Debt (Tables)

9 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Components of debt

The following table summarizes the components of debt as of September 30, 2012 and December 31, 2011:

	September 30, 2012			December 31, 2011
				(as reported)
	(in millions)
Manufacturing/Corporate – Recourse:
Revolving credit facility	$	—		$	—
Convertible subordinated notes	450.0			450.0
Less: unamortized discount	(90.7		)	(99.8		)
	359.3			350.2
Other	5.1			4.2
	364.4			354.4
Leasing – Recourse:
Capital lease obligations	46.5			48.6
Term loan	51.4			54.7
	97.9			103.3
Total recourse debt	462.3			457.7
Leasing – Non-recourse:
2006 secured railcar equipment notes	259.1			269.3
Promissory notes	445.5			465.5
2009 secured railcar equipment notes	211.6			218.4
2010 secured railcar equipment notes	345.0			354.3
TILC warehouse facility	385.7			308.5
TRIP Holdings senior secured notes:
Total outstanding	170.0			170.0
Less: owned by Trinity	(108.8		)	(108.8		)
	61.2			61.2
TRIP Master Funding secured railcar equipment notes	807.7			840.0
Total non–recourse debt	2,515.8			2,517.2
Total debt	$	2,978.1		$	2,974.9

Total interest expense recognized on the convertible subordinated notes

Total interest expense recognized on the Convertible Subordinated Notes for the three and nine months ended September 30, 2012 and 2011 is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
	(in millions)
Coupon rate interest	$	4.4	$	4.4	$	13.1	$	13.1
Amortized debt discount	3.1		2.9		9.1		8.4
	$	7.5	$	7.3	$	22.2	$	21.5

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of September 30, 2012 are as follows:

	Remaining three months of 2012		2013		2014			2015		2016		Thereafter
	(in millions)
Recourse:
Manufacturing/Corporate	$	0.3	$	1.7	$	2.4		$	0.2	$	0.2	$	450.3
Leasing – capital lease obligations (Note 5)	0.7		2.9		3.1			3.3		3.5		33.0
Leasing – term loan (Note 5)	0.7		3.0		3.2			3.4		41.1		—
Non-recourse – leasing (Note 5):
2006 secured railcar equipment notes	3.3		15.1		16.9			18.6		21.9		183.3
Promissory notes	21.3		28.5		25.4			22.7		347.6		—
2009 secured railcar equipment notes	2.4		10.2		9.9			9.6		6.5		173.0
2010 secured railcar equipment notes	3.5		14.6		14.0			15.3		15.0		282.6
TILC warehouse facility	2.0		10.7		5.9			—		—		—
TRIP Holdings senior secured notes:
Total outstanding	—		—		170.0			—		—		—
Less: owned by Trinity	—		—		(108.8		)	—		—		—
					61.2
TRIP Master Funding secured railcar equipment notes	9.9		41.0		40.1			35.7		29.3		651.7
Facility termination payments - TILC warehouse facility	—		122.4		244.7			—		—		—
Total principal payments	$	44.1	$	250.1	$	426.8		$	108.8	$	465.1	$	1,773.9