Fair Value Accounting (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets:
Cash equivalents	$	174.0	$	—	$	—	$	174.0
Restricted cash	195.8		—		—		195.8
Total assets	$	369.8	$	—	$	—	$	369.8
Liabilities:
Interest rate hedge:(1)
Partially-owned subsidiaries	$	—	$	1.6	$	—	$	1.6
Fuel derivative instruments(1)	—		0.8		—		0.8
Total liabilities	$	—	$	2.4	$	—	$	2.4
	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

⁽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, 2015					December 31, 2014
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.6		$	370.3	$	399.6		$	387.0
Convertible subordinated notes	449.4			534.8		449.5			593.9
Less: unamortized discount	(43.8		)			(59.6		)
	405.6					389.9
Capital lease obligations	35.8			35.8		39.1			39.1
Other	0.5			0.5		0.7			0.7
	841.5			941.4		829.3			1,020.7
Less: unamortized debt issuance costs	(4.8		)			(5.7		)
	836.7					823.6
Non-recourse:
2006 secured railcar equipment notes	204.1			218.2		223.0			245.6
Promissory notes	—			—		363.9			362.7
2009 secured railcar equipment notes	179.2			207.2		188.8			227.7
2010 secured railcar equipment notes	296.2			314.2		311.5			344.0
TILC warehouse facility	264.3			264.3		120.6			120.6
TRL 2012 secured railcar equipment notes (RIV 2013)	449.1			436.9		472.2			470.3
TRIP Master Funding secured railcar equipment notes (TRIP Holdings)	997.8			1,039.5		1,043.7			1,121.4
	2,390.7			2,480.3		2,723.7			2,892.3
Less: unamortized debt issuance costs	(32.0		)			(32.8		)
	2,358.7					2,690.9
Total	$	3,195.4		$	3,421.7	$	3,514.5		$	3,913.0