Fair Value Accounting (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Accounting (Tables) [Abstract]

Assets and liabilities measured at fair value on recurring basis

Fair Value Measurement as of June 30, 2011

(in millions)

Level 1

Level 2

Level 3

Total

Assets:

Cash equivalents

155.4

—

155.4

Short-term marketable securities

42.0

—

42.0

Restricted cash

205.3

—

205.3

Fuel derivative instruments ⁽¹⁾

—

0.4

—

0.4

Total assets

402.7

0.4

—

403.1

Liabilities:

Interest rate hedges ⁽²⁾

Wholly-owned subsidiary

—

45.7

—

45.7

TRIP Holdings

—

47.0

—

47.0

Total liabilities

—

92.7

—

92.7

Fair Value Measurement as of December 31, 2010

(in millions)

Level 1

Level 2

Level 3

Total

Assets:

Cash equivalents

286.0

—

286.0

Short-term marketable securities

158.0

—

158.0

Restricted cash

207.1

—

207.1

Fuel derivative instruments ⁽¹⁾

—

0.1

—

0.1

Total assets

651.1

0.1

—

651.2

Liabilities:

Interest rate hedges ⁽²⁾

Wholly-owned subsidiary

—

45.7

—

45.7

TRIP Holdings

—

48.3

—

48.3

Total liabilities

—

94.0

—

94.0


⁽¹⁾		Included in other assets on the consolidated balance sheet.

⁽²⁾		Included in accrued liabilities on the consolidated balance sheet.

Carrying amounts and estimated fair values of long-term debt

June 30, 2011

December 31, 2010

Carrying
Value

Estimated
Fair Value

Carrying
Value

Estimated
Fair Value

(in millions)

Recourse:

Convertible subordinated notes

450.0

471.4

450.0

448.3

Less: unamortized discount

(105.6

)

(111.1

)

344.4

338.9

Capital lease obligations

49.9

51.2

Term loan

56.1

57.4

54.2

Other

4.9

2.8

455.3

583.6

450.3

556.5

Non-recourse:

2006 secured railcar equipment notes

275.5

290.3

283.2

302.8

Promissory notes

478.2

462.1

493.8

482.2

2009 secured railcar equipment notes

223.6

236.2

229.2

256.1

2010 secured railcar equipment notes

360.7

342.1

367.1

345.5

TILC warehouse facility

130.0

80.2

TRIP warehouse loan

963.3

956.4

1,003.9

994.0

2,431.3

2,417.1

2,457.4

2,460.8

Total

2,886.6

3,000.7

2,907.7

3,017.3

- Definition

This element represents the disclosure related to the fair value measurement of assets and liabilities which includes [financial] instruments measured at fair value that are classified in stockholders' equity. Such assets and liabilities may be measured on a recurring or nonrecurring basis. The disclosures which may be required or desired include: (1) for assets and liabilities measured on a recurring basis, disclosure may include: (a) the fair value measurements at the reporting date; (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3); (c) for fair value measurements using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (i) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (ii) purchases, sales, issuances, and settlements (net); (iii) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs); (d) the amount of the total gains or losses for the period in subparagraph (c) (i) above included in earnings (or changes in net assets) that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date and a description of where those unrealized gains or losses are reported in the statement of income (or activities); (e) the valuation technique(s) used to measure fair value and a discussion of changes in valuation techniques, if any, during the period and (2) for assets and liabilities that are measured at fair value on a nonrecurring basis (for example, impaired assets) disclosure may include, in addition to (a) above: (a) the reasons for the fair value measurements recorded; (b) the same as (b) above; (c) for fair value measurements using significant unobservable inputs (Level 3), a description of the inputs and the information used to develop the inputs; and (d) the valuation technique(s) used to measure fair value and a discussion of changes, if any, in the valuation technique(s) used to measure similar assets and/or liabilities in prior periods.

+ References+ Details