Derivative Instruments and Fair Value Accounting Derivatives (Policies)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

See Note 7 for a description of our debt instruments.

Interest Rate Hedges


					Included in accompanying balance sheet at June 30, 2020
	Notional Amount		Interest Rate ⁽¹⁾		Asset/(Liability)		AOCL – loss/(income)		Noncontrolling Interest
	(in millions, except %)
Expired hedges:
2018 secured railcar equipment notes	$	249.3	4.41	%	$	—	$	0.9	$	—
TRIP Holdings warehouse loan	$	788.5	3.60	%	$	—	$	1.8	$	2.4
TRIP Master Funding secured railcar equipment notes	$	34.8	2.62	%	$	—	$	0.1	$	0.1
2017 promissory notes - interest rate cap	$	169.3	3.00	%	$	—	$	(0.5)	$	—
Open hedge:
2017 promissory notes - interest rate swap	$	461.2	2.86	%	$	(52.6)	$	52.1	$	—

⁽¹⁾Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes.


	Effect on interest expense-increase/(decrease)
	Three Months Ended June 30,						Six Months Ended June 30,				Expected effect during next twelve months⁽¹⁾
	2020		2019		2020		2019
	(in millions)
Expired hedges:
2006 secured railcar equipment notes ⁽²⁾	$	—	$	(0.1)	$	(0.1)	$	(0.1)	$	—
2018 secured railcar equipment notes	$	—	$	—	$	0.1	$	0.1	$	0.2
TRIP Holdings warehouse loan	$	0.5	$	0.5	$	1.0	$	1.0	$	2.0
TRIP Master Funding secured railcar equipment notes	$	—	$	—	$	0.1	$	0.1	$	0.1
2017 promissory notes - interest rate cap	$	—	$	(0.1)	$	—	$	(0.1)	$	(0.1)
Open hedge:
2017 promissory notes - interest rate swap	$	3.0	$	0.7	$	4.7	$	1.3	$	9.4

⁽¹⁾Based on the fair value of open hedges as of June 30, 2020.

⁽²⁾ Upon settlement of the debt in March 2020, the remaining balance of $0.1 million in AOCL was recognized through interest expense. See Note 7 for additional information on the debt redemption.

Other Derivatives


			Included in accompanying balance sheet at June 30, 2020						Effect on cost of revenues – increase/(decrease)
	Notional Amount		Asset/(Liability)		AOCL – loss/(income)		Three Months Ended		Six Months Ended			Expected effect during next twelve months⁽¹⁾
											June 30, 2020			June 30, 2020
	(in millions)
Foreign currency hedge	$	55.0	$	(1.3)	$	3.1	$	2.6	$	1.8		$	3.1

⁽¹⁾Based on the fair value of open hedges as of June 30, 2020.

Our exposure related to foreign currency and commodity transactions is currently hedged for up to a maximum of twelve months. The effect of commodity hedge transactions was immaterial to the Consolidated Financial Statements for all periods presented herein.