Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Components of debt

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

	December 31, 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 $0 and $8.2	—			441.2
	399.7			840.9
Less: unamortized debt issuance costs	(2.3		)	(2.9		)
	397.4			838.0
Leasing – Recourse:
Capital lease obligations	—			28.3
Total recourse debt	397.4			866.3
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	133.4			158.5
2009 secured railcar equipment notes	159.7			166.2
2010 secured railcar equipment notes	257.0			266.9
2017 promissory notes	660.2			293.6
2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0	472.2			—
TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $2.5 and $0	279.0			—
TILC warehouse facility	374.8			150.7
	2,336.3			1,035.9
Less: unamortized debt issuance costs	(19.7		)	(11.1		)
	2,316.6			1,024.8
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes	386.2			402.8
TRIP Master Funding secured railcar equipment notes	941.7			962.5
	1,327.9			1,365.3
Less: unamortized debt issuance costs	(12.7		)	(14.5		)
	1,315.2			1,350.8
Total non–recourse debt	3,631.8			2,375.6
Total debt	$	4,029.2		$	3,241.9

Total interest expense recognized on the Convertible Subordinated Notes

Total interest expense recognized on the Notes for the years ended December 31, 2018, 2017, and 2016, is as follows:

	Year Ended December 31,
	2018		2017		2016
	(in millions)
Coupon rate interest	$	7.2	$	17.4	$	17.4
Amortized debt discount	8.2		18.6		17.1
	$	15.4	$	36.0	$	34.5

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of December 31, 2018 are as follows:

	2019		2020		2021		2022		2023		Thereafter
	(in millions)
Recourse:
Corporate	$	—	$	—	$	—	$	—	$	—	$	400.0
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	28.3		29.8		29.2		29.9		16.2		—
2009 secured railcar equipment notes	11.2		6.6		13.4		14.1		11.8		102.6
2010 secured railcar equipment notes	7.6		14.2		20.1		21.0		22.5		171.6
2017 promissory notes	33.1		33.2		33.1		33.2		33.1		494.5
2018 secured railcar equipment notes	20.0		20.0		20.0		20.0		20.0		372.4
TRIHC 2018 secured railcar equipment notes	14.2		11.0		11.9		9.3		11.6		223.5
TILC warehouse facility	11.0		11.0		11.0		1.9		—		—
Facility termination payments - TILC warehouse facility	—		—		—		339.9		—		—
TRL 2012 secured railcar equipment notes	21.9		19.3		19.9		19.6		22.4		283.1
TRIP Master Funding secured railcar equipment notes	23.8		32.9		40.5		41.8		37.0		765.7
Total principal payments	$	171.1	$	178.0	$	199.1	$	530.7	$	174.6	$	2,813.4