TAL International Inactive 10-Q3 Nov 152015 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2015	Oct. 23, 2015
Document and Entity Information
Entity Registrant Name	TAL International Group, Inc.
Entity Central Index Key	1,331,745
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		33,255,291
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
ASSETS:
Leasing equipment, net of accumulated depreciation and allowances of $1,178,845 and $1,055,864	$ 3,856,833	$ 3,674,031
Net investment in finance leases, net of allowances of $844 and $1,056	202,078	219,872
Assets Held-for-sale, Not Part of Disposal Group, Current	67,480	59,861
Revenue earning assets	4,126,391	3,953,764
Unrestricted cash and cash equivalents	66,817	79,132
Restricted cash	31,185	35,649
Accounts receivable, net of allowances of $1,250 and $978	84,883	85,681
Goodwill	74,523	74,523
Deferred financing costs	27,015	32,937
Other assets	12,967	11,400
Fair value of derivative instruments	86	1,898
Total assets	4,423,867	4,274,984
LIABILITIES AND STOCKHOLDERS' EQUITY:
Equipment purchases payable	12,572	88,336
Fair value of derivative instruments	34,019	10,394
Accounts payable and other accrued expenses	54,428	57,877
Net deferred income tax liability	443,962	411,007
Debt	3,222,149	3,040,842
Total liabilities	3,767,130	3,608,456
Stockholders' equity:
Preferred stock, $0.001 par value, 500,000 shares authorized, none issued	0	0
Common stock, $0.001 par value, 100,000,000 shares authorized, 37,167,134 and 37,006,283 shares issued respectively	37	37
Treasury stock, at cost, 3,911,843 and 3,829,928 shares	(75,310)	(71,917)
Additional paid-in capital	509,960	504,891
Accumulated earnings	249,874	246,766
Accumulated other comprehensive (loss)	(27,824)	(13,249)
Total stockholders' equity	656,737	666,528
Total liabilities and stockholders' equity	$ 4,423,867	$ 4,274,984

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 1,178,845	$ 1,055,864
Net investment in finance leases, allowances	844	1,056
Accounts receivable, allowances	$ 1,250	$ 978
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	37,167,134	37,006,283
Treasury stock, shares (in shares)	3,911,843	3,829,928

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Leasing revenues:
Operating leases	$ 150,471	$ 145,613	$ 441,608	$ 424,432
Finance leases	3,807	4,441	11,718	14,118
Other Revenue, Net	148	470	913	1,464
Total leasing revenues	154,426	150,524	454,239	440,014
Equipment trading revenues	15,360	13,745	48,683	45,026
Equipment trading expenses	(14,169)	(12,032)	(44,557)	(39,450)
Trading margin	1,191	1,713	4,126	5,576
Net (loss) gain on sale of leasing equipment	(2,854)	870	(4,963)	6,427
Operating expenses:
Depreciation and amortization	61,711	57,198	180,116	165,238
Direct operating expenses	13,002	8,287	31,835	25,236
Administrative expenses	10,962	11,317	34,311	34,277
Provision for doubtful accounts	256	22	68	58
Total operating expenses	85,931	76,824	246,330	224,809
Operating income	66,832	76,283	207,072	227,208
Other expenses:
Interest and debt expense	30,477	26,695	89,322	81,202
Write-off of deferred financing costs	895	173	895	5,072
Net loss (gain) on interest rate swaps	662	(545)	1,014	410
Total other expenses	32,034	26,323	91,231	86,684
Income before income taxes	34,798	49,960	115,841	140,524
Income tax expense	12,287	17,343	40,903	48,534
Net income	$ 22,511	$ 32,617	$ 74,938	$ 91,990
Net income per common share—Basic (in dollars per share)	$ 0.69	$ 0.97	$ 2.28	$ 2.74
Net income per common share—Diluted (in dollars per share)	0.68	0.97	2.27	2.72
Cash dividends paid per common share (in dollars per share)	$ 0.72	$ 0.72	$ 2.16	$ 2.16
Weighted average number of common shares outstanding—Basic (in shares)	32,860	33,594	32,860	33,607
Dilutive stock options and restricted stock (in shares)	94	201	129	168
Weighted average number of common shares outstanding—Diluted (in shares)	32,954	33,795	32,989	33,775

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 22,511	$ 32,617	$ 74,938	$ 91,990
Other comprehensive income (loss):
Change in fair value of derivative instruments designated as cash flow hedges (net of income tax effect of $(12,185), $(516), $(13,755) and $(8,766), respectively)	(22,421)	(1,051)	(25,276)	(16,303)
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges (net of income tax effect of $1,733, $1,326, $5,181 and $3,339, respectively)	3,174	2,546	9,490	6,386
Amortization of loss on terminated derivative instruments designated as cash flow hedges (net of income tax effect of $228, $102, $705 and $619, respectively)	418	186	1,296	1,132
Foreign currency translation adjustment	(170)	(234)	(85)	(54)
Other comprehensive (loss) income, net of tax	(18,999)	1,447	(14,575)	(8,839)
Comprehensive income	$ 3,512	$ 34,064	$ 60,363	$ 83,151

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Change in fair value derivative instruments designated as cash flow hedges, income tax effect	$ (12,185)	$ (516)	$ (13,755)	$ (8,766)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax	1,733	1,326	5,181	3,339
Amortization of loss on terminated derivative instruments designated as cash flow hedges, income tax effect	$ 228	$ 102	$ 705	$ 619

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income		$ 22,511	$ 32,617	$ 74,938	$ 91,990
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		61,711	57,198	180,116	165,238
Amortization of deferred financing costs				5,788	5,799
Amortization of net loss on terminated derivative instruments designated as cash flow hedges				2,001	1,751
Amortization of lease premiums				2,250	0
Net loss (gain) on sale of leasing equipment		2,854	(870)	4,963	(6,427)
Net loss (gain) on interest rate swaps		662	(545)	1,014	410
Write-off of deferred financing costs		895	173	895	5,072
Deferred income taxes				40,903	48,533
Stock compensation charge		1,582	1,281	5,031	4,700
Changes in operating assets and liabilities:
Net equipment purchased for resale activity				(7,000)	(6,335)
Net realized gain on interest rate swaps terminated prior to their contractual maturities				0	7,408
Other changes in operating assets and liabilities				1,327	(16,485)
Net cash provided by operating activities				312,226	301,654
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	[1]			(561,687)	(547,555)
Proceeds from sale of equipment, net of selling costs				95,556	117,351
Cash collections on finance lease receivables, net of income earned				32,051	36,269
Other				(35)	(108)
Net cash (used in) investing activities				(434,115)	(394,043)
Cash flows from financing activities:
Purchases of treasury stock				(4,446)	(7,690)
Stock options exercised and stock related activity				38	(234)
Financing fees paid under debt facilities				(761)	(9,074)
Borrowings under debt facilities				555,000	1,225,935
Payments under debt facilities and capital lease obligations				(373,750)	(1,039,021)
Decrease (increase) in restricted cash				4,464	(352)
Common stock dividends paid				(70,971)	(72,617)
Net cash provided by financing activities				109,574	96,947
Net (decrease) increase in unrestricted cash and cash equivalents				(12,315)	4,558
Unrestricted cash and cash equivalents, beginning of period				79,132	68,875
Unrestricted cash and cash equivalents, end of period		66,817	73,433	66,817	73,433
Supplemental non-cash investing activities:
Equipment purchases payable		$ 12,572	$ 68,228	$ 12,572	$ 68,228

[1]	Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.

