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v3.25.3

Derivative Instruments and Fair Value Accounting (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Derivatives [Table Text Block] |
|  |  |  |  | Included in accompanying balance sheet at September 30, 2025
| Notional Amount |  | Interest Rate (1) |  | Asset/(Liability) |  | AOCI – loss/(income)
| ($ in millions)
Expired hedges: |  |  |  |  |  |  |
2018 secured railcar equipment notes | $ | 249.3 |  |  | 4.41 | % |  | $ | — |  |  | $ | — |
Tribute Rail secured railcar equipment notes | $ | 256.0 |  |  | 2.86 | % |  | $ | — |  |  | $ | — |
2017 promissory notes – interest rate cap | $ | 169.3 |  |  | 3.00 | % |  | $ | — |  |  | $ | — |
2017 promissory notes – interest rate swap (2) | $ | 372.5 |  |  | 2.31 | % |  | $ | — |  |  | $ | (0.6) |
TRL-2023 term loan (2) | $ | 255.8 |  |  | 3.79 | % |  | $ | — |  |  | $ | 3.3 |
TILC – TRL-2023 term loan pre-issuance (2) | $ | 525.4 |  |  | 3.58 | % |  | $ | — |  |  | $ | 6.3 |
Open hedge: |  |  |  |  |  |  |
TRL-2023 term loan (3) | $ | 779.3 |  |  | 3.57 | % |  | $ | (7.9) |  |  | $ | 2.0 |
TILC – TRL-2025 pre-issuance (4) | $ | 100.0 |  |  | 3.21 | % |  | $ | 0.8 |  |  | $ | (0.8) |
(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes. (2) These swaps were terminated in April 2025 in connection with the extinguishment of the Trinity Rail Leasing 2017, LLC (“TRL-2017”) promissory notes and the associated refinancing of the amended and restated Trinity Rail Leasing 2023 LLC (“TRL-2023”) term loan agreement. See Note 8 for further information. The swaps had a $6.7 million derivative liability fair value upon termination. In lieu of cash settlement, we incorporated the $6.7 million derivative liability into the terms of the new interest rate swaps, as described in the footnote below, resulting in off-market terms. (3) In April 2025, we entered into interest rate swaps associated with the amended and restated TRL-2023 term loan agreement. The swaps had a $6.7 million derivative liability fair value at inception, representing the off-market component of the swaps. The off-market value is being ratably amortized into interest expense through the maturity date of the swaps related to the amended and restated TRL-2023 term loan. (4) We entered into a forward starting interest rate swap to hedge a portion of the risk of potential interest rate increases in anticipation of a debt issuance, which was completed in October 2025. See Note 8 for further information.
Derivative Instruments, Gain (Loss) |
| Effect on interest expense – increase/(decrease)
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Expected effect during next twelve months
| 2025 |  | 2024 |  | 2025 |  | 2024 |
| (in millions)
Expired hedges: |  |  |  |  |  |  |  |  |
2018 secured railcar equipment notes | $ | — |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | — |
Tribute Rail secured railcar equipment notes | $ | — |  |  | $ | 0.2 |  |  | $ | 0.3 |  |  | $ | 0.5 |  |  | $ | — |
2017 promissory notes – interest rate cap | $ | — |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | — |
2017 promissory notes – interest rate swap | $ | (1.7) |  |  | $ | (3.0) |  |  | $ | (5.3) |  |  | $ | (9.1) |  |  | $ | (0.6) |
TRL-2023 term loan | $ | 0.3 |  |  | $ | (1.0) |  |  | $ | — |  |  | $ | (3.1) |  |  | $ | 1.2 |
TILC – TRL-2023 term loan pre-issuance | $ | 0.2 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | — |  |  | $ | 1.3 |
Open hedge (1): |  |  |  |  |  |  |  |  |
TRL-2023 term loan (2) | $ | (1.9) |  |  | $ | — |  |  | $ | (3.1) |  |  | $ | — |  |  | $ | 1.6 |
(1) Based on the fair value of open hedges as of September 30, 2025. (2) Includes changes in fair value related to the amortization of the initial off-market fair value. Foreign Currency Hedges Our exposure related to foreign currency transactions is currently hedged for up to a maximum of fifteen months. Information related to our foreign currency hedges is as follows:
|  |  | Included in accompanying balance sheet at September 30, 2025 |  | Effect on cost of revenues – increase/(decrease)
| Notional Amount |  | Asset/ (Liability) |  | AOCI – loss/(income) |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |  | Expected effect during next twelve months (1)
Instrument |  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024 |
| (in millions)
Forward contracts | $ | 85.4 |  |  | $ | 3.9 |  |  | $ | (5.4) |  |  | $ | (1.2) |  |  | $ | (1.2) |  |  | $ | 5.4 |  |  | $ | (5.8) |  |  | $ | (4.9) |
Options | $ | 22.2 |  |  | $ | 1.3 |  |  | $ | (1.0) |  |  | $ | 0.3 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 0.2 |  |  | $ | 0.3 |
(1) Based on the fair value of open hedges as of September 30, 2025.
