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Fair Value Accounting (Tables)
 6 Months Ended
Jun. 30, 2016
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, 2016
 
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Cash equivalents
$
127.6

 
$
—

 
$
—

 
$
127.6

Restricted cash
183.3

 
—

 
—

 
183.3

Equity instruments
—

 
2.9

 
—

 
2.9

Total assets
$
310.9

 
$
2.9

 
$
—

 
$
313.8

 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
Interest rate hedge:(1)
 
 
 
 
 
 
 
Partially-owned subsidiaries
$
—

 
$
2.0

 
$
—

 
$
2.0

Total liabilities
$
—

 
$
2.0

 
$
—

 
$
2.0

 
 
 
 
 
 
 
 
 
Fair Value Measurement as of December 31, 2015
 
(in millions)
 
Level 1
 
Level 2
 
Level 3
 
Total
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

(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, 2016
 
December 31, 2015
 
Carrying
Value
 
Estimated
Fair Value
 
Carrying
Value
 
Estimated
Fair Value
 
(in millions)
Recourse:
 
 
 
 
 
 
 
Senior notes
$
399.6

 
$
376.6

 
$
399.6

 
$
370.3

Convertible subordinated notes
449.4

 
484.8

 
449.4

 
534.8

Less: unamortized discount
(35.4
)
 
 
 
(43.8
)
 
 
 
414.0

 
 
 
405.6

 
 
Capital lease obligations
34.1

 
34.1

 
35.8

 
35.8

Other
0.5

 
0.5

 
0.5

 
0.5

 
848.2

 
896.0

 
841.5

 
941.4

Less: unamortized debt issuance costs
(4.3
)
 
 
 
(4.8
)
 
 
 
843.9

 
 
 
836.7

 
 
Non-recourse:
 
 
 
 
 
 
 
2006 secured railcar equipment notes
201.3

 
208.2

 
204.1

 
218.2

2009 secured railcar equipment notes
175.8

 
192.2

 
179.2

 
207.2

2010 secured railcar equipment notes
288.0

 
288.6

 
296.2

 
314.2

TILC warehouse facility
240.5

 
240.5

 
264.3

 
264.3

TRL 2012 secured railcar equipment notes (RIV 2013)
436.8

 
407.3

 
449.1

 
436.9

TRIP Master Funding secured railcar equipment notes (TRIP Holdings)
972.4

 
973.2

 
997.8

 
1,039.5

 
2,314.8

 
2,310.0

 
2,390.7

 
2,480.3

Less: unamortized debt issuance costs
(29.1
)
 
 
 
(32.0
)
 
 
 
2,285.7

 
 
 
2,358.7

 
 
Total
$
3,129.6

 
$
3,206.0

 
$
3,195.4

 
$
3,421.7