Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 17, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-6903 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 75-0225040 | |
Entity Address, Address Line One | 2525 N. Stemmons Freeway | |
Entity Address, City or Town | Dallas, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75207-2401 | |
City Area Code | 214 | |
Local Phone Number | 631-4420 | |
Title of 12(b) Security | Common Stock | |
Entity Trading Symbol | TRN | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 118,661,510 | |
Entity Registrant Name | TRINITY INDUSTRIES INC | |
Entity Central Index Key | 0000099780 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period | Q2 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Oper
Consolidated Statements of Operations (unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues [Abstract] | ||||
Revenues | $ 509.2 | $ 736 | $ 1,124.4 | $ 1,340.8 |
Cost of revenues: | ||||
Cost of Goods and Services Sold | 396.6 | 578.5 | 878.6 | 1,041.9 |
Selling, engineering, and administrative expenses: | ||||
Selling, General and Administrative Expense | 56.8 | 69.8 | 121.1 | 129.4 |
Gains on dispositions of property: | ||||
Net gains on railcar lease fleet sales owned more than one year at the time of sale | 5.7 | 18.7 | 14.4 | 26.6 |
Other | 0.9 | 0.6 | 1.8 | 2.7 |
Gain (Loss) on Disposition of Property Plant Equipment | 6.6 | 19.3 | 16.2 | 29.3 |
Asset Impairment Charges | 369.4 | 0 | 369.4 | 0 |
Restructuring Charges | 0.3 | 0 | 5.8 | 0 |
Total operating profit (loss) | (307.3) | 107 | (234.3) | 198.8 |
Other (income) expense: | ||||
Interest income | 0 | (1.6) | (2.4) | (2.9) |
Interest expense | 53 | 57 | 114.3 | 109.7 |
Other Nonoperating Income (Expense) | (0.7) | (0.1) | (1.5) | 0.2 |
Other Nonoperating Expense | 52.3 | 55.3 | 110.4 | 107 |
Income (loss) from continuing operations before income taxes | (359.6) | 51.7 | (344.7) | 91.8 |
Current Income Tax Expense (Benefit) | (79.7) | 1 | (452.5) | 0.2 |
Provision for deferred income taxes | 7.9 | 13.1 | 233.1 | 22.8 |
Income Tax Expense (Benefit) | (71.8) | 14.1 | (219.4) | 23 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | (287.8) | 37.6 | (125.3) | 68.8 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (0.8) | (0.2) | (1.9) |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | (0.3) | (0.1) | (0.5) |
Net income (loss) | (287.8) | 36.8 | (125.5) | 66.9 |
Net income (loss) attributable to noncontrolling interest | (80.9) | 0.4 | (80.3) | (0.1) |
Net income (loss) attributable to Trinity Industries, Inc. | $ (206.9) | $ 36.4 | $ (45.2) | $ 67 |
Basic earnings per common share: | ||||
Income (Loss) from Continuing Operations, Per Basic Share | $ (1.76) | $ 0.29 | $ (0.38) | $ 0.53 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.01) | 0 | (0.02) |
Earnings Per Share, Basic | (1.76) | 0.28 | (0.38) | 0.51 |
Income (Loss) from Continuing Operations, Per Diluted Share | (1.76) | 0.29 | (0.38) | 0.52 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.01) | 0 | (0.01) |
Earnings Per Share, Diluted | $ (1.76) | $ 0.28 | $ (0.38) | $ 0.51 |
Weighted average number of shares outstanding: | ||||
Weighted Average Number of Shares Outstanding, Basic | 117.3 | 127.6 | 117.6 | 129 |
Weighted Average Number of Shares Outstanding, Diluted | 117.3 | 129.2 | 117.6 | 130.7 |
Manufacturing | ||||
Revenues [Abstract] | ||||
Revenues | $ 316.6 | $ 459.1 | $ 695.7 | $ 863.7 |
Cost of revenues: | ||||
Cost of Goods and Services Sold | 293.7 | 399.6 | 637.1 | 751.2 |
Selling, engineering, and administrative expenses: | ||||
Selling, General and Administrative Expense | 19.6 | 26.5 | 41.5 | 49.7 |
Leasing | ||||
Revenues [Abstract] | ||||
Revenues | 192.6 | 276.9 | 428.7 | 477.1 |
Cost of revenues: | ||||
Cost of Goods and Services Sold | 102.9 | 178.9 | 241.5 | 290.7 |
Selling, engineering, and administrative expenses: | ||||
Selling, General and Administrative Expense | 13 | 12.7 | 27.3 | 25.5 |
Other | ||||
Selling, engineering, and administrative expenses: | ||||
Selling, General and Administrative Expense | $ 24.2 | $ 30.6 | $ 52.3 | $ 54.2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (287.8) | $ 36.8 | $ (125.5) | $ 66.9 |
Derivative financial instruments: | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (1.7) | (8) | (27.3) | (13.5) |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 0.5 | 2.4 | 8.2 | 4.1 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 4.9 | 1 | 5.9 | 1.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Tax | 1.2 | 0 | 1.7 | 0.4 |
Defined benefit plans: | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | 0.2 | 0 | 0.4 | 0 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax | 0.1 | 0 | 0.2 | 0 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 1.2 | 0.8 | 2.4 | 1.6 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax | 0.3 | 0.3 | 0.6 | 0.6 |
Other Comprehensive Income (Loss), Net of Tax, Total | 4.6 | (6.2) | (18.6) | (10) |
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | (283.2) | 30.6 | (144.1) | 56.9 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (80.6) | 0.7 | (79.7) | 0.5 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ (202.6) | $ 29.9 | $ (64.4) | $ 56.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Millions, $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 157 | $ 166.2 |
Receivables, net of allowance | 226.9 | 260.1 |
Income tax receivable | 463 | 14.7 |
Inventories: | ||
Raw materials and supplies | 229.8 | 263.4 |
Work in process | 89.3 | 108.8 |
Finished goods | 102.4 | 61.2 |
Inventory, Net | 421.5 | 433.4 |
Restricted Cash and Cash Equivalents | 136.9 | 111.4 |
Property, Plant and Equipment, Gross | 8,939.5 | 9,272.5 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,155.1 | 2,161.9 |
Property, Plant and Equipment, Net | 6,784.4 | 7,110.6 |
Goodwill | 208.8 | 208.8 |
Other assets | 266.9 | 396.2 |
Assets | 8,665.4 | 8,701.4 |
Liabilities and Equity [Abstract] | ||
Accounts payable | 188.2 | 203.9 |
Accrued liabilities | 325.6 | 342.1 |
Debt: | ||
Recourse | 528 | 522.8 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,825.4 | 4,881.9 |
Deferred Income Taxes and Other Tax Liabilities, Noncurrent | 1,026.4 | 798.3 |
Other liabilities | 139.4 | 96.3 |
Liabilities | $ 6,505 | $ 6,322.5 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||
Preferred Stock, Shares Authorized | 1.5 | 1.5 |
Preferred Stock, Shares Subscribed but Unissued | 1.5 | 1.5 |
Preferred stock – 1.5 shares authorized and unissued | $ 0 | $ 0 |
Common Stock, Shares Authorized | 400 | 400 |
Common stock – 400.0 shares authorized | $ 1.2 | $ 1.2 |
Capital in excess of par value | 0 | 0 |
Retained earnings | 2,063.3 | 2,182.9 |
Accumulated other comprehensive loss | (172.3) | (153.1) |
Treasury stock | (0.9) | (0.9) |
Stockholders' Equity Attributable to Parent | 1,891.3 | 2,030.1 |
Noncontrolling interest | 269.1 | 348.8 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2,160.4 | 2,378.9 |
Liabilities and Equity | 8,665.4 | 8,701.4 |
Partially-owned subsidiaries | ||
Inventories: | ||
Property, Plant and Equipment, Gross | 1,923.8 | 2,065.3 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 499.7 | 527.7 |
Debt: | ||
Non-Recourse Debt | 1,251.7 | 1,278.4 |
Wholly-owned subsidiaries | ||
Debt: | ||
Non-Recourse Debt | $ 3,045.7 | $ 3,080.7 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (125.5) | $ 66.9 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (0.2) | (1.9) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 134.6 | 138.1 |
Stock-based compensation expense | 14.9 | 13 |
Provision for deferred income taxes | 233.1 | 22.8 |
Net gains on railcar lease fleet sales owned more than one year at the time of sale | (14.4) | (26.6) |
Gains on dispositions of property and other assets | (5.3) | (2.7) |
Impairment of Long-Lived Assets to be Disposed of | 5.2 | 0 |
Asset Impairment Charges | 369.4 | 0 |
Non-cash interest expense | 4.5 | 7.2 |
Gain (Loss) on Extinguishment of Debt | 5 | 0 |
Other | (5.4) | (0.8) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in receivables | 33.1 | (75.1) |
Increase (Decrease) in Income Taxes Receivable | (448.3) | 19.4 |
(Increase) decrease in inventories | 11.9 | (75.8) |
(Increase) decrease in other assets | 169.7 | (33) |
Increase (decrease) in accounts payable | (15.7) | 5.6 |
Increase (decrease) in accrued liabilities | (37.7) | (51.7) |
Increase (decrease) in other liabilities | (1.5) | (5.2) |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | 327.8 | 4 |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (0.2) | (1.1) |
Net Cash Provided by (Used in) Operating Activities | 327.6 | 2.9 |
Investing activities: | ||
Proceeds from dispositions of property and other assets | 14.2 | 14.3 |
Proceeds from railcar lease fleet sales owned more than one year at the time of sale | 132.2 | 99.9 |
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less | 259.5 | 690.9 |
Payments to Acquire Leasing Assets Net of Sold Railcars Owned One Year or Less Net Cost | 54 | 91.8 |
Capital expenditures – manufacturing and other | (41.5) | (34) |
Other | 0 | (1.2) |
Net Cash Provided by (Used in) Investing Activities | (154.6) | (611.9) |
Financing activities: | ||
Payments to retire debt | (618.3) | (1,044.9) |
Proceeds from issuance of debt | 552.4 | 1,626.9 |
Shares repurchased | (35.4) | (59) |
Dividends paid to common shareholders | (46.4) | (39.5) |
Purchase of shares to satisfy employee tax on vested stock | (9) | (7.9) |
Distributions to noncontrolling interest | 0 | (0.9) |
Net Cash Provided by (Used in) Financing Activities | (156.7) | 474.7 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 16.3 | (134.3) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning Balance | 277.6 | 350.8 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | $ 293.9 | $ 216.5 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (unaudited) - USD ($) $ in Millions | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Trinity Stockholders’ Equity | Noncontrolling Interest |
Common Stock, Shares, Issued | (133,300,000) | (100,000) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2018 | $ 2,562 | $ 1.3 | $ 1.2 | $ 2,326.1 | $ (116.8) | $ (1) | $ 2,210.8 | $ 351.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 30.1 | 30.6 | 30.6 | (0.5) | ||||
Other comprehensive (loss) income | (3.8) | (4.1) | (4.1) | 0.3 | ||||
Dividends, Common Stock, Cash | (22.3) | (22.3) | (22.3) | |||||
Share-based Payment Arrangement, Expense | $ 5.5 | 5.5 | 5.5 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | |||||||
Treasury Stock, Shares, Acquired | (866,715) | (3,500,000) | ||||||
Shares repurchased | $ (19) | (70) | $ (89) | (19) | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (0.5) | 0.6 | (1.1) | (0.5) | ||||
Distributions to noncontrolling interest | (0.4) | 0 | (0.4) | |||||
Cumulative Effect on Retained Earnings, Net of Tax | 13.7 | 13.7 | 13.7 | |||||
Stockholders' equity, other | 0.2 | (0.2) | (0.2) | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2019 | $ 2,565.1 | 1.3 | 77.3 | 2,347.9 | (120.9) | (91.1) | 2,214.5 | 350.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2018 | $ 2,562 | 1.3 | $ 1.2 | 2,326.1 | (116.8) | (1) | 2,210.8 | 351.2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 66.9 | |||||||
Other comprehensive (loss) income | (10) | |||||||
Share-based Payment Arrangement, Expense | 13 | |||||||
Treasury Stock, Shares, Acquired | (2,600,000) | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2019 | $ 2,529.6 | $ 1.3 | $ 0 | 2,305.8 | (127.4) | $ (0.9) | 2,178.8 | 350.8 |
Common Stock, Shares, Issued | (133,300,000) | (3,600,000) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2019 | $ 2,565.1 | $ 1.3 | 77.3 | 2,347.9 | (120.9) | $ (91.1) | 2,214.5 | 350.6 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 36.8 | 36.4 | 36.4 | 0.4 | ||||
Other comprehensive (loss) income | (6.2) | (6.5) | (6.5) | 0.3 | ||||
Dividends, Common Stock, Cash | (21.6) | (21.6) | (21.6) | |||||
Share-based Payment Arrangement, Expense | 7.5 | 7.5 | 7.5 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 500,000 | |||||||
Treasury Stock, Shares, Acquired | (2,133,116) | |||||||
Shares repurchased | (44) | 0 | $ (44) | (44) | ||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (7.5) | $ 0.7 | 1 | $ (8.5) | (7.5) | |||
Distributions to noncontrolling interest | (0.5) | 0 | (0.5) | |||||
Treasury Stock, Shares, Retired | 6,100,000 | 6,100,000 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | (85.8) | (56.9) | $ (142.7) | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2019 | $ 2,529.6 | $ 1.3 | 0 | 2,305.8 | (127.4) | $ (0.9) | 2,178.8 | 350.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.17 | |||||||
Common Stock, Shares, Issued | (127,900,000) | (100,000) | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||||
Common Stock, Shares, Issued | (119,700,000) | 100,000 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 2,378.9 | $ 1.2 | 0 | 2,182.9 | (153.1) | $ (0.9) | 2,030.1 | 348.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 162.3 | 161.7 | 161.7 | 0.6 | ||||
Other comprehensive (loss) income | (23.2) | (23.5) | (23.5) | 0.3 | ||||
Dividends, Common Stock, Cash | (24.6) | (24.6) | (24.6) | |||||
Share-based Payment Arrangement, Expense | 7.3 | 7.3 | 7.3 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 0 | |||||||
Treasury Stock, Shares, Acquired | (1,850,000) | |||||||
Shares repurchased | (35.4) | $ (35.4) | (35.4) | |||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (0.2) | 0.7 | (0.9) | (0.2) | ||||
Cumulative Effect on Retained Earnings, Net of Tax | 0.5 | 0.5 | 0.5 | |||||
Stockholders' equity, other | (0.5) | 0.5 | 0.5 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ 2,466.1 | 1.2 | 8 | 2,321 | (176.6) | (37.2) | 2,116.4 | 349.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.19 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ 2,378.9 | 1.2 | 0 | 2,182.9 | (153.1) | (0.9) | 2,030.1 | 348.8 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (125.5) | |||||||
Other comprehensive (loss) income | (18.6) | 0.6 | ||||||
Share-based Payment Arrangement, Expense | 14.9 | |||||||
Cumulative Effect on Retained Earnings, Net of Tax | 0.5 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020 | $ 2,160.4 | $ 1.2 | 0 | 2,063.3 | (172.3) | $ (0.9) | 1,891.3 | 269.1 |
Common Stock, Shares, Issued | (119,700,000) | 2,000,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Mar. 31, 2020 | $ 2,466.1 | $ 1.2 | 8 | 2,321 | (176.6) | $ (37.2) | 2,116.4 | 349.7 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (287.8) | (206.9) | (206.9) | (80.9) | ||||
Other comprehensive (loss) income | 4.6 | 4.3 | 4.3 | 0.3 | ||||
Dividends, Common Stock, Cash | (20.6) | (20.6) | (20.6) | |||||
Share-based Payment Arrangement, Expense | 7.6 | 7.6 | 7.6 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 1,500,000 | 600,000 | ||||||
Treasury Stock, Shares, Acquired | 0 | |||||||
Shares repurchased | $ 0 | |||||||
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures | (9.5) | 1.9 | $ (11.4) | (9.5) | ||||
Treasury Stock, Shares, Retired | 2,500,000 | 2,500,000 | ||||||
Treasury Stock, Retired, Cost Method, Amount | 0 | (17.5) | (30.2) | $ (47.7) | 0 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020 | $ 2,160.4 | $ 1.2 | $ 0 | $ 2,063.3 | $ (172.3) | $ (0.9) | $ 1,891.3 | $ 269.1 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.19 | |||||||
Common Stock, Shares, Issued | (118,700,000) | 100,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 |
Derivative Instruments and Fair
Derivative Instruments and Fair Value Accounting | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Accounting | Note 2. Derivative Instruments and Fair Value Accounting Derivative Instruments We use derivative instruments to mitigate the impact of changes in interest rates, both in anticipation of future debt issuances and to offset interest rate variability of certain floating rate debt issuances outstanding. We also may use derivative instruments to mitigate the impact of changes in natural gas and diesel fuel prices and changes in foreign currency exchange rates. Derivative instruments that are designated and qualify as cash flow hedges are accounted for by recording the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive loss ("AOCL") as a separate component of stockholders' equity and reclassified into earnings in the period during which the hedged transaction affects earnings. We continuously monitor our derivative positions and the credit ratings of our counterparties and do not anticipate losses due to non-performance. See Note 7 for a description of our debt instruments. Interest Rate Hedges Included in accompanying balance sheet at June 30, 2020 Notional Amount Interest Rate (1) Asset/(Liability) AOCL – loss/(income) Noncontrolling Interest (in millions, except %) Expired hedges: 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 0.9 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 1.8 $ 2.4 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.5) $ — Open hedge: 2017 promissory notes - interest rate swap $ 461.2 2.86 % $ (52.6) $ 52.1 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2020 2019 2020 2019 (in millions) Expired hedges: 2006 secured railcar equipment notes (2) $ — $ (0.1) $ (0.1) $ (0.1) $ — 2018 secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.0 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ — $ (0.1) $ — $ (0.1) $ (0.1) Open hedge: 2017 promissory notes - interest rate swap $ 3.0 $ 0.7 $ 4.7 $ 1.3 $ 9.4 (1) Based on the fair value of open hedges as of June 30, 2020. (2) Upon settlement of the debt in March 2020, the remaining balance of $0.1 million in AOCL was recognized through interest expense. See Note 7 for additional information on the debt redemption. Other Derivatives Included in accompanying balance sheet at June 30, 2020 Effect on cost of revenues – increase/(decrease) Notional Asset/(Liability) AOCL – Three Months Ended Six Months Ended Expected effect during next twelve months (1) June 30, 2020 June 30, 2020 (in millions) Foreign currency hedge $ 55.0 $ (1.3) $ 3.1 $ 2.6 $ 1.8 $ 3.1 (1) Based on the fair value of open hedges as of June 30, 2020. Our exposure related to foreign currency and commodity transactions is currently hedged for up to a maximum of twelve months. The effect of commodity hedge transactions was immaterial to the Consolidated Financial Statements for all periods presented herein. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for that asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to establish a fair value hierarchy that maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are listed below. Level 1 — This level is defined as quoted prices in active markets for identical assets or liabilities. Our cash equivalents and restricted cash are instruments of the U.S. Treasury or highly-rated money market mutual funds. The assets measured as Level 1 in the fair value hierarchy are summarized below: Level 1 June 30, 2020 December 31, 2019 (in millions) Assets: Cash equivalents $ 76.1 $ 57.9 Restricted cash 136.9 111.4 Total assets $ 213.0 $ 169.3 Level 2 — This level is defined as observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Interest rate hedges are valued at exit prices obtained from each counterparty. Foreign currency hedges are valued at exit prices obtained from each counterparty, which are based on currency spot and forward rates and forward points. The assets and liabilities measured as Level 2 in the fair value hierarchy are summarized below: Level 2 June 30, 2020 December 31, 2019 (in millions) Assets: Foreign currency hedge (1) $ — $ 1.2 Total assets $ — $ 1.2 Liabilities: Interest rate hedge (2) $ 52.6 $ 28.0 Foreign currency hedge (2) 1.3 — Total liabilities $ 53.9 $ 28.0 (1) Included in other assets in our Consolidated Balance Sheets. (2) Included in accrued liabilities in our Consolidated Balance Sheets. Level 3 — This level is defined as unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. As of June 30, 2020 and December 31, 2019, we have no assets measured as Level 3 in the fair value hierarchy, except as described in Note 10 to this Form 10-Q and Note 10 to the Consolidated Financial Statements included in our 2019 Annual Report on Form 10-K. See Note 10 for more information regarding the non-recurring fair value measurement considerations during the three and six months ended June 30, 2020 for the impairment charge related to our small cube covered hopper railcars. See Note 7 for the estimated fair values of our debt instruments. The fair values of all other financial instruments are estimated to approximate carrying value. |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | See Note 7 for a description of our debt instruments. Interest Rate Hedges Included in accompanying balance sheet at June 30, 2020 Notional Amount Interest Rate (1) Asset/(Liability) AOCL – loss/(income) Noncontrolling Interest (in millions, except %) Expired hedges: 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 0.9 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 1.8 $ 2.4 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.5) $ — Open hedge: 2017 promissory notes - interest rate swap $ 461.2 2.86 % $ (52.6) $ 52.1 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2020 2019 2020 2019 (in millions) Expired hedges: 2006 secured railcar equipment notes (2) $ — $ (0.1) $ (0.1) $ (0.1) $ — 2018 secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.0 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ — $ (0.1) $ — $ (0.1) $ (0.1) Open hedge: 2017 promissory notes - interest rate swap $ 3.0 $ 0.7 $ 4.7 $ 1.3 $ 9.4 (1) Based on the fair value of open hedges as of June 30, 2020. (2) Upon settlement of the debt in March 2020, the remaining balance of $0.1 million in AOCL was recognized through interest expense. See Note 7 for additional information on the debt redemption. Other Derivatives Included in accompanying balance sheet at June 30, 2020 Effect on cost of revenues – increase/(decrease) Notional Asset/(Liability) AOCL – Three Months Ended Six Months Ended Expected effect during next twelve months (1) June 30, 2020 June 30, 2020 (in millions) Foreign currency hedge $ 55.0 $ (1.3) $ 3.1 $ 2.6 $ 1.8 $ 3.1 (1) Based on the fair value of open hedges as of June 30, 2020. Our exposure related to foreign currency and commodity transactions is currently hedged for up to a maximum of twelve months. The effect of commodity hedge transactions was immaterial to the Consolidated Financial Statements for all periods presented herein. