CAI International (CAI) 10-Q 4 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	CAI International, Inc.
Entity Filer Category	Accelerated Filer
Entity Central Index Key	1,388,430
Amendment Flag	false
Document Type	10-Q
Document Fiscal Period Focus	Q3
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		20,222,243

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Current assets
Cash		$ 13,626	$ 27,810
Cash held by variable interest entities		50,542	26,011
Accounts receivable (owned fleet), net of allowance for doubtful accounts of $1,047 and $680 at September 30, 2015 and December 31, 2014, respectively		51,322	49,524
Accounts receivable (managed fleet)		6,165	8,498
Current portion of direct finance leases		20,153	18,150
Prepaid expenses		13,728	14,806
Total current assets		155,536	144,799
Restricted cash		7,467	8,232
Rental equipment, net of accumulated depreciation of $330,802 and $274,333 at September 30, 2015 and December 31, 2014, respectively		1,740,878	1,564,777
Net investment in direct finance leases		83,180	76,814
Goodwill		2,905
Intangible assets, net of accumulated amortization of $4,853 and $4,817 at September 30, 2015 and December 31, 2014, respectively		1,298	273
Furniture, fixtures and equipment, net of accumulated depreciation of $2,692 and $2,019 at September 30, 2015 and December 31, 2014, respectively		754	945
Total assets	[1]	1,992,018	1,795,840
Current liabilities
Accounts payable		11,406	8,414
Accrued expenses and other current liabilities		8,335	9,029
Due to container investors		7,615	12,984
Unearned revenue		9,404	7,172
Current portion of debt		133,809	203,199
Current portion of capital lease obligations		32	1,015
Rental equipment payable		21,750	7,381
Total current liabilities		192,351	249,194
Debt		1,280,112	1,058,754
Deferred income tax liability		43,877	43,419
Capital lease obligations			1,568
Total liabilities	[2]	1,516,340	1,352,935
Stockholders' equity
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 20,222,243 and 20,788,277 shares at September 30, 2015 and December 31, 2014, respectively		2	2
Additional paid-in capital		149,888	154,894
Accumulated other comprehensive loss		(7,414)	(5,677)
Retained earnings		332,317	292,897
Total CAI stockholders' equity		474,793	442,116
Non-controlling interest		885	789
Total stockholders' equity		475,678	442,905
Total liabilities and stockholders' equity		$ 1,992,018	$ 1,795,840
[1]	Total assets at September 30, 2015 and December 31, 2014 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $50,542 and $26,011; Net investment in direct finance leases, $346 and $156; and Rental equipment, net of accumulated depreciation, $77,870 and $102,100, respectively.
[2]	Total liabilities at September 30, 2015 and December 31, 2014 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $62,744 and none; Debt, $69,057 and $132,419, respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets
Accounts receivable (owned fleet), allowance for doubtful accounts	$ 1,047	$ 680
Rental equipment, accumulated depreciation	330,802	274,333
Intangible assets, accumulated amortization	4,853	4,817
Furniture, fixtures and equipment, accumulated depreciation	2,692	2,019
Cash held by variable interest entities	50,542	26,011
Net investment in direct finance leases held by variable interest entities	346	156
Rental equipment held by variable interest entities, net of accumulated depreciation	77,870	102,100
Liabilities and Stockholders' Equity
Debt held by variable interest entities, current portion	62,744	0
Debt held by variable interest entities, noncurrent portion	$ 69,057	$ 132,419
Stockholders' equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	84,000,000	84,000,000
Common stock, shares issued	20,222,243	20,788,277
Common stock, shares outstanding	20,222,243	20,788,277

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
Revenue
Rental revenue	$ 57,542	$ 55,380	$ 169,091	$ 157,557
Logistics revenue	5,406		5,474
Finance lease income	2,256	2,262	6,953	6,541
Management fee revenue	913	1,561	2,457	4,681
Total revenue	66,117	59,203	183,975	168,779
Operating expenses
Depreciation of rental equipment	22,655	19,888	65,907	57,607
Storage, handling and other expenses	8,148	6,532	21,837	19,322
Logistics cost of sales	4,818		4,888
Gain on sale of used rental equipment	(72)	(1,237)	(237)	(4,561)
Marketing, general and administrative expenses	7,284	6,676	21,383	19,779
Amortization of intangible assets	28	95	157	293
Loss on foreign exchange	2	70	61	387
Total operating expenses	42,863	32,024	113,996	92,827
Operating income	23,254	27,179	69,979	75,952
Interest expense	8,968	9,265	26,797	26,943
Interest income	(1)	(1)	(5)	(6)
Net interest expense	8,967	9,264	26,792	26,937
Net income before income taxes and non-controlling interest	14,287	17,915	43,187	49,015
Income tax expense	1,272	1,482	3,671	4,857
Net income	13,015	16,433	39,516	44,158
Net income attributable to non-controlling interest	(26)	(38)	(96)	(46)
Net income attributable to CAI common stockholders	$ 12,989	$ 16,395	$ 39,420	$ 44,112
Net income per share attributable to CAI common stockholders
Basic	$ 0.62	$ 0.78	$ 1.88	$ 2.08
Diluted	$ 0.62	$ 0.77	$ 1.86	$ 2.04
Weighted average shares outstanding
Basic	20,920	20,936	20,973	21,193
Diluted	21,059	21,329	21,236	21,622

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
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 13,015	$ 16,433	$ 39,516	$ 44,158
Other comprehensive income, net of tax:
Foreign currency translation adjustments	224	(1,950)	(1,737)	(1,961)
Comprehensive income	13,239	14,483	37,779	42,197
Comprehensive income attributable to non-controlling interest	(26)	(38)	(96)	(46)
Comprehensive income attributable to CAI common stockholders	$ 13,213	$ 14,445	$ 37,683	$ 42,151

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities
Net income	$ 39,516	$ 44,158
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	66,228	57,972
Amortization of debt issuance costs	1,983	2,236
Amortization of intangible assets	157	293
Stock-based compensation expense	1,436	1,364
Unrealized loss on foreign exchange	185	114
Gain on sale of used rental equipment	(237)	(4,561)
Deferred income taxes	458	373
Bad debt expense	326	47
Changes in other operating assets and liabilities:
Accounts receivable	2,692	(3,723)
Prepaid expenses and other assets	822	4,399
Accounts payable, accrued expenses and other current liabilities	(594)	1,779
Due to container investors	(5,369)	(1,000)
Unearned revenue	2,263	1,383
Net cash provided by operating activities	109,866	104,834
Cash flows from investing activities
Purchase of rental equipment	(304,588)	(226,118)
Acquisition of ClearPointt Logistics LLC	(4,100)
Net proceeds from sale of used rental equipment	51,188	43,014
Purchase of furniture, fixtures and equipment	(73)	(31)
Receipt of principal payments from direct financing leases	16,071	11,602
Net cash used in investing activities	(241,502)	(171,533)
Cash flows from financing activities
Proceeds from debt	450,731	316,853
Principal payments on debt	(301,234)	(212,783)
Debt issuance costs	(1,662)	(1,546)
Decrease in restricted cash	765	510
Repurchase of stock	(12,158)	(31,390)
Exercise of stock options	4,744	28
Excess tax benefit from share-based compensation awards	1,006
Net cash provided by financing activities	142,192	71,672
Effect on cash of foreign currency translation	(209)	(264)
Net increase in cash	10,347	4,709
Cash at beginning of the period	53,821	45,741
Cash at end of the period	64,168	50,450
Cash paid during the period for:
Income taxes	2,114	959
Interest	25,840	25,767
Supplemental disclosure of non-cash investing and financing activity
Transfer of rental equipment to direct finance lease	$ 24,505	$ 27,826

