Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Components of debt

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

	March 31, 2020					December 31, 2019
	Carrying Value			Estimated Fair Value		Carrying Value			Estimated Fair Value
	(in millions)
Corporate – Recourse:
Revolving credit facility	$	130.0		$	130.0	$	125.0		$	125.0
Senior notes, net of unamortized discount of $0.2 and $0.2	399.8			343.0		399.8			411.7
	529.8			473.0		524.8			536.7
Less: unamortized debt issuance costs	(1.9		)			(2.0		)
Total recourse debt	527.9					522.8
Leasing – Non-recourse:
Wholly-owned subsidiaries:
2006 secured railcar equipment notes	—			—		109.3			114.0
2009 secured railcar equipment notes	146.2			174.7		147.8			168.7
2010 secured railcar equipment notes	246.2			233.9		248.5			264.3
2017 promissory notes	618.8			618.8		627.1			627.1
2018 secured railcar equipment notes, net of unamortized discount of $0.2 and $0.2	447.2			483.1		452.1			466.2
TRIHC 2018 secured railcar equipment notes, net of unamortized discount of $1.1 and $1.4	262.6			261.3		265.4			270.9
2019 secured railcar equipment notes, net of unamortized discount of $0.4 and $0.4	892.0			854.8		901.0			904.9
TILC warehouse facility	488.0			488.0		353.4			353.4
	3,101.0			3,114.6		3,104.6			3,169.5
Less: unamortized debt issuance costs	(22.2		)			(23.9		)
	3,078.8					3,080.7
Partially-owned subsidiaries:
TRL 2012 secured railcar equipment notes	364.0			362.0		371.4			374.4
TRIP Master Funding secured railcar equipment notes	909.9			884.9		917.9			984.0
	1,273.9			1,246.9		1,289.3			1,358.4
Less: unamortized debt issuance costs	(10.4		)			(10.9		)
	1,263.5					1,278.4
Total non–recourse debt	4,342.3					4,359.1
Total debt	$	4,870.2		$	4,834.5	$	4,881.9		$	5,064.6

Remaining principal payments under existing debt agreements

The remaining principal payments under existing debt agreements as of March 31, 2020 are as follows:

	Remaining nine months of 2020		2021		2022		2023		2024		Thereafter		Total
	(in millions)
Recourse:
Corporate	$	—	$	—	$	—	$	130.0	$	400.0	$	—	$	530.0
Non-recourse – leasing (Note 5):
2009 secured railcar equipment notes	5.0		13.4		14.0		11.7		14.5		87.6		146.2
2010 secured railcar equipment notes	12.2		20.0		20.9		22.4		18.5		152.2		246.2
2017 promissory notes	24.9		33.1		33.1		33.2		33.2		461.3		618.8
2018 secured railcar equipment notes	15.0		20.0		20.0		20.0		20.0		352.4		447.4
TRIHC 2018 secured railcar equipment notes	7.5		11.8		9.3		11.7		14.7		208.7		263.7
2019 secured railcar equipment notes	27.2		38.0		37.0		35.1		36.8		718.3		892.4
TILC warehouse facility	11.4		15.2		2.6		—		—		—		29.2
Facility termination payments – TILC warehouse facility	—		—		458.8		—		—		—		458.8
TRL 2012 secured railcar equipment notes	14.5		19.9		19.6		22.5		28.9		258.6		364.0
TRIP Master Funding secured railcar equipment notes	25.0		40.4		41.8		37.0		191.6		574.1		909.9
Total principal payments	$	142.7	$	211.8	$	657.1	$	323.6	$	758.2	$	2,813.2	$	4,906.6