Fair Value Accounting (Tables)

9 Months Ended

Sep. 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 September 30, 2013
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	160.3	$	—	$	—	$	160.3
Restricted cash	249.3		—		—		249.3
Total assets	$	409.6	$	—	$	—	$	409.6
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiaries	$	—	$	25.5	$	—	$	25.5
Partially-owned subsidiaries	—		2.8		—		2.8
Total liabilities	$	—	$	28.3	$	—	$	28.3
	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 subsidiaries	$	—	$	37.6	$	—	$	37.6
Partially-owned subsidiaries	—		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:

	September 30, 2013					December 31, 2012
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Convertible subordinated notes	$	450.0		$	550.7	$	450.0		$	506.6
Less: unamortized discount	(77.6		)			(87.5		)
	372.4					362.5
Capital lease obligations	42.9			42.9		45.8			45.8
Term loan	—			—		48.6			53.3
Other	0.9			0.9		1.2			1.2
	416.2			594.5		458.1			606.9
Non-recourse:
2006 secured railcar equipment notes	244.7			265.0		255.8			292.0
Promissory notes	403.5			396.2		424.1			414.6
2009 secured railcar equipment notes	201.6			234.1		209.2			260.4
2010 secured railcar equipment notes	330.4			348.7		341.5			387.2
TILC warehouse facility	152.0			152.0		173.6			173.6
TRL 2012 secured railcar equipment notes - RIV 2013	505.6			470.5		333.8			321.7
TRIP Holdings senior secured notes	—			—		61.2			62.5
TRIP Master Funding secured railcar equipment notes	767.1			830.7		797.7			952.0
	2,604.9			2,697.2		2,596.9			2,864.0
Total	$	3,021.1		$	3,291.7	$	3,055.0		$	3,470.9