partially-owned leasing subsidiary | -84 | 0 | 0 |
Contributions from noncontrolling interest | 50 | 0 | 0 |
Distributions to noncontrolling interest | -10 | 0 | -6.6 |
Other | -8.8 | -5.3 | 0 |
Net cash provided (required) by financing activities - continuing operations | 12.8 | 5 | -30.7 |
Net cash provided (required) by financing activities - discontinued operations | -1.5 | 0.9 | 1.9 |
Net cash provided (required) by financing activities | 11.3 | 5.9 | -28.8 |
Net increase (decrease) in cash and cash equivalents | -144.5 | 221.9 | -2.9 |
Cash and cash equivalents at beginning of period | 573 | 351.1 | 354 |
Cash and cash equivalents at end of period | 428.5 | 573 | 351.1 |
Supplemental Cash Flow Information | ' | ' | ' |
Interest paid | 163.6 | 174.8 | 154.9 |
Net tax payments made | $110.90 | $18.40 | $2.50 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less, net cost | $49.40 | $93.80 | $46.20 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Trinity Stockholders' Equity | Noncontrolling Interest |
In Millions, except Share data, unless otherwise specified | ||||||||
Beginning balance at Dec. 31, 2010 | $1,845.70 | $81.70 | $606.10 | $1,200.50 | ($95.50) | ($28) | $1,764.80 | $80.90 |
Beginning balance, Shares at Dec. 31, 2010 | ' | 81,700,000 | ' | ' | ' | -1,900,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 145.7 | ' | ' | 142.2 | ' | ' | 142.2 | 3.5 |
Other comprehensive income (loss) | -28.4 | ' | ' | ' | -28.5 | ' | -28.5 | 0.1 |
Cash dividends on common stock | -28 | ' | ' | -28 | ' | ' | -28 | ' |
Restricted shares, net | 7 | ' | 6.7 | ' | ' | 0.3 | 7 | ' |
Restricted shares, net, Shares | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Stock options exercised | 2.1 | ' | -0.5 | ' | ' | 2.6 | 2.1 | ' |
Stock options exercised, Shares | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Excess tax benefits from stock-based compensation | 3.5 | ' | 3.5 | ' | ' | ' | 3.5 | ' |
Stock-based compensation expense | 0.6 | ' | 0.6 | ' | ' | ' | 0.6 | ' |
Reclassification of purchase of additional interest in TRIP Holdings | ' | ' | 15.5 | ' | -15.5 | ' | ' | ' |
Tax expense allocation related to TRIP Holdings unrealized loss on derivative financial instruments | ' | ' | -5.5 | ' | 5.5 | ' | ' | ' |
Other | 0.1 | ' | 0.1 | ' | ' | ' | 0.1 | ' |
Contributions from noncontrolling interest | 0 | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 1,948.30 | 81.7 | 626.5 | 1,314.70 | -134 | -25.1 | 1,863.80 | 84.5 |
Ending balance, Shares at Dec. 31, 2011 | ' | 81,700,000 | ' | ' | ' | -1,500,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 253.7 | ' | ' | 255.2 | ' | ' | 255.2 | -1.5 |
Other comprehensive income (loss) | -14.5 | ' | ' | ' | -16.1 | ' | -16.1 | 1.6 |
Cash dividends on common stock | -33.2 | ' | ' | -33.2 | ' | ' | -33.2 | ' |
Restricted shares, net | 24.7 | ' | 26.4 | ' | ' | -1.7 | 24.7 | ' |
Restricted shares, net, Shares | ' | ' | ' | ' | ' | 400,000 | ' | ' |
Stock options exercised | 4.1 | ' | -0.7 | ' | ' | 4.8 | 4.1 | ' |
Stock options exercised, Shares | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Excess tax benefits from stock-based compensation | 0.2 | ' | 0.2 | ' | ' | ' | 0.2 | ' |
Stock-based compensation expense | 0.2 | ' | 0.2 | ' | ' | ' | 0.2 | ' |
Other | -0.7 | ' | 0 | ' | ' | -0.7 | -0.7 | ' |
Other, Shares | ' | ' | ' | ' | ' | 0 | ' | ' |
Shares repurchased | -45.2 | ' | ' | ' | ' | -45.2 | -45.2 | ' |
Shares repurchased, Shares | -1,834,221 | ' | ' | ' | ' | -1,800,000 | ' | ' |
Contributions from noncontrolling interest | 0 | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 2,137.60 | 81.7 | 652.6 | 1,536.70 | -150.1 | -67.9 | 2,053 | 84.6 |
Ending balance, Shares at Dec. 31, 2012 | ' | 81,700,000 | ' | ' | ' | -2,600,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 392.4 | ' | ' | 375.5 | ' | ' | 375.5 | 16.9 |
Other comprehensive income (loss) | 74.7 | ' | ' | ' | 70.5 | ' | 70.5 | 4.2 |
Cash dividends on common stock | -42.2 | ' | ' | -42.2 | ' | ' | -42.2 | ' |
Restricted shares, net | 37.1 | ' | 23.3 | ' | ' | 13.8 | 37.1 | ' |
Restricted shares, net, Shares | ' | ' | ' | ' | ' | 700,000 | ' | ' |
Stock options exercised | 2.3 | ' | -2 | ' | ' | 4.3 | 2.3 | ' |
Stock options exercised, Shares | 152,783 | ' | ' | ' | ' | 100,000 | ' | ' |
Excess tax benefits from stock-based compensation | 8.7 | ' | 8.7 | ' | ' | ' | 8.7 | ' |
Other | -0.5 | ' | -0.5 | ' | ' | ' | -0.5 | ' |
Shares repurchased | -108.2 | ' | ' | ' | ' | -108.2 | -108.2 | ' |
Shares repurchased, Shares | -2,473,189 | ' | ' | ' | ' | -2,500,000 | ' | ' |
Repurchase of interests in partially-owned leasing subsidiary | -84.2 | ' | 11.8 | ' | -11.8 | ' | ' | -84.2 |
Sale of interests in partially-owned leasing subsidiaries | 291.3 | ' | -7.3 | ' | 13.2 | ' | 5.9 | 285.4 |
Contributions from noncontrolling interest | 50 | ' | ' | ' | ' | ' | ' | 50 |
Distributions to noncontrolling interest | -9.9 | ' | ' | ' | ' | ' | ' | -9.9 |
Ending balance at Dec. 31, 2013 | $2,749.10 | $81.70 | $686.60 | $1,870 | ($78.20) | ($158) | $2,402.10 | $347 |
Ending balance, Shares at Dec. 31, 2013 | ' | 81,700,000 | ' | ' | ' | -4,300,000 | ' | ' |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
Principles of Consolidation | |
The financial statements of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity”, “Company”, “we” or “our”) 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 the Company has controlling interest. All significant intercompany accounts and transactions have been eliminated. | |
Stockholders' Equity | |
In September 2012, the Company’s Board of Directors authorized a $200 million share repurchase program, effective October 1, 2012, which expires on December 31, 2014. During the year ended December 31, 2013, the Company repurchased 2,473,189 shares under the program at a cost of $108.2 million. Certain shares of stock repurchased during December 2013, totaling $5.0 million, were cash settled in January 2014 in accordance with normal settlement practices. During the year ended December 31, 2012, the Company repurchased 1,834,221 shares under the prior program at a cost of $45.2 million. | |
In 2011, an amount of $15.5 million was reclassified between capital in excess of par value and accumulated other comprehensive loss to properly reflect the additional amount of accumulated unrealized loss on derivative financial instruments attributable to the Company after the purchase of additional interests in TRIP Holdings. | |
Revenue Recognition | |
Revenues for contracts providing for a large number of units and few deliveries are recorded as the individual units are produced, inspected, and accepted by the customer as the risk of loss passes to the customer upon delivery acceptance on these contracts. This occurs primarily in the Rail and Inland Barge Groups. Revenue from rentals and operating leases, including contracts which contain non-level fixed rental payments, is recognized monthly on a straight-line basis. 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 that have been owned for more than one year are recognized as a net gain or loss from the disposal of a long-term asset. Fees for shipping and handling are recorded as revenue. For all other products, we recognize revenue when products are shipped or services are provided. | |
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. | |
The Company regularly evaluates the likelihood of realization of tax benefits derived from positions it has 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, the Company recognizes the benefit it believes is cumulatively greater than 50% likely to be realized. To the extent the Company 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 | |
The Company considers 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. The Company intends to hold its short-term marketable securities until they are redeemed at their maturity date and believes that under the "more likely than not" criteria, the Company will not be required to sell the securities before recovery of their amortized cost bases, which may be maturity. | |
Financial instruments that potentially subject the Company to a concentration of credit risk are primarily cash investments including restricted cash, short-term marketable securities, and receivables. The Company places its cash investments and short-term marketable securities in bank deposits and investment grade, short-term debt instruments and limits 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 the Company's customer base, and their dispersion across different industries and geographic areas. As receivables are generally unsecured, the Company maintains 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, short-term marketable securities, receivables and accounts payable are considered to be representative of their respective fair values. At December 31, 2013, one customer’s net receivable balance in our Energy Equipment Group, all within terms, accounted for 16% of the consolidated net receivables balance outstanding. | |
Inventories | |
Inventories are valued at the lower of cost or market, with cost determined principally on the first in first out method. Market is replacement cost or net realizable value. 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 estimated useful lives are: buildings and improvements - 3 to 30 years; leasehold improvements - the lesser of the term of the lease or 7 years; machinery and equipment - 2 to 10 years; information systems hardware and software - 2 to 5 years; and railcars in our lease fleet - generally 35 years. The costs of ordinary maintenance and repair are charged to operating costs while renewals and major replacements are capitalized. | |
Long-lived Assets | |
The Company periodically evaluates the carrying value of long-lived assets to be held and used for potential impairment. The carrying value of long-lived assets to be held and used is considered impaired only 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. Impairment losses were not material for the years ended December 31, 2013, 2012, and 2011. | |
Goodwill and Intangible Assets | |
Goodwill is required to be tested for impairment annually, or on an interim basis whenever events or circumstances change, indicating that the carrying amount of the goodwill might be impaired. The 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 3 inputs, related to revenue and operating profit growth, discount rates and exit multiples. As of December 31, 2013 and 2012, the Company's annual impairment test of goodwill was completed at the reporting unit level and no impairment charges were determined to be necessary. | |
Intangible assets with defined useful lives, which as of December 31, 2013 had net book values of $19.5 million, are amortized over their estimated useful lives, and were also evaluated for potential impairment as of December 31, 2013. | |
Restricted Cash | |
Restricted cash consists of cash and cash equivalents that are held either as collateral for the Company's non-recourse debt and lease obligations or security for the performance of certain product sales agreements and as such are restricted in use. | |
Insurance | |
The Company is effectively self-insured for workers' compensation claims. A third party administrator is used to process claims. We accrue our workers' compensation liability based upon independent actuarial studies. | |
Warranties | |
Depending on the product, the Company provides warranties against materials and manufacturing defects generally ranging from one to five years. 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. The Company provides for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties, and assesses the adequacy of the resulting reserves on a quarterly basis. | |
Foreign Currency Translation | |
Operations outside the United States prepare financial statements in currencies other than the United States dollar. The income statement amounts are translated at average exchange rates for the year, while the assets and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders' equity and other comprehensive loss. The functional currency of our Mexico operations is considered to be the United States dollar. | |
Other Comprehensive Income (Loss) | |
Other comprehensive net income (loss) consists of foreign currency translation adjustments, the effective unrealized gains and losses on the Company's derivative financial instruments, and the net actuarial gains and losses of the Company's defined benefit plans, the sum of which, along with net income (loss), constitutes comprehensive net income (loss). See Note 15 Accumulated Other Comprehensive Loss (“AOCL”). All components are shown net of tax. | |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income," ("ASU 2013-02") which amended prior reporting requirements with respect to comprehensive income by requiring additional disclosures about the amounts reclassified out of accumulated other comprehensive loss by component. ASU 2013-02 became effective for public companies during interim and annual reporting periods beginning after December 15, 2012 with early adoption permitted. Accordingly, the Company adopted this new standard on January 1, 2013. The adoption of ASU 2013-02 did not have an impact on the Company's consolidated financial position, results of operations, or cash flows. | |
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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Reclassifications | |
Certain prior year balances have been reclassified in the consolidated balance sheets and consolidated statements of cash flows to conform to the 2013 presentation. |
Acquisitions_and_Divestitures
Acquisitions and Divestitures | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisitions and Divestitures | ' | |||||||||||
Acquisitions and Divestitures | ||||||||||||
The Company's acquisition and divestiture activities are summarized below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Acquisitions: | ||||||||||||
Purchase price | $ | 125.2 | $ | 48.8 | $ | 56.4 | ||||||
Net cash paid | $ | 73.2 | $ | 46.2 | $ | 42.5 | ||||||
Goodwill recorded | $ | 37 | $ | 20.9 | $ | 29.3 | ||||||
Divestitures: | ||||||||||||
Proceeds | $ | 35.6 | $ | 2.1 | $ | 8.3 | ||||||
Gain recognized | $ | 12.5 | $ | 1.5 | $ | 0.7 | ||||||
Goodwill charged off | $ | 4.8 | $ | 0.1 | $ | 1 | ||||||
The four acquisitions completed in 2013 were recorded based on preliminary valuations of the related assets and liabilities at their acquisition date fair value using level three inputs. Such assets and liabilities were not significant in relation to assets and liabilities at the consolidated or segment level. See Note 3 Fair Value Accounting for a discussion of inputs in determining fair value. | ||||||||||||
The aggregate purchase price related to our acquisition activity for the years ended December 31, 2013, 2012, and 2011 by segment follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Rail Group | $ | 23.1 | $ | — | $ | — | ||||||
Construction Products Group | 74.2 | 48.8 | 56.4 | |||||||||
Energy Equipment Group | 27.9 | — | — | |||||||||
$ | 125.2 | $ | 48.8 | $ | 56.4 | |||||||
Discontinued operation - Ready-Mix Concrete Operations | ||||||||||||
During the year ended December 31, 2013, the Company sold its remaining ready-mix concrete operations in exchange for certain aggregates operations in Texas, Colorado, and California. The fair value of the proceeds received in exchange for the divested operations was based on the Company’s estimate of fair value of the operations disposed using a discounted cash flow analysis. A gain of $12.5 million was recognized based on the fair value of the proceeds less the assets’ carrying amounts and certain transaction costs. The divestiture of our ready-mix concrete operations has been accounted for and reported as a discontinued operation. Assets and liabilities related to the discontinued operations have been classified as Assets/Liabilities Held for Sale and Discontinued Operations in the accompanying consolidated balance sheets as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Assets of Ready-Mix Concrete Operations: | ||||||||||||
Inventories | $ | — | $ | 4.5 | ||||||||
Property, plant, and equipment, net | — | 16.9 | ||||||||||
Goodwill | — | 6.3 | ||||||||||
Other | — | 0.2 | ||||||||||
$ | — | $ | 27.9 | |||||||||
Liabilities of Ready-Mix Concrete Operations: | ||||||||||||
Debt | $ | — | $ | 3.7 | ||||||||
$ | — | $ | 3.7 | |||||||||
Condensed results of operations for the ready-mix concrete operations for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Revenues | $ | 31.6 | $ | 121.4 | $ | 136.8 | ||||||
Income (loss) from discontinued operations before income taxes | $ | (1.6 | ) | $ | 2.9 | $ | (1.5 | ) | ||||
Provision (benefit) for income taxes | (0.8 | ) | 1.1 | (0.4 | ) | |||||||
Net income (loss) from discontinued operations | $ | (0.8 | ) | $ | 1.8 | $ | (1.1 | ) | ||||
In January and February of 2014, we acquired the operating assets of three unrelated businesses in our Energy Equipment Group for a total purchase price of approximately $119.4 million. |
Fair_Value_Accounting
Fair Value Accounting | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Accounting | ' | ||||||||||||||||
Fair Value Accounting | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Fair Value Measurement as of December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 230.6 | $ | — | $ | — | $ | 230.6 | |||||||||
Restricted cash | 260.7 | — | — | 260.7 | |||||||||||||
Total assets | $ | 491.3 | $ | — | $ | — | $ | 491.3 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate hedges:(1) | |||||||||||||||||
Wholly-owned subsidiaries | $ | — | $ | 21.7 | $ | — | $ | 21.7 | |||||||||
Partially-owned subsidiaries | — | 2.1 | — | 2.1 | |||||||||||||
Total liabilities | $ | — | $ | 23.8 | $ | — | $ | 23.8 | |||||||||
Fair Value Measurement as of December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 246.6 | $ | 155 | $ | — | $ | 401.6 | |||||||||
Restricted cash | 223.2 | — | — | 223.2 | |||||||||||||
Equity call agreement with TRIP Holdings equity investor(2) | — | — | 0.8 | 0.8 | |||||||||||||
Fuel derivative instruments(2) | — | 0.1 | — | 0.1 | |||||||||||||
Total assets | $ | 469.8 | $ | 155.1 | $ | 0.8 | $ | 625.7 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate hedges:(1) | |||||||||||||||||
Wholly-owned subsidiaries | $ | — | $ | 37.6 | $ | — | $ | 37.6 | |||||||||
Partially-owned subsidiaries | — | 5.2 | — | 5.2 | |||||||||||||
Equity put agreement with TRIP Holdings equity investor(3) | — | — | 2.9 | 2.9 | |||||||||||||
Total liabilities | $ | — | $ | 42.8 | $ | 2.9 | $ | 45.7 | |||||||||
(1) Included in accrued liabilities on the consolidated balance sheet. | |||||||||||||||||
(2) Included in other assets on the consolidated balance sheet. | |||||||||||||||||
(3) Included in other liabilities on the consolidated balance sheet. | |||||||||||||||||
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 values are listed below: | |||||||||||||||||
Level 1 – This level is defined as quoted prices in active markets for identical assets or liabilities. The Company’s cash equivalents, excluding commercial paper, and restricted cash are instruments of the U.S. Treasury or highly-rated money market mutual funds. | |||||||||||||||||
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. Cash equivalents include commercial paper valued using quoted prices in secondary markets. The Company’s fuel derivative instruments, which are commodity swaps, are valued using energy and commodity market data. Interest rate hedges are valued at exit prices obtained from each counterparty. See Note 7 Derivative Instruments and Note 11 Debt. | |||||||||||||||||
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. The equity put and call agreements with the TRIP equity investor are valued based on cash flow projections and certain assumptions regarding the likelihood of exercising the option under the related agreement. See Note 5 Partially-Owned Leasing Subsidiaries. | |||||||||||||||||
The carrying amounts and estimated fair values of our long-term debt are as follows: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(in millions) | |||||||||||||||||
Recourse: | |||||||||||||||||
Convertible subordinated notes | $ | 450 | $ | 593.4 | $ | 450 | $ | 506.6 | |||||||||
Less: unamortized discount | (74.1 | ) | (87.5 | ) | |||||||||||||
375.9 | 362.5 | ||||||||||||||||
Capital lease obligations | 42.2 | 42.2 | 45.8 | 45.8 | |||||||||||||
Term loan | — | — | 48.6 | 53.3 | |||||||||||||
Other | 0.9 | 0.9 | 1.2 | 1.2 | |||||||||||||
419 | 636.5 | 458.1 | 606.9 | ||||||||||||||
Non-recourse: | |||||||||||||||||
2006 secured railcar equipment notes | 240.7 | 259.2 | 255.8 | 292 | |||||||||||||
Promissory notes | 396.1 | 389.6 | 424.1 | 414.6 | |||||||||||||
2009 secured railcar equipment notes | 199 | 229.5 | 209.2 | 260.4 | |||||||||||||
2010 secured railcar equipment notes | 326.9 | 342.7 | 341.5 | 387.2 | |||||||||||||
TILC warehouse facility | 152 | 152 | 173.6 | 173.6 | |||||||||||||
TRL 2012 secured railcar equipment notes - RIV 2013 | 499.3 | 483.4 | 333.8 | 321.7 | |||||||||||||
TRIP Holdings senior secured notes | — | — | 61.2 | 62.5 | |||||||||||||
TRIP Master Funding secured railcar equipment notes | 756.8 | 819.8 | 797.7 | 952 | |||||||||||||
2,570.80 | 2,676.20 | 2,596.90 | 2,864.00 | ||||||||||||||
Total | $ | 2,989.80 | $ | 3,312.70 | $ | 3,055.00 | $ | 3,470.90 | |||||||||
The estimated fair value of our convertible subordinated notes was based on a quoted market price in a market with little activity as of December 31, 2013 and 2012, respectively (Level 2 input). The estimated fair values of our 2006, 2009, 2010, and 2012 secured railcar equipment notes, promissory notes, TRIP Holdings senior secured notes, TRIP Rail Master Funding LLC (“TRIP Master Funding”) secured railcar equipment notes, and term loan are based on our estimate of their fair value as of December 31, 2013 and 2012, respectively. These values were determined by discounting their future cash flows at the current market interest rate (Level 3 inputs). The carrying value of our Trinity Industries Leasing Company (“TILC”) warehouse facility approximates fair value because the interest rate adjusts to the market interest rate (Level 3 input). The fair values of all other financial instruments are estimated to approximate carrying value. See Note 11 Debt for a description of the Company's long-term debt. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||||||
Segment Information | ||||||||||||||||||||||||||||
The Company reports operating results in five principal business segments: (1) the Rail Group, which manufactures and sells railcars and related parts and components; (2) the Construction Products Group, which manufactures and sells highway products and other steel products for infrastructure-related projects, and produces and sells aggregates; (3) the Inland Barge Group, which manufactures and sells barges and related products for inland waterway services; (4) the Energy Equipment Group, which manufactures and sells products for energy related businesses, including structural wind towers, storage containers, tank heads for pressure and non-pressure vessels, and utility, traffic, and lighting structures; and (5) the Railcar Leasing and Management Services Group (“Leasing Group”), which owns and operates a fleet of railcars as well as provides third-party fleet management, maintenance, and leasing services. The segment All Other includes our captive insurance and transportation companies; 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 that are related to manufacturing and dedicated to the specific manufacturing operations of a particular segment are included in operating profit of that respective segment. Gains and losses from the sale of property, plant, and equipment that can be utilized by multiple segments are included in operating profit of the All Other segment. | ||||||||||||||||||||||||||||
As discussed in Note 2, Acquisitions and Divestitures, the Company sold its remaining ready-mix concrete operations that have historically been a component of the Construction Products Group. The divestiture of our ready-mix concrete operations has been accounted for and reported as a discontinued operation and, accordingly, historical segment information previously reported has been adjusted to exclude the discontinued operations from the Construction Products Group. | ||||||||||||||||||||||||||||
Sales and related net profits from the Rail Group to the Leasing Group are recorded in the Rail Group and eliminated in consolidation. Sales between these groups are recorded at prices comparable to those charged to external customers, taking into consideration quantity, features, and production demand. Intersegment sales and net profit ("deferred profit") are eliminated in consolidation and reflected in the "Eliminations – Lease subsidiary" line in the table below. Amortization of deferred profit on railcars sold to the Leasing Group is included in the operating profits of the Leasing Group, resulting in the recognition of depreciation expense based on the Company's 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 from continuing operations for these segments is shown in the tables below. We operate principally in North America. | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Revenues | Operating Profit (Loss) | Assets | Depreciation & Amortization | Capital Expenditures | ||||||||||||||||||||||||
External | Intersegment | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Rail Group | $ | 2,093.50 | $ | 774 | $ | 2,867.50 | $ | 489.7 | $ | 1,063.90 | $ | 27.2 | $ | 42.4 | ||||||||||||||
Construction Products Group | 508.6 | 16.4 | 525 | 52.6 | 459.9 | 20.9 | 17.1 | |||||||||||||||||||||
Inland Barge Group | 576.6 | 0.1 | 576.7 | 96 | 170.3 | 8.1 | 18.4 | |||||||||||||||||||||
Energy Equipment Group | 536.5 | 128.9 | 665.4 | 61.4 | 364.3 | 18.2 | 41.5 | |||||||||||||||||||||
Railcar Leasing and Management Services Group | 645.4 | — | 645.4 | 296.8 | 5,026.90 | 129 | 581.1 | |||||||||||||||||||||
All Other | 4.7 | 81.9 | 86.6 | (13.7 | ) | 49.8 | 3.7 | 4.4 | ||||||||||||||||||||
Segment Totals before Eliminations and Corporate | 4,365.30 | 1,001.30 | 5,366.60 | 982.8 | 7,135.10 | 207.1 | 704.9 | |||||||||||||||||||||
Corporate | — | — | — | (73.4 | ) | 731 | 4.5 | 26.1 | ||||||||||||||||||||
Eliminations – Lease subsidiary | — | (756.5 | ) | (756.5 | ) | (135.4 | ) | (549.7 | ) | — | — | |||||||||||||||||
Eliminations – Other | — | (244.8 | ) | (244.8 | ) | (1.1 | ) | (3.0 | ) | (0.1 | ) | — | ||||||||||||||||
Consolidated Total | $ | 4,365.30 | $ | — | $ | 4,365.30 | $ | 772.9 | $ | 7,313.40 | $ | 211.5 | $ | 731 | ||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Revenues | Operating Profit (Loss) | Assets | Depreciation & Amortization | Capital Expenditures | ||||||||||||||||||||||||
External | Intersegment | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Rail Group | $ | 1,512.10 | $ | 500.9 | $ | 2,013.00 | $ | 199 | $ | 916.2 | $ | 21.8 | $ | 47.8 | ||||||||||||||
Construction Products Group | 461.2 | 22.5 | 483.7 | 44.8 | 415.2 | 16.6 | 15.7 | |||||||||||||||||||||
Inland Barge Group | 675.2 | — | 675.2 | 124.7 | 154.4 | 7.6 | 15 | |||||||||||||||||||||
Energy Equipment Group | 506 | 52.6 | 558.6 | 18.2 | 400.1 | 19 | 25.2 | |||||||||||||||||||||
Railcar Leasing and Management Services Group | 644.4 | 2.7 | 647.1 | 300.9 | 4,538.80 | 120.5 | 352.6 | |||||||||||||||||||||
All Other | 13 | 68.4 | 81.4 | (10.2 | ) | 30.9 | 4.4 | 6.6 | ||||||||||||||||||||
Segment Totals before Eliminations and Corporate | 3,811.90 | 647.1 | 4,459.00 | 677.4 | 6,455.60 | 189.9 | 462.9 | |||||||||||||||||||||
Corporate | — | — | — | (51.5 | ) | 744.9 | 3.9 | 6.3 | ||||||||||||||||||||
Eliminations – Lease subsidiary | — | (485.9 | ) | (485.9 | ) | (50.8 | ) | (446.2 | ) | — | — | |||||||||||||||||
Eliminations – Other | — | (161.2 | ) | (161.2 | ) | (0.3 | ) | (112.3 | ) | (0.1 | ) | — | ||||||||||||||||
Consolidated Total | $ | 3,811.90 | $ | — | $ | 3,811.90 | $ | 574.8 | $ | 6,642.00 | $ | 193.7 | $ | 469.2 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Revenues | Operating Profit (Loss) | Assets | Depreciation & Amortization | Capital Expenditures | ||||||||||||||||||||||||
External | Intersegment | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Rail Group | $ | 931.7 | $ | 343 | $ | 1,274.70 | $ | 77.3 | $ | 684.6 | $ | 23.9 | $ | 11.4 | ||||||||||||||
Construction Products Group | 440.4 | 12.9 | 453.3 | 54.9 | 370.7 | 15.5 | 7.7 | |||||||||||||||||||||
Inland Barge Group | 548.5 | — | 548.5 | 106.4 | 189.2 | 6.4 | 38 | |||||||||||||||||||||
Energy Equipment Group | 454.8 | 18 | 472.8 | 8.9 | 392.9 | 18.4 | 10.4 | |||||||||||||||||||||
Railcar Leasing and Management Services Group | 551.4 | 0.6 | 552 | 254.5 | 4,462.10 | 115.7 | 258.6 | |||||||||||||||||||||
All Other | 11.5 | 50.3 | 61.8 | (3.8 | ) | 30.5 | 4.4 | 4 | ||||||||||||||||||||
Segment Totals before Eliminations and Corporate | 2,938.30 | 424.8 | 3,363.10 | 498.2 | 6,130.00 | 184.3 | 330.1 | |||||||||||||||||||||
Corporate | — | — | — | (43.6 | ) | 512.9 | 3.6 | 5.5 | ||||||||||||||||||||
Eliminations – Lease subsidiary | — | (325.5 | ) | (325.5 | ) | (28.3 | ) | (440.3 | ) | — | — | |||||||||||||||||
Eliminations – Other | — | (99.3 | ) | (99.3 | ) | 0.5 | (114.1 | ) | (0.2 | ) | — | |||||||||||||||||
Consolidated Total | $ | 2,938.30 | $ | — | $ | 2,938.30 | $ | 426.8 | $ | 6,088.50 | $ | 187.7 | $ | 335.6 | ||||||||||||||
Corporate assets are composed of cash and cash equivalents, short-term marketable securities, notes receivable, certain property, plant, and equipment, and other assets. Capital expenditures do not include business acquisitions. Capital expenditures for the Inland Barge Group in 2011 primarily relate to the repair and replacement of flood-damaged property, plant, and equipment at the Company's manufacturing facilities in Missouri and Tennessee. See Note 8 Property, Plant, and Equipment. | ||||||||||||||||||||||||||||
Externally reported revenues and operating profit for our Mexico operations for the years ended December 31, 2013, 2012, and 2011 are presented below: | ||||||||||||||||||||||||||||
External Revenues | Operating Profit | |||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Mexico | $ | 133.5 | $ | 96.4 | $ | 123 | $ | 4 | $ | 0.2 | $ | 18.4 | ||||||||||||||||
Total assets and long-lived assets for our Mexico operations as of December 31, 2013 and 2012 are presented below: | ||||||||||||||||||||||||||||
Total Assets | Long-Lived Assets | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Mexico | $306.90 | $285.80 | $177.70 | $141.20 |
PartiallyOwned_Leasing_Subsidi
Partially-Owned Leasing Subsidiaries | 12 Months Ended |
Dec. 31, 2013 | |
Partially-Owned Leasing Subsidiaries [Abstract] | ' |
Partially-Owned Leasing Subsidiaries | ' |
Partially-Owned Leasing Subsidiaries | |
The Company, through its wholly-owned subsidiary, TILC, formed two subsidiaries, TRIP Holdings and RIV 2013, for the purpose of providing railcar leasing in North America. Each of TRIP Holdings and RIV 2013 are direct, partially-owned subsidiaries of TILC and are each 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. Each of TRIP Holdings and RIV 2013 in turn has wholly-owned subsidiaries which are the owners of railcars. 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). TILC is the contractual servicer for TRIP Master Funding and TRL 2012, with the authority to manage and service each entity's owned railcars. The Company's controlling interest in each of TRIP Holdings and RIV 2013 results from its 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. The railcars owned by TRIP Master Funding were originally acquired from the Company's Rail and Leasing Groups by TRIP Rail Leasing LLC ("TRIP Leasing"), a wholly-owned subsidiary of TRIP Holdings. TRIP Master Funding acquired the railcars from TRIP Leasing in July 2011. TRIP Leasing currently owns no railcars and is not expected to acquire any railcars. | |