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We report our operating results in three principal business segments: (1) the Railcar Leasing and Management Services Group, which owns and operates a fleet of railcars and provides third-party fleet leasing, management, and administrative services; (2) the Rail Products Group, which manufactures and sells railcars and related parts and components, and provides railcar maintenance and modification services; and (3) All Other, which includes our highway products business and legal, environmental, and maintenance costs associated with non-operating facilities. In connection with the implementation of our rail-focused strategy, in the first quarter of 2020, we realigned certain activities previously reported in the All Other segment to now be presented within the Rail Products Group. The prior period results have been recast to reflect these changes and present results on a comparable basis. Gains and losses from the sale of property, plant, and equipment are included in the operating profit of each respective segment. Our Chief Operating Decision Maker ("CODM") regularly reviews the operating results of our reportable segments in order to assess performance and allocate resources. Our CODM does not consider impairment of long-lived assets or restructuring activities when evaluating segment operating results; therefore, impairment of long-lived assets and restructuring activities are not allocated to segment profit or loss. Sales and related net profits ("deferred profit") from the Rail Products Group to the Leasing Group are recorded in the Rail Products Group and eliminated in consolidation and are reflected in "Eliminations — Lease Subsidiary" in the tables below. Sales between these groups are recorded at prices comparable to those charged to external customers, taking into consideration quantity, features, and production demand. Amortization of deferred profit on railcars sold to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Sales of railcars from the lease fleet are included in the Leasing Group, with related gains and losses computed based on the net book value of the original manufacturing cost of the railcars. The financial information for these segments is shown in the tables below (in millions). We operate principally in North America. Three Months Ended June 30, 2020 Railcar Leasing and Management Services Group Rail Products Group All Other Eliminations — Lease Subsidiary Eliminations — Other Consolidated Total External Revenue $ 192.6 $ 247.3 $ 69.3 $ — $ — $ 509.2 Intersegment Revenue 0.2 158.3 — (156.0) (2.5) — Total Revenues $ 192.8 $ 405.6 $ 69.3 $ (156.0) $ (2.5) $ 509.2 Three Months Ended June 30, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Eliminations — Lease Subsidiary Eliminations — Other Consolidated Total External Revenue $ 276.9 $ 392.2 $ 66.9 $ — $ — $ 736.0 Intersegment Revenue 0.2 331.0 1.0 (328.9) (3.3) — Total Revenues $ 277.1 $ 723.2 $ 67.9 $ (328.9) $ (3.3) $ 736.0 Six Months Ended June 30, 2020 Railcar Leasing and Management Services Group Rail Products Group All Other Eliminations — Lease Subsidiary Eliminations — Other Consolidated Total External Revenue $ 428.7 $ 564.5 $ 131.2 $ — $ — $ 1,124.4 Intersegment Revenue 0.4 350.5 1.5 (346.4) (6.0) — Total Revenues $ 429.1 $ 915.0 $ 132.7 $ (346.4) $ (6.0) $ 1,124.4 Six Months Ended June 30, 2019 Railcar Leasing and Management Services Group Rail Products Group All Other Eliminations — Lease Subsidiary Eliminations — Other Consolidated Total External Revenue $ 477.1 $ 737.8 $ 125.9 $ — $ — $ 1,340.8 Intersegment Revenue 0.4 602.9 4.1 (599.0) (8.4) — Total Revenues $ 477.5 $ 1,340.7 $ 130.0 $ (599.0) $ (8.4) $ 1,340.8 Three Months Ended Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Operating profit (loss): Railcar Leasing and Management Services Group $ 82.9 $ 104.8 $ 175.8 $ 190.6 Rail Products Group 7.9 66.3 33.0 115.4 All Other 7.3 7.9 16.6 16.0 Segment Totals before Eliminations, Corporate Expenses, Impairment of long-lived assets, and Restructuring activities 98.1 179.0 225.4 322.0 Corporate (24.2) (30.6) (52.3) (54.2) Impairment of long-lived assets (369.4) — (369.4) — Restructuring activities, net (0.3) — (5.8) — Eliminations – Lease Subsidiary (11.0) (41.6) (30.9) (68.8) Eliminations – Other (0.5) 0.2 (1.3) (0.2) Consolidated operating profit (loss) $ (307.3) $ 107.0 $ (234.3) $ 198.8 Other (income) expense 52.3 55.3 110.4 107.0 Provision (benefit) for income taxes (71.8) 14.1 (219.4) 23.0 Loss from discontinued operations, net of income taxes — (0.8) (0.2) (1.9) Net income (loss) $ (287.8) $ 36.8 $ (125.5) $ 66.9 |
Partially-Owned Leasing Subsidi
Partially-Owned Leasing Subsidiaries | 6 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Partially-Owned Leasing Subsidiaries | Partially-Owned Leasing Subsidiaries Through our wholly-owned subsidiary, TILC, we formed two subsidiaries, TRIP Holdings and RIV 2013, for the purpose of providing railcar leasing services in North America for institutional investors. Each of TRIP Holdings and RIV 2013 are direct, partially-owned subsidiaries of TILC in which we have a controlling interest. Each is governed by a seven-member board of representatives, two of whom are designated by TILC. TILC is the agent of each of TRIP Holdings and RIV 2013 and, as such, has been delegated the authority, power, and discretion to take certain actions on behalf of the respective companies. At June 30, 2020, the carrying value of our investment in TRIP Holdings and RIV 2013 totaled $140.3 million. Our weighted average ownership interest in TRIP Holdings and RIV 2013 is 38% while the remaining 62% weighted average interest is owned by third-party, investor-owned funds. The investment in our partially-owned leasing subsidiaries is eliminated in consolidation. Each of TRIP Holdings and RIV 2013 has wholly-owned subsidiaries that are the owners of railcars acquired from our Rail Products and Leasing Groups. These wholly-owned subsidiaries are TRIP Rail Master Funding LLC ("TRIP Master Funding", wholly-owned by TRIP Holdings) and Trinity Rail Leasing 2012 LLC ("TRL-2012", wholly-owned by RIV 2013). Railcar purchases by these subsidiaries were funded by secured borrowings and capital contributions from TILC and third-party equity investors. TILC is the contractual servicer for TRIP Master Funding and TRL-2012, with the authority to manage and service each entity's owned railcars. Our controlling interest in each of TRIP Holdings and RIV 2013 results from our combined role as both equity member and agent/servicer. The noncontrolling interest included in the accompanying Consolidated Balance Sheets represents the non-Trinity equity interest in these partially-owned subsidiaries. Trinity has no obligation to guarantee performance under any of our partially-owned subsidiaries' (or their respective subsidiaries') debt agreements, guarantee any railcar residual values, shield any parties from losses or guarantee minimum yields. The assets of each of TRIP Master Funding and TRL-2012 may only be used to satisfy the particular subsidiary's liabilities, and the creditors of each of TRIP Master Funding and TRL-2012 have recourse only to the particular subsidiary's assets. Each of TILC and the third-party equity investors receive distributions from TRIP Holdings and RIV 2013, when available, in proportion to its respective equity interests, and has an interest in the net assets of the partially-owned subsidiaries upon a liquidation event in the same proportion. TILC is paid fees for the services it provides to TRIP Master Funding and TRL-2012 and has the potential to earn certain incentive fees. TILC and the third-party equity investors have commitments to provide additional equity funding to TRIP Holdings that are scheduled to expire in May 2021, contingent upon certain returns on investment in TRIP Holdings and other conditions being met. There are no remaining equity commitments with respect to RIV 2013. See Note 7 regarding the debt of TRIP Holdings and RIV 2013 and their respective subsidiaries. See Note 10 for further information regarding impairment of long-lived assets related to our small cube covered hopper railcars recorded in the three and six months ended June 30, 2020. |
Railcar Leasing and Management
Railcar Leasing and Management Services Group | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Railcar Leasing and Management Services Group | Railcar Leasing and Management Services Group The Railcar Leasing and Management Services Group owns and operates a fleet of railcars as well as provides third-party fleet leasing, management, and administrative services. Selected consolidated financial information for the Leasing Group is as follows: June 30, 2020 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 2.9 $ — $ 2.9 $ — $ 2.9 Accounts receivable 77.2 9.2 86.4 — 86.4 Property, plant, and equipment, net (2) 5,557.1 1,648.2 7,205.3 (832.6) 6,372.7 Restricted cash 109.2 27.7 136.9 — 136.9 Other assets 37.3 1.3 38.6 — 38.6 Total assets $ 5,783.7 $ 1,686.4 $ 7,470.1 $ (832.6) $ 6,637.5 Accounts payable and accrued liabilities $ 145.0 $ 40.3 $ 185.3 $ — $ 185.3 Debt, net 3,045.7 1,251.7 4,297.4 — 4,297.4 Deferred income taxes 922.6 1.2 923.8 (195.2) 728.6 Other liabilities 29.0 — 29.0 — 29.0 Total liabilities 4,142.3 1,293.2 5,435.5 (195.2) 5,240.3 Noncontrolling interest — 269.1 269.1 — 269.1 Total Equity $ 1,641.4 $ 124.1 $ 1,765.5 $ (637.4) $ 1,128.1 December 31, 2019 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 1.8 $ — $ 1.8 $ — $ 1.8 Accounts receivable 73.9 8.7 82.6 — 82.6 Property, plant, and equipment, net 5,818.9 1,786.7 7,605.6 (903.8) 6,701.8 Restricted cash 78.4 33.0 111.4 — 111.4 Other assets 209.8 1.4 211.2 — 211.2 Total assets $ 6,182.8 $ 1,829.8 $ 8,012.6 $ (903.8) $ 7,108.8 Accounts payable and accrued liabilities $ 100.7 $ 44.6 $ 145.3 $ — $ 145.3 Debt, net 3,080.7 1,278.4 4,359.1 — 4,359.1 Deferred income taxes 861.7 1.1 862.8 (184.8) 678.0 Other liabilities 32.7 — 32.7 — 32.7 Total liabilities 4,075.8 1,324.1 5,399.9 (184.8) 5,215.1 Noncontrolling interest — 348.8 348.8 — 348.8 Total Equity $ 2,107.0 $ 156.9 $ 2,263.9 $ (719.0) $ 1,544.9 (1) Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation. Net deferred profit and the related deferred tax impact are included as adjustments to the property, plant, and equipment, net and deferred income taxes line items, respectively, in the Eliminations – Lease Subsidiary column above to reflect the net book value of the railcars purchased by the Leasing Group from the Rail Products Group based on manufacturing cost. See Note 4 and Note 7 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness. (2) See Note 10 for further information regarding impairment of long-lived assets recorded in the three and six months ended June 30, 2020. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 Percent 2020 2019 Percent ($ in millions) Change ($ in millions) Change Revenues: Leasing and management $ 182.7 $ 189.4 (3.5) % $ 374.7 $ 376.5 (0.5) % Sales of railcars owned one year or less at the time of sale (1) 10.1 87.7 (88.5) % 54.4 101.0 (46.1) % Total revenues $ 192.8 $ 277.1 (30.4) % $ 429.1 $ 477.5 (10.1) % Operating profit (loss) (2) : Leasing and management $ 78.5 $ 77.7 1.0 % $ 161.0 $ 154.8 4.0 % Railcar sales: Railcars owned one year or less at the time of sale (1.3) 8.4 (115.5) % 0.4 9.2 (95.7) % Railcars owned more than one year at the time of sale 5.7 18.7 (69.5) % 14.4 26.6 (45.9) % Total operating profit $ 82.9 $ 104.8 (20.9) % $ 175.8 $ 190.6 (7.8) % Total operating profit margin 43.0 % 37.8 % 41.0 % 39.9 % Leasing and management operating profit margin 43.0 % 41.0 % 43.0 % 41.1 % Selected expense information: Depreciation (3) $ 54.0 $ 57.8 (6.6) % $ 107.6 $ 112.2 (4.1) % Maintenance and compliance $ 23.0 $ 26.5 (13.2) % $ 48.9 $ 54.3 (9.9) % Rent $ 3.0 $ 4.3 (30.2) % $ 6.0 $ 9.8 (38.8) % Selling, engineering, and administrative expenses $ 13.0 $ 12.7 2.4 % $ 27.3 $ 25.5 7.1 % Interest $ 47.1 $ 50.4 (6.5) % $ 102.2 $ 96.4 6.0 % (1) Includes revenues associated with sales-type leases of $32.3 million and $34.2 million for the three and six months ended June 30, 2019, respectively. (2) Operating profit includes: depreciation; maintenance and compliance; rent; and selling, engineering, and administrative expenses. Amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. (3) Effective January 1, 2020, we revised the estimated useful lives and salvage values of certain railcar types in our lease fleet. This change in estimate resulted in a decrease in depreciation expense in the three and six months ended June 30, 2020 of approximately $7.7 million and $15.4 million, respectively. This decrease was partially offset by higher depreciation associated with growth in the lease fleet. See Note 1 of the Consolidated Financial Statements for further information. During the three and six months ended June 30, 2020 and 2019, information related to the sales of leased railcars is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in millions) Sales of leased railcars: Railcars owned one year or less at the time of sale (1) $ 10.1 $ 87.7 $ 54.4 $ 101.0 Railcars owned more than one year at the time of sale 63.7 70.5 132.2 99.9 $ 73.8 $ 158.2 $ 186.6 $ 200.9 Operating profit (loss) on sales of leased railcars: Railcars owned one year or less at the time of sale $ (1.3) $ 8.4 $ 0.4 $ 9.2 Railcars owned more than one year at the time of sale 5.7 18.7 14.4 26.6 $ 4.4 $ 27.1 $ 14.8 $ 35.8 Operating profit (loss) margin on sales of leased railcars: Railcars owned one year or less at the time of sale (12.9) % 9.6 % 0.7 % 9.1 % Railcars owned more than one year at the time of sale 8.9 % 26.5 % 10.9 % 26.6 % Weighted average operating profit margin on sales of leased railcars 6.0 % 17.1 % 7.9 % 17.8 % (1) Includes revenues associated with sales-type leases of $32.3 million and $34.2 million for the three and six months ended June 30, 2019, respectively. Railcar Leasing Equipment Portfolio. The Leasing Group's Equipment consists primarily of railcars leased by third parties. The Leasing Group purchases equipment manufactured predominantly by the Rail Products Group and enters into lease contracts with third parties with terms generally ranging between one year and ten years, although certain leases entered into in prior periods had lease terms of up to twenty years. The Leasing Group primarily enters into operating leases. Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows: Remaining six months of 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future contractual minimum rental revenues $ 295.0 $ 488.3 $ 384.0 $ 279.2 $ 199.0 $ 353.3 $ 1,998.8 Debt. Wholly-owned subsidiaries. The Leasing Group’s debt at June 30, 2020 consisted primarily of non-recourse debt. As of June 30, 2020, Trinity’s wholly-owned subsidiaries included in the Leasing Group held equipment with a net book value of $3,987.4 million, which is pledged solely as collateral for Leasing Group debt held by those subsidiaries. The net book value of unpledged equipment at June 30, 2020 was $1,557.8 million. See Note 7 for more information regarding the Leasing Group debt. Partially-owned subsidiaries. Debt owed by TRIP Holdings and RIV 2013 and their respective subsidiaries is nonrecourse to Trinity and TILC. Creditors of each of TRIP Holdings and RIV 2013 and their respective subsidiaries have recourse only to the particular subsidiary's assets. TRIP Master Funding equipment with a net book value of $1,166.0 million is pledged solely as collateral for the TRIP Master Funding debt. TRL-2012 equipment with a net book value of $482.2 million is pledged solely as collateral for the TRL-2012 secured railcar equipment notes. See Note 4 for a description of TRIP Holdings and RIV 2013. Operating Lease Obligations. Future amounts due as well as future contractual minimum rental revenues related to the Leasing Group's railcar operating lease obligations are as follows: Remaining six months of 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future operating lease obligations $ 4.7 $ 8.2 $ 7.5 $ 5.5 $ 2.3 $ 0.9 $ 29.1 Future contractual minimum rental revenues $ 3.6 $ 5.7 $ 3.9 $ 1.7 $ 0.8 $ 0.5 $ 16.2 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | Property, Plant, and Equipment The following table summarizes the components of property, plant, and equipment: June 30, 2020 December 31, 2019 (in millions) Manufacturing/Corporate: Land $ 28.6 $ 28.4 Buildings and improvements 407.1 402.2 Machinery and other 544.0 546.7 Construction in progress 76.4 63.1 1,056.1 1,040.4 Less accumulated depreciation (644.4) (631.6) 411.7 408.8 Leasing: Wholly-owned subsidiaries: Machinery and other 13.9 13.7 Equipment on lease 6,692.2 6,944.2 6,706.1 6,957.9 Less accumulated depreciation (1,149.0) (1,139.0) 5,557.1 5,818.9 Partially-owned subsidiaries: Equipment on lease 2,239.7 2,410.0 Less accumulated depreciation (591.5) (623.3) 1,648.2 1,786.7 Deferred profit on railcars sold to the Leasing Group (1,062.4) (1,135.8) Less accumulated amortization 229.8 232.0 (832.6) (903.8) $ 6,784.4 $ 7,110.6 In early 2020, we finalized an assessment of the estimated useful lives and salvage value assumptions for the railcars in our lease fleet. This resulted in a revision to the useful lives and salvage values of certain railcar types in our lease fleet. See Note 1 for further information. See Note 10 for further information regarding impairment of long-lived assets recorded in the three and six months ended June 30, 2020. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The carrying amounts and estimated fair values of our long-term debt are as follows: June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Corporate – Recourse: Revolving credit facility $ 130.0 $ 130.0 $ 125.0 $ 125.0 Senior notes, net of unamortized discount of $0.2 and $0.2 399.8 403.6 399.8 411.7 529.8 533.6 524.8 536.7 Less: unamortized debt issuance costs (1.8) (2.0) Total recourse debt 528.0 522.8 Leasing – Non-recourse: Wholly-owned subsidiaries: 2006 secured railcar equipment notes — — 109.3 114.0 2009 secured railcar equipment notes 144.9 153.5 147.8 168.7 2010 secured railcar equipment notes 243.8 260.9 248.5 264.3 2017 promissory notes 609.6 609.6 627.1 627.1 2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2 442.2 463.6 452.1 466.2 TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $0.8 and $1.4 260.6 255.4 265.4 270.9 2019 secured railcar equipment notes, net of unamortized discount of $0.4 and $0.4 883.0 881.1 901.0 904.9 TILC warehouse facility 482.5 482.5 353.4 353.4 3,066.6 3,106.6 3,104.6 3,169.5 Less: unamortized debt issuance costs (20.9) (23.9) 3,045.7 3,080.7 Partially-owned subsidiaries: TRL 2012 secured railcar equipment notes 360.8 353.2 371.4 374.4 TRIP Master Funding secured railcar equipment notes 900.9 892.5 917.9 984.0 1,261.7 1,245.7 1,289.3 1,358.4 Less: unamortized debt issuance costs (10.0) (10.9) 1,251.7 1,278.4 Total non–recourse debt 4,297.4 4,359.1 Total debt $ 4,825.4 $ 4,885.9 $ 4,881.9 $ 5,064.6 The estimated fair value of our 4.55% senior notes due 2024 ("Senior Notes") is based on a quoted market price in a market with little activity as of June 30, 2020 and December 31, 2019 (Level 2 input). The estimated fair values of our 2006, 2009, 2010, 2012, 2018, and 2019 secured railcar equipment notes, TRIHC 2018 LLC ("TRIHC 2018"), and TRIP Master Funding secured railcar equipment notes are based on our estimate of their fair value as of June 30, 2020 and December 31, 2019 using unobservable input values provided by a third party (Level 3 inputs). The respective carrying values of our revolving credit facility, TILC warehouse facility, and 2017 promissory notes approximate fair value because the interest rate adjusts to the market interest rate. Revolving Credit Facility — We have a $450.0 million unsecured corporate revolving credit facility that matures in November 2023. Additionally, we are permitted to increase the amount of the commitments under the revolving credit facility by an aggregate amount not to exceed $200.0 million, subject to certain conditions, including the agreement of existing lenders to increase their commitments or by obtaining commitments from one or more new lenders. During the six months ended June 30, 2020, we had total borrowings of $280.0 million and total repayments of $275.0 million under the revolving credit facility, with a remaining outstanding balance of $130.0 million as of June 30, 2020. Additionally, we had outstanding letters of credit issued in an aggregate principal amount of $35.5 million, leaving $284.5 million available for borrowing as of June 30, 2020. The outstanding letters of credit as of June 30, 2020 are scheduled to expire in July 2021. Our letters of credit obligations support our various insurance programs and generally renew by their terms each year. The revolving credit facility bears interest at a variable rate based on (1) LIBOR or an alternate base rate at the time of the borrowing and (2) Trinity’s leverage as measured by a consolidated total indebtedness to consolidated EBITDA ratio, which resulted in an interest rate of LIBOR plus 1.50% as of June 30, 2020. A commitment fee accrues on the average daily unused portion of the revolving facility at the rate of 0.175% to 0.30% (0.20% as of June 30, 2020). The revolving credit facility requires the maintenance of ratios related to minimum interest coverage for the leasing and manufacturing operations and maximum leverage. As of June 30, 2020, we were in compliance with all such financial covenants. Borrowings under the credit facility are guaranteed by certain of our 100%-owned subsidiaries. TILC Warehouse Loan Facility — TILC has a $750.0 million warehouse loan facility, which was established to finance railcars owned by TILC. During the six months ended June 30, 2020, we had total borrowings of $168.5 million and total repayments of $39.4 million under the TILC warehouse loan facility, with a remaining outstanding balance of $482.5 million as of June 30, 2020. The entire unused facility amount of $267.5 million was available as of June 30, 2020 based on the amount of warehouse-eligible, unpledged equipment. The warehouse loan facility is a non-recourse obligation and is secured by a portfolio of railcars and operating leases, certain cash reserves, and other assets acquired and owned by the warehouse loan facility trust. The principal and interest of this indebtedness are paid from the cash flows of the underlying leases. Advances under the facility bear interest at a defined index rate plus a margin, for an all-in interest rate of 1.78% at June 30, 2020. Amounts outstanding at maturity, absent renewal, are payable in March 2022. Early Redemption of TRL V — In March 2020, 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, redeemed its 2006 Secured Railcar Equipment Notes due May 2036, of which $104.7 million was outstanding at the redemption date. The fixed interest rate for these notes was at 5.90% per annum. In connection with the early redemption, we recognized a loss on extinguishment of debt of $5.0 million, which included a $4.7 million early redemption premium and $0.3 million in unamortized debt issuance costs. The loss on extinguishment of debt is included in interest expense in our Consolidated Statement of Operations. Subsequent