The Company And Nature Of Opera

The Company And Nature Of Operations	9 Months Ended
	Sep. 30, 2015
The Company And Nature Of Operations [Abstract]
The Company And Nature Of Operations	CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (1) The Company and Nature of Operations Organization CAI International, Inc. and its subsidiaries (collectively, CAI or the Company) is a transportation finance and logistics company. The Company purchases equipment, which it leases primarily to container shipping lines, freight forwarders and other transportation companies. The Company also manages equipment for third-party investors. In operating its fleet, the Company leases, re-leases and disposes of equipment and contracts for the repair, repositioning and storage of equipment. The Company’s equipment fleet consists primarily of intermodal marine containers. The Company also owns a fleet of railcars, which it leases in North America. On July 27, 2015 , the Company purchased ClearPointt Logistics LLC, a U.S.-based intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. The Company is headquartered in Everett, Washington (see Note 4). The Company’s common stock is traded on the New York Stock Exchange under the symbol “CAI.” The Company’s corporate headquarters are located in San Francisco, California. Basis of Presentation The accompanying unaudited consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, and its 80% -owned subsidiary, CAIJ, Inc. (CAIJ). The equity attributable to the minority interest in CAIJ is shown as a non-controlling interest on the Company’s consolidated balance sheets, and the related net income is presented as net income attributable to non-controlling interest on the Company’s consolidated statements of income. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company’s financial position as of September 30, 2015 and December 31, 2014, the Company’s results of operations for the three and nine months ended September 30, 2015 and 2014, and the Company’s cash flows for the nine months ended September 30, 2015 and 2014. The results of operations and cash flows for the periods presented are not necessarily indicative of the results of operations or cash flows which may be reported for the remainder of 2015 or in any future period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 27, 2015.

Accounting Policies And Recent

Accounting Policies And Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Policies And Recent Accounting Pronouncements [Abstract]
Accounting Policies And Recent Accounting Pronouncements	(2) Accounting Policies and Recent Accounting Pronouncements (a) Accounting Policies There were no changes to the Company’s accounting policies during the nine months ended September 30, 2015. See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 27, 2015, for a description of the Company’s significant accounting policies. (b) Recent Accounting Pronouncements In May 2014, the Financial Account in g Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminates industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to management fee revenue, sales of equipment portfolios and dispositions of used equipment. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. Adoption of the guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU No. 2015-02). The new guidance will change (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity (VIE) characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03) . The new guidance will require debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements.

Consolidation Of Variable Inter

Consolidation Of Variable Interest Entities As A Non-Controlling Interest	9 Months Ended
	Sep. 30, 2015
Consolidation Of Variable Interest Entities As A Non-Controlling Interest [Abstract]
Consolidation Of Variable Interest Entities As A Non-Controlling Interest	(3) Consolidation of Variable Interest Entities as a Non-Controlling Interest The Company regularly performs a review of its container fund arrangements with investors to determine whether a fund is a VIE and whether the Company (a) has a variable interest that provides it with a controlling financial interest and (b) is the primary beneficiary of the VIE in accordance with FASB Accounting Standard Codification (ASC) Topic 810, Consolidation . If the fund is determined to be a VIE, further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under Paragraph 14A of ASC Topic 810: · It has power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and · It has the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under ASC Topic 810, Consolidation . The equity attributable to the VIE is shown as a non-controlling interest on the Company’s consolidated balance sheets and the after-tax result attributable to its operations is shown as a net income or loss attributable to non-controlling interest on the Company’s consolidated statements of income. The Company currently enters into two types of container fund arrangements with investors which are reviewed under ASC Topic 810, Consolidation . These arrangements include container funds that the Company manages for investors and container funds that have entered into financing arrangements with investors. Several of the funds that the Company manages, and all of the funds under financing arrangements, are Japanese container funds that were established by a related party under separate investment agreements allowed under Japanese commercial laws (see Note 13). Each of the funds is financed by unrelated Japanese third party investors. Managed Container Funds All container funds under management by the Company are considered VIEs because, as manager of the funds, the Company has the power to direct the activities that most significantly impact the entity’s economic performance including the leasing and managing of containers owned by the funds. The fees earned for arranging, managing and establishing the funds are not significant to the expected returns of the funds, so the Company does not have a variable interest in the funds. The rights to receive benefits and obligations to absorb losses that could potentially be significant to the funds belong to the third party investors, so the Company concluded that it is not the primary beneficiary of the funds. Consequently the Company has not consolidated the managed container funds. The Company recognizes gain on sale of containers to the unconsolidated VIEs as sales in the ordinary course of business. For the three and nine months ended September 30, 2015 and 2014, the Company sold no container portfolios to the VIEs. Collateralized Financing Obligations As of September 30, 2015, the Company has transferred containers with a total net book value of $156.9 million at the time of transfer to Japanese investor funds while concurrently entering into lease agreements for the same containers, under which the Company leases the containers back from the Japanese investors. In accordance with ASC Topic 840, Sale-Leaseback Transactions, the Company concluded these were financing transactions under which sale-leaseback accounting was not applicable. The container funds under financing arrangements are considered VIEs under ASC Topic 810, Consolidation because, as lessee of the funds, the Company has the power to direct the activities that most significantly impact each entity’s economic performance including the leasing and managing of containers owned by the funds. The terms of the transactions include options for the Company to purchase the containers from the funds at a fixed price. As a result of the residual interest resulting from the fixed price call option, the Company concluded that it may absorb a significant amount of the variability associated with the funds’ anticipated economic performance and, as a result, the Company has a variable interest in the funds. As the Company has the power to direct the activities that most significantly impact the economic performance of the VIEs and the variable interest provides the Company with the right to receive benefits from the entity that could potentially be significant to the funds, the Company determined that it is the primary beneficiary of these VIEs and included the VIEs’ assets and liabilities as of September 30, 2015 and December 31, 2014, and the results of the VIEs’ operations and cash flows for the three and nine months ended September 30, 2015 and 2014 in the Company’s consolidated financial statements. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The containers that were transferred to the Japanese investor funds had a net book value of $78.2 million as of September 30, 2015. The container equipment, together with $50.5 million of cash held by the investor funds, has been included on the Company’s consolidated balance sheets with the offsetting liability related to the funds presented in the debt section of the Company’s consolidated balance sheets as collateralized financing obligations of $123.8 million and term loans held by VIE of $8.0 million. See Note 8(e) and 8(f) for additional information. No gain or loss was recognized by the Company on the initial consolidation of the VIEs.

Acquisition Of ClearPointt Logi

Acquisition Of ClearPointt Logistics LLC	9 Months Ended
	Sep. 30, 2015
Acquisition Of ClearPointt Logistics LLC [Abstract]
Acquisition Of ClearPointt Logistics LLC	(4) Acquisition of ClearPointt Logistics LLC On July 27, 2015 , the Company purchased ClearPointt Logistics LLC (ClearPointt), a U.S.-based intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. The Company is headquartered in Everett, Washington. ClearPointt has 22 employees and agents and over 280 customers. The acquisition was recorded during the third quarter of 2015 using the purchase method of accounting as prescribed under ASC 805, Business Combinations . Accordingly, assets acquired and liabilities assumed were recorded at their fair value estimated by management as of July 27, 2015. The purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands): Accounts receivable, net $ Property and equipment, net Goodwill Intangible assets Other assets Total assets Accounts payable Other liabilities Total liabilities Purchase price $ Adjustments to record the assets acquired and liabilities assumed at fair value include the recognition of $1.2 million of intangible assets as follows: Amount Estimated Life Tradename $ 5 years Customer relationships 8 years The Company’s results for the three and nine months ended September 30, 2015 include the results of ClearPointt for the period since the date of acquisition. Pro forma financial statements are not presented as they are not material to the Company’s overall financial statements.

