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Note 3. Derivative Instruments and Fair Value Measurements Derivative Instruments (Notes)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments and Hedging Activities Disclosure [Text Block]
Derivative Instruments
We use derivative instruments to mitigate the impact of changes in interest rates, both in anticipation of future debt issuances and to offset interest rate variability of certain floating rate debt issuances outstanding. We also may use derivative instruments to mitigate the impact of changes in natural gas and diesel fuel prices and changes in foreign currency exchange rates. Derivative instruments that are designated and qualify as cash flow hedges are accounted for by recording the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive loss ("AOCL") as a separate component of stockholders' equity and reclassified into earnings in the period during which the hedged transaction affects earnings. We continuously monitor our derivative positions and the credit ratings of our counterparties and do not anticipate losses due to non-performance. See Note 8 for a description of our debt instruments.
Interest Rate Hedges
 
 
 
 
 
Included in accompanying balance sheet
at December 31, 2019
 
Notional
Amount
 
Interest
Rate (1)
 
Asset/(Liability)
 
AOCL –
loss/
(income)
 
Noncontrolling
Interest
 
(in millions, except %)
Expired hedges:
 
 
 
 
 
 
 
 
 
2006 secured railcar equipment notes
$
200.0

 
4.87
%
 
$
—

 
$
(0.1
)
 
$
—

2018 secured railcar equipment notes
$
249.3

 
4.41
%
 
$
—

 
$
1.0

 
$
—

TRIP Holdings warehouse loan
$
788.5

 
3.60
%
 
$
—

 
$
2.2

 
$
3.0

TRIP Master Funding secured railcar equipment notes
$
34.8

 
2.62
%
 
$
—

 
$
0.1

 
$
0.2

2017 promissory notes – interest rate cap
$
169.3

 
3.00
%
 
$
—

 
$
(0.6
)
 
$
—

Open hedge:
 
 
 
 
 
 
 
 
 
2017 promissory notes – interest rate swap
$
571.1

 
2.68
%
 
$
(28.0
)
 
$
27.8

 
$
—

(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes.
 
Effect on interest expense – increase/(decrease)
 
Year Ended December 31,
 
Expected effect during next twelve months(1)
 
2019
 
2018
 
2017
 
 
(in millions)
Expired hedges:
 
 
 
 
 
 
 
2006 secured railcar equipment notes
$
(0.2
)
 
$
(0.2
)
 
$
(0.3
)
 
$
(0.1
)
2018 secured railcar equipment notes
$
0.2

 
$
0.1

 
$
—

 
$
0.2

TRIP Holdings warehouse loan
$
2.0

 
$
2.2

 
$
4.5

 
$
2.0

TRIP Master Funding secured railcar equipment notes
$
0.2

 
$
0.2

 
$
0.4

 
$
0.2

2017 promissory notes – interest rate cap
$
(0.1
)
 
$
0.1

 
$
—

 
$
(0.1
)
Open hedge:
 
 
 
 
 
 
 
2017 promissory notes – interest rate swap
$
3.1

 
$
0.3

 
$
—

 
$
3.1

(1) Based on the fair value of open hedges as of December 31, 2019.
Other Derivatives
 
 
 
Included in accompanying balance sheet at December 31, 2019
 
Effect on cost of revenues –increase/(decrease)
 
Notional
Amount
 
Asset/(Liability)
 
AOCL –
loss/(income)
 
Year Ended December 31, 2019
 
Expected effect during next twelve months(1)
 
(in millions)
Foreign currency hedge
$
29.9

 
$
1.2

 
$
(1.6
)
 
$
0.1

 
$
1.6