Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2017

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



	Fair Value Measurement as of September 30, 2017
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	247.1	$	—	$	—	$	247.1
Restricted cash	176.3		—		—		176.3
Equity instruments⁽¹⁾	—		1.7		—		1.7
Fuel derivative instruments⁽¹⁾	—		0.1		—		0.1
Interest rate hedge⁽¹⁾	—		1.8		—		1.8
Total assets	$	423.4	$	3.6	$	—	$	427.0

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

	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:



	September 30, 2017					December 31, 2016
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.7		$	409.0	$	399.6		$	386.3
Convertible subordinated notes	449.4			605.1		449.4			575.5
Less: unamortized discount	(12.9		)			(26.7		)
	436.5					422.7
Capital lease obligations	29.4			29.4		32.1			32.1
Other	0.5			0.5		—			—
	866.1			1,044.0		854.4			993.9
Less: unamortized debt issuance costs	(3.2		)			(3.8		)
	862.9					850.6
Non-recourse:
2006 secured railcar equipment notes	164.4			177.6		194.2			201.5
2009 secured railcar equipment notes	167.7			179.2		172.5			189.9
2010 secured railcar equipment notes	269.9			284.4		280.6			284.3
2017 promissory notes	297.4			297.4		—			—
TILC warehouse facility	166.7			166.7		204.1			204.1
TRL 2012 secured railcar equipment notes	408.2			398.1		425.5			395.6
TRIP Master Funding secured railcar equipment notes	966.2			1,011.1		955.5			960.6
	2,440.5			2,514.5		2,232.4			2,236.0
Less: unamortized debt issuance costs	(27.0		)			(26.4		)
	2,413.5					2,206.0
Total	$	3,276.4		$	3,558.5	$	3,056.6		$	3,229.9