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 SEPTEMBER 30, 2021 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 (Exact name of registrant as specified in its charter) Delaware 75-0225040 (State or Other Jurisdic ...

Trinity Industries, Inc. (NYSE:TRN) Q3 2021 Earnings Conference Call October 21, 2021 8:30 AM ET Company Participants Leigh Anne Mann - VP, IR Jean Savage - President & CEO Eric Marchetto - CFO Conference Call Participants Matt Elkott - Cowen and Company Allison Poliniak - Wells Fargo James Bardowski - GLJ Research George Sellers - Stephens Inc. Bascome Majors - Susquehanna Steve Barger - KeyBanc Capital Markets Operator Good day, and welcome to the Trinity Industries Third Quarter Results Conference Call. ...

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, 2021 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 (Exact name of registrant as specified in its charter) Delaware 75-0225040 (State or Other Jurisdiction ...

Trinity Industries, Inc. (NYSE:TRN) Q2 2021 Earnings Conference Call July 22, 2021 8:30 AM ET Company Participants Steve McDowell - CAO Jean Savage - CEO & President Eric Marchetto - CFO Conference Call Participants Matt Elkott - Cowen Allison Poliniak - Wells Fargo George Sellers - Stephens, Inc. Bascome Majors - Susquehanna Steve Barger - KeyBanc Operator Good morning and welcome to the Trinity Industries' Second Quarter Results Conference Call. All participants will be in listen-only mode. [Operator Inst ...

PART I [Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited Consolidated Financial Statements for Q1 2021, including key statements and notes, highlighting a prospective accounting change for lease fleet sales impacting revenue comparability Consolidated Statements of Operations Highlights (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | | :--- | :--- | :--- | | **Total Revenues** | **$398.8** | **$615.2** | | Manufacturing Revenues | $215.5 | $379.1 | | Leasing Revenues | $183.3 | $236.1 | | **Total Operating Profit** | **$60.2** | **$73.0** | | **Net Income Attributable to Trinity** | **$3.3** | **$161.7** | | **Diluted EPS** | **$0.03** | **$1.33** | Consolidated Balance Sheet Highlights | Metric | March 31, 2021 (in millions) | Dec 31, 2020 (in millions) | | :--- | :--- | :--- | | Total Assets | $8,775.5 | $8,701.8 | | Total Liabilities | $6,807.6 | $6,685.8 | | Total Stockholders' Equity | $1,967.9 | $2,016.0 | Consolidated Cash Flow Highlights (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | | :--- | :--- | :--- | | Net Cash from Operating Activities | $69.7 | $173.6 | | Net Cash used in Investing Activities | ($96.0) | ($64.6) | | Net Cash from Financing Activities | $83.4 | ($77.1) | - Beginning in Q4 2020, the company changed its accounting presentation for sales of railcars from the lease fleet to a **net basis** as 'Lease portfolio sales', a **prospective change** that affects comparability with prior periods[23](index=23&type=chunk)[106](index=106&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's Q1 2021 financial condition and operational results, detailing impacts from the COVID-19 pandemic, industry pressures, and strategic financial management [Executive Summary](index=35&type=section&id=Executive%20Summary) Q1 2021 performance was negatively impacted by the COVID-19 pandemic and market weakness, resulting in decreased revenue and operating profit, though the company maintained strong liquidity and continued capital returns - The **COVID-19 pandemic** and related economic pressures negatively impacted Q1 2021 results, with management expecting continued pressure in the near term[112](index=112&type=chunk) - A **significant increase in steel prices** since Q4 2020 is noted as a potential headwind, possibly impacting demand for new railcars and near-term operating profit[117](index=117&type=chunk) Q1 2021 Financial & Operational Highlights | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Revenues | $398.8M | $615.2M | | Operating Profit | $60.2M | $73.0M | | Railcar Backlog | $1.0B | $1.6B | | Railcar Orders | 1,410 | 1,970 | | Railcar Deliveries | 1,895 | 3,705 | | Lease Fleet Utilization | 94.5% | 95.4% | [Consolidated Results of Operations](index=38&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated revenues decreased 35.2% to $398.8 million and operating profit fell 17.5% to $60.2 million in Q1 2021, primarily due to lower railcar deliveries and a change in lease fleet sales presentation Consolidated Results of Operations (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | | :--- | :--- | :--- | | Revenues | $398.8 | $615.2 | | Cost of revenues | $296.0 | $482.0 | | Operating profit | $60.2 | $73.0 | | Income from continuing operations | $1.7 | $162.5 | - The effective tax rate for Q1 2021 was **77.9%**, primarily due to a CARES Act carryback benefit adjustment; excluding this, the rate was **28.6%**, compared to a **990.6%** tax benefit in Q1 2020 also influenced by the CARES Act[72](index=72&type=chunk)[136](index=136&type=chunk) [Segment Discussion](index=41&type=section&id=Segment%20Discussion) The Railcar Leasing and Management Services Group saw a 15.7% decrease in operating profit, while the Rail Products Group reported an operating loss due to a significant drop in deliveries, and the All Other segment's profit increased Railcar Leasing and Management Services Group Performance (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | | :--- | :--- | :--- | | Total Revenues | $183.5 | $236.3 | | Total Operating Profit | $78.3 | $92.9 | | Fleet Utilization | 94.5% | 95.4% | Rail Products Group Performance (Q1 2021 vs Q1 2020) | Metric | Q1 2021 (in millions) | Q1 2020 (in millions) | | :--- | :--- | :--- | | Total Revenues | $261.0 | $509.4 | | Operating Profit (Loss) | ($8.8) | $25.1 | | Railcar Deliveries (units) | 1,895 | 3,705 | | Backlog Value | $989.9 | $1,557.8 | [Liquidity and Capital Resources](index=45&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2021, Trinity maintained $772.4 million in committed liquidity, generated $70.1 million in operating cash flow, and continued capital returns, while extending its TILC warehouse facility to $1.0 billion - Total committed liquidity as of March 31, 2021, was **$772.4 million**, comprising **$178.1 million** in cash, **$358.2 million** available under the revolving credit facility, and **$236.1 million** available under the TILC warehouse facility[151](index=151&type=chunk) - In March 2021, the TILC warehouse loan facility was extended through March 2024, with the total commitment increased from **$750 million** to **$1.0 billion**[70](index=70&type=chunk)[152](index=152&type=chunk) - The company repurchased **1,291,860 shares** for **$36.8 million** in Q1 2021, with **$145.4 million** remaining available under the share repurchase authorization as of March 31, 2021[85](index=85&type=chunk)[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes in market risks since December 31, 2020, but highlights exposure to the LIBOR transition potentially affecting future borrowing costs - There has been **no material change** in market risks since December 31, 2020[181](index=181&type=chunk) - The company holds **LIBOR-based contracts** extending beyond June 2023, and the transition to an alternative rate like SOFR may adversely affect interest rates and result in **higher borrowing costs**[171](index=171&type=chunk) [Controls and Procedures](index=50&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that disclosure controls and procedures were effective as of Q1 2021, with no material changes to internal controls over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the reporting period[183](index=183&type=chunk) - **No changes** in internal controls over financial reporting occurred during the quarter that materially affected or are reasonably likely to materially affect the controls[184](index=184&type=chunk) PART II [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) This section details ongoing legal matters, including qui tam actions and a class-action lawsuit related to the ET-Plus highway guardrail system, with an accrual of $9.2 million for various claims - The company is defending **state qui tam actions** in Virginia, Massachusetts, and California, along with a **class-action lawsuit** in Missouri (trial scheduled for April 2022), all related to its ET-Plus highway guardrail system[93](index=93&type=chunk)[95](index=95&type=chunk) - The company believes these lawsuits are **without merit** and cannot estimate a range of possible losses, with **no loss currently considered probable** for these specific actions[94](index=94&type=chunk)[97](index=97&type=chunk) - As of March 31, 2021, the company has accrued **$9.2 million** for various claims and lawsuits, with the range of reasonably possible losses estimated between **$8.7 million to $17.2 million**[99](index=99&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) The company states that there have been no material changes from the risk factors that were previously disclosed in its 2020 Annual Report on Form 10-K - There have been **no material changes** from the risk factors previously disclosed in Item 1A of the 2020 Annual Report on Form 10-K[187](index=187&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In the first quarter of 2021, Trinity repurchased 1,291,860 shares of its common stock at a cost of approximately $36.8 million as part of its authorized share repurchase program Share Repurchase Activity (Q1 2021) | Period | Shares Purchased | Average Price Paid | Total Cost (in millions) | | :--- | :--- | :--- | :--- | | Jan 2021 | 170,863 | $27.28 | ~$4.7 | | Feb 2021 | 0 | N/A | $0.0 | | Mar 2021 | 1,120,997 | $28.61 | ~$32.1 | | **Total Q1** | **1,291,860** | **N/A** | **$36.8** | - As of March 31, 2021, the remaining authorization under the share repurchase program was **$145.4 million**, with the program running through December 31, 2021[188](index=188&type=chunk) [Defaults Upon Senior Securities](index=51&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) None - **No defaults** upon senior securities were reported[189](index=189&type=chunk) [Mine Safety Disclosures](index=51&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - This section is **not applicable** to the company[190](index=190&type=chunk) [Other Information](index=51&type=section&id=Item%205.