Rental Equipment

Rental Equipment	9 Months Ended
	Sep. 30, 2015
Rental Equipment [Abstract]
Rental Equipment	(5) Rental Equipment The following table provides a summary of the Company’s rental equipment (in thousands): September 30, December 31, 2015 2014 Dry containers $ $ Refrigerated containers Other specialized equipment Rail cars Accumulated depreciation Rental equipment, net of accumulated depreciation $ $

Net Investment In Direct Financ

Net Investment In Direct Finance Leases	9 Months Ended
	Sep. 30, 2015
Net Investment In Direct Finance Leases [Abstract]
Net Investment In Direct Finance Leases	CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (6) Net Investment in Direct Finance Leases The following table represents the components of the Company’s net investment in direct finance leases (in thousands): September 30, December 31, 2015 2014 Gross finance lease receivables (1) $ $ Unearned income (2) Net investment in direct finance leases $ $ (1) At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at September 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2015 and December 31, 2014. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of September 30, 2015 and December 31, 2014. In order to estimate the allowance for losses contained in gross finance lease receivables, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, the aging of customer receivables and general economic conditions. 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 that 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 the Company 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 moderate. Tier 2 — These customers are typically either smaller shipping lines or freight forwarders with less operating scale or 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. Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands): September 30, December 31, 2015 2014 Tier 1 $ $ Tier 2 Tier 3 - - $ $ CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Contractual maturities of the Company's gross finance lease receivables subsequent to and as of September 30, 2015 for the years ending September 30 were as follows (in thousands): 2016 $ 2017 2018 2019 2020 2021 and thereafter $

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2015
Intangible Assets [Abstract]
Intangible Assets	(7) Intangible Assets The Company amortizes intangible assets on a straight line basis over their estimated useful lives as follows: Trademarks and tradename 1 - 10 years Contracts – owned equipment 5 - 7 years Customer relationships 8 years Total amortization expense was less than $0.1 million and $0.1 million for the three months ended September 30, 2015 and 2014, respectively, and $0.2 million and $0.3 million for the nine months ended September 30, 2015 and 2014, respectively. Intangible assets as of September 30, 2015 and December 31, 2014 were as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount September 30, 2015 Trademarks and tradename $ $ $ Contracts- owned equipment - Customer relationships - $ $ $ December 31, 2014 Trademarks and tradename $ $ $ Contracts- owned equipment $ $ $

Debt And Capital Lease Obligati

Debt And Capital Lease Obligations	9 Months Ended
	Sep. 30, 2015
Debt And Capital Lease Obligations [Abstract]
Debt And Capital Lease Obligations	CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (8) Debt and Capital Lease Obligations Debt Details of the Company’s debt as of September 30, 2015 and December 31, 2014 were as follows (dollars in thousands): September 30, 2015 December 31, 2014 Outstanding Average Outstanding Average Maturity Reference Current Long-term Interest Current Long-term Interest Date (a)(i) Revolving credit facility $ $ 1.7% $ - $ 1.9% March 2020 (a)(ii) Revolving credit facility - Rail - 2.0% - 1.9% July 2019 (b)(i) Term loan 2.3% 2.2% April 2018 (b)(ii) Term loan 1.9% 1.8% October 2019 (b)(iii) Term loan 1.9% 1.9% April 2017 (c) Senior secured notes 4.9% 4.9% September 2022 (d) Asset backed notes 3.4% 3.4% March 2028 (e) Collateralized financing obligations 0.7% 0.8% June 2019 (f) Term loans held by VIE 2.6% 2.6% June 2019 (g) Short term line of credit - - 1.5% - 1.5% May 2016 Total Debt $ $ $ $ (a) Revolving Credit Facilities Revolving credit facilities consist of the following: (i) On March 15, 2013, the Company entered into the Third Amended and Restated Revolving Credit Agreement, as amended, with a consortium of banks to finance the acquisition of container rental equipment and for general working capital purposes. On January 30, 2015, the Company entered into an amendment to the Third Amended and Restated Revolving Credit Agreement, pursuant to which the revolving credit facility was amended to extend the maturity date to March 15, 2020 , reduce the interest rate, increase the commitment level from $760.0 million to $775.0 million, and revise certain of the covenants and restrictions to provide the Company with additional flexibility. As of September 30, 2015, the maximum commitment under the revolving credit facility was $775.0 million. The revolving credit facility may be increased up to a maximum of $960.0 million, in accordance with the terms of the agreement, so long as no default or event of default exists either before or immediately after giving effect to the increase. There is a commitment fee on the unused amount of the total commitment, payable quarterly in arrears. The revolving credit facility provides that swing line loans (short-term borrowings of up to $10.0 million in the aggregate that are payable within 10 business days or at maturity date, whichever comes earlier) and standby letters of credit (up to $15.0 million in the aggregate) will be available to the Company. These credit commitments are part of, and not in addition to, the total commitment provided under the revolving credit facility. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans and Base Rate for Base Rate loans. In addition to various financial and other covenants, the Company’s revolving credit facility also includes certain restrictions on the Company’s ability to incur other indebtedness or pay dividends to stockholders. As of September 30, 2015, the Company was in compliance with the terms of the revolving credit facility. As of September 30, 2015, the Company had $277.8 million in availability under the revolving credit facility (net of $0.1 million in letters of credit) subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at September 30, 2015, the borrowing availability under the revolving credit facility was $126.2 million, assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The Company’s revolving credit facility, including any amounts drawn on the facility, is secured by substantially all of the assets of the Company (not otherwise used as security for its other credit facilities) including equipment owned by the Company, which had a net book value of $752.4 million as of September 30, 2015, the underlying leases and the Company’s interest in any money received under such contracts. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (ii) On July 25, 2014, the Company and CAI Rail Inc. (CAI Rail), a wholly-owned subsidiary of the Company, entered into an Amended and Restated Revolving Credit Agreement, as amended, with a consortium of banks to finance the acquisition of railcars. As of September 30, 2015, the maximum credit commitment under the revolving credit facility was $250.0 million. CAI Rail’s revolving credit facility may be increased up to a maximum of $325.0 million, in accordance with the terms of the agreement, subject to certain conditions. Borrowings under this revolving credit facility bear interest at a variable rate. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans and Base Rate for Base Rate loans. As of September 30, 2015, CAI Rail had $115.0 million in availability under the revolving credit facility, subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at September 30, 2015, the borrowing availability under the revolving credit facility was $3.6 million, assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The agreement governing CAI Rail’s revolving credit facility contains various financial and other covenants. As of September 30, 2015, CAI Rail was in compliance with the terms of the revolving credit facility. CAI Rail’s revolving credit facility, including any amounts drawn on the facility, is secured by all of the assets of CAI Rail, which had a net book value of $173.3 million as of September 30, 2015, and is guaranteed by the Company. On October 22, 2015, the Company and CAI Rail entered into the Second Amended and Restated Revolving Credit Agreement with a consortium of banks, pursuant to which the prior revolving credit facility was refinanced. The agreement was amended to extend the maturity date to October 22, 2020 , reduce the interest rate, increase the commitment level from $250.0 million to $500.0 million, which may be increased up to a maximum of $700.0 million subject to certain conditions, and revise certain of the covenants and restrictions under the prior facility to provide the Company with additional flexibility. (b) Term Loans Term loans consist of the following: (i ) On March 22, 2013, the Company entered into a $30.0 million five -year term loan agreement with Development Bank of Japan (DBJ). The loan is payable in 19 quarterly installments of $0.5 million starting July 31, 2013 and a final payment of $21.5 million on April 30, 2018 . The loan bears interest at a variable rate based on LIBOR. As of September 30, 2015 , the loan had a balance of $26.0 million. (ii) On December 20, 2010, the Company entered into a term loan agreement with a consortium of banks. Under this loan agreement, the Company was eligible to borrow up to $300.