Description of the Business, Ba

Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements	Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements A. Description of the Business TAL International Group, Inc. ("TAL" or the "Company") leases intermodal transportation equipment, primarily maritime containers, and provides maritime container management services, through a worldwide network of offices, third party depots and other facilities. The Company operates in both international and domestic markets. The majority of the Company's business is derived from leasing its containers to shipping line customers through a variety of long-term and short-term contractual lease arrangements. The Company also sells its own containers and containers purchased from third parties for resale. TAL also enters into management agreements with third party container owners under which the Company manages the leasing and selling of containers on behalf of the third party owners. B. Basis of Presentation The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to the accompanying prior period financial statements and notes to conform to the current year's presentation. C. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 ("ASU No. 2014-09"), Revenue from Contracts with Customers (Topic 606) . This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to Equipment Trading revenues and sales of leasing equipment. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers , which defers by one year the effective date of ASU 2014-09 until reporting periods beginning after December 15, 2017, including interim periods within that annual period. Earlier application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-15 ("ASU No. 2014-15"), Presentation of Financial Statements (Topic 205): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . This standard requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued and to disclose those conditions if management has concluded that substantial doubt exists. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the Consolidated Financial Statements in a given reporting period. These changes become effective for the Company for the 2016 annual period. Management has determined that the adoption of these changes will not have an impact on the Consolidated Financial Statements as this standard is disclosure only. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03 ("ASU No. 2015-03"), Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This standard changes the presentation of debt issuance costs in the financial statements but does not affect the recognition and measurement of debt issuance costs. The ASU specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct deduction from the face amount of that note and that amortization of debt issuance costs also shall be reported as interest expense. The ASU’s basis for conclusions observes that in practice, debt issuance costs incurred before the associated funding is received (i.e., before the issuance of the debt liability) are deferred on the balance sheet until that debt liability amount is recorded. These changes will become effective for the Company beginning after December 15, 2015. The Company believes that the adoption of ASU No. 2015-03 will have no impact on its income or cash flows and no material impact on its financial position. Note 1—Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements (Continued) In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-15 ("ASU No. 2015-15"), Imputation of Interest (Topic 835): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Agreements. This standard updates ASU No. 2015-03 which was issued in April, 2015, as ASU No. 2015-03 does not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance with ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These changes will become effective for the Company beginning after December 15, 2015. The Company is planning on presenting all debt issuance costs in conjunction with ASU No. 2015-03, which is effective beginning after December 15, 2015.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company believes that the carrying amounts of its cash and cash equivalents, accounts receivable, equipment purchases payable, and accounts payable approximated their fair value as of September 30, 2015 and December 31, 2014 . Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following fair value hierarchy when selecting inputs for its valuation techniques, with the highest priority given to Level 1: • Level 1—Financial assets and liabilities whose values are based on observable inputs such as quoted prices for identical instruments in active markets (unadjusted). • Level 2—Financial assets and liabilities whose values are based on observable inputs such as (i) quoted prices for similar instruments in active markets; (ii) quoted prices for identical or similar instruments in markets that are not active; or (iii) model-derived valuations in which all significant inputs are observable in active markets. • Level 3—Financial assets and liabilities whose values are derived from valuation techniques based on one or more significant unobservable inputs. The Company does not measure net investment in finance leases or debt at fair value in its consolidated balance sheets. The fair value, which was measured using Level 2 inputs, and the carrying value of the Company's net investment in finance leases and debt are listed in the table below as of the dates indicated (in thousands): September 30, December 31, Assets Net investment in finance leases - carrying value $ 202,922 $ 220,928 Net investment in finance leases - estimated fair value $ 209,112 $ 223,455 Liabilities Debt—carrying value $ 3,222,149 $ 3,040,842 Debt—estimated fair value $ 3,257,848 $ 3,060,790 The Company estimated the fair value of its net investment in finance leases and debt instruments based on the net present value of its future receipts or payments, using a discount rate which reflects the Company's estimate of current market interest rates and spreads as of the balance sheet date.

Dividends and Treasury Stock

Dividends and Treasury Stock	9 Months Ended
Dividends and Treasury Stock	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Dividends	Dividends and Treasury Stock Dividends The Company paid the following quarterly dividends during the nine months ended September 30, 2015 and 2014 on its issued and outstanding common stock: Record Date Payment Date Aggregate Payment Per Share Payment September 2, 2015 September 23, 2015 $23.7 Million $0.72 June 3, 2015 June 24, 2015 $23.7 Million $0.72 March 3, 2015 March 24, 2015 $23.7 Million $0.72 September 3, 2014 September 24, 2014 $24.2 Million $0.72 June 3, 2014 June 24, 2014 $24.2 Million $0.72 March 3, 2014 March 24, 2014 $24.2 Million $0.72 Treasury Stock In the first quarter of 2015 , TAL repurchased 81,915 shares at an average price of $41.40 under TAL's 2006 stock repurchase program. On February 11, 2015, TAL's Board of Directors authorized a new share repurchase program of up to 3,000,000 of its outstanding shares. These shares augmented the remaining 88,157 shares authorized for purchase under TAL's 2006 stock repurchase program. TAL had no repurchases of shares under these programs during the second and third quarters of 2015 . No time limit was set for the completion of the repurchase program. As of September 30, 2015 , 3,088,157 shares may yet be purchased under the 2006 and the 2015 stock buyback programs. See Note 11, "Subsequent Events" for further information on the Company's stock repurchase program.

Capital Stock and Stock Options

Capital Stock and Stock Options	9 Months Ended
Capital Stock and Stock Options	Sep. 30, 2015
Equity [Abstract]
Capital Stock and Stock Options	Capital Stock and Stock Options Stock Based Compensation Plans The Company records compensation cost relating to stock based payment transactions in accordance with ASC 718. The cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee's requisite service period (generally the vesting period of the equity award) on a straight-line basis. The Company recognized compensation costs in administrative expenses related to restricted shares granted in 2013 , 2014 and 2015 under the Company's stock-based compensation plans of $1.6 million and $1.3 million during the three months ended September 30, 2015 and 2014 , respectively and $5.0 million and $4.7 million during the nine months ended September 30, 2015 and 2014 , respectively. Total unrecognized compensation costs of approximately $7.3 million as of September 30, 2015 related to restricted shares granted during 2013 , 2014 and 2015 will be recognized over the remaining weighted average vesting period of approximately 1.8 years. The Company's stock-based compensation plans consist of the 2014 Equity Incentive Plan and the 2005 Management Omnibus Incentive Plan. Following the approval by the Company's shareholders of the 2014 Equity Incentive Plan in April 2014, no further grants will be made under the 2005 Management Omnibus Incentive Plan but the terms of the 2005 Management Omnibus Incentive Plan continue to apply to awards previously granted under the plan. Note 4—Capital Stock and Stock Options (Continued) Accumulated Other Comprehensive (Loss) Accumulated other comprehensive (loss) consisted of the following as of the dates indicated (in thousands and net of tax effects): Cash Flow Hedges Foreign Currency Translation Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2014 $ (12,145 ) $ (1,104 ) $ (13,249 ) Change in fair value of derivative instruments designated as cash flow hedges (25,276 ) — (25,276 ) Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges 9,490 — 9,490 Amortization of net loss on derivative instruments previously designated as cash flow hedges 1,296 — 1,296 Foreign currency translation adjustment — (85 ) (85 ) Other comprehensive (loss) (14,490 ) (85 ) (14,575 ) Balance as of September 30, 2015 $ (26,635 ) $ (1,189 ) $ (27,824 ) Cash Flow Foreign Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2013 $ 10,959 $ (889 ) $ 10,070 Change in fair value of derivative instruments designated as cash flow hedges (16,303 ) — (16,303 ) Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges 6,386 — 6,386 Amortization of net loss on derivative instruments previously designated as cash flow hedges 1,132 — 1,132 Foreign currency translation adjustment — (54 ) (54 ) Other comprehensive (loss) (8,785 ) (54 ) (8,839 ) Balance as of September 30, 2014 $ 2,174 $ (943 ) $ 1,231 The following table presents reclassifications out of Accumulated other comprehensive (loss) for the period indicated (in thousands): Amounts Reclassified From Accumulated Other Comprehensive (Loss) Affected Line Item in the Consolidated Statements of Income Three Months Ended Nine Months Ended 2015 2014 2015 2014 Realized loss on interest rate swap agreements, designated as cash flow hedges $ 4,907 $ 3,872 $ 14,671 $ 9,725 Interest and debt expense Amortization of net loss on derivative instruments previously designated as cash flow hedges 646 288 2,001 1,751 Interest and debt expense Amounts reclassified from Accumulated other comprehensive (loss) 5,553 4,160 16,672 11,476 Income before income taxes Income tax (benefit) (1,961 ) (1,428 ) (5,886 ) (3,958 ) Income tax expense Amounts reclassified from Accumulated other comprehensive (loss) $ 3,592 $ 2,732 $ 10,786 $ 7,518 Net income

