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Derivative Instruments and Fair Value Accounting (Tables) | 3 Months Ended
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Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |  |
Schedule of Interest Rate Derivatives [Table Text Block] |
|  |  |  |  | Included in accompanying balance sheet at March 31, 2024
|  |  |  |  |  |  | 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 | % |  | $ | — |  |  | $ | 0.2 |  |  | $ | — |
Tribute Rail secured railcar equipment notes | $ | 256.0 |  |  | 2.86 | % |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.5 |
2017 promissory notes – interest rate cap | $ | 169.3 |  |  | 3.00 | % |  | $ | — |  |  | $ | (0.1) |  |  | $ | — |
Open hedges: |  |  |  |  |  |  |  |  |
2017 promissory notes – interest rate swap | $ | 401.4 |  |  | 2.31 | % |  | $ | 14.4 |  |  | $ | (13.8) |  |  | $ | — |
TRL-2023 term loan | $ | 265.4 |  |  | 3.79 | % |  | $ | 2.2 |  |  | $ | (2.1) |  |  | $ | — |
(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. |
Derivative Instruments, Gain (Loss) |
|  |  |  |  | Effect on interest expense – increase/(decrease)
|  |  | Three Months Ended March 31, |  | Expected effect during next twelve months
|  |  |  |  | 2024 |  | 2023 |
|  |  |  |  | (in millions)
Expired hedges: |  |  |  |  |  |  |  |  |
2018 secured railcar equipment notes |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 0.2 |
TRIP Holdings warehouse loan |  |  |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | — |
Tribute Rail secured railcar equipment notes |  |  |  |  | $ | 0.2 |  |  | $ | 0.2 |  |  | $ | 0.7 |
2017 promissory notes – interest rate cap |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | (0.1) |
Open hedges (1): |  |  |  |  |  |  |  |  |
2017 promissory notes – interest rate swap |  |  |  |  | $ | (3.1) |  |  | $ | (2.5) |  |  | $ | (12.4) |
TRL-2023 term loan |  |  |  |  | $ | (1.0) |  |  | $ | — |  |  | $ | (2.9) |
(1) Based on the fair value of open hedges as of March 31, 2024. Foreign Currency Hedges Our exposure related to foreign currency transactions is currently hedged for up to a maximum of twelve months. Information related to our foreign currency hedges is as follows:
|  |  | Included in accompanying balance sheet at March 31, 2024 |  |  |  |  |  | Effect on cost of revenues – increase/(decrease)
| Notional Amount |  | Asset/ (Liability) |  | AOCI – loss/(income) |  |  |  | Three Months Ended March 31, |  | Expected effect during next twelve months (1)
Instrument |  |  |  |  |  |  |  | 2024 |  | 2023 |
| (in millions)
Forward contracts | $ | 99.0 |  |  | $ | 7.7 |  |  | $ | (9.7) |  |  |  |  |  |  | $ | (1.5) |  |  | $ | (1.7) |  |  | $ | (9.5) |
Options | $ | 5.9 |  |  | $ | 0.5 |  |  | $ | (0.6) |  |  |  |  |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | (0.6) |
(1) Based on the fair value of open hedges as of March 31, 2024. |
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments (1)
|  |  |  |  | Asset/(Liability) at March 31, 2024 |  |  |  |  |  | Effect on other, net (income) expense – increase/(decrease)
| Notional Amount |  | Interest Rate |  |  |  |  | Three Months Ended March 31,
|  |  |  |  |  |  |  | 2024 |  | 2023
| ($ in millions)
Interest rate derivatives – open: |  |  |  |  |  |  |  |  |  |  |  |  |
TILC warehouse facility – interest rate cap | $ | 680.0 |  |  | 2.50 | % |  | $ | 36.0 |  |  |  |  |  |  | $ | 0.7 |  |  | $ | — |
TILC – interest rate cap (2) | $ | 680.0 |  |  | 2.50 | % |  | $ | (36.0) |  |  |  |  |  |  | $ | 2.4 |  |  | $ | — |
Interest rate derivatives – expired (3): |  |  |  |  |  |  |  |  |  |  |  |  |
TILC warehouse facility – interest rate cap | $ | 800.0 |  |  | 2.50 | % |  | $ | 0.9 |  |  |  |  |  |  | $ | 1.0 |  |  | $ | (0.9) |
TILC – interest rate cap | $ | 800.0 |  |  | 2.50 | % |  | $ | (0.9) |  |  |  |  |  |  | $ | (1.0) |  |  | $ | 0.9 |
(1) Comprised of back-to-back interest rate caps entered into with the same counterparty in connection with our risk management objectives. (2) The amount recorded to other, net (income) expense in our Consolidated Statements of Operations for the three months ended March 31, 2024 includes a fee of $3.1 million related to the execution of back-to-back interest rate caps associated with the new TILC warehouse loan facility. See Note 8 for further information. (3) These interest rate caps matured in March 2024 and were settled in April 2024. |
Level 1 |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The assets measured on a recurring basis as Level 1 in the fair value hierarchy are summarized below:
| Level 1
| March 31, 2024 |  | December 31, 2023
| (in millions)
Assets: |  |  |
Cash equivalents | $ | 43.9 |  |  | $ | 78.7 |
Restricted cash | 116.3 |  |  | 129.4 |
Total assets | $ | 160.2 |  |  | $ | 208.1 |
Level 2 |  |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |  |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] |
| Level 2 |
| March 31, 2024 |  | December 31, 2023 |
| (in millions) |
Assets (1): |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Interest rate hedges | $ | 16.6 |  |  | $ | 13.1 |  |
Foreign currency forward contracts | 7.7 |  |  | 5.8 |  |
Foreign currency options | 0.5 |  |  | 1.0 |  |
Derivatives not designated as hedging instruments: |  |  |  |
TILC warehouse facility – interest rate caps | 36.9 |  |  | 6.6 |  |
Total assets | $ | 61.7 |  |  | $ | 26.5 |  |
Liabilities (2): |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Interest rate hedges | $ | — |  |  | $ | 2.5 |  |
Derivatives not designated as hedging instruments: |  |  |  |
TILC – interest rate caps | 36.9 |  |  | 6.6 |  |
Total liabilities | $ | 36.9 |  |  | $ | 9.1 |  |
(1) Included in other assets in our Consolidated Balance Sheets. (2) Included in accrued liabilities in our Consolidated Balance Sheets. | [1],[2]
[1] | Included in other assets in our Consolidated Balance Sheets.
[2] | Included in other liabilities in our Consolidated Balance Sheets.

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