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Section 1: 10-Q (10-Q)

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________ .
Commission File Number 1-6903
398891029_trnlogoverticalhrblaca02.jpg
(Exact name of registrant as specified in its charter)
Delaware
75-0225040
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
2525 N. Stemmons Freeway
 
Dallas,
Texas
75207-2401
(Address of principal executive offices)
(Zip Code)
(214) 631-4420
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange
on which registered
Common Stock
TRN
New York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes þ  No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes þ   No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer þ Accelerated filer ¨ Non-accelerated filer ¨
Smaller reporting company  Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No þ
At July 18, 2019, the number of shares of common stock, $0.01 par value, outstanding was 127,874,316.




TRINITY INDUSTRIES, INC.
FORM 10-Q
TABLE OF CONTENTS
 
Caption
Page
 
 
 
 
 
 
 
 




2

Table of Contents

PART I
Item 1. Financial Statements
Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Operations
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions, except per share amounts)
Revenues:
 
 
 
 
 
 
 
Manufacturing
$
459.1

 
$
420.8

 
$
863.7

 
$
779.7

Leasing
276.9

 
213.2

 
477.1

 
387.5

 
736.0

 
634.0

 
1,340.8

 
1,167.2

Operating costs:
 
 
 
 
 
 
 
Cost of revenues:
 
 
 
 
 
 
 
Manufacturing
399.6

 
363.4

 
751.2

 
669.9

Leasing
178.9

 
118.5

 
290.7

 
211.9

 
578.5

 
481.9

 
1,041.9

 
881.8

Selling, engineering, and administrative expenses:
 
 
 
 
 
 
 
Manufacturing
26.5

 
23.1

 
49.7

 
46.6

Leasing
12.7

 
12.6

 
25.5

 
24.8

Other
30.6

 
39.9

 
54.2

 
77.6

 
69.8

 
75.6

 
129.4

 
149.0

Gains on dispositions of property:
 
 
 
 
 
 
 
Net gains on railcar lease fleet sales owned more than one year at the time of sale
18.7

 
9.5

 
26.6

 
11.6

Other
0.6

 
2.0

 
2.7

 
2.1

 
19.3

 
11.5

 
29.3

 
13.7

Total operating profit
107.0

 
88.0

 
198.8

 
150.1

Other (income) expense:
 
 
 
 
 
 
 
Interest income
(1.6
)
 
(3.7
)
 
(2.9
)
 
(7.6
)
Interest expense
57.0

 
43.8

 
109.7

 
90.1

Other, net
(0.1
)
 
(1.9
)
 
0.2

 
(3.1
)
 
55.3

 
38.2

 
107.0

 
79.4

Income from continuing operations before income taxes
51.7

 
49.8

 
91.8

 
70.7

Provision for income taxes
14.1

 
12.5

 
23.0

 
18.2

Income from continuing operations
37.6

 
37.3

 
68.8

 
52.5

Income (loss) from discontinued operations, net of provision (benefit) for income taxes of $(0.3), $8.1, $(0.5), and $17.2
(0.8
)
 
28.2

 
(1.9
)
 
54.6

Net income
36.8

 
65.5

 
66.9

 
107.1

Net income (loss) attributable to noncontrolling interest
0.4

 
1.4

 
(0.1
)
 
2.8

Net income attributable to Trinity Industries, Inc.
$
36.4

 
$
64.1

 
$
67.0

 
$
104.3

 
 
 
 
 
 
 
 
Basic earnings per common share:

 
 
 

 
 
Income from continuing operations
$
0.29

 
$
0.24

 
$
0.53

 
$
0.33

Income (loss) from discontinued operations
(0.01
)
 
0.19

 
(0.02
)
 
0.37

Basic net income attributable to Trinity Industries, Inc.
$
0.28

 
$
0.43

 
$
0.51

 
$
0.70

Diluted earnings per common share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.29

 
$
0.24

 
$
0.52

 
$
0.32

Income (loss) from discontinued operations
(0.01
)
 
0.19

 
(0.01
)
 
0.36

Diluted net income attributable to Trinity Industries, Inc.
$
0.28

 
$
0.43

 
$
0.51

 
$
0.68

Weighted average number of shares outstanding:
 
 
 
 
 
 
 
Basic
127.6

 
146.2

 
129.0

 
146.7

Diluted
129.2

 
147.0

 
130.7

 
150.2

See accompanying notes to Consolidated Financial Statements.

