Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	414.7	$	—	$	—	$	414.7
Restricted cash	248.5		—		—		248.5
Total assets	$	663.2	$	—	$	—	$	663.2
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiaries	$	—	$	14.2	$	—	$	14.2
Partially-owned subsidiaries	—		2.3		—		2.3
Total liabilities	$	—	$	16.5	$	—	$	16.5
	Fair Value Measurement as of December 31, 2013
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	230.6	$	—	$	—	$	230.6
Restricted cash	260.7		—		—		260.7
Total assets	$	491.3	$	—	$	—	$	491.3
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiaries	$	—	$	21.7	$	—	$	21.7
Partially-owned subsidiaries	—		2.1		—		2.1
Total liabilities	$	—	$	23.8	$	—	$	23.8

⁽¹⁾ Included in accrued 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, 2014					December 31, 2013
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Convertible subordinated notes	$	450.0		$	837.9	$	450.0		$	593.4
Less: unamortized discount	(67.0		)			(74.1		)
	383.0					375.9
Capital lease obligations	40.6			40.6		42.2			42.2
Other	0.9			0.9		0.9			0.9
	424.5			879.4		419.0			636.5
Non-recourse:
2006 secured railcar equipment notes	232.5			256.4		240.7			259.2
Promissory notes	382.0			376.9		396.1			389.6
2009 secured railcar equipment notes	194.1			233.5		199.0			229.5
2010 secured railcar equipment notes	320.1			351.8		326.9			342.7
TILC warehouse facility	132.0			132.0		152.0			152.0
TRL 2012 secured railcar equipment notes - RIV 2013	486.6			485.1		499.3			483.4
TRIP Master Funding secured railcar equipment notes	1,070.7			1,152.5		756.8			819.8
	2,818.0			2,988.2		2,570.8			2,676.2
Total	$	3,242.5		$	3,867.6	$	2,989.8		$	3,312.7