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Debt (Tables)
 3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Components of debt
The following table summarizes the components of debt as of March 31, 2014 and December 31, 2013:
 
March 31,
2014
 
December 31,
2013
 
(in millions)
Corporate – Recourse:
 
 
 
Revolving credit facility
$
—

 
$
—

Convertible subordinated notes
450.0

 
450.0

Less: unamortized discount
(70.6
)
 
(74.1
)
 
379.4

 
375.9

Other
0.9

 
0.9

 
380.3

 
376.8

Leasing – Recourse:
 
 
 
Capital lease obligations
41.4

 
42.2

Total recourse debt
421.7

 
419.0

 
 
 
 
Leasing – Non-recourse:
 
 
 
Wholly-owned subsidiaries:
 
 
 
2006 secured railcar equipment notes
236.8

 
240.7

Promissory notes
389.1

 
396.1

2009 secured railcar equipment notes
196.6

 
199.0

2010 secured railcar equipment notes
323.5

 
326.9

TILC warehouse facility
133.2

 
152.0

 
1,279.2

 
1,314.7

Partially-owned subsidiaries:
 
 
 
TRL 2012 secured railcar equipment notes - RIV 2013
493.0

 
499.3

TRIP Master Funding secured railcar equipment notes
746.3

 
756.8

 
1,239.3

 
1,256.1

Total non–recourse debt
2,518.5

 
2,570.8

Total debt
$
2,940.2

 
$
2,989.8
Total interest expense recognized on the Convertible Subordinated Notes
Total interest expense recognized on the Convertible Subordinated Notes for the three months ended March 31, 2014 and 2013 is as follows:
 
Three Months Ended
March 31,
 
2014
 
2013
 
(in millions)
Coupon rate interest
$
4.4

 
$
4.4

Amortized debt discount
3.5

 
3.3

 
$
7.9

 
$
7.7
Remaining principal payments under existing debt agreements
The remaining principal payments under existing debt agreements as of March 31, 2014 are as follows:
 
Remaining nine months of 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)
2.3

 
3.3

 
3.5

 
3.7

 
28.6

 
—

Non-recourse – leasing (Note 6):
 
 
 
 
 
 
 
 
 
 
 
2006 secured railcar equipment notes
13.0

 
18.6

 
21.9

 
24.0

 
25.4

 
133.9

Promissory notes
17.0

 
21.7

 
350.4

 
—

 
—

 
—

2009 secured railcar equipment notes
7.5

 
9.6

 
6.5

 
6.3

 
6.5

 
160.2

2010 secured railcar equipment notes
10.6

 
15.3

 
15.0

 
13.7

 
10.0

 
258.9

TILC warehouse facility
3.5

 
4.3

 
3.9

 
—

 
—

 
—

TRL 2012 secured railcar equipment notes -
RIV 2013
18.7

 
23.5

 
22.6

 
23.1

 
23.4

 
381.7

TRIP Master Funding secured railcar equipment notes
29.6

 
35.7

 
29.3

 
20.4

 
19.9

 
611.4

Facility termination payments - TILC warehouse facility
—

 
40.5
 
81.0
 
—

 
—

 
—

Total principal payments
$
102.4

 
$
172.7

 
$
534.3

 
$
91.5

 
$
113.8

 
$
1,996.1