Date of Report (Date of Earliest Event Reported): | February 22, 2024 |
Delaware | 1-6903 | 75-0225040 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | TRN | New York Stock Exchange |
NO. | DESCRIPTION | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 | ||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed electronically herewith). | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed electronically herewith). | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed electronically herewith). | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Trinity Industries, Inc. | ||||||||
February 22, 2024 | By: | /s/ Eric R. Marchetto | ||||||
Name: Eric R. Marchetto | ||||||||
Title: Executive Vice President and Chief Financial Officer |
NEWS RELEASE |
Three Months Ended December 31, |
|||||||||||||||||
2023 | 2022 | Year over Year – Comparison | |||||||||||||||
($ in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 797.9 | $ | 591.2 | Higher external deliveries and favorable pricing in the Rail Products Group | ||||||||||||
Operating profit |
$ | 148.7 | $ | 113.5 | Higher external deliveries in the Rail Products Group, partially offset by lower lease portfolio sales volume | ||||||||||||
Interest expense, net | $ | 67.7 | $ | 59.4 | Higher interest rates and higher overall average debt during 2023 |
||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 68.1 | $ | 37.9 | |||||||||||||
EBITDA (1) |
$ | 225.2 | $ | 185.0 | |||||||||||||
Effective tax expense rate | 8.8 | % | 19.2 | % | State apportionment and tax law changes enacted in 2023 | ||||||||||||
Diluted EPS – GAAP | $ | 0.81 | $ | 0.46 | |||||||||||||
Diluted EPS – Adjusted (1) |
$ | 0.82 | $ | 0.44 | |||||||||||||
Year Ended December 31, |
|||||||||||||||||
2023 | 2022 | Year over Year – Comparison | |||||||||||||||
($ in millions, except per share amounts) | |||||||||||||||||
Revenues | $ | 2,983.3 | $ | 1,977.3 | Higher external deliveries in the Rail Products Group | ||||||||||||
Operating profit |
$ | 417.0 | $ | 334.0 | Higher external deliveries in the Rail Products Group and improved lease rates in the Leasing Group, partially offset by lower lease portfolio sales volume and the impact of foreign currency fluctuations in the Rail Products Group |
||||||||||||
Interest expense, net | $ | 265.5 | $ | 207.6 | Higher interest rates and higher overall average debt during 2023 |
||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 119.4 | $ | 86.1 | |||||||||||||
EBITDA (1) |
$ | 720.1 | $ | 616.8 | |||||||||||||
Effective tax expense rate | 6.0 | % | 21.8 | % | 2023 tax rate includes benefits related to the release of residual taxes out of AOCI, changes in state apportionment and tax law changes, and changes in valuation allowances | ||||||||||||
Diluted EPS – GAAP | $ | 1.43 | $ | 1.02 | |||||||||||||
Diluted EPS – Adjusted (1) |
$ | 1.38 | $ | 0.94 | |||||||||||||
Year Ended December 31, |
|||||||||||||||||
2023 | 2022 | Year over Year – Comparison | |||||||||||||||
(in millions) | |||||||||||||||||
Net cash provided by operating activities – continuing operations | $ | 309.0 | $ | 9.2 | Higher external deliveries and stabilization of working capital levels relative to prior year | ||||||||||||
Adjusted Free Cash Flow (1) |
