Derivative Instruments and Fair Value Accounting Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives [Table Text Block]


					Included in accompanying balance sheet at September 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	%	$	—	$	1.6	$	2.1
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	$	494.6	2.66	%	$	(50.0)	$	49.5	$	—

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

Derivative Instruments, Gain (Loss)


	Effect on interest expense-increase/(decrease)
	Three Months Ended September 30,						Nine Months Ended September 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)	$	—
2018 secured railcar equipment notes	$	0.1	$	0.1	$	0.2	$	0.2	$	0.2
TRIP Holdings warehouse loan	$	0.5	$	0.5	$	1.5	$	1.5	$	1.6
TRIP Master Funding secured railcar equipment notes	$	0.1	$	0.1	$	0.2	$	0.2	$	0.1
2017 promissory notes - interest rate cap	$	(0.1)	$	—	$	(0.1)	$	(0.1)	$	(0.1)
Open hedge:
2017 promissory notes - interest rate swap	$	3.1	$	0.6	$	7.8	$	1.9	$	10.9

⁽¹⁾Based on the fair value of open hedges as of September 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 September 30, 2020						Effect on cost of revenues – increase/(decrease)
	Notional Amount		Asset/(Liability)		AOCL – loss/(income)		Three Months Ended		Nine Months Ended			Expected effect during next twelve months⁽¹⁾
											September 30, 2020			September 30, 2020
	(in millions)
Foreign currency hedge	$	55.0	$	2.1	$	(2.3)	$	2.3	$	4.1		$	(2.3)

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