Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Components of debt

The carrying amounts of our debt are as follows:

	March 31, 2024		December 31, 2023
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	—
Senior notes due 2024, net of unamortized discount of $— and $0.1	400.0		399.9
Senior notes due 2028	400.0		400.0
	800.0		799.9
Less: unamortized debt issuance costs	(5.0)		(5.3)
Total recourse debt	795.0		794.6
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2	2,213.6		2,246.7
2017 promissory notes, net of unamortized discount of $3.0 and $3.5	663.1		673.7
TRL-2023 term loan	331.7		334.5
TILC warehouse facility	701.8		529.3
Other equipment financing	51.8		52.3
	3,962.0		3,836.5
Less: unamortized debt issuance costs	(16.0)		(17.3)
	3,946.0		3,819.2
Partially-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1	1,132.8		1,147.8
Less: unamortized debt issuance costs	(6.8)		(7.4)
	1,126.0		1,140.4
Total non-recourse debt	5,072.0		4,959.6
Total debt	$	5,867.0	$	5,754.2

The estimated fair values of our debt are as follows:

	March 31, 2024		December 31, 2023
	(in millions)
Level 2	$	807.3	$	812.1
Level 3	$	3,174.1	$	3,192.7