Fair Value Accounting (Tables)

9 Months Ended

Sep. 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 September 30, 2018
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	199.9	$	—	$	—	$	199.9
Restricted cash	138.5		—		—		138.5
Equity instruments(1)	—		0.4		—		0.4
Interest rate hedge(1)	—		3.0		—		3.0
Total assets	$	338.4	$	3.4	$	—	$	341.8
	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.

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:

	September 30, 2018					December 31, 2017
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes	$	399.7		$	388.2	$	399.7		$	400.3
Convertible subordinated notes	—			—		449.4			715.0
Less: unamortized discount	—					(8.2		)
	—					441.2
Capital lease obligations	26.5			26.5		28.3			28.3
Other	0.4			0.4		0.5			0.5
	426.6			415.1		869.7			1,144.1
Less: unamortized debt issuance costs	(2.4		)			(2.9		)
	424.2					866.8
Non-recourse:
2006 secured railcar equipment notes	139.4			143.2		158.5			165.7
2009 secured railcar equipment notes	161.7			173.6		166.2			169.6
2010 secured railcar equipment notes	258.9			261.3		266.9			281.9
2017 promissory notes	282.3			282.3		293.6			293.6
2018 secured railcar equipment notes	477.3			479.9		—			—
TILC warehouse facility	228.7			228.7		150.7			150.7
TRL 2012 secured railcar equipment notes	386.7			362.2		402.8			390.4
TRIP Master Funding secured railcar equipment notes	946.9			952.5		962.5			1,007.6
	2,881.9			2,883.7		2,401.2			2,459.5
Less: unamortized debt issuance costs	(30.4		)			(25.6		)
	2,851.5					2,375.6
Total	$	3,275.7		$	3,298.8	$	3,242.4		$	3,603.6