v3.25.1
Derivative Instruments and Fair Value Accounting (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives [Table Text Block]
   
Included in accompanying balance sheet
at March 31, 2025
AOCI – loss/(income)
 Notional Amount
Interest Rate (1)
Asset/(Liability) Controlling InterestNoncontrolling Interest
 ($ in millions)
Expired hedges:
2018 secured railcar equipment notes$249.3 4.41 %$— $0.1 $— 
Tribute Rail secured railcar equipment notes $256.0 2.86 %$— $0.1 $0.1 
2017 promissory notes – interest rate cap$169.3 3.00 %$— $(0.1)$— 
Open hedges:
2017 promissory notes – interest rate swap$374.8 2.31 %$4.3 $(4.0)$— 
TRL-2023 term loan$256.5 3.79 %$(1.3)$1.3 $— 
TILC (2)
$280.0 3.72 %$(1.2)$1.2 $— 
(1) Weighted average fixed interest rate, except for the interest rate cap on the 2017 promissory notes.
(2) We entered into forward starting interest rate swaps to hedge a portion of the risk of potential interest rate increases in anticipation of a debt refinancing, which was completed on April 30, 2025. See Note 8 for further information. The balance at March 31, 2025 is comprised of a derivative liability of $2.1 million with one counterparty and a derivative asset of $0.9 million with a different counterparty.
Derivative Instruments, Gain (Loss)
 Effect on interest expense – increase/(decrease)
 Three Months Ended
March 31,		Expected effect during next twelve months
 20252024
 (in millions)
Expired hedges:
2018 secured railcar equipment notes
$— $— $0.1 
Tribute Rail secured railcar equipment notes$0.2 $0.2 $0.2 
2017 promissory notes – interest rate cap$— $— $(0.1)
Open hedges (1):
2017 promissory notes – interest rate swap$(1.9)$(3.1)$(4.0)
TRL-2023 term loan$(0.4)$(1.0)$(0.3)
TILC$— $— $0.2 
(1) Based on the fair value of open hedges as of March 31, 2025.
Foreign Currency Hedges
Our exposure related to foreign currency transactions is currently hedged for up to a maximum of nine months. Information related to our foreign currency hedges is as follows:
 
Included in 
accompanying balance
sheet at March 31, 2025
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)
Instrument20252024
(in millions)
Forward contracts$79.8 $(2.9)$4.6 $4.7 $(1.5)$4.6 
Options$50.3 $0.4 $0.8 $— $0.3 $1.2 
(1) Based on the fair value of open hedges as of March 31, 2025.
Derivatives Not Designated as Hedging Instruments
Derivatives Not Designated as Hedging Instruments (1)
   
Asset/(Liability) at
March 31, 2025
Effect on other, net (income) expense – increase/(decrease)
Notional
Amount		Interest
Rate		Three Months Ended
March 31,
 20252024
 ($ in millions)
Interest rate derivatives – open:
TILC warehouse facility – interest rate cap$680.0 2.50 %$17.3 $2.9 $0.7 
TILC – interest rate cap (2)
$680.0 2.50 %$(17.3)$(2.9)$2.4 
Interest rate derivatives – expired (3):
TILC warehouse facility – interest rate cap$800.0 2.50 %$— $— $1.0 
TILC – interest rate cap$800.0 2.50 %$— $— $(1.0)
(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 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
 March 31, 2025December 31, 2024
(in millions)
Assets:
Cash equivalents$59.8 $209.6 
Restricted cash140.2 146.2 
Total assets$200.0 $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
 March 31, 2025December 31, 2024
(in millions)
Assets (1):
Derivatives designated as hedging instruments:
Interest rate hedges$5.2 $10.4 
Foreign currency hedges0.4 0.4 
Derivatives not designated as hedging instruments:
Interest rate derivatives17.3 23.3 
Total assets$22.9 $34.1 
Liabilities (2):
Derivatives designated as hedging instruments:
Interest rate hedges$3.4 $— 
Foreign currency hedges2.9 9.5 
Derivatives not designated as hedging instruments:
Interest rate derivatives17.3 23.3 
Total liabilities$23.6 $32.8 
(1) Included in other assets in our Consolidated Balance Sheets.
(2) Included in accrued liabilities in our Consolidated Balance Sheets.