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Note 3. Derivative Instruments and Fair Value Measurements Fair Value Measurements (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items] |
Schedule of Interest Rate Derivatives [Table Text Block] | Interest Rate Hedges
|  |  |  |  | Included in accompanying balance sheet at December 31, 2022
|  |  |  |  |  |  | AOCI – loss/(income)
| Notional Amount |  | Interest Rate (1) |  | Asset/(Liability) |  | Controlling Interest |  | Noncontrolling Interest
| ($ in millions)
Expired hedges: |  |  |  |  |  |  |  |  |
2018 secured railcar equipment notes | $ | 249.3 |  |  | 4.41 | % |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |
TRIP Holdings warehouse loan | $ | 788.5 |  |  | 3.60 | % |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |
Tribute Rail secured railcar equipment notes (2) | $ | 256.0 |  |  | 2.86 | % |  | $ | — |  |  | $ | 0.8 |  |  | $ | 1.0 |
2017 promissory notes – interest rate cap | $ | 169.3 |  |  | 3.00 | % |  | $ | — |  |  | $ | (0.3) |  |  | $ | — |
Open hedge: |  |  |  |  |  |  |  |  |
2017 promissory notes – interest rate swap | $ | 434.7 |  |  | 2.39 | % |  | $ | 19.7 |  |  | $ | (19.4) |  |  | $ | — |
(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. (2) In May 2022, Tribute Rail LLC ("Tribute Rail"), an indirect, wholly-owned subsidiary of TRIP Holdings, entered into and subsequently terminated a forward starting interest rate swap to hedge the risk of potential interest rate increases prior to the May 2022 Tribute Rail debt issuance.
Derivative Instruments, Gain (Loss) [Table Text Block] |
| Effect on interest expense – increase/(decrease)
| Year Ended December 31, |  | Expected effect during next twelve months
| 2022 |  | 2021 |  | 2020 |
| (in millions)
Expired hedges: |  |  |  |  |  |  |
2006 secured railcar equipment notes | $ | — |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | — |
2018 secured railcar equipment notes | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.2 |
TRIP Holdings warehouse loan | $ | 1.2 |  |  | $ | 1.8 |  |  | $ | 2.0 |  |  | $ | 0.1 |
TRIP Master Funding secured railcar equipment notes | $ | — |  |  | $ | 0.1 |  |  | $ | 0.2 |  |  | $ | — |
Tribute Rail secured railcar equipment notes | $ | 0.4 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.7 |
2017 promissory notes – interest rate cap | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.1) |  |  | $ | (0.1) |
Open hedge (1): |  |  |  |  |  |  |
2017 promissory notes – interest rate swap | $ | 4.0 |  |  | $ | 12.3 |  |  | $ | 11.0 |  |  | $ | (8.2) |
(1) Based on the fair value of open hedges as of December 31, 2022. Foreign Currency Hedge Our exposure related to foreign currency transactions is currently hedged for up to a maximum of twelve months. Information related to our foreign currency hedge is as follows:
|  | Included in accompanying balance sheet at December 31, 2022 |  | Effect on cost of revenues – increase/(decrease)
Notional Amount |  | Asset/(Liability) |  | AOCI – loss/(income) |  | Year Ended December 31, |  | Expected effect during next twelve months(1)
|  |  | 2022 |  | 2021 |  | 2020 |
(in millions)
$ | 30.8 |  |  | $ | 2.0 |  |  | $ | (3.0) |  |  | $ | (1.4) |  |  | $ | (7.7) |  |  | $ | 3.2 |  |  | $ | (3.0) |
(1) Based on the fair value of open hedges as of December 31, 2022.
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments(1)
|  |  |  |  | Asset/(Liability) at December 31, 2022 |  | Effect on other, net (income) expense – increase/(decrease)
| Notional Amount |  | Interest Rate |  |  | Year Ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
| ($ in millions)
TILC warehouse facility – interest rate cap | $ | 800.0 |  |  | 2.50 | % |  | $ | 21.6 |  |  | $ | (1.6) |  |  | $ | — |  |  | $ | — |
TILC – interest rate cap | $ | 800.0 |  |  | 2.50 | % |  | $ | (21.6) |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |
(1) Derivatives not designated as hedging instruments are comprised of back-to-back interest rate caps entered into with the same counterparty that offset and do not have a net effect on Trinity's consolidated earnings. These derivative contracts were entered into in connection with our risk management objectives.
Fair Value, Inputs, Level 1 [Member] |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| Level 1
| December 31, 2022 |  | December 31, 2021
| (in millions)
Assets: |  |  |
Cash equivalents | $ | 29.8 |  |  | $ | 11.4 |
Restricted cash | 214.7 |  |  | 135.1 |
Total assets | $ | 244.5 |  |  | $ | 146.5 |
Fair Value, Inputs, Level 2 [Member] |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| Level 2
| December 31, 2022 |  | December 31, 2021
| (in millions)
Assets: |  |  |
Interest rate hedge (1) | $ | 19.7 |  |  | $ | — |
Foreign currency hedge (1) | 2.0 |  |  | — |
Derivatives not designated as hedging instruments (1) | 21.6 |  |  | — |
Total assets | $ | 43.3 |  |  | $ | — |
Liabilities: |  |  |
Interest rate hedge (2) | $ | — |  |  | $ | 21.0 |
Foreign currency hedge (2) | — |  |  | 0.1 |
Derivatives not designated as hedging instruments (2) | 21.6 |  |  | — |
Total liabilities | $ | 21.6 |  |  | $ | 21.1 |
(1) Included in other assets in our Consolidated Balance Sheets. (2) Included in accrued liabilities in our Consolidated Balance Sheets.

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