Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2013
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	137.0	$	—	$	—	$	137.0
Restricted cash	227.0		—		—		227.0
Total assets	$	364.0	$	—	$	—	$	364.0
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiary	$	—	$	28.9	$	—	$	28.9
Partially-owned subsidiary	—		2.8		—		2.8
Total liabilities	$	—	$	31.7	$	—	$	31.7
	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 investor(2)	—		—		0.8		0.8
Fuel derivative instruments(2)	—		0.1		—		0.1
Total assets	$	469.8	$	155.1	$	0.8	$	625.7
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiary	$	—	$	37.6	$	—	$	37.6
Partially-owned subsidiary	—		5.2		—		5.2
Equity put agreement with TRIP Holdings equity investor(3)	—		—		2.9		2.9
Total liabilities	$	—	$	42.8	$	2.9	$	45.7

⁽¹⁾ Included in accrued liabilities on the consolidated balance sheet.

⁽²⁾ Included in other assets 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:

	June 30, 2013					December 31, 2012
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Convertible subordinated notes	$	450.0		$	524.4	$	450.0		$	506.6
Less: unamortized discount	(81.0		)			(87.5		)
	369.0					362.5
Capital lease obligations	43.7			43.7		45.8			45.8
Term loan	—			—		48.6			53.3
Other	1.0			1.0		1.2			1.2
	413.7			569.1		458.1			606.9
Non-recourse:
2006 secured railcar equipment notes	248.5			268.7		255.8			292.0
Promissory notes	411.8			403.7		424.1			414.6
2009 secured railcar equipment notes	204.2			235.2		209.2			260.4
2010 secured railcar equipment notes	334.2			349.4		341.5			387.2
TILC warehouse facility	167.4			167.4		173.6			173.6
2012 secured railcar equipment notes - RIV 2013	327.0			306.0		333.8			321.7
TRIP Holdings senior secured notes	—			—		61.2			62.5
TRIP Master Funding secured railcar equipment notes	777.4			836.6		797.7			952.0
	2,470.5			2,567.0		2,596.9			2,864.0
Total	$	2,884.2		$	3,136.1	$	3,055.0		$	3,470.9