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company’s wholly-owned foreign subsidiaries. The loan agreement is an amortizing facility with a term of six years. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the term loan agreement. The loan bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for base rate loans. On March 28, 2013, the term loan was amended which reduced the principal balance of the loan from $249.4 million to $125.0 million through payment of $124.4 million from the proceeds of the $229.0 million fixed-rate asset-backed notes issued by the Company’s indirect wholly-owned subsidiary, CAL Funding II Limited (see Note 8(d) below). On October 1, 2014, the Company entered into an amended and restated term loan agreement with a consortium of banks, pursuant to which the prior loan agreement was refinanced. The amended and restated term loan agreement, which contains similar terms to the prior loan agreement, was amended to, among other things: (a) reduce borrowing rates from LIBOR plus 2.25% to LIBOR plus 1.6% (per annum) for Eurodollar loans, (b) increase the loan commitment from $115.0 million to $150.0 million, (c) extend the maturity date to October 1, 2019 , and (d) revise certain of the covenants and restrictions under the prior loan agreement to provide the Company with additional flexibility. As of September 30, 2015, the term loan had a balance of $141.0 million. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (iii) On April 11, 2012, the Company entered into a term loan agreement with a consortium of banks. The agreement, as amended, provides for a five -year term loan of up to $142.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company. The commitment under the loan may be increased to a maximum of $200.0 million under certain conditions described in the agreement. The term loan’s outstanding principal bears interest based on LIBOR and is amortized quarterly, with quarterly payments equal to 1.75% multiplied by the outstanding principal amount at such time. The facility contains various financial and other covenants. The full $142.0 million has been drawn and was primarily used to repay outstanding amounts under the Company’s senior revolving credit facility. All unpaid amounts then outstanding are due and payable on April 11, 2017 . As of September 30, 2015, the loan had a balance of $111.9 million. The Company’s term loans are secured by rental equipment owned by the Company, which had a net book value of $336.6 million as of September 30, 2015. (c) Senior Secured Notes On September 13, 2012, Container Applications Limited (CAL), a wholly-owned subsidiary of the Company, entered into a Note Purchase Agreement with certain institutional investors, pursuant to which CAL issued $103.0 million of its 4.90% Senior Secured Notes due September 13, 2022 (the Notes) to the investors. The Notes are guaranteed by the Company and secured by certain assets of CAL and the Company. The Notes bear interest at 4.9% per annum, due and payable semiannually on March 13 and September 13 of each year, commencing on March 13, 2013. In addition, CAL is required to make certain principal payments on March 13 and September 13 of each year, commencing on March 13, 2013. Any unpaid principal and interest is due and payable on September 13, 2022. The Note Purchase Agreement provides that CAL may prepay at any time all or any part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding. As of September 30, 2015, the Notes had a balance of $78.3 million. The Notes are secured by certain rental equipment owned by the Company, which had a net book value of $103.5 million as of September 30, 2015. (d) Asset-Backed Notes On October 18, 2012, CAL Funding II Limited (CAL II), a wholly-owned indirect subsidiary of CAI, issued $171.0 million of 3.47% fixed rate asset-backed notes (Series 2012-1 Asset-Backed Notes). Principal and interest on the Series 2012-1 Asset-Backed Notes is payable monthly commencing on November 26, 2012, and the Series 2012-1 Asset-Backed Notes mature in October 2027 . The proceeds from the Series 2012-1 Asset-Backed Notes were used to repay part of the Company’s borrowings under its senior revolving credit facility. As of September 30, 2015, the Series 2012-1 Asset-Backed Notes had a balance of $121.1 million. On March 28, 2013, CAL II issued $229.0 million of 3.35% fixed rate asset-backed notes (Series 2013-1 Asset-Backed Notes). Principal and interest on the Series 2013-1 Asset-Backed Notes is payable monthly commencing on April 25, 2013, and the Series 2013-1 Asset-Backed Notes mature in March 2028 . The proceeds from the Series 2013-1 Asset-Backed Notes were used partly to reduce the balance of the Company’s term loan as described in Note 8 (b)(ii) above, and to partially pay down the Company’s senior revolving credit facility. The Series 2013-1 Asset-Backed Notes had a balance of $171.8 million as of September 30, 2015. The Company’s asset-backed notes are secured by certain rental equipment owned by the Company, which had a net book value of $364.2 million as of September 30, 2015. The agreements under each of the asset-backed notes described above require the Company to maintain a restricted cash account to cover payment of the obligations. As of September 30, 2015, the restricted cash account had a balance of $7.5 million. (e) Collateralized Financing Obligations As of September 30, 2015, the Company had collateralized financing obligations of $123.8 million (see Note 3). The obligations had an average interest rate of 0.7% as of September 30, 2015 with maturity dates between December 2015 and June 2019 . The debt is secured by a pool of containers covered under the financing arrangements. (f) Term Loans Held by VIE On June 25, 2014, one of the Japanese investor funds that is consolidated by the Company as a VIE (see Note 3) entered into a term loan agreement with a bank. Under the terms of the agreement, the Japanese investor fund entered into two loans; a five -year, amortizing loan of $9.2 million at a fixed interest rate of 2.7% , and a five -year, non-amortizing loan of $1.6 million at a variable interest rate based on LIBOR. The debt is secured by assets of the Japanese investor fund, and is subject to certain borrowing conditions set out in the loan agreement. As of September 30, 2015, the term loans held by the Japanese investor fund totaled $8.0 million and had an average interest rate of 2.6% . CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The Company’s term loans held by VIE are secured by rental equipment owned by the Japanese investor fund , which had a net book value of $17.9 million as of September 30, 2015. (g) Short Term Line of Credit On May 8, 2014, CAL entered into a short term uncommitted line of credit agreement. Under this credit agreement, CAL is eligible to borrow up to $75.0 million, subject to certain borrowing conditions. Loans made under the line of credit are repayable on the earlier of (a) 3 months after the loan is made, and (b) the facility termination date of May 8, 2016 . Outstanding loans bear a variable interest rate based on LIBOR. The full $75.0 million was drawn and was primarily used to repay outstanding amounts under the Company’s senior revolving credit facility. As of September 30, 2015, the full $75.0 million was paid down. On October 2, 2015, the full $75.0 million was drawn again, which is due and payable on December 2, 2015 . The Company intends to renew the loan prior to the maturity date. Interest is charged on the outstanding loan at an annual rate of 1.5% . The agreements relating to all of the Company’s debt contain various financial and other covenants. As of September 30, 2015, the Company was in compliance with all of its debt covenants. Capital Lease Obligations As of September 30, 2015, the Company had capital lease obligations of less than $0.1 million. The underlying obligations are denominated in Euros at floating interest rates averaging 2.8% as of September 30, 2015 with maturity dates between December 2015 and March 2016 . The loans are secured by certain containers owned by the Company, which had a net book value of less than $0.1 million as of September 30, 2015.