$ | 28.5 | $ | 138.3 | Higher cash from operations offset by lower lease portfolio sales and the timing of railcar financing | ||||||||||||
Net lease fleet investment | $ | 287.0 | $ | 178.1 | |||||||||||||
Returns of capital to stockholders | $ | 86.0 | $ | 153.7 | 2022 included $77 million of share repurchase activity |
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Three Months Ended December 31, |
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2023 | 2022 | Year over Year – Comparison | |||||||||||||||
($ in millions) | |||||||||||||||||
Railcar Leasing and Management Services Group | |||||||||||||||||
Leasing and management revenues | $ | 221.6 | $ | 197.4 | Improved lease rates and net additions to the lease fleet, as well as acquisition-related revenues included in the current year period | ||||||||||||
Leasing and management operating profit | $ | 99.5 | $ | 75.6 | Improved lease rates and net additions to the lease fleet | ||||||||||||
Operating profit on lease portfolio sales | $ | 36.4 | $ | 54.5 | Lower lease fleet portfolio sales volume | ||||||||||||
Fleet utilization (1) |
97.5 | % | 97.9 | % | |||||||||||||
Future Lease Rate Differential (2) |
+23.7 | % | +25.1 | % | Continued strength in current lease rates | ||||||||||||
Owned lease fleet (in units) (1) |
109,295 | 108,440 | |||||||||||||||
Investor-owned lease fleet (in units) | 33,005 | 33,235 | |||||||||||||||
Rail Products Group | |||||||||||||||||
Revenues | $ | 674.0 | $ | 655.7 | Favorable pricing, partially offset by lower deliveries | ||||||||||||
Operating profit | $ | 41.2 | $ | 18.6 | Favorable pricing and improved efficiencies, partially offset by lower deliveries and foreign currency fluctuations. Includes insurance recoveries of $1.4 million in the current year period. |
||||||||||||
Operating profit margin | 6.1 | % | 2.8 | % | |||||||||||||
Revenues eliminations – Lease subsidiary | $ | (97.5) | $ | (261.7) | |||||||||||||
Operating profit eliminations – Lease subsidiary | $ | (3.8) | $ | (16.5) | |||||||||||||
New railcars: | |||||||||||||||||
Deliveries (in units) | 4,000 | 4,400 | Q4 2023 unfavorably impacted by approximately 1,300 deliveries due to the U.S.-Mexico border closure and congestion | ||||||||||||||
Orders (in units) | 840 | 3,015 | |||||||||||||||
Order value | $ | 156.1 | $ | 350.8 | |||||||||||||
Backlog value | $ | 3,200.9 | $ | 3,903.0 | |||||||||||||
Sustainable railcar conversions: | |||||||||||||||||
Deliveries (in units) | 520 | 495 | |||||||||||||||
Backlog (in units) | 1,015 | 1,965 | |||||||||||||||
Backlog value | $ | 81.9 | $ | 166.5 | |||||||||||||
Corporate and other | |||||||||||||||||
Selling, engineering, and administrative expenses | $ | 26.6 | $ | 24.5 | $2.0 million from the change in estimated fair value of additional contingent consideration associated with an acquisition |
||||||||||||
Gains on dispositions of property | $ | (1.1) | $ | (5.9) | |||||||||||||
December 31, 2023 | December 31, 2022 | ||||||||||||||||
Loan-to-value ratio | |||||||||||||||||
Wholly-owned subsidiaries, excluding corporate revolving credit facility | 64.3 | % | 65.7 | % |
Investor Contact: | ||
Leigh Anne Mann | ||
Vice President, Investor Relations | ||
Trinity Industries, Inc. | ||
(Investors) 214/631-4420 | ||
Media Contact: | ||
Jack L. Todd | ||
Vice President, Public Affairs | ||
Trinity Industries, Inc. | ||
(Media Line) 214/589-8909 |
Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | $ | 797.9 | $ | 591.2 | $ | 2,983.3 | $ | 1,977.3 | |||||||||||||||
Operating costs: | |||||||||||||||||||||||
Cost of revenues | 637.0 | 490.2 | 2,456.2 | 1,609.6 | |||||||||||||||||||
Selling, engineering, and administrative expenses | 48.6 | 47.7 | 201.9 | 185.4 | |||||||||||||||||||
Gains on dispositions of property: | |||||||||||||||||||||||
Lease portfolio sales | 36.4 | 54.5 | 82.8 | 127.5 | |||||||||||||||||||
Other | — | 5.7 | 6.8 | 25.2 | |||||||||||||||||||
Restructuring activities, net | — | — | (2.2) | 1.0 | |||||||||||||||||||
649.2 | 477.7 | 2,566.3 | 1,643.3 | ||||||||||||||||||||
Operating profit | 148.7 | 113.5 | 417.0 | 334.0 | |||||||||||||||||||
Interest expense, net | 67.7 | 59.4 | 265.5 | 207.6 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 1.5 | |||||||||||||||||||
Other, net | 0.5 | 1.1 | 2.5 | (1.6) | |||||||||||||||||||
Income from continuing operations before income taxes | 80.5 | 53.0 | 149.0 | 126.5 | |||||||||||||||||||
Provision (benefit) for income taxes: | |||||||||||||||||||||||
Current | 24.3 | 11.7 | 50.5 | 12.9 | |||||||||||||||||||
Deferred | (17.2) | (1.5) | (41.5) | 14.7 | |||||||||||||||||||
7.1 | 10.2 | 9.0 | 27.6 | ||||||||||||||||||||
Income from continuing operations | 73.4 | 42.8 | 140.0 | 98.9 | |||||||||||||||||||
Loss from discontinued operations, net of income taxes | (5.3) | (6.6) | (13.4) | (20.3) | |||||||||||||||||||
Loss on sale of discontinued operations, net of income taxes | — | — | — | (5.7) | |||||||||||||||||||
Net income | 68.1 | 36.2 | 126.6 | 72.9 | |||||||||||||||||||
Net income attributable to noncontrolling interest | 5.3 | 4.9 | 20.6 | 12.8 | |||||||||||||||||||
Net income attributable to Trinity Industries, Inc. | $ | 62.8 | $ | 31.3 | $ | 106.0 | $ | 60.1 | |||||||||||||||
Basic earnings per common share: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.83 | $ | 0.47 | $ | 1.47 | $ | 1.05 | |||||||||||||||
Loss from discontinued operations | (0.06) | (0.08) | (0.16) | (0.32) | |||||||||||||||||||
Basic net income attributable to Trinity Industries, Inc. | $ | 0.77 | $ | 0.39 | $ | 1.31 | $ | 0.73 | |||||||||||||||
Diluted earnings per common share: | |||||||||||||||||||||||
Income from continuing operations | $ | 0.81 | $ | 0.46 | $ | 1.43 | $ | 1.02 | |||||||||||||||
Loss from discontinued operations | (0.06) | (0.08) | (0.16) | (0.31) | |||||||||||||||||||
Diluted net income attributable to Trinity Industries, Inc. | $ | 0.75 | $ | 0.38 | $ | 1.27 | $ | 0.71 | |||||||||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||||||
Basic | 81.6 | 80.9 | 81.2 | 81.9 | |||||||||||||||||||
Diluted | 83.5 | 83.1 | 83.4 | 84.2 |
December 31, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 105.7 | $ | 79.6 | |||||||
Receivables, net of allowance | 363.5 | 323.5 | |||||||||
Income tax receivable | 5.2 | 7.8 | |||||||||
Inventories | 684.3 | 629.4 | |||||||||
Restricted cash | 129.4 | 214.7 | |||||||||
Property, plant, and equipment, net: | |||||||||||
Manufacturing/Corporate | 341.1 | 340.7 | |||||||||
Leasing: | |||||||||||
Wholly-owned subsidiaries | 5,940.7 | 5,788.1 | |||||||||
Partially-owned subsidiaries | 1,473.2 | 1,521.3 | |||||||||
Deferred profit on railcars sold to the Leasing Group | (750.2) | (763.3) | |||||||||
