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Debt (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Components of debt
The following table summarizes the components of debt as of September 30, 2017 and December 31, 2016:
 
September 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 $12.9 and $26.7
436.5

 
422.7

Other
0.5

 
—

 
836.7

 
822.3

Less: unamortized debt issuance costs
(3.1
)
 
(3.7
)
 
833.6

 
818.6

Leasing – Recourse:
 
 
 
Capital lease obligations, net of unamortized debt issuances costs of $0.1 and $0.1
29.3

 
32.0

Total recourse debt
862.9

 
850.6

 
 
 
 
Leasing – Non-recourse:
 
 
 
Wholly-owned subsidiaries:
 
 
 
2006 secured railcar equipment notes
164.4

 
194.2

2009 secured railcar equipment notes
167.7

 
172.5

2010 secured railcar equipment notes
269.9

 
280.6

2017 promissory notes
297.4

 
—

TILC warehouse facility
166.7

 
204.1

 
1,066.1

 
851.4

Less: unamortized debt issuance costs
(12.0
)
 
(11.4
)
 
1,054.1

 
840.0

Partially-owned subsidiaries:
 
 
 
TRL 2012 secured railcar equipment notes
408.2

 
425.5

TRIP Master Funding secured railcar equipment notes
966.2

 
955.5

 
1,374.4

 
1,381.0

Less: unamortized debt issuance costs
(15.0
)
 
(15.0
)
 
1,359.4

 
1,366.0

Total non–recourse debt
2,413.5

 
2,206.0

Total debt
$
3,276.4

 
$
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 nine months ended September 30, 2017 and 2016 is as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(in millions)
Coupon rate interest
$
4.4

 
$
4.4

 
$
13.1

 
$
13.1

Amortized debt discount
4.7

 
4.3

 
13.8

 
12.7

 
$
9.1

 
$
8.7

 
$
26.9

 
$
25.8
Remaining principal payments under existing debt agreements
The remaining principal payments under existing debt agreements as of September 30, 2017 are as follows:
 
Remaining three months of 2017
 
2018
 
2019
 
2020
 
2021
 
Thereafter
 
(in millions)
Recourse:
 
Corporate(1)
$
—

 
$
0.1

 
$
0.1

 
$
0.2

 
$
0.1

 
$
849.4

Leasing – capital lease obligations (Note 6)
0.9

 
28.5

 
—

 
—

 
—

 
—

Non-recourse – leasing (Note 6):
 
 
 
 
 
 
 
 
 
 
 
2006 secured railcar equipment notes
6.1

 
25.3

 
28.0

 
29.8

 
29.2

 
46.0

2009 secured railcar equipment notes
1.6

 
6.4

 
11.2

 
6.6

 
13.4

 
128.5

2010 secured railcar equipment notes
2.9

 
10.0

 
7.6

 
14.2

 
20.1

 
215.1

2017 promissory notes
3.8

 
15.1

 
15.1

 
15.1

 
15.1

 
233.2

TILC warehouse facility
1.7

 
6.9

 
1.7

 
—

 
—

 
—

Facility termination payments - TILC warehouse facility
—

 
—

 
156.4

 
—

 
—

 
—

TRL 2012 secured railcar equipment notes
5.5

 
22.9

 
21.9

 
19.3

 
19.9

 
318.7

TRIP Master Funding secured railcar equipment notes
3.6

 
20.0

 
23.8

 
32.9

 
40.4

 
845.5

Total principal payments
$
26.1

 
$
135.2

 
$
265.8

 
$
118.1

 
$
138.2

 
$
2,636.4


(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.