Stock-Based Compensation Plan

Stock-Based Compensation Plan	9 Months Ended
	Sep. 30, 2015
Stock-Based Compensation Plan [Abstract]
Stock-Based Compensation Plan	(9) Stock–Based Compensation Plan Stock Options The Company grants stock options to certain employees and independent directors pursuant to its 2007 Equity Incentive Plan (Plan), as amended, which was originally adopted on April 23, 2007. Under the Plan, a maximum of 1,921,980 share awards may be granted. Stock options granted to employees have a vesting period of four years from grant date, with 25% vesting after one year, and 1/48th vesting each month thereafter until fully vested. Stock options granted to independent directors vest in one year. All of the stock options have a contractual term of ten years. The following table summarizes the Company’s stock option activities for the nine months ended September 30, 2015 and 2014: Nine Months Ended September 30, 2015 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 $ $ Options granted - employees $ $ Options granted - directors $ $ Options forfeited - employees - $ - $ Options exercised - employees $ $ Options outstanding at September 30 $ $ Options exercisable $ $ Weighted average remaining term 5.1 years 4.8 years The aggregate intrinsic value of stock options exercised during the nine months ended September 30, 2015 and 2014 was $4.9 million and less than $0.1 million, respectively. The aggregate intrinsic value of all options outstanding as of September 30, 2015 was $1.0 million based on the closing price of the Company’s common stock of $10.08 per share on September 30, 2015, the last trading day of the quarter. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The Company recorded stock-based compensation expense of $0.4 million for both the three months ended September 30, 2015 and 2014, and $1.2 million for both the nine months ended September 30, 2015 and 2014. As of September 30, 2015, the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $2.8 million which is to be recognized over the remaining weighted average vesting period of approximately 2.7 years. The fair value of the stock options granted to the Company’s employees and independent directors was estimated using the Black-Scholes-Merton pricing model using the following weighted average assumptions: Nine Months Ended September 30, 2015 2014 Stock price $ $ Exercise price $ $ Expected term: Employees 6.25 years 6.25 years Directors 5.5 years 5.5 years Expected volatility: Employees % % Directors % % Dividend yield - % - % Risk free rate: Employees % % Directors % % The expected option term is calculated using the simplified method in accordance with SEC guidance. The expected volatility was derived from the average volatility of the Company’s stock over a period approximating the expected term of the options. The risk-free rate is based on the daily U.S. Treasury yield curve with a term approximating the expected term of the options. No forfeiture rate was estimated on all options granted during the nine months ended September 30, 2015 and 2014 as management believes that none of the grantees will leave the Company within the option vesting period. Restricted Stock The Company grants restricted stock to certain employees pursuant to the Plan. The restricted stock is valued based on the closing price of the Company’s stock on the date of grant and has a vesting period of four years. The following table summarizes the activity of restricted stock under the Company’s Plan: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2014 $ Restricted stock granted $ Restricted stock vested $ Restricted stock forfeited - $ - Restricted stock outstanding, September 30, 2015 $ The Company recognized $0.1 million of stock-based compensation expense relating to restricted stock for both the three months ended September 30, 2015 and 2014, and $0.3 million and $0.2 million for the nine months ended September 30, 2015 and 2014, respectively. As of September 30, 2015, unamortized stock-based compensation expense relating to restricted stock was $1.0 million, which will be recognized over the remaining average vesting period of 2.7 years. Stock-based compensation expense is recorded as a component of marketing, general and administrative expense in the Company’s consolidated statements of income with a corresponding credit to additional paid-in capital in the Company’s consolidated balance sheets.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Taxes [Abstract]
Income Taxes	CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (10) 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 years ending December 31, 2015 and 2014, respectively. The difference between the consolidated effective income tax rate and the U.S. federal statutory rate is primarily attributable to foreign income taxes, state income taxes and the effect of certain permanent differences. The Company’s estimated full year effective tax rate, before certain non-recurring discrete items, was 8.8% at September 30, 2015, compared to 9.0% at September 30, 2014. The lower estimated full year effective tax rate at September 30, 2015 was due primarily to higher pretax income from foreign operations where statutory rates are lower than the U.S. income tax rates. The Company recognizes in the financial statements a liability for tax uncertainty if it is more likely than not that the position will be sustained on audit, based on the technical merits of the position. As of September 30, 2015, the Company had unrecognized tax benefits of $0.1 million, which if recognized, would reduce the Company’s effective tax rate. Total accrued interest relating to unrecognized tax benefits was less than $0.1 million as of September 30, 2015. The Company does not believe the total amount of unrecognized tax benefits as of September 30, 2015 will change for the remainder of 2015.

Fair Value Of Financial Instrum

Fair Value Of Financial Instruments	9 Months Ended
	Sep. 30, 2015
Fair Value Of Financial Instruments [Abstract]
Fair Value Of Financial Instruments	(11) Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company’s collateralized financing obligations of $123.8 million as of September 30, 2015 were estimated to have a fair value of approximately $122.8 million based on the fair value of estimated future payments calculated using prevailing interest rates. The fair value of these financial instruments would be categorized as Level 3 in the fair value hierarchy. Management believes that the balances of the Company’s revolving credit facilities of $632.1 million, term loans totaling $278.8 million, senior secured notes of $78.3 million, asset-backed notes of $292.9 million, term loans held by VIE of $8.0 million, net inves tment in direct finance leases of $103.3 million and capital lease obligations of less than $0.1 million approximate their fair values as of September 30, 2015. The fair value of these financial instruments would be categorized as Level 3 in the fair value hierarchy.

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies [Abstract]
Commitments And Contingencies	(12) Commitments and Contingencies In addition to its debt obligations described in Note 8 above, the Company had commitments to purchase approximately $288.7 million of rental equipment as of September 30, 2015; $106.8 million in the twelve months ending September 30, 2016, $136.4 million in the twelve months ending September 30, 2017, $32.1 million in the twelve months ending September 30, 2018, and $13.4 million in the twelve months ending September 30, 2019. The Company also utilizes certain office facilities and equipment under long-term non-cancellable operating lease agreements with total future minimum lease payments of approximately $2.8 million as of September 30, 2015.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	(13) Related Party Transactions The Company has transferred legal ownership of certain containers to Japanese container funds that were established by Japan Investment Adviser Co., Ltd. (JIA) and CAIJ. CAIJ is an 80% -owned subsidiary of CAI with the remaining 20% owned by JIA. Prior to September 30, 2013, JIA was owned and controlled by the Managing Director of CAIJ. Prior to the transfer of containers from the Company, the container funds received contributions from unrelated Japanese investors, under separate Japanese investment agreements allowed under Japanese commercial laws. The contributions were used to purchase container equipment from the Company. Under the terms of the agreements, the CAI-related Japanese entities manage the activities of certain Japanese entities but may outsource the whole or part of each operation to a third party. Pursuant to its services agreements with investors, the Japanese container funds have outsourced the general management of their operations to CAIJ. The Japanese container funds have also entered into equipment management service agreements and financing arrangements whereby the Company manages the leasing activity of containers owned by the Japanese container funds. As described in Note 3, the Japanese managed container funds and financing arrangements are considered VIEs. However, with the exception of the financing arrangements described in Note 3, the Company does not consider its interest in the managed Japanese container funds to be a variable interest. As such, the Company did not consolidate the assets and liabilities, results of operations or cash flows of these funds in its consolidated financial statements. The sale of containers to the unconsolidated Japanese VIEs has been recorded on the Company’s books as a sale in the ordinary course of business. As described in Note 3, the Company has included in its consolidated financial statements, the assets and liabilities, results of operations, and cash flows of the financing arrangements, in accordance with ASC Topic 810, Consolidation . CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) During the nine months ended September 30, 2014, the Company purchased, and subsequently cancelled, 400,000 shares of the Company’s common stock from Mr. Hiromitsu Ogawa, the Chairman of the Board of Directors, pursuant to the Company’s share repurchase plan authorized by the Board of Directors on February 27, 2014. The shares were purchased for proceeds totaling $8.8 million, at an average price of $21.92 , which represented a modest discount to the closing share price on the dates of purchase.

Segment And Geographic Informat

Segment And Geographic Information	9 Months Ended
	Sep. 30, 2015
Segment And Geographic Information [Abstract]
Segment And Geographic Information	(14) Segment and Geographic Information The Company organizes itself by the nature of the services it provides which includes equipment leasing, equipment management and logistics. The equipment leasing segment derives its revenue from the ownership and leasing of equipment, the equipment management segment derives its revenue from fees earned for managing equipment portfolios on behalf of third party investors and the logistics segment derives its revenue from provision of logistics services. The equipment leasing segment, which comprised 96% of the Company’s total revenue and 100% of its net income before income taxes and non-controlling interest for the nine months ended September 30, 2015, is disclosed below as a reportable segment. The equipment management and logistics segments have been combined and reflected below as ‘Other.’ The following tables show condensed segment information for the three and nine months ended September 30, 2015 and 2014, reconciled to the Company’s net income before income taxes and non-controlling interest as shown in its consolidated statements of income (in thousands): Three Months Ended September 30, 2015 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Total assets $ $ $ Three Months Ended September 30, 2014 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Total assets $ $ $ CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Nine Months Ended September 30, 2015 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Nine Months Ended September 30, 2014 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Geographic Data The Company earns its revenue primarily from international containers which are deployed by its customers in a wide variety of global trade routes. Virtually all of the Company’s containers are used internationally and typically no container is domiciled in one particular place for a prolonged period of time. As such, substantially all of the Company’s long-lived assets are considered to be international, with no single country of use. The Company’s railcars, with a net book value of $176.6 million as of September 30, 2015, are used primarily to transport cargo within North America. The following table represents the geographic allocation of revenue for the periods indicated based on customers’ primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States $ $ $ $ France Japan Korea Switzerland Other Asia Other Europe Other International Total revenue $ $ $ $

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (15) Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive. The following table sets forth the reconciliation of basic and diluted net income per share for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ $ $ $ Denominator Weighted-average shares used in the calculation of basic earnings per share Effect of dilutive securities: Stock options and restricted stock Weighted-average shares used in the calculation of diluted earnings per share Net income per share attributable to CAI common stockholders: Basic $ $ $ $ Diluted $ $ $ $ The calculation of diluted earnings per share for the three months ended September 30, 2015 and 2014 excluded from the denominator 972 ,992 and 573,300 shares, respectively, of common stock options because their effect would have been anti-dilutive. The calculation of diluted earnings per share for the nine months ended September 30, 2015 and 2014 excluded from the denominator 670,850 and 536,300 shares, respectively, of common stock options because their effect would have been anti-dilutive.

