Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2017

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, 2017
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	103.7	$	—	$	—	$	103.7
Restricted cash	194.8		—		—		194.8
Equity instruments(1)	—		1.9		—		1.9
Interest rate hedge(1)	—		2.1		—		2.1
Total assets	$	298.5	$	4.0	$	—	$	302.5
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.

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, 2017					December 31, 2016
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.7		$	404.9	$	399.6		$	386.3
Convertible subordinated notes	449.4			565.4		449.4			575.5
Less: unamortized discount	(17.6		)			(26.7		)
	431.8					422.7
Capital lease obligations	30.3			30.3		32.1			32.1
Other	0.6			0.6		—			—
	862.4			1,001.2		854.4			993.9
Less: unamortized debt issuance costs	(3.4		)			(3.8		)
	859.0					850.6
Non-recourse:
2006 secured railcar equipment notes	170.5			173.9		194.2			201.5
2009 secured railcar equipment notes	169.4			180.0		172.5			189.9
2010 secured railcar equipment notes	273.5			267.5		280.6			284.3
2017 promissory notes	301.1			301.1		—			—
TILC warehouse facility	167.6			167.6		204.1			204.1
TRL 2012 secured railcar equipment notes	413.8			378.5		425.5			395.6
TRIP Master Funding secured railcar equipment notes	942.3			926.4		955.5			960.6
	2,438.2			2,395.0		2,232.4			2,236.0
Less: unamortized debt issuance costs	(27.2		)			(26.4		)
	2,411.0					2,206.0
Total	$	3,270.0		$	3,396.2	$	3,056.6		$	3,229.9