Debt (Tables)

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Components of debt

The carrying amounts of our long-term debt are as follows:

	September 30, 2021		December 31, 2020
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	50.0
Senior notes, net of unamortized discount of $0.2 and $0.2	399.8		399.8
	399.8		449.8
Less: unamortized debt issuance costs	(1.3)		(1.6)
Total recourse debt	398.5		448.2
Leasing – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.5 and $0.6	2,293.3		2,042.4
2017 promissory notes, net of unamortized discount of $8.4 and $10.1	770.8		802.7
TILC warehouse facility	514.4		519.4
	3,578.5		3,364.5
Less: unamortized debt issuance costs	(25.0)		(24.0)
	3,553.5		3,340.5
Partially-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.3 and $—	909.2		1,237.5
TRIP Railcar Co. term loan	327.0		—
Less: unamortized debt issuance costs	(11.7)		(9.2)
	1,224.5		1,228.3
Total non–recourse debt	4,778.0		4,568.8
Total debt	$	5,176.5	$	5,017.0

The estimated fair values of our long-term debt are as follows:

	September 30, 2021		December 31, 2020
	(in millions)
Level 1	$	1,612.2	$	1,372.1
Level 2	425.3		420.3
Level 3	3,295.6		3,462.4
	$	5,333.1	$	5,254.8