3

Table of Contents

Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(unaudited)
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2019
 
2018
 
2019
 
2018
 
(in millions)
Net income
$
36.8

 
$
65.5

 
$
66.9

 
$
107.1

Other comprehensive income (loss):
 
 
 
 
 
 
 
Derivative financial instruments:
 
 
 
 
 
 
 
Unrealized losses arising during the period, net of tax benefit of $2.4, $0.2, $4.2, and $-
(8.0
)
 
(0.9
)
 
(13.5
)
 
(0.1
)
Reclassification adjustments for losses included in net income, net of tax expense (benefit) of $-, $(0.2), $(0.4), and $0.1
1.0

 
0.3

 
1.9

 
1.3

Currency translation adjustment

 
(0.8
)
 

 
(1.5
)
Defined benefit plans:
 
 
 
 
 
 
 
Amortization of net actuarial losses, net of tax benefit of $0.3, $0.2, $0.6, and $0.6
0.8

 
0.9

 
1.6

 
1.7

 
(6.2
)
 
(0.5
)
 
(10.0
)
 
1.4

Comprehensive income
30.6

 
65.0

 
56.9

 
108.5

Less: comprehensive income attributable to noncontrolling interest
0.7

 
1.8

 
0.5

 
3.6

Comprehensive income attributable to Trinity Industries, Inc.
$
29.9

 
$
63.2

 
$
56.4

 
$
104.9

See accompanying notes to Consolidated Financial Statements.

4

Table of Contents

Trinity Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
 
June 30,
2019
 
December 31,
2018
 
(unaudited)
 
 
 
(in millions)
ASSETS
 
 
 
Cash and cash equivalents
$
102.8

 
$
179.2

Receivables, net of allowance
351.7

 
276.6

Income tax receivable
21.0

 
40.4

Inventories:
 
 
 
Raw materials and supplies
333.7

 
342.5

Work in process
194.2

 
119.3

Finished goods
72.6

 
62.9

 
600.5

 
524.7

Restricted cash, including partially-owned subsidiaries of $30.8 and $36.6
113.7

 
171.6

Property, plant, and equipment, at cost, including partially-owned subsidiaries of $2,048.3 and $2,032.0
8,882.5

 
8,253.4

Less accumulated depreciation, including partially-owned subsidiaries of $499.8 and $472.0
(2,012.9
)
 
(1,919.0
)
 
6,869.6

 
6,334.4

Goodwill
208.8

 
208.8

Other assets
307.8

 
253.5

 
$
8,575.9

 
$
7,989.2

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Accounts payable
$
217.7

 
$
212.1

Accrued liabilities
346.3

 
368.3

Debt:
 
 
 
Recourse
397.6

 
397.4

Non-recourse:
 
 
 
Wholly-owned subsidiaries
2,919.4

 
2,316.6

Partially-owned subsidiaries
1,298.9

 
1,315.2

 
4,615.9

 
4,029.2

Deferred income

 
17.7

Deferred income taxes
769.0

 
743.1

Other liabilities
97.4

 
56.8

 
6,046.3

 
5,427.2

Stockholders’ equity:
 
 
 
Preferred stock – 1.5 shares authorized and unissued

 

Common stock – 400.0 shares authorized
1.3

 
1.3

Capital in excess of par value

 
1.2

Retained earnings
2,305.8

 
2,326.1

Accumulated other comprehensive loss
(127.4
)
 
(116.8
)
Treasury stock
(0.9
)
 
(1.0
)
 
2,178.8

 
2,210.8

Noncontrolling interest
350.8

 
351.2

 
2,529.6

 
2,562.0

 
$
8,575.9

 
$
7,989.2

See accompanying notes to Consolidated Financial Statements.