Event — On July 17, 2020, Trinity Rail Leasing 2017 LLC (“TRL-2017”), a wholly-owned subsidiary of the Company, issued an additional $225.0 million of promissory notes (the "New Commitment") pursuant to a provision contained in its existing Amended and Restated Loan Agreement dated November 8, 2018. The New Commitment increased the aggregate amount of the promissory notes outstanding as of July 17, 2020 to $831.8 million (the "2017 Promissory Notes"). The 2017 Promissory Notes bear interest at a rate of LIBOR plus 1.50%, payable monthly. The 2017 Promissory Notes are obligations of TRL-2017 and are non-recourse to Trinity. The 2017 Promissory Notes are secured by a portfolio of railcars and operating leases thereon, certain cash reserves, and other assets acquired and owned by TRL-2017. Net proceeds received from the transaction will be used to repay approximately $48.3 million of borrowings under TILC's secured warehouse credit facility, and the remaining proceeds will be used to repay borrowings under the Company’s revolving credit facility, and for general corporate purposes. Terms and conditions of other debt, including recourse and non-recourse provisions, are described in Note 8 of our 2019 Annual Report on Form 10-K. The remaining principal payments under existing debt agreements as of June 30, 2020 are as follows: Remaining six months of 2020 2021 2022 2023 2024 Thereafter Total (in millions) Recourse: Corporate $ — $ — $ — $ 130.0 $ 400.0 $ — $ 530.0 Non-recourse – leasing (Note 5): 2009 secured railcar equipment notes 3.7 13.4 14.0 11.7 14.5 87.6 144.9 2010 secured railcar equipment notes 9.9 20.0 20.9 22.4 18.5 152.1 243.8 2017 promissory notes 16.6 33.1 33.1 33.2 33.2 460.4 609.6 2018 secured railcar equipment notes 10.0 20.0 20.0 20.0 20.0 352.4 442.4 TRIHC 2018 secured railcar equipment notes 5.2 11.8 9.3 11.7 14.7 208.7 261.4 2019 secured railcar equipment notes 18.2 38.0 37.0 35.1 36.8 718.3 883.4 TILC warehouse facility 7.6 15.2 2.6 — — — 25.4 Facility termination payments – TILC warehouse facility — — 457.1 — — — 457.1 TRL 2012 secured railcar equipment notes 9.6 19.9 19.6 22.0 28.9 260.8 360.8 TRIP Master Funding secured railcar equipment notes 15.9 40.5 41.8 37.0 191.6 574.1 900.9 Total principal payments $ 96.7 $ 211.9 $ 655.4 $ 323.1 $ 758.2 $ 2,814.4 $ 4,859.7 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was enacted. The CARES Act is a stimulus package that is a part of a series of bills meant to address the economic uncertainties associated with COVID-19. Due to the enactment of the CARES Act, Trinity filed a carryback claim for the 2018 tax loss to the 2013 tax year, and plans to carry back the tax loss incurred in 2019, as well as the anticipated tax loss that will be generated in 2020, to its 2014-2015 tax years. The income taxes to be recovered as a result of these anticipated carrybacks were paid at a federal rate of 35.0%, rather than the current rate of 21.0% in effect beginning with the 2018 tax year. The net deferred tax liability and the federal income tax receivable were remeasured to account for amounts that will be carried back, resulting in a tax benefit of $166.0 million for the six months ended June 30, 2020. The effective tax rates for the three and six months ended June 30, 2020 were a benefit of 20.0% and a benefit of 63.6%, respectively, which differ from the U.S. statutory rate of 21.0% primarily due to the impact of the CARES Act, partially offset by the portion of the non-cash impairment charge that is not tax-effected because it is related to the noncontrolling interest. Our effective tax rates for the three and six months ended June 30, 2019 were 27.3% and 25.1%, respectively. These differ from the U.S. statutory rate primarily due to the impacts of state income taxes, the incremental tax on profits of branches taxed in both U.S. and foreign jurisdictions, tax return true-ups, the establishment of nexus in additional states, and non-deductible executive compensation. Income tax refunds received, net of payments, during the six months ended June 30, 2020 totaled $4.4 million. The total income tax receivable position as of June 30, 2020 was $463.0 million, of which approximately $303.3 million relates to the 2018 and 2019 expected carryback claims. Approximately $150.0 million of the remaining receivable relates to year-to-date tax losses in 2020 that we expect to carry back in 2021, subject to the Company’s actual performance in the current year. During the second quarter of 2020, we received IRS audit closing letters for the 2016 and 2017 tax years. The 2013-2015 tax years statutes will remain open due to tax loss carryback claims we filed during the quarter and plan to file in the third quarter. We have state tax returns that are under audit in the normal course of business, and our Mexican subsidiaries' tax return statutes remain open from 2014 forward. We believe we are appropriately reserved for any potential matters. |
Employee Retirement Plans
Employee Retirement Plans | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Retirement Plans | Employee Retirement Plans The following table summarizes the components of our net retirement cost: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in millions) Expense Components Service cost $ — $ 0.1 $ — $ 0.1 Interest 3.7 4.9 7.4 9.8 Expected return on plan assets (5.2) (5.8) (10.4) (11.5) Amortization of actuarial loss 1.5 1.1 3.0 2.2 Amortization of prior service cost 0.3 — 0.6 — Net periodic benefit cost 0.3 0.3 0.6 0.6 Profit sharing 1.9 3.0 4.6 5.2 Net expense $ 2.2 $ 3.3 $ 5.2 $ 5.8 We contributed $0.2 million and $0.5 million to our defined benefit pension plans for the three and six months ended June 30, 2020, respectively. We had no contributions to our defined benefit pension plans for the three months ended June 30, 2019. We contributed $0.2 million to our defined benefit pension plans for the six months ended June 30, 2019. Total contributions for our defined benefit pension plans in 2020 are expected to be approximately $1.1 million. The non-service cost components of net periodic benefit cost in the table above are included in other, net (income) expense in our Consolidated Statements of Operations. Planned Pension Plan Termination On September 4, 2019, our Board of Directors approved the termination of the Trinity Industries, Inc. Consolidated Pension Plan (the "Pension Plan"), effective December 31, 2019. Except for retirees currently receiving payments under the Pension Plan, participants will have the choice of receiving a single lump sum payment or an annuity from a highly-rated insurance company that will pay and administer future benefit payments. The Pension Plan is expected to be settled in late 2020, which would then result in the Company no longer having any remaining funded pension plan obligations. Upon settlement, we expect to recognize a pre-tax pension settlement charge totaling between $155 million and $185 million. The settlement charge is expected to be recognized in our Statement of Operations during the fourth quarter when payments are made to those participants electing to receive a lump sum distribution and when the annuity contracts are purchased to settle all remaining outstanding pension obligations. The range of the potential settlement charge includes: (1) a non-cash charge for the recognition of all pre-tax actuarial losses accumulated in AOCL related to the Pension Plan, which totaled approximately $170.1 million ($131.2 million, net of tax) as of December 31, 2019; and (2) a potential additional cash contribution to settle all of the Pension Plan’s obligations, which is not expected to exceed $15 million. The actual amount of the settlement charge and any potential cash contribution will depend on interest rates, Pension Plan asset returns, the lump-sum election rate, and other factors. |
Restructuring Activities (Notes
Restructuring Activities (Notes) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | In late 2019, we approved a restructuring plan to resize certain resources, reduce stranded costs resulting from the spin-off of Arcosa, Inc., and better align support services with our rail-focused strategy. In the first quarter of 2020, we continued our efforts and eliminated additional positions across multiple functions, including certain corporate and operational support functions primarily at our Dallas headquarters. Additionally, we executed a lease agreement on a new headquarters facility to better suit our new organizational structure, which prompted the need to perform a recoverability test to evaluate for impairment. This test indicated that the carrying value of our corporate headquarters campus was not recoverable.The fair value of our corporate headquarters campus was measured based on a third-party valuation estimate using Level 2 and Level 3 inputs in the fair value hierarchy and resulted in a non-cash impairment charge of $5.2 million. During the three months ended June 30, 2020, we recorded total restructuring charges of $0.3 million from a loss on the disposition of a non-operating facility. During the six months ended June 30, 2020, we recorded total restructuring charges of $5.8 million, consisting of $5.2 million of non-cash charges from the write-down of our corporate headquarters campus described above and $4.1 million in cash charges for severance costs, partially offset by a $3.5 million net gain on the disposition of a non-operating facility and certain related assets. Other restructuring actions associated with these plans are expected to be substantially completed in 2020. As we continue to reposition the organization, it is possible that we will engage in additional restructuring activities in 2020. The following table sets forth the restructuring activity and balance of the restructuring liability, which is included in other liabilities in our Consolidated Balance Sheet: Accrued charges as of December 31, 2019 Charges and adjustments Payments Accrued charges as of June 30, 2020 (in millions) Cash charges: Employee severance costs $ 3.4 $ 4.1 $ (7.0) $ 0.5 $ 3.4 $ 4.1 $ (7.0) $ 0.5 Asset impairment charges: Write-down of assets $ 5.2 Gain on disposition of assets (3.5) $ 1.7 Total restructuring activities $ 5.8 Although restructuring activities are not allocated to our reportable segments, the following table summarizes the restructuring activities by reportable segment: Three Months Ended June 30, 2020 Employee Severance Costs Loss on Disposition of Assets Write-down of Assets Total (in millions) Railcar Leasing and Management Services Group $ — $ — $ — $ — Rail Products Group — — — — All Other — 0.3 — 0.3 Corporate — — — — Total restructuring activities $ — $ 0.3 $ — $ 0.3 Six Months Ended June 30, 2020 Employee Severance Costs Gain on Disposition of Assets Write-down of Assets Total (in millions) Railcar Leasing and Management Services Group $ — $ — $ — $ — Rail Products Group 2.6 — — 2.6 All Other 0.1 (3.5) — (3.4) Corporate 1.4 — 5.2 6.6 Total restructuring activities $ 4.1 $ (3.5) $ 5.2 $ 5.8 |
Asset Impairment Charges | We monitor the carrying value of long-lived assets and right-of-use assets for potential impairment. The carrying value of long-lived assets and right-of-use assets is considered impaired when the asset's carrying value is not recoverable through undiscounted future cash flows and the asset's carrying value exceeds its fair value. During the second quarter, the oil and gas proppants (or “frac sand”) industry continued to experience economic pressure created by low oil prices, reduced fracking activity, and the ongoing economic impact of COVID-19. The recent significant price declines in the crude oil market, as well as lower demand for certain commodities, have resulted in a decline in customer demand for certain types of railcars. In particular, small cube covered hopper railcars are primarily used in North America to serve the frac sand industry. In recent years, these railcars primarily transported Northern White sand from Wisconsin and other locations in the Midwest for use in fracking operations, including operations located in the Permian Basin. However, given the recent decline in global oil prices, reduced fracking activity, and pressure on the oil and gas industry to maintain a low cost structure, fracking operations, particularly those located in the Permian Basin, have increasingly shifted away from the use of Northern White sand and towards the use of in-basin sand, which can be sourced locally rather than transporting by rail. Consequently, the cash flows and profitability of the frac sand industry continued to decline during the second quarter. As a result, certain of the Leasing Group's small cube covered hopper customers requested rent relief and, in a number of cases, filed for bankruptcy in the second quarter. We believe that the collective impact of these developments, including the shift towards the use of in-basin sand, constitutes a fundamental and other-than-temporary change in the future demand for this railcar type. Therefore, we have determined that the events and circumstances that arose during the second quarter of 2020 constituted an impairment triggering event related to the small cube covered hopper car type in our lease fleet portfolio. We performed a cash flow recoverability test of our small cube covered hopper railcars and compared the undiscounted cash flows to the carrying value of the assets. This analysis indicated that the carrying value exceeded the estimated undiscounted cash flows, and therefore, we were required to measure the fair value of our fleet of small cube covered hopper railcars and determine the amount of an impairment loss, if any. The fair value of the asset group was determined using an income approach, which we believe most accurately reflects a market participant's viewpoint in valuing these railcars. The results of our analysis indicated an estimated fair value of the asset group of approximately $191.7 million, in comparison to the asset group's carrying amount of $550.0 million, net of deferred profit. As a result, during the three months ended June 30, 2020, we recorded a pre-tax non-cash impairment charge of $358.3 million related to our small cube covered hopper railcars. Additionally, we evaluated the right-of-use assets associated with our leased-in portfolio of small cube covered hopper railcars and determined that these assets were impaired based on consideration of an expected decline in future cash flows over the remaining lease term, which resulted in an additional pre-tax non-cash impairment charge of approximately $11.1 million. The aggregate impairment charge of $369.4 million is reflected in the impairment of long-lived assets line of our Consolidated Statements of Operations. Significant management judgment was used to determine the key assumptions utilized in our impairment analysis, the substantial majority of which represent unobservable (Level 3) inputs. These assumptions include, but are not limited to: estimates regarding the remaining useful life over which the railcars are expected to generate cash flows; average lease rates; railcar utilization percentages; operating expenses; and the selection of an appropriate discount rate. Management selected these estimates and assumptions based on our railcar industry expertise. We also consulted with third-party energy and frac sand industry experts to gain insights with respect to the long-term outlook for these underlying markets. Although we believe the estimates utilized in our analysis were reasonable, any change in these estimates could materially affect the amount of the impairment charge. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes in AOCL for the six months ended June 30, 2020 are as follows: Currency translation adjustments Unrealized gain/(loss) on derivative financial instruments Net actuarial gains/(losses) and prior service costs of defined benefit plans Accumulated Other Comprehensive Loss (in millions) Balances at December 31, 2019 $ (1.3) $ (17.9) $ (133.9) $ (153.1) Other comprehensive loss, net of tax, before reclassifications — (27.3) — (27.3) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $—, $1.7, $0.8, and $2.5 — 5.9 2.8 8.7 Less: noncontrolling interest — (0.6) — (0.6) Other comprehensive income (loss) — (22.0) 2.8 (19.2) Balances at June 30, 2020 $ (1.3) $ (39.9) $ (131.1) $ (172.3) See Note 2 for information on the reclassification of amounts in AOCL into earnings. Reclassifications of unrealized before-tax gains and losses on derivative financial instruments are included in interest expense for our interest rate hedges and in cost of revenues for our foreign currency hedges in our Consolidated Statements of Operations. Reclassifications of before-tax net actuarial gains/(losses) and prior service costs of defined benefit plans are included in other, net (income) expense in our Consolidated Statements of Operations. |
Common Stock and Stock-Based Co
Common Stock and Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 12. Common Stock and Stock-Based Compensation Stockholders' Equity In March 2019, our Board of Directors authorized a share repurchase program effective March 7, 2019 through December 31, 2020. The share repurchase program authorized the Company to repurchase up to $350.0 million of its common stock, not to exceed 13.7 million shares. On April 24, 2020, as a result of current market conditions, the Board of Directors amended the repurchase program to remove the share limitation. Share repurchase activity under the current program is as follows: Shares Repurchased Remaining Authorization to Repurchase Period Number of shares Cost Cost March 7, 2019 Authorization $ 350.0 March 7, 2019 through March 31, 2019 866,715 $ 19.0 $ 331.0 April 1, 2019 through June 30, 2019 2,133,116 44.0 $ 287.0 July 1, 2019 through September 30, 2019 5,171,489 100.9 $ 186.1 October 1, 2019 through December 31, 2019 2,933,474 60.8 $ 125.3 January 1, 2020 through March 31, 2020 1,850,000 35.4 $ 89.9 April 1, 2020 through June 30, 2020 — — $ 89.9 Total 12,954,794 $ 260.1 Additionally, for the six months ended June 30, 2019, repurchases include 2.6 million shares at a cost of approximately $70.0 million representing the final settlement of an accelerated share repurchase program, which was funded in November 2018 but a portion of which remained outstanding as of December 31, 2018. Stock-Based Compensation Stock-based compensation totaled approximately $7.6 million and $14.9 million for the three and six months ended June 30, 2020, respectively. Stock-based compensation totaled approximately $7.5 million and $13.0 million for the three and six months ended June 30, 2019, respectively. The Company's annual grant of share-based awards generally occurs in the second quarter under our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”). Our stock options have contractual terms of ten years. Expense related to stock options issued to eligible employees under the Plan is recognized over their vesting period on a straight-line basis, generally three years. Expense related to restricted stock units ("RSUs") issued to eligible employees under the Plan is recognized ratably over the vesting period, generally between three years and four years. Certain RSU grants made in 2020 provide for full vesting when the award recipients reach 60 years of age and have provided at least 10 years of service to the Company, provided that the awards remain outstanding for a period of six months from the date of grant. The expense for these awards is recognized over the applicable service period for each of the eligible award recipients. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years. Expense related to restricted stock awards ("RSAs") and RSUs granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year. The following table summarizes stock-based compensation awards granted during the six months ended June 30, 2020: Number of Shares Granted Weighted Average Grant-Date Fair Value per Award Stock options 300,000 $ 5.26 Restricted stock units 975,900 $ 18.57 Restricted stock awards 17,740 $ 18.18 Performance units 444,252 $ 20.31 The fair value of the stock options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Six Months Ended June 30, 2020 Exercise price $ 21.61 Risk-free interest rate 1.48 % Expected life (in years) 6.50 Equity volatility 35.0 % Dividend yield 3.42 % |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Basic net income attributable to Trinity Industries, Inc. per common share ("EPS") is computed by dividing net income attributable to Trinity remaining after allocation to unvested restricted shares by the weighted average number of basic common shares outstanding for the period. Except when the effect would be antidilutive, the calculation of diluted EPS includes the net impact of unvested RSAs and RSUs. Total weighted average restricted shares were 5.5 million and 5.5 million shares for the three and six months ended June 30, 2020, respectively. There were no restricted shares and stock options included in the computation of diluted earnings per common share for the three and six months ended June 30, 2020 as we incurred a loss for these periods, and any effect on loss per common share would have been antidilutive. Total weighted average restricted shares were 5.6 million and 5.5 million shares for the three and six months ended June 30, 2019, respectively. Approximately 0.6 million of these restricted shares were excluded from the EPS calculation for the three months ended June 30, 2019, as their effect would have been antidilutive. There were no antidilutive restrictive shares or stock options for the six months ended June 30, 2019. The computation of basic and diluted net income attributable to Trinity Industries, Inc. is as follows. