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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the quarterly period ended May 31, 2024

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the transition period from ______ to ______

 

Commission File No. 1-13146

 

THE GREENBRIER COMPANIES, INC.

(Exact name of registrant as specified in its charter)

 

 

Oregon

93-0816972

(State of Incorporation)

(I.R.S. Employer Identification No.)

One Centerpointe Drive, Suite 200, Lake Oswego, OR

97035

(Address of principal executive offices)

(Zip Code)

 

(503) 684-7000

(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 without par value

 

GBX

 

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 ☒ 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 ☒ 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 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

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

 

The number of shares of the registrant’s common stock, without par value, outstanding on July 1, 2024 was 31,130,943 shares.

 

 

 

 

 


 

FORM 10-Q

 

Table of Contents

 

 

 

Page

 

Forward-Looking Statements

3

PART I.

FINANCIAL INFORMATION

5

   Item 1.

Condensed Consolidated Financial Statements

5

 

Condensed Consolidated Balance Sheets

5

 

Condensed Consolidated Statements of Income

6

 

Condensed Consolidated Statements of Comprehensive Income

7

 

Condensed Consolidated Statements of Equity

8

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements

10

   Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

   Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

   Item 4.

Controls and Procedures

45

PART II.

OTHER INFORMATION

47

   Item 1.

Legal Proceedings

47

   Item 1A.

Risk Factors

47

   Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

   Item 5.

Other Information

47

   Item 6.

Exhibits

48

 

Signatures

49

 

 

 

 

 

2


 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements. All statements, other than statements of historical fact included in this report, concerning our plans, objectives, goals, strategies, future events, future performance, financing needs, plans or intentions relating to business trends and other information referred to under "Management's Discussion and Analysis of Financial Condition and Results of Operations" are forward-looking statements. We use words such “affect,” “anticipate,” “assume,” “backlog,” “be,” “believe,” “can,” “contingent,” “conclude,” “continue,” “could,” “due to,” “estimate,” “expect,” “future,” “intend,” “likely,” “may,” “ongoing,” “opinion,” “optimize,” “plan,” “potential,” “schedule,” “trend,” “realize,” “result,” “seek,” “should,” “strategy,” “will,” “would,” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance.

 

Forward-looking statements are based on our current expectations and beliefs and on currently available operating, financial and market information and are subject to various risks and uncertainties, many of which, by their nature, are inherently uncertain and beyond our control. Our expectations and beliefs are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that our expectations or beliefs will result or be achieved and actual future results and trends may differ materially from what is expressed in or indicated by the forward-looking statements.

 

There are a number of risks, uncertainties and other important factors that could cause our actual results to differ materially from the forward-looking statements contained in this report. Such risks, uncertainties and important factors include but are not limited to the following:

an economic downturn or economic uncertainty;
shortages of skilled labor, increased labor costs, or a failure to maintain good relations with our workforce;
price volatility for supplies to our business as well as goods and services in our industry;
mismatch of supply and demand, interruptions of supply lines, inefficient or overloaded logistics platforms, among other factors which may cause the markets for the inputs to our business to fail to operate effectively or efficiently;
undertaking and management of capital expenditures;
creation, implementation and use of information technology systems;
cybersecurity threats and incidents;
equipment failures, technological failures, costs and inefficiencies associated with changing of production lines, or transfer of production between facilities;
monetary and other policy interventions by governments and central banks, including the increase of interest rates;
changes in demand for our railcar equipment and services;
changes in our product mix or revenue due to shifts in demand;
the cyclical nature of our business;
the loss of, or reduction of, business from one or more of our limited number of customers;
impacts from international conflicts or other geopolitical events, including the war in Ukraine;
our ability to realize the anticipated benefits of our enhanced leasing strategy;
inflation, including wage inflation and a rise in prices for energy and other inputs;
a decline in performance, or increase in efficiency, of the rail freight industry;
risks related to our operations outside of the United States (U.S.) including enforcement actions by regulators related to tax, environmental, labor, safety, or other regulations;
governmental policy changes impacting international trade and corporate tax;
a material delay in the movement of our products to customer delivery points, including delays at border crossings; and
our inability to lease railcars at satisfactory rates, remarket leased railcars on favorable terms upon lease termination, or realize the expected residual values for end of life railcars due to changes in scrap prices.

3


 

There may be other factors that may cause our actual results to differ materially from the forward-looking statements, including the risks, uncertainties and factors described in more detail in Part I Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K which are incorporated herein by reference. You should evaluate all forward-looking statements made in this report in the context of these risks, uncertainties and factors. You are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s opinions only as of the date hereof. Except as otherwise required by law, we do not assume any obligation to update any forward-looking statements.

