Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Assets and liabilities measured at fair value on recurring basis

Assets and liabilities measured at fair value on a recurring basis are summarized below:

	Fair Value Measurement as of September 30, 2014
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	348.8	$	—	$	—	$	348.8
Restricted cash	237.9		—		—		237.9
Total assets	$	586.7	$	—	$	—	$	586.7
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiaries	$	—	$	10.3	$	—	$	10.3
Partially-owned subsidiaries	—		1.8		—		1.8
Total liabilities	$	—	$	12.1	$	—	$	12.1
	Fair Value Measurement as of December 31, 2013
	(in millions)
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	230.6	$	—	$	—	$	230.6
Restricted cash	260.7		—		—		260.7
Total assets	$	491.3	$	—	$	—	$	491.3
Liabilities:
Interest rate hedges:(1)
Wholly-owned subsidiaries	$	—	$	21.7	$	—	$	21.7
Partially-owned subsidiaries	—		2.1		—		2.1
Total liabilities	$	—	$	23.8	$	—	$	23.8

⁽¹⁾ Included in accrued liabilities on the consolidated balance sheet.

Carrying amounts and estimated fair values of long-term debt

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

	September 30, 2014					December 31, 2013
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Recourse:
Senior notes due 2024	$	399.6		$	400.7	$	—		$	—
Convertible subordinated notes	449.5			874.1		450.0			593.4
Less: unamortized discount	(63.3		)			(74.1		)
	386.2					375.9
Capital lease obligations	39.8			39.8		42.2			42.2
Other	0.7			0.7		0.9			0.9
	826.3			1,315.3		419.0			636.5
Non-recourse:
2006 secured railcar equipment notes	228.1			251.4		240.7			259.2
Promissory notes	374.3			371.3		396.1			389.6
2009 secured railcar equipment notes	191.3			230.3		199.0			229.5
2010 secured railcar equipment notes	315.2			347.1		326.9			342.7
TILC warehouse facility	121.8			121.8		152.0			152.0
TRL 2012 secured railcar equipment notes - RIV 2013	480.4			479.2		499.3			483.4
TRIP Master Funding secured railcar equipment notes	1,058.2			1,138.8		756.8			819.8
	2,769.3			2,939.9		2,570.8			2,676.2
Total	$	3,595.6		$	4,255.2	$	2,989.8		$	3,312.7