10-Q 1 trn-20220630.htm 10-Q trn-20220630
TRINITY INDUSTRIES INC0000099780false2022Q212/3100000997802022-01-012022-06-3000000997802022-07-20xbrli:shares0000099780trn:ManufacturingMember2022-04-012022-06-30iso4217:USD0000099780trn:ManufacturingMember2021-04-012021-06-300000099780trn:ManufacturingMember2022-01-012022-06-300000099780trn:ManufacturingMember2021-01-012021-06-300000099780trn:LeasingMember2022-04-012022-06-300000099780trn:LeasingMember2021-04-012021-06-300000099780trn:LeasingMember2022-01-012022-06-300000099780trn:LeasingMember2021-01-012021-06-3000000997802022-04-012022-06-3000000997802021-04-012021-06-3000000997802021-01-012021-06-300000099780trn:OtherMember2022-04-012022-06-300000099780trn:OtherMember2021-04-012021-06-300000099780trn:OtherMember2022-01-012022-06-300000099780trn:OtherMember2021-01-012021-06-30iso4217:USDxbrli:shares00000997802022-06-3000000997802021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:PartiallyOwnedSubsidiariesMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:PartiallyOwnedSubsidiariesMember2021-12-310000099780trn:PartiallyOwnedSubsidiariesMember2022-06-300000099780trn:PartiallyOwnedSubsidiariesMember2021-12-310000099780trn:WhollyOwnedSubsidiariesMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMember2021-12-310000099780trn:ProceedsFromPaymentsToRelatedToTheSaleOfDiscontinuedOperationsNetOfCashDivestedMember2022-01-012022-06-300000099780trn:ProceedsFromPaymentsToRelatedToTheSaleOfDiscontinuedOperationsNetOfCashDivestedMember2021-01-012021-06-300000099780trn:OtherInvestingActivitiesMember2022-01-012022-06-300000099780trn:OtherInvestingActivitiesMember2021-01-012021-06-3000000997802020-12-3100000997802021-06-3000000997802022-03-310000099780us-gaap:CommonStockMember2021-12-310000099780us-gaap:AdditionalPaidInCapitalMember2021-12-310000099780us-gaap:RetainedEarningsMember2021-12-310000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000099780us-gaap:TreasuryStockMember2021-12-310000099780us-gaap:ParentMember2021-12-310000099780us-gaap:NoncontrollingInterestMember2021-12-310000099780us-gaap:RetainedEarningsMember2022-01-012022-03-310000099780us-gaap:ParentMember2022-01-012022-03-310000099780us-gaap:NoncontrollingInterestMember2022-01-012022-03-3100000997802022-01-012022-03-310000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000099780us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000099780us-gaap:TreasuryStockMember2022-01-012022-03-310000099780us-gaap:CommonStockMember2022-03-310000099780us-gaap:AdditionalPaidInCapitalMember2022-03-310000099780us-gaap:RetainedEarningsMember2022-03-310000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000099780us-gaap:TreasuryStockMember2022-03-310000099780us-gaap:ParentMember2022-03-310000099780us-gaap:NoncontrollingInterestMember2022-03-310000099780us-gaap:RetainedEarningsMember2022-04-012022-06-300000099780us-gaap:ParentMember2022-04-012022-06-300000099780us-gaap:NoncontrollingInterestMember2022-04-012022-06-300000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000099780us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000099780us-gaap:CommonStockMember2022-04-012022-06-300000099780us-gaap:TreasuryStockMember2022-04-012022-06-300000099780trn:AcceleratedShareRepurchaseProgramMemberus-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000099780trn:AcceleratedShareRepurchaseProgramMemberus-gaap:TreasuryStockMember2022-04-012022-06-300000099780us-gaap:ParentMembertrn:AcceleratedShareRepurchaseProgramMember2022-04-012022-06-300000099780trn:AcceleratedShareRepurchaseProgramMember2022-04-012022-06-300000099780us-gaap:CommonStockMember2022-06-300000099780us-gaap:AdditionalPaidInCapitalMember2022-06-300000099780us-gaap:RetainedEarningsMember2022-06-300000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000099780us-gaap:TreasuryStockMember2022-06-300000099780us-gaap:ParentMember2022-06-300000099780us-gaap:NoncontrollingInterestMember2022-06-3000000997802021-03-310000099780us-gaap:CommonStockMember2020-12-310000099780us-gaap:AdditionalPaidInCapitalMember2020-12-310000099780us-gaap:RetainedEarningsMember2020-12-310000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000099780us-gaap:TreasuryStockMember2020-12-310000099780us-gaap:ParentMember2020-12-310000099780us-gaap:NoncontrollingInterestMember2020-12-310000099780us-gaap:RetainedEarningsMember2021-01-012021-03-310000099780us-gaap:ParentMember2021-01-012021-03-310000099780us-gaap:NoncontrollingInterestMember2021-01-012021-03-3100000997802021-01-012021-03-310000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310000099780us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000099780us-gaap:TreasuryStockMember2021-01-012021-03-310000099780us-gaap:CommonStockMember2021-03-310000099780us-gaap:AdditionalPaidInCapitalMember2021-03-310000099780us-gaap:RetainedEarningsMember2021-03-310000