7,004.8 | 6,886.8 | ||||||||||
Goodwill | 221.5 | 195.9 | |||||||||
Other assets | 392.1 | 386.6 | |||||||||
Total assets | $ | 8,906.5 | $ | 8,724.3 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Accounts payable | $ | 305.3 | $ | 287.5 | |||||||
Accrued liabilities | 302.3 | 261.0 | |||||||||
Debt: | |||||||||||
Recourse | 794.6 | 624.1 | |||||||||
Non-recourse: | |||||||||||
Wholly-owned subsidiaries | 3,819.2 | 3,800.7 | |||||||||
Partially-owned subsidiaries | 1,140.4 | 1,182.8 | |||||||||
5,754.2 | 5,607.6 | ||||||||||
Deferred income taxes | 1,103.5 | 1,134.7 | |||||||||
Other liabilities | 165.7 | 163.9 | |||||||||
Stockholders' equity: | |||||||||||
Trinity Industries, Inc. | 1,037.1 | 1,012.4 | |||||||||
Noncontrolling interest | 238.4 | 257.2 | |||||||||
1,275.5 | 1,269.6 | ||||||||||
Total liabilities and stockholders' equity | $ | 8,906.5 | $ | 8,724.3 |
Year Ended December 31, |
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2023 | 2022 | ||||||||||
Operating activities: | |||||||||||
Net cash provided by operating activities – continuing operations | $ | 309.0 | $ | 9.2 | |||||||
Net cash used in operating activities – discontinued operations | (13.4) | (22.0) | |||||||||
Net cash provided by (used in) operating activities | 295.6 | (12.8) | |||||||||
Investing activities: | |||||||||||
Proceeds from lease portfolio sales | 381.8 | 750.7 | |||||||||
Proceeds from dispositions of property and other assets | 19.9 | 44.0 | |||||||||
Capital expenditures – lease fleet | (668.8) | (928.8) | |||||||||
Capital expenditures – manufacturing and other | (41.3) | (38.0) | |||||||||
Acquisitions, net of cash acquired | (62.2) | (80.4) | |||||||||
Proceeds from insurance recoveries | 5.1 | 10.0 | |||||||||
Equity investments | (1.1) | (15.5) | |||||||||
Other | 3.6 | — | |||||||||
Net cash used in investing activities – continuing operations | (363.0) | (258.0) | |||||||||
Payments related to sale of discontinued operations | — | (2.7) | |||||||||
Net cash used in investing activities | (363.0) | (260.7) | |||||||||
Financing activities: | |||||||||||
Net proceeds from (repayments of) debt | 133.8 | 422.1 | |||||||||
Shares repurchased | — | (51.8) | |||||||||
Dividends paid to common shareholders | (86.0) | (76.9) | |||||||||
Other financing activities | (39.6) | (28.0) | |||||||||
Net cash provided by financing activities | 8.2 | 265.4 | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (59.2) | (8.1) | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | 294.3 | 302.4 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 235.1 | $ | 294.3 |
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
GAAP | Selling, engineering, and administrative expenses (1) |
Gains on dispositions of property – other (2) |
Interest expense, net (3) |
Adjusted | |||||||||||||||||||||||||
Operating profit | $ | 148.7 | $ | 2.0 | $ | (1.4) | $ | — | $ | 149.3 | |||||||||||||||||||
Income from continuing operations before income taxes | $ | 80.5 | $ | 2.0 | $ | (1.4) | $ | (0.4) | $ | 80.7 | |||||||||||||||||||
Provision (benefit) for income taxes | $ | 7.1 | $ | 0.5 | $ | (0.4) | $ | (0.1) | $ | 7.1 | |||||||||||||||||||
Income from continuing operations | $ | 73.4 | $ | 1.5 | $ | (1.0) | $ | (0.3) | $ | 73.6 | |||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 68.1 | $ | 1.5 | $ | (1.0) | $ | (0.3) | $ | 68.3 | |||||||||||||||||||
