Fair Value Accounting (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2014
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents	$	415.2	$	—	$	—	$	415.2
Restricted cash	234.7		—		—		234.7
Total assets	$	649.9	$	—	$	—	$	649.9
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiaries	$	—	$	6.4	$	—	$	6.4
Partially-owned subsidiaries	—		2.0		—		2.0
Fuel derivative instruments(1)	—		2.1		—		2.1
Total liabilities	$	—	$	10.5	$	—	$	10.5
	Fair Value Measurement as of December 31, 2013
	Level 1		Level 2		Level 3		Total
	(in millions)
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:

	December 31, 2014					December 31, 2013
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.6		$	387.0	$	—		$	—
Convertible subordinated notes	449.5			593.9		450.0			593.4
Less: unamortized discount	(59.6		)			(74.1		)
	389.9					375.9
Capital lease obligations	39.1			39.1		42.2			42.2
Other	0.7			0.7		0.9			0.9
	829.3			1,020.7		419.0			636.5
Non-recourse:
2006 secured railcar equipment notes	223.0			245.6		240.7			259.2
Promissory notes	363.9			362.7		396.1			389.6
2009 secured railcar equipment notes	188.8			227.7		199.0			229.5
2010 secured railcar equipment notes	311.5			344.0		326.9			342.7
TILC warehouse facility	120.6			120.6		152.0			152.0
TRL 2012 secured railcar equipment notes (RIV 2013)	472.2			470.3		499.3			483.4
TRIP Master Funding secured railcar equipment notes	1,043.7			1,121.4		756.8			819.8
	2,723.7			2,892.3		2,570.8			2,676.2
Total	$	3,553.0		$	3,913.0	$	2,989.8		$	3,312.7