Derivatives Not Designated as Hedging Instruments | Derivatives Not Designated as Hedging Instruments (1)
|  |  |  |  | Asset/(Liability) at September 30, 2025 |  | Effect on other, net (income) expense – increase/(decrease)
| Notional Amount |  | Interest Rate |  |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  |  |  | 2025 |  | 2024 |  | 2025 |  | 2024
| ($ in millions)
Interest rate derivatives – open: |  |  |  |  |  |  |  |  |  |  |  |  |
TILC warehouse facility – interest rate cap | $ | 680.0 |  |  | 2.50 | % |  | $ | 9.9 |  |  | $ | 2.0 |  |  | $ | 13.0 |  |  | $ | 5.9 |  |  | $ | 9.3 |
TILC – interest rate cap (2) | $ | 680.0 |  |  | 2.50 | % |  | $ | (9.9) |  |  | $ | (2.0) |  |  | $ | (13.0) |  |  | $ | (5.9) |  |  | $ | (6.2) |
Interest rate derivatives – expired (3): |  |  |  |  |  |  |  |  |  |  |  |  |
TILC warehouse facility – interest rate cap | $ | 800.0 |  |  | 2.50 | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1.9 |
TILC – interest rate cap | $ | 800.0 |  |  | 2.50 | % |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (1.9) |
(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 nine months ended September 30, 2024 includes a fee of $3.1 million related to the execution of back-to-back interest rate caps associated with the Trinity Industries Leasing Company (“TILC”) warehouse loan facility. (3) These interest rate caps matured and settled in 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
| September 30, 2025 |  | December 31, 2024
| (in millions)
Assets: |  |  |
Cash equivalents | $ | 43.2 |  |  | $ | 209.6 |
Restricted cash | 172.4 |  |  | 146.2 |
Total assets | $ | 215.6 |  |  | $ | 355.8 |
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] | The assets and liabilities measured on a recurring basis as Level 2 in the fair value hierarchy are summarized below:
| Level 2 |
| September 30, 2025 |  | December 31, 2024 |
| (in millions) |
Assets (1): |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Interest rate hedges | $ | 0.8 |  |  | $ | 10.4 |  |
Foreign currency hedges | 5.2 |  |  | 0.4 |  |
Derivatives not designated as hedging instruments: |  |  |  |
Interest rate derivatives | 9.9 |  |  | 23.3 |  |
Total assets | $ | 15.9 |  |  | $ | 34.1 |  |
Liabilities (2): |  |  |  |
Derivatives designated as hedging instruments: |  |  |  |
Interest rate hedges | $ | 7.9 |  |  | $ | — |  |
Foreign currency hedges | — |  |  | 9.5 |  |
Derivatives not designated as hedging instruments: |  |  |  |
Interest rate derivatives | 9.9 |  |  | 23.3 |  |
Total liabilities | $ | 17.8 |  |  | $ | 32.8 |  |
(1) Included in other assets in our Consolidated Balance Sheets. (2) Included in accrued liabilities in our Consolidated Balance Sheets.

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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4CC -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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