Net Investment in Finance Lease

Net Investment in Finance Leases	9 Months Ended
Net Investment in Finance Leases	Sep. 30, 2015
Leases, Capital [Abstract]
Net Investment in Finance Leases	Net Investment in Finance Leases The following table represents the components of the net investment in finance leases (in thousands): September 30, December 31, Gross finance lease receivables $ 241,668 $ 267,720 Allowance on gross finance lease receivables (844 ) (1,056 ) Gross finance lease receivables, net of allowance 240,824 266,664 Unearned income (38,746 ) (46,792 ) Net investment in finance leases $ 202,078 $ 219,872 The Company evaluates potential losses in its finance lease portfolio by regularly reviewing the specific receivables in the portfolio and analyzing historical loss experience. The Company's historical loss experience on its gross finance lease receivables, after considering equipment recoveries, was less than 1% . Net investment in finance lease receivables is generally charged off after an analysis is completed which indicates that collection of the full balance is remote. In order to estimate its allowance for losses contained in the gross finance lease receivables, the Company categorizes the credit worthiness of the receivables in the portfolio based on internal customer credit ratings, which are reviewed and updated, as appropriate, on an ongoing basis. The internal customer credit ratings are developed based on a review of the financial performance and condition, operating environment, geographical location and trade routes of our customers. The categories of gross finance lease receivables based on the Company's internal customer credit ratings can be described as follows: Tier 1— These customers are typically large international shipping lines who have been in business for many years and have world class operating capabilities and significant financial resources. In most cases, the Company has had a long commercial relationship with these customers and currently maintains regular communication with them at several levels of management, which provides TAL with insight into the customer's current operating and financial performance. In the Company's view, these customers have the greatest ability to withstand cyclical down turns and would likely have greater access to needed capital than lower rated customers. The Company views the risk of default for Tier 1 customers to range from minimal to modest. Tier 2— These customers are typically either smaller shipping lines with less operating scale or shipping lines with a high degree of financial leverage, and accordingly the Company views these customers as subject to higher volatility in financial performance over the business cycle. The Company generally expects these customers to have less access to capital markets or other sources of financing during cyclical down turns. The Company views the risk of default for Tier 2 customers as moderate. Tier 3— Customers in this category exhibit volatility in payments on a regular basis, thus they are considered non-performing. The Company has initiated or implemented plans to recover equipment on lease to these customers and believes that default is likely, or has already occurred. Based on the above categories, the Company's gross finance lease receivables are as follows (in thousands): September 30, December 31, Tier 1 $ 190,093 $ 244,136 Tier 2 51,575 23,584 Tier 3 — — Gross finance lease receivables $ 241,668 $ 267,720 The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement. As of September 30, 2015 , approximately $1.6 million of the Company's Tier 1 and $0.2 million of the Company's Tier 2 gross finance lease receivables were past due, substantially all of which were aged approximately 31 days. As of September 30, 2015 , none of the Company's gross finance lease receivables were in non-accrual status. The Company categorizes customers as non-accrual based on the credit ratings described above and recognizes income on gross finance lease receivables in non-accrual status as collections are made. Note 5—Net Investment in Finance Leases (Continued) The following table represents the activity of the Company's allowance on gross finance lease receivables for the periods presented (in thousands): Beginning Balance Additions/ (Reversals) Ending Balance Finance Lease—Allowance for doubtful accounts: For the nine months ended September 30, 2015 $ 1,056 $ (212 ) $ 844

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following (amounts in thousands): September 30, December 31, Asset backed securitization (ABS) term notes $ 1,212,171 $ 1,504,183 Term loan facilities 961,633 858,973 Asset backed warehouse facility 610,000 420,000 Revolving credit facilities 365,000 160,000 Capital lease obligations 73,345 97,686 Total Debt $ 3,222,149 $ 3,040,842 As of September 30, 2015 , the Company had $1,361.6 million of debt outstanding on facilities with fixed interest rates and $1,860.5 million of debt outstanding on facilities with interest rates based on floating rate indices (primarily LIBOR). The Company economically hedges the risks associated with fluctuations in interest rates on a portion of its floating rate borrowings by entering into interest rate swap agreements that convert a portion of its floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. As of September 30, 2015 , the Company had interest rate swaps in place with a net notional amount of $1,135.0 million to fix the floating interest rates on a portion of its floating rate debt obligations. The Company is subject to certain financial covenants under its debt facilities, and as of September 30, 2015 , was in compliance with all such covenants. Asset Backed Securitization Term Notes On July 20, 2015 , TAL Advantage IV LLC, an indirect wholly owned subsidiary of TAL International Group, Inc., prepaid all of the $100.1 million outstanding principal balance of the TAL Advantage IV LLC Series 2010-1 Notes.

Derivative Instruments

Derivative Instruments	9 Months Ended
Derivative Instruments	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Swaps The Company has entered into interest rate swap agreements to manage interest rate risk exposure. The majority of interest rate swap agreements utilized by TAL effectively modify the Company's exposure to interest rate risk by converting a portion of its floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. Such agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the lives of the agreements without an exchange of the underlying principal amounts. In limited instances, the Company has also entered into interest rate swap agreements that involve the receipt of fixed rate amounts in exchange for floating rate interest payments. The counterparties to the Company's interest rate swap agreements are highly rated financial institutions. In the unlikely event that the counterparties fail to meet the terms of the interest rate swap agreements, the Company's exposure is limited to the interest rate differential on the notional amount at each monthly settlement period over the life of the agreements. The Company does not anticipate any non-performance by the counterparties. Substantially all of the assets of certain indirect, wholly owned subsidiaries of the Company have been pledged as collateral for the underlying indebtedness and the amounts payable under the interest rate swap agreements for each of these entities. In addition, certain assets of TAL International Container Corporation, a direct wholly owned subsidiary of the Company, are pledged as collateral for various credit facilities and the amounts payable under certain interest rate swap agreements. As of September 30, 2015 , the Company had net interest rate swap agreements in place to fix the floating interest rates on a portion of the borrowings under its debt facilities as summarized below: Net Notional Amount(1) Weighted Average Fixed Leg (Pay) Interest Rate(2) Weighted Average Remaining Term(2) $1,135 Million 2.00% 6.8 years _______________________________________________________________________________ (1) As of September 30, 2015 , the net notional amount outstanding on the Company's interest rate swap agreements is comprised of $1,235.0 million of pay-fixed rate/receive-floating rate agreements and $100.0 million of pay-floating rate/receive-fixed rate agreements. The Company entered into the pay-floating rate/receive-fixed rate agreements at the parent company level to offset the cash flows on certain pay-fixed rate/receive-floating rate agreements of certain wholly owned subsidiaries. The pay-floating rate/receive-fixed rate and pay-fixed rate/receive-floating rate agreements have terms that offset each other. (2) The calculations of weighted average fixed (pay) leg interest rate and weighted average remaining term on the Company's interest rate swap agreements reflect the impact of the pay-floating rate/receive-fixed rate agreements and the pay-fixed rate/receive-floating rate agreements they offset. The following table represents pre-tax amounts in accumulated other comprehensive (loss) related to interest rate swap agreements (in millions) expected to be recognized in income over the next 12 months: Nine Months Ended September 30, 2015 Loss on derivative instruments designated as cash flow hedges ($17.0 ) Amortization of loss on terminated derivative instruments designated as cash flow hedges ($2.3 ) Note 7—Derivative Instruments (Continued) Amounts recorded in accumulated other comprehensive (loss) attributable to these terminated interest rate swap agreements may be recognized in earnings immediately in conjunction with a termination of the related debt balances. Fair Value of Derivative Instruments Under the criteria established by ASC 820, the Company has elected to use the income approach to value its interest rate swap and foreign currency rate swap agreements, using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted) assuming that participants are motivated, but not compelled to transact. The Level 2 inputs for the interest rate swap and forward valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically futures contracts and spot currency rates) and inputs other than quoted prices that are observable for the asset or liability (specifically forward currency points, LIBOR cash and swap rates, basis swap adjustments and credit risk at commonly quoted intervals). Location of Derivative Instruments in Financial Statements Fair Value of Derivative Instruments (In Millions) Asset Derivatives Liability Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Derivative Instrument Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Interest rate swap contracts, designated as cash flow hedges Fair value of derivative instruments $ — $ 1.7 $ 32.0 $ 9.4 Interest rate swap contracts, not designated Fair value of derivative instruments 0.1 0.1 2.0 1.0 Foreign exchange contracts, not designated Fair value of derivative instruments — 0.1 — — Total derivatives $ 0.1 $ 1.9 $ 34.0 $ 10.4 Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended Location of Loss (Gain) on 2015 2014 2015 2014 Realized loss on interest rate swap agreements Interest and debt expense $ 5.2 $ 4.2 $ 15.5 $ 10.6 Amortization of realized net loss on terminated derivative instruments, designated as cash flow hedges Interest and debt expense 0.6 0.3 2.0 1.8 Change in fair value of derivatives, designated as cash flow hedges Other comprehensive income 34.6 1.6 39.0 25.1 Net loss (gain) on interest rate swaps, not designated Net loss (gain) on interest rate swaps 0.7 (0.5 ) 1.0 0.4 Foreign exchange agreements, not designated Administrative expenses — — — 0.1

