Debt (Tables)

9 Months Ended

Sep. 30, 2016

The following table summarizes the components of debt as of September 30, 2016 and December 31, 2015:



	September 30, 2016			December 31, 2015
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—		$	—
Senior notes, net of unamortized discount of $0.4 and $0.4	399.6			399.6
Convertible subordinated notes, net of unamortized discount of $31.1 and $43.8	418.3			405.6
Other	0.3			0.5
	818.2			805.7
Less: unamortized debt issuance costs	(3.9		)	(4.7		)
	814.3			801.0
Leasing – Recourse:
Capital lease obligations, net of unamortized debt issuances costs of $0.1 and $0.1	33.1			35.7
Total recourse debt	847.4			836.7

Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	198.0			204.1
2009 secured railcar equipment notes	174.1			179.2
2010 secured railcar equipment notes	284.1			296.2
TILC warehouse facility	236.8			264.3
	893.0			943.8
Less: unamortized debt issuance costs	(12.3		)	(15.1		)
	880.7			928.7
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes (RIV 2013)	431.1			449.1
TRIP Master Funding secured railcar equipment notes (TRIP Holdings)	963.3			997.8
	1,394.4			1,446.9
Less: unamortized debt issuance costs	(15.4		)	(16.9		)
	1,379.0			1,430.0
Total non–recourse debt	2,259.7			2,358.7
Total debt	$	3,107.1		$	3,195.4

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, 2016 and 2015 is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in millions)
Coupon rate interest	$	4.4	$	4.4	$	13.1	$	13.1
Amortized debt discount	4.3		4.0		12.7		11.7
	$	8.7	$	8.4	$	25.8	$	24.8

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of September 30, 2016 are as follows:



	Remaining three months of 2016		2017		2018		2019		2020		Thereafter
	(in millions)
Recourse:
Corporate	$	—	$	0.3	$	—	$	—	$	—	$	849.4
Leasing – capital lease obligations (Note 6)	0.9		3.7		28.6		—		—		—
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	15.7		23.9		25.3		28.0		29.8		75.3
2009 secured railcar equipment notes	1.6		6.3		6.4		11.2		6.6		142.0
2010 secured railcar equipment notes	3.6		13.6		10.0		7.6		14.2		235.1
TILC warehouse facility	2.4		8.2		8.2		2.0		—		—
TRL 2012 secured railcar equipment notes (RIV 2013)	5.7		22.7		22.9		21.9		19.3		338.6
TRIP Master Funding secured railcar equipment notes (TRIP Holdings)	7.8		28.8		41.5		49.5		48.8		786.9
Facility termination payments - TILC warehouse facility	—		—		—		216.0		—		—
Total principal payments	$	37.7	$	107.5	$	142.9	$	336.2	$	118.7	$	2,427.3