4


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets

(In millions, except number of shares which are reflected in thousands, unaudited)

 

 

 

May 31,
2024

 

 

August 31,
2023

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

271.6

 

 

$

281.7

 

Restricted cash

 

 

20.2

 

 

 

21.0

 

Accounts receivable, net

 

 

488.5

 

 

 

529.9

 

Income tax receivable

 

 

20.0

 

 

 

42.2

 

Inventories

 

 

812.4

 

 

 

823.6

 

Leased railcars for syndication

 

 

155.3

 

 

 

187.4

 

Equipment on operating leases, net

 

 

1,226.9

 

 

 

1,000.0

 

Property, plant and equipment, net

 

 

648.3

 

 

 

619.2

 

Investment in unconsolidated affiliates

 

 

90.3

 

 

 

88.7

 

Intangibles and other assets, net

 

 

254.3

 

 

 

255.8

 

Goodwill

 

 

128.0

 

 

 

128.9

 

 

$

4,115.8

 

 

$

3,978.4

 

Liabilities and Equity

 

 

 

 

 

 

Revolving notes

 

$

348.4

 

 

$

297.1

 

Accounts payable and accrued liabilities

 

 

652.9

 

 

 

743.5

 

Deferred income taxes

 

 

82.9

 

 

 

114.1

 

Deferred revenue

 

 

74.0

 

 

 

46.2

 

Notes payable, net

 

 

1,413.9

 

 

 

1,311.7

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

Contingently redeemable noncontrolling interest

 

 

56.3

 

 

 

55.6

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Greenbrier

 

 

 

 

 

 

Preferred stock - without par value; 25,000 shares authorized; none outstanding

 

 

 

 

 

 

Common stock - without par value; 50,000 shares authorized; 31,131 and 30,880 shares outstanding at May 31, 2024 and August 31, 2023

 

 

 

 

 

 

Additional paid-in capital

 

 

370.2

 

 

 

364.4

 

Retained earnings

 

 

966.9

 

 

 

897.5

 

Accumulated other comprehensive loss

 

 

(8.0

)

 

 

(7.3

)

Total equity – Greenbrier

 

 

1,329.1

 

 

 

1,254.6

 

Noncontrolling interest

 

 

158.3

 

 

 

155.6

 

Total equity

 

 

1,487.4

 

 

 

1,410.2

 

 

 

$

4,115.8

 

 

$

3,978.4

 

 

The accompanying notes are an integral part of these financial statements

5


 

Condensed Consolidated Statements of Income

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

 

 

 

Three months ended
May 31,

 

 

Nine months ended
May 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

685.1

 

 

$

870.2

 

 

$

2,096.8

 

 

$

2,485.3

 

Maintenance Services

 

 

69.9

 

 

 

122.9

 

 

 

228.9

 

 

 

306.4

 

Leasing & Management Services

 

 

65.2

 

 

 

45.0

 

 

 

166.0

 

 

 

134.9

 

 

 

820.2

 

 

 

1,038.1

 

 

 

2,491.7

 

 

 

2,926.6

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

 

610.5

 

 

 

786.5

 

 

 

1,867.6

 

 

 

2,292.2

 

Maintenance Services

 

 

61.7

 

 

 

109.8

 

 

 

202.5

 

 

 

279.0

 

Leasing & Management Services

 

 

24.2

 

 

 

13.7

 

 

 

54.3

 

 

 

41.0

 

 

 

696.4

 

 

 

910.0

 

 

 

2,124.4

 

 

 

2,612.2

 

Margin

 

 

123.8

 

 

 

128.1

 

 

 

367.3

 

 

 

314.4

 

Selling and administrative expense

 

 

59.3

 

 

 

63.3

 

 

 

179.2

 

 

 

175.7

 

Net gain on disposition of equipment

 

 

(7.8

)

 

 

(2.3

)

 

 

(12.6

)

 

 

(15.2

)

Asset impairment, disposal, and exit costs

 

 

 

 

 

16.4

 

 

 

 

 

 

40.6

 

Earnings from operations

 

 

72.3

 

 

 

50.7

 

 

 

200.7

 

 

 

113.3

 

Other costs

 

 

 

 

 

 

 

 

 

 

 

 

Interest and foreign exchange

 

 

24.7

 

 

 

22.8

 

 

 

72.5

 

 

 

64.0

 