%20Other%20Information) None - **No other information** was reported under this item[191](index=191&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, which include amendments to the company's bylaws, an amended warehouse loan agreement, an amendment to the credit agreement, and various officer certifications - **Key exhibits** filed include an amendment to the Warehouse Loan Agreement and an amendment to the Amended and Restated Credit Agreement[193](index=193&type=chunk)

Trinity Industries, Inc. (NYSE:TRN) Q1 2021 Earnings Conference Call April 22, 2021 8:30 AM ET Company Participants Jessica Greiner - VP, IR & Communications Jean Savage - CEO & President Eric Marchetto - CFO Conference Call Participants Allison Poliniak - Wells Fargo Matt Elkott - Cowen Gordon Johnson - GLJ Research George Sellers - Stephens, Inc. Bascome Majors - Susquehanna Steve Barger - KeyBanc Barry Haimes - Sage Asset Management Operator Good day and welcome to the Trinity Industries' First Quarter R ...

Financial Performance - Q1 2021 revenue was $399 million, a decrease of 35% year-over-year[7] - Q1 2021 cash flow from continuing operations was $70 million, a decrease of 60% year-over-year[8] - Adjusted EPS for Q1 2021 was $0.07, a decrease of 36% year-over-year[9] - Free cash flow for Q1 2021 was $90 million, an increase of 57% year-over-year[9] Market and Operations - Rail traffic is continuing to improve[14] - Railcars are coming out of storage[14] - Rail Products segment revenue declined year-over-year due to 49% fewer railcar deliveries in Q1[17] Strategic Initiatives and Capital Structure - Net debt increased by $148 million[22] - LTV (Loan-to-Value) increased to 60.9%[22] - The company has solid liquidity of $772 million[31]

Part I [Business](index=6&type=section&id=Item%201.%20Business) Trinity Industries is a leading North American railcar products and services provider, structured into three segments and subject to extensive regulation - Trinity Industries is a leading provider of railcar products and services in North America, marketed under the TrinityRail brand[15](index=15&type=chunk) - The company's operations are subject to regulation by multiple governmental agencies in the U.S., Canada, and Mexico, including the FRA, PHMSA, AAR, and OSHA[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) Reportable Segments | Segment | Description | | :--- | :--- | | **Railcar Leasing and Management Services Group** | Owns and operates a fleet of railcars, provides leasing, management, and administrative services | | **Rail Products Group** | Manufactures and sells railcars, related parts, and provides maintenance and modification services | | **All Other** | Includes the highway products business and costs for non-operating facilities | Employee Headcount by Segment (as of Dec 31, 2020) | Segment | Employee Count | | :--- | :--- | | Railcar Leasing and Management Services Group | 155 | | Rail Products Group | 5,295 | | All Other | 635 | | Corporate and Enterprise Support | 290 | | **Total** | **6,375** | [Railcar Leasing and Management Services Group](index=7&type=section&id=Item%201.%20Business.Railcar%20Leasing%20and%20Management%20Services%20Group) The Railcar Leasing and Management Services Group provides operating leases for a diversified fleet of over 107,000 railcars and manages third-party fleets - The lease fleet is diversified across various end markets, including Agriculture, Construction & Metals, Consumer Products, Energy, and Refined Products & Chemicals[21](index=21&type=chunk)[23](index=23&type=chunk) Lease Fleet Status (as of Dec 31, 2020) | Metric | Value | | :--- | :--- | | Total Railcars in Lease Fleet | 107,045 | | Fleet Utilization | 94.5% | | Total Railcars Under Management | 133,690 | [Rail Products Group](index=9&type=section&id=Item%201.%20Business.Rail%20Products%20Group) The Rail Products Group manufactures various freight and tank railcars and offers comprehensive maintenance and repair services, with steel as a primary cost driver - This group manufactures freight and tank railcars and provides a full range of maintenance and modification services[25](index=25&type=chunk)[26](index=26&type=chunk) - Input costs for materials, primarily steel and specialty components, represent over **70%** of the cost of most railcars[31](index=31&type=chunk) [All Other Segment](index=9&type=section&id=Item%201.