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
Segment and Geographic Information	Sep. 30, 2015
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information Industry Segment Information The Company conducts its business activities in one industry, intermodal transportation equipment, and has two reporting segments: • Equipment leasing—the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet, as well as manages leasing activities for containers owned by third parties. • Equipment trading—the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the Equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. The following tables show segment information for the periods indicated and the consolidated totals reported (dollars in thousands): Three Months Ended September 30, 2015 2014 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 151,698 $ 2,728 $ 154,426 $ 147,502 $ 3,022 $ 150,524 Trading margin — 1,191 1,191 — 1,713 1,713 Net (loss) gain on sale of leasing equipment (2,854 ) — (2,854 ) 870 — 870 Depreciation and amortization expense 61,226 485 61,711 56,914 284 57,198 Interest and debt expense 29,972 505 30,477 26,190 505 26,695 Income before income taxes(1) 33,768 2,587 36,355 45,928 3,660 49,588 _______________________________________________________________________ (1) Segment income before income taxes excludes net losses on interest rate swaps of $0.7 million and net gains on interest rate swaps of $0.5 million for the three months ended September 30, 2015 and 2014 , respectively, and the write-off of deferred financing costs of $0.9 million and $0.2 million for the three months ended September 30, 2015 and 2014 , respectively. Nine Months Ended September 30, 2015 2014 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 446,473 $ 7,766 $ 454,239 $ 430,192 $ 9,822 $ 440,014 Trading margin — 4,126 4,126 — 5,576 5,576 Net (loss) gain on sale of leasing equipment (4,963 ) — (4,963 ) 6,427 — 6,427 Depreciation and amortization expense 179,095 1,021 180,116 164,227 1,011 165,238 Interest and debt expense 87,726 1,596 89,322 79,464 1,738 81,202 Income before income taxes(1) 109,458 8,292 117,750 134,253 11,753 146,006 Equipment held for sale at September 30 28,355 39,125 67,480 29,529 19,400 48,929 Goodwill at September 30 73,523 1,000 74,523 73,523 1,000 74,523 Total assets at September 30 4,349,159 74,708 4,423,867 4,169,668 61,169 4,230,837 Purchases of leasing equipment and investments in finance leases(2) 547,418 14,269 561,687 544,709 2,846 547,555 _______________________________________________________________________________ (1) Segment income before income taxes excludes net losses on interest rate swaps of $1.0 million and $0.4 million for the nine months ended September 30, 2015 and 2014 , respectively, and the write-off of deferred financing costs of $0.9 million and $5.1 million for the nine months ended September 30, 2015 and 2014 , respectively. Note 8—Segment and Geographic Information (Continued) (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. There are no intercompany revenues or expenses between segments. Additionally, certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale was purchased through certain sale-leaseback transactions with our shipping line customers. Due to the expected longer term nature of these transactions, these purchases are reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's consolidated statements of cash flows. Geographic Segment Information The Company earns most of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. Substantially all of the Company's leasing related revenue is denominated in U.S. dollars. The following table represents the geographic allocation of equipment leasing revenues for the periods indicated based on customers' primary domicile (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Total leasing revenues: United States of America $ 10,876 $ 8,410 $ 32,012 $ 24,585 Asia 73,218 72,232 213,560 201,491 Europe 66,358 65,593 197,181 196,445 Other International 3,974 4,289 11,486 17,493 Total $ 154,426 $ 150,524 $ 454,239 $ 440,014 As most of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, substantially all of the Company's long-lived assets are considered to be international. The following table represents the geographic allocation of equipment trading revenues for the periods indicated based on the location of sale (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Total equipment trading revenues: United States of America $ 2,992 $ 2,574 $ 9,152 $ 5,646 Asia 7,546 6,732 20,158 22,984 Europe 3,037 3,650 9,830 14,348 Other International 1,785 789 9,543 2,048 Total $ 15,360 $ 13,745 $ 48,683 $ 45,026

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Residual Value Guarantees During 2008, the Company entered into commitments for equipment residual value guarantees in connection with certain finance leases that were sold or brokered to financial institutions. The guarantees represent the Company's commitment that these assets will be worth a specified amount at the end of certain lease terms (if the lessee does not default on the lease) which expire in 2016. At September 30, 2015 , the maximum potential amount of the guarantees under which the Company could be required to perform was approximately $27.1 million . The carrying values of the guarantees of $1.1 million have been deferred and are included in accounts payable and accrued expenses. Under the criteria established by ASC 820, the Company performed fair value measurements of the guarantees at origination using Level 2 inputs, which were based on significant other observable inputs other than quoted prices, either on a direct or indirect basis. The Company accounts for the residual value guarantees under Accounting Standards Codification 460, Guarantees. The Company expects that the market value of the equipment covered by the guarantees will equal or exceed the value of the guarantees and therefore, no contingent loss has been provided as of September 30, 2015 . Purchase Commitments At September 30, 2015 , commitments for capital expenditures totaled approximately $4.2 million .

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The consolidated income tax expense for the three and nine months ended September 30, 2015 and 2014 was determined based upon estimates of the Company's consolidated effective income tax rates for the year ending December 31, 2015 and the year ended December 31, 2014 . The difference between the consolidated effective income tax rate and the U.S. federal statutory rate is primarily attributable to state income taxes, foreign income taxes and the effect of certain permanent differences.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Quarterly Dividend On October 28, 2015 , the Company's Board of Directors approved and declared a $0.45 per share quarterly cash dividend on its issued and outstanding common stock, payable on December 23, 2015 to shareholders of record at the close of business on December 2, 2015 . Stock Repurchase Program On October 28, 2015 , TAL’s Board of Directors authorized the repurchase of shares of common stock with an aggregate value of up to $150 million . This repurchase program replaces the February 11, 2015 and March 13, 2006 share repurchase programs which were terminated. Repurchases may be made from time to time at TAL's discretion, based on ongoing assessments of the capital needs of the business, the market price of TAL's common stock and general market and other conditions.