Diluted weighted average shares outstanding | 83.5 | 83.5 | |||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.81 | $ | 0.82 |
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
GAAP | Selling, engineering, and administrative expenses (1) |
Gains on dispositions of property – other (2) |
Restructuring activities, net | Interest expense, net (3) |
Adjusted | ||||||||||||||||||||||||||||||
Operating profit | $ | 417.0 | $ | 4.0 | $ | (6.3) | $ | (2.2) | $ | — | $ | 412.5 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 149.0 | $ | 4.0 | $ | (6.3) | $ | (2.2) | $ | (1.5) | $ | 143.0 | |||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 9.0 | $ | 1.0 | $ | (1.6) | $ | (0.6) | $ | (0.4) | $ | 7.4 | |||||||||||||||||||||||
Income from continuing operations | $ | 140.0 | $ | 3.0 | $ | (4.7) | $ | (1.6) | $ | (1.1) | $ | 135.6 | |||||||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 119.4 | $ | 3.0 | $ | (4.7) | $ | (1.6) | $ | (1.1) | $ | 115.0 | |||||||||||||||||||||||
Diluted weighted average shares outstanding | 83.4 | 83.4 | |||||||||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 1.43 | $ | 1.38 |
Three Months Ended December 31, 2022 | |||||||||||||||||||||||
GAAP | Interest expense, net (3)(4) |
Income tax effect of CARES Act | Adjusted | ||||||||||||||||||||
Operating profit | $ | 113.5 | $ | — | $ | — | $ | 113.5 | |||||||||||||||
Income from continuing operations before income taxes | $ | 53.0 | $ | (0.4) | $ | — | $ | 52.6 | |||||||||||||||
Provision (benefit) for income taxes | $ | 10.2 | $ | — | $ | 0.6 | $ | 10.8 | |||||||||||||||
Income from continuing operations | $ | 42.8 | $ | (0.4) | $ | (0.6) | $ | 41.8 | |||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 37.9 | $ | (0.4) | $ | (0.6) | $ | 36.9 | |||||||||||||||
Diluted weighted average shares outstanding | 83.1 | 83.1 | |||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 0.46 | $ | 0.44 |
Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
GAAP | Gains on dispositions of property – other (2)(4) |
Restructuring activities, net (4) |
Interest expense, net (3)(4) |
Income tax effect of CARES Act | Adjusted | ||||||||||||||||||||||||||||||
Operating profit | $ | 334.0 | $ | (7.5) | $ | 1.0 | $ | — | $ | — | $ | 327.5 | |||||||||||||||||||||||
Income from continuing operations before income taxes | $ | 126.5 | $ | (7.5) | $ | 1.0 | $ | (1.4) | $ | — | $ | 118.6 | |||||||||||||||||||||||
Provision (benefit) for income taxes | $ | 27.6 | $ | (1.9) | $ | 0.3 | $ | (0.3) | $ | 0.6 | $ | 26.3 | |||||||||||||||||||||||
Income from continuing operations | $ | 98.9 | $ | (5.6) | $ | 0.7 | $ | (1.1) | $ | (0.6) | $ | 92.3 | |||||||||||||||||||||||
Net income from continuing operations attributable to Trinity Industries, Inc. | $ | 86.1 | $ | (5.6) | $ | 0.7 | $ | (1.1) | $ | (0.6) | $ | 79.5 | |||||||||||||||||||||||
Diluted weighted average shares outstanding | 84.2 | 84.2 | |||||||||||||||||||||||||||||||||
Diluted income from continuing operations per common share attributable to Trinity Industries, Inc. | $ | 1.02 | $ | 0.94 |
December 31, 2023 | December 31, 2022 | December 31, 2021 | |||||||||||||||
($ in millions) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income from continuing operations | $ | 140.0 | $ | 98.9 | |||||||||||||