%20Business.All%20Other) The All Other segment primarily comprises a leading U.S. highway products manufacturer, experiencing seasonal revenue fluctuations, and includes non-operating facility costs - This segment includes a leading U.S. manufacturer of highway products like guardrails and crash cushions[29](index=29&type=chunk) - The highway products business experiences seasonality, with revenues typically highest in the second and third quarters[29](index=29&type=chunk) [Risk Factors](index=14&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including cyclical industry demand, COVID-19 impacts, operational challenges in Mexico, intense competition, and financial and regulatory exposures - The industries in which Trinity operates are cyclical, and economic downturns can significantly decrease demand, leading to lower sales and profits[68](index=68&type=chunk) - The COVID-19 pandemic has had, and could continue to have, a material adverse effect on operations, financial condition, liquidity, and demand for products and services[69](index=69&type=chunk) - Operations in Mexico are subject to political, economic, and trade risks. Changes in U.S. or Mexican government policies, tariffs, or trade barriers could adversely affect the business[70](index=70&type=chunk) - The company faces risks related to cybersecurity attacks and data breaches, which could lead to financial loss, litigation, and reputational harm[78](index=78&type=chunk) - The business is subject to extensive regulation. Changes in requirements from agencies like the FRA, PHMSA, and AAR could increase operating costs or reduce demand[105](index=105&type=chunk)[108](index=108&type=chunk) - The phaseout of LIBOR by June 2023 may adversely affect interest rates on the company's debt, potentially increasing borrowing costs[104](index=104&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[122](index=122&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties) The company operates various owned and leased facilities across the U.S. and Mexico, with the Rail Products Group utilizing the majority of space - The estimated weighted average production capacity utilization for the Rail Products and All Other segments was approximately **70%** for the year ended December 31, 2020[124](index=124&type=chunk) Facility Space by Segment (Approx. Square Feet) | Segment | Owned | Leased | | :--- | :--- | :--- | | Rail Products Group | 5,553,100 | 133,400 | | All Other | 822,500 | 96,400 | | Corporate Offices | — | 162,800 | | **Total** | **6,375,600** | **392,600** | [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings) Information regarding legal proceedings is incorporated by reference from Note 15 of the Consolidated Financial Statements - For details on legal proceedings, refer to Note 15 of the Consolidated Financial Statements[125](index=125&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[126](index=126&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=27&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Trinity's common stock trades on the NYSE under 'TRN', showing a 168% cumulative return over five years, with recent share repurchases - In October 2020, the Board authorized a new share repurchase program of up to **$250.0 million** through December 31, 2021[134](index=134&type=chunk)[162](index=162&type=chunk) Cumulative Total Stockholder Return (2015-2020) | Year | Trinity Industries, Inc. | Dow Jones US Commercial Vehicles & Trucks Index | New York Stock Exchange Composite Index | S&P MidCap 400 | | :--- | :--- | :--- | :--- | :--- | | 2015 | 100 | 100 | 100 | 100 | | 2016 | 118 | 144 | 112 | 121 | | 2017 | 162 | 211 | 133 | 140 | | 2018 | 122 | 177 | 122 | 125 | | 2019 | 136 | 223 | 153 | 157 | | 2020 | 168 | 288 | 164 | 179 | Issuer Purchases of Equity Securities (Q4 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Shares Purchased as Part of Program | Remaining Authorization (in millions) | | :--- | :--- | :--- | :--- | :--- | | Oct 2020 | 521,807 | $19.41 | 519,902 | $239.9 | | Nov 2020 | 1,175,020 | $21.74 | 1,169,576 | $214.5 | | Dec 2020 | 1,287,609 | $25.14 | 1,285,444 | $182.2 | | **Total Q4** | **2,984,436** | | **2,974,922** | **$182.2** | [Selected Financial Data](index=28&type=section&id=Item%206.