Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2011

Assets and liabilities measured at fair value on recurring basis

Fair Value Measurement as of September 30, 2011

(in millions)

Level 1

Level 2

Level 3

Total

Assets:

Cash equivalents

162.0

—

162.0

Restricted cash

229.4

—

229.4

Equity call agreement with TRIP Holdings equity investor ⁽³⁾

—

0.7

Total assets

391.4

—

0.7

392.1

Liabilities:

Interest rate hedges ⁽¹⁾

Wholly-owned subsidiary

—

52.4

—

52.4

TRIP Holdings

—

4.7

—

4.7

Equity put agreement with TRIP Holdings equity investor ⁽²⁾

—

3.1

Total liabilities

—

57.1

3.1

60.2


	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 ⁽³⁾		—		0.1		—		0.1

Total assets	$	651.1	$	0.1	$	—	$	651.2


Liabilities:
Interest rate hedges ⁽¹⁾
Wholly-owned subsidiary	$	—	$	45.7	$	—	$	45.7
TRIP Holdings		—		48.3		—		48.3

Total liabilities	$	—	$	94.0	$	—	$	94.0

Carrying amounts and estimated fair values of long-term debt


	September 30, 2011					December 31, 2010
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
				(in millions)
Recourse:
Convertible subordinated notes	$	450.0		$	416.3	$	450.0		$	448.3
Less: unamortized discount		(102.7	)				(111.1	)

		347.3					338.9
Capital lease obligations		49.2			49.2		51.2			51.2
Term loan		55.4			56.4		57.4			54.2
Other		4.4			4.4		2.8			2.8

		456.3			526.3		450.3			556.5
Non-recourse:
2006 secured railcar equipment notes		271.7			281.2		283.2			302.8
Promissory notes		471.5			456.4		493.8			482.2
2009 secured railcar equipment notes		220.9			231.9		229.2			256.1
2010 secured railcar equipment notes		357.5			335.8		367.1			345.5
TILC warehouse facility		280.7			280.7		80.2			80.2
TRIP Holdings senior secured notes		63.0			63.0		—			—
TRIP Master Funding secured railcar equipment notes		850.3			844.9		—			—
TRIP Holdings warehouse loan		—			—		1,003.9			994.0

		2,515.6			2,493.9		2,457.4			2,460.8

Total	$	2,971.9		$	3,020.2	$	2,907.7		$	3,017.3

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

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-Publisher FASB

-Name Accounting Standards Codification

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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