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions, except per share amounts) Income (loss) from continuing operations $ (287.8) $ 37.6 $ (125.3) $ 68.8 Less: Net (income) loss attributable to noncontrolling interest 80.9 (0.4) 80.3 0.1 Unvested restricted share participation — continuing operations — (0.3) — (0.9) Net income (loss) from continuing operations attributable to Trinity Industries, Inc. (206.9) 36.9 (45.0) 68.0 Net loss from discontinued operations, net of income taxes — (0.8) (0.2) (1.9) Unvested restricted share participation — discontinued operations — — — — Net loss from discontinued operations attributable to Trinity Industries, Inc. — (0.8) (0.2) (1.9) Net income (loss) attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation $ (206.9) $ 36.1 $ (45.2) $ 66.1 Basic weighted average shares outstanding 117.3 127.6 117.6 129.0 Effect of dilutive securities: Nonparticipating unvested RSUs and RSAs — 1.6 — 1.7 Diluted weighted average shares outstanding 117.3 129.2 117.6 130.7 Basic earnings per common share: Income (loss) from continuing operations $ (1.76) $ 0.29 $ (0.38) $ 0.53 Income (loss) from discontinued operations — (0.01) — (0.02) Basic net income (loss) attributable to Trinity Industries, Inc. $ (1.76) $ 0.28 $ (0.38) $ 0.51 Diluted earnings per common share: Income (loss) from continuing operations $ (1.76) $ 0.29 $ (0.38) $ 0.52 Income (loss) from discontinued operations — (0.01) — (0.01) Diluted net income (loss) attributable to Trinity Industries, Inc. $ (1.76) $ 0.28 $ (0.38) $ 0.51 |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Highway products litigation We previously reported the filing of a False Claims Act (“FCA”) complaint in the United States District Court for the Eastern District of Texas, Marshall Division (“District Court”) styled Joshua Harman, on behalf of the United States of America, Plaintiff/Relator v. Trinity Industries, Inc., Defendant , Case No. 2:12-cv-00089-JRG (E.D. Tex.). In this case, in which the U.S. Government declined to intervene, the relator, Mr. Joshua Harman, alleged the Company violated the FCA pertaining to sales of the Company's ET-Plus® System, a highway guardrail end-terminal system (“ET Plus”). On October 20, 2014, a trial in this case concluded with a jury verdict stating that the Company and its subsidiary, Trinity Highway Products, LLC (“Trinity Highway Products”), “knowingly made, used or caused to be made or used, a false record or statement material to a false or fraudulent claim," and the District Court entered judgment on the verdict in the total amount of $682.4 million. On September 29, 2017, the United States Court of Appeals for the Fifth Circuit ("Fifth Circuit") reversed the District Court’s $682.4 million judgment and rendered judgment as a matter of law in favor of the Company and Trinity Highway Products. On January 7, 2019, the United States Supreme Court denied Mr. Harman's petition for certiorari seeking review of the Fifth Circuit's decision. The denial of Mr. Harman's petition ended this action. State, county, and municipal actions Mr. Harman also has separate state qui tam actions currently pending pursuant to: the Virginia Fraud Against Taxpayers Act ( Commonwealth of Virginia ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. CL13-698, in the Circuit Court, Richmond, Virginia); the Massachusetts False Claims Act ( Commonwealth of Massachusetts ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. 1484-CV-02364, in the Superior Court Department of the Trial Court); and the California False Claims Act ( State of California ex rel. Joshua M. Harman Qui Tam v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. RG 14721864, in the Superior Court of California, Alameda County). In each of these cases, Mr. Harman alleged the Company violated the respective states' false claims act pertaining to sales of the ET Plus, and he is seeking damages, civil penalties, attorneys’ fees, costs and interest. Also, the respective states’ Attorneys General filed Notices of Election to Decline Intervention in all of these matters, with the exception of the Commonwealth of Virginia Attorney General, who intervened in the Virginia matter. Following the United States Supreme Court’s denial of Mr. Harman’s petition for certiorari, the stays have expired or been lifted by court order in all of the above-referenced state qui tam cases except Virginia. In a similar New Jersey state qui tam action filed by Mr. Harman ( State of New Jersey ex rel. Joshua M. Harman v. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No.L-1344-14, in the Superior Court of New Jersey Law Division: Mercer County), on June 5, 2020, the Court granted Trinity’s Motion to Dismiss Plaintiff’s First Amended Complaint and entered an order dismissing Mr. Harman’s complaint without prejudice. As previously reported, state qui tam actions filed by Mr. Harman in the states of Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Minnesota, Montana, Nevada, Rhode Island, and Tennessee were dismissed. The Company believes these state qui tam lawsuits are without merit and intends to vigorously defend all allegations. Other states could take similar or different actions, and could be considering similar state false claims or other litigation against the Company. The Company has been served in a lawsuit filed November 5, 2015, titled Jackson County, Missouri, individually and on behalf of a class of others similarly situated vs. Trinity Industries, Inc. and Trinity Highway Products, LLC , Case No. 1516-CV23684 (Circuit Court of Jackson County, Missouri). The case is being brought by plaintiff for and on behalf of itself and all Missouri counties with a population of 10,000 or more persons, including the City of St. Louis, and the State of Missouri’s transportation authority. The plaintiff alleges that the Company and Trinity Highway Products did not disclose design changes to the ET Plus and these allegedly undisclosed design changes made the ET Plus allegedly defective, unsafe, and unreasonably dangerous. The plaintiff alleges product liability negligence, product liability strict liability, and negligently supplying dangerous instrumentality for supplier’s business purposes. The plaintiff seeks compensatory damages, interest, attorneys' fees and costs, and in the alternative plaintiff seeks a declaratory judgment that the ET Plus is defective, the Company’s conduct was unlawful, and class-wide costs and expenses associated with removing and replacing the ET Plus throughout Missouri. On December 6, 2017, the Court granted plaintiff's Motion for Class Certification, certifying a class of Missouri counties with populations of 10,000 or more persons, including the City of St. Louis and the State of Missouri's transportation authority that have or had ET Plus guardrail end terminals with 4-inch wide guide channels installed on roadways they own or maintain. A trial date has been scheduled in this case for October 26, 2020. The Company believes this lawsuit is without merit and intends to vigorously defend all allegations. While the financial impacts of these state, county, and municipal actions are currently unknown, they could be material. Based on information currently available to the Company and previously disclosed, we currently do not believe that a loss is probable in any one or more of the actions described under "State, county, and municipal actions," therefore no accrual has been included in the accompanying Consolidated Financial Statements. Because of the complexity of these actions as well as the current status of certain of these actions, we are not able to estimate a range of possible losses with respect to any one or more of these actions. Product liability cases The Company is currently defending product liability lawsuits in several different states that are alleged to involve the ET Plus as well as other products manufactured by Trinity Highway Products. These cases are diverse in light of the randomness of collisions in general and the fact that each accident involving a roadside device, such as an end terminal, or any other fixed object along the highway, has its own unique facts and circumstances. The Company carries general liability insurance to mitigate the impact of adverse judgment exposures in these product liability cases. To the extent that the Company believes that a loss is probable with respect to these product liability cases, the accrual for such losses is included in the amounts described below under "Other matters". Other matters The Company is involved in claims and lawsuits incidental to our business arising from various matters, including product warranty, personal injury, environmental issues, workplace laws, and various governmental regulations. The Company evaluates its exposure to such claims and suits periodically and establishes accruals for these contingencies when a range of loss can be reasonably estimated. The range of reasonably possible losses for such matters is $14.5 million to $22.7 million, which includes our rights in indemnity and recourse to third parties of approximately $13.3 million, which is recorded in other assets on our Consolidated Balance Sheet as of June 30, 2020. This range includes any amounts related to the Highway Products litigation matters described above in the section titled “Highway products litigation." At June 30, 2020, total accruals of $16.4 million, including environmental and workplace matters described below, are included in accrued liabilities in the accompanying Consolidated Balance Sheets. The Company believes any additional liability would not be material to its financial position or results of operations. Trinity is subject to remedial orders and federal, state, local, and foreign laws and regulations relating to the environment and the workplace. The Company has reserved $1.2 million to cover our probable and estimable liabilities with respect to the investigations, assessments, and remedial responses to such matters, taking into account currently available information and our contractual rights to indemnification and recourse to third parties. However, estimates of liability arising from future proceedings, assessments, or remediation are inherently imprecise. Accordingly, there can be no assurance that we will not become involved in future litigation or other proceedings involving the environment and the workplace or, if we are found to be responsible or liable in any such litigation or proceeding, that such costs would not be material to the Company. We believe that we are currently in substantial compliance with environmental and workplace laws and regulations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation The foregoing Consolidated Financial Statements are unaudited and have been prepared from the books and records of Trinity Industries, Inc. and its consolidated subsidiaries (“Trinity,” “Company,” “we,” “our,” or "us") including the accounts of our wholly-owned subsidiaries and partially-owned subsidiaries, TRIP Rail Holdings LLC (“TRIP Holdings”) and RIV 2013 Rail Holdings LLC ("RIV 2013"), in which we have a controlling interest. In our opinion, all normal and recurring adjustments necessary for a fair presentation of our financial position as of June 30, 2020, and the results of operations for the three and six months ended June 30, 2020 and 2019, and cash flows for the six months ended June 30, 2020 and 2019, have been made in conformity with generally accepted accounting principles. All significant intercompany accounts and transactions have been eliminated. Certain prior year balances have been reclassified to conform to the 2020 presentation. Due to seasonal and other factors, including the potential impacts of the coronavirus pandemic (“COVID-19”) and the related governmental response, the results of operations for the six months ended June 30, 2020 may not be indicative of expected results of operations for the year ending December 31, 2020. These interim financial statements and notes are condensed as permitted by the instructions to Form 10-Q and should be read in conjunction with our audited Consolidated Financial Statements included in our Form 10-K for the year ended December 31, 2019. |
Revenue [Policy Text Block] | Revenue Recognition Revenue is measured based on the allocation of the transaction price in a contract to satisfied performance obligations. The transaction price does not include any amounts collected on behalf of third parties. We recognize revenue when we satisfy a performance obligation by transferring control over a product or service to a customer. Payments for our products and services are generally due within normal commercial terms. The following is a description of principal activities from which we generate our revenue, separated by reportable segments. See Note 3 for a further discussion regarding our reportable segments. Railcar Leasing and Management Services Group In our Railcar Leasing and Management Services Group ("Leasing Group"), revenue from rentals and operating leases, including contracts that contain non-level fixed lease payments, is recognized monthly on a straight-line basis. Leases not classified as operating leases are generally considered sales-type leases as a result of an option to purchase. We review our operating lease receivables for collectibility on a regular basis, taking into consideration changes in factors such as the lessee’s payment history, the financial condition of the lessee, and business and economic conditions in the industry in which the lessee operates. In the event that the collectibility of a receivable with respect to any lessee is no longer probable, we de-recognize the revenue and related receivable and recognize future revenue only when the lessee makes a rental payment. Contingent rents are recognized when the contingency is resolved. Selling profit or loss associated with sales-type leases is recognized upon lease commencement, and a net investment in the sales-type lease is recorded on the Consolidated Balance Sheet. Interest income related to sales-type leases is recognized over the lease term using the effective interest method. We had no sales-type leases as of June 30, 2020. Revenue is recognized from the sales of railcars from the lease fleet on a gross basis in leasing revenues and cost of revenues if the railcar has been owned for one year or less at the time of sale. Sales of railcars from the lease fleet owned for more than one year are recognized as a net gain or loss from the disposal of a long-term asset. Revenue from servicing and management agreements is recognized as each performance period occurs. We account for shipping and handling costs as activities to fulfill the promise to transfer the goods; as such, these fees are recorded in revenue. The fees and costs of shipping and handling activities are accrued when the related performance obligation has been satisfied. Rail Products Group Our railcar manufacturing business recognizes revenue when the customer has submitted its certificate of acceptance and legal title of the railcar has passed to the customer. Certain contracts for the sales of railcars include price adjustments based on steel-price indices; this amount represents variable consideration for which we are unable to estimate the final consideration until the railcar is delivered. Within our maintenance services business, revenue is recognized over time as repair and maintenance projects are completed, using an input approach based on the costs incurred relative to the total estimated costs of performing the project. We recorded contract assets of $8.9 million and $5.2 million as of June 30, 2020 and December 31, 2019, respectively, related to unbilled revenues recognized on repair and maintenance services that have been performed, but for which the entire project has not yet been completed, and the railcar has not yet been shipped to the customer. These contract assets are included within the Receivables, net of allowance line in our Consolidated Balance Sheets. All Other Our highway products business recognizes revenue when shipment has occurred and legal title of the product has passed to the customer. Unsatisfied Performance Obligations The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of June 30, 2020 and the percentage of the outstanding performance obligations as of June 30, 2020 expected to be delivered during the remainder of 2020: Unsatisfied performance obligations at June 30, 2020 Total Percent expected to be delivered in 2020 (in millions) Rail Products Group: Products: External Customers $ 829.8 Leasing Group 507.5 $ 1,337.3 40.7 % Maintenance Services $ 6.7 75.0 % Railcar Leasing and Management Services Group $ 100.5 9.0 % The remainder of the unsatisfied performance obligations for the Rail Products Group is expected to be delivered through 2023. Unsatisfied performance obligations for the Railcar Leasing and Management Services Group are related to servicing, maintenance, and management agreements and are expected to be performed through 2029. |
Lessee, Leases [Policy Text Block] | Lessee We are the lessee of operating leases predominantly for railcars, as well as office buildings, manufacturing equipment, and office equipment. Our operating leases have remaining lease terms ranging from one year to sixteen years, some of which include options to extend for up to five years, and some of which include options to terminate within one year. As of June 30, 2020, we had no finance leases in which we were the lessee. Certain of our operating leases include lease incentives, which reduce the right-of-use asset and are recognized on a straight-line basis over the lease term. As applicable, the lease liability is also reduced by the amount of lease incentives that have not yet been reimbursed by the lessor. In March 2020, we entered into a lease agreement for a new headquarters facility in Dallas, Texas. The new lease has a contractual term of 16 years from the legal commencement date, which is February 1, 2021. There is an option to extend the lease term; however, we determined that the renewal was not reasonably certain at lease inception. For accounting purposes, the lease commencement date was determined to be in April 2020, which is when we obtained control of the new facility for build-out purposes. The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate): Three Months Ended Six Months Ended 2020 2019 2020 2019 Consolidated Statement of Operations Operating lease expense $ 4.6 $ 4.1 $ 8.5 $ 9.3 Short-term lease expense $ 1.2 $ 1.2 $ 1.4 $ 2.6 June 30, 2020 December 31, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 77.2 $ 44.2 Lease liabilities (2) $ 89.2 $ 44.8 Weighted average remaining lease term 11.0 years 4.8 years Weighted average discount rate 3.4 % 4.1 % Six Months Ended 2020 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 8.5 $ 9.3 Right-of-use assets recognized in exchange for new lease liabilities (3) $ 50.7 $ 4.2 (1) Included in other assets in our Consolidated Balance Sheet. See Note 10 for more information on the impairment of right-of-use assets. (2) Included in other liabilities in our Consolidated Balance Sheet. (3) Includes the commencement of the new headquarters facility described above for the six months ended June 30, 2020. Future contractual minimum operating lease liabilities will mature as follows (in millions): Leasing Group Non-Leasing Group Total Remaining six months of 2020 $ 4.9 $ 2.0 $ 6.9 2021 8.5 3.1 11.6 2022 7.8 6.9 14.7 2023 5.9 7.0 12.9 2024 2.7 5.9 8.6 Thereafter 1.5 67.6 69.1 Total operating lease payments $ 31.3 $ 92.5 $ 123.8 Less: Present value adjustment (23.0) Less: Lease incentives (11.6) Total operating lease liabilities $ 89.2 |
Lessor, Leases [Policy Text Block] | Lessor Our Leasing Group enters into railcar operating leases with third parties with terms generally ranging between one year and ten years, although certain leases entered into in prior periods had lease terms of up to twenty years. The majority of our fleet operates on leases that earn fixed monthly lease payments. Generally, lease payments are due at the beginning of the applicable month. A portion of our fleet operates on per diem leases that earn usage-based variable lease payments. Some of our leases include options to extend the leases for up to five years, and a small percentage of our leases include options to terminate within one year with certain notice requirements and early termination penalties. In the second quarter, due to COVID-19, certain of the Leasing Group's customers requested rent relief, primarily in the form of rent payment extensions. In April 2020, the FASB staff issued a question and answer document (the "Lease Modification Q&A") focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. The Lease Modification Q&A provides entities with the option to elect to account for lease concessions resulting from COVID-19 as though the enforceable rights and obligations existed in the original lease in certain circumstances. We have elected this practical expedient in our accounting for any eligible lease concessions provided for our leased railcars. To date, these concessions have not had a significant impact on our Consolidated Financial Statements. Leases previously classified as sales-type leases included an option for the lessee to purchase the leased railcars with certain notice. During the three months ended March 31, 2020, the lessee exercised its option to purchase the leased railcars. As of June 30, 2020, non-Leasing Group operating leases were not significant, and we had no sales-type leases and no direct finance leases. We manage risks associated with residual values of leased railcars by investing across a diverse portfolio of railcar types, staggering lease maturities within any given railcar type, avoiding concentration of railcar type and industry, and participating in active secondary markets. Additionally, our lease agreements contain normal wear and tear return condition provisions and high mileage thresholds designed to protect the value of our residual assets. Our lease agreements do not contain any material residual value guarantees or restrictive covenants. The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating lease revenues $ 165.1 $ 171.6 $ 337.3 $ 339.9 Variable operating lease revenues $ 10.6 $ 10.8 $ 23.2 $ 21.6 Sales-type lease revenues $ — $ 32.3 $ — $ 34.2 Interest income on sales-type lease receivables $ — $ 0.3 $ — $ 0.3 Profit recognized at sales-type lease commencement $ — $ 3.9 $ — $ 4.1 Future contractual minimum revenues for operating leases will mature as follows (in millions) (1) : Remaining six months of 2020 $ 298.6 2021 494.0 2022 387.9 2023 280.9 2024 199.8 Thereafter 353.8 Total $ 2,015.0 (1) Total contractual minimum rental revenues on operating leases relates to our wholly-owned and partially-owned subsidiaries and sub-lease rental revenues associated with the Leasing Group's operating lease obligations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Financial Instruments We consider all highly liquid debt instruments to be either cash and cash equivalents if purchased with a maturity of three months or less, or short-term marketable securities if purchased with a maturity of more than three months and less than one year. Financial instruments that potentially subject us to a concentration of credit risk are primarily cash investments including restricted cash and receivables. We place our cash investments in bank deposits and investment grade, short-term debt instruments and limit the amount of credit exposure to any one commercial issuer. The carrying values of cash, receivables, and accounts payable are considered to be representative of their respective fair values. |