Description of the Business, 19

Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to the accompanying prior period financial statements and notes to conform to the current year's presentation.
Recently Adopted Accounting Pronouncements	New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-09 ("ASU No. 2014-09"), Revenue from Contracts with Customers (Topic 606) . This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to Equipment Trading revenues and sales of leasing equipment. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers , which defers by one year the effective date of ASU 2014-09 until reporting periods beginning after December 15, 2017, including interim periods within that annual period. Earlier application is permitted as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. ASU No. 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. In August 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-15 ("ASU No. 2014-15"), Presentation of Financial Statements (Topic 205): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern . This standard requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued and to disclose those conditions if management has concluded that substantial doubt exists. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the Consolidated Financial Statements in a given reporting period. These changes become effective for the Company for the 2016 annual period. Management has determined that the adoption of these changes will not have an impact on the Consolidated Financial Statements as this standard is disclosure only. In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-03 ("ASU No. 2015-03"), Imputation of Interest (Topic 835): Simplifying the Presentation of Debt Issuance Costs. This standard changes the presentation of debt issuance costs in the financial statements but does not affect the recognition and measurement of debt issuance costs. The ASU specifies that debt issuance costs related to a note shall be reported in the balance sheet as a direct deduction from the face amount of that note and that amortization of debt issuance costs also shall be reported as interest expense. The ASU’s basis for conclusions observes that in practice, debt issuance costs incurred before the associated funding is received (i.e., before the issuance of the debt liability) are deferred on the balance sheet until that debt liability amount is recorded. These changes will become effective for the Company beginning after December 15, 2015. The Company believes that the adoption of ASU No. 2015-03 will have no impact on its income or cash flows and no material impact on its financial position. Note 1—Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements (Continued) In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2015-15 ("ASU No. 2015-15"), Imputation of Interest (Topic 835): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Agreements. This standard updates ASU No. 2015-03 which was issued in April, 2015, as ASU No. 2015-03 does not address the presentation or subsequent measurement of debt issuance costs related to line-of-credit arrangements. Given the absence of authoritative guidance with ASU No. 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These changes will become effective for the Company beginning after December 15, 2015. The Company is planning on presenting all debt issuance costs in conjunction with ASU No. 2015-03, which is effective beginning after December 15, 2015.

Fair Value of Financial Instr20

Fair Value of Financial Instruments (Tables)	9 Months Ended
Fair Value of Financial Instruments (Tables)	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value, which was measured using Level 2 inputs, and the carrying value of the entity's debt	The fair value, which was measured using Level 2 inputs, and the carrying value of the Company's net investment in finance leases and debt are listed in the table below as of the dates indicated (in thousands): September 30, December 31, Assets Net investment in finance leases - carrying value $ 202,922 $ 220,928 Net investment in finance leases - estimated fair value $ 209,112 $ 223,455 Liabilities Debt—carrying value $ 3,222,149 $ 3,040,842 Debt—estimated fair value $ 3,257,848 $ 3,060,790

Dividends and Treasury Stock (T

Dividends and Treasury Stock (Tables)	9 Months Ended
Dividends and Treasury Stock (Tables)	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of quarterly dividends paid	The Company paid the following quarterly dividends during the nine months ended September 30, 2015 and 2014 on its issued and outstanding common stock: Record Date Payment Date Aggregate Payment Per Share Payment September 2, 2015 September 23, 2015 $23.7 Million $0.72 June 3, 2015 June 24, 2015 $23.7 Million $0.72 March 3, 2015 March 24, 2015 $23.7 Million $0.72 September 3, 2014 September 24, 2014 $24.2 Million $0.72 June 3, 2014 June 24, 2014 $24.2 Million $0.72 March 3, 2014 March 24, 2014 $24.2 Million $0.72

Capital Stock and Stock Optio22

Capital Stock and Stock Options (Tables)	9 Months Ended
Capital Stock and Stock Options (Tables)	Sep. 30, 2015
Equity [Abstract]
Schedule of accumulated other comprehensive (loss)	Accumulated other comprehensive (loss) consisted of the following as of the dates indicated (in thousands and net of tax effects): Cash Flow Hedges Foreign Currency Translation Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2014 $ (12,145 ) $ (1,104 ) $ (13,249 ) Change in fair value of derivative instruments designated as cash flow hedges (25,276 ) — (25,276 ) Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges 9,490 — 9,490 Amortization of net loss on derivative instruments previously designated as cash flow hedges 1,296 — 1,296 Foreign currency translation adjustment — (85 ) (85 ) Other comprehensive (loss) (14,490 ) (85 ) (14,575 ) Balance as of September 30, 2015 $ (26,635 ) $ (1,189 ) $ (27,824 ) Cash Flow Foreign Accumulated Other Comprehensive Income (Loss) Balance as of December 31, 2013 $ 10,959 $ (889 ) $ 10,070 Change in fair value of derivative instruments designated as cash flow hedges (16,303 ) — (16,303 ) Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges 6,386 — 6,386 Amortization of net loss on derivative instruments previously designated as cash flow hedges 1,132 — 1,132 Foreign currency translation adjustment — (54 ) (54 ) Other comprehensive (loss) (8,785 ) (54 ) (8,839 ) Balance as of September 30, 2014 $ 2,174 $ (943 ) $ 1,231
Schedule of reclassifications out of accumulated other comprehensive (loss)	The following table presents reclassifications out of Accumulated other comprehensive (loss) for the period indicated (in thousands): Amounts Reclassified From Accumulated Other Comprehensive (Loss) Affected Line Item in the Consolidated Statements of Income Three Months Ended Nine Months Ended 2015 2014 2015 2014 Realized loss on interest rate swap agreements, designated as cash flow hedges $ 4,907 $ 3,872 $ 14,671 $ 9,725 Interest and debt expense Amortization of net loss on derivative instruments previously designated as cash flow hedges 646 288 2,001 1,751 Interest and debt expense Amounts reclassified from Accumulated other comprehensive (loss) 5,553 4,160 16,672 11,476 Income before income taxes Income tax (benefit) (1,961 ) (1,428 ) (5,886 ) (3,958 ) Income tax expense Amounts reclassified from Accumulated other comprehensive (loss) $ 3,592 $ 2,732 $ 10,786 $ 7,518 Net income

Net Investment in Finance Lea23

Net Investment in Finance Leases (Tables)	9 Months Ended
Net Investment in Finance Leases (Tables)	Sep. 30, 2015
Leases, Capital [Abstract]
Schedule of components of the net investment in finance leases	The following table represents the components of the net investment in finance leases (in thousands): September 30, December 31, Gross finance lease receivables $ 241,668 $ 267,720 Allowance on gross finance lease receivables (844 ) (1,056 ) Gross finance lease receivables, net of allowance 240,824 266,664 Unearned income (38,746 ) (46,792 ) Net investment in finance leases $ 202,078 $ 219,872
Schedule of categories of gross finance lease receivables based on the Company's internal customer credit ratings	Based on the above categories, the Company's gross finance lease receivables are as follows (in thousands): September 30, December 31, Tier 1 $ 190,093 $ 244,136 Tier 2 51,575 23,584 Tier 3 — — Gross finance lease receivables $ 241,668 $ 267,720
Schedule of activity of allowance on gross finance lease receivables	The following table represents the activity of the Company's allowance on gross finance lease receivables for the periods presented (in thousands): Beginning Balance Additions/ (Reversals) Ending Balance Finance Lease—Allowance for doubtful accounts: For the nine months ended September 30, 2015 $ 1,056 $ (212 ) $ 844

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of debt instruments	Debt consisted of the following (amounts in thousands): September 30, December 31, Asset backed securitization (ABS) term notes $ 1,212,171 $ 1,504,183 Term loan facilities 961,633 858,973 Asset backed warehouse facility 610,000 420,000 Revolving credit facilities 365,000 160,000 Capital lease obligations 73,345 97,686 Total Debt $ 3,222,149 $ 3,040,842

