Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt Disclosure [Abstract]

Components of debt

The following table summarizes the components of debt as of December 31, 2013 and 2012:

	December 31, 2013			December 31, 2012
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—		$	—
Convertible subordinated notes	450.0			450.0
Less: unamortized discount	(74.1		)	(87.5		)
	375.9			362.5
Other	0.9			1.2
	376.8			363.7
Leasing – Recourse:
Capital lease obligations	42.2			45.8
Term loan	—			48.6
	42.2			94.4
Total recourse debt	419.0			458.1
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	240.7			255.8
Promissory notes	396.1			424.1
2009 secured railcar equipment notes	199.0			209.2
2010 secured railcar equipment notes	326.9			341.5
TILC warehouse facility	152.0			173.6
	1,314.7			1,404.2
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes - RIV 2013	499.3			333.8
TRIP Master Funding secured railcar equipment notes	756.8			797.7
TRIP Holdings senior secured notes:
Total outstanding	—			170.0
Less: owned by Trinity	—			(108.8		)
	—			61.2
	1,256.1			1,192.7
Total non–recourse debt	2,570.8			2,596.9
Total debt	$	2,989.8		$	3,055.0

Total interest expense recognized on the Convertible Subordinated Notes

Total interest expense recognized on the Convertible Subordinated Notes for the years ended December 31, 2013, 2012, and 2011, is as follows:

	Year Ended December 31,
	2013		2012		2011
	(in millions)
Coupon rate interest	$	17.4	$	17.4	$	17.4
Amortized debt discount	13.4		12.3		11.3
	$	30.8	$	29.7	$	28.7

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of December 31, 2013 are as follows:

	2014		2015		2016		2017		2018		Thereafter
	(in millions)
Recourse:
Corporate	$	0.2	$	0.2	$	0.2	$	0.3	$	—	$	450.0
Leasing – capital lease obligations (Note 6)	3.1		3.3		3.5		3.7		28.6		—
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	16.9		18.6		21.9		24.0		25.4		133.9
Promissory notes	23.9		21.7		350.5		—		—		—
2009 secured railcar equipment notes	9.9		9.6		6.5		6.3		6.5		160.2
2010 secured railcar equipment notes	14.0		15.3		15.0		13.7		10.0		258.9
TILC warehouse facility - facility termination payments	—		50.7		101.3		—		—		—
TRL 2012 secured railcar equipment notes - RIV 2013	25.0		23.5		22.6		23.1		23.4		381.7
TRIP Master Funding secured railcar equipment notes	40.1		35.7		29.3		20.4		19.9		611.4
Total principal payments	$	133.1	$	178.6	$	550.8	$	91.5	$	113.8	$	1,996.1