Accounting Changes [Text Block] | Property, Plant, and Equipment In early 2020, we finalized an assessment of the estimated useful lives and salvage value assumptions for the railcars in our lease fleet. Based upon analysis of historical fleet data, review of industry standards, and consideration of certain economic factors by railcar type, we determined that it was appropriate to revise the useful lives and salvage values of certain railcar types in our lease fleet. The net impact of these changes, which took effect January 1, 2020, resulted in a change in the weighted average useful life from approximately 34 years to approximately 37 years. This change was accounted for as a change in accounting estimate, which is required to be accounted for on a prospective basis. This change in estimate resulted in a decrease in depreciation expense and an increase in income from continuing operations of approximately $7.7 million and $15.4 million, as well as an increase in net income of approximately $5.9 million and $11.8 million for the three and six months ended June 30, 2020, respectively. Further, earnings per share increased $0.05 for the three months ended June 30, 2020 and increased $0.10 per share for the six months ended June 30, 2020. See Note 10 for further information regarding impairment of long-lived assets related to our small cube covered hopper railcars recorded in the three and six months ended June 30, 2020. |
Goodwill Disclosure [Text Block] | Goodwill As of June 30, 2020 and December 31, 2019, the carrying amount of our goodwill totaled $208.8 million, which is primarily attributable to the Rail Products Group. |
Product Warranty Disclosure [Text Block] | Warranties We provide various express, limited product warranties that generally range from one year to five years depending on the product. The warranty costs are estimated using a two-step approach. First, an engineering estimate is made for the cost of all claims that have been asserted by customers. Second, based on historical claims experience, a cost is accrued for all products still within a warranty period for which no claims have been filed. We provide for the estimated cost of product warranties at the time revenue is recognized related to products covered by warranties and assess the adequacy of the resulting reserves on a quarterly basis. The changes in the accruals for warranties for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in millions) Beginning balance $ 7.7 $ 7.1 $ 8.1 $ 7.4 Warranty costs incurred (0.6) (0.6) (1.5) (1.5) Warranty originations and revisions 2.4 1.9 3.0 2.6 Warranty expirations — (0.1) (0.1) (0.2) Ending balance $ 9.5 $ 8.3 $ 9.5 $ 8.3 |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Recent Accounting Pronouncements Adopted in 2020 ASU 2016-13 — In June 2016, FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments," which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This approach may result in the earlier recognition of allowances for losses. In November 2018, the FASB issued ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments—Credit Losses," which excludes operating lease receivables from the scope of ASU 2016-13. ASU 2016-13 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted ASU 2016-13 effective January 1, 2020 using a cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2020. Therefore, comparative financial information was not adjusted. We assessed our outstanding receivables by reportable segment and determined the expected loss rate using historical loss information and aging considerations, as well as the current and future economic conditions of our customer base and the end markets in which they operate. The Leasing Group's outstanding receivables primarily relate to their servicing and management agreements. The method for evaluating the Leasing Group's operating lease receivables remained unchanged by ASU 2016-13. The Rail Products Group's outstanding receivables primarily relate to amounts due on manufactured railcars, as well as completed repairs and maintenance projects. Upon adoption, we recorded an adjustment to opening retained earnings of approximately $0.7 million ($0.5 million, net of tax). The ongoing application of ASU 2016-13 is not expected to materially impact our results of operations, financial position, or cash flows. ASU 2018-15 — In August 2018, the FASB issued ASU No. 2018-15, "Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract," which aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. ASU 2018-15 is effective for public companies during interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We adopted ASU 2018-15 effective January 1, 2020 on a prospective basis. Beginning January 1, 2020, capitalized implementation costs are included within other assets in the Consolidated Balance Sheet and are depreciated within selling, general, and administrative expenses in the Consolidated Statement of Operations. The adoption did not have a significant impact on our Consolidated Financial Statements. ASU 2020-04 — In March 2020, the FASB issued ASU No. 2020-04, "Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides temporary optional expedients to accounting guidance on contract modifications and hedge accounting to ease the potential financial reporting burdens as the market transitions from the London Interbank Offered Rate ("LIBOR") to alternative reference rates . ASU 2020-04 was effective upon issuance. ASU 2020-04 is in response to the July 2017 announcement by United Kingdom's Financial Conduct Authority, which regulates the LIBOR, that it will no longer persuade or require banks to submit rates for the calculation of LIBOR after 202 1. We currently have LIBOR-based contracts that extend beyond 2021 including derivative instruments, promissory notes for Trinity Rail Leasing 2017, LLC, a Delaware limited liability company and a limited purpose, indirect wholly-owned subsidiary of the Company owned through Trinity Industries Leasing Company (“TILC”), TILC's warehouse loan facility, and our revolving credit facility. The adoption did not have a significant impact on our Consolidated Financial Statements. |
Derivative Instruments and Fa_2
Derivative Instruments and Fair Value Accounting Derivatives (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | See Note 7 for a description of our debt instruments. Interest Rate Hedges Included in accompanying balance sheet at June 30, 2020 Notional Amount Interest Rate (1) Asset/(Liability) AOCL – loss/(income) Noncontrolling Interest (in millions, except %) Expired hedges: 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 0.9 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 1.8 $ 2.4 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.5) $ — Open hedge: 2017 promissory notes - interest rate swap $ 461.2 2.86 % $ (52.6) $ 52.1 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2020 2019 2020 2019 (in millions) Expired hedges: 2006 secured railcar equipment notes (2) $ — $ (0.1) $ (0.1) $ (0.1) $ — 2018 secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.0 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ — $ (0.1) $ — $ (0.1) $ (0.1) Open hedge: 2017 promissory notes - interest rate swap $ 3.0 $ 0.7 $ 4.7 $ 1.3 $ 9.4 (1) Based on the fair value of open hedges as of June 30, 2020. (2) Upon settlement of the debt in March 2020, the remaining balance of $0.1 million in AOCL was recognized through interest expense. See Note 7 for additional information on the debt redemption. Other Derivatives Included in accompanying balance sheet at June 30, 2020 Effect on cost of revenues – increase/(decrease) Notional Asset/(Liability) AOCL – Three Months Ended Six Months Ended Expected effect during next twelve months (1) June 30, 2020 June 30, 2020 (in millions) Foreign currency hedge $ 55.0 $ (1.3) $ 3.1 $ 2.6 $ 1.8 $ 3.1 (1) Based on the fair value of open hedges as of June 30, 2020. Our exposure related to foreign currency and commodity transactions is currently hedged for up to a maximum of twelve months. The effect of commodity hedge transactions was immaterial to the Consolidated Financial Statements for all periods presented herein. |
Common Stock and Stock-Based _2
Common Stock and Stock-Based Compensation Stockholders Equity (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity, Policy [Policy Text Block] | Stockholders' Equity In March 2019, our Board of Directors authorized a share repurchase program effective March 7, 2019 through December 31, 2020. The share repurchase program authorized the Company to repurchase up to $350.0 million of its common stock, not to exceed 13.7 million shares. On April 24, 2020, as a result of current market conditions, the Board of Directors amended the repurchase program to remove the share limitation. Share repurchase activity under the current program is as follows: Shares Repurchased Remaining Authorization to Repurchase Period Number of shares Cost Cost March 7, 2019 Authorization $ 350.0 March 7, 2019 through March 31, 2019 866,715 $ 19.0 $ 331.0 April 1, 2019 through June 30, 2019 2,133,116 44.0 $ 287.0 July 1, 2019 through September 30, 2019 5,171,489 100.9 $ 186.1 October 1, 2019 through December 31, 2019 2,933,474 60.8 $ 125.3 January 1, 2020 through March 31, 2020 1,850,000 35.4 $ 89.9 April 1, 2020 through June 30, 2020 — — $ 89.9 Total 12,954,794 $ 260.1 Additionally, for the six months ended June 30, 2019, repurchases include 2.6 million shares at a cost of approximately $70.0 million representing the final settlement of an accelerated share repurchase program, which was funded in November 2018 but a portion of which remained outstanding as of December 31, 2018. |
Share-based Payment Arrangement [Text Block] | Stock-Based Compensation Stock-based compensation totaled approximately $7.6 million and $14.9 million for the three and six months ended June 30, 2020, respectively. Stock-based compensation totaled approximately $7.5 million and $13.0 million for the three and six months ended June 30, 2019, respectively. The Company's annual grant of share-based awards generally occurs in the second quarter under our 2004 Fourth Amended and Restated Stock Option and Incentive Plan (the "Plan”). Our stock options have contractual terms of ten years. Expense related to stock options issued to eligible employees under the Plan is recognized over their vesting period on a straight-line basis, generally three years. Expense related to restricted stock units ("RSUs") issued to eligible employees under the Plan is recognized ratably over the vesting period, generally between three years and four years. Certain RSU grants made in 2020 provide for full vesting when the award recipients reach 60 years of age and have provided at least 10 years of service to the Company, provided that the awards remain outstanding for a period of six months from the date of grant. The expense for these awards is recognized over the applicable service period for each of the eligible award recipients. Expense related to performance units is recognized ratably from their award date to the end of the performance period, generally three years. Expense related to restricted stock awards ("RSAs") and RSUs granted to non-employee directors under the Plan is recognized ratably over the vesting period, generally one year. The following table summarizes stock-based compensation awards granted during the six months ended June 30, 2020: Number of Shares Granted Weighted Average Grant-Date Fair Value per Award Stock options 300,000 $ 5.26 Restricted stock units 975,900 $ 18.57 Restricted stock awards 17,740 $ 18.18 Performance units 444,252 $ 20.31 The fair value of the stock options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Six Months Ended June 30, 2020 Exercise price $ 21.61 Risk-free interest rate 1.48 % Expected life (in years) 6.50 Equity volatility 35.0 % Dividend yield 3.42 % |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Remaining Performance Obligation | The following table includes estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially satisfied as of June 30, 2020 and the percentage of the outstanding performance obligations as of June 30, 2020 expected to be delivered during the remainder of 2020: Unsatisfied performance obligations at June 30, 2020 Total Percent expected to be delivered in 2020 (in millions) Rail Products Group: Products: External Customers $ 829.8 Leasing Group 507.5 $ 1,337.3 40.7 % Maintenance Services $ 6.7 75.0 % Railcar Leasing and Management Services Group $ 100.5 9.0 % |
Lessee, Operating Lease, Disclosure [Table Text Block] | The following table summarizes the impact of our operating leases on our Consolidated Financial Statements (in millions, except lease term and discount rate): Three Months Ended Six Months Ended 2020 2019 2020 2019 Consolidated Statement of Operations Operating lease expense $ 4.6 $ 4.1 $ 8.5 $ 9.3 Short-term lease expense $ 1.2 $ 1.2 $ 1.4 $ 2.6 June 30, 2020 December 31, 2019 Consolidated Balance Sheet Right-of-use assets (1) $ 77.2 $ 44.2 Lease liabilities (2) $ 89.2 $ 44.8 Weighted average remaining lease term 11.0 years 4.8 years Weighted average discount rate 3.4 % 4.1 % Six Months Ended 2020 2019 Consolidated Statement of Cash Flows Cash flows from operating activities $ 8.5 $ 9.3 Right-of-use assets recognized in exchange for new lease liabilities (3) $ 50.7 $ 4.2 (1) Included in other assets in our Consolidated Balance Sheet. See Note 10 for more information on the impairment of right-of-use assets. (2) Included in other liabilities in our Consolidated Balance Sheet. (3) Includes the commencement of the new headquarters facility described above for the six months ended June 30, 2020. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Future contractual minimum operating lease liabilities will mature as follows (in millions): Leasing Group Non-Leasing Group Total Remaining six months of 2020 $ 4.9 $ 2.0 $ 6.9 2021 8.5 3.1 11.6 2022 7.8 6.9 14.7 2023 5.9 7.0 12.9 2024 2.7 5.9 8.6 Thereafter 1.5 67.6 69.1 Total operating lease payments $ 31.3 $ 92.5 $ 123.8 Less: Present value adjustment (23.0) Less: Lease incentives (11.6) Total operating lease liabilities $ 89.2 |
Leases of Lessor Disclosure [Text Block] | The following table summarizes the impact of our leases on our Consolidated Statement of Operations (in millions): Three Months Ended Six Months Ended 2020 2019 2020 2019 Operating lease revenues $ 165.1 $ 171.6 $ 337.3 $ 339.9 Variable operating lease revenues $ 10.6 $ 10.8 $ 23.2 $ 21.6 Sales-type lease revenues $ — $ 32.3 $ — $ 34.2 Interest income on sales-type lease receivables $ — $ 0.3 $ — $ 0.3 Profit recognized at sales-type lease commencement $ — $ 3.9 $ — $ 4.1 |
Lessor, Payments to be Received, Maturity [Table Text Block] | Future contractual minimum revenues for operating leases will mature as follows (in millions) (1) : Remaining six months of 2020 $ 298.6 2021 494.0 2022 387.9 2023 280.9 2024 199.8 Thereafter 353.8 Total $ 2,015.0 (1) Total contractual minimum rental revenues on operating leases relates to our wholly-owned and partially-owned subsidiaries and sub-lease rental revenues associated with the Leasing Group's operating lease obligations. |
Schedule of Product Warranty Liability [Table Text Block] | The changes in the accruals for warranties for the three and six months ended June 30, 2020 and 2019 are as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in millions) Beginning balance $ 7.7 $ 7.1 $ 8.1 $ 7.4 Warranty costs incurred (0.6) (0.6) (1.5) (1.5) Warranty originations and revisions 2.4 1.9 3.0 2.6 Warranty expirations — (0.1) (0.1) (0.2) Ending balance $ 9.5 $ 8.3 $ 9.5 $ 8.3 |
Derivative Instruments and Fa_3
Derivative Instruments and Fair Value Accounting Derivatives and Hedging (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | Included in accompanying balance sheet at June 30, 2020 Notional Amount Interest Rate (1) Asset/(Liability) AOCL – loss/(income) Noncontrolling Interest (in millions, except %) Expired hedges: 2018 secured railcar equipment notes $ 249.3 4.41 % $ — $ 0.9 $ — TRIP Holdings warehouse loan $ 788.5 3.60 % $ — $ 1.8 $ 2.4 TRIP Master Funding secured railcar equipment notes $ 34.8 2.62 % $ — $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ 169.3 3.00 % $ — $ (0.5) $ — Open hedge: 2017 promissory notes - interest rate swap $ 461.2 2.86 % $ (52.6) $ 52.1 $ — (1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. |
Derivative Instruments, Gain (Loss) | Effect on interest expense-increase/(decrease) Three Months Ended Six Months Ended Expected effect during next twelve months (1) 2020 2019 2020 2019 (in millions) Expired hedges: 2006 secured railcar equipment notes (2) $ — $ (0.1) $ (0.1) $ (0.1) $ — 2018 secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.2 TRIP Holdings warehouse loan $ 0.5 $ 0.5 $ 1.0 $ 1.0 $ 2.0 TRIP Master Funding secured railcar equipment notes $ — $ — $ 0.1 $ 0.1 $ 0.1 2017 promissory notes - interest rate cap $ — $ (0.1) $ — $ (0.1) $ (0.1) Open hedge: 2017 promissory notes - interest rate swap $ 3.0 $ 0.7 $ 4.7 $ 1.3 $ 9.4 (1) Based on the fair value of open hedges as of June 30, 2020. (2) Upon settlement of the debt in March 2020, the remaining balance of $0.1 million in AOCL was recognized through interest expense. See Note 7 for additional information on the debt redemption. Other Derivatives Included in accompanying balance sheet at June 30, 2020 Effect on cost of revenues – increase/(decrease) Notional Asset/(Liability) AOCL – Three Months Ended Six Months Ended Expected effect during next twelve months (1) June 30, 2020 June 30, 2020 (in millions) Foreign currency hedge $ 55.0 $ (1.3) $ 3.1 $ 2.6 $ 1.8 $ 3.1 (1) Based on the fair value of open hedges as of June 30, 2020. |
Derivative Instruments and Fa_4
Derivative Instruments and Fair Value Accounting Fair Value Tables (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The assets measured as Level 1 in the fair value hierarchy are summarized below: Level 1 June 30, 2020 December 31, 2019 (in millions) Assets: Cash equivalents $ 76.1 $ 57.9 Restricted cash 136.9 111.4 Total assets $ 213.0 $ 169.3 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The assets and liabilities measured as Level 2 in the fair value hierarchy are summarized below: Level 2 June 30, 2020 December 31, 2019 (in millions) Assets: Foreign currency hedge (1) $ — $ 1.2 Total assets $ — $ 1.2 Liabilities: Interest rate hedge (2) $ 52.6 $ 28.0 Foreign currency hedge (2) 1.3 — Total liabilities $ 53.9 $ 28.0 (1) Included in other assets in our Consolidated Balance Sheets. (2) Included in accrued liabilities in our Consolidated Balance Sheets. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended June 30, 2020 2019 2020 2019 (in millions) Operating profit (loss): Railcar Leasing and Management Services Group $ 82.9 $ 104.8 $ 175.8 $ 190.6 Rail Products Group 7.9 66.3 33.0 115.4 All Other 7.3 7.9 16.6 16.0 Segment Totals before Eliminations, Corporate Expenses, Impairment of long-lived assets, and Restructuring activities 98.1 179.0 225.4 322.0 Corporate (24.2) (30.6) (52.3) (54.2) Impairment of long-lived assets (369.4) — (369.4) — Restructuring activities, net (0.3) — (5.8) — Eliminations – Lease Subsidiary (11.0) (41.6) (30.9) (68.8) Eliminations – Other (0.5) 0.2 (1.3) (0.2) Consolidated operating profit (loss) $ (307.3) $ 107.0 $ (234.3) $ 198.8 Other (income) expense 52.3 55.3 110.4 107.0 Provision (benefit) for income taxes (71.8) 14.1 (219.4) 23.0 Loss from discontinued operations, net of income taxes — (0.8) (0.2) (1.9) Net income (loss) $ (287.8) $ 36.8 $ (125.5) $ 66.9 |
Railcar Leasing and Managemen_2
Railcar Leasing and Management Services Group (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Sale Leaseback Transaction [Line Items] | |
Selected consolidating financial information for the Leasing Group | Selected consolidated financial information for the Leasing Group is as follows: June 30, 2020 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 2.9 $ — $ 2.9 $ — $ 2.9 Accounts receivable 77.2 9.2 86.4 — 86.4 Property, plant, and equipment, net (2) 5,557.1 1,648.2 7,205.3 (832.6) 6,372.7 Restricted cash 109.2 27.7 136.9 — 136.9 Other assets 37.3 1.3 38.6 — 38.6 Total assets $ 5,783.7 $ 1,686.4 $ 7,470.1 $ (832.6) $ 6,637.5 Accounts payable and accrued liabilities $ 145.0 $ 40.3 $ 185.3 $ — $ 185.3 Debt, net 3,045.7 1,251.7 4,297.4 — 4,297.4 Deferred income taxes 922.6 1.2 923.8 (195.2) 728.6 Other liabilities 29.0 — 29.0 — 29.0 Total liabilities 4,142.3 1,293.2 5,435.5 (195.2) 5,240.3 Noncontrolling interest — 269.1 269.1 — 269.1 Total Equity $ 1,641.4 $ 124.1 $ 1,765.5 $ (637.4) $ 1,128.1 December 31, 2019 Wholly- Partially-Owned Subsidiaries Total Leasing Group Eliminations — Lease Subsidiary (1) Adjusted Total Leasing Group (in millions) Cash and cash equivalents $ 1.8 $ — $ 1.8 $ — $ 1.8 Accounts receivable 73.9 8.7 82.6 — 82.6 Property, plant, and equipment, net 5,818.9 1,786.7 7,605.6 (903.8) 6,701.8 Restricted cash 78.4 33.0 111.4 — 111.4 Other assets 209.8 1.4 211.2 — 211.2 Total assets $ 6,182.8 $ 1,829.8 $ 8,012.6 $ (903.8) $ 7,108.8 Accounts payable and accrued liabilities $ 100.7 $ 44.6 $ 145.3 $ — $ 145.3 Debt, net 3,080.7 1,278.4 4,359.1 — 4,359.1 Deferred income taxes 861.7 1.1 862.8 (184.8) 678.0 Other liabilities 32.7 — 32.7 — 32.7 Total liabilities 4,075.8 1,324.1 5,399.9 (184.8) 5,215.1 Noncontrolling interest — 348.8 348.8 — 348.8 Total Equity $ 2,107.0 $ 156.9 $ 2,263.9 $ (719.0) $ 1,544.9 (1) Net deferred profit on railcars sold to the Leasing Group consists of intersegment profit that is eliminated in consolidation. Net deferred profit and the related deferred tax impact are included as adjustments to the property, plant, and equipment, net and deferred income taxes line items, respectively, in the Eliminations – Lease Subsidiary column above to reflect the net book value of the railcars purchased by the Leasing Group from the Rail Products Group based on manufacturing cost. See Note 4 and Note 7 for a further discussion regarding our investment in our partially-owned leasing subsidiaries and the related indebtedness. (2) See Note 10 for further information regarding impairment of long-lived assets recorded in the three and six months ended June 30, 2020. |
