Fair Value Accounting (Tables)

3 Months Ended

Mar. 31, 2018

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



	Fair Value Measurement as of March 31, 2018
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	58.9	$	—	$	—	$	58.9
Restricted cash	177.3		—		—		177.3
Equity instruments⁽¹⁾	—		1.0		—		1.0
Interest rate hedge⁽¹⁾	—		2.6		—		2.6
Total assets	$	236.2	$	3.6	$	—	$	239.8

	Fair Value Measurement as of December 31, 2017
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	113.1	$	—	$	—	$	113.1
Restricted cash	195.2		—		—		195.2
Equity instruments⁽¹⁾	—		1.3		—		1.3
Interest rate hedge⁽¹⁾	—		1.6		—		1.6
Total assets	$	308.3	$	2.9	$	—	$	311.2

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

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



	March 31, 2018					December 31, 2017
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.7		$	399.3	$	399.7		$	400.3
Convertible subordinated notes	449.4			612.5		449.4			715.0
Less: unamortized discount	(3.3		)			(8.2		)
	446.1					441.2
Capital lease obligations	27.4			27.4		28.3			28.3
Other	0.5			0.5		0.5			0.5
	873.7			1,039.7		869.7			1,144.1
Less: unamortized debt issuance costs	(2.7		)			(2.9		)
	871.0					866.8
Non-recourse:
2006 secured railcar equipment notes	152.8			161.6		158.5			165.7
2009 secured railcar equipment notes	164.8			181.2		166.2			169.6
2010 secured railcar equipment notes	264.3			272.3		266.9			281.9
2017 promissory notes	289.8			289.8		293.6			293.6
TILC warehouse facility	154.5			154.5		150.7			150.7
TRL 2012 secured railcar equipment notes	397.1			376.8		402.8			390.4
TRIP Master Funding secured railcar equipment notes	957.0			975.6		962.5			1,007.6
	2,380.3			2,411.8		2,401.2			2,459.5
Less: unamortized debt issuance costs	(27.9		)			(25.6		)
	2,352.4					2,375.6
Total	$	3,223.4		$	3,451.5	$	3,242.4		$	3,603.6