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
Derivative Instruments (Tables)	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swap contracts	As of September 30, 2015 , the Company had net interest rate swap agreements in place to fix the floating interest rates on a portion of the borrowings under its debt facilities as summarized below: Net Notional Amount(1) Weighted Average Fixed Leg (Pay) Interest Rate(2) Weighted Average Remaining Term(2) $1,135 Million 2.00% 6.8 years _______________________________________________________________________________ (1) As of September 30, 2015 , the net notional amount outstanding on the Company's interest rate swap agreements is comprised of $1,235.0 million of pay-fixed rate/receive-floating rate agreements and $100.0 million of pay-floating rate/receive-fixed rate agreements. The Company entered into the pay-floating rate/receive-fixed rate agreements at the parent company level to offset the cash flows on certain pay-fixed rate/receive-floating rate agreements of certain wholly owned subsidiaries. The pay-floating rate/receive-fixed rate and pay-fixed rate/receive-floating rate agreements have terms that offset each other. (2) The calculations of weighted average fixed (pay) leg interest rate and weighted average remaining term on the Company's interest rate swap agreements reflect the impact of the pay-floating rate/receive-fixed rate agreements and the pay-fixed rate/receive-floating rate agreements they offset.
Schedule of pre-tax amounts in accumulated other comprehensive (loss) income related to interest rate swap agreements	The following table represents pre-tax amounts in accumulated other comprehensive (loss) related to interest rate swap agreements (in millions) expected to be recognized in income over the next 12 months: Nine Months Ended September 30, 2015 Loss on derivative instruments designated as cash flow hedges ($17.0 ) Amortization of loss on terminated derivative instruments designated as cash flow hedges ($2.3 )
Schedule of fair value of derivative instruments	Fair Value of Derivative Instruments (In Millions) Asset Derivatives Liability Derivatives September 30, 2015 December 31, 2014 September 30, 2015 December 31, 2014 Derivative Instrument Balance Sheet Location Fair Value Fair Value Fair Value Fair Value Interest rate swap contracts, designated as cash flow hedges Fair value of derivative instruments $ — $ 1.7 $ 32.0 $ 9.4 Interest rate swap contracts, not designated Fair value of derivative instruments 0.1 0.1 2.0 1.0 Foreign exchange contracts, not designated Fair value of derivative instruments — 0.1 — — Total derivatives $ 0.1 $ 1.9 $ 34.0 $ 10.4
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income Three Months Ended Nine Months Ended Location of Loss (Gain) on 2015 2014 2015 2014 Realized loss on interest rate swap agreements Interest and debt expense $ 5.2 $ 4.2 $ 15.5 $ 10.6 Amortization of realized net loss on terminated derivative instruments, designated as cash flow hedges Interest and debt expense 0.6 0.3 2.0 1.8 Change in fair value of derivatives, designated as cash flow hedges Other comprehensive income 34.6 1.6 39.0 25.1 Net loss (gain) on interest rate swaps, not designated Net loss (gain) on interest rate swaps 0.7 (0.5 ) 1.0 0.4 Foreign exchange agreements, not designated Administrative expenses — — — 0.1

Segment and Geographic Inform26

Segment and Geographic Information (Tables)	9 Months Ended
Segment and Geographic Information (Tables)	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of segment information	The following tables show segment information for the periods indicated and the consolidated totals reported (dollars in thousands): Three Months Ended September 30, 2015 2014 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 151,698 $ 2,728 $ 154,426 $ 147,502 $ 3,022 $ 150,524 Trading margin — 1,191 1,191 — 1,713 1,713 Net (loss) gain on sale of leasing equipment (2,854 ) — (2,854 ) 870 — 870 Depreciation and amortization expense 61,226 485 61,711 56,914 284 57,198 Interest and debt expense 29,972 505 30,477 26,190 505 26,695 Income before income taxes(1) 33,768 2,587 36,355 45,928 3,660 49,588 _______________________________________________________________________ (1) Segment income before income taxes excludes net losses on interest rate swaps of $0.7 million and net gains on interest rate swaps of $0.5 million for the three months ended September 30, 2015 and 2014 , respectively, and the write-off of deferred financing costs of $0.9 million and $0.2 million for the three months ended September 30, 2015 and 2014 , respectively. Nine Months Ended September 30, 2015 2014 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 446,473 $ 7,766 $ 454,239 $ 430,192 $ 9,822 $ 440,014 Trading margin — 4,126 4,126 — 5,576 5,576 Net (loss) gain on sale of leasing equipment (4,963 ) — (4,963 ) 6,427 — 6,427 Depreciation and amortization expense 179,095 1,021 180,116 164,227 1,011 165,238 Interest and debt expense 87,726 1,596 89,322 79,464 1,738 81,202 Income before income taxes(1) 109,458 8,292 117,750 134,253 11,753 146,006 Equipment held for sale at September 30 28,355 39,125 67,480 29,529 19,400 48,929 Goodwill at September 30 73,523 1,000 74,523 73,523 1,000 74,523 Total assets at September 30 4,349,159 74,708 4,423,867 4,169,668 61,169 4,230,837 Purchases of leasing equipment and investments in finance leases(2) 547,418 14,269 561,687 544,709 2,846 547,555 _______________________________________________________________________________ (1) Segment income before income taxes excludes net losses on interest rate swaps of $1.0 million and $0.4 million for the nine months ended September 30, 2015 and 2014 , respectively, and the write-off of deferred financing costs of $0.9 million and $5.1 million for the nine months ended September 30, 2015 and 2014 , respectively. Note 8—Segment and Geographic Information (Continued) (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.
Schedule of revenues by geographic location	The following table represents the geographic allocation of equipment trading revenues for the periods indicated based on the location of sale (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Total equipment trading revenues: United States of America $ 2,992 $ 2,574 $ 9,152 $ 5,646 Asia 7,546 6,732 20,158 22,984 Europe 3,037 3,650 9,830 14,348 Other International 1,785 789 9,543 2,048 Total $ 15,360 $ 13,745 $ 48,683 $ 45,026 The following table represents the geographic allocation of equipment leasing revenues for the periods indicated based on customers' primary domicile (in thousands): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Total leasing revenues: United States of America $ 10,876 $ 8,410 $ 32,012 $ 24,585 Asia 73,218 72,232 213,560 201,491 Europe 66,358 65,593 197,181 196,445 Other International 3,974 4,289 11,486 17,493 Total $ 154,426 $ 150,524 $ 454,239 $ 440,014

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Liabilities
Debt	$ 3,222,149	$ 3,040,842
Carrying Value
Assets
Investment In Financing Leases, Net Of Deferred Income	202,922	220,928
Liabilities
Debt	3,222,149	3,040,842
Estimate of Fair Value \| Level 2
Assets
Investment In Financing Leases, Net Of Deferred Income	209,112	223,455
Liabilities
Debt	$ 3,257,848	$ 3,060,790

Dividends and Treasury Stock (D

Dividends and Treasury Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 23, 2015	Jun. 24, 2015	Mar. 24, 2015	Sep. 24, 2014	Jun. 24, 2014	Mar. 24, 2014	Sep. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Feb. 11, 2015
Aggregate dividend payment	$ 23,700	$ 23,700	$ 23,700	$ 24,200	$ 24,200	$ 24,200					$ 70,971	$ 72,617
Per share dividend payment (in dollars per share)	$ 0.72	$ 0.72	$ 0.72	$ 0.72	$ 0.72	$ 0.72	$ 0.72		$ 0.72		$ 2.16	$ 2.16
Shares repurchased (in shares)								81,915		0
Shares repurchased (in dollars per share)								$ 41.40
Shares authorized to repurchase remaining (in shares)							3,088,157			3,088,157	3,088,157
2006 Stock Repurchase Plan [Member]
Shares authorized to repurchase remaining (in shares)													88,157
2015 Stock Repurchase Plan [Member]
Shares authorized to be repurchased (in shares)													3,000,000

