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Debt (Tables) | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Components of debt | The carrying amounts of our debt are as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Corporate – Recourse: |  |  |
Revolving credit facility | $ | 90.0 |  |  | $ | — |
Senior notes due 2028, inclusive of unamortized premium of $3.4 and $4.3 | 603.4 |  |  | 604.3 |
| 693.4 |  |  | 604.3 |
Less: unamortized debt issuance costs | (5.1) |  |  | (6.5) |
Total recourse debt | 688.3 |  |  | 597.8 |
Lease fleet – Non-recourse: |  |  |
Wholly-owned subsidiaries: |  |  |
Secured railcar equipment notes, net of unamortized discount of $0.2 and $0.3 | 2,360.7 |  |  | 2,447.3 |
2017 promissory notes, net of unamortized discount of $— and $1.5 | — |  |  | 631.3 |
TRL-2023 term loan, net of unamortized discount of $0.7 and $— | 1,038.4 |  |  | 323.4 |
TILC warehouse facility | 797.6 |  |  | 584.6 |
Other equipment financing | 48.2 |  |  | 50.0 |
| 4,244.9 |  |  | 4,036.6 |
Less: unamortized debt issuance costs | (16.6) |  |  | (15.3) |
| 4,228.3 |  |  | 4,021.3 |
Partially-owned subsidiaries: |  |  |
Secured railcar equipment notes, net of unamortized discount of $0.1 and $0.1 | 1,030.4 |  |  | 1,076.8 |
Less: unamortized debt issuance costs | (3.3) |  |  | (5.0) |
| 1,027.1 |  |  | 1,071.8 |
Total non-recourse debt | 5,255.4 |  |  | 5,093.1 |
Total debt | $ | 5,943.7 |  |  | $ | 5,690.9 |
The estimated fair values of our debt are as follows:
| September 30, 2025 |  | December 31, 2024
| (in millions)
Level 2 | $ | 621.6 |  |  | $ | 623.2 |
Level 3 | $ | 3,352.3 |  |  | $ | 3,430.5 |

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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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