Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Components of debt

The following table summarizes the components of debt as of June 30, 2014 and December 31, 2013:

	June 30, 2014			December 31, 2013
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—		$	—
Convertible subordinated notes	450.0			450.0
Less: unamortized discount	(67.0		)	(74.1		)
	383.0			375.9
Other	0.9			0.9
	383.9			376.8
Leasing – Recourse:
Capital lease obligations	40.6			42.2
Total recourse debt	424.5			419.0
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	232.5			240.7
Promissory notes	382.0			396.1
2009 secured railcar equipment notes	194.1			199.0
2010 secured railcar equipment notes	320.1			326.9
TILC warehouse facility	132.0			152.0
	1,260.7			1,314.7
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes - RIV 2013	486.6			499.3
TRIP Master Funding secured railcar equipment notes	1,070.7			756.8
	1,557.3			1,256.1
Total non–recourse debt	2,818.0			2,570.8
Total debt	$	3,242.5		$	2,989.8

Total interest expense recognized on the Convertible Subordinated Notes

Total interest expense recognized on the Convertible Subordinated Notes for the three and six months endedJune 30, 2014 and 2013 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2014		2013		2014		2013
	(in millions)
Coupon rate interest	$	4.3	$	4.3	$	8.7	$	8.7
Amortized debt discount	3.6		3.2		7.1		6.5
	$	7.9	$	7.5	$	15.8	$	15.2

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of June 30, 2014 are as follows:

	Remaining six 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)	1.6		3.2		3.5		3.7		28.6		—
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	8.7		18.6		21.9		24.0		25.4		133.9
Promissory notes	10.6		21.7		349.7		—		—		—
2009 secured railcar equipment notes	5.0		9.6		6.5		6.3		6.5		160.2
2010 secured railcar equipment notes	7.2		15.3		15.0		13.7		10.0		258.9
TILC warehouse facility	2.3		4.3		3.9		—		—		—
TRL 2012 secured railcar equipment notes - RIV 2013	12.3		23.5		22.6		23.1		23.4		381.7
TRIP Master Funding secured railcar equipment notes	24.6		46.3		40.1		29.4		42.1		888.2
Facility termination payments - TILC warehouse facility	—		40.5		81.0		—		—		—
Total principal payments	$	72.5	$	183.2	$	544.4	$	100.5	$	136.0	$	2,272.9