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310000099780us-gaap:TreasuryStockMember2021-03-310000099780us-gaap:ParentMember2021-03-310000099780us-gaap:NoncontrollingInterestMember2021-03-310000099780us-gaap:RetainedEarningsMember2021-04-012021-06-300000099780us-gaap:ParentMember2021-04-012021-06-300000099780us-gaap:NoncontrollingInterestMember2021-04-012021-06-300000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300000099780us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300000099780us-gaap:CommonStockMember2021-04-012021-06-300000099780us-gaap:TreasuryStockMember2021-04-012021-06-300000099780us-gaap:CommonStockMember2021-06-300000099780us-gaap:AdditionalPaidInCapitalMember2021-06-300000099780us-gaap:RetainedEarningsMember2021-06-300000099780us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300000099780us-gaap:TreasuryStockMember2021-06-300000099780us-gaap:ParentMember2021-06-300000099780us-gaap:NoncontrollingInterestMember2021-06-3000000997802021-01-012021-12-310000099780trn:RailProductsGroupMembertrn:ExternalCustomersMembertrn:RailProductsDomain2022-06-300000099780trn:LeasingMembertrn:RailProductsGroupMembertrn:RailProductsDomain2022-06-300000099780trn:RailProductsGroupMembertrn:RailProductsDomain2022-06-30xbrli:pure0000099780trn:SustainableRailcarConversionsMembertrn:RailProductsGroupMember2022-06-300000099780trn:RailProductsGroupMembertrn:MaintenanceServicesDomain2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780srt:MinimumMember2022-06-300000099780srt:MaximumMember2022-06-300000099780trn:ConsolidatedSubsidiariesExcludingLeasingMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMembersrt:MinimumMember2022-06-300000099780srt:MaximumMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780srt:MinimumMember2022-01-012022-06-300000099780srt:MaximumMember2022-01-012022-06-300000099780trn:ProceedsFromPaymentsToRelatedToTheSaleOfDiscontinuedOperationsNetOfCashDivestedMembertrn:SaleOfHighwayProductsMember2021-01-012021-12-310000099780trn:SaleOfHighwayProductsMember2022-04-012022-06-300000099780trn:SaleOfHighwayProductsMember2022-01-012022-06-300000099780trn:ProceedsFromPaymentsToRelatedToTheSaleOfDiscontinuedOperationsNetOfCashDivestedMembertrn:SaleOfHighwayProductsMember2022-01-012022-06-300000099780trn:ProceedsFromPaymentsToRelatedToTheSaleOfDiscontinuedOperationsNetOfCashDivestedMembertrn:SaleOfHighwayProductsMember2022-04-012022-06-300000099780trn:SaleOfHighwayProductsMember2021-04-012021-06-300000099780trn:SaleOfHighwayProductsMember2021-01-012021-06-300000099780trn:SpinOffOfArcosaMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberus-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberus-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMember2022-06-300000099780trn:InterestRateSwapExpiredTributeRailMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300000099780trn:InterestRateSwapExpiredTributeRailMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780trn:InterestRateSwapExpiredTributeRailMemberus-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780us-gaap:AccumulatedNetGainLossFromCashFlowHedgesAttributableToNoncontrollingInterestMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpired2018SecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTRIPHoldingsWarehouseLoanMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTriumphRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTriumphRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTriumphRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTriumphRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTriumphRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTributeRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTributeRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTributeRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTributeRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMembertrn:InterestRateSwapExpiredTributeRailSecuredRailcarEquipmentNotesMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateCapMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestRateSwapMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2022-04-012022-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2021-04-012021-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2022-01-012022-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2021-01-012021-06-300000099780us-gaap:ForeignExchangeContractMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:InterestExpenseMember2022-06-300000099780us-gaap:FairValueInputsLevel1Member2022-01-012022-06-300000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-06-300000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2021-12-310000099780us-gaap:FairValueInputsLevel2Member2022-01-012022-06-300000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2022-06-300000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherAssetsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2022-06-300000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:InterestRateSwapMemberus-gaap:FairValueInputsLevel2Member2021-12-310000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2022-06-300000099780us-gaap:FairValueMeasurementsRecurringMemberus-gaap:AccruedLiabilitiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000099780us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300000099780us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-31trn:segment0000099780trn:RailcarLeasingAndManagementServicesGroupMember2022-04-012022-06-300000099780trn:RailProductsGroupMember2022-04-012022-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-04-012022-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailProductsGroupMember2022-04-012022-06-300000099780trn:ConsolidatedSubsidiariesLeasingMemberus-gaap:IntersegmentEliminationMember2022-04-012022-06-300000099780us-gaap:IntersegmentEliminationMembertrn:ConsolidatedSubsidiariesExcludingLeasingMember2022-04-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300000099780us-gaap:OperatingSegmentsMembertrn:RailProductsGroupMember2022-04-012022-06-300000099780us-gaap:OperatingSegmentsMember2022-04-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMember2021-04-012021-06-300000099780trn:RailProductsGroupMember2021-04-012021-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailcarLeasingAndManagementServicesGroupMember2021-04-012021-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailProductsGroupMember2021-04-012021-06-300000099780trn:ConsolidatedSubsidiariesLeasingMemberus-gaap:IntersegmentEliminationMember2021-04-012021-06-300000099780us-gaap:IntersegmentEliminationMembertrn:ConsolidatedSubsidiariesExcludingLeasingMember2021-04-012021-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000099780us-gaap:OperatingSegmentsMembertrn:RailProductsGroupMember2021-04-012021-06-300000099780us-gaap:OperatingSegmentsMember2021-04-012021-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMember2022-01-012022-06-300000099780trn:RailProductsGroupMember2022-01-012022-06-300000099780trn:ConsolidatedSubsidiariesLeasingMemberus-gaap:IntersegmentEliminationMember2022-01-012022-06-300000099780us-gaap:IntersegmentEliminationMembertrn:ConsolidatedSubsidiariesExcludingLeasingMember2022-01-012022-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-01-012022-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailProductsGroupMember2022-01-012022-06-300000099780us-gaap:IntersegmentEliminationMember2022-01-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300000099780us-gaap:OperatingSegmentsMembertrn:RailProductsGroupMember2022-01-012022-06-300000099780us-gaap:OperatingSegmentsMember2022-01-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMember2021-01-012021-06-300000099780trn:RailProductsGroupMember2021-01-012021-06-300000099780trn:ConsolidatedSubsidiariesLeasingMemberus-gaap:IntersegmentEliminationMember2021-01-012021-06-300000099780us-gaap:IntersegmentEliminationMembertrn:ConsolidatedSubsidiariesExcludingLeasingMember2021-01-012021-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailcarLeasingAndManagementServicesGroupMember2021-01-012021-06-300000099780us-gaap:IntersegmentEliminationMembertrn:RailProductsGroupMember2021-01-012021-06-300000099780us-gaap:IntersegmentEliminationMember2021-01-012021-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300000099780us-gaap:OperatingSegmentsMembertrn:RailProductsGroupMember2021-01-012021-06-300000099780us-gaap:OperatingSegmentsMember2021-01-012021-06-300000099780us-gaap:CorporateMember2022-04-012022-06-300000099780us-gaap:CorporateMember2021-04-012021-06-300000099780us-gaap:CorporateMember2022-01-012022-06-300000099780us-gaap:CorporateMember2021-01-012021-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMembertrn:PartiallyOwnedSubsidiariesMember2022-01-012022-06-30trn:subsidiary0000099780trn:RailcarLeasingAndManagementServicesGroupMembertrn:PartiallyOwnedSubsidiariesMember2022-06-30trn:board_member0000099780trn:PartiallyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780trn:PartiallyOwnedSubsidiariesMember2022-06-300000099780trn:SignalRailHoldingsLLCMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-06-300000099780trn:ConsolidatedSubsidiariesLeasingMemberus-gaap:IntersegmentEliminationMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-12-310000099780trn:ConsolidatedSubsidiariesLeasingMemberus-gaap:IntersegmentEliminationMember2021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMember2021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:LeasingAndManagementMember2022-04-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:LeasingAndManagementMember2021-04-012021-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:LeasingAndManagementMember2022-01-