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

9 Months Ended

Sep. 30, 2021

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Interest Rate Derivatives [Table Text Block]

					Included in accompanying balance sheet at September 30, 2021
							AOCL – loss/(income)
	Notional Amount		Interest Rate (1)		Asset/(Liability)		Controlling Interest		Noncontrolling Interest
	(in millions, except %)
Expired hedges:
2018 secured railcar equipment notes	$	249.3	4.41	%	$	—	$	0.7	$	—
TRIP Holdings warehouse loan	$	788.5	3.60	%	$	—	$	0.7	$	1.0
2017 promissory notes – interest rate cap	$	169.3	3.00	%	$	—	$	(0.4)	$	—
Open hedge:
2017 promissory notes – interest rate swap	$	468.0	2.66	%	$	(28.9)	$	28.5	$	—

(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
	2021		2020		2021		2020
	(in millions)
Expired hedges:
2006 secured railcar equipment notes	$	—	$	—	$	—	$	(0.1)	$	—
2018 secured railcar equipment notes	$	0.1	$	0.1	$	0.2	$	0.2	$	0.2
TRIP Holdings warehouse loan	$	0.4	$	0.5	$	1.4	$	1.5	$	1.4
Triumph Rail secured railcar equipment notes	$	—	$	0.1	$	0.1	$	0.2	$	—
2017 promissory notes – interest rate cap	$	(0.1)	$	(0.1)	$	(0.1)	$	(0.1)	$	(0.1)
Open hedge (1):
2017 promissory notes – interest rate swap	$	3.1	$	3.1	$	9.3	$	7.8	$	12.4

(1) Based on the fair value of open hedges as of September 30, 2021.

Other Derivatives

Our exposure related to foreign currency 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. Information related to our foreign currency hedge is as follows:

		Included in  accompanying balance sheet at September 30, 2021				Effect on cost of revenues – increase/(decrease)
Notional Amount		Asset/(Liability)		AOCL – loss/(income)		Three Months Ended September 30,				Nine Months Ended September 30,				Expected effect during next twelve months (1)
						2021		2020		2021		2020
(in millions)
$	60.0	$	(0.9)	$	0.6	$	(1.4)	$	2.3	$	(7.4)	$	4.1	$	0.6

(1) Based on the fair value of open hedges as of September 30, 2021.

Level 1

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The assets measured as Level 1 in the fair value hierarchy are summarized below:

	Level 1
	September 30, 2021		December 31, 2020
	(in millions)
Assets:
Cash equivalents	$	8.4	$	24.2
Restricted cash	123.3		96.4
Total assets	$	131.7	$	120.6

Level 2

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The assets and liabilities measured as Level 2 in the fair value hierarchy are summarized below:

	Level 2
	September 30, 2021		December 31, 2020
	(in millions)
Assets:
Foreign currency hedge (1)	$	—	$	4.8
Total assets	$	—	$	4.8
Liabilities:
Interest rate hedge (2)	$	28.9	$	45.2
Foreign currency hedge (2)	0.9		—
Total liabilities	$	29.8	$	45.2

(1) Included in other assets in our Consolidated Balance Sheets.

(2) Included in accrued liabilities in our Consolidated Balance Sheets.