Selected consolidating income statement information for the Leasing Group | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 Percent 2020 2019 Percent ($ in millions) Change ($ in millions) Change Revenues: Leasing and management $ 182.7 $ 189.4 (3.5) % $ 374.7 $ 376.5 (0.5) % Sales of railcars owned one year or less at the time of sale (1) 10.1 87.7 (88.5) % 54.4 101.0 (46.1) % Total revenues $ 192.8 $ 277.1 (30.4) % $ 429.1 $ 477.5 (10.1) % Operating profit (loss) (2) : Leasing and management $ 78.5 $ 77.7 1.0 % $ 161.0 $ 154.8 4.0 % Railcar sales: Railcars owned one year or less at the time of sale (1.3) 8.4 (115.5) % 0.4 9.2 (95.7) % Railcars owned more than one year at the time of sale 5.7 18.7 (69.5) % 14.4 26.6 (45.9) % Total operating profit $ 82.9 $ 104.8 (20.9) % $ 175.8 $ 190.6 (7.8) % Total operating profit margin 43.0 % 37.8 % 41.0 % 39.9 % Leasing and management operating profit margin 43.0 % 41.0 % 43.0 % 41.1 % Selected expense information: Depreciation (3) $ 54.0 $ 57.8 (6.6) % $ 107.6 $ 112.2 (4.1) % Maintenance and compliance $ 23.0 $ 26.5 (13.2) % $ 48.9 $ 54.3 (9.9) % Rent $ 3.0 $ 4.3 (30.2) % $ 6.0 $ 9.8 (38.8) % Selling, engineering, and administrative expenses $ 13.0 $ 12.7 2.4 % $ 27.3 $ 25.5 7.1 % Interest $ 47.1 $ 50.4 (6.5) % $ 102.2 $ 96.4 6.0 % (1) Includes revenues associated with sales-type leases of $32.3 million and $34.2 million for the three and six months ended June 30, 2019, respectively. (2) Operating profit includes: depreciation; maintenance and compliance; rent; and selling, engineering, and administrative expenses. Amortization of deferred profit on railcars sold from the Rail Products Group to the Leasing Group is included in the operating profit of the Leasing Group, resulting in the recognition of depreciation expense based on our original manufacturing cost of the railcars. Interest expense is not a component of operating profit and includes the effect of hedges. (3) Effective January 1, 2020, we revised the estimated useful lives and salvage values of certain railcar types in our lease fleet. This change in estimate resulted in a decrease in depreciation expense in the three and six months ended June 30, 2020 of approximately $7.7 million and $15.4 million, respectively. This decrease was partially offset by higher depreciation associated with growth in the lease fleet. See Note 1 of the Consolidated Financial Statements for further information. |
Schedule of proceeds from leased railcars | During the three and six months ended June 30, 2020 and 2019, information related to the sales of leased railcars is as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in millions) Sales of leased railcars: Railcars owned one year or less at the time of sale (1) $ 10.1 $ 87.7 $ 54.4 $ 101.0 Railcars owned more than one year at the time of sale 63.7 70.5 132.2 99.9 $ 73.8 $ 158.2 $ 186.6 $ 200.9 Operating profit (loss) on sales of leased railcars: Railcars owned one year or less at the time of sale $ (1.3) $ 8.4 $ 0.4 $ 9.2 Railcars owned more than one year at the time of sale 5.7 18.7 14.4 26.6 $ 4.4 $ 27.1 $ 14.8 $ 35.8 Operating profit (loss) margin on sales of leased railcars: Railcars owned one year or less at the time of sale (12.9) % 9.6 % 0.7 % 9.1 % Railcars owned more than one year at the time of sale 8.9 % 26.5 % 10.9 % 26.6 % Weighted average operating profit margin on sales of leased railcars 6.0 % 17.1 % 7.9 % 17.8 % (1) Includes revenues associated with sales-type leases of $32.3 million and $34.2 million for the three and six months ended June 30, 2019, respectively. |
Future contractual minimum rental revenues on leases | Future contractual minimum rental revenues on operating leases related to our wholly-owned and partially-owned subsidiaries are as follows: Remaining six months of 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future contractual minimum rental revenues $ 295.0 $ 488.3 $ 384.0 $ 279.2 $ 199.0 $ 353.3 $ 1,998.8 |
Operating leases | |
Sale Leaseback Transaction [Line Items] | |
Future operating lease obligations and future contractual minimum rental revenues | Future amounts due as well as future contractual minimum rental revenues related to the Leasing Group's railcar operating lease obligations are as follows: Remaining six months of 2020 2021 2022 2023 2024 Thereafter Total (in millions) Future operating lease obligations $ 4.7 $ 8.2 $ 7.5 $ 5.5 $ 2.3 $ 0.9 $ 29.1 Future contractual minimum rental revenues $ 3.6 $ 5.7 $ 3.9 $ 1.7 $ 0.8 $ 0.5 $ 16.2 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | The following table summarizes the components of property, plant, and equipment: June 30, 2020 December 31, 2019 (in millions) Manufacturing/Corporate: Land $ 28.6 $ 28.4 Buildings and improvements 407.1 402.2 Machinery and other 544.0 546.7 Construction in progress 76.4 63.1 1,056.1 1,040.4 Less accumulated depreciation (644.4) (631.6) 411.7 408.8 Leasing: Wholly-owned subsidiaries: Machinery and other 13.9 13.7 Equipment on lease 6,692.2 6,944.2 6,706.1 6,957.9 Less accumulated depreciation (1,149.0) (1,139.0) 5,557.1 5,818.9 Partially-owned subsidiaries: Equipment on lease 2,239.7 2,410.0 Less accumulated depreciation (591.5) (623.3) 1,648.2 1,786.7 Deferred profit on railcars sold to the Leasing Group (1,062.4) (1,135.8) Less accumulated amortization 229.8 232.0 (832.6) (903.8) $ 6,784.4 $ 7,110.6 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Components of debt | The carrying amounts and estimated fair values of our long-term debt are as follows: June 30, 2020 December 31, 2019 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value (in millions) Corporate – Recourse: Revolving credit facility $ 130.0 $ 130.0 $ 125.0 $ 125.0 Senior notes, net of unamortized discount of $0.2 and $0.2 399.8 403.6 399.8 411.7 529.8 533.6 524.8 536.7 Less: unamortized debt issuance costs (1.8) (2.0) Total recourse debt 528.0 522.8 Leasing – Non-recourse: Wholly-owned subsidiaries: 2006 secured railcar equipment notes — — 109.3 114.0 2009 secured railcar equipment notes 144.9 153.5 147.8 168.7 2010 secured railcar equipment notes 243.8 260.9 248.5 264.3 2017 promissory notes 609.6 609.6 627.1 627.1 2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2 442.2 463.6 452.1 466.2 TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $0.8 and $1.4 260.6 255.4 265.4 270.9 2019 secured railcar equipment notes, net of unamortized discount of $0.4 and $0.4 883.0 881.1 901.0 904.9 TILC warehouse facility 482.5 482.5 353.4 353.4 3,066.6 3,106.6 3,104.6 3,169.5 Less: unamortized debt issuance costs (20.9) (23.9) 3,045.7 3,080.7 Partially-owned subsidiaries: TRL 2012 secured railcar equipment notes 360.8 353.2 371.4 374.4 TRIP Master Funding secured railcar equipment notes 900.9 892.5 917.9 984.0 1,261.7 1,245.7 1,289.3 1,358.4 Less: unamortized debt issuance costs (10.0) (10.9) 1,251.7 1,278.4 Total non–recourse debt 4,297.4 4,359.1 Total debt $ 4,825.4 $ 4,885.9 $ 4,881.9 $ 5,064.6 |
Remaining principal payments under existing debt agreements | The remaining principal payments under existing debt agreements as of June 30, 2020 are as follows: Remaining six months of 2020 2021 2022 2023 2024 Thereafter Total (in millions) Recourse: Corporate $ — $ — $ — $ 130.0 $ 400.0 $ — $ 530.0 Non-recourse – leasing (Note 5): 2009 secured railcar equipment notes 3.7 13.4 14.0 11.7 14.5 87.6 144.9 2010 secured railcar equipment notes 9.9 20.0 20.9 22.4 18.5 152.1 243.8 2017 promissory notes 16.6 33.1 33.1 33.2 33.2 460.4 609.6 2018 secured railcar equipment notes 10.0 20.0 20.0 20.0 20.0 352.4 442.4 TRIHC 2018 secured railcar equipment notes 5.2 11.8 9.3 11.7 14.7 208.7 261.4 2019 secured railcar equipment notes 18.2 38.0 37.0 35.1 36.8 718.3 883.4 TILC warehouse facility 7.6 15.2 2.6 — — — 25.4 Facility termination payments – TILC warehouse facility — — 457.1 — — — 457.1 TRL 2012 secured railcar equipment notes 9.6 19.9 19.6 22.0 28.9 260.8 360.8 TRIP Master Funding secured railcar equipment notes 15.9 40.5 41.8 37.0 191.6 574.1 900.9 Total principal payments $ 96.7 $ 211.9 $ 655.4 $ 323.1 $ 758.2 $ 2,814.4 $ 4,859.7 |
Employee Retirement Plans (Tabl
Employee Retirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Costs of Retirement Plans [Table Text Block] | The following table summarizes the components of our net retirement cost: Three Months Ended Six Months Ended 2020 2019 2020 2019 (in millions) Expense Components Service cost $ — $ 0.1 $ — $ 0.1 Interest 3.7 4.9 7.4 9.8 Expected return on plan assets (5.2) (5.8) (10.4) (11.5) Amortization of actuarial loss 1.5 1.1 3.0 2.2 Amortization of prior service cost 0.3 — 0.6 — Net periodic benefit cost 0.3 0.3 0.6 0.6 Profit sharing 1.9 3.0 4.6 5.2 Net expense $ 2.2 $ 3.3 $ 5.2 $ 5.8 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table sets forth the restructuring activity and balance of the restructuring liability, which is included in other liabilities in our Consolidated Balance Sheet: Accrued charges as of December 31, 2019 Charges and adjustments Payments Accrued charges as of June 30, 2020 (in millions) Cash charges: Employee severance costs $ 3.4 $ 4.1 $ (7.0) $ 0.5 $ 3.4 $ 4.1 $ (7.0) $ 0.5 Asset impairment charges: Write-down of assets $ 5.2 Gain on disposition of assets (3.5) $ 1.7 Total restructuring activities $ 5.8 |
Restructuring and Related Costs [Table Text Block] | Although restructuring activities are not allocated to our reportable segments, the following table summarizes the restructuring activities by reportable segment: Three Months Ended June 30, 2020 Employee Severance Costs Loss on Disposition of Assets Write-down of Assets Total (in millions) Railcar Leasing and Management Services Group $ — $ — $ — $ — Rail Products Group — — — — All Other — 0.3 — 0.3 Corporate — — — — Total restructuring activities $ — $ 0.3 $ — $ 0.3 Six Months Ended June 30, 2020 Employee Severance Costs Gain on Disposition of Assets Write-down of Assets Total (in millions) Railcar Leasing and Management Services Group $ — $ — $ — $ — Rail Products Group 2.6 — — 2.6 All Other 0.1 (3.5) — (3.4) Corporate 1.4 — 5.2 6.6 Total restructuring activities $ 4.1 $ (3.5) $ 5.2 $ 5.8 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Changes in AOCL for the six months ended June 30, 2020 are as follows: Currency translation adjustments Unrealized gain/(loss) on derivative financial instruments Net actuarial gains/(losses) and prior service costs of defined benefit plans Accumulated Other Comprehensive Loss (in millions) Balances at December 31, 2019 $ (1.3) $ (17.9) $ (133.9) $ (153.1) Other comprehensive loss, net of tax, before reclassifications — (27.3) — (27.3) Amounts reclassified from accumulated other comprehensive loss, net of tax benefit of $—, $1.7, $0.8, and $2.5 — 5.9 2.8 8.7 Less: noncontrolling interest — (0.6) — (0.6) Other comprehensive income (loss) — (22.0) 2.8 (19.2) Balances at June 30, 2020 $ (1.3) $ (39.9) $ (131.1) $ (172.3) |
Common Stock and Stock-Based _3
Common Stock and Stock-Based Compensation Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Activity [Table Text Block] | The following table summarizes stock-based compensation awards granted during the six months ended June 30, 2020: Number of Shares Granted Weighted Average Grant-Date Fair Value per Award Stock options 300,000 $ 5.26 Restricted stock units 975,900 $ 18.57 Restricted stock awards 17,740 $ 18.18 Performance units 444,252 $ 20.31 The fair value of the stock options granted was estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Six Months Ended June 30, 2020 Exercise price $ 21.61 Risk-free interest rate 1.48 % Expected life (in years) 6.50 Equity volatility 35.0 % Dividend yield 3.42 % |
Common Stock and Stock-Based _4
Common Stock and Stock-Based Compensation Share Repurchases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share Repurchases [Table Text Block] | Share repurchase activity under the current program is as follows: Shares Repurchased Remaining Authorization to Repurchase Period Number of shares Cost Cost March 7, 2019 Authorization $ 350.0 March 7, 2019 through March 31, 2019 866,715 $ 19.0 $ 331.0 April 1, 2019 through June 30, 2019 2,133,116 44.0 $ 287.0 July 1, 2019 through September 30, 2019 5,171,489 100.9 $ 186.1 October 1, 2019 through December 31, 2019 2,933,474 60.8 $ 125.3 January 1, 2020 through March 31, 2020 1,850,000 35.4 $ 89.9 April 1, 2020 through June 30, 2020 — — $ 89.9 Total 12,954,794 $ 260.1 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income attributable to Trinity Industries, Inc. | The computation of basic and diluted net income attributable to Trinity Industries, Inc. is as follows. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in millions, except per share amounts) Income (loss) from continuing operations $ (287.8) $ 37.6 $ (125.3) $ 68.8 Less: Net (income) loss attributable to noncontrolling interest 80.9 (0.4) 80.3 0.1 Unvested restricted share participation — continuing operations — (0.3) — (0.9) Net income (loss) from continuing operations attributable to Trinity Industries, Inc. (206.9) 36.9 (45.0) 68.0 Net loss from discontinued operations, net of income taxes — (0.8) (0.2) (1.9) Unvested restricted share participation — discontinued operations — — — — Net loss from discontinued operations attributable to Trinity Industries, Inc. — (0.8) (0.2) (1.9) Net income (loss) attributable to Trinity Industries, Inc., including the effect of unvested restricted share participation $ (206.9) $ 36.1 $ (45.2) $ 66.1 Basic weighted average shares outstanding 117.3 127.6 117.6 129.0 Effect of dilutive securities: Nonparticipating unvested RSUs and RSAs — 1.6 — 1.7 Diluted weighted average shares outstanding 117.3 129.2 117.6 130.7 Basic earnings per common share: Income (loss) from continuing operations $ (1.76) $ 0.29 $ (0.38) $ 0.53 Income (loss) from discontinued operations — (0.01) — (0.02) Basic net income (loss) attributable to Trinity Industries, Inc. $ (1.76) $ 0.28 $ (0.38) $ 0.51 Diluted earnings per common share: Income (loss) from continuing operations $ (1.76) $ 0.29 $ (0.38) $ 0.52 Income (loss) from discontinued operations — (0.01) — (0.01) Diluted net income (loss) attributable to Trinity Industries, Inc. $ (1.76) $ 0.28 $ (0.38) $ 0.51 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Revenue Recognition and Remaining performance obligation (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Contract Receivable | $ 8.9 | $ 5.2 |
Rail Products Group [Member] | Railcar products [Domain] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 1,337.3 | |
Revenue, remaining performance obligation expected to be delivered in current year | 40.70% | |
Rail Products Group [Member] | Railcar products [Domain] | External Customers | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 829.8 | |
Rail Products Group [Member] | Railcar products [Domain] | Leasing | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | 507.5 | |
Rail Products Group [Member] | Maintenance services | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 6.7 | |
Revenue, remaining performance obligation expected to be delivered in current year | 75.00% | |
Railcar Leasing and Management Services Group [Member] | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, Remaining Performance Obligation, Amount | $ 100.5 | |
Revenue, remaining performance obligation expected to be delivered in current year | 9.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies Lessee Accounting (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Renewal Term | 5 years | 5 years | |||
Lessee, Operating Lease, Termination Option Term | one year | ||||
Finance Lease, Principal Payments | $ 0 | ||||
Operating Leases, Rent Expense | $ 4.6 | $ 4.1 | 8.5 | $ 9.3 | |
Short-term Lease, Cost | 1.2 | $ 1.2 | 1.4 | 2.6 | |
Operating Lease, Right-of-Use Asset | 77.2 | 77.2 | $ 44.2 | ||
Operating Lease, Liability, Noncurrent | $ 89.2 | $ 89.2 | $ 44.8 | ||
Operating Lease, Weighted Average Remaining Lease Term | 11 years | 11 years | 4 years 9 months 18 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.40% | 3.40% | 4.10% | ||
Operating Lease, Payments | $ 8.5 | 9.3 | |||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 50.7 | $ 4.2 | |||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 6.9 | 6.9 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 11.6 | 11.6 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 14.7 | 14.7 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 12.9 | 12.9 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 8.6 | 8.6 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 69.1 | 69.1 | |||
Lessee, Operating Lease, Liability, Payments, Due | 123.8 | 123.8 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (23) | (23) | |||
Lease Incentive Receivable | $ (11.6) | $ (11.6) | |||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Term of Contract | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Term of Contract | 16 years | 16 years | |||
Railcar Leasing and Management Services Group [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | $ 4.9 | $ 4.9 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 8.5 | 8.5 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 7.8 | 7.8 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 5.9 | 5.9 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 2.7 | 2.7 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 1.5 | 1.5 | |||
Lessee, Operating Lease, Liability, Payments, Due | 31.3 | 31.3 | |||
Consolidated Subsidiaries, Excluding Leasing [Member] | |||||
Lessee, Lease, Description [Line Items] | |||||
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year | 2 | 2 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 3.1 | 3.1 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Three | 6.9 | 6.9 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Four | 7 | 7 | |||
Lessee, Operating Lease, Liability, Payments, Due Year Five | 5.9 | 5.9 | |||
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 67.6 | 67.6 | |||
Lessee, Operating Lease, Liability, Payments, Due | $ 92.5 | $ 92.5 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Lessor Accounting (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | |
Lessor, Lease, Description [Line Items] | |||||
Lessor, Operating Lease, Renewal Term | 5 years | 5 years | |||
Lessor, Operating Lease, Termination Option Term | one year | ||||
Direct Financing Lease, Revenue | $ 0 | $ 0 | |||
Operating Lease, Lease Income, Lease Payments | 165.1 | $ 171.6 | 337.3 | $ 339.9 | |
Operating Lease, Variable Lease Income | 10.6 | 10.8 | 23.2 | 21.6 | |
Sales-type Lease, Revenue | 0 | 32.3 | 0 | 34.2 | |
Sales-type Lease, Interest Income | 0 | 0.3 | 0 | 0.3 | |
Sales-type Lease, Selling Profit (Loss) | 0 | $ 3.9 | 0 | $ 4.1 | |
Railcar Leasing and Management Services Group [Member] | |||||
Lessor, Lease, Description [Line Items] | |||||
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 298.6 | 298.6 | |||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 494 | 494 | |||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 387.9 | 387.9 | |||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 280.9 | 280.9 | |||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 199.8 | 199.8 | |||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 353.8 | 353.8 | |||
Operating Leases, Future Minimum Payments Receivable | $ 2,015 | $ 2,015 | |||
Minimum | Railcar Leasing and Management Services Group [Member] | |||||
Lessor, Lease, Description [Line Items] | |||||
Lessor, Operating Lease, Term of Contract | 1 year | 1 year | |||
Maximum | Railcar Leasing and Management Services Group [Member] | |||||
Lessor, Lease, Description [Line Items] | |||||
Lessor, Operating Lease, Term of Contract | 10 years | 10 years | 20 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies Receivables (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Credit Loss [Abstract] | |
Accounts Receivable, Credit Loss Expense (Reversal) | $ 2.4 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0.6 |
Accounts Receivable, Allowance for Credit Loss | $ 7.9 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies Property, Plant, and Equipment (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Change in Accounting Estimate [Line Items] | ||||
Depreciation and amortization | $ 134.6 | $ 138.1 | ||
Earnings Per Share, Basic | $ (1.76) | $ 0.28 | $ (0.38) | $ 0.51 |
Earnings Per Share, Diluted | $ (1.76) | $ 0.28 | $ (0.38) | $ 0.51 |
Service Life [Member] | ||||
Change in Accounting Estimate [Line Items] | ||||
Depreciation and amortization | $ 7.7 | $ 15.4 | ||
Depreciation, Amortization and Accretion, Net | $ 5.9 | $ 11.8 | ||
Earnings Per Share, Basic | $ 0.05 | $ 0.10 | ||
Earnings Per Share, Diluted | $ 0.05 | $ 0.10 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 208.8 | $ 208.8 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies Warranties (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Product Warranty Liability [Line Items] | ||||||||
Standard Product Warranty Accrual | $ 9.5 | $ 8.3 | $ 9.5 | $ 8.3 | $ 7.7 | $ 8.1 | $ 7.1 | $ 7.4 |
Standard Product Warranty Accrual, Decrease for Payments | (0.6) | (0.6) | (1.5) | (1.5) | ||||
Standard Product Warranty Accrual, Period Increase (Decrease) | 2.4 | 1.9 | 3 | 2.6 | ||||
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ 0 | $ (0.1) | $ (0.1) | $ (0.2) | ||||
Minimum | ||||||||
Product Warranty Liability [Line Items] | ||||||||
Product Warranty Period | 1 year | |||||||
Maximum | ||||||||
Product Warranty Liability [Line Items] | ||||||||
Product Warranty Period | 5 years |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Recent Accounting Pronouncement (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2020 | |
Recent Accounting Pronouncements [Abstract] | |||
Cumulative Effect on Retained Earnings, before Tax | $ 0.7 | ||
Cumulative Effect on Retained Earnings, Net of Tax | $ 0.5 | $ 13.7 | $ 0.5 |
Derivative Instruments and Fa_5
Derivative Instruments and Fair Value Accounting Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,160.4 | $ 2,466.1 | $ 2,378.9 | $ 2,529.6 | $ 2,565.1 | $ 2,562 |
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 249.3 | |||||
Derivative, Average Fixed Interest Rate | 4.41% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 788.5 | |||||
Derivative, Average Fixed Interest Rate | 3.60% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 34.8 | |||||
Derivative, Average Fixed Interest Rate | 2.62% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 169.3 | |||||
Derivative, Cap Interest Rate | 3.00% | |||||
Derivative Liability | $ 0 | |||||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 461.2 | |||||
Derivative, Average Fixed Interest Rate | 2.86% | |||||
Derivative Liability | $ (52.6) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.9 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 1.8 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.1 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (0.5) | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 52.1 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Domain] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 2.4 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap, Expired, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0.1 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Cap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 0 | |||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ||||||
Derivative [Line Items] | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 0 |
Derivative Instruments and Fa_6
Derivative Instruments and Fair Value Accounting Derivative Effect on Interest (Details) - Interest Expense [Member] - Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest Rate Swap, Expired, 2006 Secured Railcar Equipment Notes [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0.1 | $ 0.1 | $ 0.1 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0 | 0 | ||
Interest Rate Swap, Expired, 2018 Secured Railcar Equipment Notes [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | (0.1) | (0.1) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.2 | 0.2 | ||
