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Section 1: 10-Q (10-Q)

trn-20200630
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UNITED STATES SECURITIES AND EXCHANGE CO.
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, 2020
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
404717794_trn-20200630_g1.jpg
(Exact name of registrant as specified in its charter)
Delaware75-0225040
(State or Other Jurisdiction of Incorporation or Organization)(I.R.S. Employer Identification No.)
2525 N. Stemmons Freeway
Dallas,Texas75207-2401
(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 StockTRNNew 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 17, 2020, the number of shares of common stock, $0.01 par value, outstanding was 118,661,510.



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



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,
 2020201920202019
 (in millions, except per share amounts)
Revenues:
Manufacturing$316.6  $459.1  $695.7  $863.7  
Leasing192.6  276.9  428.7  477.1  
509.2  736.0  1,124.4  1,340.8  
Operating costs:
Cost of revenues:
Manufacturing293.7  399.6  637.1  751.2  
Leasing102.9  178.9  241.5  290.7  
396.6  578.5  878.6  1,041.9  
Selling, engineering, and administrative expenses:
Manufacturing19.6  26.5  41.5  49.7  
Leasing13.0  12.7  27.3  25.5  
Other24.2  30.6  52.3  54.2  
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  
Other0.9  0.6  1.8  2.7  
6.6  19.3  16.2  29.3  
Impairment of long-lived assets369.4    369.4    
Restructuring activities, net0.3    5.8    
Total operating profit (loss)(307.3) 107.0  (234.3) 198.8  
Other (income) expense:
Interest income  (1.6) (2.4) (2.9) 
Interest expense53.0  57.0  114.3  109.7  
Other, net(0.7) (0.1) (1.5) 0.2  
52.3  55.3  110.4  107.0  
Income (loss) from continuing operations before income taxes(359.6) 51.7  (344.7) 91.8  
Provision (benefit) for income taxes:
Current(79.7) 1.0  (452.5) 0.2  
Deferred7.9  13.1  233.1  22.8  
(71.8) 14.1  (219.4) 23.0  
Income (loss) from continuing operations(287.8) 37.6  (125.3) 68.8  
Loss from discontinued operations, net of benefit for income taxes of $, $0.3, $0.1, and $0.5
  (0.8) (0.2) (1.9) 
Net income (loss)(287.8) 36.8  (125.5) 66.9  
Net income (loss) attributable to noncontrolling interest
(80.9) 0.4  (80.3) (0.1) 
Net income (loss) attributable to Trinity Industries, Inc.$(206.9) $36.4  $(45.2) $67.0  
Basic earnings per common share:
Income (loss) from continuing operations$(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  
Weighted average number of shares outstanding:
Basic117.3  127.6  117.6  129.0  
Diluted117.3  129.2  117.6  130.7  
See accompanying notes to Consolidated Financial Statements.
3

Table of Contents
Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
 (in millions)
Net income (loss)$(287.8) $36.8  $(125.5) $66.9  
Other comprehensive income (loss):
Derivative financial instruments:
Unrealized losses arising during the period, net of tax benefit of $0.5, $2.4, $8.2, and $4.1
(1.7) (8.0) (27.3) (13.5) 
Reclassification adjustments for losses included in net income, net of tax benefit of $1.2, $, $1.7, and $0.4
4.9  1.0  5.9  1.9  
Defined benefit plans:
Amortization of prior service cost, net of tax benefit of $0.1, $, $0.2, and $
0.2    0.4    
Amortization of net actuarial losses, net of tax benefit of $0.3, $0.3, $0.6, and $0.6
1.2  0.8  2.4  1.6  
4.6  (6.2) (18.6) (10.0) 
Comprehensive income (loss)(283.2) 30.6  (144.1) 56.9  
Less: comprehensive income (loss) attributable to noncontrolling interest
(80.6) 0.7  (79.7) 0.5  
Comprehensive income (loss) attributable to Trinity Industries, Inc.
$(202.6) $29.9  $(64.4) $56.4  
See accompanying notes to Consolidated Financial Statements.
4

Table of Contents
Trinity Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2020December 31, 2019
(unaudited)
 (in millions)
ASSETS
Cash and cash equivalents$157.0  $166.2  
Receivables, net of allowance226.9  260.1  
Income tax receivable463.0  14.7  
Inventories:
Raw materials and supplies229.8  263.4  
Work in process89.3  108.8  
Finished goods102.4  61.2  
421.5  433.4  
Restricted cash, including partially-owned subsidiaries of $27.7 and $33.0
136.9  111.4  
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,923.8 and $2,065.3
8,939.5  9,272.5  
Less accumulated depreciation, including partially-owned subsidiaries of $499.7 and $527.7
(2,155.1) (2,161.9) 
6,784.4  7,110.6  
Goodwill208.8  208.8  
Other assets266.9  396.2  
Total assets$8,665.4  $8,701.4  
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$188.2  $203.9  
Accrued liabilities325.6  342.1  
Debt:
Recourse528.0  522.8  
Non-recourse:
Wholly-owned subsidiaries3,045.7  3,080.7  
Partially-owned subsidiaries1,251.7  1,278.4  
4,825.4  4,881.9  
Deferred income taxes1,026.4  798.3  
Other liabilities139.4  96.3  
Total liabilities6,505.0  6,322.5  
Preferred stock – 1.5 shares authorized and unissued
    
