Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2018

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, 2018
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	456.9	$	—	$	—	$	456.9
Restricted cash	142.2		—		—		142.2
Equity instruments(1)	—		1.3		—		1.3
Interest rate hedge(1)	—		2.7		—		2.7
Total assets	$	599.1	$	4.0	$	—	$	603.1
	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.

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, 2018					December 31, 2017
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.7		$	384.2	$	399.7		$	400.3
Convertible subordinated notes	—			—		449.4			715.0
Less: unamortized discount	—					(8.2		)
	—					441.2
Capital lease obligations	26.8			26.8		28.3			28.3
Other	0.4			0.4		0.5			0.5
	426.9			411.4		869.7			1,144.1
Less: unamortized debt issuance costs	(2.5		)			(2.9		)
	424.4					866.8
Non-recourse:
2006 secured railcar equipment notes	147.0			152.0		158.5			165.7
2009 secured railcar equipment notes	163.3			177.2		166.2			169.6
2010 secured railcar equipment notes	261.7			266.9		266.9			281.9
2017 promissory notes	286.0			286.0		293.6			293.6
2018 secured railcar equipment notes	482.2			487.0		—			—
TILC warehouse facility	151.1			151.1		150.7			150.7
TRL 2012 secured railcar equipment notes	392.3			369.6		402.8			390.4
TRIP Master Funding secured railcar equipment notes	951.2			974.7		962.5			1,007.6
	2,834.8			2,864.5		2,401.2			2,459.5
Less: unamortized debt issuance costs	(31.9		)			(25.6		)
	2,802.9					2,375.6
Total	$	3,227.3		$	3,275.9	$	3,242.4		$	3,603.6