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:LeasingAndManagementMember2021-01-012021-06-300000099780trn:SalesofLeasedRailcarsDomaintrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-04-012022-06-300000099780trn:SalesofLeasedRailcarsDomaintrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-04-012021-06-300000099780trn:SalesofLeasedRailcarsDomaintrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300000099780trn:SalesofLeasedRailcarsDomaintrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-01-012021-06-300000099780trn:SustainableRailcarConversionsMember2022-04-012022-06-300000099780trn:SustainableRailcarConversionsMember2022-01-012022-06-300000099780trn:SustainableRailcarConversionsMember2021-01-012021-06-300000099780trn:SustainableRailcarConversionsMember2021-04-012021-06-300000099780trn:SalesOfLeasedRailcarsExcludingSalesTypeLeasesMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-01-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:RailroadTransportationEquipmentMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMemberus-gaap:SecuredDebtMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780us-gaap:SecuredDebtMembertrn:TripHoldingsMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780us-gaap:SecuredDebtMembertrn:RIV2013HoldingsMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TRP2021SecuredRailcarEquipmentNotesRIV2013Member2022-06-300000099780trn:OtherThirdPartiesMember2022-01-012022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:RailroadTransportationEquipmentMember2022-06-300000099780trn:OtherThirdPartiesMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:PropertyLeaseGuaranteeMember2022-06-300000099780us-gaap:BuildingMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780us-gaap:LandMembertrn:ManufacturingandCorporateMember2022-06-300000099780us-gaap:LandMembertrn:ManufacturingandCorporateMember2021-12-310000099780us-gaap:BuildingAndBuildingImprovementsMembertrn:ManufacturingandCorporateMember2022-06-300000099780us-gaap:BuildingAndBuildingImprovementsMembertrn:ManufacturingandCorporateMember2021-12-310000099780us-gaap:MachineryAndEquipmentMembertrn:ManufacturingandCorporateMember2022-06-300000099780us-gaap:MachineryAndEquipmentMembertrn:ManufacturingandCorporateMember2021-12-310000099780us-gaap:ConstructionInProgressMembertrn:ManufacturingandCorporateMember2022-06-300000099780us-gaap:ConstructionInProgressMembertrn:ManufacturingandCorporateMember2021-12-310000099780trn:ManufacturingandCorporateMember2022-06-300000099780trn:ManufacturingandCorporateMember2021-12-310000099780trn:WhollyOwnedSubsidiariesMemberus-gaap:MachineryAndEquipmentMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMemberus-gaap:MachineryAndEquipmentMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMember2021-12-310000099780trn:WhollyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:RailcarsOnLeaseMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:RailcarsOnLeaseMember2021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:RailcarsOnLeaseMembertrn:PartiallyOwnedSubsidiariesMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMemberus-gaap:OperatingSegmentsMembertrn:RailcarsOnLeaseMembertrn:PartiallyOwnedSubsidiariesMember2021-12-310000099780us-gaap:IntersegmentEliminationMember2022-06-300000099780us-gaap:IntersegmentEliminationMember2021-12-310000099780us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateMemberus-gaap:LineOfCreditMember2022-06-300000099780us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateMemberus-gaap:LineOfCreditMember2021-12-310000099780us-gaap:CorporateMemberus-gaap:SeniorNotesMember2022-06-300000099780us-gaap:CorporateMemberus-gaap:SeniorNotesMember2021-12-310000099780us-gaap:CorporateMember2022-06-300000099780us-gaap:CorporateMember2021-12-310000099780trn:WhollyOwnedSubsidiariesMemberus-gaap:SecuredDebtMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780trn:WhollyOwnedSubsidiariesMemberus-gaap:SecuredDebtMembertrn:RailcarLeasingAndManagementServicesGroupMember2021-12-310000099780trn:WhollyOwnedSubsidiariesMembertrn:PromissoryNotesMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:A2017SecuredRailcarEquipmentNotesMemberDomain2022-06-300000099780trn:WhollyOwnedSubsidiariesMembertrn:PromissoryNotesMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:A2017SecuredRailcarEquipmentNotesMemberDomain2021-12-310000099780us-gaap:RevolvingCreditFacilityMembertrn:TILCMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TilcWarehouseFacilityMemberus-gaap:LineOfCreditMember2022-06-300000099780us-gaap:RevolvingCreditFacilityMembertrn:TILCMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TilcWarehouseFacilityMemberus-gaap:LineOfCreditMember2021-12-310000099780trn:WhollyOwnedSubsidiariesMembertrn:RailcarLeasingAndManagementServicesGroupMember2021-12-310000099780us-gaap:SecuredDebtMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:PartiallyOwnedSubsidiariesMember2022-06-300000099780us-gaap:SecuredDebtMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:PartiallyOwnedSubsidiariesMember2021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMembertrn:TRIPRailcarCoTermLoanMemberus-gaap:LineOfCreditMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMembertrn:TRIPRailcarCoTermLoanMemberus-gaap:LineOfCreditMember2021-12-310000099780trn:RailcarLeasingAndManagementServicesGroupMembertrn:PartiallyOwnedSubsidiariesMember2022-06-300000099780trn:RailcarLeasingAndManagementServicesGroupMembertrn:PartiallyOwnedSubsidiariesMember2021-12-310000099780us-gaap:CorporateMembertrn:A4.55SeniorNotesDueOctober2024Memberus-gaap:SeniorNotesMember2022-06-300000099780us-gaap:FairValueInputsLevel1Member2022-06-300000099780us-gaap:FairValueInputsLevel1Member2021-12-310000099780us-gaap:FairValueInputsLevel2Member2022-06-300000099780us-gaap:FairValueInputsLevel2Member2021-12-310000099780us-gaap:FairValueInputsLevel3Member2022-06-300000099780us-gaap:FairValueInputsLevel3Member2021-12-310000099780us-gaap:FairValueInputsLevel12And3Member2022-06-300000099780us-gaap:FairValueInputsLevel12And3Member2021-12-310000099780us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateMemberus-gaap:LineOfCreditMember2022-01-012022-06-300000099780us-gaap:LetterOfCreditMemberus-gaap:CorporateMemberus-gaap:LineOfCreditMember2022-06-300000099780us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateMemberus-gaap:LineOfCreditMembersrt:MinimumMember2022-06-300000099780us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:CorporateMemberus-gaap:LineOfCreditMember2022-06-300000099780us-gaap:RevolvingCreditFacilityMembertrn:TILCMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TilcWarehouseFacilityMemberus-gaap:LineOfCreditMember2022-01-012022-06-300000099780trn:WhollyOwnedSubsidiariesMemberus-gaap:SecuredDebtMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TRL2022Series20221ClassAGreenSecuredRailcarEquipmentNotesMember2022-06-300000099780us-gaap:SecuredDebtMembertrn:TILCMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TRL2022Series20221ClassAGreenSecuredRailcarEquipmentNotesMember2022-01-012022-06-300000099780trn:TributeRailClassASecuredRailcarEquipmentNotesMemberus-gaap:SecuredDebtMembertrn:TripHoldingsMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780us-gaap:SecuredDebtMembertrn:TripHoldingsMembertrn:TributeRailClassBSecuredRailcarEquipmentNotesMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-06-300000099780us-gaap:SecuredDebtMembertrn:TributeRailSecuredRailcarEquipmentNotesMembertrn:TripHoldingsMembertrn:RailcarLeasingAndManagementServicesGroupMember2022-01-012022-06-300000099780us-gaap:SecuredDebtMembertrn:TripHoldingsMembertrn:RailcarLeasingAndManagementServicesGroupMembertrn:TRIPRailcarCoTermLoanMember2022-01-012022-06-300000099780us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2022-07-250000099780us-gaap:RevolvingCreditFacilityMemberus-gaap:CorporateMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMembersrt:MinimumMember2022-07-250000099780us-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberus-gaap:CorporateMemberus-gaap:SubsequentEventMemberus-gaap:LineOfCreditMember2022-07-2500000997802020-10-012020-12-310000099780us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000099780us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2021-12-310000099780us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2021-12-310000099780us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-06-300000099780us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-01-012022-06-300000099780us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-01-012022-06-300000099780us-gaap:AccumulatedGainLossNetCashFlowHedgeNoncontrollingInterestMember2022-01-012022-06-300000099780us-gaap:NoncontrollingInterestMember2022-01-012022-06-300000099780us-gaap:AccumulatedTranslationAdjustmentMember2022-06-300000099780us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember2022-06-300000099780us-gaap:AccumulatedDefinedBenefitPlansAdjustmentNetUnamortizedGainLossMember2022-06-300000099780trn:A20212022ShareRepurchaseProgramMember2021-09-090000099780trn:ASRProgramMember2021-12-310000099780trn:ASRProgramMember2021-10-012021-12-310000099780us-gaap:TreasuryStockMembertrn:A20212022ShareRepurchaseProgramMember2021-07-012021-09-300000099780trn:A20212022ShareRepurchaseProgramMember2020-09-300000099780us-gaap:TreasuryStockMembertrn:A20212022ShareRepurchaseProgramMember2021-10-012021-12-310000099780trn:A20212022ShareRepurchaseProgramMember2021-12-310000099780us-gaap:TreasuryStockMembertrn:A20212022ShareRepurchaseProgramMember2022-01-012022-03-310000099780trn:A20212022ShareRepurchaseProgramMember2022-03-310000099780us-gaap:TreasuryStockMembertrn:A20212022ShareRepurchaseProgramMember2022-04-012