Common stock – 400.0 shares authorized
1.2  1.2  
Capital in excess of par value    
Retained earnings2,063.3  2,182.9  
Accumulated other comprehensive loss(172.3) (153.1) 
Treasury stock (0.9) (0.9) 
1,891.3  2,030.1  
Noncontrolling interest269.1  348.8  
Total stockholders' equity2,160.4  2,378.9  
Total liabilities and stockholders' equity$8,665.4  $8,701.4  
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,
 20202019
 (in millions)
Operating activities:
Net income (loss)$(125.5) $66.9  
Loss from discontinued operations, net of income taxes0.2  1.9  
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization134.6  138.1  
Stock-based compensation expense14.9  13.0  
Provision for deferred income taxes233.1  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 assets369.4    
Restructuring activities5.2    
Non-cash interest expense4.5  7.2  
Loss on early extinguishment of debt5.0    
Other(5.4) (0.8) 
Changes in operating assets and liabilities:
(Increase) decrease in receivables33.1  (75.1) 
(Increase) decrease in income tax receivable(448.3) 19.4  
(Increase) decrease in inventories11.9  (75.8) 
(Increase) decrease in other assets169.7  (33.0) 
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 operating activities – continuing operations327.8  4.0  
Net cash used in operating activities – discontinued operations(0.2) (1.1) 
Net cash provided by operating activities327.6  2.9  
Investing activities:
Proceeds from dispositions of property and other assets14.2  14.3  
Proceeds from railcar lease fleet sales owned more than one year at the time of sale
132.2  99.9  
Capital expenditures – leasing, net of sold lease fleet railcars owned one year or less with a net cost of $54.0 and $91.8
(259.5) (690.9) 
Capital expenditures – manufacturing and other(41.5) (34.0) 
Other  (1.2) 
Net cash used in investing activities(154.6) (611.9) 
Financing activities:
Payments to retire debt (618.3) (1,044.9) 
Proceeds from issuance of debt552.4  1,626.9  
Shares repurchased(35.4) (59.0) 
Dividends paid to common shareholders(46.4) (39.5) 
Purchase of shares to satisfy employee tax on vested stock(9.0) (7.9) 
Distributions to noncontrolling interest  (0.9) 
Net cash provided by (used in) financing activities(156.7) 474.7  
Net increase (decrease) in cash, cash equivalents, and restricted cash16.3  (134.3) 
Cash, cash equivalents, and restricted cash at beginning of period277.6  350.8  
Cash, cash equivalents, and restricted cash at end of period$293.9  $216.5  
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
SharesAmount
 (in millions, except par value and per common share amounts)
Balances at
December 31, 2019
119.7  $1.2  $  $2,182.9  $(153.1) (0.1) $(0.9) $2,030.1  $348.8  $2,378.9  
Net income—  —  —  161.7  —  —  —  161.7  0.6  162.3  
Other comprehensive (loss) income
—  —  —  —  (23.5) —  —  (23.5) 0.3  (23.2) 
Cash dividends declared on common stock (1)
—  —  —  (24.6) —  —  —  (24.6) —  (24.6) 
Stock-based compensation expense
—  —  7.3  —  —  —  —  7.3  —  7.3  
Shares repurchased—  —  —  —  —  (1.9) (35.4) (35.4) —  (35.4) 
Other restricted share activity
—  —  0.7  —  —    (0.9) (0.2) —  (0.2) 
Cumulative effect of adopting new accounting standard
—  —  —  0.5  —  —  —  0.5  —  0.5  
Other
—  —  —  0.5  —  —  —  0.5  —  0.5  
Balances at
March 31, 2020
119.7  $1.2  $8.0  $2,321.0  $(176.6) (2.0) $(37.2) $2,116.4  $349.7  $2,466.1  
Net income (loss)—  —  —  (206.9) —  —  —  (206.9) (80.9) (287.8) 
Other comprehensive income
—  —  —  —  4.3  —  —  4.3  0.3  4.6  
Cash dividends declared on common stock (1)
—  —  —  (20.6) —  —  —  (20.6) —  (20.6) 
Stock-based compensation expense
—  —  7.6  —  —  —  —  7.6  —  7.6  
Other restricted share activity
1.5  —  1.9  —  —  (0.6) (11.4) (9.5) —  (9.5) 
Retirement of treasury stock
(2.5) —  (17.5) (30.2) —  2.5  47.7    —    
Balances at
June 30, 2020
118.7  $1.2  $  $2,063.3  $(172.3) (0.1) $(0.9) $1,891.3  $269.1  $2,160.4  
(1) Dividends of $0.19 per common share for all periods presented in 2020.
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
SharesAmount
 (in millions, except par value and per common share amounts)
Balances at
December 31, 2018
133.3