XML 55 R38.htm IDEA: XBRL DOCUMENT v3.7.0.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Components of debt
The following table summarizes the components of debt as of June 30, 2017 and December 31, 2016:
 
June 30,
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 $17.6 and $26.7
431.8

 
422.7

Other
0.6

 
—

 
832.1

 
822.3

Less: unamortized debt issuance costs
(3.3
)
 
(3.7
)
 
828.8

 
818.6

Leasing – Recourse:
 
 
 
Capital lease obligations, net of unamortized debt issuances costs of $0.1 and $0.1
30.2

 
32.0

Total recourse debt
859.0

 
850.6

 
 
 
 
Leasing – Non-recourse:
 
 
 
Wholly-owned subsidiaries:
 
 
 
2006 secured railcar equipment notes
170.5

 
194.2

2009 secured railcar equipment notes
169.4

 
172.5

2010 secured railcar equipment notes
273.5

 
280.6

2017 promissory notes
301.1

 
—

TILC warehouse facility
167.6

 
204.1

 
1,082.1

 
851.4

Less: unamortized debt issuance costs
(13.1
)
 
(11.4
)
 
1,069.0

 
840.0

Partially-owned subsidiaries:
 
 
 
TRL 2012 secured railcar equipment notes
413.8

 
425.5

TRIP Master Funding secured railcar equipment notes
942.3

 
955.5

 
1,356.1

 
1,381.0

Less: unamortized debt issuance costs
(14.1
)
 
(15.0
)
 
1,342.0

 
1,366.0

Total non–recourse debt
2,411.0

 
2,206.0

Total debt
$
3,270.0

 
$
3,056.6
Total interest expense recognized on the Convertible Subordinated Notes
Total interest expense recognized on the Convertible Subordinated Notes for the three and six months ended June 30, 2017 and 2016 is as follows:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions)
Coupon rate interest
$
4.3

 
$
4.3

 
$
8.7

 
$
8.7

Amortized debt discount
4.6

 
4.2

 
9.1

 
8.4

 
$
8.9

 
$
8.5

 
$
17.8

 
$
17.1
Remaining principal payments under existing debt agreements
The remaining principal payments under existing debt agreements as of June 30, 2017 are as follows:
 
Remaining six months of 2017
 
2018
 
2019
 
2020
 
2021
 
Thereafter
 
(in millions)
Recourse:
 
Corporate(1)
$
0.1

 
$
0.1

 
$
0.1

 
$
0.2

 
$
0.1

 
$
849.4

Leasing – capital lease obligations (Note 6)
2.0

 
28.3

 
—

 
—

 
—

 
—

Non-recourse – leasing (Note 6):
 
 
 
 
 
 
 
 
 
 
 
2006 secured railcar equipment notes
12.1

 
25.3

 
28.0

 
29.8

 
29.2

 
46.1

2009 secured railcar equipment notes
3.2

 
6.4

 
11.2

 
6.6

 
13.4

 
128.6

2010 secured railcar equipment notes
6.6

 
10.0

 
7.6

 
14.2

 
20.1

 
215.0

2017 promissory notes
7.6

 
15.1

 
15.1

 
15.1

 
15.1

 
233.1

TILC warehouse facility
3.4

 
6.9

 
1.7

 
—

 
—

 
—

Facility termination payments - TILC warehouse facility
—

 
—

 
155.6

 
—

 
—

 
—

TRL 2012 secured railcar equipment notes
11.0

 
22.9

 
21.9

 
19.3

 
19.9

 
318.8

TRIP Master Funding secured railcar equipment notes
15.6

 
41.5

 
49.5

 
48.8

 
49.8

 
737.1

Total principal payments
$
61.6

 
$
156.5

 
$
290.7

 
$
134.0

 
$
147.6

 
$
2,528.1


(1) Holders of the Convertible Subordinated Notes may require us to purchase all or a portion of their notes on June 1, 2018. On or after that date, we may redeem all or part of the Convertible Subordinated Notes.