5

Table of Contents

Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
 
Six Months Ended
June 30,
 
2019
 
2018
 
(in millions)
Operating activities:

 

Net income
$
66.9

 
$
107.1

(Income) loss from discontinued operations, net of income taxes
1.9

 
(54.6
)
Adjustments to reconcile net income to net cash provided by operating activities:

 

Depreciation and amortization
138.1

 
119.7

Stock-based compensation expense
13.0

 
14.2

Provision for deferred income taxes
22.8

 
19.0

Net gains on railcar lease fleet sales owned more than one year at the time of sale
(26.6
)
 
(11.6
)
Gains on dispositions of property and other assets
(2.7
)
 
(2.1
)
Non-cash interest expense
7.2

 
12.6

Other
(1.9
)
 
(0.6
)
Changes in operating assets and liabilities:

 

(Increase) decrease in receivables
(55.7
)
 
11.0

(Increase) decrease in inventories
(75.8
)
 
41.9

(Increase) decrease in other assets
(33.0
)
 
(26.8
)
Increase (decrease) in accounts payable
5.6

 
14.4

Increase (decrease) in accrued liabilities
(51.7
)
 
(25.9
)
Increase (decrease) in other liabilities
(5.2
)
 
1.5

Net cash provided by operating activities - continuing operations
2.9

 
219.8

Net cash provided by operating activities - discontinued operations

 
128.5

Net cash provided by operating activities
2.9

 
348.3



 

Investing activities:

 

Decrease in short-term marketable securities

 
294.5

Proceeds from dispositions of property and other assets
14.3

 
4.4

Proceeds from railcar lease fleet sales owned more than one year at the time of sale
99.9

 
56.4

Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $91.8 and $24.8
(690.9
)
 
(503.2
)
Capital expenditures – manufacturing and other
(34.0
)
 
(13.5
)
Other
(1.2
)
 
1.3

Net cash used in investing activities - continuing operations
(611.9
)
 
(160.1
)
Net cash used in investing activities - discontinued operations

 
(44.3
)
Net cash used in investing activities
(611.9
)
 
(204.4
)


 

Financing activities:

 

Payments to retire debt
(1,044.9
)
 
(674.5
)
Proceeds from issuance of debt
1,626.9

 
478.0

Shares repurchased
(59.0
)
 
(102.2
)
Dividends paid to common shareholders
(39.5
)
 
(39.3
)
Purchase of shares to satisfy employee tax on vested stock
(7.9
)
 
(11.3
)
Distributions to noncontrolling interest
(0.9
)
 
(10.3
)
Other

 
(3.2
)
Net cash provided by (used in) financing activities
474.7

 
(362.8
)
Net decrease in cash, cash equivalents, and restricted cash
(134.3
)
 
(218.9
)
Cash, cash equivalents, and restricted cash at beginning of period
350.8

 
973.8

Cash, cash equivalents, and restricted cash at end of period
$
216.5

 
$
754.9

See accompanying notes to Consolidated Financial Statements.

6

Table of Contents

Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Stockholders' Equity
(unaudited)
 
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Trinity
Stockholders’
Equity
 
Noncontrolling
Interest
 
Total
Stockholders’
Equity
 
 
Shares
 
$0.01 Par Value
 
 
 
 
Shares
 
Amount
 
 
 
 
 
(in millions, except par value and per common share amounts)
Balances at
December 31, 2018
 
133.3

 
$
1.3

 
$
1.2

 
$
2,326.1

 
$
(116.8
)
 
(0.1
)
 
$
(1.0
)
 
$
2,210.8

 
$
351.2

 
$
2,562.0

Net income
 

 

 

 
30.6

 

 

 

 
30.6

 
(0.5
)
 
30.1

Other comprehensive (loss) income
 

 

 

 

 
(4.1
)
 

 

 
(4.1
)
 
0.3

 
(3.8
)
Cash dividends declared on common stock
    ($0.17 per common share)
 

 

 

 
(22.3
)
 

 

 

 
(22.3
)
 

 
(22.3
)
Stock-based compensation expense
 

 

 
5.5

 

 

 

 

 
5.5

 

 
5.5

Shares repurchased
 

 

 
70.0

 

 

 
(3.5
)
 
(89.0
)
 
(19.0
)
 

 
(19.0
)
Other restricted share activity
 

 

 
0.6

 

 

 

 
(1.1
)
 
(0.5
)
 

 
(0.5
)
Distributions to noncontrolling interest
 

 

 

 

 

 

 

 

 
(0.4
)
 
(0.4
)
Cumulative effect of adopting new accounting standard
 

 

 

 
13.7

 

 

 

 
13.7

 

 
13.7

Other
 

 

 

 
(0.2
)
 

 

 

 
(0.2
)
 