Earnings before income tax and earnings from unconsolidated affiliates

 

 

47.6

 

 

 

27.9

 

 

 

128.2

 

 

 

49.3

 

Income tax expense

 

 

(10.7

)

 

 

(3.6

)

 

 

(30.0

)

 

 

(11.7

)

Earnings before earnings from unconsolidated affiliates

 

 

36.9

 

 

 

24.3

 

 

 

98.2

 

 

 

37.6

 

Earnings from unconsolidated affiliates

 

 

3.7

 

 

 

2.4

 

 

 

9.2

 

 

 

8.6

 

Net earnings

 

 

40.6

 

 

 

26.7

 

 

 

107.4

 

 

 

46.2

 

Net earnings attributable to noncontrolling interest

 

 

(6.7

)

 

 

(5.4

)

 

 

(8.9

)

 

 

(8.5

)

Net earnings attributable to Greenbrier

 

$

33.9

 

 

$

21.3

 

 

$

98.5

 

 

$

37.7

 

Basic earnings per common share

 

$

1.09

 

 

$

0.67

 

 

$

3.17

 

 

$

1.17

 

Diluted earnings per common share

 

$

1.06

 

 

$

0.64

 

 

$

3.05

 

 

$

1.13

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

31,131

 

 

 

31,757

 

 

 

31,091

 

 

 

32,346

 

Diluted

 

 

32,021

 

 

 

33,571

 

 

 

32,456

 

 

 

33,344

 

 

The accompanying notes are an integral part of these financial statements

6


 

Condensed Consolidated Statements of Comprehensive Income

(In millions, unaudited)

 

 

 

Three months ended
May 31,

 

 

Nine months ended
May 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net earnings

 

$

40.6

 

 

$

26.7

 

 

$

107.4

 

 

$

46.2

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment

 

 

(1.3

)

 

 

6.0

 

 

 

(3.1

)

 

 

16.9

 

Reclassification of derivative financial instruments recognized in net earnings1

 

 

(4.2

)

 

 

(2.7

)

 

 

(11.7

)

 

 

(4.8

)

Unrealized gain (loss) on derivative financial instruments2

 

 

6.4

 

 

 

(5.2

)

 

 

13.5

 

 

 

9.8

 

Other (net of tax effect)

 

 

 

 

 

 

 

 

0.6

 

 

 

0.1

 

 

 

0.9

 

 

 

(1.9

)

 

 

(0.7

)

 

 

22.0

 

Comprehensive income

 

 

41.5

 

 

 

24.8

 

 

 

106.7

 

 

 

68.2

 

Comprehensive income attributable to noncontrolling interest

 

 

(6.7

)

 

 

(5.4

)

 

 

(8.9

)

 

 

(8.5

)

Comprehensive income attributable to Greenbrier

 

$

34.8

 

 

$

19.4

 

 

$

97.8

 

 

$

59.7

 

 

1 Net of tax effect of $1.2 million and $1.2 million for the three months ended May 31, 2024 and May 31, 2023, respectively, and $3.1 million and $2.2 million for the nine months ended May 31, 2024 and May 31, 2023, respectively.

 

2 Net of tax effect of $(1.7 million) and $(1.2 million) for the three months ended May 31, 2024 and May 31, 2023, respectively, and $(3.5 million) and $(8.0 million) for the nine months ended May 31, 2024 and May 31, 2023, respectively.

The accompanying notes are an integral part of these financial statements

7


 

Condensed Consolidated Statements of Equity

(In millions, except per share amounts, unaudited)

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

 

Common Stock Shares

 

Additional Paid-in Capital

 

Retained Earnings

 

Accumulated Other Comprehensive Loss

 

Total Equity - Greenbrier

 

Noncontrolling Interest

 

Total Equity

 

Contingently Redeemable Noncontrolling Interest

 

Balance August 31, 2023

 

30.9

 

$

364.4

 

$

897.5

 

$

(7.3

)

$

1,254.6

 

$

155.6

 

$

1,410.2

 

$

55.6

 

Net earnings

 

 

 

 

 

98.5

 

 

 

 

98.5

 

 

8.2

 

 

106.7

 

 

0.7

 

Other comprehensive loss, net

 

 

 

 

 

 

 

(0.7

)

 

(0.7

)

 

 

 

(0.7

)

 

 

Noncontrolling interest adjustments

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

1.7

 

 

 

Joint venture partner distribution declared

 

 

 

 

 

 

 

 

 

 

 

(7.2

)

 

(7.2

)

 

 

Restricted stock awards (net of cancellations)