Accounting Policies And Recen22

Accounting Policies And Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies And Recent Accounting Pronouncements [Abstract]
Accounting Policies	(a) Accounting Policies There were no changes to the Company’s accounting policies during the nine months ended September 30, 2015. See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 27, 2015, for a description of the Company’s significant accounting policies.
Recent Accounting Pronouncements	(b) Recent Accounting Pronouncements In May 2014, the Financial Account in g Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminates industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to management fee revenue, sales of equipment portfolios and dispositions of used equipment. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. Adoption of the guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU No. 2015-02). The new guidance will change (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity (VIE) characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03) . The new guidance will require debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements.

Acquisition Of ClearPointt Lo23

Acquisition Of ClearPointt Logistics LLC (Tables)	9 Months Ended
	Sep. 30, 2015
Acquisition Of ClearPointt Logistics LLC [Abstract]
Schedule Of Assets Acquired And Liabilities Assumed	Accounts receivable, net $ Property and equipment, net Goodwill Intangible assets Other assets Total assets Accounts payable Other liabilities Total liabilities Purchase price $
Schedule Of Intangible Assets Acquired	Amount Estimated Life Tradename $ 5 years Customer relationships 8 years

Rental Equipment (Tables)

Rental Equipment (Tables)	9 Months Ended
	Sep. 30, 2015
Rental Equipment [Abstract]
Schedule Of Rental Equipment	September 30, December 31, 2015 2014 Dry containers $ $ Refrigerated containers Other specialized equipment Rail cars Accumulated depreciation Rental equipment, net of accumulated depreciation $ $

Net Investment In Direct Fina25

Net Investment In Direct Finance Leases (Tables)	9 Months Ended
	Sep. 30, 2015
Net Investment In Direct Finance Leases [Abstract]
Components Of Net Investment In Direct Finance Leases	September 30, December 31, 2015 2014 Gross finance lease receivables (1) $ $ Unearned income (2) Net investment in direct finance leases $ $ (1) At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at September 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2015 and December 31, 2014. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of September 30, 2015 and December 31, 2014.
Gross Finance Lease Receivables By Customer Categories	September 30, December 31, 2015 2014 Tier 1 $ $ Tier 2 Tier 3 - - $ $
Contractual Maturities Of Gross Finance Lease Receivables	2016 $ 2017 2018 2019 2020 2021 and thereafter $

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Intangible Assets [Abstract]
Schedule Of Estimated Useful Lives	Trademarks and tradename 1 - 10 years Contracts – owned equipment 5 - 7 years Customer relationships 8 years
Schedule Of Intangible Assets	Gross Carrying Amount Accumulated Amortization Net Carrying Amount September 30, 2015 Trademarks and tradename $ $ $ Contracts- owned equipment - Customer relationships - $ $ $ December 31, 2014 Trademarks and tradename $ $ $ Contracts- owned equipment $ $ $

Debt And Capital Lease Obliga27

Debt And Capital Lease Obligations (Tables)	9 Months Ended
	Sep. 30, 2015
Debt And Capital Lease Obligations [Abstract]
Schedule Of Debt	September 30, 2015 December 31, 2014 Outstanding Average Outstanding Average Maturity Reference Current Long-term Interest Current Long-term Interest Date (a)(i) Revolving credit facility $ $ 1.7% $ - $ 1.9% March 2020 (a)(ii) Revolving credit facility - Rail - 2.0% - 1.9% July 2019 (b)(i) Term loan 2.3% 2.2% April 2018 (b)(ii) Term loan 1.9% 1.8% October 2019 (b)(iii) Term loan 1.9% 1.9% April 2017 (c) Senior secured notes 4.9% 4.9% September 2022 (d) Asset backed notes 3.4% 3.4% March 2028 (e) Collateralized financing obligations 0.7% 0.8% June 2019 (f) Term loans held by VIE 2.6% 2.6% June 2019 (g) Short term line of credit - - 1.5% - 1.5% May 2016 Total Debt $ $ $ $

Stock-Based Compensation Plan (

Stock-Based Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Fair Value Weighted Average Assumptions	Nine Months Ended September 30, 2015 2014 Stock price $ $ Exercise price $ $ Expected term: Employees 6.25 years 6.25 years Directors 5.5 years 5.5 years Expected volatility: Employees % % Directors % % Dividend yield - % - % Risk free rate: Employees % % Directors % %
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Stock Activities	Nine Months Ended September 30, 2015 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 $ $ Options granted - employees $ $ Options granted - directors $ $ Options forfeited - employees - $ - $ Options exercised - employees $ $ Options outstanding at September 30 $ $ Options exercisable $ $ Weighted average remaining term 5.1 years 4.8 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Summary Of Stock Activities	Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2014 $ Restricted stock granted $ Restricted stock vested $ Restricted stock forfeited - $ - Restricted stock outstanding, September 30, 2015 $

Segment And Geographic Inform29

Segment And Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment And Geographic Information [Abstract]
Schedule Of Segment Information	Three Months Ended September 30, 2015 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Total assets $ $ $ Three Months Ended September 30, 2014 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Total assets $ $ $ CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Nine Months Ended September 30, 2015 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $ Nine Months Ended September 30, 2014 Equipment Leasing Other Total Total revenue $ $ $ Total operating expenses Operating income Net interest expense - Net income before income taxes and non-controlling interest $ $ $
Schedule Of Geographic Allocation Of Revenue	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 United States $ $ $ $ France Japan Korea Switzerland Other Asia Other Europe Other International Total revenue $ $ $ $

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Reconciliation Of Basic And Diluted Net Income Per Share	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ $ $ $ Denominator Weighted-average shares used in the calculation of basic earnings per share Effect of dilutive securities: Stock options and restricted stock Weighted-average shares used in the calculation of diluted earnings per share Net income per share attributable to CAI common stockholders: Basic $ $ $ $ Diluted $ $ $ $

The Company And Nature Of Ope31

The Company And Nature Of Operations (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Business Acquisition [Line Items]
Acquisition purchase price	$ 4,100
Ownership interest in subsidiary	80.00%
ClearPointt [Member]
Business Acquisition [Line Items]
Acquisition purchase date	Jul. 27, 2015

Consolidation Of Variable Int32

Consolidation Of Variable Interest Entities As A Non-Controlling Interest (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2014item	Sep. 30, 2015USD ($)item	Sep. 30, 2014item	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Total net book value	$ 754,000		$ 754,000		$ 945,000
Net book value	$ 1,740,878,000		$ 1,740,878,000		$ 1,564,777,000
Variable Interest Entity, Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Number of types of container fund arrangements | item			2
Number of container portfolios sold | item	0	0	0	0
Total net book value	$ 156,900,000		$ 156,900,000
Net book value	78,200,000		78,200,000
Cash held by investor funds	50,500,000		50,500,000
Gain (loss) recognized on initial consolidation of VIEs			0
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member]
Variable Interest Entity [Line Items]
Long-term debt	8,000,000		8,000,000
Variable Interest Entity, Primary Beneficiary [Member] | Collateralized Financing Obligations [Member]
Variable Interest Entity [Line Items]
Long-term debt	$ 123,800,000		$ 123,800,000

Acquisition Of ClearPointt Lo33

Acquisition Of ClearPointt Logistics LLC (Narrative) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)employeecustomer
Business Acquisition [Line Items]
Acquisition purchase price | $	$ 4,100
ClearPointt [Member]
Business Acquisition [Line Items]
Acquisition purchase date	Jul. 27, 2015
Number of employees acquired | employee	22
Number of customers acquired	280

