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Debt (Tables)
 3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Components of debt
The following table summarizes the components of debt as of March 31, 2017 and December 31, 2016:
 
March 31,
2017
 
December 31,
2016
 
(in millions)
Corporate – Recourse:
 
 
 
Revolving credit facility
$
—

 
$
—

Senior notes, net of unamortized discount of $0.3 and $0.4
399.7

 
399.6

Convertible subordinated notes, net of unamortized discount of $22.2 and $26.7
427.2

 
422.7

 
826.9

 
822.3

Less: unamortized debt issuance costs
(3.5
)
 
(3.7
)
 
823.4

 
818.6

Leasing – Recourse:
 
 
 
Capital lease obligations, net of unamortized debt issuances costs of $0.1 and $0.1
31.1

 
32.0

Total recourse debt
854.5

 
850.6

 
 
 
 
Leasing – Non-recourse:
 
 
 
Wholly-owned subsidiaries:
 
 
 
2006 secured railcar equipment notes
188.2

 
194.2

2009 secured railcar equipment notes
171.0

 
172.5

2010 secured railcar equipment notes
277.1

 
280.6

TILC warehouse facility
202.0

 
204.1

 
838.3

 
851.4

Less: unamortized debt issuance costs
(10.5
)
 
(11.4
)
 
827.8

 
840.0

Partially-owned subsidiaries:
 
 
 
TRL 2012 secured railcar equipment notes
419.7

 
425.5

TRIP Master Funding secured railcar equipment notes
948.6

 
955.5

 
1,368.3

 
1,381.0

Less: unamortized debt issuance costs
(14.6
)
 
(15.0
)
 
1,353.7

 
1,366.0

Total non–recourse debt
2,181.5

 
2,206.0

Total debt
$
3,036.0

 
$
3,056.6
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, 2017 and 2016 is as follows:
 
Three Months Ended
March 31,
 
2017
 
2016
 
(in millions)
Coupon rate interest
$
4.4

 
$
4.4

Amortized debt discount
4.5

 
4.2

 
$
8.9

 
$
8.6
Remaining principal payments under existing debt agreements
The remaining principal payments under existing debt agreements as of March 31, 2017 are as follows:
 
Remaining nine months of 2017
 
2018
 
2019
 
2020
 
2021
 
Thereafter
 
(in millions)
Recourse:
 
Corporate
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
849.4

Leasing – capital lease obligations (Note 6)
2.7

 
28.5

 
—

 
—

 
—

 
—

Non-recourse – leasing (Note 6):
 
 
 
 
 
 
 
 
 
 
 
2006 secured railcar equipment notes
29.9

 
25.3

 
28.0

 
29.8

 
29.2

 
46.0

2009 secured railcar equipment notes
4.8

 
6.4

 
11.2

 
6.6

 
13.4

 
128.6

2010 secured railcar equipment notes
10.2

 
10.0

 
7.6

 
14.2

 
20.1

 
215.0

TILC warehouse facility
6.1

 
8.2

 
2.1

 
—

 
—

 
—

Facility termination payments - TILC warehouse facility
—

 
—

 
185.6

 
—

 
—

 
—

TRL 2012 secured railcar equipment notes
16.9

 
22.9

 
21.9

 
19.3

 
19.9

 
318.8

TRIP Master Funding secured railcar equipment notes
21.9

 
41.5

 
49.5

 
48.8

 
49.8

 
737.1

Total principal payments
$
92.5

 
$
142.8

 
$
305.9

 
$
118.7

 
$
132.4

 
$
2,294.9