 

0.2

 

 

14.5

 

 

 

 

 

 

14.5

 

 

 

 

14.5

 

 

 

Unamortized restricted stock

 

 

 

(19.6

)

 

 

 

 

 

(19.6

)

 

 

 

(19.6

)

 

 

Stock based compensation expense

 

 

 

12.2

 

 

 

 

 

 

12.2

 

 

 

 

12.2

 

 

 

Repurchase of stock

 

 

 

(1.3

)

 

 

 

 

 

(1.3

)

 

 

 

(1.3

)

 

 

Cash dividends ($0.90 per share)

 

 

 

 

 

(29.1

)

 

 

 

(29.1

)

 

 

 

(29.1

)

 

 

Balance May 31, 2024

 

31.1

 

$

370.2

 

$

966.9

 

$

(8.0

)

$

1,329.1

 

$

158.3

 

$

1,487.4

 

$

56.3

 

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

Common Stock Shares

 

Additional Paid-in Capital

 

Retained Earnings

 

Accumulated Other Comprehensive Loss

 

Total Equity - Greenbrier

 

Noncontrolling Interest

 

Total Equity

 

Contingently Redeemable Noncontrolling Interest

 

Balance February 29, 2024

 

31.1

 

$

366.1

 

$

942.7

 

$

(8.9

)

$

1,299.9

 

$

154.6

 

$

1,454.5

 

$

56.0

 

Net earnings

 

 

 

 

 

33.9

 

 

 

 

33.9

 

 

6.4

 

 

40.3

 

 

0.3

 

Other comprehensive income, net

 

 

 

 

 

 

 

0.9

 

 

0.9

 

 

 

 

0.9

 

 

 

Noncontrolling interest adjustments

 

 

 

 

 

 

 

 

 

 

 

0.1

 

 

0.1

 

 

 

Joint venture partner distribution declared

 

 

 

 

 

 

 

 

 

 

 

(2.8

)

 

(2.8

)

 

 

Restricted stock awards (net of cancellations)

 

 

 

0.4

 

 

 

 

 

 

0.4

 

 

 

 

0.4

 

 

 

Unamortized restricted stock

 

 

 

(0.4

)

 

 

 

 

 

(0.4

)

 

 

 

(0.4

)

 

 

Stock based compensation expense

 

 

 

4.1

 

 

 

 

 

 

4.1

 

 

 

 

4.1

 

 

 

Cash dividends ($0.30 per share)

 

 

 

 

 

(9.7

)

 

 

 

(9.7

)

 

 

 

(9.7

)

 

 

Balance May 31, 2024

 

31.1

 

$

370.2

 

$

966.9

 

$

(8.0

)

$

1,329.1

 

$

158.3

 

$

1,487.4

 

$

56.3

 

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

Common Stock Shares

 

Additional Paid-in Capital

 

Retained Earnings

 

Accumulated Other Comprehensive Loss

 

Total Equity - Greenbrier

 

Noncontrolling Interest

 

Total Equity

 

Contingently Redeemable Noncontrolling Interest

 

Balance August 31, 2022

 

32.6

 

$

424.8

 

$

897.7

 

$

(45.6

)

$

1,276.9

 

$

152.2

 

$

1,429.1

 

$

27.7

 

Net earnings

 

 

 

 

 

37.7

 

 

 

 

37.7

 

 

8.4

 

 

46.1

 

 

0.1

 

Other comprehensive income, net

 

 

 

 

 

 

 

22.0

 

 

22.0

 

 

 

 

22.0

 

 

 

Noncontrolling interest adjustments

 

 

 

(7.9

)

 

(26.3

)

 

 

 

(34.2

)

 

(1.6

)

 

(35.8

)

 

26.3

 

Joint venture partner distribution declared

 

 

 

 

 

 

 

 

 

 

 

(10.9

)

 

(10.9

)

 

 

Restricted stock awards (net of cancellations)

 

0.2

 

 

8.9

 

 

 

 

 

 

8.9

 

 

 

 

8.9

 

 

 

Unamortized restricted stock

 

 

 

(11.1

)

 

 

 

 

 

(11.1

)

 

 

 

(11.1

)

 

 

Stock based compensation expense

 

 

 

8.8

 

 

 

 

 

 

8.8

 

 

 

 

8.8

 

 

 

Repurchase of stock

 

(1.7

)

 

(49.4

)

 

 

 

 

 

(49.4

)

 

 

 

(49.4

)

 

 

Cash dividends ($0.81 per share)

 

 