Capital Stock and Stock Optio29

Capital Stock and Stock Options (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock based compensation plans
Stock compensation charge	$ 1,582	$ 1,281	$ 5,031	$ 4,700
Restricted stock
Stock based compensation plans
Total unrecognized compensation cost	$ 7,300		$ 7,300
Weighted-average vesting period over which unrecognized compensation is expected to be recognized			1 year 9 months

Capital Stock and Stock Optio30

Capital Stock and Stock Options (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Balance at the beginning of the period			$ (13,249)
Change in fair value of derivative instruments designated as cash flow hedges	$ (22,421)	$ (1,051)	(25,276)	$ (16,303)
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges	3,174	2,546	9,490	6,386
Amortization of net loss on derivative instruments previously designated as cash flow hedges	418	186	1,296	1,132
Foreign currency translation adjustment	(170)	(234)	(85)	(54)
Other comprehensive (loss) income, net of tax	(18,999)	1,447	(14,575)	(8,839)
Balance at the end of the period	(27,824)		(27,824)
Cash Flow Hedges
Balance at the beginning of the period			(12,145)	10,959
Change in fair value of derivative instruments designated as cash flow hedges			(25,276)	(16,303)
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges			9,490	6,386
Amortization of net loss on derivative instruments previously designated as cash flow hedges			1,296	1,132
Foreign currency translation adjustment			0	0
Other comprehensive (loss) income, net of tax			(14,490)	(8,785)
Balance at the end of the period	(26,635)	2,174	(26,635)	2,174
Foreign Currency Translation
Balance at the beginning of the period			(1,104)	(889)
Change in fair value of derivative instruments designated as cash flow hedges			0	0
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges			0	0
Amortization of net loss on derivative instruments previously designated as cash flow hedges			0	0
Foreign currency translation adjustment			(85)	(54)
Other comprehensive (loss) income, net of tax			(85)	(54)
Balance at the end of the period	(1,189)	(943)	(1,189)	(943)
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period			(13,249)	10,070
Change in fair value of derivative instruments designated as cash flow hedges			(25,276)	(16,303)
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges			9,490	6,386
Amortization of net loss on derivative instruments previously designated as cash flow hedges			1,296	1,132
Foreign currency translation adjustment			(85)	(54)
Other comprehensive (loss) income, net of tax			(14,575)	(8,839)
Balance at the end of the period	$ (27,824)	$ 1,231	$ (27,824)	$ 1,231

Capital Stock and Stock Optio31

Capital Stock and Stock Options (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Amounts Reclassified from AOCI
Realized loss on interest rate swap agreements, designated as cash flow hedges	$ 30,477	$ 26,695	$ 89,322	$ 81,202
Amortization of net loss on derivative instruments previously designated as cash flow hedges			2,001	1,751
Income tax (benefit)	12,287	17,343	40,903	48,534
Amounts reclassified from Accumulated other comprehensive (loss)	(22,511)	(32,617)	(74,938)	(91,990)
Cash Flow Hedges \| Amounts Reclassified From Accumulated Other Comprehensive Income
Amounts Reclassified from AOCI
Realized loss on interest rate swap agreements, designated as cash flow hedges	4,907	3,872	14,671	9,725
Amortization of net loss on derivative instruments previously designated as cash flow hedges	646	288	2,001	1,751
Amounts reclassified from Accumulated other comprehensive (loss)	5,553	4,160	16,672	11,476
Income tax (benefit)	(1,961)	(1,428)	(5,886)	(3,958)
Amounts reclassified from Accumulated other comprehensive (loss)	$ 3,592	$ 2,732	$ 10,786	$ 7,518

Net Investment in Finance Lea32

Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	132 Months Ended
	Dec. 31, 2014	Sep. 30, 2015
Components of the net investment in finance leases
Gross finance lease receivables	$ 267,720	$ 241,668
Allowance on gross finance lease receivables	(1,056)	(844)
Gross finance lease receivables, net of allowance	266,664	240,824
Unearned income	(46,792)	(38,746)
Net investment in finance leases	$ 219,872	$ 202,078
Company's historical loss experience on its gross finance lease receivables, after considering equipment recoveries, maximum	1.00%

Net Investment in Finance Lea33

Net Investment in Finance Leases (Details 2) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Gross finance lease receivables based on the company's internal customer credit rating
Gross finance lease receivables	$ 241,668	$ 267,720
Number of days gross finance lease were past due	31 days
Impaired Financing Receivable, with Related Allowance, Recorded Investment	$ 0
Tier 1
Gross finance lease receivables based on the company's internal customer credit rating
Gross finance lease receivables	190,093	244,136
Gross finance lease receivables past due	1,600
Tier 2
Gross finance lease receivables based on the company's internal customer credit rating
Gross finance lease receivables	51,575	23,584
Gross finance lease receivables past due	200
Tier 3
Gross finance lease receivables based on the company's internal customer credit rating
Gross finance lease receivables	$ 0	$ 0

Net Investment in Finance Lea34

Net Investment in Finance Leases (Details 3) - Finance Lease - Allowance for doubtful accounts $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Changes in valuation and qualifying accounts
Beginning Balance	$ 1,056
Additions/ (Reversals)	(212)
Ending Balance	$ 844

Debt (Details)

Debt (Details) - USD ($) $ in Thousands		Jul. 20, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt
Total debt			$ 3,222,149	$ 3,040,842
Debt outstanding on facilities with fixed interest rates			1,361,600
Debt outstanding on facilities with interest rates based on floating rate indices			1,860,500
Interest rate swaps
Debt
Net notional amount	[1]		1,135,000
Asset backed securitization (ABS) term notes
Debt
Total debt			1,212,171	1,504,183
Asset backed securitization (ABS) term notes \| TAL Advantage IV LLC Series 2010-1 Notes [Member]
Debt
Repayments of Secured Debt		$ 100,142
Term loan facilities
Debt
Total debt			961,633	858,973
Asset backed warehouse facility
Debt
Total debt			610,000	420,000
Revolving credit facilities
Debt
Total debt			365,000	160,000
Capital lease obligations
Debt
Total debt			$ 73,345	$ 97,686

[1]	As of September 30, 2015, the net notional amount outstanding on the Company's interest rate swap agreements is comprised of $1,235.0 million of pay-fixed rate/receive-floating rate agreements and $100.0 million of pay-floating rate/receive-fixed rate agreements. The Company entered into the pay-floating rate/receive-fixed rate agreements at the parent company level to offset the cash flows on certain pay-fixed rate/receive-floating rate agreements of certain wholly owned subsidiaries. The pay-floating rate/receive-fixed rate and pay-fixed rate/receive-floating rate agreements have terms that offset each other.

Derivative Instruments (Details

Derivative Instruments (Details) - Interest rate swaps $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
Derivative Instruments
Net notional amount	$ 1,135	[1]
Weighted average fixed leg (Pay) interest rate (as a percent)	2.00%	[2]
Weighted Average Remaining Term	6 years 10 months	[2]
Interest Rate Swap Pay Floating Rate Receive Fixed Rate [Member]
Derivative Instruments
Notional amount of fixed rate interest rate swaps	$ 100
Interest Rate Swap Pay Fixed Rate Receive Floating Rate [Member]
Derivative Instruments
Notional amount of fixed rate interest rate swaps	$ 1,235

[1]	As of September 30, 2015, the net notional amount outstanding on the Company's interest rate swap agreements is comprised of $1,235.0 million of pay-fixed rate/receive-floating rate agreements and $100.0 million of pay-floating rate/receive-fixed rate agreements. The Company entered into the pay-floating rate/receive-fixed rate agreements at the parent company level to offset the cash flows on certain pay-fixed rate/receive-floating rate agreements of certain wholly owned subsidiaries. The pay-floating rate/receive-fixed rate and pay-fixed rate/receive-floating rate agreements have terms that offset each other.
[2]	The calculations of weighted average fixed (pay) leg interest rate and weighted average remaining term on the Company's interest rate swap agreements reflect the impact of the pay-floating rate/receive-fixed rate agreements and the pay-fixed rate/receive-floating rate agreements they offset.

