Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value Measurement as of September 30, 2012
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	200.6	$	—	$	—	$	200.6
Restricted cash	234.8		—		—		234.8
Equity call agreement with TRIP Holdings equity investor1	—		—		0.2		0.2
Fuel derivative instruments1	—		0.4		—		0.4
Total assets	$	435.4	$	0.4	$	0.2	$	436.0
Liabilities:
Interest rate hedges:2
Wholly-owned subsidiary	$	—	$	41.9	$	—	$	41.9
TRIP Holdings	—		5.6		—		5.6
Equity put agreement with TRIP Holdings equity investor3	—		—		1.2		1.2
Total liabilities	$	—	$	47.5	$	1.2	$	48.7
	Fair Value Measurement as of December 31, 2011
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	246.6	$	—	$	—	$	246.6
Restricted cash	240.3		—		—		240.3
Equity call agreement with TRIP Holdings equity investor1	—		—		0.7		0.7
Total assets	$	486.9	$	—	$	0.7	$	487.6
Liabilities:
Interest rate hedges:2
Wholly-owned subsidiary	$	—	$	48.9	$	—	$	48.9
TRIP Holdings	—		4.8		—		4.8
Equity put agreement with TRIP Holdings equity investor3	—		—		3.1		3.1
Fuel derivative instruments2	—		0.1		—		0.1
Total liabilities	$	—	$	53.8	$	3.1	$	56.9

¹ Included in other assets on the consolidated balance sheet.

² Included in accrued liabilities on the consolidated balance sheet.

³ Included in other liabilities on the consolidated balance sheet.

Carrying amounts and estimated fair values of long-term debt

The carrying amounts and estimated fair values of our long-term debt are as follows:

	September 30, 2012					December 31, 2011
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Convertible subordinated notes	$	450.0		$	465.7	$	450.0		$	439.4
Less: unamortized discount	(90.7		)			(99.8		)
	359.3					350.2
Capital lease obligations	46.5			46.5		48.6			48.6
Term loan	51.4			54.5		54.7			55.7
Other	5.1			5.1		4.2			4.2
	462.3			571.8		457.7			547.9
Non-recourse:
2006 secured railcar equipment notes	259.1			287.2		269.3			278.5
Promissory notes	445.5			431.2		465.5			448.6
2009 secured railcar equipment notes	211.6			251.8		218.4			228.6
2010 secured railcar equipment notes	345.0			371.6		354.3			333.1
TILC warehouse facility	385.7			385.7		308.5			308.5
TRIP Holdings senior secured notes	61.2			62.5		61.2			61.6
TRIP Master Funding secured railcar equipment notes	807.7			913.7		840.0			834.9
	2,515.8			2,703.7		2,517.2			2,493.8
Total	$	2,978.1		$	3,275.5	$	2,974.9		$	3,041.7