 

 

 

(26.9

)

 

 

 

(26.9

)

 

 

 

(26.9

)

 

 

Balance May 31, 2023

 

31.1

 

$

374.1

 

$

882.2

 

$

(23.6

)

$

1,232.7

 

$

148.1

 

$

1,380.8

 

$

54.1

 

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

Common Stock Shares

 

Additional Paid-in Capital

 

Retained Earnings

 

Accumulated Other Comprehensive Loss

 

Total Equity - Greenbrier

 

Noncontrolling Interest

 

Total Equity

 

Contingently Redeemable Noncontrolling Interest

 

Balance February 28, 2023

 

32.3

 

$

403.0

 

$

896.0

 

$

(21.7

)

$

1,277.3

 

$

144.6

 

$

1,421.9

 

$

27.5

 

Net earnings

 

 

 

 

 

21.3

 

 

 

 

21.3

 

 

5.1

 

 

26.4

 

 

0.3

 

Other comprehensive loss, net

 

 

 

 

 

 

 

(1.9

)

 

(1.9

)

 

 

 

(1.9

)

 

 

Noncontrolling interest adjustments

 

 

 

 

 

(26.3

)

 

 

 

(26.3

)

 

0.4

 

 

(25.9

)

 

26.3

 

Joint venture partner distribution declared

 

 

 

 

 

 

 

 

 

 

 

(2.0

)

 

(2.0

)

 

 

Restricted stock awards (net of cancellations)

 

 

 

(0.1

)

 

 

 

 

 

(0.1

)

 

 

 

(0.1

)

 

 

Unamortized restricted stock

 

 

 

0.3

 

 

 

 

 

 

0.3

 

 

 

 

0.3

 

 

 

Stock based compensation expense

 

 

 

2.9

 

 

 

 

 

 

2.9

 

 

 

 

2.9

 

 

 

Repurchase of stock

 

(1.2

)

 

(32.0

)

 

 

 

 

 

(32.0

)

 

 

 

(32.0

)

 

 

Cash dividends ($0.27 per share)

 

 

 

 

 

(8.8

)

 

 

 

(8.8

)

 

 

 

(8.8

)

 

 

Balance May 31, 2023

 

31.1

 

$

374.1

 

$

882.2

 

$

(23.6

)

$

1,232.7

 

$

148.1

 

$

1,380.8

 

$

54.1

 

The accompanying notes are an integral part of these financial statements

8


 

Condensed Consolidated Statements of Cash Flows

(In millions, unaudited)

 

 

Nine months ended
May 31,

 

 

 

2024

 

 

2023

 

Cash flows from operating activities

 

 

 

 

 

 

Net earnings

 

$

107.4

 

 

$

46.2

 

Adjustments to reconcile net earnings to net cash provided by operating activities:

 

 

 

 

 

 

Deferred income taxes

 

 

(33.1

)

 

 

(18.4

)

Depreciation and amortization

 

 

82.3

 

 

 

79.8

 

Net gain on disposition of equipment

 

 

(12.6

)

 

 

(15.2

)

Stock based compensation expense

 

 

12.2

 

 

 

8.8

 

Asset impairment, disposal, and exit costs

 

 

 

 

 

40.6

 

Noncontrolling interest adjustments

 

 

1.7

 

 

 

2.8

 

Other

 

 

3.1

 

 

 

2.8

 

Decrease (increase) in assets:

 

 

 

 

 

 

Accounts receivable, net

 

 

43.3

 

 

 

(16.1

)

Income tax receivable

 

 

22.2

 

 

 

10.0

 

Inventories

 

 

6.4

 

 

 

(80.7

)

Leased railcars for syndication

 

 

(29.8

)

 

 

(57.3

)

Other assets

 

 

2.4

 

 

 

(42.9

)

Increase (decrease) in liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

(94.2

)

 

 

8.3

 

Deferred revenue

 

 

27.1

 

 

 

32.5

 

Net cash provided by operating activities

 

 

138.4

 

 

 

1.2

 

Cash flows from investing activities

 

 

 

 

 

 

Proceeds from sales of assets

 

 

67.9

 

 

 

76.3

 

Capital expenditures

 

 

(324.7

)

 

 

(253.9

)

Investments in and advances to / repayments from unconsolidated affiliates

 

 

 

 

 

(3.5

)

Cash distribution from unconsolidated affiliates and other

 

 

2.5

 

 

 

6.3

 

Net cash used in investing activities

 

 

(254.3

)

 

 

(174.8

)

Cash flows from financing activities