Fair Value Accounting (Tables)

3 Months Ended

Mar. 31, 2013

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 March 31, 2013
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	104.8	$	—	$	—	$	104.8
Restricted cash	215.3		—		—		215.3
Fuel derivative instruments1	—		0.1		—		0.1
Total assets	$	320.1	$	0.1	$	—	$	320.2
Liabilities:
Interest rate hedges:2
Wholly-owned subsidiary	$	—	$	33.3	$	—	$	33.3
Partially-owned subsidiary	—		4.4		—		4.4
Total liabilities	$	—	$	37.7	$	—	$	37.7
	Fair Value Measurement as of December 31, 2012
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	246.6	$	155.0	$	—	$	401.6
Restricted cash	223.2		—		—		223.2
Equity call agreement with TRIP Holdings equity investor1	—		—		0.8		0.8
Fuel derivative instruments1	—		0.1		—		0.1
Total assets	$	469.8	$	155.1	$	0.8	$	625.7
Liabilities:
Interest rate hedges:2
Wholly-owned subsidiary	$	—	$	37.6	$	—	$	37.6
Partially-owned subsidiary	—		5.2		—		5.2
Equity put agreement with TRIP Holdings equity investor3	—		—		2.9		2.9
Fuel derivative instruments2	—		0.0		—		0.0
Total liabilities	$	—	$	42.8	$	2.9	$	45.7

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:

	March 31, 2013					December 31, 2012
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Convertible subordinated notes	$	450.0		$	546.6	$	450.0		$	506.6
Less: unamortized discount	(84.2		)			(87.5		)
	365.8					362.5
Capital lease obligations	45.1			45.1		45.8			45.8
Term loan	—			—		48.6			53.3
Other	1.1			1.1		1.2			1.2
	412.0			592.8		458.1			606.9
Non-recourse:
2006 secured railcar equipment notes	252.2			284.3		255.8			292.0
Promissory notes	418.2			409.3		424.1			414.6
2009 secured railcar equipment notes	206.7			253.3		209.2			260.4
2010 secured railcar equipment notes	337.9			376.9		341.5			387.2
2012 secured railcar equipment notes	331.1			326.1		333.8			321.7
TILC warehouse facility	167.9			167.9		173.6			173.6
TRIP Holdings senior secured notes	61.2			61.2		61.2			62.5
TRIP Master Funding secured railcar equipment notes	787.6			886.3		797.7			952.0
	2,562.8			2,765.3		2,596.9			2,864.0
Total	$	2,974.8		$	3,358.1	$	3,055.0		$	3,470.9