Acquisition Of ClearPointt Lo34

Acquisition Of ClearPointt Logistics LLC (Schedule Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jul. 27, 2015
Business Acquisition [Line Items]
Goodwill	$ 2,905
ClearPointt [Member]
Business Acquisition [Line Items]
Accounts receivable, net		$ 2,683
Property and equipment, net		56
Goodwill		2,905
Intangible assets		1,188
Other assets		72
Total assets		6,904
Accounts payable		2,620
Other liabilities		184
Total liabilities		2,804
Purchase price		$ 4,100

Acquisition Of ClearPointt Lo35

Acquisition Of ClearPointt Logistics LLC (Schedule Of Intangible Assets Acquired) (Details) - ClearPointt [Member] - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Jul. 27, 2015
Acquired Finite-Lived Intangible Assets [Line Items]
Intangibles, Amount		$ 1,188
Tradename [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangibles, Amount		568
Intangibles, Estimated Life	5 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Intangibles, Amount		$ 620
Intangibles, Estimated Life	8 years

Rental Equipment (Schedule Of R

Rental Equipment (Schedule Of Rental Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Rental equipment, gross	$ 2,071,680	$ 1,839,110
Accumulated depreciation	(330,802)	(274,333)
Rental equipment, net of accumulated depreciation	1,740,878	1,564,777
Dry Containers [Member]
Property, Plant and Equipment [Line Items]
Rental equipment, gross	1,421,195	1,364,331
Refrigerated Containers [Member]
Property, Plant and Equipment [Line Items]
Rental equipment, gross	306,743	254,788
Other Specialized Equipment [Member]
Property, Plant and Equipment [Line Items]
Rental equipment, gross	158,516	130,697
Rail Cars [Member]
Property, Plant and Equipment [Line Items]
Rental equipment, gross	185,226	$ 89,294
Rental equipment, net of accumulated depreciation	$ 176,600

Net Investment In Direct Fina37

Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Net Investment In Direct Finance Leases [Abstract]
Gross finance lease receivables	[1]	$ 125,500	$ 116,992
Unearned income	[2]	(22,167)	(22,028)
Net investment in finance leases		103,333	94,964
Unguaranteed residual value		0	0
Executory costs		0	0
Unamortized initial direct costs		$ 0	$ 0
[1]	At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at September 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2015 and December 31, 2014.
[2]	The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of September 30, 2015 and December 31, 2014.

Net Investment In Direct Fina38

Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Customer Categories) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Financing Receivable, Recorded Investment [Line Items]
Gross finance lease receivables	[1]	$ 125,500	$ 116,992
Tier 1 [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross finance lease receivables		85,388	89,960
Tier 2 [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross finance lease receivables		$ 40,112	$ 27,032
Tier 3 [Member]
Financing Receivable, Recorded Investment [Line Items]
Gross finance lease receivables
[1]	At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at September 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2015 and December 31, 2014.

Net Investment In Direct Fina39

Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Net Investment In Direct Finance Leases [Abstract]
2,016		$ 28,186
2,017		36,556
2,018		26,750
2,019		16,415
2,020		7,985
2021 and thereafter		9,608
Gross finance lease receivables	[1]	$ 125,500	$ 116,992
[1]	At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at September 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2015 and December 31, 2014.

Intangible Assets (Narrative) (

Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Intangible Assets [Abstract]
Amortization expense	$ 28	$ 95	$ 157	$ 293

Intangible Assets (Schedule Of

Intangible Assets (Schedule Of Estimated Useful Lives) (Details)	9 Months Ended
	Sep. 30, 2015
Trademarks And Tradename [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	1 year
Trademarks And Tradename [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	10 years
Contracts - Owned Equipment [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	5 years
Contracts - Owned Equipment [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	7 years
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets	8 years

Intangible Assets (Schedule O42

Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 6,151	$ 5,090
Accumulated Amortization	(4,853)	(4,817)
Net Carrying Amount	1,298	273
Trademarks And Tradename [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,842	1,278
Accumulated Amortization	(1,164)	(1,084)
Net Carrying Amount	678	194
Contracts - Owned Equipment [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3,689	3,812
Accumulated Amortization	(3,689)	(3,733)
Net Carrying Amount		$ 79
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	620
Net Carrying Amount	$ 620

Debt And Capital Lease Obliga43

Debt And Capital Lease Obligations (Narrative) (Details)	Oct. 02, 2015USD ($)	Sep. 30, 2014USD ($)	Mar. 28, 2013USD ($)	Sep. 30, 2015USD ($)itemloan	Oct. 22, 2015USD ($)	Jan. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Mar. 27, 2013USD ($)
Debt Instrument [Line Items]
Net book value				$ 1,740,878,000			$ 1,564,777,000
Restricted cash				7,467,000			$ 8,232,000
Rail Cars [Member]
Debt Instrument [Line Items]
Net book value				$ 176,600,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Mar. 15, 2020
Average interest rate				1.70%			1.90%
Revolving Credit Facility [Member] | Equipment [Member]
Debt Instrument [Line Items]
Net book value				$ 752,400,000
Revolving Credit Facility [Member] | CAI Rail [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date				Oct. 22, 2020
Maximum credit commitment				$ 250,000,000
Maximum credit commitment increase amount				325,000,000
Available borrowing capacity				115,000,000
Available borrowing capacity based on borrowing base and collateral requirements				3,600,000
Net book value				$ 173,300,000
Debt instrument maturity date				Jul. 1, 2019
Average interest rate				2.00%			1.90%
Revolving Credit Facility [Member] | Consortium of Banks [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date				Mar. 15, 2020
Maximum credit commitment				$ 775,000,000		$ 760,000,000
Maximum credit commitment increase amount				960,000,000
Available borrowing capacity				277,800,000
Available borrowing capacity based on borrowing base and collateral requirements				126,200,000
Swing Line Loans [Member]
Debt Instrument [Line Items]
Maximum credit commitment				$ 10,000,000
Maximum number of business days short term borrowings payable				10 days
Standby Letters Of Credit [Member]
Debt Instrument [Line Items]
Maximum credit commitment				$ 15,000,000
Short Term Line Of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date				May 8, 2016
Maximum credit commitment				$ 75,000,000
Short term line of credit drawn				75,000,000
Short term line of credit paid down				$ 75,000,000
Debt instrument maturity date				May 8, 2016
Average interest rate				1.50%			1.50%
Fixed interest rate				1.50%
Letters Of Credit [Member]
Debt Instrument [Line Items]
Letters of credit outstanding				$ 100,000
Series 2012-1 Asset-Backed Notes [Member]
Debt Instrument [Line Items]
Principal amount of loan				$ 171,000,000
Debt instrument maturity date				Oct. 1, 2027
Amount outstanding under the facility				$ 121,100,000
Fixed interest rate				3.47%
Series 2013-1 Asset-Backed Notes [Member]
Debt Instrument [Line Items]
Principal amount of loan				$ 229,000,000
Debt instrument maturity date				Mar. 1, 2028
Amount outstanding under the facility				$ 171,800,000
Fixed interest rate				3.35%
Variable Interest Entity, Primary Beneficiary [Member]
Debt Instrument [Line Items]
Net book value				$ 78,200,000
Term Loan [Member] | Rental Equipment [Member]
Debt Instrument [Line Items]
Net book value				336,600,000
Term Loan [Member] | Development Bank of Japan [Member]
Debt Instrument [Line Items]
Principal amount of loan				$ 30,000,000
Term of loan				5 years
Number of quarterly installments | item				19
Debt Instrument, Periodic Payment, Principal				$ 500,000
Debt instrument final payment				$ 21,500,000
Debt instrument maturity date				Apr. 30, 2018
Amount outstanding under the facility				$ 26,000,000
Proceeds used to repay credit facility				$ 500,000
Average interest rate				2.30%			2.20%
Term Loan [Member] | Consortium of Banks [Member]
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal			$ 124,400,000
Debt instrument maturity date				Oct. 1, 2019
Amount outstanding under the facility			125,000,000					$ 249,400,000
Proceeds used to repay credit facility			124,400,000
Average interest rate				1.90%			1.80%
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member]
Debt Instrument [Line Items]
Maximum credit commitment		$ 115,000,000		$ 150,000,000
Debt instrument maturity date				Oct. 1, 2019
Amount outstanding under the facility				$ 141,000,000
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member]
Debt Instrument [Line Items]
Maximum credit commitment				142,000,000
Maximum credit commitment increase amount				$ 200,000,000
Term of loan				5 years
Debt instrument maturity date				Apr. 11, 2017
Amount outstanding under the facility				$ 111,900,000
Quarterly payments specified as percentage of drawn amount				1.75%
Average interest rate				1.90%			1.90%
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member]
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%		1.60%
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Jun. 1, 2019
Number of loans | loan				2
Long-term debt				$ 8,000,000
Average interest rate				2.60%			2.60%
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Rental Equipment [Member]
Debt Instrument [Line Items]
Net book value				$ 17,900,000
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Sep. 13, 2022
Amount outstanding under the facility				$ 78,300,000
Long-term debt				$ 103,000,000
Average interest rate				4.90%			4.90%
Minimum percentage of aggregate principal to prepay				10.00%
Senior Secured Notes [Member] | Rental Equipment [Member]
Debt Instrument [Line Items]
Net book value				$ 103,500,000
Asset Backed Notes [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Mar. 1, 2028
Proceeds used for working capital purposes			$ 229,000,000
Average interest rate				3.40%			3.40%
Asset Backed Notes [Member] | Rental Equipment [Member]
Debt Instrument [Line Items]
Net book value				$ 364,200,000
Collateralized Financing Obligations [Member]
Debt Instrument [Line Items]
Debt instrument maturity date				Jun. 1, 2019
Long-term debt				$ 123,800,000
Average interest rate				0.70%			0.80%
Average fixed and floating interest rates				0.70%
Maturity date range start				Dec. 1, 2015
Maturity date range end				Jun. 1, 2019
Amortizing Term Loan [Member] | Consortium of Banks [Member]
Debt Instrument [Line Items]
Maximum credit commitment				$ 300,000,000
Term of loan				6 years
Amortizing Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Debt Instrument [Line Items]
Term of loan				5 years
Long-term debt				$ 9,200,000
Fixed interest rate				2.70%
Non-Amortizing Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Debt Instrument [Line Items]
Term of loan				5 years
Long-term debt				$ 1,600,000
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Average fixed and floating interest rates				2.80%
Maturity date range start				Dec. 1, 2015
Maturity date range end				Mar. 1, 2016
Capital lease obligations				$ 100,000
Capital Lease Obligations [Member] | Dry Containers [Member]
Debt Instrument [Line Items]
Net book value				$ 100,000
Subsequent Event [Member] | Revolving Credit Facility [Member] | CAI Rail [Member]
Debt Instrument [Line Items]
Maximum credit commitment					$ 500,000,000
Maximum credit commitment increase amount					$ 700,000,000
Subsequent Event [Member] | Short Term Line Of Credit [Member]
Debt Instrument [Line Items]
Short term line of credit drawn	$ 75,000,000