TRIP Holdings and RIV 2013, through TRIP Leasing and TRL 2012, respectively, acquired railcars from the Company's Rail and Leasing Groups funded by capital contributions from TILC and third-party equity investors, and from secured borrowings. Railcars purchased from the Company by TRL 2012 are required to be purchased at fair value as determined by TILC and approved by TRL 2012's board of representatives. The assets of each of TRIP Holdings, TRIP Master Funding, RIV 2013, and TRL 2012 may only be used to satisfy the particular subsidiary's liabilities, and the creditors of each of TRIP Holdings, TRIP Master Funding, RIV 2013, 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 allowed, 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. With respect to RIV 2013, TILC has a commitment that expires May 2016 to provide additional equity funding for the purchase of railcars and satisfaction of certain other liabilities of RIV 2013 of up to $27.9 million as of December 31, 2013. The third-party equity investors in RIV 2013 have a similar commitment that expires May 2016 to provide up to $63.4 million of additional equity funding. TILC and the third-party equity investors may have additional commitments to provide equity funding to RIV 2013 that expire in May 2019 contingent upon certain returns on investment in RIV 2013 and other conditions being met. Trinity has no obligation to guarantee performance under any of the partially-owned subsidiaries' (or their respective subsidiaries') debt agreements, guarantee any railcar residual values, shield any parties from losses, or guarantee minimum yields. | |
TRIP Holdings. In March 2013, the Company purchased an additional interest in TRIP Holdings from another equity investor for $31.7 million resulting in a reduction in the carrying amount of noncontrolling interest by $32.3 million. As a result, certain previous put/call agreements with the equity investor regarding their equity interest were terminated. In May 2013, the Company sold an interest in TRIP Holdings to certain third-party investors for a net amount of $200.3 million. Proceeds from the sale along with an additional equity contribution by TILC, were primarily used to retire the TRIP Holdings senior secured notes in their entirety. Additionally, the remaining interests of certain other equity investors were repurchased by TRIP Holdings for $52.3 million. At December 31, 2013, the Company's carrying value of its investment in TRIP Holdings, eliminated in consolidation, was $160.2 million representing the Company's 45% ownership interest. | |
RIV 2013. In May 2013, the Company formed RIV 2013, contributing its investment in TRL 2012 which had been formed as a wholly-owned railcar leasing subsidiary of TILC in December 2012. In May 2013, the Company sold an interest in RIV 2013 to certain third-party investors for a net amount of $94.6 million. On July 31, 2013, TILC and the third-party investors of RIV 2013 contributed $23.4 million and $50.0 million, respectively, net of expenses, to RIV 2013 in proportion to their respective equity interests. These contributions combined with additional secured borrowings were used to purchase additional railcar equipment from TILC. In August 2013, one of the third-party investors purchased an additional interest in RIV 2013 from the remaining investors for $2.5 million. At December 31, 2013, the Company's carrying value of its investment in RIV 2013, net of proceeds received from the sale of its previously-owned interest and eliminated in consolidation, was $44.6 million, representing the Company's 31% interest. | |
See Note 11 Debt regarding the debt of TRIP Holdings and RIV 2013 and their respective subsidiaries. |
Railcar_Leasing_and_Management
Railcar Leasing and Management Services Group | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Railcar Leasing and Management Services Group | ' | ||||||||||||||||||||||||||||
Railcar Leasing and Management Services Group | |||||||||||||||||||||||||||||
The Railcar Leasing and Management Services Group owns and operates a fleet of railcars as well as provides third-party fleet management, maintenance, and leasing services. Selected consolidating financial information for the Leasing Group is as follows: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Leasing Group | |||||||||||||||||||||||||||||
Wholly- | Partially- | Manufacturing/ | Total | ||||||||||||||||||||||||||
Owned | Owned | Corporate | |||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Cash, cash equivalents, and short-term marketable securities | $ | 3.5 | $ | — | $ | 574.7 | $ | 578.2 | |||||||||||||||||||||
Property, plant, and equipment, net | $ | 2,964.60 | $ | 1,685.10 | $ | 670.6 | $ | 5,320.30 | |||||||||||||||||||||
Net deferred profit on railcars sold to the Leasing Group | (549.7 | ) | |||||||||||||||||||||||||||
Consolidated property, plant, and equipment, net | $ | 4,770.60 | |||||||||||||||||||||||||||
Restricted cash | $ | 183.6 | $ | 77.1 | $ | — | $ | 260.7 | |||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||
Recourse | $ | 42.2 | $ | — | $ | 450.9 | $ | 493.1 | |||||||||||||||||||||
Less: unamortized discount | — | — | (74.1 | ) | (74.1 | ) | |||||||||||||||||||||||
42.2 | — | 376.8 | 419 | ||||||||||||||||||||||||||
Non-recourse | 1,314.70 | 1,256.10 | — | 2,570.80 | |||||||||||||||||||||||||
Total debt | $ | 1,356.90 | $ | 1,256.10 | $ | 376.8 | $ | 2,989.80 | |||||||||||||||||||||
Net deferred tax liabilities | $ | 671.9 | $ | — | $ | (32.5 | ) | $ | 639.4 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Leasing Group | |||||||||||||||||||||||||||||
Wholly- | Partially- | Manufacturing/ | Total | ||||||||||||||||||||||||||
Owned | Owned | Corporate | |||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5.7 | $ | — | $ | 567.3 | $ | 573 | |||||||||||||||||||||
Property, plant, and equipment, net | $ | 2,698.70 | $ | 1,507.20 | $ | 539.3 | $ | 4,745.20 | |||||||||||||||||||||
Net deferred profit on railcars sold to the Leasing Group | (446.2 | ) | |||||||||||||||||||||||||||
Consolidated property, plant, and equipment, net | $ | 4,299.00 | |||||||||||||||||||||||||||
Restricted cash | $ | 165.4 | $ | 57.8 | $ | — | $ | 223.2 | |||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||
Recourse | $ | 94.4 | $ | — | $ | 451.2 | $ | 545.6 | |||||||||||||||||||||
Less: unamortized discount | — | — | (87.5 | ) | (87.5 | ) | |||||||||||||||||||||||
94.4 | — | 363.7 | 458.1 | ||||||||||||||||||||||||||
Non-recourse | 1,404.20 | 1,301.50 | — | 2,705.70 | |||||||||||||||||||||||||
Less: non-recourse debt owned by Trinity | — | (108.8 | ) | — | (108.8 | ) | |||||||||||||||||||||||
Total debt | $ | 1,498.60 | $ | 1,192.70 | $ | 363.7 | $ | 3,055.00 | |||||||||||||||||||||
Net deferred tax liabilities | $ | 671.1 | $ | 5.4 | $ | (120.7 | ) | $ | 555.8 | ||||||||||||||||||||
See Note 5 Partially-Owned Leasing Subsidiaries and Note 11 Debt for a further discussion regarding the Company’s investment in its partially-owned leasing subsidiaries and the related indebtedness. Certain prior year balances with respect to RIV 2013 have been reclassified as pertaining to a partially-owned subsidiary to conform to the 2013 presentation. See Note 5 Partially-Owned Leasing Subsidiaries. | |||||||||||||||||||||||||||||
Year Ended December 31, | Percent Change | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 versus 2012 | 2012 versus 2011 | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Leasing and management | $ | 586.9 | $ | 528.5 | $ | 492.6 | 11.1 | % | 7.3 | % | |||||||||||||||||||
Sale of railcars owned one year or less at the time of sale | 58.5 | 118.6 | 59.4 | * | * | ||||||||||||||||||||||||
Total revenues | $ | 645.4 | $ | 647.1 | $ | 552 | (0.3 | ) | 17.2 | ||||||||||||||||||||
Operating profit: | |||||||||||||||||||||||||||||
Leasing and management | $ | 267.3 | $ | 242.6 | $ | 225.1 | 10.2 | 7.8 | |||||||||||||||||||||
Railcar sales: | |||||||||||||||||||||||||||||
Railcars owned one year or less at the time of sale | 9.1 | 24.8 | 13.2 | ||||||||||||||||||||||||||
Railcars owned more than one year at the time of sale | 20.4 | 33.5 | 16.2 | ||||||||||||||||||||||||||
Total operating profit | $ | 296.8 | $ | 300.9 | $ | 254.5 | (1.4 | ) | 18.2 | ||||||||||||||||||||
Operating profit margin: | |||||||||||||||||||||||||||||
Leasing and management | 45.5 | % | 45.9 | % | 45.7 | % | |||||||||||||||||||||||
Railcar sales | * | * | * | ||||||||||||||||||||||||||
Total operating profit margin | 46 | 46.5 | 46.1 | ||||||||||||||||||||||||||
Selected expense information(1): | |||||||||||||||||||||||||||||
Depreciation | $ | 129 | $ | 120.5 | $ | 115.7 | 7.1 | 4.1 | |||||||||||||||||||||
Maintenance | $ | 71.5 | $ | 59.4 | $ | 58.2 | 20.4 | 2.1 | |||||||||||||||||||||
Rent | $ | 53.3 | $ | 50.9 | $ | 48.6 | 4.7 | 4.7 | |||||||||||||||||||||
Interest: | |||||||||||||||||||||||||||||
External | $ | 153.5 | $ | 161.2 | $ | 154.4 | |||||||||||||||||||||||
Intercompany | 3.8 | 13.1 | 6.4 | ||||||||||||||||||||||||||
Total interest expense | $ | 157.3 | $ | 174.3 | $ | 160.8 | (9.8 | ) | 8.4 | ||||||||||||||||||||
* Not meaningful | |||||||||||||||||||||||||||||
(1) Depreciation, maintenance, and rent expense are components of operating profit. Amortization of deferred profit on railcars sold from the Rail Group to the Leasing Group is included in the operating profits of the Leasing Group resulting in the recognition of depreciation expense based on the Company's original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. Intercompany interest expense arises from Trinity’s previous ownership of a portion of TRIP Holdings’ Senior Secured Notes and is eliminated in consolidation. See Note 11 Debt. | |||||||||||||||||||||||||||||
Equipment consists primarily of railcars leased by third parties. The Leasing Group purchases equipment manufactured predominantly by the Rail Group and enters into lease contracts with third parties with terms generally ranging between one and twenty years. The Leasing Group primarily enters into operating leases. Future contractual minimum rental revenues on leases are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Future contractual minimum rental revenue | $ | 425.2 | $ | 359.8 | $ | 297 | $ | 232.6 | $ | 161.4 | $ | 274.2 | $ | 1,750.20 | |||||||||||||||
Debt. The Leasing Group’s debt at December 31, 2013 consisted of both recourse and non-recourse debt. In 2009, the Company entered into a seven-year $61.0 million term loan agreement and capital lease obligations totaling $56.6 million. The Company's term loan agreement was repaid in full in March 2013. The capital lease obligations are guaranteed by Trinity Industries, Inc. and certain subsidiaries, and secured by railcar equipment and related leases. As of December 31, 2013, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $1,973.2 million, excluding deferred profit, which is pledged as collateral for Leasing Group debt held by those subsidiaries, including equipment with a net book value of $47.3 million securing capital lease obligations. The net book value, excluding deferred profit, of unpledged equipment at December 31, 2013 was $904.4 million. See Note 11 Debt for the form, maturities, and descriptions of 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 subsidiaries have recourse only to the particular subsidiary's assets. TRIP Master Funding equipment with a net book value of $1,065.0 million, excluding deferred profit, resulting from the sale of railcars to TRIP Master Funding, is pledged as collateral for the TRIP Master Funding debt. TRL 2012 equipment with a net book value of $620.1 million, excluding deferred profit, resulting from the sale of railcars to TRL 2012, is pledged solely as collateral for the TRL 2012 secured railcar equipment notes. See Note 5 Partially-Owned Leasing Subsidiaries 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 the Trust is considered to be the primary beneficiary of the Trust and therefore, the debt related to the Trust is 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 22 years, and subleased the railcars to independent third-party customers under shorter term operating rental agreements. Under the terms of the operating lease agreements between the subsidiaries and the Trusts, the Leasing Group has the option to purchase at a predetermined fixed price, certain of the railcars from the Trusts in 2016 and other railcars in 2019. The Leasing Group also has options to purchase the railcars at the end of the respective lease agreements in 2023, 2026, and 2027 at the then fair market value of the railcars as determined by a third party, independent appraisal. At the expiration of the operating lease agreements, the Company has no further obligations with respect to the leased railcars. | |||||||||||||||||||||||||||||
These Leasing Group subsidiaries had total assets as of December 31, 2013 of $207.5 million, including cash of $83.1 million and railcars of $86.1 million. The subsidiaries' cash, railcars, and an interest in each sublease are pledged to collateralize the lease obligations to the Trusts and are included in the consolidated financial statements of the Company. Trinity does not guarantee the performance of the subsidiaries’ lease obligations. Certain ratios and cash deposits must be maintained by the Leasing Group’s subsidiaries in order for excess cash flow, as defined in the agreements, from the lease to third parties to be available to Trinity. Future operating lease obligations of the Leasing Group’s subsidiaries as well as future contractual minimum rental revenues related to these leases due to the Leasing Group are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Future operating lease obligations of Trusts’ railcars | $ | 44.7 | $ | 43 | $ | 40.1 | $ | 41.9 | $ | 45.3 | $ | 253.6 | $ | 468.6 | |||||||||||||||
Future contractual minimum rental revenues of Trusts’ railcars | $ | 62.7 | $ | 49 | $ | 38.3 | $ | 28.8 | $ | 18.5 | $ | 35.5 | $ | 232.8 | |||||||||||||||
In each transaction, the Leasing Group has entered into a servicing and re-marketing agreement with the Trusts that requires the Leasing Group to endeavor, consistent with customary commercial practice as would be used by a prudent person, to maintain railcars under lease for the benefit of the Trusts. The Leasing Group also receives management fees under the terms of the agreements. In each transaction, an independent trustee for the Trusts has authority for appointment of the railcar fleet manager. | |||||||||||||||||||||||||||||
Operating Lease Obligations. Future amounts due as well as future contractual minimum rental revenues related to operating leases other than leases discussed above are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Future operating lease obligations | $ | 12.8 | $ | 12.8 | $ | 12.7 | $ | 12.1 | $ | 12 | $ | 38.2 | $ | 100.6 | |||||||||||||||
Future contractual minimum rental revenues | $ | 18.8 | $ | 13.8 | $ | 12.7 | $ | 9.5 | $ | 5.7 | $ | 8.8 | $ | 69.3 | |||||||||||||||
Operating lease obligations totaling $21.9 million are guaranteed by Trinity Industries, Inc. and certain subsidiaries. | |||||||||||||||||||||||||||||
In December 2013, the Company entered into a strategic alliance with Element Financial Corporation ("Element"), a major equipment finance company in North America, to develop a diversified portfolio of up to $2.0 billion of leased railcars. Element is expected to acquire a portfolio of leased railcars primarily consisting of new railcars manufactured by the Company's Rail Group, existing railcars from TILC, as well as secondary market purchases. TILC acts as servicer of the Element-owned leased railcar fleet and receives fees accordingly. The initial sale of leased railcars with a total value of approximately $105.0 million closed in December 2013 with recorded revenue of $39.6 million while the second closing, with a total value of approximately $396.0 million, occurred in January 2014 with recorded revenue of $173.5 million. Both sales consisted of railcars from the Company's wholly-owned lease fleet. |
Derivative_Instruments
Derivative Instruments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||
Derivative Instruments | ' | ||||||||||||||||||
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 use derivative instruments to mitigate the impact of changes in natural gas and diesel fuel prices and changes in foreign currency exchange rates. For derivative instruments designated as hedges, the Company formally documents the relationship between the derivative instrument and the hedged item, as well as the risk management objective and strategy for the use of the derivative instrument. This documentation includes linking the derivatives that are designated as fair value or cash flow hedges to specific assets or liabilities on the balance sheet, commitments, or forecasted transactions. At the time a derivative instrument is entered into, and at least quarterly thereafter, the Company assesses whether the derivative instrument is effective in offsetting the changes in fair value or cash flows of the hedged item. Any change in fair value resulting in ineffectiveness, as defined by accounting standards issued by the FASB, is recognized in current period earnings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative instrument is recorded in AOCL as a separate component of stockholders' equity and reclassified into earnings in the period during which the hedge transaction affects earnings. Trinity monitors its derivative positions and the credit ratings of its counterparties and does not anticipate losses due to counterparties' non-performance. See Note 3 Fair Value Accounting for discussion of how the Company valued its commodity hedges and interest rate swaps at December 31, 2013. See Note 11 Debt for a description of the Company's debt instruments. | |||||||||||||||||||
Interest rate hedges | |||||||||||||||||||
Included in accompanying balance sheet | |||||||||||||||||||
at December 31, 2013 | |||||||||||||||||||
Notional | Interest | Liability | AOCL – | Noncontrolling | |||||||||||||||
Amount | Rate(1) | loss/ | Interest | ||||||||||||||||
(income) | |||||||||||||||||||
(in millions, except %) | |||||||||||||||||||
Expired hedges: | |||||||||||||||||||
2006 secured railcar equipment notes | $ | 200 | 4.87 | % | $ | — | $ | (1.6 | ) | $ | — | ||||||||
Promissory notes | $ | 370 | 5.34 | % | $ | — | $ | 4.1 | $ | — | |||||||||
TRIP Holdings warehouse loan | $ | 788.5 | 3.6 | % | $ | — | $ | 12.9 | $ | 15.9 | |||||||||
Open hedges: | |||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | $ | 67.2 | 2.62 | % | $ | 2.1 | $ | 0.9 | $ | 1.1 | |||||||||
Promissory notes | $ | 415 | 4.13 | % | $ | 21.7 | $ | 20 | $ | — | |||||||||
(1) | Weighted average fixed interest rate | ||||||||||||||||||
Effect on interest expense-increase/(decrease) | |||||||||||||||||||
Year Ended December 31, | Expected effect during next twelve months(1) | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Expired hedges: | |||||||||||||||||||
2006 secured railcar equipment notes | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.4 | ) | $ | (0.3 | ) | |||||||
Promissory notes | $ | 3.1 | $ | 3.3 | $ | 3.5 | $ | 2.9 | |||||||||||
TRIP Holdings warehouse loan | $ | 6.1 | $ | 6 | $ | 17.4 | $ | 5.1 | |||||||||||
Open hedges: | |||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | $ | 1.8 | $ | 2 | $ | 1.1 | $ | 1.5 | |||||||||||
Promissory notes | $ | 15.8 | $ | 18.4 | $ | 19.6 | $ | 15.7 | |||||||||||
(1)Based on the fair value of open hedges as of December 31, 2013 | |||||||||||||||||||
During 2005 and 2006, we entered into interest rate swap derivatives in anticipation of issuing our 2006 Secured Railcar Equipment Notes. These derivative instruments, with a notional amount of $200.0 million, were settled in 2006 and fixed the interest rate on a portion of the related debt issuance. These derivative instrument transactions are being accounted for as cash flow hedges with changes in the fair value of the instruments of $4.5 million in income recorded in AOCL through the date the related debt issuance closed in 2006. The balance is being amortized over the term of the related debt. The effect on interest expense is due to amortization of the AOCL balance. | |||||||||||||||||||
During 2006 and 2007, we entered into interest rate swap derivatives in anticipation of issuing our Promissory Notes. These derivative instruments, with a notional amount of $370.0 million, were settled in 2008 and fixed the interest rate on a portion of the related debt issuance. These derivative instrument transactions are being accounted for as cash flow hedges with changes in the fair value of the instruments of $24.5 million recorded as a loss in AOCL through the date the related debt issuance closed in 2008. The balance is being amortized over the term of the related debt. The effect on interest expense is due to amortization of the AOCL balance. | |||||||||||||||||||
In 2008, we entered into an interest rate swap derivative instrument, expiring in 2015, to fix the variable Libor component of the Promissory Notes. This derivative instrument transaction is being accounted for as a cash flow hedge. The effect on interest expense results primarily from monthly interest settlements. | |||||||||||||||||||
Between 2007 and 2009, TRIP Holdings, as required by the TRIP Warehouse Loan, entered into interest rate swap derivatives, all of which qualified as cash flow hedges, to reduce the effect of changes in variable interest rates in the TRIP Warehouse Loan. In July 2011, these interest rate hedges were terminated in connection with the refinancing of the TRIP Warehouse Loan. Balances included in AOCL at the date the hedges were terminated are being amortized over the expected life of the new debt with $5.1 million of additional interest expense expected to be recognized during the twelve months following December 31, 2013. Also in July 2011, TRIP Holdings’ wholly-owned subsidiary, TRIP Master Funding, entered into an interest rate swap derivative instrument, expiring in 2021, with a notional amount of $94.1 million to reduce the effect of changes in variable interest rates associated with the Class A-1b notes of the TRIP Master Funding secured railcar equipment notes. The effect on interest expense is primarily a result of monthly interest settlements. | |||||||||||||||||||
See Note 11 Debt regarding the related debt instruments. | |||||||||||||||||||
Other Derivatives | |||||||||||||||||||
Effect on operating income - increase/(decrease) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Fuel hedges(1) | |||||||||||||||||||
Effect of mark-to-market valuation | $ | — | $ | 0.4 | $ | — | |||||||||||||
Settlements | — | — | 0.4 | ||||||||||||||||
$ | — | $ | 0.4 | $ | 0.4 | ||||||||||||||
Foreign exchange hedges(2) | $ | — | $ | (0.4 | ) | $ | 0.1 | ||||||||||||
(1) | Included in cost of revenues in the accompanying consolidated statement of operations | ||||||||||||||||||
(2) | Included in other, net in the accompanying consolidated statement of operations | ||||||||||||||||||
Natural gas and diesel fuel | |||||||||||||||||||
We maintain a program to mitigate the impact of fluctuations in the price of natural gas and diesel fuel purchases. The intent of the program is to protect our operating profit from adverse price changes by entering into derivative instruments. For those instruments that do not qualify for hedge accounting treatment, any changes in their valuation are recorded directly to the consolidated statement of operations. The amount recorded in the consolidated balance sheet as of December 31, 2013 for these instruments was not significant. | |||||||||||||||||||
Foreign exchange hedge | |||||||||||||||||||
We enter into foreign exchange hedges to mitigate the impact on operating profit of unfavorable fluctuations in foreign currency exchange rates. These instruments are short term with quarterly maturities and no remaining balance in AOCL as of December 31, 2013. |
Property_Plant_and_Equipment
Property, Plant, and Equipment | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant, and Equipment | ' | |||||||
Property, Plant, and Equipment | ||||||||
The following table summarizes the components of property, plant, and equipment as of December 31, 2013 and 2012. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Manufacturing/Corporate: | ||||||||
Land | $ | 44.2 | $ | 37.7 | ||||
Buildings and improvements | 463.2 | 431 | ||||||
Machinery and other | 832.5 | 745.3 | ||||||
Construction in progress | 79 | 46.1 | ||||||
1,418.90 | 1,260.10 | |||||||
Less accumulated depreciation | (748.3 | ) | (720.8 | ) | ||||
670.6 | 539.3 | |||||||
Leasing: | ||||||||
Wholly-owned subsidiaries: | ||||||||
Machinery and other | 10.3 | 9.6 | ||||||
Equipment on lease | 3,509.10 | 3,157.50 | ||||||
3,519.40 | 3,167.10 | |||||||
Less accumulated depreciation | (554.8 | ) | (468.4 | ) | ||||
2,964.60 | 2,698.70 | |||||||
Partially-owned subsidiaries: | ||||||||
Equipment on lease | 1,887.20 | 1,661.00 | ||||||
Less accumulated depreciation | (202.1 | ) | (153.8 | ) | ||||
1,685.10 | 1,507.20 | |||||||
Net deferred profit on railcars sold to the Leasing Group | (549.7 | ) | (446.2 | ) | ||||
$ | 4,770.60 | $ | 4,299.00 | |||||
Certain prior year balances with respect to RIV 2013 have been reclassified as pertaining to a partially-owned subsidiary to conform to the 2013 presentation. See Note 5 Partially-Owned Leasing Subsidiaries. | ||||||||
We lease certain equipment and facilities under operating leases. Future minimum rent expense on non-Leasing Group leases in each year is (in millions): 2014 - $5.3; 2015 - $3.5; 2016 - $2.6; 2017 - $1.6; 2018 - $0.7; and $1.0 thereafter. See Note 6 Railcar Leasing and Management Services Group for information related to the lease agreements, future operating lease obligations, and future minimum rent expense associated with the Leasing Group. | ||||||||
We did not capitalize any interest expense as part of the construction of facilities and equipment during 2013 or 2012. | ||||||||
In May 2011 and May 2010, the Company's inland barge manufacturing facilities in Missouri and Tennessee, respectively, experienced floods that resulted in significant damage to Trinity's property and temporary disruption of its production activities. The Company is insured against losses due to property damage and business interruption subject to certain deductibles. With respect to the Missouri flood, Trinity received $35.0 million in payments from its insurance carriers of which $22.7 million pertained to the replacement of or repairs to damaged property, plant, and equipment with a net book value of $5.7 million, with the remainder pertaining primarily to the reimbursement of flood-related expenses and lost production. Accordingly, the Company recognized a gain of $0.4 million in 2012 and $17.0 million in 2011 from the disposition of the Missouri flood-damaged property, plant, and equipment. With respect to the Tennessee flood, Trinity received $27.5 million in payments from its insurance carrier of which $12.6 million pertained to the replacement of or repairs to damaged property, plant, and equipment with a net book value of $2.3 million, with the remainder pertaining primarily to the reimbursement of flood-related expenses. Accordingly, the Company recognized a gain of $0.6 million in 2011 and $9.7 million in 2010 from the disposition of the Tennessee flood-damaged property, plant, and equipment. | ||||||||
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 the Company's experience selling similar properties in the past. As of December 31, 2013, the Company had non-operating plants with a net book value of $24.3 million. Our estimated fair value of these assets exceeds their book value. |
Goodwill
Goodwill | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill | ' | |||||||
Goodwill | ||||||||
Goodwill by segment is as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Rail Group | $ | 134.6 | $ | 122.5 | ||||
Construction Products Group | 126.9 | 105.2 | ||||||
Energy Equipment Group | 14.9 | 10.9 | ||||||
Railcar Leasing and Management Services Group | 1.8 | 1.8 | ||||||
$ | 278.2 | $ | 240.4 | |||||
As of December 31, 2013 and 2012, the Company's annual impairment test of goodwill was completed at the reporting unit level and no additional impairment charges were determined to be necessary. As of December 31, 2013 and 2012, Rail Group goodwill is net of a 2009 impairment charge of $325.0 million. | ||||||||
The net increase in the Rail Group, Construction Products Group, and the Energy Equipment Group goodwill as of December 31, 2013 is primarily due to acquisition and divestiture activity during the twelve months ended December 31, 2013. See Note 2 Acquisitions and Divestitures. |
Warranties
Warranties | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Warranties | ' | |||||||||||
Warranties | ||||||||||||
The changes in the accruals for warranties for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
31-Dec-13 | December 31, 2012 | 31-Dec-11 | ||||||||||
(in millions) | ||||||||||||
Beginning balance | $ | 12.5 | $ | 13.5 | $ | 13.2 | ||||||
Warranty costs incurred | (5.9 | ) | (5.9 | ) | (6.3 | ) | ||||||
Warranty originations and revisions | 11.9 | 7.7 | 9.1 | |||||||||
Warranty expirations | (3.8 | ) | (2.8 | ) | (2.5 | ) | ||||||
Ending balance | $ | 14.7 | $ | 12.5 | $ | 13.5 | ||||||
Debt
Debt | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Debt | ' | |||||||||||||||||||||||
Debt | ||||||||||||||||||||||||
The following table summarizes the components of debt as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Corporate – Recourse: | ||||||||||||||||||||||||
Revolving credit facility | $ | — | $ | — | ||||||||||||||||||||
Convertible subordinated notes | 450 | 450 | ||||||||||||||||||||||
Less: unamortized discount | (74.1 | ) | (87.5 | ) | ||||||||||||||||||||
375.9 | 362.5 | |||||||||||||||||||||||
Other | 0.9 | 1.2 | ||||||||||||||||||||||
376.8 | 363.7 | |||||||||||||||||||||||
Leasing – Recourse: | ||||||||||||||||||||||||
Capital lease obligations | 42.2 | 45.8 | ||||||||||||||||||||||
Term loan | — | 48.6 | ||||||||||||||||||||||
42.2 | 94.4 | |||||||||||||||||||||||
Total recourse debt | 419 | 458.1 | ||||||||||||||||||||||
Leasing – Non-recourse: | ||||||||||||||||||||||||
Wholly-owned subsidiaries: | ||||||||||||||||||||||||
2006 secured railcar equipment notes | 240.7 | 255.8 | ||||||||||||||||||||||
Promissory notes | 396.1 | 424.1 | ||||||||||||||||||||||
2009 secured railcar equipment notes | 199 | 209.2 | ||||||||||||||||||||||
2010 secured railcar equipment notes | 326.9 | 341.5 | ||||||||||||||||||||||
TILC warehouse facility | 152 | 173.6 | ||||||||||||||||||||||
1,314.70 | 1,404.20 | |||||||||||||||||||||||
Partially-owned subsidiaries: | ||||||||||||||||||||||||
TRL 2012 secured railcar equipment notes - RIV 2013 | 499.3 | 333.8 | ||||||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | 756.8 | 797.7 | ||||||||||||||||||||||
TRIP Holdings senior secured notes: | ||||||||||||||||||||||||
Total outstanding | — | 170 | ||||||||||||||||||||||
Less: owned by Trinity | — | (108.8 | ) | |||||||||||||||||||||
— | 61.2 | |||||||||||||||||||||||
1,256.10 | 1,192.70 | |||||||||||||||||||||||
Total non–recourse debt | 2,570.80 | 2,596.90 | ||||||||||||||||||||||
Total debt | $ | 2,989.80 | $ | 3,055.00 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||
We have a $425.0 million unsecured revolving credit facility that matures on October 20, 2016. As of December 31, 2013, we had letters of credit issued under our revolving credit facility in an aggregate principal amount of $68.7 million, leaving $356.3 million available for borrowing. Other than these letters of credit, there were no borrowings under our revolving credit facility as of December 31, 2013, or for the twelve month period then ended. Of the outstanding letters of credit as of December 31, 2013, a total of $68.5 million is expected to expire in 2014 and the remainder in 2015. The majority of our letters of credit obligations support the Company’s various insurance programs and generally renew each year. Trinity’s 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, 2013, we were in compliance with all such financial covenants. Borrowings under the credit facility bear interest at Libor plus 1.50% or prime plus 0.50%. | ||||||||||||||||||||||||