Interest Rate Swap, Expired, TRIP Holdings Warehouse Loan [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.5) | (0.5) | (1) | (1) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 2 | 2 | ||
Interest Rate Swap, Expired, TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | (0.1) | (0.1) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 0.1 | 0.1 | ||
Interest Rate Cap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0.1 | 0 | 0.1 |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (0.1) | (0.1) | ||
Interest Rate Swap [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (3) | $ (0.7) | (4.7) | $ (1.3) |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 9.4 | $ 9.4 |
Derivative Instruments and Fa_7
Derivative Instruments and Fair Value Accounting FX Hedge (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Foreign Currency Fair Value Hedge Derivative [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 2,160.4 | $ 2,160.4 | $ 2,466.1 | $ 2,378.9 | $ 2,529.6 | $ 2,565.1 | $ 2,562 |
Foreign Exchange Contract [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | |||||||
Derivative, Notional Amount | 55 | 55 | |||||
Derivative Liability | (1.3) | (1.3) | |||||
Foreign Exchange Contract [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3.1 | 3.1 | |||||
Foreign Exchange Contract [Member] | Interest Expense [Member] | Designated as Hedging Instrument [Member] | |||||||
Foreign Currency Fair Value Hedge Derivative [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.6 | 1.8 | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 3.1 | $ 3.1 |
Derivative Instruments and Fa_8
Derivative Instruments and Fair Value Accounting - Assets and liabilities Measured at fair value on recurring basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Level 1 | ||
Assets: | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 76.1 | $ 57.9 |
Restricted Cash Fair Value Disclosure | 136.9 | 111.4 |
Assets, Fair Value Disclosure | 213 | 169.3 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 0 | 1.2 |
Fair Value, Inputs, Level 2 [Member] | Other Assets [Member] | ||
Assets: | ||
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 1.2 |
Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||
Liabilities [Abstract] | ||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 1.3 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 53.9 | 28 |
Level 3 | ||
Assets: | ||
Assets, Fair Value Disclosure | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | Accrued Liabilities [Member] | ||
Liabilities [Abstract] | ||
Derivative Liability | $ 52.6 | $ 28 |
Segment Information - Financial
Segment Information - Financial information for segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||||
External Revenue | $ 509.2 | $ 736 | $ 1,124.4 | $ 1,340.8 | ||
Revenues, Total | 509.2 | 736 | 1,124.4 | 1,340.8 | ||
Operating Profit (Loss) | (307.3) | 107 | (234.3) | 198.8 | ||
Asset Impairment Charges | (369.4) | 0 | (369.4) | 0 | ||
Restructuring Charges | 0.3 | 0 | 5.8 | 0 | ||
Other Nonoperating Expense | 52.3 | 55.3 | 110.4 | 107 | ||
Income Tax Expense (Benefit) | (71.8) | 14.1 | (219.4) | 23 | ||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (0.8) | (0.2) | (1.9) | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (287.8) | $ 162.3 | 36.8 | $ 30.1 | (125.5) | 66.9 |
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Revenues | 0 | 0 | 0 | |||
Intersegment Eliminations [Member] | Consolidated Subsidiaries, Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Revenues | (156) | (328.9) | (346.4) | (599) | ||
Revenues, Total | (156) | (328.9) | (346.4) | (599) | ||
Operating Profit (Loss) | (11) | (41.6) | (30.9) | (68.8) | ||
Intersegment Eliminations [Member] | Consolidated Subsidiaries, Excluding Leasing [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Revenues | (2.5) | (3.3) | (6) | (8.4) | ||
Revenues, Total | (2.5) | (3.3) | (6) | (8.4) | ||
Operating Profit (Loss) | (0.5) | 0.2 | (1.3) | (0.2) | ||
Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues, Total | 509.2 | 736 | 1,124.4 | 1,340.8 | ||
Rail Products Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
External Revenue | 247.3 | 392.2 | 564.5 | 737.8 | ||
Rail Products Group [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Revenues | 158.3 | 331 | 350.5 | 602.9 | ||
Rail Products Group [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues, Total | 405.6 | 723.2 | 915 | 1,340.7 | ||
Operating Profit (Loss) | 7.9 | 66.3 | 33 | 115.4 | ||
Restructuring Charges | 0 | 2.6 | ||||
Railcar Leasing and Management Services Group [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
External Revenue | 192.6 | 276.9 | 428.7 | 477.1 | ||
Railcar Leasing and Management Services Group [Member] | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Revenues | 0.2 | 0.2 | 0.4 | 0.4 | ||
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues, Total | 192.8 | 277.1 | 429.1 | 477.5 | ||
Operating Profit (Loss) | 82.9 | 104.8 | 175.8 | 190.6 | ||
Restructuring Charges | 0 | 0 | ||||
All Other | ||||||
Segment Reporting Information [Line Items] | ||||||
External Revenue | 69.3 | 66.9 | 131.2 | 125.9 | ||
All Other | Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Intersegment Revenues | 0 | 1 | 1.5 | 4.1 | ||
All Other | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenues, Total | 69.3 | 67.9 | 132.7 | 130 | ||
Operating Profit (Loss) | 7.3 | 7.9 | 16.6 | 16 | ||
Restructuring Charges | 0.3 | 3.4 | ||||
Operating Segments [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Profit (Loss) | 98.1 | 179 | 225.4 | 322 | ||
Corporate, Non-Segment [Member] | Operating Segments [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Operating Profit (Loss) | (24.2) | $ (30.6) | (52.3) | $ (54.2) | ||
Restructuring Charges | $ 0 | $ 6.6 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 6 Months Ended |
Jun. 30, 2020segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Partially-Owned Leasing Subsi_2
Partially-Owned Leasing Subsidiaries - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($)subsidiaryboard_member | |
Partially-owned subsidiaries | |
Noncontrolling Interest [Line Items] | |
Parent Company Guarantees | $ | $ 0 |
Railcar Leasing and Management Services Group [Member] | Partially-owned subsidiaries | |
Noncontrolling Interest [Line Items] | |
Number of Subsidiaries | subsidiary | 2 |
Number of Board Members | board_member | 7 |
Number of Board Members of Subsidiary, Designated by Parent | board_member | 2 |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | |
Noncontrolling Interest [Line Items] | |
Carrying Value of Investment In Partially-Owned Consolidated Subsidiary | $ | $ 140.3 |
Noncontrolling Interest, Ownership Percentage by Parent | 38.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 62.00% |
Railcar Leasing and Managemen_3
Railcar Leasing and Management Services Group - Selected consolidating financial information for the Leasing Group (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Receivables, net of allowance | $ 226.9 | $ 260.1 |
Property, Plant and Equipment, Net | 6,784.4 | 7,110.6 |
Restricted Cash and Cash Equivalents | 136.9 | 111.4 |
Other assets | 266.9 | 396.2 |
Assets | 8,665.4 | 8,701.4 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,825.4 | 4,881.9 |
Other liabilities | 139.4 | 96.3 |
Liabilities | 6,505 | 6,322.5 |
Noncontrolling interest | 269.1 | 348.8 |
Stockholders' Equity Attributable to Parent | 1,891.3 | 2,030.1 |
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 2.9 | 1.8 |
Receivables, net of allowance | 86.4 | 82.6 |
Property, Plant and Equipment, Net | 7,205.3 | 7,605.6 |
Restricted Cash and Cash Equivalents | 136.9 | 111.4 |
Other assets | 38.6 | 211.2 |
Assets | 7,470.1 | 8,012.6 |
Accounts Payable and Accrued Liabilities | 185.3 | 145.3 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,297.4 | 4,359.1 |
Deferred Tax Liabilities, Net | 923.8 | 862.8 |
Other liabilities | 29 | 32.7 |
Liabilities | 5,435.5 | 5,399.9 |
Noncontrolling interest | 269.1 | 348.8 |
Stockholders' Equity Attributable to Parent | 1,765.5 | 2,263.9 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, Plant and Equipment, Net | (832.6) | (903.8) |
Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 2.9 | 1.8 |
Receivables, net of allowance | 86.4 | 82.6 |
Property, Plant and Equipment, Net | 6,372.7 | 6,701.8 |
Restricted Cash and Cash Equivalents | 136.9 | 111.4 |
Other assets | 38.6 | 211.2 |
Assets | 6,637.5 | 7,108.8 |
Accounts Payable and Accrued Liabilities | 185.3 | 145.3 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,297.4 | 4,359.1 |
Deferred Tax Liabilities, Net | 728.6 | 678 |
Other liabilities | 29 | 32.7 |
Liabilities | 5,240.3 | 5,215.1 |
Noncontrolling interest | 269.1 | 348.8 |
Stockholders' Equity Attributable to Parent | 1,128.1 | 1,544.9 |
Wholly-owned subsidiaries | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 2.9 | 1.8 |
Receivables, net of allowance | 77.2 | 73.9 |
Property, Plant and Equipment, Net | 5,557.1 | 5,818.9 |
Restricted Cash and Cash Equivalents | 109.2 | 78.4 |
Other assets | 37.3 | 209.8 |
Assets | 5,783.7 | 6,182.8 |
Accounts Payable and Accrued Liabilities | 145 | 100.7 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 3,045.7 | 3,080.7 |
Deferred Tax Liabilities, Net | 922.6 | 861.7 |
Other liabilities | 29 | 32.7 |
Liabilities | 4,142.3 | 4,075.8 |
Noncontrolling interest | 0 | 0 |
Stockholders' Equity Attributable to Parent | 1,641.4 | 2,107 |
Partially-owned subsidiaries | Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 0 | 0 |
Receivables, net of allowance | 9.2 | 8.7 |
Property, Plant and Equipment, Net | 1,648.2 | 1,786.7 |
Restricted Cash and Cash Equivalents | 27.7 | 33 |
Other assets | 1.3 | 1.4 |
Assets | 1,686.4 | 1,829.8 |
Accounts Payable and Accrued Liabilities | 40.3 | 44.6 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 1,251.7 | 1,278.4 |
Deferred Tax Liabilities, Net | 1.2 | 1.1 |
Other liabilities | 0 | 0 |
Liabilities | 1,293.2 | 1,324.1 |
Noncontrolling interest | 269.1 | 348.8 |
Stockholders' Equity Attributable to Parent | 124.1 | 156.9 |
Consolidated Subsidiaries, Leasing [Member] | Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Cash, Cash Equivalents, and Short-term Investments | 0 | 0 |
Receivables, net of allowance | 0 | 0 |
Property, Plant and Equipment, Net | (832.6) | (903.8) |
Restricted Cash and Cash Equivalents | 0 | 0 |
Other assets | 0 | 0 |
Assets | (832.6) | (903.8) |
Accounts Payable and Accrued Liabilities | 0 | 0 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 0 | 0 |
Deferred Tax Liabilities, Net | (195.2) | (184.8) |
Other liabilities | 0 | 0 |
Liabilities | (195.2) | (184.8) |
Noncontrolling interest | 0 | 0 |
Stockholders' Equity Attributable to Parent | $ (637.4) | $ (719) |
Railcar Leasing and Managemen_4
Railcar Leasing and Management Services Group - Selected consolidating income statement information for the Leasing Group (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues: | ||||
Revenues | $ 509.2 | $ 736 | $ 1,124.4 | $ 1,340.8 |
Sales-type Lease, Revenue | 0 | 32.3 | 0 | 34.2 |
Operating profit (loss)(2): | ||||
Total operating profit | (307.3) | 107 | (234.3) | 198.8 |
Select expense information: | ||||
Depreciation (3) | 134.6 | 138.1 | ||
Rent | 4.6 | 4.1 | 8.5 | 9.3 |
Selling, General and Administrative Expense | 56.8 | 69.8 | 121.1 | 129.4 |
Interest | 53 | 57 | 114.3 | 109.7 |
Leasing [Member] | ||||
Revenues: | ||||
Revenues | 192.6 | 276.9 | 428.7 | 477.1 |
Select expense information: | ||||
Selling, General and Administrative Expense | 13 | 12.7 | 27.3 | 25.5 |
Operating Segments [Member] | ||||
Revenues: | ||||
Revenues | 509.2 | 736 | 1,124.4 | 1,340.8 |
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||||
Revenues: | ||||
Revenues | $ 192.8 | 277.1 | $ 429.1 | 477.5 |
Revenues, Percent Change | (30.40%) | (10.10%) | ||
Operating profit (loss)(2): | ||||
Total operating profit | $ 82.9 | $ 104.8 | $ 175.8 | $ 190.6 |
Operating Income (Loss), Percent Change | (20.90%) | (7.80%) | ||
Operating Profit Margin | 43.00% | 37.80% | 41.00% | 39.90% |
Select expense information: | ||||
Depreciation (3) | $ 54 | $ 57.8 | $ 107.6 | $ 112.2 |
Depreciation, Depletion, and Amortization, Percent Change | (6.60%) | (4.10%) | ||
Maintenance and compliance costs | $ 23 | 26.5 | $ 48.9 | 54.3 |
Maintenance Costs, Percent Change | (13.20%) | (9.90%) | ||
Rent | $ 3 | 4.3 | $ 6 | 9.8 |
Operating Leases, Rent Expense, Percent Change | (30.20%) | (38.80%) | ||
Selling, General and Administrative Expense | $ 13 | 12.7 | $ 27.3 | 25.5 |
Selling, Engineering, and Administrative Expense, Percent Change | 2.40% | 7.10% | ||
Interest | $ 47.1 | 50.4 | $ 102.2 | 96.4 |
Interest Expense, Percent Change | (6.50%) | 6.00% | ||
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | Leasing and Management [Member] | ||||
Revenues: | ||||
Revenues | $ 182.7 | 189.4 | $ 374.7 | 376.5 |
Revenues, Percent Change | (3.50%) | (0.50%) | ||
Operating profit (loss)(2): | ||||
Total operating profit | $ 78.5 | $ 77.7 | $ 161 | $ 154.8 |
Operating Income (Loss), Percent Change | 1.00% | 4.00% | ||
Operating Profit Margin | 43.00% | 41.00% | 43.00% | 41.10% |
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | Railcar Owned One Year or Less [Member] | ||||
Revenues: | ||||
Revenues | $ 10.1 | $ 87.7 | $ 54.4 | $ 101 |
Revenues, Percent Change | (88.50%) | (46.10%) | ||
Operating profit (loss)(2): | ||||
Total operating profit | $ (1.3) | $ 8.4 | $ 0.4 | $ 9.2 |
Operating Income (Loss), Percent Change | (115.50%) | (95.70%) | ||
Operating Profit Margin | (12.90%) | 9.60% | 0.70% | 9.10% |
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | Railcar Owned Greater than One Year [Member] | ||||
Operating profit (loss)(2): | ||||
Total operating profit | $ 5.7 | $ 18.7 | $ 14.4 | $ 26.6 |
Operating Income (Loss), Percent Change | (69.50%) | (45.90%) | ||
Operating Profit Margin | 8.90% | 26.50% | 10.90% | 26.60% |
Service Life [Member] | ||||
Select expense information: | ||||
Depreciation (3) | $ 7.7 | $ 15.4 |
Railcar Leasing and Managemen_5
Railcar Leasing and Management Services Group - Schedule of proceeds from leased railcars (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property Subject to or Available for Operating Lease [Line Items] | ||||
Sales-type Lease, Revenue | $ 0 | $ 32.3 | $ 0 | $ 34.2 |
Total operating profit (loss) | (307.3) | 107 | (234.3) | 198.8 |
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Total operating profit (loss) | $ 82.9 | $ 104.8 | $ 175.8 | $ 190.6 |
Operating Profit Margin | 43.00% | 37.80% | 41.00% | 39.90% |
Operating Segments [Member] | Railcar Owned One Year or Less [Member] | Railcar Leasing and Management Services Group [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Proceeds From Sale Of Property Subject To Or Available For Operating Lease | $ 10.1 | $ 87.7 | $ 54.4 | $ 101 |
Total operating profit (loss) | $ (1.3) | $ 8.4 | $ 0.4 | $ 9.2 |
Operating Profit Margin | (12.90%) | 9.60% | 0.70% | 9.10% |
Operating Segments [Member] | Railcar Owned Greater than One Year [Member] | Railcar Leasing and Management Services Group [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Proceeds From Sale Of Property Subject To Or Available For Operating Lease | $ 63.7 | $ 70.5 | $ 132.2 | $ 99.9 |
Total operating profit (loss) | $ 5.7 | $ 18.7 | $ 14.4 | $ 26.6 |
Operating Profit Margin | 8.90% | 26.50% | 10.90% | 26.60% |
Operating Segments [Member] | Sales of Leased Railcars [Domain] | Railcar Leasing and Management Services Group [Member] | ||||
Property Subject to or Available for Operating Lease [Line Items] | ||||
Proceeds From Sale Of Property Subject To Or Available For Operating Lease | $ 73.8 | $ 158.2 | $ 186.6 | $ 200.9 |
Total operating profit (loss) | $ 4.4 | $ 27.1 | $ 14.8 | $ 35.8 |
Operating Profit Margin | 6.00% | 17.10% | 7.90% | 17.80% |
Railcar Leasing and Managemen_6
Railcar Leasing and Management Services Group - Future contractual minimum rental revenues on leases (Details) - Railcar Leasing and Management Services Group [Member] $ in Millions | Jun. 30, 2020USD ($) |
Future contractual minimum rental revenue | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 298.6 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 494 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 387.9 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 280.9 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 199.8 |
Thereafter | 353.8 |
Total | 2,015 |
Railroad Transportation Equipment | |
Future contractual minimum rental revenue | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 295 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 488.3 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 384 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 279.2 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 199 |
Thereafter | 353.3 |
Total | $ 1,998.8 |
Railcar Leasing and Managemen_7
Railcar Leasing and Management Services Group - Future operating lease obligations and future contractual minimum rental revenues (Details) $ in Millions | Jun. 30, 2020USD ($) |
Sale Leaseback Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due | $ 123.8 |
Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due | 31.3 |
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | |
Minimum Lease Payments, Sale Leaseback Transactions, Remainder of Fiscal Year | 4.7 |
Minimum Lease Payments, Sale Leaseback Transactions, within Two Years | 8.2 |
Minimum Lease Payments, Sale Leaseback Transactions, within Three Years | 7.5 |
Minimum Lease Payments, Sale Leaseback Transactions, within Four Years | 5.5 |
Minimum Lease Payments, Sale Leaseback Transactions, within Five Years | 2.3 |
Minimum Lease Payments, Sale Leaseback Transactions, Thereafter | 0.9 |
Minimum Lease Payments, Sale Leaseback Transactions, Total | 29.1 |
Railcar Leasing and Management Services Group [Member] | Operating leases | |
Future contractual minimum rental revenues | |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Remainder of Fiscal Year | 3.6 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Two Years | 5.7 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Three Years | 3.9 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Four Years | 1.7 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, within Five Years | 0.8 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Thereafter | 0.5 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions, Total | 16.2 |
Building [Member] | Railcar Leasing and Management Services Group [Member] | |
Sale Leaseback Transaction [Line Items] | |
Lessee, Operating Lease, Liability, Payments, Due | $ 2.2 |
Railcar Leasing and Managemen_8
Railcar Leasing and Management Services Group - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2018 |
Minimum | ||
Segment Reporting Information [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 1 year | |
Maximum | ||
Segment Reporting Information [Line Items] | ||
Lessee, Operating Lease, Term of Contract | 16 years | |
Railcar Leasing and Management Services Group [Member] | Minimum | ||
Segment Reporting Information [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 1 year | |
Railcar Leasing and Management Services Group [Member] | Maximum | ||
Segment Reporting Information [Line Items] | ||
Lessor, Operating Lease, Term of Contract | 10 years | 20 years |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Net book value of unpledged equipment | $ 1,557.8 | |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | ||
Segment Reporting Information [Line Items] | ||
Debt Instrument, Collateral Amount | 3,987.4 | |
TRIP Holdings | Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | TRIP Master Funding Secured Railcar Equipment Notes [Member] | ||
Segment Reporting Information [Line Items] | ||
Debt Instrument, Collateral Amount | 1,166 | |
TRL 2012 | Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | ||
Segment Reporting Information [Line Items] | ||
Debt Instrument, Collateral Amount | 482.2 | |
Property Lease Guarantee [Member] | Railcar Leasing and Management Services Group [Member] | ||
Segment Reporting Information [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2.4 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Components of property, plant, and equipment (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | $ 8,939.5 | $ 9,272.5 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (2,155.1) | (2,161.9) |
Property, Plant and Equipment, Net | 6,784.4 | 7,110.6 |
Intersegment Eliminations [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | (1,062.4) | (1,135.8) |
NegativeAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment | 229.8 | 232 |
Property, Plant and Equipment, Net | (832.6) | (903.8) |
Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Net | 7,205.3 | 7,605.6 |
Manufacturing and Corporate [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 1,056.1 | 1,040.4 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (644.4) | (631.6) |
Property, Plant and Equipment, Net | 411.7 | 408.8 |
Manufacturing and Corporate [Member] | Land | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 28.6 | 28.4 |
Manufacturing and Corporate [Member] | Buildings and improvements | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 407.1 | 402.2 |
Manufacturing and Corporate [Member] | Machinery and other | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 544 | 546.7 |
Manufacturing and Corporate [Member] | Construction in progress | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 76.4 | 63.1 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 6,706.1 | 6,957.9 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,149) | (1,139) |
Property, Plant and Equipment, Net | 5,557.1 | 5,818.9 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Machinery and other | Operating Segments [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 13.9 | 13.7 |
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Equipment on lease | Operating Segments [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 6,692.2 | 6,944.2 |
Partially-owned subsidiaries | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 1,923.8 | 2,065.3 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (499.7) | (527.7) |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Operating Segments [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Net | 1,648.2 | 1,786.7 |
Partially-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Equipment on lease | Operating Segments [Member] | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property, Plant and Equipment, Gross | 2,239.7 | 2,410 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ (591.5) | $ (623.3) |
Debt - Components of debt (Deta
Debt - Components of debt (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Debt and Lease Obligation | $ 528 | $ 522.8 |
Recourse And Non-Recourse Debt And Capital Lease Obligations | 4,825.4 | 4,881.9 |
