Derivative Instruments and Fair Value Accounting (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives [Table Text Block]

					Included in accompanying balance sheet at March 31, 2023
							AOCI – loss/(income)
	Notional Amount		Interest Rate (1)		Asset/(Liability)		Controlling Interest		Noncontrolling Interest
	($ in millions)
Expired hedges:
2018 secured railcar equipment notes	$	249.3	4.41	%	$	—	$	0.4	$	—
TRIP Holdings warehouse loan (2)	$	788.5	3.60	%	$	—	$	—	$	—
Tribute Rail secured railcar equipment notes	$	256.0	2.86	%	$	—	$	0.7	$	0.9
2017 promissory notes – interest rate cap	$	169.3	3.00	%	$	—	$	(0.2)	$	—
Open hedge:
2017 promissory notes – interest rate swap	$	428.0	2.32	%	$	15.6	$	(15.1)	$	—

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

(2) As of March 31, 2023, all amounts previously recorded in AOCI related to this hedge have been fully amortized.

Derivative Instruments, Gain (Loss)

	Effect on interest expense – increase/(decrease)
	Three Months Ended March 31,				Expected effect during next twelve months
	2023		2022
	(in millions)
Expired hedges:
2018 secured railcar equipment notes	$	—	$	—	$	0.2
TRIP Holdings warehouse loan	$	0.1	$	0.4	$	—
Tribute Rail secured railcar equipment notes	$	0.2	$	—	$	0.7
2017 promissory notes – interest rate cap	$	—	$	—	$	(0.1)
Open hedge (1):
2017 promissory notes – interest rate swap	$	(2.5)	$	2.8	$	(10.0)

(1) Based on the fair value of open hedges as of March 31, 2023.

Foreign Currency Hedge

Our exposure related to foreign currency transactions is currently hedged for up to a maximum of twelve months. Information related to our foreign currency hedge is as follows:

		Included in  accompanying balance sheet at March 31, 2023				Effect on cost of revenues – increase/(decrease)
Notional Amount		Asset/ (Liability)		AOCI – loss/(income)		Three Months Ended March 31,				Expected effect during next twelve months (1)
						2023		2022
(in millions)
$	22.5	$	2.3	$	(3.8)	$	(1.7)	$	0.2	$	(3.8)

(1) Based on the fair value of open hedges as of March 31, 2023.

Derivatives Not Designated as Hedging Instruments

Derivatives Not Designated as Hedging Instruments (1)

					Asset/(Liability) at March 31, 2023		Effect on other, net (income) expense – increase/(decrease)
	Notional Amount		Interest Rate				Three Months Ended March 31,
							2023		2022
	($ in millions)
TILC warehouse facility – interest rate cap	$	800.0	2.50	%	$	18.4	$	(0.9)	$	—
TILC – interest rate cap	$	800.0	2.50	%	$	(18.4)	$	0.9	$	—

(1) Derivatives not designated as hedging instruments are comprised of back-to-back interest rate caps entered into with the same counterparty that offset and do not have a net effect on Trinity's consolidated earnings. These derivative contracts were entered into in connection with our risk management objectives.

Level 1

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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
	March 31, 2023		December 31, 2022
	(in millions)
Assets:
Cash equivalents	$	41.0	$	29.8
Restricted cash	181.1		214.7
Total assets	$	222.1	$	244.5

Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

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

	Level 2
	March 31, 2023		December 31, 2022
	(in millions)
Assets:
Interest rate hedge (1)	$	15.6	$	19.7
Foreign currency hedge (1)	2.3		2.0
Derivatives not designated as hedging instruments (1)	18.4		21.6
Total assets	$	36.3	$	43.3
Liabilities:
Derivatives not designated as hedging instruments (2)	$	18.4	$	21.6
Total liabilities	$	18.4	$	21.6

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

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

^[1],[2]

[1] Included in other assets in our Consolidated Balance Sheets.

[2] Included in other liabilities in our Consolidated Balance Sheets.