Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Components of debt

The following table summarizes the components of debt as of June 30, 2018 and December 31, 2017:

	June 30, 2018			December 31, 2017
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—		$	—
Senior notes, net of unamortized discount of $0.3 and $0.3	399.7			399.7
Convertible subordinated notes, net of unamortized discount of $- and $8.2	—			441.2
Other	0.4			0.5
	400.1			841.4
Less: unamortized debt issuance costs	(2.5		)	(2.9		)
	397.6			838.5
Leasing – Recourse:
Capital lease obligations	26.8			28.3
Total recourse debt	424.4			866.8
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	147.0			158.5
2009 secured railcar equipment notes	163.3			166.2
2010 secured railcar equipment notes	261.7			266.9
2017 promissory notes	286.0			293.6
2018 secured railcar equipment notes, net of unamortized discount of $0.3 and $-	482.2			—
TILC warehouse facility	151.1			150.7
	1,491.3			1,035.9
Less: unamortized debt issuance costs	(18.3		)	(11.1		)
	1,473.0			1,024.8
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes	392.3			402.8
TRIP Master Funding secured railcar equipment notes	951.2			962.5
	1,343.5			1,365.3
Less: unamortized debt issuance costs	(13.6		)	(14.5		)
	1,329.9			1,350.8
Total non–recourse debt	2,802.9			2,375.6
Total debt	$	3,227.3		$	3,242.4

Total interest expense recognized on the Convertible Subordinated Notes

Total interest expense recognized on the Notes for the three and six months endedJune 30, 2018 and 2017 is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(in millions)
Coupon rate interest	$	2.8	$	4.3	$	7.2	$	8.7
Amortized debt discount	3.3		4.6		8.2		9.1
	$	6.1	$	8.9	$	15.4	$	17.8

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of June 30, 2018, are as follows:

	Remaining six months of 2018		2019		2020		2021		2022		Thereafter
	(in millions)
Recourse:
Corporate	$	0.1	$	0.1	$	0.2	$	—	$	—	$	400.0
Leasing – capital lease obligations (Note 6)	1.9		24.9		—		—		—		—
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	13.9		28.0		29.8		29.2		29.9		16.2
2009 secured railcar equipment notes	3.6		11.2		6.6		13.4		14.1		114.4
2010 secured railcar equipment notes	4.7		7.6		14.2		20.1		21.0		194.1
2017 promissory notes	7.6		15.1		15.1		15.1		15.1		218.0
2018 secured railcar equipment notes	10.0		20.0		20.0		20.0		20.0		392.5
TILC warehouse facility	3.1		6.1		6.1		6.1		1.5		—
Facility termination payments - TILC warehouse facility	—		—		—		—		128.2		—
TRL 2012 secured railcar equipment notes	11.8		21.9		19.3		19.9		19.6		299.8
TRIP Master Funding secured railcar equipment notes	9.0		23.8		32.9		40.4		41.8		803.3
Total principal payments	$	65.7	$	158.7	$	144.2	$	164.2	$	291.2	$	2,438.3