The Company's $450.0 million of Convertible Subordinated Notes due 2036 (“Convertible Subordinated Notes”) bear an interest rate of 3 7/8% per annum on the principal amount payable semi-annually in arrears on June 1 and December 1 of each year. In addition, commencing with the six-month period beginning June 1, 2018 and for each six-month period thereafter, we will pay contingent interest to the holders of the Convertible Subordinated Notes under certain circumstances. The Convertible Subordinated Notes mature on June 1, 2036, unless redeemed, repurchased, or converted earlier. We may not redeem the Convertible Subordinated Notes before June 1, 2018. On or after that date, we may redeem all or part of the Convertible Subordinated Notes for cash at 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest (including any contingent interest) up to, but excluding, the redemption date. Holders of the Convertible Subordinated Notes may require us to purchase all or a portion of their notes on June 1, 2018 or upon a fundamental change. In each case, the Convertible Subordinated Notes would be purchased for cash at a price equal to 100% of the principal amount of the notes to be purchased plus any accrued and unpaid interest (including any contingent interest) to, but excluding, the purchase date. | ||||||||||||||||||||||||
The Convertible Subordinated Notes are recorded net of unamortized discount to reflect their underlying economics by capturing the value of the conversion option as borrowing costs. As of December 31, 2013 and 2012, capital in excess of par value included $92.8 million related to the estimated value of the Convertible Subordinated Notes’ conversion options, in accordance with ASC 470-20. Debt discount recorded in the consolidated balance sheet is being amortized through June 1, 2018 to yield an effective annual interest rate of 8.42% based upon the estimated market interest rate for comparable non-convertible debt as of the issuance date of the Convertible Subordinated Notes. Total interest expense recognized on the Convertible Subordinated Notes for the years ended December 31, 2013, 2012, and 2011, is as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Coupon rate interest | $ | 17.4 | $ | 17.4 | $ | 17.4 | ||||||||||||||||||
Amortized debt discount | 13.4 | 12.3 | 11.3 | |||||||||||||||||||||
$ | 30.8 | $ | 29.7 | $ | 28.7 | |||||||||||||||||||
Holders of the Convertible Subordinated Notes may convert their notes under the following circumstances: 1) if the daily closing price of our common stock is greater than or equal to 130% of the conversion price during 20 of the last 30 trading days of the preceding calendar quarter; 2) upon notice of redemption; or 3) upon the occurrence of specified corporate transactions pursuant to the terms of the Indenture. Upon conversion, the Company is required to pay cash up to the aggregate principal amount of the Convertible Subordinated Notes to be converted. Any conversion obligation in excess of the aggregate principal amount of the Convertible Subordinated Notes to be converted may be settled in cash, shares of the Company’s common stock, or a combination of cash and shares of the Company’s common stock, at the Company’s election. The conversion price, which is subject to adjustment upon the occurrence of certain events, was $50.78 per share as of December 31, 2013. The Convertible Subordinated Notes were not subject to conversion as of December 31, 2013. See Note 17 Earnings Per Common Share for an explanation of the effects of the Convertible Subordinated Notes on earnings per share. The Company has not entered into any derivatives transactions associated with these notes. | ||||||||||||||||||||||||
Wholly-owned leasing subsidiaries | ||||||||||||||||||||||||
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 $240.7 million was outstanding as of December 31, 2013. 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. | ||||||||||||||||||||||||
In May 2008, Trinity Rail Leasing VI LLC, a Delaware limited liability company (“TRL VI”), a limited purpose, indirect wholly-owned subsidiary of Trinity, issued $572.2 million of 30-year promissory notes (the “Promissory Notes”) to financial institutions, of which $396.1 million was outstanding as of December 31, 2013. The Promissory Notes are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL VI. The Promissory Notes are obligations of TRL VI and are non-recourse to Trinity. The Promissory Notes bear interest at a floating rate of one-month Libor plus a margin of 1.50%. The Libor portion of the interest rate on the Promissory Notes is fixed at 4.13% for the first seven years from the date of issuance of the Promissory Notes through interest rate swaps. The interest rate margin on the Promissory Notes will increase by 0.50% on each of the seventh and eighth anniversary dates of the issuance of the Promissory Notes, and by an additional 2.00% on the tenth anniversary date of the issuance of the Promissory Notes. The Promissory Notes may be prepaid at any time. | ||||||||||||||||||||||||
In November 2009, Trinity Rail Leasing VII LLC, a Delaware limited liability company (“TRL VII”), 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 $199.0 million was outstanding as of December 31, 2013. 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. | ||||||||||||||||||||||||
In October 2010, Trinity Rail Leasing 2010 LLC, a Delaware limited liability company ("TRL 2010"), 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 $326.9 million was outstanding as of December 31, 2013. 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. | ||||||||||||||||||||||||
The $475.0 million TILC warehouse loan facility, established to finance railcars owned by TILC, had $152.0 million outstanding and $323.0 million available as of December 31, 2013. The warehouse loan is a non-recourse obligation secured by a portfolio of railcars and operating leases, certain cash reserves, and other assets acquired and owned by the warehouse loan facility. 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 1.93% at December 31, 2013. In June 2013, the warehouse loan facility was renewed and extended through June 2015. Amounts outstanding at maturity, absent renewal, will be payable in three installments in December 2015, June 2016, and December 2016. | ||||||||||||||||||||||||
In 2009, the Company entered into a seven-year $61.0 million term loan agreement and capital lease obligations totaling $56.6 million. The Company's term loan agreement was repaid in full in March 2013. The capital lease obligations are guaranteed by the Company and secured by railcar equipment and related leases. | ||||||||||||||||||||||||
Partially-owned leasing subsidiaries | ||||||||||||||||||||||||
In June 2007, TRIP Leasing entered into a $1.19 billion Warehouse Loan Agreement which contained a floating rate revolving facility (the “TRIP Warehouse Loan”). In July 2011, TRIP Holdings issued $175.0 million in Senior Secured Notes (the “TRIP Holdings Senior Secured Notes”) and TRIP Master Funding, a Delaware limited liability company and limited purpose, wholly-owned subsidiary of TRIP Holdings, issued $857.0 million in Secured Railcar Equipment Notes (the “TRIP Master Funding Secured Railcar Equipment Notes”). The proceeds from the TRIP Holdings Senior Secured Notes and the TRIP Master Funding Secured Railcar Equipment Notes were primarily used by TRIP Master Funding to purchase all of the railcar equipment owned by TRIP Leasing which, in turn, repaid the TRIP Warehouse Loan in full. The TRIP Holdings Senior Secured Notes were repaid in full in May 2013. See Note 5 Partially-Owned Leasing Subsidiaries for further explanation. | ||||||||||||||||||||||||
The TRIP Master Funding Secured Railcar Equipment Notes were issued pursuant to an Indenture, dated July 6, 2011 between TRIP Master Funding and Wilmington Trust Company, as indenture trustee, with a final maturity date in July 2041. The TRIP Master Funding Secured Railcar Equipment Notes consist 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. The TRIP Master Funding Secured Railcar Equipment Notes are non-recourse to Trinity, TILC, 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, 2013, there were $157.9 million, $89.3 million, and $509.6 million of Class A-1a, Class A-1b, and of Class A-2 notes outstanding, respectively. | ||||||||||||||||||||||||
In December 2012, Trinity Rail Leasing 2012 LLC, a Delaware limited liability company ("TRL 2012"), 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 $130.2 million and $188.4 million, respectively, were outstanding as of December 31, 2013. The 2012 Class A-1 Notes and the 2012 Class A-2 notes were issued pursuant to an Indenture, dated as of December 19, 2012 between TRL 2012 and Wilmington Trust Company, as indenture trustee. 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 Partially-Owned Leasing Subsidiaries for further explanation. | ||||||||||||||||||||||||
In August 2013, TRL 2012 issued $183.4 million in aggregate principal amount of Series 2013-1 Secured Railcar Equipment Notes pursuant to the Master Indenture between TRL 2012 and Wilmington Trust Company, as indenture trustee, with regard to the 2012 Secured Railcar Equipment Notes, of which $180.7 million was outstanding as of December 31, 2013. The 2013-1 Secured Railcar Equipment Notes bear interest at a fixed rate of 3.9%, are payable monthly, and have a stated final maturity date of July 15, 2043. | ||||||||||||||||||||||||
The 2012 Secured Railcar Equipment Notes and, collectively with the 2013-1 Secured Railcar Equipment Notes, the "TRL 2012 Secured Railcar Equipment Notes", are obligations of TRL 2012 and are non-recourse to Trinity, TILC, and the other equity investors in RIV 2013. The obligations are secured by TRL 2012's portfolio of railcars and operating leases thereon, its cash reserves, and all other assets owned by TRL 2012. | ||||||||||||||||||||||||
The remaining principal payments under existing debt agreements as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Recourse: | ||||||||||||||||||||||||
Corporate | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | — | $ | 450 | ||||||||||||
Leasing – capital lease obligations (Note 6) | 3.1 | 3.3 | 3.5 | 3.7 | 28.6 | — | ||||||||||||||||||
Non-recourse – leasing (Note 6): | ||||||||||||||||||||||||
2006 secured railcar equipment notes | 16.9 | 18.6 | 21.9 | 24 | 25.4 | 133.9 | ||||||||||||||||||
Promissory notes | 23.9 | 21.7 | 350.5 | — | — | — | ||||||||||||||||||
2009 secured railcar equipment notes | 9.9 | 9.6 | 6.5 | 6.3 | 6.5 | 160.2 | ||||||||||||||||||
2010 secured railcar equipment notes | 14 | 15.3 | 15 | 13.7 | 10 | 258.9 | ||||||||||||||||||
TILC warehouse facility - facility termination payments | — | 50.7 | 101.3 | — | — | — | ||||||||||||||||||
TRL 2012 secured railcar equipment notes - RIV 2013 | 25 | 23.5 | 22.6 | 23.1 | 23.4 | 381.7 | ||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | 40.1 | 35.7 | 29.3 | 20.4 | 19.9 | 611.4 | ||||||||||||||||||
Total principal payments | $ | 133.1 | $ | 178.6 | $ | 550.8 | $ | 91.5 | $ | 113.8 | $ | 1,996.10 | ||||||||||||
Other_Net
Other, Net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other, Net | ' | |||||||||||
Other, Net | ||||||||||||
Other, net (income) expense consists of the following items: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Foreign currency exchange transactions | $ | 0.3 | $ | (2.3 | ) | $ | 3.1 | |||||
Gain on equity investments | (0.3 | ) | (0.4 | ) | (0.6 | ) | ||||||
Other | (2.8 | ) | (1.6 | ) | 1.5 | |||||||
Other, net | $ | (2.8 | ) | $ | (4.3 | ) | $ | 4 | ||||
Other for the years ended December 31, 2013, 2012, and 2011 includes $1.7 million and $0.3 million in income and $2.4 million in expense, respectively, related to the change in fair value of certain equity repurchase agreements with an investor in TRIP Holdings. See Note 3 Fair Value Accounting and Note 5 Partially-Owned Leasing Subsidiaries. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
The components of the provision for income taxes from continuing operations are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 141.8 | $ | (5.7 | ) | $ | 20.8 | |||||
State | 13.7 | 7 | 5.5 | |||||||||
Foreign | 3.1 | 6.4 | 5.4 | |||||||||
Total current | 158.6 | 7.7 | 31.7 | |||||||||
Deferred: | ||||||||||||
Federal | 44.3 | 126.6 | 62.2 | |||||||||
State | 2.3 | 3.2 | 1.3 | |||||||||
Foreign | (0.8 | ) | (3.5 | ) | (3.0 | ) | ||||||
Total deferred | 45.8 | 126.3 | 60.5 | |||||||||
Provision | $ | 204.4 | $ | 134 | $ | 92.2 | ||||||
The provision for income taxes 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 the Company’s effective income tax rate on income from continuing operations: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes | 2.1 | 2 | 2.1 | |||||||||
Domestic production activities deduction | (1.4 | ) | — | — | ||||||||
Noncontrolling interest in partially-owned subsidiaries | (0.9 | ) | — | — | ||||||||
Tax assessments and settlements | — | (0.6 | ) | — | ||||||||
Changes in valuation allowance and reserves | (0.8 | ) | (1.4 | ) | 0.4 | |||||||
Other, net | 0.6 | (0.3 | ) | 1.1 | ||||||||
Effective rate | 34.6 | % | 34.7 | % | 38.6 | % | ||||||
Income from continuing operations before income taxes for the years ended December 31, 2013, 2012, and 2011 was $571.2 million, $376.3 million, and $225.9 million, respectively, for U.S. operations, and $19.3 million, $9.6 million, and $13.1 million, respectively, for foreign operations, principally Mexico. The Company provides deferred income taxes on the un-repatriated earnings of its foreign operations where it results in a deferred tax liability. Our effective tax rate reflects the current tax benefit available for U.S. manufacturing activity. | ||||||||||||
In May 2013, TRIP Holdings and RIV 2013 elected to be treated as partnerships for income tax purposes and consequently no income tax expense has been provided with respect to income earned after this election attributable to the noncontrolling interests. See Note 5 Partially-Owned Leasing Subsidiaries for a further explanation of activities with respect to TRIP Holdings and RIV 2013. | ||||||||||||
During 2013, after the filing of its 2012 Federal income tax return, the Company determined that it would utilize previously reserved foreign tax credits on our 2013 Federal income tax return which were due to expire in 2014-2016. Accordingly, the related $6.4 million valuation allowance was reversed and recorded as an income tax benefit during 2013. During the year ended December 31, 2013, the Company completed a review of its state tax filing positions based upon its current operational footprint. As a result of this review, we recorded a charge of $5.1 million in order to adjust our net overall deferred tax liability based upon our current state tax filing responsibilities. | ||||||||||||
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, | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation, depletion, and amortization | $ | 668.9 | $ | 887.6 | ||||||||
Derivatives | — | 12.4 | ||||||||||
Accrued liabilities and other | 48.3 | — | ||||||||||
Convertible debt | 105.4 | 96.5 | ||||||||||
Total deferred tax liabilities | 822.6 | 996.5 | ||||||||||
Deferred tax assets: | ||||||||||||
Workers compensation, pensions, and other benefits | 61.3 | 52.4 | ||||||||||
Warranties and reserves | 13.8 | 15.6 | ||||||||||
Equity items | 33.4 | 81.5 | ||||||||||
Tax loss carryforwards and credits | 27.5 | 249.7 | ||||||||||
Inventory | 18.8 | 17.9 | ||||||||||
Accrued liabilities and other | — | 3.9 | ||||||||||
Total deferred tax assets | 154.8 | 421 | ||||||||||
Net deferred tax liabilities before valuation allowance | 667.8 | 575.5 | ||||||||||
Valuation allowance | 10.2 | 19.7 | ||||||||||
Net deferred tax liabilities before reserve for uncertain tax positions | 678 | 595.2 | ||||||||||
Deferred tax assets included in reserve for uncertain tax positions | (38.6 | ) | (39.4 | ) | ||||||||
Adjusted net deferred tax liabilities | $ | 639.4 | $ | 555.8 | ||||||||
During the year ended December 31, 2013, the Company utilized $63.9 million in Federal consolidated net operating loss carryforwards and all of its foreign tax credit carryforwards of $42.2 million. As a result of a 2013 election to treat TRIP Holdings as a partnership for tax purposes, TRIP Holdings utilized its $439.7 million Federal tax operating loss carryforward during 2013. At December 31, 2013, the Company had $39.4 million of Federal consolidated net operating loss carryforwards and $5.2 million of tax-effected state loss carryforwards remaining. The majority of the Federal net operating loss carryforwards were acquired as part of an acquisition of a company in 2010 and are subject to limitations on the amount that can be utilized in any one tax year. The Federal net operating loss carryforwards are due to expire between 2028 and 2029. We have established a valuation allowance for Federal, state, and foreign tax operating losses and credits which we have estimated may not be realizable. | ||||||||||||
Taxing authority examinations | ||||||||||||
During the year ended December 31, 2012, we settled our audit with the Internal Revenue Service ("IRS") for the 2004-2005 tax years. As a result of closing this audit, we recognized a $3.5 million tax benefit, primarily related to favorable claims filed and approved by the IRS in the final audit settlement. Additionally, we recognized a tax benefit of $4.4 million due to the release of net tax reserves primarily as a result of certain state tax issues where the statute of limitations had lapsed. | ||||||||||||
The IRS field work for our 2006-2008 audit cycle has concluded and all issues, except for transfer pricing, have been agreed upon and tentatively settled. The transfer pricing issue has been appealed and we are working with both the U.S. and Mexican taxing authorities to coordinate taxation in a formal mutual agreement process (“MAP”). On September 30, 2013, we received the revenue agent report for the 2009-2011 audit cycle. All issues have been concluded and agreed to except for transfer pricing issues. These issues have been appealed and we have requested they be addressed in the same MAP of the 2006-2008 cycle. At this time, we cannot determine when the 2006-2008 or the 2009-2011 cycle will close and all issues formally settled. | ||||||||||||
We have various subsidiaries in Mexico that file separate tax returns and are subject to examination by taxing authorities at different times. The 2007 tax year of one of our Mexican subsidiaries is still under review for transfer pricing purposes only, and its statute of limitations remains open through the later of the resolution of the MAP or August 2017. The remaining entities are generally open for their 2008 tax years and forward. | ||||||||||||
Our two Swiss subsidiaries, one of which is a holding company and the other of which is dormant, have been audited by the taxing authorities through 2008 and 2009. The statute of limitations in Switzerland is generally five years from the end of the tax year, but can be extended up to 15 years in certain cases if the audit has commenced during the original five year period. We also currently have sales offices in Europe and Canada that are subject to various statutes of limitations with regard to their tax status. Generally, states’ statutes of limitations in the U.S. are open from 2003 forward due to the use of tax loss carryforwards in certain jurisdictions. | ||||||||||||
Unrecognized tax benefits | ||||||||||||
The change in unrecognized tax benefits for the years ended December 31, 2013, 2012, and 2011 was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Beginning balance | $ | 48.7 | $ | 52.5 | $ | 36.8 | ||||||
Additions for tax positions related to the current year | 4.8 | 4.1 | 3.8 | |||||||||
Additions for tax positions of prior years | 2.8 | — | 16.4 | |||||||||
Reductions for tax positions of prior years | — | (1.1 | ) | (0.1 | ) | |||||||
Settlements | (0.3 | ) | (3.4 | ) | (3.5 | ) | ||||||
Expiration of statute of limitations | (1.0 | ) | (3.4 | ) | (0.9 | ) | ||||||
Ending balance | $ | 55 | $ | 48.7 | $ | 52.5 | ||||||
Additions for tax positions related to the current year for 2013 and 2012 were amounts provided for tax positions taken for Federal, state, and Mexican income tax purposes. Additions for tax positions related to the current year for 2011 were amounts provided for tax positions previously taken in foreign jurisdictions and tax positions taken for Federal and state income tax purposes as well as deferred tax liabilities that have been reclassified to uncertain tax positions. | ||||||||||||
Additions for tax positions of prior years in the amount of $2.8 million and recorded in the current year, were for Federal, state, and Mexican tax positions taken on the prior year tax returns which the taxing authorities have previously identified. Additions for tax positions of prior years for 2011 were primarily due to Federal tax positions taken on prior year returns where the IRS proposed an adjustment that was not previously reserved. A corresponding deferred tax asset was recorded for uncertain tax positions where a future deduction will be allowed. | ||||||||||||
The reduction in tax positions of prior years of $1.1 million for the twelve months ended December 31, 2012, was primarily related to new guidance issued in March 2012 by the IRS regarding the capitalization of fixed assets as well as state taxes. Settlements during the twelve months ended December 31, 2013 relate to settled positions with the IRS for one of our subsidiaries as well as settled positions with Mexican taxing authorities in the settlement of the 2003 exam. Settlements during 2012 primarily related to the settlement of our 2004-2005 IRS audit as well as the related impact on state tax returns. Settlements during 2011 primarily related to an audit of a separate tax return of our Swiss subsidiary. The expiration of statute of limitations relates to state taxes where the statute of limitations has closed. | ||||||||||||
The total amount of unrecognized tax benefits including interest and penalties at December 31, 2013 and 2012, that would affect the Company’s overall effective tax rate if recognized was $13.8 million and $13.2 million, respectively. There is a reasonable possibility that unrecognized Federal and state tax benefits will decrease by $3.6 million by December 31, 2014 due to settlements and lapses in statutes of limitations for assessing tax. During 2013, we entered into an agreement with the IRS to extend the statute of limitations to assess tax on our 2006-2008 tax years. Thus, items that were previously expected to settle during 2013 are now expected to settle during 2014. | ||||||||||||
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 as of December 31, 2013 and 2012 was $10.8 million and $10.3 million, respectively. Income tax expense for the years ended December 31, 2013, 2012, and 2011 included an increase of $0.5 million, a decrease of $3.0 million, and an increase of $2.1 million, respectively, with regard to interest expense and penalties related to uncertain tax positions. |
Employee_Retirement_Plans
Employee Retirement Plans | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Employee Retirement Plans | ' | |||||||||||||||
Employee Retirement Plans | ||||||||||||||||
The Company sponsors 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. | ||||||||||||||||
Actuarial Assumptions | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Assumptions used to determine benefit obligations at the annual measurement date were: | ||||||||||||||||
Obligation discount rate | 5.22% | 4.25% | 5.40% | |||||||||||||
Compensation increase rate | 4.00% | 4.00% | 3.00% | |||||||||||||
Assumptions used to determine net periodic benefit costs were: | ||||||||||||||||
Obligation discount rate | 4.25% | 5.40% | 5.90% | |||||||||||||
Long-term rate of return on plan assets | 7.75% | 7.75% | 7.75% | |||||||||||||
Compensation increase rate | 4.00% | 3.00% | 3.00% | |||||||||||||
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, we developed estimates based upon the anticipated performance of the plans' assets. The compensation increase rate pertains solely to the pension plan of the Company's Inland Barge segment as the accrued benefits of the Company's remaining pension plans were frozen in 2009. | ||||||||||||||||
Components of Net Retirement Cost | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(in millions) | ||||||||||||||||
Expense Components | ||||||||||||||||
Service cost | $ | 1.1 | $ | 0.9 | $ | 0.8 | ||||||||||
Interest | 18.5 | 19.4 | 19.6 | |||||||||||||
Expected return on plan assets | (26.6 | ) | (22.9 | ) | (22.8 | ) | ||||||||||
Amortization of actuarial loss | 4.9 | 3.2 | 1.8 | |||||||||||||
Prior service cost | 0.1 | 0.1 | 0.1 | |||||||||||||
Defined benefit expense | (2.0 | ) | 0.7 | (0.5 | ) | |||||||||||
Profit sharing | 12.3 | 11.9 | 9.3 | |||||||||||||
Net expense | $ | 10.3 | $ | 12.6 | $ | 8.8 | ||||||||||
Obligations and Funded Status | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in millions) | ||||||||||||||||
Accumulated Benefit Obligations | $ | 392.1 | $ | 442.5 | ||||||||||||
Projected Benefit Obligations: | ||||||||||||||||
Beginning of year | $ | 442.5 | $ | 364.8 | ||||||||||||
Service cost | 1.1 | 0.9 | ||||||||||||||
Interest | 18.5 | 19.4 | ||||||||||||||
Benefits paid | (15.8 | ) | (13.3 | ) | ||||||||||||
Actuarial (gain)/loss | (54.2 | ) | 70.7 | |||||||||||||
End of year | $ | 392.1 | $ | 442.5 | ||||||||||||
Plans' Assets: | ||||||||||||||||
Beginning of year | $ | 340.1 | $ | 290.6 | ||||||||||||
Actual return on assets | 56 | 45.5 | ||||||||||||||
Employer contributions | 18.9 | 17.3 | ||||||||||||||
Benefits paid | (15.8 | ) | (13.3 | ) | ||||||||||||
End of year | $ | 399.2 | $ | 340.1 | ||||||||||||
Consolidated Balance Sheet Components: | ||||||||||||||||
Other assets | $ | 17.8 | $ | — | ||||||||||||
Accrued liabilities | (10.7 | ) | (102.4 | ) | ||||||||||||
Net funded status | $ | 7.1 | $ | (102.4 | ) | |||||||||||
Percent of projected benefit obligations funded | 101.8 | % | 76.9 | % | ||||||||||||
None of the plans' assets are expected to be returned to us during the year ending December 31, 2014. | ||||||||||||||||
Amounts Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(in millions) | ||||||||||||||||
Actuarial gain (loss) | $ | 83.7 | $ | (48.1 | ) | $ | (47.3 | ) | ||||||||
Amortization of actuarial loss | 4.9 | 3.2 | 1.7 | |||||||||||||
Amortization of prior service cost | 0.1 | 0.1 | 0.1 | |||||||||||||
Total before income taxes | 88.7 | (44.8 | ) | (45.5 | ) | |||||||||||
Income tax expense (benefit) | 32.9 | (16.7 | ) | (16.9 | ) | |||||||||||
Net amount recognized in other comprehensive income (loss) | $ | 55.8 | $ | (28.1 | ) | $ | (28.6 | ) | ||||||||
Included in AOCL at December 31, 2013 were the following amounts that have not been recognized in net periodic pension cost: prior service cost of $0.1 million ($0.1 million net of related income taxes) and unrecognized actuarial losses of $68.3 million ($42.9 million net of related income taxes). | ||||||||||||||||
Actuarial loss included in AOCL and expected to be recognized in net periodic pension cost for the year ended December 31, 2014 is $1.3 million ($0.8 million net of related income taxes). | ||||||||||||||||
Plan Assets | ||||||||||||||||
The estimated fair value of the plans' assets at December 31, 2013 and 2012, indicating input levels used to determine fair value, and the range of target asset allocations are as follows: | ||||||||||||||||
Target | December 31, | December 31, | ||||||||||||||
Allocation | 2013 | 2012 | ||||||||||||||
Cash and cash equivalents | 2 | % | 1 | % | ||||||||||||
Equity securities | 60-80% | 73 | 73 | |||||||||||||
Debt securities | 20-40% | 25 | 26 | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||
Fair Value Measurement as of December 31, 2013 | ||||||||||||||||
(in millions) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Temporary cash investments | $ | 7 | $ | — | $ | — | $ | 7 | ||||||||
Common trust funds | — | 392.2 | — | 392.2 | ||||||||||||
$ | 7 | $ | 392.2 | $ | — | $ | 399.2 | |||||||||
Fair Value Measurement as of December 31, 2012 | ||||||||||||||||
(in millions) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Temporary cash investments | $ | 3.3 | $ | — | $ | — | $ | 3.3 | ||||||||
Common trust funds | — | 336.8 | — | 336.8 | ||||||||||||
$ | 3.3 | $ | 336.8 | $ | — | $ | 340.1 | |||||||||
The Company's 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. 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. The equity allocation is heavily weighted toward U.S. equities. There is also a lesser exposure to international equities and domestic real estate investment trusts. The fixed income allocation is weighted toward domestic long duration bonds. There is also a lesser exposure to U.S. high yield and emerging market sovereign debt. This asset mix is designed to meet the longer-term obligations of the plans as projected by actuarial studies. | ||||||||||||||||
The principal pension investment strategies include asset allocation and active asset management within approved guidelines. The range of target asset allocations has been determined after giving consideration to the expected returns of each asset category, the expected performance of each asset category, the volatility of the asset returns over time, and the complementary nature of the asset mix within the portfolio. Each asset category is managed by external money managers with the objective of generating returns that exceed market-based benchmarks. | ||||||||||||||||
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 Fair Value Accounting. | ||||||||||||||||
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. | ||||||||||||||||
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 Level 2 investments. | ||||||||||||||||
Cash Flows | ||||||||||||||||
Employer contributions for the year ending December 31, 2014 are expected to be $15.3 million for the defined benefit plans compared to $18.9 million contributed during 2013. Employer contributions to the 401(k) plans and the Supplemental Profit Sharing Plan for the year ending December 31, 2014 are expected to be $12.5 million compared to $11.7 million, $9.3 million, and $8.2 million during 2013, 2012, and 2011, respectively. | ||||||||||||||||
Benefit payments for the Company's defined benefit plans expected to be paid during the next ten years are as follows: | ||||||||||||||||
Years ending December 31, | ||||||||||||||||
(in millions) | ||||||||||||||||
2014 | $ | 17 | ||||||||||||||
2015 | 18.1 | |||||||||||||||
2016 | 19.3 | |||||||||||||||
2017 | 20.5 | |||||||||||||||
2018 | 21.7 | |||||||||||||||
2019-2023 | 127.9 | |||||||||||||||
Participants in the Pension Plans 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. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ' | |||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||
Changes in accumulated other comprehensive loss for the twelve months ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||||||
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, 2010 | $ | (17.1 | ) | $ | (36.3 | ) | $ | (42.1 | ) | $ | (95.5 | ) | ||||
Other comprehensive loss before reclassifications | — | (3.9 | ) | (29.8 | ) | (33.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $2.3, $0.6, and $2.9 | — | 4.1 | 1.2 | 5.3 | ||||||||||||
Less: noncontrolling interest | — | (0.1 | ) | — | (0.1 | ) | ||||||||||
Other comprehensive income (loss) | — | 0.1 | (28.6 | ) | (28.5 | ) | ||||||||||
Reclassification of purchase of additional interest in TRIP Holdings | — | (15.5 | ) | — | (15.5 | ) | ||||||||||
Tax expense allocation related to TRIP Holdings unrealized loss on derivative financial instruments | — | 5.5 | — | 5.5 | ||||||||||||
Balances at December 31, 2011 | (17.1 | ) | (46.2 | ) | (70.7 | ) | (134.0 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | — | 7.2 | (30.3 | ) | (23.1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $0.4, $3.2, $1.1, and $4.7 | 0.6 | 5.8 | 2.2 | 8.6 | ||||||||||||
Less: noncontrolling interest | — | (1.6 | ) | — | (1.6 | ) | ||||||||||
Other comprehensive income (loss) | 0.6 | 11.4 | (28.1 | ) | (16.1 | ) | ||||||||||
