Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Components of debt

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

	September 30, 2019					December 31, 2018
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	75.0		$	75.0	$	—		$	—
Senior notes, net of unamortized discount of $0.2 and $0.3	399.8			407.1		399.7			343.7
	474.8			482.1		399.7			343.7
Less: unamortized debt issuance costs	(2.1		)			(2.3		)
Total recourse debt	472.7					397.4
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	114.7			120.0		133.4			138.0
2009 secured railcar equipment notes	150.7			174.6		159.7			174.0
2010 secured railcar equipment notes	251.2			270.6		257.0			264.0
2017 promissory notes	635.4			635.4		660.2			660.2
2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2	457.3			478.3		472.2			475.2
TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $2.1 and $2.5	268.3			275.2		279.0			278.1
2019 secured railcar equipment notes, net of unamortized discount of $0.2 and $-	521.3			536.0		—			—
TILC warehouse facility	545.8			545.8		374.8			374.8
	2,944.7			3,035.9		2,336.3			2,364.3
Less: unamortized debt issuance costs	(21.5		)			(19.7		)
	2,923.2					2,316.6
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes	376.8			387.4		386.2			370.9
TRIP Master Funding secured railcar equipment notes	923.8			1,005.6		941.7			963.0
	1,300.6			1,393.0		1,327.9			1,333.9
Less: unamortized debt issuance costs	(11.3		)			(12.7		)
	1,289.3					1,315.2
Total non–recourse debt	4,212.5					3,631.8
Total debt	$	4,685.2		$	4,911.0	$	4,029.2		$	4,041.9

Remaining principal payments under existing debt agreements

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

	Remaining three months of 2019		2020		2021		2022		2023		Thereafter
	(in millions)
Recourse:
Corporate	$	—	$	—	$	—	$	—	$	75.0	$	400.0
Non-recourse – leasing (Note 6):
2006 secured railcar equipment notes	10.0		29.7		29.1		29.8		16.1		—
2009 secured railcar equipment notes	2.5		6.6		13.4		14.0		11.8		102.4
2010 secured railcar equipment notes	2.6		14.1		20.0		20.9		22.5		171.1
2017 promissory notes	8.3		33.1		33.1		33.2		33.2		494.5
2018 secured railcar equipment notes	5.0		20.0		20.0		20.0		20.0		372.5
TRIHC 2018 secured railcar equipment notes	3.2		10.9		11.9		9.3		11.6		223.5
2019 secured railcar equipment notes	5.3		20.7		22.5		21.5		19.6		431.9
TILC warehouse facility	4.3		17.0		17.0		2.9		—		—
Facility termination payments - TILC warehouse facility	—		—		—		504.6		—		—
TRL 2012 secured railcar equipment notes	4.7		19.3		19.9		19.6		28.5		284.8
TRIP Master Funding secured railcar equipment notes	5.9		32.9		40.4		41.8		37.0		765.8
Total principal payments	$	51.8	$	204.3	$	227.3	$	717.6	$	275.3	$	3,246.5