022-06-300000099780trn:A20212022ShareRepurchaseProgramMember2022-06-300000099780us-gaap:TreasuryStockMembertrn:A20212022ShareRepurchaseProgramMember2022-06-300000099780trn:ASRProgramMember2022-04-012022-06-300000099780us-gaap:TreasuryStockMembertrn:A20202021ShareRepurchaseProgramMember2021-04-012021-06-300000099780us-gaap:TreasuryStockMembertrn:A20202021ShareRepurchaseProgramMember2021-01-012021-06-300000099780trn:PrivateShareRepurchaseAgreementMember2021-01-012021-06-300000099780trn:PrivateShareRepurchaseAgreementMember2021-04-012021-06-300000099780us-gaap:EmployeeStockOptionMember2022-01-012022-06-300000099780srt:MinimumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300000099780srt:MaximumMemberus-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300000099780trn:RestrictedShareAwardsMember2022-01-012022-06-300000099780us-gaap:PerformanceSharesMember2022-01-012022-06-300000099780us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-06-300000099780us-gaap:RestrictedStockMember2022-04-012022-06-300000099780us-gaap:RestrictedStockMember2021-04-012021-06-300000099780us-gaap:RestrictedStockMember2022-01-012022-06-300000099780us-gaap:RestrictedStockMember2021-01-012021-06-300000099780us-gaap:EmployeeStockOptionMember2022-04-012022-06-300000099780us-gaap:EmployeeStockOptionMember2021-04-012021-06-300000099780us-gaap:EmployeeStockOptionMember2021-01-012021-06-300000099780trn:JoshuaHarmanFalseClaimsActMembertrn:HighwayProductsLitigationMember2015-06-092015-06-090000099780trn:MassachusettsQuiTamMembertrn:HighwayProductsLitigationMember2022-06-300000099780trn:StateCountyandMunicipalActionsMembertrn:HighwayProductsLitigationMember2022-06-300000099780trn:MissouriClassActionMembertrn:HighwayProductsLitigationMember2021-12-310000099780us-gaap:AccruedLiabilitiesMember2022-06-300000099780trn:EnvironmentalAndWorkplaceMattersMember2022-06-300000099780us-gaap:LossFromCatastrophesMember2021-03-262022-06-300000099780us-gaap:DamageFromFireExplosionOrOtherHazardMember2021-03-262022-06-300000099780us-gaap:LossFromCatastrophesMember2022-03-310000099780us-gaap:LossFromCatastrophesMember2022-04-012022-06-300000099780us-gaap:LossFromCatastrophesMember2022-06-30

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, 2022
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
trn-20220630_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.)
14221 N. Dallas Parkway, Suite 1100
Dallas,Texas75254-2957
(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 20, 2022, the number of shares of common stock, $0.01 par value, outstanding was 82,008,444.



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



2

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,
 2022202120222021
 (in millions, except per share amounts)
Revenues:
Manufacturing$221.7 $108.3 $511.5 $255.7 
Leasing195.1 185.0 378.0 368.3 
416.8 293.3 889.5 624.0 
Operating costs:
Cost of revenues:
Manufacturing220.8 99.6 516.4 249.2 
Leasing104.8 102.5 207.7 199.2 
325.6 202.1 724.1 448.4 
Selling, engineering, and administrative expenses:
Manufacturing7.0 8.5 16.7 17.1 
Leasing12.6 13.2 25.4 24.5 
Other25.4 24.5 47.6 49.3 
45.0 46.2 89.7 90.9 
Gains on dispositions of property:
Lease portfolio sales26.9 11.1 38.7 12.8 
Other0.9 1.0 14.4 10.8 
27.8 12.1 53.1 23.6 
Restructuring activities, net1.0 (0.7)1.0 (1.0)
Total operating profit73.0 57.8 127.8 109.3 
Other (income) expense:
Interest expense, net49.7 51.0 93.2 102.3 
Loss on extinguishment of debt1.5 11.7 1.5 11.7 
Other, net (0.5)0.8 (2.1)2.0 
50.7 63.5 92.6 116.0 
Income (loss) from continuing operations before income taxes22.3 (5.7)35.2 (6.7)
Provision (benefit) for income taxes:
Current2.0 0.5 3.8 5.2 
Deferred3.8 (3.4)5.0 (4.1)
5.8 (2.9)8.8 1.1 
Income (loss) from continuing operations16.5 (2.8)26.4 (7.8)
Income (loss) from discontinued operations, net of provision (benefit) for income taxes of $(0.5), $2.1, $(2.5), and $4.4
(3.4)7.6 (10.3)13.9 
Loss on sale of discontinued operations, net of benefit for income taxes of $1.0, $, $1.4, and $
(4.6) (5.7) 
Net income8.5 4.8 10.4 6.1 
Net income (loss) attributable to noncontrolling interest4.8 (7.9)7.4 (9.9)
Net income attributable to Trinity Industries, Inc.$3.7 $12.7 $3.0 $16.0 
Basic earnings per common share:
Income from continuing operations$0.14 $0.05 $0.23 $0.02 
Income (loss) from discontinued operations(0.10)0.07 (0.19)0.13 
Basic net income attributable to Trinity Industries, Inc.$0.04 $0.12 $0.04 $0.15 
Diluted earnings per common share:
Income from continuing operations$0.14 $0.05 $0.23 $0.02 
Income (loss) from discontinued operations(0.10)0.07 (0.19)0.13 
Diluted net income attributable to Trinity Industries, Inc.$0.04 $0.12 $0.04 $0.15 
Weighted average number of shares outstanding:
Basic82.4 102.8 82.7 106.4 
Diluted84.4 105.1 84.9 108.9 
See accompanying notes to Consolidated Financial Statements.