Balances at December 31, 2012 | (16.5 | ) | (34.8 | ) | (98.8 | ) | (150.1 | ) | ||||||||
Other comprehensive income before reclassifications | — | 0.8 | 52.7 | 53.5 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $8.7, $1.9, and $10.6 | — | 18.1 | 3.1 | 21.2 | ||||||||||||
Less: noncontrolling interest | — | (4.2 | ) | — | (4.2 | ) | ||||||||||
Other comprehensive income | — | 14.7 | 55.8 | 70.5 | ||||||||||||
Sale of interests in partially-owned leasing subsidiaries | — | 13.2 | — | 13.2 | ||||||||||||
Repurchase of interests in partially-owned leasing subsidiary | — | (11.8 | ) | — | (11.8 | ) | ||||||||||
Balances at December 31, 2013 | $ | (16.5 | ) | $ | (18.7 | ) | $ | (43.0 | ) | $ | (78.2 | ) | ||||
See Note 7 Derivative Instruments for information on the reclassification of amounts in accumulated other comprehensive loss into earnings. Reclassifications of unrealized before-tax losses on derivative financial instruments are included in interest expense in the consolidated statements of operations. Approximately $4.0 million, $2.7 million, and $1.5 million of the before-tax reclassification of net actuarial gains/(losses) of defined benefit plans are included in cost of revenues with the remainder included in selling, engineering, and administrative expenses in the consolidated statements of operations for the years ended December 31, 2013, 2012, and 2011, respectively. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation | |||||||||||
The Company's 2004 Second Amended and Restated Stock Option and Incentive Plan (the "Plan”) provides for awarding 7,600,000 (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, 2013, a total of 1,939,736 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. Under previous plans, nonqualified and incentive stock options, restricted shares, and restricted stock units were granted at their fair market values. Options become exercisable in various percentages over periods ranging up to five years. | |||||||||||
The cost of employee services received in exchange for awards of equity instruments are referred to as share-based payments and are based on the grant date fair-value of those awards. Stock-based compensation includes compensation expense, recognized over the applicable vesting periods, for both new share-based awards and share-based awards granted prior to, but not yet vested, as of January 1, 2006. The Company uses the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees. Stock-based compensation totaled $44.5 million, $28.3 million, and $23.5 million for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
The income tax benefit related to stock-based compensation expense was $15.6 million, $6.4 million, and $10.0 million for the years ended December 31, 2013, 2012, and 2011, respectively. The Company has presented excess tax benefits from the exercise of stock-based compensation awards as a financing activity in the consolidated statements of cash flows. | |||||||||||
Stock Options | |||||||||||
Expense related to stock options issued to eligible employees under the Plan is recognized over their vesting period on a straight- line basis. Stock options generally vest over five years and have contractual terms of ten years. | |||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (Years) | Aggregate Intrinsic Value | ||||||||
(in millions) | |||||||||||
Options outstanding at December 31, 2012 | 233,985 | $ | 16.78 | ||||||||
Granted | — | — | |||||||||
Exercised | (152,783 | ) | $ | 16.23 | |||||||
Cancelled | — | — | |||||||||
Options outstanding at December 31, 2013 | 81,202 | $ | 17.8 | 3.3 | $3.00 | ||||||
Options exercisable: | |||||||||||
December 31, 2012 | 233,985 | $ | 16.78 | 4.1 | $4.50 | ||||||
31-Dec-13 | 81,202 | $ | 17.8 | 3.3 | $3.00 | ||||||
At December 31, 2013, there was no unrecognized compensation expense related to stock options. The intrinsic value of options exercised totaled $4.4 million, $6.6 million, and $3.6 million during fiscal years 2013, 2012, and 2011, respectively. | |||||||||||
Restricted Stock | |||||||||||
Restricted share awards consist of restricted stock, restricted stock units, and performance 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, the employee's reaching the age of 65, or when the employee's age plus years of vested service equal 80. Restricted stock units issued to non-employee directors under the Plan vest on the grant date or on the first business day immediately preceding the next Annual Meeting of Stockholders and are released upon completion of the directors' service to the Company. Expense related to restricted stock and restricted stock units issued to eligible employees under the Plan is recognized ratably over the vesting period or to the date on which retirement eligibility is achieved, if shorter. 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 either two or three years. | |||||||||||
Number of Restricted Share Awards | Weighted Average Fair Value per Award | ||||||||||
Restricted share awards outstanding at December 31, 2012 | 3,301,371 | $ | 27.82 | ||||||||
Granted | 1,435,653 | 41.52 | |||||||||
Vested | (729,782 | ) | 25.95 | ||||||||
Forfeited | (102,190 | ) | 30.02 | ||||||||
Restricted share awards outstanding at December 31, 2013 | 3,905,052 | $ | 32.99 | ||||||||
At December 31, 2013, unrecognized compensation expense related to restricted share awards totaled $86.9 million which will be recognized over a weighted average period of 3.8 years. The total fair value of shares vested and released during fiscal years 2013, 2012, and 2011 was $29.9 million, $16.9 million, and $23.3 million, respectively. The weighted average fair value of restricted share awards granted during 2013, 2012, and 2011 was $41.52, $29.44, and $34.21 per share, respectively. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Earnings Per Common Share | ' | ||||||||||
Earnings Per Common Share | |||||||||||
Basic net income attributable to Trinity Industries, Inc. per common share 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 net income attributable to Trinity per common share includes 1) the net impact of unvested restricted shares and shares that could be issued under outstanding stock options and 2) the incremental shares calculated by dividing the value of the conversion obligation in excess of the Convertible Subordinated Notes' aggregate principal amount by the average price of the Company's common stock during the period. The effect of the Convertible Subordinated Notes was antidilutive for the years ended December 31, 2013, 2012, and 2011. See Note 11 Debt for further explanation of the Company's Convertible Subordinated Notes. Total weighted average restricted shares and antidilutive stock options were 3.5 million shares, 3.1 million shares, and 3.0 million shares, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||
The computation of basic and diluted net income attributable to Trinity Industries, Inc. follows. | |||||||||||
Year Ended | |||||||||||
31-Dec-13 | |||||||||||
(in millions, except per share amounts) | |||||||||||
Income | Average | EPS | |||||||||
(Loss) | Shares | ||||||||||
Net income from continuing operations | $ | 386.1 | |||||||||
Less: net income from continuing operations attributable to noncontrolling interest | 16.9 | ||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 369.2 | ||||||||||
Unvested restricted share participation | (12.0 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – basic | 357.2 | 76.4 | $ | 4.68 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.1 | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted | $ | 357.2 | 76.5 | $ | 4.67 | ||||||
Net income from discontinued operations, net of taxes | $ | 6.3 | |||||||||
Unvested restricted share participation | (0.2 | ) | |||||||||
Net income from discontinued operations, net of taxes – basic | 6.1 | 76.4 | $ | 0.08 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.1 | |||||||||
Net income from discontinued operations, net of taxes – diluted | $ | 6.1 | 76.5 | $ | 0.08 | ||||||
Year Ended | |||||||||||
31-Dec-12 | |||||||||||
(in millions, except per share amounts) | |||||||||||
Income | Average | EPS | |||||||||
(Loss) | Shares | ||||||||||
Net income from continuing operations | $ | 251.9 | |||||||||
Less: net loss from continuing operations attributable to noncontrolling interest | (1.5 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 253.4 | ||||||||||
Unvested restricted share participation | (7.7 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – basic | 245.7 | 77.3 | $ | 3.18 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.2 | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted | $ | 245.7 | 77.5 | $ | 3.17 | ||||||
Net income from discontinued operations, net of taxes | $ | 1.8 | |||||||||
Unvested restricted share participation | (0.1 | ) | |||||||||
Net income from discontinued operations, net of taxes – basic | 1.7 | 77.3 | $ | 0.02 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.2 | |||||||||
Net income from discontinued operations, net of taxes – diluted | $ | 1.7 | 77.5 | $ | 0.02 | ||||||
Year Ended | |||||||||||
31-Dec-11 | |||||||||||
(in millions, except per share amounts) | |||||||||||
Income | Average | EPS | |||||||||
(Loss) | Shares | ||||||||||
Net income from continuing operations | $ | 146.8 | |||||||||
Less: net income from continuing operations attributable to noncontrolling interest | 3.5 | ||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 143.3 | ||||||||||
Unvested restricted share participation | (5.0 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – basic | 138.3 | 77.5 | $ | 1.78 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.3 | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted | $ | 138.3 | 77.8 | $ | 1.78 | ||||||
Net loss from discontinued operations, net of taxes | $ | (1.1 | ) | ||||||||
Unvested restricted share participation | — | ||||||||||
Net loss from discontinued operations, net of taxes – basic | (1.1 | ) | 77.5 | $ | (0.01 | ) | |||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.3 | |||||||||
Net loss from discontinued operations, net of taxes – diluted | $ | (1.1 | ) | 77.8 | $ | (0.01 | ) | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Highway Products Litigation | |
As previously reported, on January 28, 2013, the Company was advised that the United States filed a “Notice of Election to Decline Intervention” in a False Claims Act (Qui Tam) complaint filed under seal on March 6, 2012 in the United States District Court for the Eastern District of Texas, Marshall Division styled JOSHUA HARMAN, on behalf of the UNITED STATES OF AMERICA, PLAINTIFF/Relator (“Mr. Harman”) v. TRINITY INDUSTRIES, INC., DEFENDANT, Case 2:12-cv-00089-JRG. Although the Company did not receive service of process with respect to the Original Complaint, the Company was served with Mr. Harman's Amended Complaint on May 17, 2013. Mr. Harman alleges that the Company presented false or fraudulent claims, records or statements to the United States to obtain payment or approval related to the Company's ET-Plus guardrail end-terminal, and seeks damages equaling the cost to recall and replace all installations of the ET-Plus trebled, plus civil penalties, costs, and interest. The Company notes that since its introduction in 2000, including all improvement modifications thereafter, the ET-Plus has satisfied the testing criteria required by the governing National Cooperative Highway Research Program Report 350 and the product approval requirements of the Federal Highway Administration. The Company intends to vigorously defend against Mr. Harman's allegations which will likely result in certain legal expenses. We do not believe that a loss is probable nor can a range of losses be determined. Accordingly, no accrual or range of loss has been included in the accompanying consolidated financial statements. | |
Train Derailment | |
The Company has been named as a respondent in litigation filed July 15, 2013 in Superior Court, Province of Quebec, District of Saint-Francois, styled Yannick Gagne and Guy Ouellet vs. Rail World, Inc., et al. The Company has also been named as a defendant in multiple cases filed by the estates of decedents beginning August 14, 2013 in the Circuit Court of Cook County, Illinois. These cases seek damages for alleged wrongful death and property damage arising from the July 2013 derailment in Lac-Mégantic, Quebec, of a unit train transporting certain types of crude oil. The litigation filed in Quebec is seeking “class” status which, if certified, could lead to multiple individuals and business entities becoming class members. The Company’s tank car manufacturing subsidiary manufactured 35 of the 72 tank railcars involved in the derailment. A partially-owned subsidiary of the Company owned and leased to a third party 13 of the railcars involved in the incident, which lessee is also named as a defendant in the Province of Quebec litigation. The Company could be named in similar litigation involving other affected plaintiffs, but the ultimate number of claims and the jurisdiction in which such claims are filed may vary. We do not believe at this time that a loss is probable nor can a range of losses be determined. Accordingly, no accrual or range of loss has been included in the accompanying consolidated financial statements. | |
Railworthiness Directive | |
As previously reported, in 2011 the Company received the approval of the Federal Railroad Administration to implement a voluntary recertification of 948 tank railcars owned or managed by the Company’s wholly-owned, railcar leasing subsidiary and used in transporting poison inhalation hazard (“PIH”) materials. The recertification process, having been completed for over 90% of the tank railcars as of December 31, 2013, is progressing and being performed in conjunction with the normal three to five year, federally mandated inspection cycle for tank railcars in PIH service. Maintenance costs associated with this recertification process are expensed as incurred. The additional costs estimated to be incurred for compliance with the directive are not expected to be significant. | |
Other Matters | |
As previously reported, Trinity Structural Towers, Inc., a wholly-owned subsidiary of the Company, is in litigation with a structural wind towers customer for the customer’s breach of a long-term supply contract for the manufacture of towers. While the customer partially performed the contract, it ultimately defaulted on its purchase obligation and did not remedy such default following written notice. | |
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, taking into consideration our rights in indemnity and recourse to third parties is $9.4 million to $30.1 million. At December 31, 2013, total accruals of $17.8 million, including environmental and workplace matters described below, are included in accrued liabilities in the accompanying consolidated balance sheet. 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 $8.3 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. | |
Other Commitments | |
Non-cancelable purchase obligations amounted to $694.9 million as of December 31, 2013, of which $577.8 million is for the purchase of raw materials and components, principally by the Rail, Inland Barge, and Energy Equipment Groups. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(in millions except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Manufacturing | $ | 798.5 | $ | 896.5 | $ | 959.7 | $ | 1,065.20 | ||||||||
Leasing | 134.4 | 169.6 | 150.6 | 190.8 | ||||||||||||
932.9 | 1,066.10 | 1,110.30 | 1,256.00 | |||||||||||||
Operating costs: | ||||||||||||||||
Costs of revenues: | ||||||||||||||||
Manufacturing | 641.2 | 726 | 767 | 856.7 | ||||||||||||
Leasing | 69.9 | 86.2 | 69.3 | 106 | ||||||||||||
711.1 | 812.2 | 836.3 | 962.7 | |||||||||||||
Selling, engineering, and administrative expenses | 69 | 71.5 | 70.6 | 80.2 | ||||||||||||
Gain on disposition of property, plant, and equipment | 6.7 | 1 | 2.2 | 11.3 | ||||||||||||
Operating profit | 159.5 | 183.4 | 205.6 | 224.4 | ||||||||||||
Net income from continuing operations | 72.2 | 89.2 | 105.8 | 118.9 | ||||||||||||
Discontinued operations, net of tax | 6.6 | (1.0 | ) | 0.3 | 0.4 | |||||||||||
Net income | 78.8 | 88.2 | 106.1 | 119.3 | ||||||||||||
Net income attributable to Trinity Industries, Inc. | 79.1 | 84 | 99.6 | 112.8 | ||||||||||||
Net income (loss) attributable to Trinity Industries, Inc. per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.91 | $ | 1.07 | $ | 1.26 | $ | 1.43 | ||||||||
Discontinued operations | 0.08 | (0.01 | ) | — | 0.01 | |||||||||||
$ | 0.99 | $ | 1.06 | $ | 1.26 | $ | 1.44 | |||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.91 | $ | 1.07 | $ | 1.26 | $ | 1.43 | ||||||||
Discontinued operations | 0.08 | (0.01 | ) | — | 0.01 | |||||||||||
$ | 0.99 | $ | 1.06 | $ | 1.26 | $ | 1.44 | |||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
(in millions except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Manufacturing | $ | 754.1 | $ | 803.2 | $ | 748 | $ | 862.2 | ||||||||
Leasing | 142.1 | 192.3 | 159.3 | 150.7 | ||||||||||||
896.2 | 995.5 | 907.3 | 1,012.90 | |||||||||||||
Operating costs: | ||||||||||||||||
Costs of revenues: | ||||||||||||||||
Manufacturing | 656.8 | 680.2 | 643.8 | 720.4 | ||||||||||||
Leasing | 73.4 | 112.1 | 84.3 | 80.5 | ||||||||||||
730.2 | 792.3 | 728.1 | 800.9 | |||||||||||||
Selling, engineering, and administrative expenses | 50.7 | 53 | 55.8 | 64.6 | ||||||||||||
Gain on disposition of property, plant, and equipment | 7.4 | 2.3 | 17.3 | 11.5 | ||||||||||||
Operating profit | 122.7 | 152.5 | 140.7 | 158.9 | ||||||||||||
Net income from continuing operations | 52.4 | 66.1 | 62.4 | 71 | ||||||||||||
Discontinued operations, net of tax | (0.1 | ) | 1.4 | 0.7 | (0.2 | ) | ||||||||||
Net income | 52.3 | 67.5 | 63.1 | 70.8 | ||||||||||||
Net income attributable to Trinity Industries, Inc. | 52.9 | 67.8 | 63.2 | 71.3 | ||||||||||||
Net income attributable to Trinity Industries, Inc. per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.66 | $ | 0.82 | $ | 0.79 | $ | 0.9 | ||||||||
Discontinued operations | — | 0.02 | 0.01 | — | ||||||||||||
$ | 0.66 | $ | 0.84 | $ | 0.8 | $ | 0.9 | |||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.66 | $ | 0.82 | $ | 0.79 | $ | 0.9 | ||||||||
Discontinued operations | — | 0.02 | 0.01 | — | ||||||||||||
$ | 0.66 | $ | 0.84 | $ | 0.8 | $ | 0.9 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation | |
The financial statements of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity”, “Company”, “we” or “our”) 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 the Company has controlling interest. All significant intercompany accounts and transactions have been eliminated. | |
Stockholders' Equity | ' |
Stockholders' Equity | |
In September 2012, the Company’s Board of Directors authorized a $200 million share repurchase program, effective October 1, 2012, which expires on December 31, 2014. During the year ended December 31, 2013, the Company repurchased 2,473,189 shares under the program at a cost of $108.2 million. Certain shares of stock repurchased during December 2013, totaling $5.0 million, were cash settled in January 2014 in accordance with normal settlement practices. During the year ended December 31, 2012, the Company repurchased 1,834,221 shares under the prior program at a cost of $45.2 million. | |
In 2011, an amount of $15.5 million was reclassified between capital in excess of par value and accumulated other comprehensive loss to properly reflect the additional amount of accumulated unrealized loss on derivative financial instruments attributable to the Company after the purchase of additional interests in TRIP Holdings. | |
Revenue Recognition | ' |
Revenue Recognition | |
Revenues for contracts providing for a large number of units and few deliveries are recorded as the individual units are produced, inspected, and accepted by the customer as the risk of loss passes to the customer upon delivery acceptance on these contracts. This occurs primarily in the Rail and Inland Barge Groups. Revenue from rentals and operating leases, including contracts which contain non-level fixed rental payments, is recognized monthly on a straight-line basis. 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 that have been owned for more than one year are recognized as a net gain or loss from the disposal of a long-term asset. Fees for shipping and handling are recorded as revenue. For all other products, we recognize revenue when products are shipped or services are provided. | |
Income Taxes | ' |
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. | |
The Company regularly evaluates the likelihood of realization of tax benefits derived from positions it has 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, the Company recognizes the benefit it believes is cumulatively greater than 50% likely to be realized. To the extent the Company 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 | ' |
Financial Instruments | |
The Company considers 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. The Company intends to hold its short-term marketable securities until they are redeemed at their maturity date and believes that under the "more likely than not" criteria, the Company will not be required to sell the securities before recovery of their amortized cost bases, which may be maturity. | |
Financial instruments that potentially subject the Company to a concentration of credit risk are primarily cash investments including restricted cash, short-term marketable securities, and receivables. The Company places its cash investments and short-term marketable securities in bank deposits and investment grade, short-term debt instruments and limits 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 the Company's customer base, and their dispersion across different industries and geographic areas. As receivables are generally unsecured, the Company maintains 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, short-term marketable securities, receivables and accounts payable are considered to be representative of their respective fair values. At December 31, 2013, one customer’s net receivable balance in our Energy Equipment Group, all within terms, accounted for 16% of the consolidated net receivables balance outstanding. | |
Inventories | ' |
Inventories | |
Inventories are valued at the lower of cost or market, with cost determined principally on the first in first out method. Market is replacement cost or net realizable value. Work in process and finished goods include material, labor, and overhead. | |
Property, Plant, and Equipment | ' |
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 estimated useful lives are: buildings and improvements - 3 to 30 years; leasehold improvements - the lesser of the term of the lease or 7 years; machinery and equipment - 2 to 10 years; information systems hardware and software - 2 to 5 years; and railcars in our lease fleet - generally 35 years. The costs of ordinary maintenance and repair are charged to operating costs while renewals and major replacements are capitalized. | |
Long-lived Assets | ' |
Long-lived Assets | |
The Company periodically evaluates the carrying value of long-lived assets to be held and used for potential impairment. The carrying value of long-lived assets to be held and used is considered impaired only 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. Impairment losses were not material for the years ended December 31, 2013, 2012, and 2011. | |
Goodwill and Intangible Assets | ' |
Goodwill and Intangible Assets | |
Goodwill is required to be tested for impairment annually, or on an interim basis whenever events or circumstances change, indicating that the carrying amount of the goodwill might be impaired. The 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 3 inputs, related to revenue and operating profit growth, discount rates and exit multiples. As of December 31, 2013 and 2012, the Company's annual impairment test of goodwill was completed at the reporting unit level and no impairment charges were determined to be necessary. | |
Intangible assets with defined useful lives, which as of December 31, 2013 had net book values of $19.5 million, are amortized over their estimated useful lives, and were also evaluated for potential impairment as of December 31, 2013. | |
Restricted Cash | ' |
Restricted Cash | |
Restricted cash consists of cash and cash equivalents that are held either as collateral for the Company's non-recourse debt and lease obligations or security for the performance of certain product sales agreements and as such are restricted in use. | |
Insurance | ' |
Insurance | |
The Company is effectively self-insured for workers' compensation claims. A third party administrator is used to process claims. We accrue our workers' compensation liability based upon independent actuarial studies. | |
Warranties | ' |
Warranties | |
Depending on the product, the Company provides warranties against materials and manufacturing defects generally ranging from one to five years. 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. The Company provides for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties, and assesses the adequacy of the resulting reserves on a quarterly basis. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
Operations outside the United States prepare financial statements in currencies other than the United States dollar. The income statement amounts are translated at average exchange rates for the year, while the assets and liabilities are translated at year-end exchange rates. Translation adjustments are accumulated as a separate component of stockholders' equity and other comprehensive loss. The functional currency of our Mexico operations is considered to be the United States dollar. | |
Other Comprehensive Income (Loss) | ' |
Other Comprehensive Income (Loss) | |
Other comprehensive net income (loss) consists of foreign currency translation adjustments, the effective unrealized gains and losses on the Company's derivative financial instruments, and the net actuarial gains and losses of the Company's defined benefit plans, the sum of which, along with net income (loss), constitutes comprehensive net income (loss). See Note 15 Accumulated Other Comprehensive Loss (“AOCL”). All components are shown net of tax. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, "Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income," ("ASU 2013-02") which amended prior reporting requirements with respect to comprehensive income by requiring additional disclosures about the amounts reclassified out of accumulated other comprehensive loss by component. ASU 2013-02 became effective for public companies during interim and annual reporting periods beginning after December 15, 2012 with early adoption permitted. Accordingly, the Company adopted this new standard on January 1, 2013. The adoption of ASU 2013-02 did not have an impact on the Company's consolidated financial position, results of operations, or cash flows. | |
Management's Estimates | ' |
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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Reclassifications | ' |
Reclassifications | |
Certain prior year balances have been reclassified in the consolidated balance sheets and consolidated statements of cash flows to conform to the 2013 presentation. |
Acquisitions_and_Divestitures_
Acquisitions and Divestitures (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Combinations [Abstract] | ' | |||||||||||
Acquisition and divestiture activity | ' | |||||||||||
The Company's acquisition and divestiture activities are summarized below: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Acquisitions: | ||||||||||||
Purchase price | $ | 125.2 | $ | 48.8 | $ | 56.4 | ||||||
Net cash paid | $ | 73.2 | $ | 46.2 | $ | 42.5 | ||||||
Goodwill recorded | $ | 37 | $ | 20.9 | $ | 29.3 | ||||||
Divestitures: | ||||||||||||
Proceeds | $ | 35.6 | $ | 2.1 | $ | 8.3 | ||||||
Gain recognized | $ | 12.5 | $ | 1.5 | $ | 0.7 | ||||||
Goodwill charged off | $ | 4.8 | $ | 0.1 | $ | 1 | ||||||
Acquisition activity by segment | ' | |||||||||||
The aggregate purchase price related to our acquisition activity for the years ended December 31, 2013, 2012, and 2011 by segment follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Rail Group | $ | 23.1 | $ | — | $ | — | ||||||
Construction Products Group | 74.2 | 48.8 | 56.4 | |||||||||
Energy Equipment Group | 27.9 | — | — | |||||||||
$ | 125.2 | $ | 48.8 | $ | 56.4 | |||||||
Assets and liabilities classified as held for sale and discontinued operations and consolidated results of operations for the ready-mix concrete operations | ' | |||||||||||
Assets and liabilities related to the discontinued operations have been classified as Assets/Liabilities Held for Sale and Discontinued Operations in the accompanying consolidated balance sheets as follows: | ||||||||||||
December 31, | December 31, | |||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Assets of Ready-Mix Concrete Operations: | ||||||||||||
Inventories | $ | — | $ | 4.5 | ||||||||
Property, plant, and equipment, net | — | 16.9 | ||||||||||
Goodwill | — | 6.3 | ||||||||||
Other | — | 0.2 | ||||||||||
$ | — | $ | 27.9 | |||||||||
Liabilities of Ready-Mix Concrete Operations: | ||||||||||||
Debt | $ | — | $ | 3.7 | ||||||||
$ | — | $ | 3.7 | |||||||||
Condensed results of operations for the ready-mix concrete operations for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Revenues | $ | 31.6 | $ | 121.4 | $ | 136.8 | ||||||
Income (loss) from discontinued operations before income taxes | $ | (1.6 | ) | $ | 2.9 | $ | (1.5 | ) | ||||
Provision (benefit) for income taxes | (0.8 | ) | 1.1 | (0.4 | ) | |||||||
Net income (loss) from discontinued operations | $ | (0.8 | ) | $ | 1.8 | $ | (1.1 | ) | ||||
Fair_Value_Accounting_Tables
Fair Value Accounting (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Assets and liabilities measured at fair value on recurring basis | ' | ||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||
Fair Value Measurement as of December 31, 2013 | |||||||||||||||||
(in millions) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 230.6 | $ | — | $ | — | $ | 230.6 | |||||||||
Restricted cash | 260.7 | — | — | 260.7 | |||||||||||||
Total assets | $ | 491.3 | $ | — | $ | — | $ | 491.3 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate hedges:(1) | |||||||||||||||||
Wholly-owned subsidiaries | $ | — | $ | 21.7 | $ | — | $ | 21.7 | |||||||||
Partially-owned subsidiaries | — | 2.1 | — | 2.1 | |||||||||||||
Total liabilities | $ | — | $ | 23.8 | $ | — | $ | 23.8 | |||||||||
Fair Value Measurement as of December 31, 2012 | |||||||||||||||||
(in millions) | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents | $ | 246.6 | $ | 155 | $ | — | $ | 401.6 | |||||||||
Restricted cash | 223.2 | — | — | 223.2 | |||||||||||||
Equity call agreement with TRIP Holdings equity investor(2) | — | — | 0.8 | 0.8 | |||||||||||||
Fuel derivative instruments(2) | — | 0.1 | — | 0.1 | |||||||||||||
Total assets | $ | 469.8 | $ | 155.1 | $ | 0.8 | $ | 625.7 | |||||||||
Liabilities: | |||||||||||||||||
Interest rate hedges:(1) | |||||||||||||||||
Wholly-owned subsidiaries | $ | — | $ | 37.6 | $ | — | $ | 37.6 | |||||||||
Partially-owned subsidiaries | — | 5.2 | — | 5.2 | |||||||||||||
Equity put agreement with TRIP Holdings equity investor(3) | — | — | 2.9 | 2.9 | |||||||||||||
Total liabilities | $ | — | $ | 42.8 | $ | 2.9 | $ | 45.7 | |||||||||
(1) Included in accrued liabilities on the consolidated balance sheet. | |||||||||||||||||
(2) Included in other assets on the consolidated balance sheet. | |||||||||||||||||
(3) Included in other liabilities on the consolidated balance sheet. | |||||||||||||||||
Carrying amounts and estimated fair values of long-term debt | ' | ||||||||||||||||
The carrying amounts and estimated fair values of our long-term debt are as follows: | |||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||
Carrying | Estimated | Carrying | Estimated | ||||||||||||||
Value | Fair Value | Value | Fair Value | ||||||||||||||
(in millions) | |||||||||||||||||
Recourse: | |||||||||||||||||
