Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2015

Assets and liabilities measured at fair value on a recurring basis are summarized below:



	Fair Value Measurement as of September 30, 2015
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	233.2	$	—	$	—	$	233.2
Restricted cash	211.8		—		—		211.8
Total assets	$	445.0	$	—	$	—	$	445.0

Liabilities:
Interest rate hedge:⁽¹⁾
Partially-owned subsidiaries	$	—	$	2.2	$	—	$	2.2
Fuel derivative instruments⁽¹⁾	—		0.7		—		0.7
Total liabilities	$	—	$	2.9	$	—	$	2.9

	Fair Value Measurement as of December 31, 2014
	(in millions)
	Level 1		Level 2		Level 3		Total
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

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

The carrying amounts and estimated fair values of our long-term debt are as follows:



	September 30, 2015					December 31, 2014
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.6		$	380.4	$	399.6		$	387.0
Convertible subordinated notes	449.5			529.6		449.5			593.9
Less: unamortized discount	(47.9		)			(59.6		)
	401.6					389.9
Capital lease obligations	36.6			36.6		39.1			39.1
Other	0.5			0.5		0.7			0.7
	838.3			947.1		829.3			1,020.7
Non-recourse:
2006 secured railcar equipment notes	209.0			225.6		223.0			245.6
Promissory notes	—			—		363.9			362.7
2009 secured railcar equipment notes	181.4			213.1		188.8			227.7
2010 secured railcar equipment notes	300.0			323.0		311.5			344.0
TILC warehouse facility	291.7			291.7		120.6			120.6
TRL 2012 secured railcar equipment notes (RIV 2013)	454.5			448.2		472.2			470.3
TRIP Master Funding secured railcar equipment notes	1,009.6			1,065.0		1,043.7			1,121.4
	2,446.2			2,566.6		2,723.7			2,892.3
Total	$	3,284.5		$	3,513.7	$	3,553.0		$	3,913.0