 
(0.2
)
Balances at
March 31, 2019
 
133.3

 
$
1.3

 
$
77.3

 
$
2,347.9

 
$
(120.9
)
 
(3.6
)
 
$
(91.1
)
 
$
2,214.5

 
$
350.6

 
$
2,565.1

Net income
 

 

 

 
36.4

 

 

 

 
36.4

 
0.4

 
36.8

Other comprehensive (loss) income
 

 

 

 

 
(6.5
)
 

 

 
(6.5
)
 
0.3

 
(6.2
)
Cash dividends declared on common stock
    ($0.17 per common share)
 

 

 

 
(21.6
)
 

 

 

 
(21.6
)
 

 
(21.6
)
Stock-based compensation expense
 

 

 
7.5

 

 

 

 

 
7.5

 

 
7.5

Shares repurchased
 

 

 

 

 

 
(2.1
)
 
(44.0
)
 
(44.0
)
 

 
(44.0
)
Other restricted share activity
 
0.7

 

 
1.0

 

 

 
(0.5
)
 
(8.5
)
 
(7.5
)
 

 
(7.5
)
Distributions to noncontrolling interest
 

 

 

 

 

 

 

 

 
(0.5
)
 
(0.5
)
Retirement of treasury stock
 
(6.1
)
 

 
(85.8
)
 
(56.9
)
 

 
6.1

 
142.7

 

 

 

Balances at
June 30, 2019
 
127.9

 
$
1.3

 
$

 
$
2,305.8

 
$
(127.4
)
 
(0.1
)
 
$
(0.9
)
 
$
2,178.8

 
$
350.8

 
$
2,529.6


7

Table of Contents

 
 
Common
Stock
 
Capital in
Excess of
Par Value
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Treasury
Stock
 
Trinity
Stockholders’
Equity
 
Noncontrolling
Interest
 
Total
Stockholders’
Equity
 
 
Shares
 
$0.01 Par Value
 
 
 
 
Shares
 
Amount
 
 
 
 
 
(in millions, except par value and per common share amounts)
Balances at
   December 31, 2017
 
150.9

 
$
1.6

 
$
482.5

 
$
4,123.4

 
$
(104.8
)
 
(0.1
)
 
$
(1.6
)
 
$
4,501.1

 
$
356.9

 
$
4,858.0

Net income
 

 

 

 
40.2

 

 

 

 
40.2

 
1.4

 
41.6

Other comprehensive income
 

 

 

 

 
1.5

 

 

 
1.5

 
0.4

 
1.9

Cash dividends declared on common stock
    ($0.13 per common share)
 

 

 

 
(19.4
)
 

 

 

 
(19.4
)
 

 
(19.4
)
Stock-based compensation expense
 

 

 
6.2

 

 

 

 

 
6.2

 

 
6.2

Shares repurchased
 

 

 

 

 

 
(1.5
)
 
(50.0
)
 
(50.0
)
 

 
(50.0
)
Stock options exercised
 

 

 
0.1

 

 

 

 

 
0.1

 

 
0.1

Other restricted share activity
 

 

 
3.9

 

 

 
(0.1
)
 
(1.9
)
 
2.0

 

 
2.0

Distributions to noncontrolling interest
 

 

 

 

 

 

 

 

 
(5.8
)
 
(5.8
)
Cumulative effect of adopting new accounting standard
 

 

 

 
18.7

 
(18.7
)
 

 

 

 

 

Balances at
   March 31, 2018
 
150.9

 
$
1.6

 
$
492.7

 
$
4,162.9

 
$
(122.0
)
 
(1.7
)
 
$
(53.5
)
 
$
4,481.7

 
$
352.9

 
$
4,834.6

Net income
 

 

 

 
64.1

 

 

 

 
64.1

 
1.4

 
65.5

Other comprehensive income
 

 

 

 

 
(0.9
)
 

 

 
(0.9
)
 
0.4

 
(0.5
)
Cash dividends declared on common stock
    ($0.13 per common share)
 

 

 

 
(19.6
)
 

 

 

 
(19.6
)
 

 
(19.6
)
Stock-based compensation expense
 

 

 
8.0

 

 

 

 

 
8.0

 

 
8.0

Shares repurchased
 

 

 

 

 

 
(1.5
)
 
(50.1
)
 
(50.1
)
 

 
(50.1
)
Other restricted share activity
 
0.2