Derivative Instruments (Detai37

Derivative Instruments (Details 2) - USD ($) $ in Thousands	9 Months Ended
Derivative Instruments (Details 2) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	$ 86	$ 1,898
Fair value of derivative instruments (liabilities)	34,019	10,394
Interest rate swaps \| Derivatives designated as hedging instruments
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	0	1,700
Fair value of derivative instruments (liabilities)	32,000	9,400
Interest rate swaps \| Derivatives not designated as hedging instruments
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	100	100
Fair value of derivative instruments (liabilities)	2,000	1,000
Foreign exchange agreements \| Derivatives not designated as hedging instruments
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	0	100
Fair value of derivative instruments (liabilities)	0	$ 0
Fair Value Hedging [Member] \| Interest rate swaps
Fair Value of Derivative Instruments
Cash flow hedge gain (loss) to be reclassified within twelve months	(17,000)
Amortization of Loss on Terminated Derivative Instruments Designated as Cashflow Hedges [Member] \| Interest rate swaps
Fair Value of Derivative Instruments
Cash flow hedge gain (loss) to be reclassified within twelve months	$ (2,300)

Derivative Instruments (Detai38

Derivative Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Derivative Instruments (Details 3) - USD ($) $ in Thousands	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Amortization of net loss on terminated derivative instruments designated as cash flow hedges			$ 2,001	$ 1,751
Net loss (gain) on interest rate swaps, not designated	$ 662	$ (545)	1,014	410
Interest rate swaps \| Derivatives not designated as hedging instruments \| Net loss (gain) on interest rate swaps
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Net loss (gain) on interest rate swaps, not designated	700	(500)	1,000	400
Interest rate swaps \| Derivatives designated as hedging instruments \| Other comprehensive income
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Change in fair value of derivatives, designated as cash flow hedges	34,600	1,600	39,000	25,100
Interest rate swaps \| Derivatives designated as hedging instruments \| Interest expense
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Realized loss on interest rate swap agreements	5,200	4,200	15,500	10,600
Foreign exchange agreements \| Derivatives not designated as hedging instruments \| Administrative expenses
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Foreign exchange agreements, not designated	0	0	0	100
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member]
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Amortization of net loss on terminated derivative instruments designated as cash flow hedges	646	288	2,001	1,751
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] \| Reclassification out of Accumulated Other Comprehensive Income [Member] \| Interest expense
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Amortization of net loss on terminated derivative instruments designated as cash flow hedges	$ 646	$ 288	$ 2,001	$ 1,751

Segment and Geographic Inform39

Segment and Geographic Information (Details) $ in Thousands		3 Months Ended				9 Months Ended
Segment and Geographic Information (Details) $ in Thousands		Sep. 30, 2015USD ($)		Sep. 30, 2014USD ($)		Sep. 30, 2015USD ($)industrysegment		Sep. 30, 2014USD ($)		Dec. 31, 2014USD ($)
Industry Segment Information
Number of industries \| industry						1
Number of reportable segments \| segment						2
Total leasing revenues		$ 154,426		$ 150,524		$ 454,239		$ 440,014
Trading margin		1,191		1,713		4,126		5,576
Net (loss) gain on sale of leasing equipment		(2,854)		870		(4,963)		6,427
Depreciation and amortization expense		61,711		57,198		180,116		165,238
Interest and debt expense		30,477		26,695		89,322		81,202
Income before income taxes		36,355	[1]	49,588	[1]	117,750	[2]	146,006	[2]
Assets Held-for-sale, Not Part of Disposal Group, Current		67,480		48,929		67,480		48,929		$ 59,861
Goodwill at the end of the period		74,523		74,523		74,523		74,523		74,523
Total assets at the end of the period		4,423,867		4,230,837		4,423,867		4,230,837		$ 4,274,984
Purchases of leasing equipment and investments in finance leases	[3]					561,687		547,555
Net loss (gain) on interest rate swaps		662		(545)		1,014		410
Write-off of deferred financing costs		895		173		895		5,072
Costs and Expenses		85,931		76,824		246,330		224,809
Equipment leasing
Industry Segment Information
Total leasing revenues		151,698		147,502		446,473		430,192
Trading margin		0		0		0		0
Depreciation and amortization expense		61,226		56,914		179,095		164,227
Interest and debt expense		29,972		26,190		87,726		79,464
Income before income taxes		33,768	[1]	45,928	[1]	109,458	[2]	134,253	[2]
Assets Held-for-sale, Not Part of Disposal Group, Current		28,355		29,529		28,355		29,529
Goodwill at the end of the period		73,523		73,523		73,523		73,523
Total assets at the end of the period		4,349,159		4,169,668		4,349,159		4,169,668
Purchases of leasing equipment and investments in finance leases	[3]					547,418		544,709
Equipment trading
Industry Segment Information
Total leasing revenues		2,728		3,022		7,766		9,822
Net (loss) gain on sale of leasing equipment		0		0		0		0
Depreciation and amortization expense		485		284		1,021		1,011
Interest and debt expense		505		505		1,596		1,738
Income before income taxes		2,587	[1]	3,660	[1]	8,292	[2]	11,753	[2]
Assets Held-for-sale, Not Part of Disposal Group, Current		39,125		19,400		39,125		19,400
Goodwill at the end of the period		1,000		1,000		1,000		1,000
Total assets at the end of the period		74,708		61,169		74,708		61,169
Purchases of leasing equipment and investments in finance leases	[3]					14,269		2,846
Intersegment Eliminations
Industry Segment Information
Revenues		0		0		0		0
Costs and Expenses		$ 0		$ 0		$ 0		$ 0

[1]	Segment income before income taxes excludes net losses on interest rate swaps of $0.7 million and net gains on interest rate swaps of $0.5 million for the three months ended September 30, 2015 and 2014, respectively, and the write-off of deferred financing costs of $0.9 million and $0.2 million for the three months ended September 30, 2015 and 2014, respectively.
[2]	Segment income before income taxes excludes net losses on interest rate swaps of $1.0 million and $0.4 million for the nine months ended September 30, 2015 and 2014, respectively, and the write-off of deferred financing costs of $0.9 million and $5.1 million for the nine months ended September 30, 2015 and 2014, respectively.
[3]	Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.

Segment and Geographic Inform40

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Geographic Segment Information
Total leasing revenues	$ 154,426	$ 150,524	$ 454,239	$ 440,014
Equipment trading revenues	15,360	13,745	48,683	45,026
United States of America
Geographic Segment Information
Total leasing revenues	10,876	8,410	32,012	24,585
Equipment trading revenues	2,992	2,574	9,152	5,646
Asia
Geographic Segment Information
Total leasing revenues	73,218	72,232	213,560	201,491
Equipment trading revenues	7,546	6,732	20,158	22,984
Europe
Geographic Segment Information
Total leasing revenues	66,358	65,593	197,181	196,445
Equipment trading revenues	3,037	3,650	9,830	14,348
Other international
Geographic Segment Information
Total leasing revenues	3,974	4,289	11,486	17,493
Equipment trading revenues	$ 1,785	$ 789	$ 9,543	$ 2,048

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)
Guarantee obligations
Loss in period	$ 0
Residual value guarantees
Guarantee obligations
Maximum potential amount of guarantees	27.1
Carrying value of guarantees	$ 1.1

Commitments and Contingencies42

Commitments and Contingencies (Details 2) $ in Millions	Sep. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable in 2015	$ 4.2

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions	Oct. 28, 2015USD ($)$ / shares
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share) \| $ / shares	$ 0.45
Stock Repurchase Program, Authorized Amount	$ 150