Convertible subordinated notes | $ | 450 | $ | 593.4 | $ | 450 | $ | 506.6 | |||||||||
Less: unamortized discount | (74.1 | ) | (87.5 | ) | |||||||||||||
375.9 | 362.5 | ||||||||||||||||
Capital lease obligations | 42.2 | 42.2 | 45.8 | 45.8 | |||||||||||||
Term loan | — | — | 48.6 | 53.3 | |||||||||||||
Other | 0.9 | 0.9 | 1.2 | 1.2 | |||||||||||||
419 | 636.5 | 458.1 | 606.9 | ||||||||||||||
Non-recourse: | |||||||||||||||||
2006 secured railcar equipment notes | 240.7 | 259.2 | 255.8 | 292 | |||||||||||||
Promissory notes | 396.1 | 389.6 | 424.1 | 414.6 | |||||||||||||
2009 secured railcar equipment notes | 199 | 229.5 | 209.2 | 260.4 | |||||||||||||
2010 secured railcar equipment notes | 326.9 | 342.7 | 341.5 | 387.2 | |||||||||||||
TILC warehouse facility | 152 | 152 | 173.6 | 173.6 | |||||||||||||
TRL 2012 secured railcar equipment notes - RIV 2013 | 499.3 | 483.4 | 333.8 | 321.7 | |||||||||||||
TRIP Holdings senior secured notes | — | — | 61.2 | 62.5 | |||||||||||||
TRIP Master Funding secured railcar equipment notes | 756.8 | 819.8 | 797.7 | 952 | |||||||||||||
2,570.80 | 2,676.20 | 2,596.90 | 2,864.00 | ||||||||||||||
Total | $ | 2,989.80 | $ | 3,312.70 | $ | 3,055.00 | $ | 3,470.90 | |||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||||||
Financial information from continuing operations for segments | ' | |||||||||||||||||||||||||||
The financial information from continuing operations for these segments is shown in the tables below. We operate principally in North America. | ||||||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
Revenues | Operating Profit (Loss) | Assets | Depreciation & Amortization | Capital Expenditures | ||||||||||||||||||||||||
External | Intersegment | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Rail Group | $ | 2,093.50 | $ | 774 | $ | 2,867.50 | $ | 489.7 | $ | 1,063.90 | $ | 27.2 | $ | 42.4 | ||||||||||||||
Construction Products Group | 508.6 | 16.4 | 525 | 52.6 | 459.9 | 20.9 | 17.1 | |||||||||||||||||||||
Inland Barge Group | 576.6 | 0.1 | 576.7 | 96 | 170.3 | 8.1 | 18.4 | |||||||||||||||||||||
Energy Equipment Group | 536.5 | 128.9 | 665.4 | 61.4 | 364.3 | 18.2 | 41.5 | |||||||||||||||||||||
Railcar Leasing and Management Services Group | 645.4 | — | 645.4 | 296.8 | 5,026.90 | 129 | 581.1 | |||||||||||||||||||||
All Other | 4.7 | 81.9 | 86.6 | (13.7 | ) | 49.8 | 3.7 | 4.4 | ||||||||||||||||||||
Segment Totals before Eliminations and Corporate | 4,365.30 | 1,001.30 | 5,366.60 | 982.8 | 7,135.10 | 207.1 | 704.9 | |||||||||||||||||||||
Corporate | — | — | — | (73.4 | ) | 731 | 4.5 | 26.1 | ||||||||||||||||||||
Eliminations – Lease subsidiary | — | (756.5 | ) | (756.5 | ) | (135.4 | ) | (549.7 | ) | — | — | |||||||||||||||||
Eliminations – Other | — | (244.8 | ) | (244.8 | ) | (1.1 | ) | (3.0 | ) | (0.1 | ) | — | ||||||||||||||||
Consolidated Total | $ | 4,365.30 | $ | — | $ | 4,365.30 | $ | 772.9 | $ | 7,313.40 | $ | 211.5 | $ | 731 | ||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
Revenues | Operating Profit (Loss) | Assets | Depreciation & Amortization | Capital Expenditures | ||||||||||||||||||||||||
External | Intersegment | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Rail Group | $ | 1,512.10 | $ | 500.9 | $ | 2,013.00 | $ | 199 | $ | 916.2 | $ | 21.8 | $ | 47.8 | ||||||||||||||
Construction Products Group | 461.2 | 22.5 | 483.7 | 44.8 | 415.2 | 16.6 | 15.7 | |||||||||||||||||||||
Inland Barge Group | 675.2 | — | 675.2 | 124.7 | 154.4 | 7.6 | 15 | |||||||||||||||||||||
Energy Equipment Group | 506 | 52.6 | 558.6 | 18.2 | 400.1 | 19 | 25.2 | |||||||||||||||||||||
Railcar Leasing and Management Services Group | 644.4 | 2.7 | 647.1 | 300.9 | 4,538.80 | 120.5 | 352.6 | |||||||||||||||||||||
All Other | 13 | 68.4 | 81.4 | (10.2 | ) | 30.9 | 4.4 | 6.6 | ||||||||||||||||||||
Segment Totals before Eliminations and Corporate | 3,811.90 | 647.1 | 4,459.00 | 677.4 | 6,455.60 | 189.9 | 462.9 | |||||||||||||||||||||
Corporate | — | — | — | (51.5 | ) | 744.9 | 3.9 | 6.3 | ||||||||||||||||||||
Eliminations – Lease subsidiary | — | (485.9 | ) | (485.9 | ) | (50.8 | ) | (446.2 | ) | — | — | |||||||||||||||||
Eliminations – Other | — | (161.2 | ) | (161.2 | ) | (0.3 | ) | (112.3 | ) | (0.1 | ) | — | ||||||||||||||||
Consolidated Total | $ | 3,811.90 | $ | — | $ | 3,811.90 | $ | 574.8 | $ | 6,642.00 | $ | 193.7 | $ | 469.2 | ||||||||||||||
Year Ended December 31, 2011 | ||||||||||||||||||||||||||||
Revenues | Operating Profit (Loss) | Assets | Depreciation & Amortization | Capital Expenditures | ||||||||||||||||||||||||
External | Intersegment | Total | ||||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Rail Group | $ | 931.7 | $ | 343 | $ | 1,274.70 | $ | 77.3 | $ | 684.6 | $ | 23.9 | $ | 11.4 | ||||||||||||||
Construction Products Group | 440.4 | 12.9 | 453.3 | 54.9 | 370.7 | 15.5 | 7.7 | |||||||||||||||||||||
Inland Barge Group | 548.5 | — | 548.5 | 106.4 | 189.2 | 6.4 | 38 | |||||||||||||||||||||
Energy Equipment Group | 454.8 | 18 | 472.8 | 8.9 | 392.9 | 18.4 | 10.4 | |||||||||||||||||||||
Railcar Leasing and Management Services Group | 551.4 | 0.6 | 552 | 254.5 | 4,462.10 | 115.7 | 258.6 | |||||||||||||||||||||
All Other | 11.5 | 50.3 | 61.8 | (3.8 | ) | 30.5 | 4.4 | 4 | ||||||||||||||||||||
Segment Totals before Eliminations and Corporate | 2,938.30 | 424.8 | 3,363.10 | 498.2 | 6,130.00 | 184.3 | 330.1 | |||||||||||||||||||||
Corporate | — | — | — | (43.6 | ) | 512.9 | 3.6 | 5.5 | ||||||||||||||||||||
Eliminations – Lease subsidiary | — | (325.5 | ) | (325.5 | ) | (28.3 | ) | (440.3 | ) | — | — | |||||||||||||||||
Eliminations – Other | — | (99.3 | ) | (99.3 | ) | 0.5 | (114.1 | ) | (0.2 | ) | — | |||||||||||||||||
Consolidated Total | $ | 2,938.30 | $ | — | $ | 2,938.30 | $ | 426.8 | $ | 6,088.50 | $ | 187.7 | $ | 335.6 | ||||||||||||||
Externally reported revenues, operating profit, total assets, and long-lived assets for Mexico operations | ' | |||||||||||||||||||||||||||
Externally reported revenues and operating profit for our Mexico operations for the years ended December 31, 2013, 2012, and 2011 are presented below: | ||||||||||||||||||||||||||||
External Revenues | Operating Profit | |||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Mexico | $ | 133.5 | $ | 96.4 | $ | 123 | $ | 4 | $ | 0.2 | $ | 18.4 | ||||||||||||||||
Total assets and long-lived assets for our Mexico operations as of December 31, 2013 and 2012 are presented below: | ||||||||||||||||||||||||||||
Total Assets | Long-Lived Assets | |||||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||||||
Mexico | $306.90 | $285.80 | $177.70 | $141.20 |
Railcar_Leasing_and_Management1
Railcar Leasing and Management Services Group (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||
Future Contractual Minimum Rental Revenues on Leases [Line Items] | ' | ||||||||||||||||||||||||||||
Selected consolidating financial information for the Leasing Group | ' | ||||||||||||||||||||||||||||
Selected consolidating financial information for the Leasing Group is as follows: | |||||||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Leasing Group | |||||||||||||||||||||||||||||
Wholly- | Partially- | Manufacturing/ | Total | ||||||||||||||||||||||||||
Owned | Owned | Corporate | |||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Cash, cash equivalents, and short-term marketable securities | $ | 3.5 | $ | — | $ | 574.7 | $ | 578.2 | |||||||||||||||||||||
Property, plant, and equipment, net | $ | 2,964.60 | $ | 1,685.10 | $ | 670.6 | $ | 5,320.30 | |||||||||||||||||||||
Net deferred profit on railcars sold to the Leasing Group | (549.7 | ) | |||||||||||||||||||||||||||
Consolidated property, plant, and equipment, net | $ | 4,770.60 | |||||||||||||||||||||||||||
Restricted cash | $ | 183.6 | $ | 77.1 | $ | — | $ | 260.7 | |||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||
Recourse | $ | 42.2 | $ | — | $ | 450.9 | $ | 493.1 | |||||||||||||||||||||
Less: unamortized discount | — | — | (74.1 | ) | (74.1 | ) | |||||||||||||||||||||||
42.2 | — | 376.8 | 419 | ||||||||||||||||||||||||||
Non-recourse | 1,314.70 | 1,256.10 | — | 2,570.80 | |||||||||||||||||||||||||
Total debt | $ | 1,356.90 | $ | 1,256.10 | $ | 376.8 | $ | 2,989.80 | |||||||||||||||||||||
Net deferred tax liabilities | $ | 671.9 | $ | — | $ | (32.5 | ) | $ | 639.4 | ||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||
Leasing Group | |||||||||||||||||||||||||||||
Wholly- | Partially- | Manufacturing/ | Total | ||||||||||||||||||||||||||
Owned | Owned | Corporate | |||||||||||||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 5.7 | $ | — | $ | 567.3 | $ | 573 | |||||||||||||||||||||
Property, plant, and equipment, net | $ | 2,698.70 | $ | 1,507.20 | $ | 539.3 | $ | 4,745.20 | |||||||||||||||||||||
Net deferred profit on railcars sold to the Leasing Group | (446.2 | ) | |||||||||||||||||||||||||||
Consolidated property, plant, and equipment, net | $ | 4,299.00 | |||||||||||||||||||||||||||
Restricted cash | $ | 165.4 | $ | 57.8 | $ | — | $ | 223.2 | |||||||||||||||||||||
Debt: | |||||||||||||||||||||||||||||
Recourse | $ | 94.4 | $ | — | $ | 451.2 | $ | 545.6 | |||||||||||||||||||||
Less: unamortized discount | — | — | (87.5 | ) | (87.5 | ) | |||||||||||||||||||||||
94.4 | — | 363.7 | 458.1 | ||||||||||||||||||||||||||
Non-recourse | 1,404.20 | 1,301.50 | — | 2,705.70 | |||||||||||||||||||||||||
Less: non-recourse debt owned by Trinity | — | (108.8 | ) | — | (108.8 | ) | |||||||||||||||||||||||
Total debt | $ | 1,498.60 | $ | 1,192.70 | $ | 363.7 | $ | 3,055.00 | |||||||||||||||||||||
Net deferred tax liabilities | $ | 671.1 | $ | 5.4 | $ | (120.7 | ) | $ | 555.8 | ||||||||||||||||||||
See Note 5 Partially-Owned Leasing Subsidiaries and Note 11 Debt for a further discussion regarding the Company’s investment in its partially-owned leasing subsidiaries and the related indebtedness. Certain prior year balances with respect to RIV 2013 have been reclassified as pertaining to a partially-owned subsidiary to conform to the 2013 presentation. See Note 5 Partially-Owned Leasing Subsidiaries. | |||||||||||||||||||||||||||||
Selected consolidating income statement information for the Leasing Group | ' | ||||||||||||||||||||||||||||
Year Ended December 31, | Percent Change | ||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 versus 2012 | 2012 versus 2011 | |||||||||||||||||||||||||
($ in millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Leasing and management | $ | 586.9 | $ | 528.5 | $ | 492.6 | 11.1 | % | 7.3 | % | |||||||||||||||||||
Sale of railcars owned one year or less at the time of sale | 58.5 | 118.6 | 59.4 | * | * | ||||||||||||||||||||||||
Total revenues | $ | 645.4 | $ | 647.1 | $ | 552 | (0.3 | ) | 17.2 | ||||||||||||||||||||
Operating profit: | |||||||||||||||||||||||||||||
Leasing and management | $ | 267.3 | $ | 242.6 | $ | 225.1 | 10.2 | 7.8 | |||||||||||||||||||||
Railcar sales: | |||||||||||||||||||||||||||||
Railcars owned one year or less at the time of sale | 9.1 | 24.8 | 13.2 | ||||||||||||||||||||||||||
Railcars owned more than one year at the time of sale | 20.4 | 33.5 | 16.2 | ||||||||||||||||||||||||||
Total operating profit | $ | 296.8 | $ | 300.9 | $ | 254.5 | (1.4 | ) | 18.2 | ||||||||||||||||||||
Operating profit margin: | |||||||||||||||||||||||||||||
Leasing and management | 45.5 | % | 45.9 | % | 45.7 | % | |||||||||||||||||||||||
Railcar sales | * | * | * | ||||||||||||||||||||||||||
Total operating profit margin | 46 | 46.5 | 46.1 | ||||||||||||||||||||||||||
Selected expense information(1): | |||||||||||||||||||||||||||||
Depreciation | $ | 129 | $ | 120.5 | $ | 115.7 | 7.1 | 4.1 | |||||||||||||||||||||
Maintenance | $ | 71.5 | $ | 59.4 | $ | 58.2 | 20.4 | 2.1 | |||||||||||||||||||||
Rent | $ | 53.3 | $ | 50.9 | $ | 48.6 | 4.7 | 4.7 | |||||||||||||||||||||
Interest: | |||||||||||||||||||||||||||||
External | $ | 153.5 | $ | 161.2 | $ | 154.4 | |||||||||||||||||||||||
Intercompany | 3.8 | 13.1 | 6.4 | ||||||||||||||||||||||||||
Total interest expense | $ | 157.3 | $ | 174.3 | $ | 160.8 | (9.8 | ) | 8.4 | ||||||||||||||||||||
* Not meaningful | |||||||||||||||||||||||||||||
(1) Depreciation, maintenance, and rent expense are components of operating profit. Amortization of deferred profit on railcars sold from the Rail Group to the Leasing Group is included in the operating profits of the Leasing Group resulting in the recognition of depreciation expense based on the Company's original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. Intercompany interest expense arises from Trinity’s previous ownership of a portion of TRIP Holdings’ Senior Secured Notes and is eliminated in consolidation. See Note 11 Debt. | |||||||||||||||||||||||||||||
Future contractual minimum rental revenues on leases | ' | ||||||||||||||||||||||||||||
Future contractual minimum rental revenues on leases are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Future contractual minimum rental revenue | $ | 425.2 | $ | 359.8 | $ | 297 | $ | 232.6 | $ | 161.4 | $ | 274.2 | $ | 1,750.20 | |||||||||||||||
Operating leases with the Trusts | ' | ||||||||||||||||||||||||||||
Future Contractual Minimum Rental Revenues on Leases [Line Items] | ' | ||||||||||||||||||||||||||||
Future operating lease obligations and future contractual minimum rental revenues on leased railcars | ' | ||||||||||||||||||||||||||||
Future operating lease obligations of the Leasing Group’s subsidiaries as well as future contractual minimum rental revenues related to these leases due to the Leasing Group are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Future operating lease obligations of Trusts’ railcars | $ | 44.7 | $ | 43 | $ | 40.1 | $ | 41.9 | $ | 45.3 | $ | 253.6 | $ | 468.6 | |||||||||||||||
Future contractual minimum rental revenues of Trusts’ railcars | $ | 62.7 | $ | 49 | $ | 38.3 | $ | 28.8 | $ | 18.5 | $ | 35.5 | $ | 232.8 | |||||||||||||||
Operating leases other than leases with the Trusts | ' | ||||||||||||||||||||||||||||
Future Contractual Minimum Rental Revenues on Leases [Line Items] | ' | ||||||||||||||||||||||||||||
Future operating lease obligations and future contractual minimum rental revenues on leased railcars | ' | ||||||||||||||||||||||||||||
Future amounts due as well as future contractual minimum rental revenues related to operating leases other than leases discussed above are as follows: | |||||||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | |||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||
Future operating lease obligations | $ | 12.8 | $ | 12.8 | $ | 12.7 | $ | 12.1 | $ | 12 | $ | 38.2 | $ | 100.6 | |||||||||||||||
Future contractual minimum rental revenues | $ | 18.8 | $ | 13.8 | $ | 12.7 | $ | 9.5 | $ | 5.7 | $ | 8.8 | $ | 69.3 | |||||||||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Interest rate hedges | ' | ||||||||||||||||||
Interest rate hedges | |||||||||||||||||||
Included in accompanying balance sheet | |||||||||||||||||||
at December 31, 2013 | |||||||||||||||||||
Notional | Interest | Liability | AOCL – | Noncontrolling | |||||||||||||||
Amount | Rate(1) | loss/ | Interest | ||||||||||||||||
(income) | |||||||||||||||||||
(in millions, except %) | |||||||||||||||||||
Expired hedges: | |||||||||||||||||||
2006 secured railcar equipment notes | $ | 200 | 4.87 | % | $ | — | $ | (1.6 | ) | $ | — | ||||||||
Promissory notes | $ | 370 | 5.34 | % | $ | — | $ | 4.1 | $ | — | |||||||||
TRIP Holdings warehouse loan | $ | 788.5 | 3.6 | % | $ | — | $ | 12.9 | $ | 15.9 | |||||||||
Open hedges: | |||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | $ | 67.2 | 2.62 | % | $ | 2.1 | $ | 0.9 | $ | 1.1 | |||||||||
Promissory notes | $ | 415 | 4.13 | % | $ | 21.7 | $ | 20 | $ | — | |||||||||
(1) | Weighted average fixed interest rate | ||||||||||||||||||
Interest rate hedges | ' | ||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Effect on statements of operations | ' | ||||||||||||||||||
Effect on interest expense-increase/(decrease) | |||||||||||||||||||
Year Ended December 31, | Expected effect during next twelve months(1) | ||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Expired hedges: | |||||||||||||||||||
2006 secured railcar equipment notes | $ | (0.3 | ) | $ | (0.3 | ) | $ | (0.4 | ) | $ | (0.3 | ) | |||||||
Promissory notes | $ | 3.1 | $ | 3.3 | $ | 3.5 | $ | 2.9 | |||||||||||
TRIP Holdings warehouse loan | $ | 6.1 | $ | 6 | $ | 17.4 | $ | 5.1 | |||||||||||
Open hedges: | |||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | $ | 1.8 | $ | 2 | $ | 1.1 | $ | 1.5 | |||||||||||
Promissory notes | $ | 15.8 | $ | 18.4 | $ | 19.6 | $ | 15.7 | |||||||||||
(1)Based on the fair value of open hedges as of December 31, 2013 | |||||||||||||||||||
Fuel derivative instruments | ' | ||||||||||||||||||
Derivative [Line Items] | ' | ||||||||||||||||||
Effect on statements of operations | ' | ||||||||||||||||||
Other Derivatives | |||||||||||||||||||
Effect on operating income - increase/(decrease) | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||
(in millions) | |||||||||||||||||||
Fuel hedges(1) | |||||||||||||||||||
Effect of mark-to-market valuation | $ | — | $ | 0.4 | $ | — | |||||||||||||
Settlements | — | — | 0.4 | ||||||||||||||||
$ | — | $ | 0.4 | $ | 0.4 | ||||||||||||||
Foreign exchange hedges(2) | $ | — | $ | (0.4 | ) | $ | 0.1 | ||||||||||||
(1) | Included in cost of revenues in the accompanying consolidated statement of operations | ||||||||||||||||||
(2) | Included in other, net in the accompanying consolidated statement of operations |
Property_Plant_and_Equipment_T
Property, Plant, and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Components of property, plant, and equipment | ' | |||||||
The following table summarizes the components of property, plant, and equipment as of December 31, 2013 and 2012. | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Manufacturing/Corporate: | ||||||||
Land | $ | 44.2 | $ | 37.7 | ||||
Buildings and improvements | 463.2 | 431 | ||||||
Machinery and other | 832.5 | 745.3 | ||||||
Construction in progress | 79 | 46.1 | ||||||
1,418.90 | 1,260.10 | |||||||
Less accumulated depreciation | (748.3 | ) | (720.8 | ) | ||||
670.6 | 539.3 | |||||||
Leasing: | ||||||||
Wholly-owned subsidiaries: | ||||||||
Machinery and other | 10.3 | 9.6 | ||||||
Equipment on lease | 3,509.10 | 3,157.50 | ||||||
3,519.40 | 3,167.10 | |||||||
Less accumulated depreciation | (554.8 | ) | (468.4 | ) | ||||
2,964.60 | 2,698.70 | |||||||
Partially-owned subsidiaries: | ||||||||
Equipment on lease | 1,887.20 | 1,661.00 | ||||||
Less accumulated depreciation | (202.1 | ) | (153.8 | ) | ||||
1,685.10 | 1,507.20 | |||||||
Net deferred profit on railcars sold to the Leasing Group | (549.7 | ) | (446.2 | ) | ||||
$ | 4,770.60 | $ | 4,299.00 | |||||
Certain prior year balances with respect to RIV 2013 have been reclassified as pertaining to a partially-owned subsidiary to conform to the 2013 presentation. See Note 5 Partially-Owned Leasing Subsidiaries. |
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Goodwill by segment | ' | |||||||
Goodwill by segment is as follows: | ||||||||
December 31, | December 31, | |||||||
2013 | 2012 | |||||||
(in millions) | ||||||||
Rail Group | $ | 134.6 | $ | 122.5 | ||||
Construction Products Group | 126.9 | 105.2 | ||||||
Energy Equipment Group | 14.9 | 10.9 | ||||||
Railcar Leasing and Management Services Group | 1.8 | 1.8 | ||||||
$ | 278.2 | $ | 240.4 | |||||
Warranties_Tables
Warranties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||
Changes in the accruals for warranties | ' | |||||||||||
The changes in the accruals for warranties for the years ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||
31-Dec-13 | December 31, 2012 | 31-Dec-11 | ||||||||||
(in millions) | ||||||||||||
Beginning balance | $ | 12.5 | $ | 13.5 | $ | 13.2 | ||||||
Warranty costs incurred | (5.9 | ) | (5.9 | ) | (6.3 | ) | ||||||
Warranty originations and revisions | 11.9 | 7.7 | 9.1 | |||||||||
Warranty expirations | (3.8 | ) | (2.8 | ) | (2.5 | ) | ||||||
Ending balance | $ | 14.7 | $ | 12.5 | $ | 13.5 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of debt | ' | |||||||||||||||||||||||
The following table summarizes the components of debt as of December 31, 2013 and 2012: | ||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Corporate – Recourse: | ||||||||||||||||||||||||
Revolving credit facility | $ | — | $ | — | ||||||||||||||||||||
Convertible subordinated notes | 450 | 450 | ||||||||||||||||||||||
Less: unamortized discount | (74.1 | ) | (87.5 | ) | ||||||||||||||||||||
375.9 | 362.5 | |||||||||||||||||||||||
Other | 0.9 | 1.2 | ||||||||||||||||||||||
376.8 | 363.7 | |||||||||||||||||||||||
Leasing – Recourse: | ||||||||||||||||||||||||
Capital lease obligations | 42.2 | 45.8 | ||||||||||||||||||||||
Term loan | — | 48.6 | ||||||||||||||||||||||
42.2 | 94.4 | |||||||||||||||||||||||
Total recourse debt | 419 | 458.1 | ||||||||||||||||||||||
Leasing – Non-recourse: | ||||||||||||||||||||||||
Wholly-owned subsidiaries: | ||||||||||||||||||||||||
2006 secured railcar equipment notes | 240.7 | 255.8 | ||||||||||||||||||||||
Promissory notes | 396.1 | 424.1 | ||||||||||||||||||||||
2009 secured railcar equipment notes | 199 | 209.2 | ||||||||||||||||||||||
2010 secured railcar equipment notes | 326.9 | 341.5 | ||||||||||||||||||||||
TILC warehouse facility | 152 | 173.6 | ||||||||||||||||||||||
1,314.70 | 1,404.20 | |||||||||||||||||||||||
Partially-owned subsidiaries: | ||||||||||||||||||||||||
TRL 2012 secured railcar equipment notes - RIV 2013 | 499.3 | 333.8 | ||||||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | 756.8 | 797.7 | ||||||||||||||||||||||
TRIP Holdings senior secured notes: | ||||||||||||||||||||||||
Total outstanding | — | 170 | ||||||||||||||||||||||
Less: owned by Trinity | — | (108.8 | ) | |||||||||||||||||||||
— | 61.2 | |||||||||||||||||||||||
1,256.10 | 1,192.70 | |||||||||||||||||||||||
Total non–recourse debt | 2,570.80 | 2,596.90 | ||||||||||||||||||||||
Total debt | $ | 2,989.80 | $ | 3,055.00 | ||||||||||||||||||||
Total interest expense recognized on the Convertible Subordinated Notes | ' | |||||||||||||||||||||||
Total interest expense recognized on the Convertible Subordinated Notes for the years ended December 31, 2013, 2012, and 2011, is as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Coupon rate interest | $ | 17.4 | $ | 17.4 | $ | 17.4 | ||||||||||||||||||
Amortized debt discount | 13.4 | 12.3 | 11.3 | |||||||||||||||||||||
$ | 30.8 | $ | 29.7 | $ | 28.7 | |||||||||||||||||||
Remaining principal payments under existing debt agreements | ' | |||||||||||||||||||||||
The remaining principal payments under existing debt agreements as of December 31, 2013 are as follows: | ||||||||||||||||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | |||||||||||||||||||
(in millions) | ||||||||||||||||||||||||
Recourse: | ||||||||||||||||||||||||
Corporate | $ | 0.2 | $ | 0.2 | $ | 0.2 | $ | 0.3 | $ | — | $ | 450 | ||||||||||||
Leasing – capital lease obligations (Note 6) | 3.1 | 3.3 | 3.5 | 3.7 | 28.6 | — | ||||||||||||||||||
Non-recourse – leasing (Note 6): | ||||||||||||||||||||||||
2006 secured railcar equipment notes | 16.9 | 18.6 | 21.9 | 24 | 25.4 | 133.9 | ||||||||||||||||||
Promissory notes | 23.9 | 21.7 | 350.5 | — | — | — | ||||||||||||||||||
2009 secured railcar equipment notes | 9.9 | 9.6 | 6.5 | 6.3 | 6.5 | 160.2 | ||||||||||||||||||
2010 secured railcar equipment notes | 14 | 15.3 | 15 | 13.7 | 10 | 258.9 | ||||||||||||||||||
TILC warehouse facility - facility termination payments | — | 50.7 | 101.3 | — | — | — | ||||||||||||||||||
TRL 2012 secured railcar equipment notes - RIV 2013 | 25 | 23.5 | 22.6 | 23.1 | 23.4 | 381.7 | ||||||||||||||||||
TRIP Master Funding secured railcar equipment notes | 40.1 | 35.7 | 29.3 | 20.4 | 19.9 | 611.4 | ||||||||||||||||||
Total principal payments | $ | 133.1 | $ | 178.6 | $ | 550.8 | $ | 91.5 | $ | 113.8 | $ | 1,996.10 | ||||||||||||
Other_Net_Tables
Other, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||
Other, net (income) expense | ' | |||||||||||
Other, net (income) expense consists of the following items: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Foreign currency exchange transactions | $ | 0.3 | $ | (2.3 | ) | $ | 3.1 | |||||
Gain on equity investments | (0.3 | ) | (0.4 | ) | (0.6 | ) | ||||||
Other | (2.8 | ) | (1.6 | ) | 1.5 | |||||||
Other, net | $ | (2.8 | ) | $ | (4.3 | ) | $ | 4 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of the provision for income taxes | ' | |||||||||||
The components of the provision for income taxes from continuing operations are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Current: | ||||||||||||
Federal | $ | 141.8 | $ | (5.7 | ) | $ | 20.8 | |||||
State | 13.7 | 7 | 5.5 | |||||||||
Foreign | 3.1 | 6.4 | 5.4 | |||||||||
Total current | 158.6 | 7.7 | 31.7 | |||||||||
Deferred: | ||||||||||||
Federal | 44.3 | 126.6 | 62.2 | |||||||||
State | 2.3 | 3.2 | 1.3 | |||||||||
Foreign | (0.8 | ) | (3.5 | ) | (3.0 | ) | ||||||
Total deferred | 45.8 | 126.3 | 60.5 | |||||||||
Provision | $ | 204.4 | $ | 134 | $ | 92.2 | ||||||
Reconciliation between the statutory United States Federal income tax rate and the Company's effective income tax rate | ' | |||||||||||
The following is a reconciliation between the statutory U.S. Federal income tax rate and the Company’s effective income tax rate on income from continuing operations: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Statutory rate | 35 | % | 35 | % | 35 | % | ||||||
State taxes | 2.1 | 2 | 2.1 | |||||||||
Domestic production activities deduction | (1.4 | ) | — | — | ||||||||
Noncontrolling interest in partially-owned subsidiaries | (0.9 | ) | — | — | ||||||||
Tax assessments and settlements | — | (0.6 | ) | — | ||||||||
Changes in valuation allowance and reserves | (0.8 | ) | (1.4 | ) | 0.4 | |||||||
Other, net | 0.6 | (0.3 | ) | 1.1 | ||||||||
Effective rate | 34.6 | % | 34.7 | % | 38.6 | % | ||||||
Components of deferred tax liabilities and assets | ' | |||||||||||
The components of deferred tax liabilities and assets are as follows: | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
(in millions) | ||||||||||||
Deferred tax liabilities: | ||||||||||||
Depreciation, depletion, and amortization | $ | 668.9 | $ | 887.6 | ||||||||
Derivatives | — | 12.4 | ||||||||||
Accrued liabilities and other | 48.3 | — | ||||||||||
Convertible debt | 105.4 | 96.5 | ||||||||||
Total deferred tax liabilities | 822.6 | 996.5 | ||||||||||
Deferred tax assets: | ||||||||||||
Workers compensation, pensions, and other benefits | 61.3 | 52.4 | ||||||||||
Warranties and reserves | 13.8 | 15.6 | ||||||||||
Equity items | 33.4 | 81.5 | ||||||||||
Tax loss carryforwards and credits | 27.5 | 249.7 | ||||||||||
Inventory | 18.8 | 17.9 | ||||||||||
Accrued liabilities and other | — | 3.9 | ||||||||||
Total deferred tax assets | 154.8 | 421 | ||||||||||
Net deferred tax liabilities before valuation allowance | 667.8 | 575.5 | ||||||||||
Valuation allowance | 10.2 | 19.7 | ||||||||||
Net deferred tax liabilities before reserve for uncertain tax positions | 678 | 595.2 | ||||||||||
Deferred tax assets included in reserve for uncertain tax positions | (38.6 | ) | (39.4 | ) | ||||||||
Adjusted net deferred tax liabilities | $ | 639.4 | $ | 555.8 | ||||||||
Change in unrecognized tax benefits | ' | |||||||||||
The change in unrecognized tax benefits for the years ended December 31, 2013, 2012, and 2011 was as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(in millions) | ||||||||||||
Beginning balance | $ | 48.7 | $ | 52.5 | $ | 36.8 | ||||||
Additions for tax positions related to the current year | 4.8 | 4.1 | 3.8 | |||||||||
Additions for tax positions of prior years | 2.8 | — | 16.4 | |||||||||
Reductions for tax positions of prior years | — | (1.1 | ) | (0.1 | ) | |||||||
Settlements | (0.3 | ) | (3.4 | ) | (3.5 | ) | ||||||
Expiration of statute of limitations | (1.0 | ) | (3.4 | ) | (0.9 | ) | ||||||
Ending balance | $ | 55 | $ | 48.7 | $ | 52.5 | ||||||
Employee_Retirement_Plans_Tabl
Employee Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||
Actuarial assumptions | ' | |||||||||||||||
Actuarial Assumptions | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
Assumptions used to determine benefit obligations at the annual measurement date were: | ||||||||||||||||
Obligation discount rate | 5.22% | 4.25% | 5.40% | |||||||||||||
Compensation increase rate | 4.00% | 4.00% | 3.00% | |||||||||||||
Assumptions used to determine net periodic benefit costs were: | ||||||||||||||||
Obligation discount rate | 4.25% | 5.40% | 5.90% | |||||||||||||
Long-term rate of return on plan assets | 7.75% | 7.75% | 7.75% | |||||||||||||
Compensation increase rate | 4.00% | 3.00% | 3.00% | |||||||||||||
Components of net retirement cost | ' | |||||||||||||||
Components of Net Retirement Cost | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(in millions) | ||||||||||||||||
Expense Components | ||||||||||||||||
Service cost | $ | 1.1 | $ | 0.9 | $ | 0.8 | ||||||||||
Interest | 18.5 | 19.4 | 19.6 | |||||||||||||
Expected return on plan assets | (26.6 | ) | (22.9 | ) | (22.8 | ) | ||||||||||
Amortization of actuarial loss | 4.9 | 3.2 | 1.8 | |||||||||||||
Prior service cost | 0.1 | 0.1 | 0.1 | |||||||||||||
Defined benefit expense | (2.0 | ) | 0.7 | (0.5 | ) | |||||||||||
Profit sharing | 12.3 | 11.9 | 9.3 | |||||||||||||
Net expense | $ | 10.3 | $ | 12.6 | $ | 8.8 | ||||||||||
Obligations and funded status | ' | |||||||||||||||
Obligations and Funded Status | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
(in millions) | ||||||||||||||||
Accumulated Benefit Obligations | $ | 392.1 | $ | 442.5 | ||||||||||||
Projected Benefit Obligations: | ||||||||||||||||
Beginning of year | $ | 442.5 | $ | 364.8 | ||||||||||||
Service cost | 1.1 | 0.9 | ||||||||||||||
Interest | 18.5 | 19.4 | ||||||||||||||
Benefits paid | (15.8 | ) | (13.3 | ) | ||||||||||||
Actuarial (gain)/loss | (54.2 | ) | 70.7 | |||||||||||||
End of year | $ | 392.1 | $ | 442.5 | ||||||||||||
Plans' Assets: | ||||||||||||||||
Beginning of year | $ | 340.1 | $ | 290.6 | ||||||||||||
Actual return on assets | 56 | 45.5 | ||||||||||||||
Employer contributions | 18.9 | 17.3 | ||||||||||||||
Benefits paid | (15.8 | ) | (13.3 | ) | ||||||||||||
End of year | $ | 399.2 | $ | 340.1 | ||||||||||||
Consolidated Balance Sheet Components: | ||||||||||||||||
Other assets | $ | 17.8 | $ | — | ||||||||||||
Accrued liabilities | (10.7 | ) | (102.4 | ) | ||||||||||||
Net funded status | $ | 7.1 | $ | (102.4 | ) | |||||||||||
Percent of projected benefit obligations funded | 101.8 | % | 76.9 | % | ||||||||||||
Amounts recognized in other comprehensive income (loss) | ' | |||||||||||||||
Amounts Recognized in Other Comprehensive Income (Loss) | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||
(in millions) | ||||||||||||||||
Actuarial gain (loss) | $ | 83.7 | $ | (48.1 | ) | $ | (47.3 | ) | ||||||||
Amortization of actuarial loss | 4.9 | 3.2 | 1.7 | |||||||||||||
Amortization of prior service cost | 0.1 | 0.1 | 0.1 | |||||||||||||
Total before income taxes | 88.7 | (44.8 | ) | (45.5 | ) | |||||||||||
Income tax expense (benefit) | 32.9 | (16.7 | ) | (16.9 | ) | |||||||||||
Net amount recognized in other comprehensive income (loss) | $ | 55.8 | $ | (28.1 | ) | $ | (28.6 | ) | ||||||||
Estimated fair value of plan assets and target asset allocations | ' | |||||||||||||||
The estimated fair value of the plans' assets at December 31, 2013 and 2012, indicating input levels used to determine fair value, and the range of target asset allocations are as follows: | ||||||||||||||||
Target | December 31, | December 31, | ||||||||||||||
Allocation | 2013 | 2012 | ||||||||||||||
Cash and cash equivalents | 2 | % | 1 | % | ||||||||||||
Equity securities | 60-80% | 73 | 73 | |||||||||||||
Debt securities | 20-40% | 25 | 26 | |||||||||||||
Total | 100 | % | 100 | % | ||||||||||||
Fair Value Measurement as of December 31, 2013 | ||||||||||||||||
(in millions) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Temporary cash investments | $ | 7 | $ | — | $ | — | $ | 7 | ||||||||
Common trust funds | — | 392.2 | — | 392.2 | ||||||||||||
$ | 7 | $ | 392.2 | $ | — | $ | 399.2 | |||||||||
Fair Value Measurement as of December 31, 2012 | ||||||||||||||||
(in millions) | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Temporary cash investments | $ | 3.3 | $ | — | $ | — | $ | 3.3 | ||||||||