%20Selected%20Financial%20Data) The company has elected to omit the presentation of Selected Financial Data, aligning with SEC's updated requirements - The company has elected not to present Selected Financial Data as it is no longer required by the SEC[135](index=135&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Trinity's 2020 financial performance saw a significant revenue decline and operating loss due to COVID-19 and industry downturns, offset by strong cash flow and strategic capital management - Revenues decreased by **33.5%** primarily due to lower deliveries in the Rail Products Group and fewer railcars sold from the lease fleet[171](index=171&type=chunk) - A significant impairment charge of **$396.4 million** was recorded, primarily related to small cube covered hopper railcars, due to a fundamental and other-than-temporary change in future demand[143](index=143&type=chunk)[174](index=174&type=chunk) - The company's effective tax rate was a benefit of **54.3%** for 2020, largely due to the impact of the CARES Act, which allowed for the carryback of tax losses to years with a higher federal tax rate[180](index=180&type=chunk)[181](index=181&type=chunk) Consolidated Results of Operations (2020 vs. 2019) | Metric (in millions) | 2020 | 2019 | | :--- | :--- | :--- | | Revenues | $1,999.4 | $3,005.1 | | Operating Profit (Loss) | $(124.5) | $416.3 | | Impairment of long-lived assets | $396.4 | $— | | Income (Loss) from continuing operations | $(226.1) | $139.2 | [Segment Discussion](index=38&type=section&id=Item%207.%20MD%26A.Segment%20Discussion) Segment performance varied, with Railcar Leasing and Rail Products experiencing revenue and profit declines, while All Other improved profitability through cost reductions Operating Profit (Loss) by Segment (in millions) | Segment | 2020 | 2019 | | :--- | :--- | :--- | | Railcar Leasing and Management Services Group | $353.7 | $406.6 | | Rail Products Group | $36.3 | $277.6 | | All Other | $28.2 | $19.9 | | Corporate | $(97.7) | $(108.0) | | Impairment, Restructuring & Eliminations | $(443.3) | $(179.8) | | **Consolidated Total** | **$(124.5)** | **$416.3** | [Liquidity and Capital Resources](index=42&type=section&id=Item%207.%20MD%26A.Liquidity%20and%20Capital%20Resources) As of December 31, 2020, Trinity maintained strong liquidity and operating cash flow, while investing in its lease fleet and returning capital to shareholders - As of December 31, 2020, the company has committed liquidity of **$727.4 million**, comprising **$132.0 million** in cash, **$364.8 million** available under its revolving credit facility, and **$230.6 million** available under the TILC warehouse facility[198](index=198&type=chunk) - Capital expenditures for 2021 are projected to be between **$300 million** and **$350 million** for net lease fleet investment, and **$45 million** to **$60 million** for manufacturing and other activities[217](index=217&type=chunk) Summary of Cash Flows (in millions) | Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net cash from operating activities | $651.8 | $396.7 | | Net cash used in investing activities | $(532.9) | $(993.3) | | Net cash (used in) provided by financing activities | $(168.0) | $526.5 | Contractual Obligations Summary (as of Dec 31, 2020) | Obligation (in millions) | Total | Due in 1 Year or Less | | :--- | :--- | :--- | | Debt and Interest | $5,719.3 | $404.7 | | Operating Leases | $120.2 | $12.2 | | Purchase Obligations | $401.2 | $358.3 | | **Total** | **$6,241.7** | **$776.2** | [Critical Accounting Policies and Estimates](index=47&type=section&id=Item%207.%20MD%26A.Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve significant judgment in areas such as long-lived asset impairment, income taxes, goodwill testing, variable interest entities, and self-insurance liabilities - The impairment assessment of long-lived assets, such as the **$369.4 million** charge for small cube covered hopper railcars, requires significant management judgment on future lease rates, utilization, and discount rates[229](index=229&type=chunk) - Accounting for income taxes involves estimating the timing and realization of deferred tax assets and liabilities, including assessing the need for valuation allowances[230](index=230&type=chunk) - Goodwill impairment testing is performed annually and requires estimates of future revenue, operating profit, and discount rates for each reporting unit[231](index=231&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages market risks, primarily interest rate fluctuations on variable-rate debt, using derivatives, with foreign currency and commodity exposures deemed immaterial - The company's primary market risk is interest rate fluctuation, with **27.3%** of its debt at variable rates as of year-end 2020[242](index=242&type=chunk) - A hypothetical **1%** increase in average interest rates for fiscal year 2021 would increase interest expense by approximately **$8.9 million**, net of hedges[242](index=242&type=chunk) [Financial Statements and Supplementary Data](index=54&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2020, reflecting a net loss driven by impairment and pension charges, partially offset by tax benefits, with stable assets and increased debt - The company adopted new accounting standards for credit losses (ASU 2016-13) and cloud computing costs (ASU 2018-15) in 2020, with no significant impact on the financial