Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Components of debt

The carrying amounts and estimated fair values of our long-term debt are as follows:

	June 30, 2019					December 31, 2018
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	—		$	—	$	—		$	—
Senior notes, net of unamortized discount of $0.2 and $0.3	399.8			398.4		399.7			343.7
	399.8			398.4		399.7			343.7
Less: unamortized debt issuance costs	(2.2		)			(2.3		)
Total recourse debt	397.6					397.4
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	120.4			126.0		133.4			138.0
2009 secured railcar equipment notes	153.8			158.0		159.7			174.0
2010 secured railcar equipment notes	252.9			268.8		257.0			264.0
2017 promissory notes	643.6			643.6		660.2			660.2
2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2	462.3			485.5		472.2			475.2
TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $2.1 and $2.5	271.6			276.6		279.0			278.1
2019 secured railcar equipment notes, net of unamortized discount of $0.3 and $-	526.3			543.3		—			—
TILC warehouse facility	511.1			511.1		374.8			374.8
	2,942.0			3,012.9		2,336.3			2,364.3
Less: unamortized debt issuance costs	(22.6		)			(19.7		)
	2,919.4					2,316.6
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes	381.1			389.0		386.2			370.9
TRIP Master Funding secured railcar equipment notes	929.6			968.8		941.7			963.0
	1,310.7			1,357.8		1,327.9			1,333.9
Less: unamortized debt issuance costs	(11.8		)			(12.7		)
	1,298.9					1,315.2
Total non–recourse debt	4,218.3					3,631.8
Total debt	$	4,615.9		$	4,769.1	$	4,029.2		$	4,041.9

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of June 30, 2019, are as follows:

	Remaining six months of 2019		2020		2021		2022		2023		Thereafter
	(in millions)
Recourse:
Corporate	$	—	$	—	$	—	$	—	$	—	$	400.0
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	15.7		29.7		29.1		29.8		16.1		—
2009 secured railcar equipment notes	5.5		6.6		13.4		14.0		11.8		102.5
2010 secured railcar equipment notes	4.3		14.1		20.0		20.9		22.5		171.1
2017 promissory notes	16.6		33.1		33.1		33.2		33.1		494.5
2018 secured railcar equipment notes	10.0		20.0		20.0		20.0		20.0		372.5
TRIHC 2018 secured railcar equipment notes	6.5		10.9		11.9		9.3		11.6		223.5
2019 secured railcar equipment notes	10.4		20.7		22.5		21.5		19.6		431.9
TILC warehouse facility	7.8		15.6		15.6		2.6		—		—
Facility termination payments - TILC warehouse facility	—		—		—		469.5		—		—
TRL 2012 secured railcar equipment notes	9.8		19.3		19.9		19.6		29.2		283.3
TRIP Master Funding secured railcar equipment notes	11.7		32.9		40.4		41.8		37.0		765.8
Total principal payments	$	98.3	$	202.9	$	225.9	$	682.2	$	200.9	$	3,245.1