Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Components of debt

The carrying amounts of our debt are as follows:

	September 30, 2024		December 31, 2023
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	—
Senior notes due 2024, net of unamortized discount of $— and $0.1	—		399.9
Senior notes due 2028, inclusive of unamortized premium of $4.6 and $—	604.6		400.0
	604.6		799.9
Less: unamortized debt issuance costs	(6.9)		(5.3)
Total recourse debt	597.7		794.6
Lease fleet – Non-recourse:
Wholly-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.3 and $0.2	2,482.4		2,246.7
2017 promissory notes, net of unamortized discount of $2.0 and $3.5	641.9		673.7
TRL-2023 term loan	326.2		334.5
TILC warehouse facility	523.0		529.3
Other equipment financing	50.6		52.3
	4,024.1		3,836.5
Less: unamortized debt issuance costs	(16.7)		(17.3)
	4,007.4		3,819.2
Partially-owned subsidiaries:
Secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1	1,100.2		1,147.8
Less: unamortized debt issuance costs	(5.6)		(7.4)
	1,094.6		1,140.4
Total non-recourse debt	5,102.0		4,959.6
Total debt	$	5,699.7	$	5,754.2

The estimated fair values of our debt are as follows:

	September 30, 2024		December 31, 2023
	(in millions)
Level 2	$	630.3	$	812.1
Level 3	$	3,503.1	$	3,192.7