Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Components of debt

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

	December 31, 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 $26.7 and $43.8	422.7			405.6
Other	—			0.5
	822.3			805.7
Less: unamortized debt issuance costs	(3.7		)	(4.7		)
	818.6			801.0
Leasing – Recourse:
Capital lease obligations, net of unamortized debt issuance costs of $0.1 and $0.1	32.0			35.7
Total recourse debt	850.6			836.7
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	194.2			204.1
2009 secured railcar equipment notes	172.5			179.2
2010 secured railcar equipment notes	280.6			296.2
TILC warehouse facility	204.1			264.3
	851.4			943.8
Less: unamortized debt issuance costs	(11.4		)	(15.1		)
	840.0			928.7
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes	425.5			449.1
TRIP Master Funding secured railcar equipment notes	955.5			997.8
	1,381.0			1,446.9
Less: unamortized debt issuance costs	(15.0		)	(16.9		)
	1,366.0			1,430.0
Total non–recourse debt	2,206.0			2,358.7
Total debt	$	3,056.6		$	3,195.4

Total interest expense recognized on the Convertible Subordinated Notes

Total interest expense recognized on the Convertible Subordinated Notes for the years ended December 31, 2016, 2015, and 2014, is as follows:

	Year Ended December 31,
	2016		2015		2014
	(in millions)
Coupon rate interest	$	17.4	$	17.4	$	17.4
Amortized debt discount	17.1		15.7		14.5
	$	34.5	$	33.1	$	31.9

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of December 31, 2016 are as follows:

	2017		2018		2019		2020		2021		Thereafter
	(in millions)
Recourse:
Corporate	$	—	$	—	$	—	$	—	$	—	$	849.4
Leasing – capital lease obligations (Note 6)	3.6		28.5		—		—		—		—
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	35.9		25.3		28.0		29.8		29.2		46.0
2009 secured railcar equipment notes	6.3		6.4		11.2		6.6		13.4		128.6
2010 secured railcar equipment notes	13.6		10.0		7.6		14.2		20.1		215.1
TILC warehouse facility	8.2		8.2		2.1		—		—		—
Facility termination payments - TILC warehouse facility	—		—		185.6		—		—		—
TRL 2012 secured railcar equipment notes	22.7		22.9		21.9		19.3		19.9		318.8
TRIP Master Funding secured railcar equipment notes	28.8		41.5		49.5		48.8		49.8		737.1
Total principal payments	$	119.1	$	142.8	$	305.9	$	118.7	$	132.4	$	2,295.0