Provision (benefit) for income taxes | 9.0 | 27.6 | |||||||||||||||
Income from continuing operations before income taxes | 149.0 | 126.5 | |||||||||||||||
Net income attributable to noncontrolling interest | (20.6) | (12.8) | |||||||||||||||
Adjustments: | |||||||||||||||||
Selling, engineering, and administrative expenses (1) |
4.0 | — | |||||||||||||||
Gains on dispositions of property – other (2) |
(6.3) | (7.5) | |||||||||||||||
Restructuring activities, net | (2.2) | 1.0 | |||||||||||||||
Interest expense, net (3) |
(1.5) | (1.4) | |||||||||||||||
Adjusted Profit Before Tax | $ | 122.4 | $ | 105.8 | |||||||||||||
Denominator: | |||||||||||||||||
Total stockholders' equity | $ | 1,275.5 | $ | 1,269.6 | $ | 1,296.8 | |||||||||||
Noncontrolling interest | (238.4) | (257.2) | (267.0) | ||||||||||||||
Accumulated other comprehensive (income) loss | (11.0) | (19.7) | 17.0 | ||||||||||||||
Adjusted Stockholders' Equity |
$ | 1,026.1 | $ | 992.7 | $ | 1,046.8 | |||||||||||
Average total stockholders' equity | $ | 1,272.6 | $ | 1,283.2 | |||||||||||||
Return on Equity (4) |
11.0 | % | 7.7 | % | |||||||||||||
Average Adjusted Stockholders' Equity | $ | 1,009.4 | $ | 1,019.8 | |||||||||||||
Pre-Tax Return on Equity (5) |
12.1 | % | 10.4 | % |
Year Ended December 31, |
|||||||||||
2023 | 2022 | ||||||||||
Net cash provided by operating activities – continuing operations | $ | 309.0 | $ | 9.2 | |||||||
Proceeds from lease portfolio sales | 381.8 | 750.7 | |||||||||
Capital expenditures – manufacturing and other | (41.3) | (38.0) | |||||||||
Dividends paid to common stockholders | (86.0) | (76.9) | |||||||||
Equity CapEx for leased railcars | (535.0) | (506.7) | |||||||||
Adjusted Free Cash Flow After Investments and Dividends | $ | 28.5 | $ | 138.3 | |||||||
Capital expenditures – lease fleet | $ | 668.8 | $ | 928.8 | |||||||
Less: | |||||||||||
Payments to retire debt | (1,518.9) | (1,578.5) | |||||||||
Proceeds from issuance of debt | 1,652.7 | 2,000.6 | |||||||||
Net proceeds from (repayments of) debt | 133.8 | 422.1 | |||||||||
Equity CapEx for leased railcars | $ | 535.0 | $ | 506.7 |
Three Months Ended December 31, |
Year Ended December 31, |
||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | 68.1 | $ | 36.2 | $ | 126.6 | $ | 72.9 | |||||||||||||||
Less: Loss from discontinued operations, net of income taxes | (5.3) | (6.6) | (13.4) | (20.3) | |||||||||||||||||||
Less: Loss on sale of discontinued operations, net of income taxes | — | — | — | (5.7) | |||||||||||||||||||
Income from continuing operations | $ | 73.4 | $ | 42.8 | $ | 140.0 | $ | 98.9 | |||||||||||||||
Interest expense | 71.4 | 61.6 | 277.9 | 213.9 | |||||||||||||||||||
Provision (benefit) for income taxes | 7.1 | 10.2 | 9.0 | 27.6 | |||||||||||||||||||
Depreciation and amortization expense | 73.3 | 70.4 | 293.2 | 276.4 | |||||||||||||||||||
EBITDA |
$ | 225.2 | $ | 185.0 | $ | 720.1 | $ | 616.8 | |||||||||||||||
Selling, engineering, and administrative expenses | 2.0 | — | 4.0 | — | |||||||||||||||||||
Gains on dispositions of property – other | (1.4) | — | (6.3) | (7.5) | |||||||||||||||||||
Restructuring activities, net | — | — | (2.2) | 1.0 | |||||||||||||||||||
Interest income | (0.4) | (0.4) | (1.5) | (1.4) | |||||||||||||||||||
Adjusted EBITDA | $ | 225.4 | $ | 184.6 | $ | 714.1 | $ | 608.9 |