3

Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income (Loss)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2022202120222021
 (in millions)
Net income$8.5 $4.8 $10.4 $6.1 
Other comprehensive income (loss):
Derivative financial instruments:
Unrealized gains (losses) arising during the period, net of tax benefit (expense) of $(1.0), $0.3, $(5.4), and $(1.7)
2.1 (0.4)16.8 5.8 
Reclassification adjustments for losses included in net income, net of tax benefit (expense) of $0.4, $(0.6),$1.3, and $0.3
1.9 2.0 4.4 1.1 
Defined benefit plans:
Amortization of net actuarial losses, net of tax benefit of $, $0.1, $, and $0.1
  0.1 0.1 
Currency translation adjustments:
Reclassification adjustments for losses included in discontinued operations, net of tax benefit of $, $, $, and $
1.3  1.3  
5.3 1.6 22.6 7.0 
Comprehensive income13.8 6.4 33.0 13.1 
Less: comprehensive income (loss) attributable to noncontrolling interest3.8 (7.5)6.6 (9.2)
Comprehensive income attributable to Trinity Industries, Inc.$10.0 $13.9 $26.4 $22.3 
See accompanying notes to Consolidated Financial Statements.
4

Trinity Industries, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2022December 31, 2021
(unaudited)
 (in millions)
ASSETS
Cash and cash equivalents$49.7 $167.3 
Receivables, net of allowance270.2 227.6 
Income tax receivable8.5 5.4 
Inventories:
Raw materials and supplies433.2 278.4 
Work in process151.5 91.6 
Finished goods46.0 62.9 
630.7 432.9 
Restricted cash, including partially-owned subsidiaries of $77.4 and $58.6
256.8 135.1 
Property, plant, and equipment, at cost, including partially-owned subsidiaries of $1,909.9 and $1,927.7
9,278.2 9,105.6 
Less accumulated depreciation, including partially-owned subsidiaries of $581.3 and $568.4
(2,334.1)(2,258.7)
6,944.1 6,846.9 
Goodwill159.2 154.2 
Other assets305.6 266.5 
Total assets$8,624.8 $8,235.9 
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable$285.4 $206.4 
Accrued liabilities283.9 307.4 
Debt:
Recourse518.9 398.7 
Non-recourse:
Wholly-owned subsidiaries3,813.6 3,555.8 
Partially-owned subsidiaries1,206.6 1,216.1 
5,539.1 5,170.6 
Deferred income taxes1,115.3 1,106.8 
Other liabilities144.9 147.9 
Total liabilities7,368.6 6,939.1 
Preferred stock – 1.5 shares authorized and unissued
  
Common stock – 400.0 shares authorized
0.8 0.8 
Capital in excess of par value  
Retained earnings991.1 1,046.6 
Accumulated other comprehensive income (loss)6.4 (17.0)
Treasury stock(0.7)(0.6)
997.6 1,029.8 
Noncontrolling interest258.6 267.0 
Total stockholders' equity1,256.2 1,296.8 
Total liabilities and stockholders' equity$8,624.8 $8,235.9 
See accompanying notes to Consolidated Financial Statements.
5

Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(unaudited)
Six Months Ended
June 30,
 20222021
 (in millions)
Operating activities:
Net income$10.4 $6.1 
(Income) loss from discontinued operations, net of income taxes10.3 (13.9)
Loss on sale of discontinued operations, net of income taxes5.7  
Adjustments to reconcile net income to net cash provided by (used in) operating activities – continuing operations:
Depreciation and amortization136.2 131.8 
Stock-based compensation expense10.8 9.1 
Provision (benefit) for deferred income taxes5.0 (4.1)
Net gains on lease portfolio sales(37.4)(12.8)
Gains on dispositions of property and other assets (8.3)(12.2)
Gains on insurance recoveries from property damage(6.4) 
Non-cash interest expense7.2 6.6 
Loss on early extinguishment of debt1.5 11.7 
Other(2.9)6.8 
Changes in operating assets and liabilities:
(Increase) decrease in receivables(42.0)(7.0)
(Increase) decrease in income tax receivable(3.1)208.6 
(Increase) decrease in inventories(197.8)(33.2)
(Increase) decrease in other assets(5.7)13.3 
Increase (decrease) in accounts payable77.9 19.4 
Increase (decrease) in accrued liabilities(18.7)(6.3)
Increase (decrease) in other liabilities(4.0)1.0 
Net cash provided by (used in) operating activities – continuing operations(61.3)324.9 
Net cash provided by (used in) operating activities – discontinued operations(12.0)9.8 
Net cash provided by (used in) operating activities(73.3)334.7 
Investing activities:
Proceeds from dispositions of property and other assets23.8 24.0 
Proceeds from lease portfolio sales215.2 88.8 
Capital expenditures – leasing (414.1)(251.7)
Capital expenditures – manufacturing and other(18.8)(14.3)
Acquisitions, net of cash acquired(9.4)(16.6)
Proceeds from insurance recoveries4.8  
Other (0.1)
Net cash used in investing activities – continuing operations(198.5)(169.9)
Payments related to sale of discontinued operations(2.7) 
Net cash used in investing activities – discontinued operations (3.1)
Net cash used in investing activities(201.2)(173.0)
Financing activities:
Payments to retire debt(833.3)(1,925.2)
Proceeds from issuance of debt1,194.1 2,176.7 
Shares repurchased(22.4)(329.4)
Dividends paid to common shareholders(39.3)(47.4)
Purchase of shares to satisfy employee tax on vested stock(5.5)(9.1)
Distributions to noncontrolling interest(15.0) 
Net cash provided by (used in) financing activities278.6 (134.4)
Net increase in cash, cash equivalents, and restricted cash4.1 27.3 
Cash, cash equivalents, and restricted cash at beginning of period302.4 228.4 
Cash, cash equivalents, and restricted cash at end of period$306.5 $255.7 
See accompanying notes to Consolidated Financial Statements.