Common trust funds | — | 336.8 | — | 336.8 | ||||||||||||
$ | 3.3 | $ | 336.8 | $ | — | $ | 340.1 | |||||||||
Benefit payments for defined benefit plans expected to be paid during the next ten years | ' | |||||||||||||||
Benefit payments for the Company's defined benefit plans expected to be paid during the next ten years are as follows: | ||||||||||||||||
Years ending December 31, | ||||||||||||||||
(in millions) | ||||||||||||||||
2014 | $ | 17 | ||||||||||||||
2015 | 18.1 | |||||||||||||||
2016 | 19.3 | |||||||||||||||
2017 | 20.5 | |||||||||||||||
2018 | 21.7 | |||||||||||||||
2019-2023 | 127.9 | |||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ' | |||||||||||||||
Changes in accumulated other comprehensive loss | ' | |||||||||||||||
Changes in accumulated other comprehensive loss for the twelve months ended December 31, 2013, 2012, and 2011 are as follows: | ||||||||||||||||
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, 2010 | $ | (17.1 | ) | $ | (36.3 | ) | $ | (42.1 | ) | $ | (95.5 | ) | ||||
Other comprehensive loss before reclassifications | — | (3.9 | ) | (29.8 | ) | (33.7 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $2.3, $0.6, and $2.9 | — | 4.1 | 1.2 | 5.3 | ||||||||||||
Less: noncontrolling interest | — | (0.1 | ) | — | (0.1 | ) | ||||||||||
Other comprehensive income (loss) | — | 0.1 | (28.6 | ) | (28.5 | ) | ||||||||||
Reclassification of purchase of additional interest in TRIP Holdings | — | (15.5 | ) | — | (15.5 | ) | ||||||||||
Tax expense allocation related to TRIP Holdings unrealized loss on derivative financial instruments | — | 5.5 | — | 5.5 | ||||||||||||
Balances at December 31, 2011 | (17.1 | ) | (46.2 | ) | (70.7 | ) | (134.0 | ) | ||||||||
Other comprehensive income (loss) before reclassifications | — | 7.2 | (30.3 | ) | (23.1 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $0.4, $3.2, $1.1, and $4.7 | 0.6 | 5.8 | 2.2 | 8.6 | ||||||||||||
Less: noncontrolling interest | — | (1.6 | ) | — | (1.6 | ) | ||||||||||
Other comprehensive income (loss) | 0.6 | 11.4 | (28.1 | ) | (16.1 | ) | ||||||||||
Balances at December 31, 2012 | (16.5 | ) | (34.8 | ) | (98.8 | ) | (150.1 | ) | ||||||||
Other comprehensive income before reclassifications | — | 0.8 | 52.7 | 53.5 | ||||||||||||
Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $-, $8.7, $1.9, and $10.6 | — | 18.1 | 3.1 | 21.2 | ||||||||||||
Less: noncontrolling interest | — | (4.2 | ) | — | (4.2 | ) | ||||||||||
Other comprehensive income | — | 14.7 | 55.8 | 70.5 | ||||||||||||
Sale of interests in partially-owned leasing subsidiaries | — | 13.2 | — | 13.2 | ||||||||||||
Repurchase of interests in partially-owned leasing subsidiary | — | (11.8 | ) | — | (11.8 | ) | ||||||||||
Balances at December 31, 2013 | $ | (16.5 | ) | $ | (18.7 | ) | $ | (43.0 | ) | $ | (78.2 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||
Schedule of stock option activity | ' | ||||||||||
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (Years) | Aggregate Intrinsic Value | ||||||||
(in millions) | |||||||||||
Options outstanding at December 31, 2012 | 233,985 | $ | 16.78 | ||||||||
Granted | — | — | |||||||||
Exercised | (152,783 | ) | $ | 16.23 | |||||||
Cancelled | — | — | |||||||||
Options outstanding at December 31, 2013 | 81,202 | $ | 17.8 | 3.3 | $3.00 | ||||||
Options exercisable: | |||||||||||
December 31, 2012 | 233,985 | $ | 16.78 | 4.1 | $4.50 | ||||||
31-Dec-13 | 81,202 | $ | 17.8 | 3.3 | $3.00 | ||||||
Schedule of restricted stock activity | ' | ||||||||||
Number of Restricted Share Awards | Weighted Average Fair Value per Award | ||||||||||
Restricted share awards outstanding at December 31, 2012 | 3,301,371 | $ | 27.82 | ||||||||
Granted | 1,435,653 | 41.52 | |||||||||
Vested | (729,782 | ) | 25.95 | ||||||||
Forfeited | (102,190 | ) | 30.02 | ||||||||
Restricted share awards outstanding at December 31, 2013 | 3,905,052 | $ | 32.99 | ||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||
Computation of basic and diluted net income attributable to Trinity Industries, Inc. | ' | ||||||||||
The computation of basic and diluted net income attributable to Trinity Industries, Inc. follows. | |||||||||||
Year Ended | |||||||||||
31-Dec-13 | |||||||||||
(in millions, except per share amounts) | |||||||||||
Income | Average | EPS | |||||||||
(Loss) | Shares | ||||||||||
Net income from continuing operations | $ | 386.1 | |||||||||
Less: net income from continuing operations attributable to noncontrolling interest | 16.9 | ||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 369.2 | ||||||||||
Unvested restricted share participation | (12.0 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – basic | 357.2 | 76.4 | $ | 4.68 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.1 | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted | $ | 357.2 | 76.5 | $ | 4.67 | ||||||
Net income from discontinued operations, net of taxes | $ | 6.3 | |||||||||
Unvested restricted share participation | (0.2 | ) | |||||||||
Net income from discontinued operations, net of taxes – basic | 6.1 | 76.4 | $ | 0.08 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.1 | |||||||||
Net income from discontinued operations, net of taxes – diluted | $ | 6.1 | 76.5 | $ | 0.08 | ||||||
Year Ended | |||||||||||
31-Dec-12 | |||||||||||
(in millions, except per share amounts) | |||||||||||
Income | Average | EPS | |||||||||
(Loss) | Shares | ||||||||||
Net income from continuing operations | $ | 251.9 | |||||||||
Less: net loss from continuing operations attributable to noncontrolling interest | (1.5 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 253.4 | ||||||||||
Unvested restricted share participation | (7.7 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – basic | 245.7 | 77.3 | $ | 3.18 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.2 | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted | $ | 245.7 | 77.5 | $ | 3.17 | ||||||
Net income from discontinued operations, net of taxes | $ | 1.8 | |||||||||
Unvested restricted share participation | (0.1 | ) | |||||||||
Net income from discontinued operations, net of taxes – basic | 1.7 | 77.3 | $ | 0.02 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.2 | |||||||||
Net income from discontinued operations, net of taxes – diluted | $ | 1.7 | 77.5 | $ | 0.02 | ||||||
Year Ended | |||||||||||
31-Dec-11 | |||||||||||
(in millions, except per share amounts) | |||||||||||
Income | Average | EPS | |||||||||
(Loss) | Shares | ||||||||||
Net income from continuing operations | $ | 146.8 | |||||||||
Less: net income from continuing operations attributable to noncontrolling interest | 3.5 | ||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | 143.3 | ||||||||||
Unvested restricted share participation | (5.0 | ) | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – basic | 138.3 | 77.5 | $ | 1.78 | |||||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.3 | |||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. – diluted | $ | 138.3 | 77.8 | $ | 1.78 | ||||||
Net loss from discontinued operations, net of taxes | $ | (1.1 | ) | ||||||||
Unvested restricted share participation | — | ||||||||||
Net loss from discontinued operations, net of taxes – basic | (1.1 | ) | 77.5 | $ | (0.01 | ) | |||||
Effect of dilutive securities: | |||||||||||
Stock options | — | 0.3 | |||||||||
Net loss from discontinued operations, net of taxes – diluted | $ | (1.1 | ) | 77.8 | $ | (0.01 | ) | ||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unadited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | |||||||||||||
(in millions except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Manufacturing | $ | 798.5 | $ | 896.5 | $ | 959.7 | $ | 1,065.20 | ||||||||
Leasing | 134.4 | 169.6 | 150.6 | 190.8 | ||||||||||||
932.9 | 1,066.10 | 1,110.30 | 1,256.00 | |||||||||||||
Operating costs: | ||||||||||||||||
Costs of revenues: | ||||||||||||||||
Manufacturing | 641.2 | 726 | 767 | 856.7 | ||||||||||||
Leasing | 69.9 | 86.2 | 69.3 | 106 | ||||||||||||
711.1 | 812.2 | 836.3 | 962.7 | |||||||||||||
Selling, engineering, and administrative expenses | 69 | 71.5 | 70.6 | 80.2 | ||||||||||||
Gain on disposition of property, plant, and equipment | 6.7 | 1 | 2.2 | 11.3 | ||||||||||||
Operating profit | 159.5 | 183.4 | 205.6 | 224.4 | ||||||||||||
Net income from continuing operations | 72.2 | 89.2 | 105.8 | 118.9 | ||||||||||||
Discontinued operations, net of tax | 6.6 | (1.0 | ) | 0.3 | 0.4 | |||||||||||
Net income | 78.8 | 88.2 | 106.1 | 119.3 | ||||||||||||
Net income attributable to Trinity Industries, Inc. | 79.1 | 84 | 99.6 | 112.8 | ||||||||||||
Net income (loss) attributable to Trinity Industries, Inc. per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.91 | $ | 1.07 | $ | 1.26 | $ | 1.43 | ||||||||
Discontinued operations | 0.08 | (0.01 | ) | — | 0.01 | |||||||||||
$ | 0.99 | $ | 1.06 | $ | 1.26 | $ | 1.44 | |||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.91 | $ | 1.07 | $ | 1.26 | $ | 1.43 | ||||||||
Discontinued operations | 0.08 | (0.01 | ) | — | 0.01 | |||||||||||
$ | 0.99 | $ | 1.06 | $ | 1.26 | $ | 1.44 | |||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2012 | 2012 | 2012 | 2012 | |||||||||||||
(in millions except per share data) | ||||||||||||||||
Revenues: | ||||||||||||||||
Manufacturing | $ | 754.1 | $ | 803.2 | $ | 748 | $ | 862.2 | ||||||||
Leasing | 142.1 | 192.3 | 159.3 | 150.7 | ||||||||||||
896.2 | 995.5 | 907.3 | 1,012.90 | |||||||||||||
Operating costs: | ||||||||||||||||
Costs of revenues: | ||||||||||||||||
Manufacturing | 656.8 | 680.2 | 643.8 | 720.4 | ||||||||||||
Leasing | 73.4 | 112.1 | 84.3 | 80.5 | ||||||||||||
730.2 | 792.3 | 728.1 | 800.9 | |||||||||||||
Selling, engineering, and administrative expenses | 50.7 | 53 | 55.8 | 64.6 | ||||||||||||
Gain on disposition of property, plant, and equipment | 7.4 | 2.3 | 17.3 | 11.5 | ||||||||||||
Operating profit | 122.7 | 152.5 | 140.7 | 158.9 | ||||||||||||
Net income from continuing operations | 52.4 | 66.1 | 62.4 | 71 | ||||||||||||
Discontinued operations, net of tax | (0.1 | ) | 1.4 | 0.7 | (0.2 | ) | ||||||||||
Net income | 52.3 | 67.5 | 63.1 | 70.8 | ||||||||||||
Net income attributable to Trinity Industries, Inc. | 52.9 | 67.8 | 63.2 | 71.3 | ||||||||||||
Net income attributable to Trinity Industries, Inc. per common share: | ||||||||||||||||
Basic: | ||||||||||||||||
Continuing operations | $ | 0.66 | $ | 0.82 | $ | 0.79 | $ | 0.9 | ||||||||
Discontinued operations | — | 0.02 | 0.01 | — | ||||||||||||
$ | 0.66 | $ | 0.84 | $ | 0.8 | $ | 0.9 | |||||||||
Diluted: | ||||||||||||||||
Continuing operations | $ | 0.66 | $ | 0.82 | $ | 0.79 | $ | 0.9 | ||||||||
Discontinued operations | — | 0.02 | 0.01 | — | ||||||||||||
$ | 0.66 | $ | 0.84 | $ | 0.8 | $ | 0.9 | |||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | |
Minimum | Maximum | Buildings and improvements | Buildings and improvements | Leasehold improvements | Machinery and equipment | Machinery and equipment | Information systems hardware and software | Information systems hardware and software | Railcars in lease fleet | Customer receivables concentration | Capital in excess of par value | |||||
Minimum | Maximum | Maximum | Minimum | Maximum | Minimum | Maximum | Energy Equipment Group | |||||||||
customer | ||||||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorized amount from Board of Directors for share repurchase | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program effective date | ' | 1-Oct-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program expiry date | ' | 31-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares repurchased (in shares) | ' | ' | 2,473,189 | 1,834,221 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of shares repurchased | ' | ' | 108,200,000 | 45,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost of shares repurchased settled in subsequent month | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of purchase of additional interest in TRIP Holdings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 |
Likelihood threshold for recognition of uncertain tax positions | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of customers for net receivables concentration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' |
Net receivables percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16.00% | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | '3 years | '30 years | '7 years | '2 years | '10 years | '2 years | '5 years | '35 years | ' | ' |
Goodwill impairment charges | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of intangible assets | $19,500,000 | ' | $19,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product warranty period against materials and manufacturing defects | ' | ' | ' | ' | '1 year | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_and_Divestitures_1
Acquisitions and Divestitures (Details) (USD $) | 2 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquisitions | ' | 4 | ' | ' |
Acquisitions: | ' | ' | ' | ' |
Purchase price | ' | $125.20 | $48.80 | $56.40 |
Net cash paid | ' | 73.2 | 46.2 | 42.5 |
Goodwill recorded | ' | 37 | 20.9 | 29.3 |
Divestitures: | ' | ' | ' | ' |
Proceeds | ' | 35.6 | 2.1 | 8.3 |
Gain recognized | ' | 12.5 | 1.5 | 0.7 |
Goodwill charged off | ' | 4.8 | 0.1 | 1 |
Energy Equipment Group | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Number of acquisitions | 3 | ' | ' | ' |
Acquisitions: | ' | ' | ' | ' |
Purchase price | $119.40 | $27.90 | $0 | $0 |
Acquisitions_and_Divestitures_2
Acquisitions and Divestitures (Details 1) (USD $) | 2 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' |
Purchase price | ' | $125.20 | $48.80 | $56.40 |
Rail Group | ' | ' | ' | ' |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' |
Purchase price | ' | 23.1 | 0 | 0 |
Construction Products Group | ' | ' | ' | ' |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' |
Purchase price | ' | 74.2 | 48.8 | 56.4 |
Energy Equipment Group | ' | ' | ' | ' |
Business Combination Segment Allocation [Line Items] | ' | ' | ' | ' |
Purchase price | $119.40 | $27.90 | $0 | $0 |
Acquisitions_and_Divestitures_3
Acquisitions and Divestitures (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets of Ready-Mix Concrete Operations: | ' | ' | ' |
Total assets of Ready-Mix Concrete Operations | $0 | $27.90 | ' |
Liabilities of Ready-Mix Concrete Operations: | ' | ' | ' |
Total liabilities of Ready-Mix Concrete Operations | 0 | 3.7 | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' |
Provision (benefit) for income taxes | -0.8 | 1.1 | -0.4 |
Net income (loss) from discontinued operations | -0.8 | 1.8 | -1.1 |
Ready-mix concrete operations | ' | ' | ' |
Assets of Ready-Mix Concrete Operations: | ' | ' | ' |
Inventories | 0 | 4.5 | ' |
Property, plant, and equipment, net | 0 | 16.9 | ' |
Goodwill | 0 | 6.3 | ' |
Other | 0 | 0.2 | ' |
Total assets of Ready-Mix Concrete Operations | 0 | 27.9 | ' |
Liabilities of Ready-Mix Concrete Operations: | ' | ' | ' |
Debt | 0 | 3.7 | ' |
Total liabilities of Ready-Mix Concrete Operations | 0 | 3.7 | ' |
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' |
Revenues | 31.6 | 121.4 | 136.8 |
Income (loss) from discontinued operations before income taxes | -1.6 | 2.9 | -1.5 |
Provision (benefit) for income taxes | -0.8 | 1.1 | -0.4 |
Net income (loss) from discontinued operations | ($0.80) | $1.80 | ($1.10) |
Fair_Value_Accounting_Details
Fair Value Accounting (Details) (Fair value measurements, recurring, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Level 1 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | $230.60 | $246.60 | ||
Restricted cash | 260.7 | 223.2 | ||
Total assets | 491.3 | 469.8 | ||
Liabilities: | ' | ' | ||
Total liabilities | 0 | 0 | ||
Level 1 | Equity call agreement with TRIP Holdings equity investor | ' | ' | ||
Assets: | ' | ' | ||
Equity call agreement with TRIP Holdings equity investor | ' | 0 | [1] | |
Level 1 | Fuel derivative instruments | ' | ' | ||
Assets: | ' | ' | ||
Fuel derivative instrument | ' | 0 | [1] | |
Level 1 | Equity put agreement with TRIP Holdings equity investor | ' | ' | ||
Liabilities: | ' | ' | ||
Equity put agreement with TRIP Holdings equity investor | ' | 0 | [2] | |
Level 1 | Wholly-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 0 | [3] | 0 | [3] |
Level 1 | Partially-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 0 | [3] | 0 | [3] |
Level 2 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 0 | 155 | ||
Restricted cash | 0 | 0 | ||
Total assets | 0 | 155.1 | ||
Liabilities: | ' | ' | ||
Total liabilities | 23.8 | 42.8 | ||
Level 2 | Equity call agreement with TRIP Holdings equity investor | ' | ' | ||
Assets: | ' | ' | ||
Equity call agreement with TRIP Holdings equity investor | ' | 0 | [1] | |
Level 2 | Fuel derivative instruments | ' | ' | ||
Assets: | ' | ' | ||
Fuel derivative instrument | ' | 0.1 | [1] | |
Level 2 | Equity put agreement with TRIP Holdings equity investor | ' | ' | ||
Liabilities: | ' | ' | ||
Equity put agreement with TRIP Holdings equity investor | ' | 0 | [2] | |
Level 2 | Wholly-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 21.7 | [3] | 37.6 | [3] |
Level 2 | Partially-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 2.1 | [3] | 5.2 | [3] |
Level 3 | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Total assets | 0 | 0.8 | ||
Liabilities: | ' | ' | ||
Total liabilities | 0 | 2.9 | ||
Level 3 | Equity call agreement with TRIP Holdings equity investor | ' | ' | ||
Assets: | ' | ' | ||
Equity call agreement with TRIP Holdings equity investor | ' | 0.8 | [1] | |
Level 3 | Fuel derivative instruments | ' | ' | ||
Assets: | ' | ' | ||
Fuel derivative instrument | ' | 0 | [1] | |
Level 3 | Equity put agreement with TRIP Holdings equity investor | ' | ' | ||
Liabilities: | ' | ' | ||
Equity put agreement with TRIP Holdings equity investor | ' | 2.9 | [2] | |
Level 3 | Wholly-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 0 | [3] | 0 | [3] |
Level 3 | Partially-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 0 | [3] | 0 | [3] |
Total | ' | ' | ||
Assets: | ' | ' | ||
Cash equivalents | 230.6 | 401.6 | ||
Restricted cash | 260.7 | 223.2 | ||
Total assets | 491.3 | 625.7 | ||
Liabilities: | ' | ' | ||
Total liabilities | 23.8 | 45.7 | ||
Total | Equity call agreement with TRIP Holdings equity investor | ' | ' | ||
Assets: | ' | ' | ||
Equity call agreement with TRIP Holdings equity investor | ' | 0.8 | [1] | |
Total | Fuel derivative instruments | ' | ' | ||
Assets: | ' | ' | ||
Fuel derivative instrument | ' | 0.1 | [1] | |
Total | Equity put agreement with TRIP Holdings equity investor | ' | ' | ||
Liabilities: | ' | ' | ||
Equity put agreement with TRIP Holdings equity investor | ' | 2.9 | [2] | |
Total | Wholly-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | 21.7 | [3] | 37.6 | [3] |
Total | Partially-owned subsidiaries | Interest rate hedges | ' | ' | ||
Liabilities: | ' | ' | ||
Interest rate hedges | $2.10 | [3] | $5.20 | [3] |
[1] | Included in other assets on the consolidated balance sheet. | |||
[2] | Included in other liabilities on the consolidated balance sheet. | |||
[3] | Included in accrued liabilities on the consolidated balance sheet. |
Fair_Value_Accounting_Details_
Fair Value Accounting (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Manufacturing/ Corporate | Manufacturing/ Corporate | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | Estimated Fair Value | ||
Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Manufacturing/ Corporate | Manufacturing/ Corporate | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Capital lease obligations | Capital lease obligations | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | |||||||||||
Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Capital lease obligations | Capital lease obligations | Term loan | Term loan | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | 2006 secured railcar equipment notes | 2006 secured railcar equipment notes | Promissory notes | Promissory notes | 2009 secured railcar equipment notes | 2009 secured railcar equipment notes | 2010 secured railcar equipment notes | 2010 secured railcar equipment notes | TILC warehouse facility | TILC warehouse facility | TRL 2012 secured railcar equipment notes - RIV 2013 | TRL 2012 secured railcar equipment notes - RIV 2013 | TRIP Holdings senior secured notes | TRIP Holdings senior secured notes | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding secured railcar equipment notes | Manufacturing/ Corporate | Manufacturing/ Corporate | Capital lease obligations | Capital lease obligations | Term loan | Term loan | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | 2006 secured railcar equipment notes | 2006 secured railcar equipment notes | Promissory notes | Promissory notes | 2009 secured railcar equipment notes | 2009 secured railcar equipment notes | 2010 secured railcar equipment notes | 2010 secured railcar equipment notes | TILC warehouse facility | TILC warehouse facility | TRL 2012 secured railcar equipment notes - RIV 2013 | TRL 2012 secured railcar equipment notes - RIV 2013 | TRIP Holdings senior secured notes | TRIP Holdings senior secured notes | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding secured railcar equipment notes | ||||||||||||||||||||||
Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | |||||||||||||||||||||||||||||||||||
Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | |||||||||||||||||||||||||||||||||||||||||||||||
Carrying amounts and estimated fair values of long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $593.40 | $506.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: unamortized discount | -74.1 | -87.5 | ' | ' | ' | ' | ' | ' | -74.1 | -87.5 | -74.1 | -87.5 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.6 | 56.6 | ' | ' | ' | ' | ' | ' | 42.2 | 45.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42.2 | 45.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 48.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 173.6 | ' | ' | ' | ' | 756.8 | 797.7 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 53.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 173.6 | ' | ' | ' | ' | 819.8 | 952 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable | 1,314.70 | 1,404.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,256.10 | 1,192.70 | 240.7 | 255.8 | 396.1 | 424.1 | 199 | 209.2 | 326.9 | 341.5 | ' | ' | 499.3 | 333.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259.2 | 292 | 389.6 | 414.6 | 229.5 | 260.4 | 342.7 | 387.2 | ' | ' | 483.4 | 321.7 | ' | ' | ' | ' |
TRIP Holdings senior secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 61.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 62.5 | ' | ' |
Total debt | $2,989.80 | $3,055 | $376.80 | $363.70 | $1,356.90 | $1,498.60 | $1,256.10 | $1,192.70 | $419 | $458.10 | $376.80 | $363.70 | $42.20 | $94.40 | $0 | $0 | ' | ' | $2,989.80 | $3,055 | $419 | $458.10 | $42.20 | $94.40 | ' | ' | ' | ' | $2,570.80 | $2,596.90 | $1,314.70 | $1,404.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,312.70 | $3,470.90 | $636.50 | $606.90 | ' | ' | ' | ' | ' | ' | $2,676.20 | $2,864 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | $1,256 | $1,110.30 | $1,066.10 | $932.90 | $1,012.90 | $907.30 | $995.50 | $896.20 | $4,365.30 | $3,811.90 | $2,938.30 | |||
Operating Profit (Loss) | 224.4 | 205.6 | 183.4 | 159.5 | 158.9 | 140.7 | 152.5 | 122.7 | 772.9 | 574.8 | 426.8 | |||
Assets | 7,313.40 | ' | ' | ' | 6,642 | ' | ' | ' | 7,313.40 | 6,642 | 6,088.50 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 211.5 | 193.7 | 187.7 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 731 | 469.2 | 335.6 | |||
Rail Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,093.50 | 1,512.10 | 931.7 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 489.7 | 199 | 77.3 | |||
Assets | 1,063.90 | ' | ' | ' | 916.2 | ' | ' | ' | 1,063.90 | 916.2 | 684.6 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 27.2 | 21.8 | 23.9 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 42.4 | 47.8 | 11.4 | |||
Construction Products Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 508.6 | 461.2 | 440.4 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 52.6 | 44.8 | 54.9 | |||
Assets | 459.9 | ' | ' | ' | 415.2 | ' | ' | ' | 459.9 | 415.2 | 370.7 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 20.9 | 16.6 | 15.5 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 17.1 | 15.7 | 7.7 | |||
Inland Barge Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 576.6 | 675.2 | 548.5 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 96 | 124.7 | 106.4 | |||
Assets | 170.3 | ' | ' | ' | 154.4 | ' | ' | ' | 170.3 | 154.4 | 189.2 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 8.1 | 7.6 | 6.4 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 18.4 | 15 | 38 | |||
Energy Equipment Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 536.5 | 506 | 454.8 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 61.4 | 18.2 | 8.9 | |||
Assets | 364.3 | ' | ' | ' | 400.1 | ' | ' | ' | 364.3 | 400.1 | 392.9 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 18.2 | 19 | 18.4 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 41.5 | 25.2 | 10.4 | |||
Railcar Leasing and Management Services Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 645.4 | 644.4 | 551.4 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 296.8 | 300.9 | 254.5 | |||
Assets | 5,026.90 | ' | ' | ' | 4,538.80 | ' | ' | ' | 5,026.90 | 4,538.80 | 4,462.10 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 129 | [1] | 120.5 | [1] | 115.7 | [1] |
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 581.1 | 352.6 | 258.6 | |||
All Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4.7 | 13 | 11.5 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -13.7 | -10.2 | -3.8 | |||
Assets | 49.8 | ' | ' | ' | 30.9 | ' | ' | ' | 49.8 | 30.9 | 30.5 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 3.7 | 4.4 | 4.4 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 4.4 | 6.6 | 4 | |||
Segment Totals before Eliminations and Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,365.30 | 3,811.90 | 2,938.30 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 982.8 | 677.4 | 498.2 | |||
Assets | 7,135.10 | ' | ' | ' | 6,455.60 | ' | ' | ' | 7,135.10 | 6,455.60 | 6,130 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 207.1 | 189.9 | 184.3 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 704.9 | 462.9 | 330.1 | |||
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -73.4 | -51.5 | -43.6 | |||
Assets | 731 | ' | ' | ' | 744.9 | ' | ' | ' | 731 | 744.9 | 512.9 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4.5 | 3.9 | 3.6 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 26.1 | 6.3 | 5.5 | |||
Eliminations – Lease subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -135.4 | -50.8 | -28.3 | |||
Assets | -549.7 | ' | ' | ' | -446.2 | ' | ' | ' | -549.7 | -446.2 | -440.3 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Eliminations – Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | -1.1 | -0.3 | 0.5 | |||
Assets | -3 | ' | ' | ' | -112.3 | ' | ' | ' | -3 | -112.3 | -114.1 | |||
Depreciation & Amortization | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | -0.1 | -0.2 | |||
Capital Expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Intersegment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Intersegment | Rail Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 774 | 500.9 | 343 | |||
Intersegment | Construction Products Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16.4 | 22.5 | 12.9 | |||
Intersegment | Inland Barge Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0 | 0 | |||
Intersegment | Energy Equipment Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 128.9 | 52.6 | 18 | |||
Intersegment | Railcar Leasing and Management Services Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2.7 | 0.6 | |||
Intersegment | All Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 81.9 | 68.4 | 50.3 | |||
Intersegment | Segment Totals before Eliminations and Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,001.30 | 647.1 | 424.8 | |||
Intersegment | Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Intersegment | Eliminations – Lease subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -756.5 | -485.9 | -325.5 | |||
Intersegment | Eliminations – Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -244.8 | -161.2 | -99.3 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,365.30 | 3,811.90 | 2,938.30 | |||
Total | Rail Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,867.50 | 2,013 | 1,274.70 | |||
Total | Construction Products Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 525 | 483.7 | 453.3 | |||
Total | Inland Barge Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 576.7 | 675.2 | 548.5 | |||
Total | Energy Equipment Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 665.4 | 558.6 | 472.8 | |||
Total | Railcar Leasing and Management Services Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 645.4 | 647.1 | 552 | |||
Operating Profit (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 296.8 | 300.9 | 254.5 | |||
Total | All Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 86.6 | 81.4 | 61.8 | |||
Total | Segment Totals before Eliminations and Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,366.60 | 4,459 | 3,363.10 | |||
Total | Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total | Eliminations – Lease subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -756.5 | -485.9 | -325.5 | |||
Total | Eliminations – Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Financial Information from continuing operations for segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($244.80) | ($161.20) | ($99.30) | |||
[1] | Depreciation, maintenance, and rent expense are components of operating profit. Amortization of deferred profit on railcars sold from the Rail Group to the Leasing Group is included in the operating profits of the Leasing Group resulting in the recognition of depreciation expense based on the Company's original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. Intercompany interest expense arises from Trinity’s previous ownership of a portion of TRIP Holdings’ Senior Secured Notes and is eliminated in consolidation. See Note 11 Debt. |
Segment_Information_Details_Te
Segment Information (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
segments | |||||||||||
Schedule of Revenue from External Customers and Operating Profit Attributed to Foreign Countries by Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $1,256 | $1,110.30 | $1,066.10 | $932.90 | $1,012.90 | $907.30 | $995.50 | $896.20 | $4,365.30 | $3,811.90 | $2,938.30 |
Operating Profit | 224.4 | 205.6 | 183.4 | 159.5 | 158.9 | 140.7 | 152.5 | 122.7 | 772.9 | 574.8 | 426.8 |
Schedule of Assets and Long Lived Assets from External Customers Attributed to Foreign Countries by Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 7,313.40 | ' | ' | ' | 6,669.90 | ' | ' | ' | 7,313.40 | 6,669.90 | ' |
Segment Information (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of principal business segments of Company | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' |
Mexico | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Revenue from External Customers and Operating Profit Attributed to Foreign Countries by Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 133.5 | 96.4 | 123 |
Operating Profit | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 0.2 | 18.4 |
Schedule of Assets and Long Lived Assets from External Customers Attributed to Foreign Countries by Geographic Area [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Assets | 306.9 | ' | ' | ' | 285.8 | ' | ' | ' | 306.9 | 285.8 | ' |
Long-Lived Assets | $177.70 | ' | ' | ' | $141.20 | ' | ' | ' | $177.70 | $141.20 | ' |
PartiallyOwned_Leasing_Subsidi1
Partially-Owned Leasing Subsidiaries (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | 31-May-13 | Dec. 31, 2013 | 31-May-13 | Mar. 31, 2013 | Dec. 31, 2013 |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | ||||
Partially-owned subsidiaries | TRIP Rail Leasing | RIV 2013 | RIV 2013 | RIV 2013 | RIV 2013 | TRIP Holdings | TRIP Holdings | TRIP Holdings | |||||
