Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Components of debt

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

	December 31, 2014		December 31, 2013
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—	$	—
Senior notes, net of unamortized discount of $0.4 and $-	399.6		—
Convertible subordinated notes, net of unamortized discount of $59.6 and $74.1	389.9		375.9
Other	0.7		0.9
	790.2		376.8
Leasing – Recourse:
Capital lease obligations	39.1		42.2
Total recourse debt	829.3		419.0
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	223.0		240.7
Promissory notes	363.9		396.1
2009 secured railcar equipment notes	188.8		199.0
2010 secured railcar equipment notes	311.5		326.9
TILC warehouse facility	120.6		152.0
	1,207.8		1,314.7
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes (RIV 2013)	472.2		499.3
TRIP Master Funding secured railcar equipment notes	1,043.7		756.8
	1,515.9		1,256.1
Total non–recourse debt	2,723.7		2,570.8
Total debt	$	3,553.0	$	2,989.8

Total interest expense recognized on the Convertible Subordinated Notes

Total interest expense recognized on the Convertible Subordinated Notes for the years ended December 31, 2014, 2013, and 2012, is as follows:

	Year Ended December 31,
	2014		2013		2012
	(in millions)
Coupon rate interest	$	17.4	$	17.4	$	17.4
Amortized debt discount	14.5		13.4		12.3
	$	31.9	$	30.8	$	29.7

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of December 31, 2014 are as follows:

	2015		2016		2017		2018		2019		Thereafter
	(in millions)
Recourse:
Corporate	$	0.2	$	0.2	$	0.3	$	—	$	—	$	849.5
Leasing – capital lease obligations (Note 6)	3.2		3.5		3.7		28.7		—		—
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	18.5		21.8		24.0		25.3		28.0		105.4
Promissory notes	25.5		338.4		—		—		—		—
2009 secured railcar equipment notes	9.6		6.5		6.3		6.5		11.2		148.7
2010 secured railcar equipment notes	15.3		14.9		13.7		10.0		7.6		250.0
TILC warehouse facility	4.0		3.6		—		—		—		—
TRL 2012 secured railcar equipment notes (RIV 2013)	23.2		22.3		22.9		23.1		22.2		358.5
TRIP Master Funding secured railcar equipment notes	45.9		39.8		29.2		41.8		50.1		836.9
Facility termination payments - TILC warehouse facility	37.7		75.3		—		—		—		—
Total principal payments	$	183.1	$	526.3	$	100.1	$	135.4	$	119.1	$	2,549.0