Long-term Debt, Fair Value | 4,885.9 | 5,064.6 |
Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 529.8 | 524.8 |
Unamortized Debt Issuance Expense | 1.8 | 2 |
Long-term Debt, Fair Value | 533.6 | 536.7 |
Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | 4,297.4 | 4,359.1 |
Senior Notes [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 399.8 | 399.8 |
Debt Instrument, Unamortized Discount | 0.2 | 0.2 |
Long-term Debt, Fair Value | 403.6 | 411.7 |
Wholly Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | 3,045.7 | 3,080.7 |
Wholly Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | 20.9 | 23.9 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 3,066.6 | 3,104.6 |
Non-Recourse Debt | 3,045.7 | 3,080.7 |
Long-term Debt, Fair Value | $ 3,106.6 | 3,169.5 |
Wholly Owned Subsidiaries [Member] | 2006 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 5.90% | |
Non-Recourse Debt, Gross | $ 0 | 109.3 |
Long-term Debt, Fair Value | 0 | 114 |
Wholly Owned Subsidiaries [Member] | 2009 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 144.9 | 147.8 |
Long-term Debt, Fair Value | 153.5 | 168.7 |
Wholly Owned Subsidiaries [Member] | 2010 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 243.8 | 248.5 |
Long-term Debt, Fair Value | 260.9 | 264.3 |
Wholly Owned Subsidiaries [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | Promissory Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 609.6 | 627.1 |
Long-term Debt, Fair Value | 609.6 | 627.1 |
Wholly Owned Subsidiaries [Member] | 2018 Secured Railcar Equipment Notes [Domain] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0.2 | 0.2 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 442.2 | 452.1 |
Long-term Debt, Fair Value | 463.6 | 466.2 |
Wholly Owned Subsidiaries [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0.8 | 1.4 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 260.6 | 265.4 |
Long-term Debt, Fair Value | 255.4 | 270.9 |
Wholly Owned Subsidiaries [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 0.4 | 0.4 |
Non-Recourse Debt, Gross of Issuance Cost, Net of Discount | 883 | 901 |
Long-term Debt, Fair Value | 881.1 | 904.9 |
Partially-Owned Subsidiaries [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | 1,251.7 | 1,278.4 |
Partially-Owned Subsidiaries [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized Debt Issuance Expense | 10 | 10.9 |
Non-Recourse Debt, Gross | 1,261.7 | 1,289.3 |
Non-Recourse Debt | 1,251.7 | 1,278.4 |
Long-term Debt, Fair Value | 1,245.7 | 1,358.4 |
Partially-Owned Subsidiaries [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 360.8 | 371.4 |
Long-term Debt, Fair Value | 353.2 | 374.4 |
Partially-Owned Subsidiaries [Member] | TRIP Master Funding Secured Railcar Equipment Notes [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt, Gross | 900.9 | 917.9 |
Long-term Debt, Fair Value | $ 892.5 | 984 |
Revolving Credit Facility [Member] | Line of Credit [Member] | Corporate Segment [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | |
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | $ 130 | 125 |
Long-term Debt, Fair Value | $ 130 | 125 |
Revolving Credit Facility [Member] | TILC [Member] | TILC Warehouse Facility [Member] | Line of Credit [Member] | Railcar Leasing and Management Services Group [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 1.78% | |
Long-term Line of Credit | $ 482.5 | 353.4 |
Long-term Debt, Fair Value | $ 482.5 | $ 353.4 |
Debt - Remaining principal paym
Debt - Remaining principal payments under existing debt agreements (Details) $ in Millions | Jun. 30, 2020USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 96.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 211.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 655.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 323.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 758.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 2,814.4 |
Long-term Debt, Gross | 4,859.7 |
Corporate Segment [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 130 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 400 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | 530 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | 2009 Secured Railcar Equipment Notes [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 3.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 13.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 14 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 11.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 14.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 87.6 |
Long-term Debt, Gross | 144.9 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | 2010 Secured Railcar Equipment Notes [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 9.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 20.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 22.4 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 18.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 152.1 |
Long-term Debt, Gross | 243.8 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | 2018 Secured Railcar Equipment Notes [Domain] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 10 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 20 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 352.4 |
Long-term Debt, Gross | 442.4 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | TRIHC 2018 Secured Railcar Equipment Notes [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 5.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 11.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 9.3 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 11.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 14.7 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 208.7 |
Long-term Debt, Gross | 261.4 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | 2019 Secured Railcar Equipment Notes [Domain] [Domain] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 18.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 38 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 37 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 35.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 36.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 718.3 |
Long-term Debt, Gross | 883.4 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | TRL 2012 Secured Railcar Equipment Notes - RIV 2013 [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 9.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 19.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 19.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 22 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 28.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 260.8 |
Long-term Debt, Gross | 360.8 |
Railcar Leasing and Management Services Group [Member] | Secured Debt [Member] | TRIP Master Funding Secured Railcar Equipment Notes [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 15.9 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 40.5 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 41.8 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 37 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 191.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 574.1 |
Long-term Debt, Gross | 900.9 |
Railcar Leasing and Management Services Group [Member] | Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 16.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 33.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 33.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 33.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 33.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 460.4 |
Long-term Debt, Gross | 609.6 |
Railcar Leasing and Management Services Group [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | TILC Warehouse Facility [Member] | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 7.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 15.2 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 2.6 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | 25.4 |
Railcar Leasing and Management Services Group [Member] | Line of Credit [Member] | Revolving Credit Facility [Member] | Facility termination payments – TILC warehouse facility | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Two | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Three | 457.1 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Four | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal in Year Five | 0 |
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | 0 |
Long-term Debt, Gross | $ 457.1 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | Jul. 17, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Gain (Loss) on Extinguishment of Debt | $ 5 | $ 0 | ||
Corporate Segment [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 529.8 | $ 524.8 | ||
Corporate Segment [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | $ 399.8 | 399.8 | ||
Corporate Segment [Member] | Senior Notes [Member] | 4.55% Senior Notes Due October 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.55% | |||
Corporate Segment [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 450 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 200 | |||
Proceeds from Lines of Credit | 280 | |||
Repayments of Lines of Credit | 275 | |||
Long-term Debt, Net of Unamortized Discount, Gross of Unamortized Debt Issuance Costs | 130 | 125 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 284.5 | |||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | |||
Line of Credit Facility, Interest Rate at Period End | 0.20% | |||
Corporate Segment [Member] | Letter of Credit [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of Credit Outstanding, Amount | $ 35.5 | |||
Railcar Leasing and Management Services Group [Member] | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | $ 4,297.4 | 4,359.1 | ||
TILC [Member] | Railcar Leasing and Management Services Group [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | TILC Warehouse Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.78% | |||
Debt Instrument, Face Amount | $ 750 | |||
Borrowings on Warehouse Loan Facility | 168.5 | |||
Repayments on Warehouse Loan Facility | 39.4 | |||
Long-term Line of Credit | 482.5 | 353.4 | ||
Line of Credit Facility, Remaining Borrowing Capacity Exclusive of Current Restrictions | 267.5 | |||
Wholly-owned subsidiaries | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | 3,045.7 | 3,080.7 | ||
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | ||||
Debt Instrument [Line Items] | ||||
Non-Recourse Debt | $ 3,045.7 | $ 3,080.7 | ||
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | 2006 Secured Railcar Equipment Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 5.90% | |||
Extinguishment of Debt, Amount | $ 104.7 | |||
Gain (Loss) on Extinguishment of Debt | 5 | |||
Redemption Premium | 4.7 | |||
Amortization of Debt Issuance Costs | $ 0.3 | |||
Wholly-owned subsidiaries | Railcar Leasing and Management Services Group [Member] | Promissory Notes [Member] | 2017 Secured Railcar Equipment Notes [Member] [Domain] | Subsequent Event [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 1.50% | |||
Proceeds from Issuance of Debt | $ 225 | |||
Non-Recourse Debt | 831.8 | |||
Repayments of Long-term Lines of Credit | $ 48.3 | |||
Minimum | Corporate Segment [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 0.175% | |||
Maximum | Corporate Segment [Member] | Revolving Credit Facility [Member] | Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Interest Rate at Period End | 0.30% |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2017 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||
Tax Adjustments, Settlements, and Unusual Provisions | $ 166 | |||||
Effective Income Tax Rate Reconciliation, Percent | 20.00% | 27.30% | 63.60% | 25.10% | ||
Income Taxes Paid, Net | $ 4.4 | |||||
Income tax receivable | $ 463 | 463 | $ 14.7 | |||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | $ 303.3 |
Employee Retirement Plans - Com
Employee Retirement Plans - Components of net retirement cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 0 | $ 0.1 | $ 0 | $ 0.1 |
Interest | 3.7 | 4.9 | 7.4 | 9.8 |
Expected return on plan assets | (5.2) | (5.8) | (10.4) | (11.5) |
Amortization of actuarial loss | 1.5 | 1.1 | 3 | 2.2 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 0.3 | 0 | 0.6 | 0 |
Net periodic benefit cost | 0.3 | 0.3 | 0.6 | 0.6 |
Profit sharing | 1.9 | 3 | 4.6 | 5.2 |
Net expense | 2.2 | 3.3 | 5.2 | 5.8 |
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.2 | $ 0 | $ 0.5 | $ 0.2 |
Employee Retirement Plans - Nar
Employee Retirement Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0.2 | $ 0 | $ 0.5 | $ 0.2 | ||||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | 1.1 | 1.1 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,160.4) | $ (2,529.6) | (2,160.4) | $ (2,529.6) | $ (2,466.1) | $ (2,378.9) | $ (2,565.1) | $ (2,562) |
Defined Benefit Plan, Expected Future Benefit Payment, Year Two | 15 | 15 | ||||||
Minimum | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | 155 | 155 | ||||||
Maximum | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months | $ 185 | $ 185 | ||||||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (170.1) | |||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (131.2) |
Restructuring Activities (Detai
Restructuring Activities (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||
Impaired Assets to be Disposed of by Method Other than Sale, Fair Value of Asset | $ 191.7 | $ 191.7 | |||
Impaired Assets to be Disposed of by Method Other than Sale, Carrying Value of Asset | 550 | 550 | |||
Impairment of Long-Lived Assets Held-for-use | 358.3 | ||||
Operating Lease, Impairment Loss | 11.1 | ||||
Restructuring Reserve | 0.5 | 0.5 | $ 3.4 | ||
Severance Costs | 0 | 4.1 | |||
Restructuring and Related Cost, Incurred Cost | 4.1 | ||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 5.2 | $ 0 | ||
Gain (Loss) on Disposition of Assets | 0.3 | (3.5) | |||
Tangible Asset Impairment Charges | 1.7 | ||||
Payments for Restructuring | (7) | ||||
Restructuring Charges | (0.3) | $ 0 | (5.8) | $ 0 | |
Employee Severance [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 0.5 | 0.5 | |||
Operating Segments [Member] | Railcar Leasing and Management Services Group [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance Costs | 0 | 0 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |||
Gain (Loss) on Disposition of Assets | 0 | 0 | |||
Restructuring Charges | 0 | 0 | |||
Operating Segments [Member] | Rail Products Group [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance Costs | 0 | 2.6 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |||
Gain (Loss) on Disposition of Assets | 0 | 0 | |||
Restructuring Charges | 0 | (2.6) | |||
Operating Segments [Member] | Other Segments [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance Costs | 0 | 0.1 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | |||
Gain (Loss) on Disposition of Assets | 0.3 | (3.5) | |||
Restructuring Charges | (0.3) | (3.4) | |||
Operating Segments [Member] | Corporate, Non-Segment [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Severance Costs | 0 | 1.4 | |||
Impairment of Long-Lived Assets to be Disposed of | 0 | 5.2 | |||
Gain (Loss) on Disposition of Assets | 0 | 0 | |||
Restructuring Charges | $ 0 | $ (6.6) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in accumulated other comprehensive loss (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (172.3) | $ (172.3) | $ (153.1) | ||||
Changes in accumulated other comprehensive loss | |||||||
Other comprehensive loss, net of tax, before reclassifications | (27.3) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 8.7 | ||||||
Reclassification from AOCI, Current Period, Tax | 2.5 | ||||||
Less: noncontrolling interest | (4.6) | $ 23.2 | $ 6.2 | $ 3.8 | 18.6 | $ 10 | |
Other comprehensive income (loss) | (19.2) | ||||||
Currency translation adjustments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (1.3) | (1.3) | (1.3) | ||||
Changes in accumulated other comprehensive loss | |||||||
Other comprehensive loss, net of tax, before reclassifications | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | ||||||
Reclassification from AOCI, Current Period, Tax | 0 | ||||||
Other comprehensive income (loss) | 0 | ||||||
Unrealized gain/(loss) on derivative financial instruments | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (39.9) | (39.9) | (17.9) | ||||
Changes in accumulated other comprehensive loss | |||||||
Other comprehensive loss, net of tax, before reclassifications | (27.3) | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5.9 | ||||||
Reclassification from AOCI, Current Period, Tax | 1.7 | ||||||
Other comprehensive income (loss) | (22) | ||||||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest [Member] | |||||||
Changes in accumulated other comprehensive loss | |||||||
Less: noncontrolling interest | (0.6) | ||||||
Net actuarial gains/(losses) and prior service costs of defined benefit plans | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (131.1) | (131.1) | (133.9) | ||||
Changes in accumulated other comprehensive loss | |||||||
Other comprehensive loss, net of tax, before reclassifications | 0 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 2.8 | ||||||
Reclassification from AOCI, Current Period, Tax | 0.8 | ||||||
Other comprehensive income (loss) | 2.8 | ||||||
Noncontrolling Interest [Member] | |||||||
Changes in accumulated other comprehensive loss | |||||||
Less: noncontrolling interest | (0.3) | (0.3) | (0.3) | (0.3) | (0.6) | ||
Accumulated Other Comprehensive Loss | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (172.3) | $ (172.3) | $ (153.1) | ||||
Changes in accumulated other comprehensive loss | |||||||
Less: noncontrolling interest | $ (4.3) | $ 23.5 | $ 6.5 | $ 4.1 |
Common Stock and Stock-Based _5
Common Stock and Stock-Based Compensation Stockholders Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | |
Share Repurchases [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 350 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 13,700,000 | ||||||
Treasury Stock, Shares, Acquired | 866,715 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 35.4 | $ 44 | $ 19 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 89.9 | $ 89.9 | $ 125.3 | $ 186.1 | 287 | 331 | $ 287 |
Total Shares Repurchased Under Program | 12,954,794 | ||||||
Total Shares Repurchased Under Program, Value | $ 260.1 | ||||||
Share-based Payment Arrangement, Accelerated Cost | $ 70 | ||||||
Additional Paid-in Capital [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 2,600,000 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 70 | |||||
Treasury Stock [Member] | |||||||
Share Repurchases [Line Items] | |||||||
Treasury Stock, Shares, Acquired | 0 | 1,850,000 | 2,933,474 | 5,171,489 | 2,133,116 | 3,500,000 | |
Treasury Stock, Value, Acquired, Cost Method | $ 0 | $ 35.4 | $ 60.8 | $ 100.9 | $ 44 | $ 89 |
Common Stock and Stock-Based _6
Common Stock and Stock-Based Compensation Stock-based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Payment Arrangement, Expense | $ 7.6 | $ 7.3 | $ 7.5 | $ 5.5 | $ 14.9 | $ 13 |
Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 300,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 5.26 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 21.61 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.48% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 35.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 3.42% | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 975,900 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.57 | |||||
Restricted Share Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,740 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 18.18 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 444,252 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.31 | |||||
Minimum | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Maximum | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Earnings Per Common Share - EPS
Earnings Per Common Share - EPS calculation (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 5.5 | 5.6 | 5.5 | 5.5 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (287.8) | $ 37.6 | $ (125.3) | $ 68.8 |
Net Income (Loss) Attributable to Noncontrolling Interest | 80.9 | (0.4) | 80.3 | 0.1 |
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | 0 | (0.3) | 0 | (0.9) |
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic | (206.9) | 36.9 | (45) | 68 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | (0.8) | (0.2) | (1.9) |
Undistributed Discontinued Operation Earnings (Loss), Allocation to Participating Securities, Basic | 0 | 0 | 0 | 0 |
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic | 0 | (0.8) | (0.2) | (1.9) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (206.9) | $ 36.1 | $ (45.2) | $ 66.1 |
Income (Loss) from Continuing Operations, Per Basic Share | $ (1.76) | $ 0.29 | $ (0.38) | $ 0.53 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share | 0 | (0.01) | 0 | (0.02) |
Net income attributable to Trinity Industries, Inc. - basic, EPS (in dollars per share) | (1.76) | 0.28 | (0.38) | 0.51 |
Income (Loss) from Continuing Operations, Per Diluted Share | (1.76) | 0.29 | (0.38) | 0.52 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share | 0 | (0.01) | 0 | (0.01) |
Net income attributable to Trinity Industries, Inc. - diluted, EPS (in dollars per share) | $ (1.76) | $ 0.28 | $ (0.38) | $ 0.51 |
Computation of basic and diluted net income attributable to Trinity Industries, Inc | ||||
Weighted Average Number of Shares Outstanding, Basic | 117.3 | 127.6 | 117.6 | 129 |
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 1.6 | 0 | 1.7 |
Weighted Average Number of Shares Outstanding, Diluted, Total | 117.3 | 129.2 | 117.6 | 130.7 |
Restricted Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0.6 | 0 | 0 |
Share-based Payment Arrangement, Option [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 |
Contingencies - Narrative (Deta
Contingencies - Narrative (Details) - USD ($) $ in Millions | Jun. 09, 2015 | Jun. 30, 2020 |
Loss Contingencies [Line Items] | ||
Loss Contingency, Receivable | $ 13.3 | |
Accrued Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 16.4 | |
Highway Products Litigation | False Claims Act, USA | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Judgment Entered, Value | $ 682.4 | |
Highway Products Litigation | State, County, and Municipal Actions [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 0 | |
Environmental and Workplace Matters [Member] | ||
Loss Contingencies [Line Items] | ||
Loss Contingency Accrual | 1.2 | |
Minimum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 14.5 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 22.7 |