Fair Value Accounting (Tables)

3 Months Ended

Mar. 31, 2017

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



	Fair Value Measurement as of March 31, 2017
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	114.7	$	—	$	—	$	114.7
Restricted cash	183.8		—		—		183.8
Equity instruments⁽¹⁾	—		3.5		—		3.5
Fuel derivative instruments⁽¹⁾	—		0.1		—		0.1
Total assets	$	298.5	$	3.6	$	—	$	302.1

Liabilities:
Interest rate hedge:⁽²⁾
Partially-owned subsidiaries	$	—	$	0.7	$	—	$	0.7
Total liabilities	$	—	$	0.7	$	—	$	0.7

	Fair Value Measurement as of December 31, 2016
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	188.7	$	—	$	—	$	188.7
Restricted cash	178.2		—		—		178.2
Equity instruments⁽¹⁾	—		3.1		—		3.1
Fuel derivative instruments⁽¹⁾	—		0.3		—		0.3
Total assets	$	366.9	$	3.4	$	—	$	370.3

Liabilities:
Interest rate hedge:⁽²⁾
Partially-owned subsidiaries	$	—	$	0.9	$	—	$	0.9
Total liabilities	$	—	$	0.9	$	—	$	0.9

⁽¹⁾Included in other assets on the consolidated balance sheet.

⁽²⁾ Included in accrued liabilities on the consolidated balance sheet.

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



	March 31, 2017					December 31, 2016
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.7		$	400.3	$	399.6		$	386.3
Convertible subordinated notes	449.4			548.0		449.4			575.5
Less: unamortized discount	(22.2		)			(26.7		)
	427.2					422.7
Capital lease obligations	31.2			31.2		32.1			32.1
	858.1			979.5		854.4			993.9
Less: unamortized debt issuance costs	(3.6		)			(3.8		)
	854.5					850.6
Non-recourse:
2006 secured railcar equipment notes	188.2			195.0		194.2			201.5
2009 secured railcar equipment notes	171.0			187.9		172.5			189.9
2010 secured railcar equipment notes	277.1			280.8		280.6			284.3
TILC warehouse facility	202.0			202.0		204.1			204.1
TRL 2012 secured railcar equipment notes	419.7			390.6		425.5			395.6
TRIP Master Funding secured railcar equipment notes	948.6			953.6		955.5			960.6
	2,206.6			2,209.9		2,232.4			2,236.0
Less: unamortized debt issuance costs	(25.1		)			(26.4		)
	2,181.5					2,206.0
Total	$	3,036.0		$	3,189.4	$	3,056.6		$	3,229.9