subsidiaries | |||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of subsidiaries | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of board members | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of TILC designated board members | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of railcars owned | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Date through which equity funding is committed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'May 2016 | ' | ' | ' |
Remaining equity commitment outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | $27.90 | ' | ' | ' |
Remaining equity commitment outstanding from third parties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.4 | ' | ' | ' |
Date through which equity is committed, extended date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'May 2019 | ' | ' | ' |
Trinity guarantees of subsidiary-related activities | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase price of additional interest in TRIP Holdings | 84 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | 52.3 | 31.7 | ' |
Reduction in carrying amount of noncontrolling interest from purchase of additional interest in TRIP Holdings | 84.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32.3 | ' |
Proceeds from sale of interests in partially-owned leasing subsidiaries | 296.7 | 0 | 0 | ' | ' | ' | ' | ' | 94.6 | ' | 200.3 | ' | ' |
Carrying value of investment in partially-owned subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44.6 | ' | ' | 160.2 |
Ownership percentage in partially-owned subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' | ' | 45.00% |
Contribution from TILC to RIV 2013 | ' | ' | ' | ' | ' | ' | ' | 23.4 | ' | ' | ' | ' | ' |
Contribution from third-party investors to RIV 2013 | 50 | 0 | 0 | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' |
Purchase of equity interests by one investor from other investors | ' | ' | ' | ' | ' | ' | $2.50 | ' | ' | ' | ' | ' | ' |
Railcar_Leasing_and_Management2
Railcar Leasing and Management Services Group (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Consolidating Financial Information | ' | ' |
Cash, cash equivalents, and short-term marketable securities | $578.20 | $573 |
Property, plant, and equipment, net | 5,320.30 | 4,745.20 |
Net deferred profit on railcars sold to the Leasing Group | -549.7 | -446.2 |
Property, plant, and equipment, net | 4,770.60 | 4,299 |
Restricted cash | 260.7 | 223.2 |
Debt: | ' | ' |
Less: unamortized discount | -74.1 | -87.5 |
Total debt | 2,989.80 | 3,055 |
Net deferred tax liabilities | 639.4 | 555.8 |
Recourse | ' | ' |
Debt: | ' | ' |
Recourse | 493.1 | 545.6 |
Less: unamortized discount | -74.1 | -87.5 |
Total debt | 419 | 458.1 |
Non-recourse | ' | ' |
Debt: | ' | ' |
Non-recourse | 2,570.80 | 2,705.70 |
Less: non-recourse debt owned by Trinity | ' | -108.8 |
Partially-owned subsidiaries | ' | ' |
Consolidating Financial Information | ' | ' |
Restricted cash | 77.1 | 57.8 |
Leasing Group | ' | ' |
Consolidating Financial Information | ' | ' |
Net deferred profit on railcars sold to the Leasing Group | -549.7 | -446.2 |
Leasing Group | Wholly-owned subsidiaries | ' | ' |
Consolidating Financial Information | ' | ' |
Cash, cash equivalents, and short-term marketable securities | 3.5 | 5.7 |
Property, plant, and equipment, net | 2,964.60 | 2,698.70 |
Restricted cash | 183.6 | 165.4 |
Debt: | ' | ' |
Total debt | 1,356.90 | 1,498.60 |
Net deferred tax liabilities | 671.9 | 671.1 |
Leasing Group | Wholly-owned subsidiaries | Recourse | ' | ' |
Debt: | ' | ' |
Recourse | 42.2 | 94.4 |
Less: unamortized discount | 0 | 0 |
Total debt | 42.2 | 94.4 |
Leasing Group | Wholly-owned subsidiaries | Non-recourse | ' | ' |
Debt: | ' | ' |
Non-recourse | 1,314.70 | 1,404.20 |
Less: non-recourse debt owned by Trinity | ' | 0 |
Leasing Group | Partially-owned subsidiaries | ' | ' |
Consolidating Financial Information | ' | ' |
Cash, cash equivalents, and short-term marketable securities | 0 | 0 |
Property, plant, and equipment, net | 1,685.10 | 1,507.20 |
Restricted cash | 77.1 | 57.8 |
Debt: | ' | ' |
Total debt | 1,256.10 | 1,192.70 |
Net deferred tax liabilities | 0 | 5.4 |
Leasing Group | Partially-owned subsidiaries | Recourse | ' | ' |
Debt: | ' | ' |
Recourse | 0 | 0 |
Less: unamortized discount | 0 | 0 |
Total debt | 0 | 0 |
Leasing Group | Partially-owned subsidiaries | Non-recourse | ' | ' |
Debt: | ' | ' |
Non-recourse | 1,256.10 | 1,301.50 |
Less: non-recourse debt owned by Trinity | ' | -108.8 |
Manufacturing/ Corporate | ' | ' |
Consolidating Financial Information | ' | ' |
Cash, cash equivalents, and short-term marketable securities | 574.7 | 567.3 |
Property, plant, and equipment, net | 670.6 | 539.3 |
Restricted cash | 0 | 0 |
Debt: | ' | ' |
Total debt | 376.8 | 363.7 |
Net deferred tax liabilities | -32.5 | -120.7 |
Manufacturing/ Corporate | Recourse | ' | ' |
Debt: | ' | ' |
Recourse | 450.9 | 451.2 |
Less: unamortized discount | -74.1 | -87.5 |
Total debt | 376.8 | 363.7 |
Manufacturing/ Corporate | Non-recourse | ' | ' |
Debt: | ' | ' |
Non-recourse | 0 | 0 |
Less: non-recourse debt owned by Trinity | ' | $0 |
Railcar_Leasing_and_Management3
Railcar Leasing and Management Services Group (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | $1,256 | $1,110.30 | $1,066.10 | $932.90 | $1,012.90 | $907.30 | $995.50 | $896.20 | $4,365.30 | $3,811.90 | $2,938.30 | |||
Operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit | 224.4 | 205.6 | 183.4 | 159.5 | 158.9 | 140.7 | 152.5 | 122.7 | 772.9 | 574.8 | 426.8 | |||
Selected expense information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 211.5 | 193.7 | 187.7 | |||
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 187.3 | 194.7 | 185.3 | |||
Intercompany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | |||
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 4,365.30 | 3,811.90 | 2,938.30 | |||
Railcar Leasing and Management Services Group | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 645.4 | 644.4 | 551.4 | |||
Percent Change, Revenues | ' | ' | ' | ' | ' | ' | ' | ' | -0.30% | 17.20% | ' | |||
Operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 296.8 | 300.9 | 254.5 | |||
Percentage Change, Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | -1.40% | 18.20% | ' | |||
Operating profit margin: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit margin | ' | ' | ' | ' | ' | ' | ' | ' | 46.00% | 46.50% | 46.10% | |||
Selected expense information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 129 | [1] | 120.5 | [1] | 115.7 | [1] |
Percent Change, Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 7.10% | [1] | 4.10% | [1] | ' | |
Maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 71.5 | [1] | 59.4 | [1] | 58.2 | [1] |
Percent Change, Maintenance | ' | ' | ' | ' | ' | ' | ' | ' | 20.40% | [1] | 2.10% | [1] | ' | |
Rent | ' | ' | ' | ' | ' | ' | ' | ' | 53.3 | [1] | 50.9 | [1] | 48.6 | [1] |
Percent Change, Rent | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | [1] | 4.70% | [1] | ' | |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 153.5 | [1] | 161.2 | [1] | 154.4 | [1] |
Percent Change, Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | -9.80% | [1] | 8.40% | [1] | ' | |
Railcar Leasing and Management Services Group | Intercompany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2.7 | 0.6 | |||
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | [1] | 13.1 | [1] | 6.4 | [1] |
Railcar Leasing and Management Services Group | Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 645.4 | 647.1 | 552 | |||
Operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 296.8 | 300.9 | 254.5 | |||
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 157.3 | [1] | 174.3 | [1] | 160.8 | [1] |
Railcar Leasing and Management Services Group | Leasing and management | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 586.9 | 528.5 | 492.6 | |||
Percent Change, Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 11.10% | 7.30% | ' | |||
Operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 267.3 | 242.6 | 225.1 | |||
Percentage Change, Operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 10.20% | 7.80% | ' | |||
Operating profit margin: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit margin | ' | ' | ' | ' | ' | ' | ' | ' | 45.50% | 45.90% | 45.70% | |||
Railcar Leasing and Management Services Group | Railcars owned one year or less at the time of sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 58.5 | 118.6 | 59.4 | |||
Operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 9.1 | 24.8 | 13.2 | |||
Railcar Leasing and Management Services Group | Railcars owned more than one year at the time of sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Operating profit: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | $20.40 | $33.50 | $16.20 | |||
[1] | Depreciation, maintenance, and rent expense are components of operating profit. Amortization of deferred profit on railcars sold from the Rail Group to the Leasing Group is included in the operating profits of the Leasing Group resulting in the recognition of depreciation expense based on the Company's original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. Intercompany interest expense arises from Trinity’s previous ownership of a portion of TRIP Holdings’ Senior Secured Notes and is eliminated in consolidation. See Note 11 Debt. |
Railcar_Leasing_and_Management4
Railcar Leasing and Management Services Group (Details 2) (Railcar Leasing and Management Services Group, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Railcar Leasing and Management Services Group | ' |
Future contractual minimum rental revenues on leases | ' |
2014 | $425.20 |
2015 | 359.8 |
2016 | 297 |
2017 | 232.6 |
2018 | 161.4 |
Thereafter | 274.2 |
Total | $1,750.20 |
Railcar_Leasing_and_Management5
Railcar Leasing and Management Services Group (Details 3) (Railcar Leasing and Management Services Group, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future contractual minimum rental revenues on leases | ' |
2014 | $425.20 |
2015 | 359.8 |
2016 | 297 |
2017 | 232.6 |
2018 | 161.4 |
Thereafter | 274.2 |
Total | 1,750.20 |
Operating leases with the Trusts | ' |
Future contractual minimum lease obligations on leases | ' |
2014 | 44.7 |
2015 | 43 |
2016 | 40.1 |
2017 | 41.9 |
2018 | 45.3 |
Thereafter | 253.6 |
Total | 468.6 |
Future contractual minimum rental revenues on leases | ' |
2014 | 62.7 |
2015 | 49 |
2016 | 38.3 |
2017 | 28.8 |
2018 | 18.5 |
Thereafter | 35.5 |
Total | $232.80 |
Railcar_Leasing_and_Management6
Railcar Leasing and Management Services Group (Details 4) (Railcar Leasing and Management Services Group, USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Future contractual minimum rental revenues on leases | ' |
2014 | $425.20 |
2015 | 359.8 |
2016 | 297 |
2017 | 232.6 |
2018 | 161.4 |
Thereafter | 274.2 |
Total | 1,750.20 |
Operating leases other than leases with the Trusts | ' |
Future contractual minimum lease obligations on leases | ' |
2014 | 12.8 |
2015 | 12.8 |
2016 | 12.7 |
2017 | 12.1 |
2018 | 12 |
Thereafter | 38.2 |
Total | 100.6 |
Future contractual minimum rental revenues on leases | ' |
2014 | 18.8 |
2015 | 13.8 |
2016 | 12.7 |
2017 | 9.5 |
2018 | 5.7 |
Thereafter | 8.8 |
Total | $69.30 |
Railcar_Leasing_and_Management7
Railcar Leasing and Management Services Group (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Dec. 31, 2013 | |
Recourse | Recourse | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Element | Element | Element | Railcars owned one year or less at the time of sale | Railcars owned one year or less at the time of sale | Railcars owned one year or less at the time of sale | Railcars owned one year or less at the time of sale | Railcars owned one year or less at the time of sale | ||||||||||||
Term loan | Capital lease obligations | Wholly-owned subsidiaries | TRIP Holdings | TRL 2012 | Wholly owned qualified subsidiaries for leasing railcars from the Trusts | Recourse | Recourse | Minimum | Maximum | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Element | Element | |||||||||||||||
Term loan | Capital lease obligations | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | |||||||||||||||||||||||||||
Wholly-owned subsidiaries | Wholly-owned subsidiaries | |||||||||||||||||||||||||||||||
Railcar Leasing and Management Services Group (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of lease contracts with third parties (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '20 years | ' | ' | ' | ' | ' | ' | ' | ' |
Term of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt instrument | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $61,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | 56,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of equipment pledged as collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,973,200,000 | 1,065,000,000 | 620,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of equipment securing capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value of unpledged equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 904,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of railcars leased from the Trusts under operating leases (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '22 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First year to exercise the option to purchase at a predetermined fixed price certain of the railcars from the Trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second year to exercise the option to purchase at a predetermined fixed price certain of the railcars from the Trusts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
First year to exercise the option to purchase railcars at the end of the respective lease agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Second year to exercise the option to purchase railcars at the end of the respective lease agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third year to exercise the option to purchase railcars at the end of the respective lease agreements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2027 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets | 7,313,400,000 | ' | ' | ' | 6,669,900,000 | ' | ' | ' | 7,313,400,000 | 6,669,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 207,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 83,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Railcars | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 86,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease obligations guaranteed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of assets to be sold into Element's portfolio of leased railcars | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of railcars to Element from the Company's wholly-owned lease fleet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 396,000,000 | 105,000,000 | ' | ' | ' | ' | ' |
Revenues | $1,256,000,000 | $1,110,300,000 | $1,066,100,000 | $932,900,000 | $1,012,900,000 | $907,300,000 | $995,500,000 | $896,200,000 | $4,365,300,000 | $3,811,900,000 | $2,938,300,000 | ' | ' | $645,400,000 | $644,400,000 | $551,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $58,500,000 | $118,600,000 | $59,400,000 | $173,500,000 | $39,600,000 |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2011 | |||||
In Millions, unless otherwise specified | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | |||||||||
Expired hedges | Expired hedges | Expired hedges | Open hedges | Open hedges | Open hedges | ||||||||||
2006 secured railcar equipment notes | Promissory notes | TRIP Holdings warehouse loan | Promissory notes | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding secured railcar equipment notes | ||||||||||
Interest rate hedges included in balance sheet | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Notional Amount | ' | ' | ' | ' | $200 | $370 | $788.50 | $415 | $67.20 | $94.10 | |||||
Interest Rate | ' | ' | ' | ' | 4.87% | [1] | 5.34% | [1] | 3.60% | [1] | 4.13% | [1] | 2.62% | [1] | ' |
Liability | ' | ' | ' | ' | 0 | 0 | 0 | 21.7 | 2.1 | ' | |||||
AOCL – loss/ (income) | 18.7 | 34.8 | 46.2 | 36.3 | -1.6 | 4.1 | 12.9 | 20 | 0.9 | ' | |||||
Noncontrolling Interest | ' | ' | ' | ' | $0 | $0 | $15.90 | $0 | $1.10 | ' | |||||
[1] | Weighted average fixed interest rate |
Derivative_Instruments_Details1
Derivative Instruments (Details 1) (Designated as hedging instrument, USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Expired hedges | TRIP Holdings warehouse loan | ' | ' | ' | |
Effect on interest expense-increase/(decrease) | ' | ' | ' | |
Expected effect during next twelve months | $5.10 | ' | ' | |
Interest expense | Expired hedges | 2006 secured railcar equipment notes | ' | ' | ' | |
Effect on interest expense-increase/(decrease) | ' | ' | ' | |
Effect on interest expense | -0.3 | -0.3 | -0.4 | |
Expected effect during next twelve months | -0.3 | [1] | ' | ' |
Interest expense | Expired hedges | Promissory notes | ' | ' | ' | |
Effect on interest expense-increase/(decrease) | ' | ' | ' | |
Effect on interest expense | 3.1 | 3.3 | 3.5 | |
Expected effect during next twelve months | 2.9 | [1] | ' | ' |
Interest expense | Expired hedges | TRIP Holdings warehouse loan | ' | ' | ' | |
Effect on interest expense-increase/(decrease) | ' | ' | ' | |
Effect on interest expense | 6.1 | 6 | 17.4 | |
Expected effect during next twelve months | 5.1 | [1] | ' | ' |
Interest expense | Open hedges | Promissory notes | ' | ' | ' | |
Effect on interest expense-increase/(decrease) | ' | ' | ' | |
Effect on interest expense | 15.8 | 18.4 | 19.6 | |
Expected effect during next twelve months | 15.7 | [1] | ' | ' |
Interest expense | Open hedges | TRIP Master Funding secured railcar equipment notes | ' | ' | ' | |
Effect on interest expense-increase/(decrease) | ' | ' | ' | |
Effect on interest expense | 1.8 | 2 | 1.1 | |
Expected effect during next twelve months | $1.50 | [1] | ' | ' |
[1] | Based on the fair value of open hedges as of December 31, 2013 |
Derivative_Instruments_Details2
Derivative Instruments (Details 2) (Designated as hedging instrument, USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Fuel hedges | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Effect on operating income - increase/(decrease) | $0 | [1] | $0.40 | [1] | $0.40 | [1] |
Effect of mark-to-market valuation | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Effect on operating income - increase/(decrease) | 0 | [1] | 0.4 | [1] | 0 | [1] |
Settlements | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Effect on operating income - increase/(decrease) | 0 | [1] | 0 | [1] | 0.4 | [1] |
Foreign exchange hedges | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Effect on operating income - increase/(decrease) | $0 | [2] | ($0.40) | [2] | $0.10 | [2] |
[1] | Included in cost of revenues in the accompanying consolidated statement of operations | |||||
[2] | Included in other, net in the accompanying consolidated statement of operations |
Derivative_Instruments_Details3
Derivative Instruments (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 |
In Millions, unless otherwise specified | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | Designated as hedging instrument | ||||
Expired hedges | Expired hedges | Expired hedges | Open hedges | Open hedges | Open hedges | Foreign exchange hedges | |||||
2006 secured railcar equipment notes | Promissory notes | TRIP Holdings warehouse loan | Promissory notes | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding secured railcar equipment notes | ||||||
Derivative Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | $200 | $370 | $788.50 | $415 | $67.20 | $94.10 | ' |
Changes in fair value of cash flow hedges which is being amortized to income (loss) | ' | ' | ' | ' | 4.5 | -24.5 | ' | ' | ' | ' | ' |
Expected effect during next twelve months | ' | ' | ' | ' | ' | ' | 5.1 | ' | ' | ' | ' |
Remaining AOCL balance of foreign exchange hedges with quarterly maturities | $18.70 | $34.80 | $46.20 | $36.30 | ($1.60) | $4.10 | $12.90 | $20 | $0.90 | ' | $0 |
Property_Plant_and_Equipment_D
Property, Plant, and Equipment (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Components of property, plant, and equipment | ' | ' |
Less: accumulated depreciation | ($1,505.20) | ($1,343) |
Property, plant, and equipment, net before adjustment to net deferred profit | 5,320.30 | 4,745.20 |
Net deferred profit on railcars sold to the Leasing Group | -549.7 | -446.2 |
Property, plant, and equipment, net | 4,770.60 | 4,299 |
Partially-owned subsidiaries | ' | ' |
Components of property, plant, and equipment | ' | ' |
Less: accumulated depreciation | -202.1 | -153.8 |
Manufacturing/ Corporate | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 1,418.90 | 1,260.10 |
Less: accumulated depreciation | -748.3 | -720.8 |
Property, plant, and equipment, net before adjustment to net deferred profit | 670.6 | 539.3 |
Leasing Group | ' | ' |
Components of property, plant, and equipment | ' | ' |
Net deferred profit on railcars sold to the Leasing Group | -549.7 | -446.2 |
Leasing Group | Wholly-owned subsidiaries | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 3,519.40 | 3,167.10 |
Less: accumulated depreciation | -554.8 | -468.4 |
Property, plant, and equipment, net before adjustment to net deferred profit | 2,964.60 | 2,698.70 |
Leasing Group | Partially-owned subsidiaries | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant, and equipment, net before adjustment to net deferred profit | 1,685.10 | 1,507.20 |
Land | Manufacturing/ Corporate | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 44.2 | 37.7 |
Buildings and improvements | Manufacturing/ Corporate | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 463.2 | 431 |
Machinery and other | Manufacturing/ Corporate | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 832.5 | 745.3 |
Machinery and other | Leasing Group | Wholly-owned subsidiaries | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 10.3 | 9.6 |
Construction in progress | Manufacturing/ Corporate | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 79 | 46.1 |
Equipment on lease | Leasing Group | Wholly-owned subsidiaries | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 3,509.10 | 3,157.50 |
Equipment on lease | Leasing Group | Partially-owned subsidiaries | ' | ' |
Components of property, plant, and equipment | ' | ' |
Property, plant and equipment | 1,887.20 | 1,661 |
Less: accumulated depreciation | ($202.10) | ($153.80) |
Property_Plant_and_Equipment_D1
Property, Plant, and Equipment (Details Textual) (USD $) | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
Missouri | Missouri | Tennessee | Tennessee | Non-Leasing Group | ||||
Future minimum rent expense on non-Leasing Group leases | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | ' | ' | ' | ' | ' | ' | $5.30 |
2015 | ' | ' | ' | ' | ' | ' | ' | 3.5 |
2016 | ' | ' | ' | ' | ' | ' | ' | 2.6 |
2017 | ' | ' | ' | ' | ' | ' | ' | 1.6 |
2018 | ' | ' | ' | ' | ' | ' | ' | 0.7 |
Thereafter | ' | ' | ' | ' | ' | ' | ' | 1 |
Payments from insurance carriers | ' | ' | ' | ' | 35 | ' | 27.5 | ' |
Insurance recoveries pertaining to replacement of or repairs to damaged property, plant, and equipment | ' | ' | ' | ' | 22.7 | ' | 12.6 | ' |
Net book value of damaged property, plant, and equipment | ' | ' | ' | ' | 5.7 | ' | 2.3 | ' |
Gains on disposition of flood-damaged property, plant and equipment | 0 | 0.4 | 17.6 | 0.4 | 17 | 0.6 | 9.7 | ' |
Net book value of non-operating plants | $24.30 | ' | ' | ' | ' | ' | ' | ' |
Goodwill_Details
Goodwill (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill by Segment | ' | ' |
Goodwill | $278.20 | $240.40 |
Goodwill impairment charges | 0 | 0 |
Rail Group | ' | ' |
Goodwill by Segment | ' | ' |
Goodwill | 134.6 | 122.5 |
Accumulated goodwill impairment losses | 325 | 325 |
Construction Products Group | ' | ' |
Goodwill by Segment | ' | ' |
Goodwill | 126.9 | 105.2 |
Energy Equipment Group | ' | ' |
Goodwill by Segment | ' | ' |
Goodwill | 14.9 | 10.9 |
Railcar Leasing and Management Services Group | ' | ' |
Goodwill by Segment | ' | ' |
Goodwill | $1.80 | $1.80 |
Warranties_Details
Warranties (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in the accruals for warranties | ' | ' | ' |
Beginning balance | $12.50 | $13.50 | $13.20 |
Warranty costs incurred | -5.9 | -5.9 | -6.3 |
Warranty originations and revisions | 11.9 | 7.7 | 9.1 |
Warranty expirations | -3.8 | -2.8 | -2.5 |
Ending balance | $14.70 | $12.50 | $13.50 |
Debt_Details
Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Carrying Value | Carrying Value | Recourse | Recourse | Recourse | Recourse | Recourse | Non-recourse | Corporate | Corporate | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group | ||
Carrying Value | Carrying Value | Capital lease obligations | Recourse | Recourse | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | ||||||||
Carrying Value | Carrying Value | Carrying Value | Carrying Value | Capital lease obligations | Capital lease obligations | Capital lease obligations | Term loan | Term loan | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Carrying Value | Carrying Value | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Wholly-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | Partially-owned subsidiaries | |||||||||||||||
Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | 2006 secured railcar equipment notes | 2006 secured railcar equipment notes | Promissory notes | Promissory notes | 2009 secured railcar equipment notes | 2009 secured railcar equipment notes | 2010 secured railcar equipment notes | 2010 secured railcar equipment notes | TILC warehouse facility | TILC warehouse facility | Carrying Value | Carrying Value | TRL 2012 secured railcar equipment notes - RIV 2013 | TRL 2012 secured railcar equipment notes - RIV 2013 | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding secured railcar equipment notes | TRIP Holdings senior secured notes | TRIP Holdings senior secured notes | ||||||||||||||||||||||||||||
Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | Carrying Value | ||||||||||||||||||||||||||||||||||||
Components of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450 | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Less: unamortized discount | -74.1 | -87.5 | ' | ' | -74.1 | -87.5 | ' | ' | ' | ' | -74.1 | -87.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible subordinated notes, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 375.9 | 362.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total debt | 2,989.80 | 3,055 | 2,989.80 | 3,055 | 419 | 458.1 | 419 | 458.1 | ' | ' | 376.8 | 363.7 | 1,356.90 | 1,498.60 | 1,256.10 | 1,192.70 | 42.2 | 94.4 | ' | ' | ' | ' | ' | 42.2 | 94.4 | 0 | 0 | 2,570.80 | 2,596.90 | ' | 1,314.70 | 1,404.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' | ' | ' | 56.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56.6 | 42.2 | 45.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 48.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | 173.6 | ' | ' | ' | ' | ' | 756.8 | 797.7 | ' | ' |
Notes payable | 1,314.70 | 1,404.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240.7 | 255.8 | 396.1 | 424.1 | 199 | 209.2 | 326.9 | 341.5 | ' | ' | ' | 1,256.10 | 1,192.70 | 499.3 | 333.8 | ' | ' | ' | ' |
TRIP Holdings senior secured notes: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 170 |
Less: owned by Trinity | ' | ' | ' | ' | ' | ' | ' | ' | ' | -108.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -108.8 | ' | ' | ' | ' | ' | ' | 0 | -108.8 |
TRIP Holdings senior secured notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $61.20 |
Debt_Details_1
Debt (Details 1) (Recourse, Convertible Subordinated Notes, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Recourse | Convertible Subordinated Notes | ' | ' | ' |
Total interest expense recognized on the Convertible Subordinated Notes | ' | ' | ' |
Coupon rate interest | $17.40 | $17.40 | $17.40 |
Amortized debt discount | 13.4 | 12.3 | 11.3 |
Total interest expense recognized on the Convertible Subordinated Notes | $30.80 | $29.70 | $28.70 |
Debt_Details_2
Debt (Details 2) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Remaining principal payments under existing debt agreements | ' |
2014 | $133.10 |
2015 | 178.6 |
2016 | 550.8 |
2017 | 91.5 |
2018 | 113.8 |
Thereafter | 1,996.10 |
Recourse | Corporate | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 0.2 |
2015 | 0.2 |
2016 | 0.2 |
2017 | 0.3 |
2018 | 0 |
Thereafter | 450 |
Recourse | Railcar Leasing and Management Services Group | Capital lease obligations | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 3.1 |
2015 | 3.3 |
2016 | 3.5 |
2017 | 3.7 |
2018 | 28.6 |
Thereafter | 0 |
Non-recourse | Railcar Leasing and Management Services Group | 2006 secured railcar equipment notes | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 16.9 |
2015 | 18.6 |
2016 | 21.9 |
2017 | 24 |
2018 | 25.4 |
Thereafter | 133.9 |
Non-recourse | Railcar Leasing and Management Services Group | Promissory notes | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 23.9 |
2015 | 21.7 |
2016 | 350.5 |
2017 | 0 |
2018 | 0 |
Thereafter | 0 |
Non-recourse | Railcar Leasing and Management Services Group | 2009 secured railcar equipment notes | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 9.9 |
2015 | 9.6 |
2016 | 6.5 |
2017 | 6.3 |
2018 | 6.5 |
Thereafter | 160.2 |
Non-recourse | Railcar Leasing and Management Services Group | 2010 secured railcar equipment notes | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 14 |
2015 | 15.3 |
2016 | 15 |
2017 | 13.7 |
2018 | 10 |
Thereafter | 258.9 |
Non-recourse | Railcar Leasing and Management Services Group | TILC warehouse facility - facility termination payments | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 0 |
2015 | 50.7 |
2016 | 101.3 |
2017 | 0 |
2018 | 0 |
Thereafter | 0 |
Non-recourse | Railcar Leasing and Management Services Group | TRL 2012 secured railcar equipment notes - RIV 2013 | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 25 |
2015 | 23.5 |
2016 | 22.6 |
2017 | 23.1 |
2018 | 23.4 |
Thereafter | 381.7 |
Non-recourse | Railcar Leasing and Management Services Group | TRIP Master Funding secured railcar equipment notes | ' |
Remaining principal payments under existing debt agreements | ' |
2014 | 40.1 |
2015 | 35.7 |
2016 | 29.3 |
2017 | 20.4 |
2018 | 19.9 |
Thereafter | $611.40 |
Debt_Details_Textual
Debt (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Dec. 31, 2009 | Dec. 31, 2013 | 31-May-06 | 31-May-08 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 30, 2009 | Dec. 31, 2013 | Oct. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2007 | Jul. 31, 2011 | Dec. 31, 2013 | Jul. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, except Per Share data, unless otherwise specified | Recourse | Recourse | Recourse | Recourse | Recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | Non-recourse | ||
Corporate Revolving Credit Facility | Convertible Subordinated Notes | Convertible Subordinated Notes | Term loan | Capital lease obligations | 2006 secured railcar equipment notes | 2006 secured railcar equipment notes | Promissory notes | Promissory notes | 2009 secured railcar equipment notes | 2009 secured railcar equipment notes | 2010 secured railcar equipment notes | 2010 secured railcar equipment notes | Series 2012-1 Class A-1 Secured Railcar Equipment Notes | Series 2012-1 Class A-2 Secured Railcar Equipment Notes | Series 2013-1 Secured Railcar Equipment Notes | Series 2013-1 Secured Railcar Equipment Notes | TILC warehouse facility | TRIP Warehouse Loan | TRIP Holdings senior secured notes | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding secured railcar equipment notes | TRIP Master Funding Secured Railcar Equipment Class A One a Notes | TRIP Master Funding Secured Railcar Equipment Class A One b Notes | TRIP Master Funding Secured Railcar Equipment Class A Two Notes | |||
Trinity Rail Leasing V | Trinity Rail Leasing V | Trinity Rail Leasing VI | Trinity Rail Leasing VI | Trinity Rail Leasing VII | Trinity Rail Leasing VII | Trinity Rail Leasing 2010 | Trinity Rail Leasing 2010 | Trinity Rail Leasing 2012 | Trinity Rail Leasing 2012 | Trinity Rail Leasing 2012 | Trinity Rail Leasing 2012 | installments | class | ||||||||||||||
Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | $425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $475 | ' | ' | ' | ' | ' | ' | ' |
Maturity date of credit facility | ' | ' | 20-Oct-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Used revolving credit facility for letters of credit | ' | ' | 68.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Availability of the revolving credit facility | ' | ' | 356.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 323 | ' | ' | ' | ' | ' | ' | ' |
Borrowing under revolving credit facility exclusive of letters of credit | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit expiring in current year | ' | ' | 68.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, description of variable rate reference rate basis | ' | ' | 'Libor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage points added to LIBOR to compute interest rates on the credit facility | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, description of variable rate reference rate basis, alternative computation | ' | ' | 'prime | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage points added to prime to compute interest rates on the credit facility, alternative computation | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Subordinated Notes face amount | ' | ' | ' | 450 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | 1-Jun-36 | ' | ' | ' | 14-May-36 | ' | ' | ' | 16-Nov-39 | ' | 16-Oct-40 | ' | 15-Jan-43 | 15-Jan-43 | 15-Jul-43 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption value Convertible Subordinated Notes if redeemed in cash | ' | ' | ' | 'at 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest (including any contingent interest) up to, but excluding, the redemption date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of principal amount used in cash redemption value computation | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital in excess of par value related to the convertible subordinated notes' conversion options | ' | ' | ' | 92.8 | 92.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date through which debt discount is being amortized | ' | ' | ' | 1-Jun-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective annual interest rate yield based upon the estimated market interest rate | ' | ' | ' | 8.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of conversion price at which Convertible Subordinates Notes are convertible | ' | ' | ' | 130.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price of Convertible Subordinated Notes (in dollars per share) | ' | ' | ' | $50.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Face value of debt instrument | ' | ' | ' | ' | ' | 61 | ' | ' | 355 | 572.2 | ' | ' | 238.3 | ' | 369.2 | 145.4 | 188.4 | ' | 183.4 | ' | 1,190 | 175 | ' | 857 | ' | ' | ' |
Notes payable | 1,314.70 | 1,404.20 | ' | ' | ' | ' | ' | 240.7 | ' | ' | 396.1 | 199 | ' | 326.9 | ' | 130.2 | 188.4 | 180.7 | ' | ' | ' | ' | ' | ' | 157.9 | 89.3 | 509.6 |
Interest rate on notes | ' | ' | ' | 3.88% | ' | ' | ' | 5.90% | ' | ' | ' | 6.66% | ' | 5.19% | ' | 2.27% | 3.53% | 3.90% | ' | ' | ' | ' | ' | ' | 4.37% | ' | 6.02% |
Term of debt instrument | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | '30 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Libor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Libor | ' |
Percentage points added to LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' |
Rate at which LIBOR portion of debt is fixed due to issuance of interst rate swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of initial years of fixed interest rate due to swaps | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate increase on each of seventh and eighth anniversary dates of issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rate increase on tenth anniversary date of issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152 | ' | ' | ' | ' | ' | ' | ' |
Interest at a defined index rate plus a margin for advances under the facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.93% | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 2015 | ' | ' | 'July 2041 | ' | ' | ' | ' |
Number of installments payable for amounts outstanding at maturity, absent renewal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Installment payable date, installment one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'December 2015 | ' | ' | ' | ' | ' | ' | ' |
Installment payable date, installment two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'June 2016 | ' | ' | ' | ' | ' | ' | ' |
Installment payable date, installment three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'December 2016 | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations | ' | ' | ' | ' | ' | ' | $56.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of classes of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Other_Net_Details
Other, Net (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other, net (income) expense | ' | ' | ' |
Foreign currency exchange transactions | $0.30 | ($2.30) | $3.10 |
Gain on equity investments | -0.3 | -0.4 | -0.6 |
Other | -2.8 | -1.6 | 1.5 |
Other, net | -2.8 | -4.3 | 4 |
Income (expense) related to the change in fair value of certain equity repurchase agreements | $1.70 | $0.30 | ($2.40) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | $141.80 | ($5.70) | $20.80 |
State | 13.7 | 7 | 5.5 |
Foreign | 3.1 | 6.4 | 5.4 |
Total current | 158.6 | 7.7 | 31.7 |
Deferred: | ' | ' | ' |
Federal | 44.3 | 126.6 | 62.2 |
State | 2.3 | 3.2 | 1.3 |
Foreign | -0.8 | -3.5 | -3 |
Total deferred | 45.8 | 126.3 | 60.5 |
Provision | $204.40 | $134 | $92.20 |
Income_Taxes_Details_1
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation between the statutory United States Federal income tax rate and the Company's effective income tax rate | ' | ' | ' |
Statutory rate | 35.00% | 35.00% | 35.00% |
State taxes | 2.10% | 2.00% | 2.10% |
Domestic production activities deduction | -1.40% | 0.00% | 0.00% |
Noncontrolling interest in partially-owned subsidiaries | -0.90% | 0.00% | 0.00% |
Tax assessments and settlements | 0.00% | -0.60% | 0.00% |
Changes in valuation allowance and reserves | -0.80% | -1.40% | 0.40% |
Other, net | 0.60% | -0.30% | 1.10% |
Effective rate | 34.60% | 34.70% | 38.60% |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred tax liabilities: | ' | ' |
Depreciation, depletion, and amortization | $668.90 | $887.60 |
Derivatives | 0 | 12.4 |
Accrued liabilities and other | 48.3 | 0 |
Convertible debt | 105.4 | 96.5 |
Total deferred tax liabilities | 822.6 | 996.5 |
Deferred tax assets: | ' | ' |
Workers compensation, pensions, and other benefits | 61.3 | 52.4 |
Warranties and reserves | 13.8 | 15.6 |
Equity items | 33.4 | 81.5 |
Tax loss carryforwards and credits | 27.5 | 249.7 |
Inventory | 18.8 | 17.9 |
Accrued liabilities and other | 0 | 3.9 |
Total deferred tax assets | 154.8 | 421 |
Net deferred tax liabilities before valuation allowance | 667.8 | 575.5 |
Valuation allowance | 10.2 | 19.7 |
Net deferred tax liabilities before reserve for uncertain tax positions | 678 | 595.2 |
Deferred tax assets included in reserve for uncertain tax positions | -38.6 | -39.4 |
Adjusted net deferred tax liabilities | $639.40 | $555.80 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Change in unrecognized tax benefits | ' | ' | ' |
Beginning balance | $48.70 | $52.50 | $36.80 |
Additions for tax positions related to the current year | 4.8 | 4.1 | 3.8 |
Additions for tax positions of prior years | 2.8 | 0 | 16.4 |
Reductions for tax positions of prior years | 0 | -1.1 | -0.1 |
Settlements | -0.3 | -3.4 | -3.5 |
Expiration of statute of limitations | -1 | -3.4 | -0.9 |
Ending balance | $55 | $48.70 | $52.50 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Income from continuing operations before income taxes for U.S. operations | $571.20 | $376.30 | $225.90 |
Income from continuing operations before income taxes for foreign operations | 19.3 | 9.6 | 13.1 |
Tax benefit from reversal of valuation allowance on foreign tax credits | 6.4 | ' | ' |
Adjustment to net deferred tax liability for state tax filing responsibilities | 5.1 | ' | ' |
Federal consolidated net operating loss carryforwards utilized | 63.9 | ' | ' |
Foreign tax credit carryforwards utilized | 42.2 | ' | ' |
Tax benefit from final audit settlement with IRS | ' | 3.5 | ' |
Tax benefit recognized on release of net state tax reserves | ' | 4.4 | ' |
Additions for tax positions of prior years | 2.8 | 0 | 16.4 |
Reduction in tax positions of prior years | 0 | 1.1 | 0.1 |
Unrecognized tax benefits including interest and penalties that would affect the Company's effective tax rate if recognized | 13.8 | 13.2 | ' |
Total accrued interest and penalties related to uncertain tax positions | 10.8 | 10.3 | ' |
Increase (decrease) in income tax expense related to interest and penalties on unrecognized tax benefits | 0.5 | -3 | 2.1 |
Lapse in Statute of Limitations | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Reasonably possible (increase) decrease to unrecognized tax benefits within twelve months | 3.6 | ' | ' |
Minimum | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards, expiration dates | 1-Jan-28 | ' | ' |
Maximum | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards, expiration dates | 31-Dec-29 | ' | ' |
U.S. Federal | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 39.4 | ' | ' |
State and local | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Net operating loss carryforwards | 5.2 | ' | ' |
TRIP Holdings | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Federal consolidated net operating loss carryforwards utilized | $439.70 | ' | ' |
Swiss subsidiary | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' |
Number of subsidiaries | 2 | ' | ' |
General period of statute of limitations in Switzerland | '5 years | ' | ' |
Extended period of statute of limitations in Switzerland | '15 years | ' | ' |
Employee_Retirement_Plans_Deta
Employee Retirement Plans (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Assumptions used to determine benefit obligations at the annual measurement date were: | ' | ' | ' |
Obligation discount rate | 5.22% | 4.25% | 5.40% |
Compensation increase rate | 4.00% | 4.00% | 3.00% |
Assumptions used to determine net periodic benefit costs were: | ' | ' | ' |
Obligation discount rate | 4.25% | 5.40% | 5.90% |
Long-term rate of return on plan assets | 7.75% | 7.75% | 7.75% |
Compensation increase rate | 4.00% | 3.00% | 3.00% |
Employee_Retirement_Plans_Deta1
Employee Retirement Plans (Details 1) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of Net Retirement Cost | ' | ' | ' |
Service cost | $1.10 | $0.90 | $0.80 |
Interest | 18.5 | 19.4 | 19.6 |
Expected return on plan assets | -26.6 | -22.9 | -22.8 |
Amortization of actuarial loss | 4.9 | 3.2 | 1.8 |
Prior service cost | 0.1 | 0.1 | 0.1 |
Defined benefit expense | -2 | 0.7 | -0.5 |
Profit sharing | 12.3 | 11.9 | 9.3 |
Net expense | $10.30 | $12.60 | $8.80 |
Employee_Retirement_Plans_Deta2
Employee Retirement Plans (Details 2) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Obligations and Funded Status | ' | ' | ' |
Accumulated Benefit Obligations | $392.10 | $442.50 | ' |
Projected Benefit Obligations: | ' | ' | ' |
Beginning of year | 442.5 | 364.8 | ' |
Service cost | 1.1 | 0.9 | 0.8 |
Interest | 18.5 | 19.4 | 19.6 |
Benefits paid | -15.8 | -13.3 | ' |
Actuarial (gain)/loss | -54.2 | 70.7 | ' |
End of year | 392.1 | 442.5 | 364.8 |
Plans' Assets: | ' | ' | ' |
Beginning of year | 340.1 | 290.6 | ' |
Actual return on assets | 56 | 45.5 | ' |
Employer contributions | 18.9 | 17.3 | ' |
Benefits paid | -15.8 | -13.3 | ' |
End of year | 399.2 | 340.1 | 290.6 |
Consolidated Balance Sheet Components: | ' | ' | ' |
Net funded status | 7.1 | -102.4 | ' |
Percent of projected benefit obligations funded | 101.80% | 76.90% | ' |
Other assets | ' | ' | ' |
Consolidated Balance Sheet Components: | ' | ' | ' |
Net funded status | 17.8 | 0 | ' |
Accrued liabilities | ' | ' | ' |
Consolidated Balance Sheet Components: | ' | ' | ' |
Net funded status | ($10.70) | ($102.40) | ' |
Employee_Retirement_Plans_Deta3
Employee Retirement Plans (Details 3) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amounts Recognized in Other Comprehensive Income (Loss) | ' | ' | ' |
Actuarial gain (loss) | $83.70 | ($48.10) | ($47.30) |
Amortization of actuarial loss | 4.9 | 3.2 | 1.7 |
Amortization of prior service cost | 0.1 | 0.1 | 0.1 |
Total before income taxes | 88.7 | -44.8 | -45.5 |
Income tax expense (benefit) | 32.9 | -16.7 | -16.9 |
Net amount recognized in other comprehensive income (loss) | $55.80 | ($28.10) | ($28.60) |
Employee_Retirement_Plans_Deta4
Employee Retirement Plans (Details 4) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Total | Total | Cash and cash equivalents | Cash and cash equivalents | Equity securities | Equity securities | Debt securities | Debt securities | Temporary cash investments | Temporary cash investments | Temporary cash investments | Temporary cash investments | Temporary cash investments | Temporary cash investments | Temporary cash investments | Temporary cash investments | Common trust funds | Common trust funds | Common trust funds | Common trust funds | Common trust funds | Common trust funds | Common trust funds | Common trust funds | |||
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Total | Total | Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | Level 3 | Total | Total | ||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual Allocation | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.00% | 73.00% | 73.00% | 25.00% | 26.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurement | $399.20 | $340.10 | $290.60 | $7 | $3.30 | $392.20 | $336.80 | $0 | $0 | $399.20 | $340.10 | ' | ' | ' | ' | ' | ' | $7 | $3.30 | $0 | $0 | $0 | $0 | $7 | $3.30 | $0 | $0 | $392.20 | $336.80 | $0 | $0 | $392.20 | $336.80 |
Target Allocation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Allocation - minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Target Allocation - maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee_Retirement_Plans_Deta5
Employee Retirement Plans (Details 5) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Benefit payments expected to be paid in future | ' |
2014 | $17 |
2015 | 18.1 |
2016 | 19.3 |
2017 | 20.5 |
2018 | 21.7 |
2019-2023 | $127.90 |
Employee_Retirement_Plans_Deta6
Employee Retirement Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule of Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Plan assets expected to be returned | $0 | ' | ' |
Prior service cost included in AOCL | 100,000 | ' | ' |
Prior service cost included in AOCL, net of tax | 100,000 | ' | ' |
Unrecognized actuarial losses included in AOCL | 68,300,000 | ' | ' |
Unrecognized actuarial losses included in AOCL, net of tax | 42,900,000 | ' | ' |
Actuarial loss expected to be recognized in net periodic pension cost | 1,300,000 | ' | ' |
Actuarial loss expected to be recognized in net periodic pension cost, net of tax | 800,000 | ' | ' |
Expected employer contributions to defined benefit plans next year | 15,300,000 | ' | ' |
Actual employer contributions to defined benefit plans | 18,900,000 | 17,300,000 | ' |
Expected employer contributions to 401(k) plans and Supplemental Profit Sharing Plan next year | 12,500,000 | ' | ' |
Actual employer contributions to 401(k) plans and Supplemental Profit Sharing Plan | $11,700,000 | $9,300,000 | $8,200,000 |
Minimum | ' | ' | ' |
Schedule of Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Company contributions to the Profit Sharing Plan as a percentage of eligible compensation based on service | 1.00% | ' | ' |
Maximum | ' | ' | ' |
Schedule of Benefit Plans Disclosures [Line Items] | ' | ' | ' |
Company contributions to the Profit Sharing Plan as a percentage of eligible compensation based on service | 3.00% | ' | ' |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Components of accumulated other comprehensive loss | ' | ' | ' |
Currency translation adjustments, Beginning Balance | ($16.50) | ($17.10) | ($17.10) |
Currency translation adjustments, Other comprehensive income (loss) before reclassification | 0 | 0 | 0 |
Currency translation adjustments, Amounts reclassified from accumulated other comprehensive loss, net of tax | 0 | 0.6 | 0 |
Currency translation adjustments, Amounts reclassified from accumulated other comprehensive loss, tax benefit | 0 | 0.4 | 0 |
Currency translation adjustments, Less: noncontrolling interest | 0 | 0 | 0 |
Currency translation adjustments, Other comprehensive income (loss) | 0 | 0.6 | 0 |
Currency translation adjustments, Ending Balance | -16.5 | -16.5 | -17.1 |
Unrealized loss on derivative financial instruments, Beginning Balance | -34.8 | -46.2 | -36.3 |
Unrealized loss on derivative financial instruments, Other comprehensive income (loss) before reclassifications | 0.8 | 7.2 | -3.9 |
Unrealized loss on derivative financial instruments, Amounts reclassified from accumulated other comprehensive loss, net of tax | 18.1 | 5.8 | 4.1 |
Unrealized loss on derivative financial instruments, Amounts reclassified from accumulated other comprehensive loss, tax benefit | 8.7 | 3.2 | 2.3 |
Unrealized loss on derivative financial instruments, Less: noncontrolling interest | -4.2 | -1.6 | -0.1 |
Unrealized loss on derivative financial instruments, Other comprehensive income (loss) | 14.7 | 11.4 | 0.1 |
Unrealized loss on derivative financial instruments, Reclassification of purchase of additional interest in TRIP Holdings | ' | ' | -15.5 |
Unrealized loss on derivative financial instruments, Tax expense allocation related to TRIP Holdings unrealized loss on derivative financial instruments | ' | ' | 5.5 |
Unrealized loss on derivative financial instruments, Sale of interests in partially-owned leasing subsidiaries | 13.2 | ' | ' |
Unrealized loss on derivative financial instruments, Repurchase of interests in partially-owned leasing subsidiary | -11.8 | ' | ' |
Unrealized loss on derivative financial instruments, Ending Balance | -18.7 | -34.8 | -46.2 |
Net actuarial gains/(losses) of defined benefit plans, Beginning Balance | -98.8 | -70.7 | -42.1 |
Net actuarial gains/(losses) of defined benefit plans, Other comprehensive income (loss) before reclassifications | 52.7 | -30.3 | -29.8 |
Net actuarial gains/(losses) of defined benefit plans, Amounts reclassified from accumulated other comprehensive loss, net of tax | 3.1 | 2.2 | 1.2 |
Amortization of net actuarial losses, tax benefit | 1.9 | 1.1 | 0.6 |
Net actuarial gains/(losses) of defined benefit plans, Less: noncontrolling interest | 0 | 0 | 0 |
Net actuarial gains/(losses) of defined benefit plans, Other comprehensive income (loss) | 55.8 | -28.1 | -28.6 |
Net actuarial gains/(losses) of defined benefit plans, Ending Balance | -43 | -98.8 | -70.7 |
Accumulated Other Comprehensive Loss, Beginning Balance | -150.1 | -134 | -95.5 |
Accumulated Other Comprehensive Loss, Other comprehensive income (loss) before reclassifications | 53.5 | -23.1 | -33.7 |
Accumulated Other Comprehensive Loss, Amounts reclassified from accumulated other comprehensive loss, net of tax | 21.2 | 8.6 | 5.3 |
Accumulated Other Comprehensive Loss, Amounts reclassified from accumulated other comprehensive loss, tax benefit | 10.6 | 4.7 | 2.9 |
Accumulated Other Comprehensive Loss, Less: noncontrolling interest | -4.2 | -1.6 | -0.1 |
Accumulated Other Comprehensive Loss, Other comprehensive income (loss) | 70.5 | -16.1 | -28.5 |
Accumulated Other Comprehensive Loss, Ending Balance | -78.2 | -150.1 | -134 |
Statement [Line Items] | ' | ' | ' |
Before-tax reclassification of net actuarial gains/(losses) of defined benefit plans included in cost of revenues | -4.9 | -3.2 | -1.7 |
Cost of revenues | ' | ' | ' |
Statement [Line Items] | ' | ' | ' |
Before-tax reclassification of net actuarial gains/(losses) of defined benefit plans included in cost of revenues | $4 | $2.70 | $1.50 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' |
Number of Shares, Options outstanding, Beginning of period (in shares) | 233,985 | ' |
Number of Shares, Granted (in shares) | 0 | ' |
Number of Shares, Exercised (in shares) | -152,783 | ' |
Number of Shares, Cancelled (in shares) | 0 | ' |
Number of Shares, Options outstanding, End of period (in shares) | 81,202 | 233,985 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' |
Weighted Average Exercise Price, Beginning of period (in dollars per share) | $16.78 | ' |
Weighted Average Exercise Price, Granted (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Exercised (in dollars per share) | $16.23 | ' |
Weighted Average Exercise Price, Cancelled (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, End of period (in dollars per share) | $17.80 | $16.78 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' |
Weighted Average Remaining Contractual Terms, Options outstanding (in years) | '3 years 3 months 10 days | ' |
Aggregate Intrinsic Value, Options outstanding | $3 | ' |
Number of Shares, Options exercisable (in shares) | 81,202 | 233,985 |
Weighted Average Exercise Price, Options exercisable (in dollars per share) | $17.80 | $16.78 |
Weighted Average Remaining Contractual Terms, Options exercisable (in years) | '3 years 3 months 10 days | '4 years 1 month 5 days |
Aggregate Instrinsic Value, Options exercisable | $3 | $4.50 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 2) (Restricted share awards, USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted share awards | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' |
Number of Restricted Share Awards, Restricted share awards outstanding, Beginning balance (in shares) | 3,301,371 | ' | ' |
Number of Restricted Share Awards, Granted (in shares) | 1,435,653 | ' | ' |
Number of Restricted Share Awards, Vested (in shares) | -729,782 | ' | ' |
Number of Restricted Share Awards, Forfeited (in shares) | -102,190 | ' | ' |
Number of Restricted Share Awards, Restricted share awards outstanding, Ending balance (in shares) | 3,905,052 | 3,301,371 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Weighted Average Fair Value per Award, Restricted share awards outstanding, Beginning balance (in dollars per share) | $27.82 | ' | ' |
Weighted Average Fair Value per Award, Granted (in dollars per share) | $41.52 | $29.44 | $34.21 |
Weighted Average Fair Value per Award, Vested (in dollars per share) | $25.95 | ' | ' |
Weighted Average Fair Value per Award, Forfeited (in dollars per share) | $30.02 | ' | ' |
Weighted Average Fair Value per Award, Restricted share awards outstanding, Ending balance (in dollars per share) | $32.99 | $27.82 | ' |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Shares of common stock provided for awarding by the Plan (in shares) | 7,600,000 | ' | ' |
Number of shares available for issuance (in shares) | 1,939,736 | ' | ' |
Stock-based compensation expense | $44.50 | $28.30 | $23.50 |
Income tax benefit related to stock-based compensation expense | 15.6 | 6.4 | 10 |
Stock options | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Contractual term of awards granted (in years) | '10 years | ' | ' |
Award vesting period (in years) | '5 years | ' | ' |
Unrecognized compensation expense related to stock options | 0 | ' | ' |
Intrinsic value of options exercised | 4.4 | 6.6 | 3.6 |
Stock options | Maximum | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Award vesting period (in years) | '5 years | ' | ' |
Restricted share awards | ' | ' | ' |
Share based compensation arrangement by share based payment award equity instruments other than options nonvested | ' | ' | ' |
Unrecognized compensation expense related to restricted share awards | 86.9 | ' | ' |
Weighted average recognition period | '3 years 9 months 22 days | ' | ' |
Fair value of vested and released shares | $29.90 | $16.90 | $23.30 |
Weighted average fair value of restricted share awards granted (in dollars per share) | $41.52 | $29.44 | $34.21 |
Restricted stock | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Vesting condition - age (in years) | '65 years | ' | ' |
Vesting condition - age plus years of vested service (in years) | '80 years | ' | ' |
Restricted stock | Minimum | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Award vesting period (in years) | '1 year | ' | ' |
Restricted stock | Maximum | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Award vesting period (in years) | '15 years | ' | ' |
Performance units | Minimum | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Award vesting period (in years) | '2 years | ' | ' |
Percentage of target grant potentially issuable depending on achievement of certain specified goals | 0.00% | ' | ' |
Performance units | Maximum | ' | ' | ' |
Stock-Based Compensation (Textual) [Abstract] | ' | ' | ' |
Award vesting period (in years) | '3 years | ' | ' |
Percentage of target grant potentially issuable depending on achievement of certain specified goals | 200.00% | ' | ' |
Earnings_Per_Common_Share_Deta
Earnings Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Net Income Per Common Share (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total weighted average restricted shares and antidilutive stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 3.5 | 3.1 | 3 |
Computation of basic and diluted net income attributable to Trinity Industries, Inc | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income from continuing operations | $118.90 | $105.80 | $89.20 | $72.20 | $71 | $62.40 | $66.10 | $52.40 | $386.10 | $251.90 | $146.80 |
Less: net income (loss) from continuing operations attributable to noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 16.9 | -1.5 | 3.5 |
Net income from continuing operations attributable to Trinity Industries, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | 369.2 | 253.4 | 143.3 |
Unvested restricted share participation | ' | ' | ' | ' | ' | ' | ' | ' | -12 | -7.7 | -5 |
Net income from continuing operations attributable to Trinity Industries, Inc. - basic, Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 357.2 | 245.7 | 138.3 |
Net income from continuing operations attributable to Trinity Industries, Inc. - basic, Average Shares | ' | ' | ' | ' | ' | ' | ' | ' | 76.4 | 77.3 | 77.5 |
Net income from continuing operations attributable to Trinity Industries, Inc. - basic, EPS | $1.43 | $1.26 | $1.07 | $0.91 | $0.90 | $0.79 | $0.82 | $0.66 | $4.68 | $3.18 | $1.78 |
Effect of dilutive securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock options, Average Shares | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 | 0.2 | 0.3 |
Net income from continuing operations attributable to Trinity Industries, Inc. - diluted, Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 357.2 | 245.7 | 138.3 |
Net income from continuing operations attributable to Trinity Industries, Inc. - diluted, Average Shares | ' | ' | ' | ' | ' | ' | ' | ' | 76.5 | 77.5 | 77.8 |
Net income from continuing operations attributable to Trinity Industries, Inc. - diluted, EPS | $1.43 | $1.26 | $1.07 | $0.91 | $0.90 | $0.79 | $0.82 | $0.66 | $4.67 | $3.17 | $1.78 |
Net income (loss) from discontinued operations, net of taxes | 0.4 | 0.3 | -1 | 6.6 | -0.2 | 0.7 | 1.4 | -0.1 | 6.3 | 1.8 | -1.1 |
Unvested restricted share participation | ' | ' | ' | ' | ' | ' | ' | ' | -0.2 | -0.1 | 0 |
Net income (loss) from discontinued operations, net of taxes - basic, Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | 6.1 | 1.7 | -1.1 |
Net income (loss) from discontinued operations, net of taxes - basic, EPS | $0.01 | $0 | ($0.01) | $0.08 | $0 | $0.01 | $0.02 | $0 | $0.08 | $0.02 | ($0.01) |
Net income (loss) from discontinued operations, net of taxes - diluted, Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | $6.10 | $1.70 | ($1.10) |
Net income (loss) from discontinued operations, net of taxes - diluted, EPS | $0.01 | $0 | ($0.01) | $0.08 | $0 | $0.01 | $0.02 | $0 | $0.08 | $0.02 | ($0.01) |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Railcar | |
Contingencies (Textual) [Abstract] | ' |
Total accrual | $17.80 |
Number of tank cars to be voluntarily recertified by the Company (in railcars) | 948 |
Minimum possible loss | 9.4 |
Maximum possible loss | 30.1 |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Non-cancelable purchase obligations | 694.9 |
Raw Materials and Components | Rail, Inland Barge, and Energy Equipment Groups | ' |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' |
Non-cancelable purchase obligations | 577.8 |
Highway Products litigation | ' |
Contingencies (Textual) [Abstract] | ' |
Total accrual | 0 |
Railcar derailment | ' |
Contingencies (Textual) [Abstract] | ' |
Total accrual | 0 |
Number of tank cars manufactured by the Company (in railcars) | 35 |
Number of tank cars involved in derailment (in railcars) | 72 |
Number of tank cars owned by the Company and leased to third party (in railcars) | 13 |
Environmental and workplace matters | ' |
Contingencies (Textual) [Abstract] | ' |
Total accrual | $8.30 |
Minimum | ' |
Contingencies (Textual) [Abstract] | ' |
Percent of tank cars recertified by the Company | 90.00% |
Inspection cycle for tank cars in service (in years) | '3 years |
Maximum | ' |
Contingencies (Textual) [Abstract] | ' |
Inspection cycle for tank cars in service (in years) | '5 years |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $1,256 | $1,110.30 | $1,066.10 | $932.90 | $1,012.90 | $907.30 | $995.50 | $896.20 | $4,365.30 | $3,811.90 | $2,938.30 |
Cost of revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of revenues | 962.7 | 836.3 | 812.2 | 711.1 | 800.9 | 728.1 | 792.3 | 730.2 | 3,322.30 | 3,051.50 | 2,357.50 |
Selling, engineering, and administrative expenses | 80.2 | 70.6 | 71.5 | 69 | 64.6 | 55.8 | 53 | 50.7 | 291.3 | 224.1 | 194 |
Gain on disposition of property, plant, and equipment | 11.3 | 2.2 | 1 | 6.7 | 11.5 | 17.3 | 2.3 | 7.4 | 21.2 | 38.5 | 40 |
Operating Profit | 224.4 | 205.6 | 183.4 | 159.5 | 158.9 | 140.7 | 152.5 | 122.7 | 772.9 | 574.8 | 426.8 |
Net income from continuing operations | 118.9 | 105.8 | 89.2 | 72.2 | 71 | 62.4 | 66.1 | 52.4 | 386.1 | 251.9 | 146.8 |
Discontinued operations, net of tax | 0.4 | 0.3 | -1 | 6.6 | -0.2 | 0.7 | 1.4 | -0.1 | 6.3 | 1.8 | -1.1 |
Net income | 119.3 | 106.1 | 88.2 | 78.8 | 70.8 | 63.1 | 67.5 | 52.3 | 392.4 | 253.7 | 145.7 |
Net income attributable to Trinity Industries, Inc. | 112.8 | 99.6 | 84 | 79.1 | 71.3 | 63.2 | 67.8 | 52.9 | 375.5 | 255.2 | 142.2 |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $1.43 | $1.26 | $1.07 | $0.91 | $0.90 | $0.79 | $0.82 | $0.66 | $4.68 | $3.18 | $1.78 |
Discontinued operations (in dollars per share) | $0.01 | $0 | ($0.01) | $0.08 | $0 | $0.01 | $0.02 | $0 | $0.08 | $0.02 | ($0.01) |
Basic (in dollars per share) | $1.44 | $1.26 | $1.06 | $0.99 | $0.90 | $0.80 | $0.84 | $0.66 | $4.76 | $3.20 | $1.77 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $1.43 | $1.26 | $1.07 | $0.91 | $0.90 | $0.79 | $0.82 | $0.66 | $4.67 | $3.17 | $1.78 |
Discontinued operations (in dollars per share) | $0.01 | $0 | ($0.01) | $0.08 | $0 | $0.01 | $0.02 | $0 | $0.08 | $0.02 | ($0.01) |
Diluted (in dollars per share) | $1.44 | $1.26 | $1.06 | $0.99 | $0.90 | $0.80 | $0.84 | $0.66 | $4.75 | $3.19 | $1.77 |
Manufacturing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 1,065.20 | 959.7 | 896.5 | 798.5 | 862.2 | 748 | 803.2 | 754.1 | 3,719.90 | 3,167.50 | 2,386.90 |
Cost of revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of revenues | 856.7 | 767 | 726 | 641.2 | 720.4 | 643.8 | 680.2 | 656.8 | 2,990.90 | 2,701.20 | 2,067.20 |
Selling, engineering, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | 180.4 | 143.4 | 127.1 |
Leasing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | 190.8 | 150.6 | 169.6 | 134.4 | 150.7 | 159.3 | 192.3 | 142.1 | 645.4 | 644.4 | 551.4 |
Cost of revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cost of revenues | 106 | 69.3 | 86.2 | 69.9 | 80.5 | 84.3 | 112.1 | 73.4 | 331.4 | 350.3 | 290.3 |
Selling, engineering, and administrative expenses | ' | ' | ' | ' | ' | ' | ' | ' | $37.60 | $29.40 | $23.40 |