statements[314](index=314&type=chunk)[315](index=315&type=chunk) - The company is involved in ongoing highway products litigation, including state qui tam actions and product liability lawsuits. While a loss is not considered probable for the state actions, the financial impact could be material. An accrual of **$7.5 million** has been made for other matters as of Dec 31, 2020[436](index=436&type=chunk)[439](index=439&type=chunk)[442](index=442&type=chunk) Consolidated Balance Sheet Summary (in millions) | Account | Dec 31, 2020 | Dec 31, 2019 | | :--- | :--- | :--- | | Total Assets | $8,701.8 | $8,701.4 | | Total Liabilities | $6,685.8 | $6,322.5 | | Total Stockholders' Equity | $2,016.0 | $2,378.9 | Consolidated Statement of Operations Summary (in millions) | Account | 2020 | 2019 | | :--- | :--- | :--- | | Revenues | $1,999.4 | $3,005.1 | | Total operating profit (loss) | $(124.5) | $416.3 | | Income (loss) from continuing operations | $(226.1) | $139.2 | | Net income (loss) attributable to Trinity | $(147.3) | $137.6 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=107&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[444](index=444&type=chunk) [Controls and Procedures](index=107&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and independent auditors concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2020[445](index=445&type=chunk) - Management assessed internal control over financial reporting as effective based on the COSO framework, and the independent auditor, Ernst & Young LLP, concurred[449](index=449&type=chunk)[450](index=450&type=chunk)[454](index=454&type=chunk) [Other Information](index=109&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[461](index=461&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=109&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement - Required information is incorporated by reference from the Registrant's definitive 2021 Proxy Statement[463](index=463&type=chunk) [Executive Compensation](index=109&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the 2021 Proxy Statement - Required information is incorporated by reference from the Registrant's definitive 2021 Proxy Statement[465](index=465&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=110&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information on security ownership and equity compensation plans is incorporated by reference from the 2021 Proxy Statement Equity Compensation Plan Information (as of Dec 31, 2020) | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining Available for Future Issuance | | :--- | :--- | :--- | :--- | | Equity compensation plans approved by security holders | 4,113,458 | N/A | 1,973,045 | | Equity compensation plans not approved by security holders | — | N/A | — | | **Total** | **4,113,458** | | **1,973,045** | [Certain Relationships and Related Transactions, and Director Independence](index=110&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related person transactions and director independence is incorporated by reference from the 2021 Proxy Statement - Required information is incorporated by reference from the Registrant's definitive 2021 Proxy Statement[470](index=470&type=chunk) [Principal Accountant Fees and Services](index=110&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information on principal accountant fees and services is incorporated by reference from the 2021 Proxy Statement - Required information is incorporated by reference from the Registrant's definitive 2021 Proxy Statement[471](index=471&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=111&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section provides an index of exhibits filed with the report, including governance documents and debt agreements, and notes the omission of financial statement schedules - This section contains the index to all exhibits filed with the Form 10-K, including governance documents, material contracts, and certifications[473](index=473&type=chunk)[475](index=475&type=chunk) [Form 10-K Summary](index=115&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[480](index=480&type=chunk)

Trinity Industries, Inc. (NYSE:TRN) Q4 2020 Earnings Conference Call February 24, 2021 8:30 AM ET Company Participants Jessica Greiner - Vice President, Investor Relations & Communications Jean Savage - Chief Executive Officer & President Eric Marchetto - Chief Financial Officer Conference Call Participants Justin Long - Stephens Allison Poliniak - Wells Fargo Gordon Johnson - GLJ Bascome Majors - Susquehanna Matt Elkott - Cowen Steve Barger - KeyBanc Operator Good morning and welcome to the Trinity Industr ...

UNITED STATES SECURITIES AND EXCHANGE CO. Washington, D.C. 20549 Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ . Commission File Number 1-6903 (Exact name of registrant as specified in its charter) Delaware 75-0225040 (State or Other Jurisdiction of ...