6

Trinity Industries, Inc. and Subsidiaries
Consolidated Statements of Stockholders' Equity
(unaudited)
Common Stock Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury StockTrinity
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, 2021
83.3 $0.8 $ $1,046.6 $(17.0) $(0.6)$1,029.8 $267.0 $1,296.8 
Net income (loss)— — — (0.7)— — — (0.7)2.6 1.9 
Other comprehensive income— — — — 17.1 — — 17.1 0.2 17.3 
Cash dividends declared on common stock (1)
— — — (19.3)— — — (19.3)— (19.3)
Stock-based compensation expense
— — 5.1 — — — — 5.1 — 5.1 
Settlement of share-based awards, net— — 0.2 — — — (0.2) —  
Distributions to noncontrolling interest
— — — — — — — — (6.2)(6.2)
Balances at
   March 31, 2022
83.3 $0.8 $5.3 $1,026.6 $0.1  $(0.8)$1,032.0 $263.6 $1,295.6 
Net income— — — 3.7 — — — 3.7 4.8 8.5 
Other comprehensive income (loss)— — — — 6.3 — — 6.3 (1.0)5.3 
Cash dividends declared on common stock (1)
— — — (19.1)— — — (19.1)— (19.1)
Distributions to noncontrolling interest
— — — — — — — — (8.8)(8.8)
Stock-based compensation expense
— — 5.7 — — — — 5.7 — 5.7 
Settlement of share-based awards, net0.8 — 0.4 — — (0.2)(6.1)(5.7)— (5.7)
Shares repurchased— — — — — (1.0)(25.3)(25.3)— (25.3)
Accelerated share repurchase agreement— — 25.0 — — (0.8)(25.0) —  
Retirement of treasury stock
(2.0)— (36.4)(20.1)— 2.0 56.5  —  
Balances at
   June 30, 2022
82.1 $0.8 $ $991.1 $6.4  $(0.7)$997.6 $258.6 $1,256.2 
(1) Dividends of $0.23 per common share for all periods presented in 2022.
7

Common StockCapital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury StockTrinity
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, 2020
111.2 $1.1 $ $1,769.4 $(30.9)(0.1)$(0.8)$1,738.8 $277.2 $2,016.0 
Net income (loss)— — — 3.3 — — — 3.3 (2.0)1.3 
Other comprehensive income— — — — 5.1 — — 5.1 0.3 5.4 
Cash dividends declared on common stock (1)
— — — (23.3)— — — (23.3)— (23.3)
Stock-based compensation expense
— — 5.1 — — — — 5.1 — 5.1 
Settlement of share-based awards, net— — 1.0 — — — (0.8)0.2 — 0.2 
Shares repurchased— — — — — (1.3)(36.8)(36.8)— (36.8)
Balances at
   March 31, 2021
111.2 $1.1 $6.1 $1,749.4 $(25.8)(1.4)$(38.4)$1,692.4 $275.5 $1,967.9 
Net income (loss)— — — 12.7 — — — 12.7 (7.9)4.8 
Other comprehensive income— — — — 1.2 — — 1.2 0.4 1.6 
Cash dividends declared on common stock (1)
— — — (21.0)— — — (21.0)— (21.0)
Stock-based compensation expense
— — 4.1 — — — — 4.1 — 4.1 
Settlement of share-based awards, net1.1 — 0.4 — — (0.3)(9.1)(8.7)— (8.7)
Shares repurchased— — — — — (10.5)(290.8)(290.8)— (290.8)
Retirement of treasury stock
(12.2)(0.1)(10.6)(327.0)— 12.2 337.7  —  
Balances at
   June 30, 2021
100.1 $1.0 $ $1,414.1 $(24.6) $(0.6)$1,389.9 $268.0 $1,657.9 
(1) Dividends of $