Debt And Capital Lease Obliga44

Debt And Capital Lease Obligations (Schedule Of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Current Outstanding	$ 133,809	$ 203,199
Long-term Outstanding	1,280,112	1,058,754
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Current Outstanding	3,150
Long-term Outstanding	$ 494,000	$ 289,000
Average Interest	1.70%	1.90%
Maturity Date	Mar. 15, 2020
Revolving Credit Facility [Member] | CAI Rail [Member]
Debt Instrument [Line Items]
Long-term Outstanding	$ 135,000	$ 61,769
Average Interest	2.00%	1.90%
Maturity Date	Jul. 1, 2019
Short Term Line Of Credit [Member]
Debt Instrument [Line Items]
Current Outstanding		$ 75,000
Average Interest	1.50%	1.50%
Maturity Date	May 8, 2016
Term Loan [Member] | Development Bank of Japan [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 1,800	$ 1,800
Long-term Outstanding	$ 24,150	$ 25,500
Average Interest	2.30%	2.20%
Maturity Date	Apr. 30, 2018
Term Loan [Member] | Consortium of Banks [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 9,000	$ 9,000
Long-term Outstanding	$ 132,000	$ 138,750
Average Interest	1.90%	1.80%
Maturity Date	Oct. 1, 2019
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 9,940	$ 9,940
Long-term Outstanding	$ 101,925	$ 109,380
Average Interest	1.90%	1.90%
Maturity Date	Apr. 11, 2017
Senior Secured Notes [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 7,175	$ 8,240
Long-term Outstanding	$ 71,105	$ 78,280
Average Interest	4.90%	4.90%
Maturity Date	Sep. 13, 2022
Asset Backed Notes [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 40,000	$ 40,000
Long-term Outstanding	$ 252,875	$ 282,875
Average Interest	3.40%	3.40%
Maturity Date	Mar. 1, 2028
Collateralized Financing Obligations [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 60,915	$ 57,390
Long-term Outstanding	$ 62,852	$ 65,184
Average Interest	0.70%	0.80%
Maturity Date	Jun. 1, 2019
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Current Outstanding	$ 1,829	$ 1,829
Long-term Outstanding	$ 6,205	$ 8,016
Average Interest	2.60%	2.60%
Maturity Date	Jun. 1, 2019

Stock-Based Compensation Plan45

Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Closing price per share	$ 10.08		$ 10.08
2007 Equity Incentive Plan [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options			4 years
Percentage of stock options vesting after one year			25.00%
Percentage of stock options vesting each month following first year			2.083%
2007 Equity Incentive Plan [Member] | Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options			1 year
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate intrinsic value of options exercised	$ 4.9	$ 0.1	$ 4.9	$ 0.1
Aggregate intrinsic value of options outstanding	1		1
Stock-based compensation expense recorded	0.4	0.4	1.2	1.2
Remaining unamortized stock-based compensation cost	$ 2.8		$ 2.8
Stock-based compensation cost recognition period			2 years 8 months 12 days
Stock Options [Member] | 2007 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options available for grant	1,921,980		1,921,980
Contractual term			10 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period of stock options			4 years
Stock-based compensation expense recorded	$ 0.1	$ 0.1	$ 0.3	$ 0.2
Remaining unamortized stock-based compensation cost	$ 1		$ 1
Stock-based compensation cost recognition period			2 years 8 months 12 days

Stock-Based Compensation Plan46

Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding at beginning of period, Number of Shares	1,420,749	1,263,485
Options outstanding at end of period, Number of Shares	1,189,255	1,426,485
Options exercisable at end of period, Number of Shares	884,817	1,154,844
Options outstanding at beginning of period, Weighted Average Exercise Price	$ 15.67	$ 14.84
Options outstanding at end of period, Weighted Average Exercise Price	18.08	15.67
Options exercisable at end of period, Weighted Average Exercise Price	$ 16.76	$ 14.13
Weighted average remaining term	5 years 1 month 6 days	4 years 9 months 18 days
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted - employees and directors, Number of Shares	133,000	120,000
Options forfeited - employees, Number of Shares		(5,417)
Options exercised - employees, Number of Shares	(414,494)	(1,583)
Options granted - employees and directors, Weighted Average Exercise Price	$ 21.66	$ 22.09
Options forfeited - employees, Weighted Average Exercise Price		22.55
Options exercised - employees, Weighted Average Exercise Price	$ 11.45	$ 17.77
Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted - employees and directors, Number of Shares	50,000	50,000
Options granted - employees and directors, Weighted Average Exercise Price	$ 21.89	$ 22.09

Stock-Based Compensation Plan47

Stock-Based Compensation Plan (Summary Of Fair Value Weighted Average Assumptions) (Details) - $ / shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock price	$ 21.72	$ 22.09
Exercise price	$ 21.72	$ 22.09
Dividend yield
Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 3 months	6 years 3 months
Expected volatility	41.76%	53.50%
Risk free rate	2.00%	1.98%
Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 6 months	5 years 6 months
Expected volatility	39.50%	44.80%
Risk free rate	1.85%	1.79%

Stock-Based Compensation Plan48

Stock-Based Compensation Plan (Summary Of Restricted Stock Activity) (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock outstanding, Beginning balance, Number of Shares of Restricted Stock | shares	42,502
Restricted stock granted, Number of Shares of Restricted Stock | shares	21,000
Restricted stock vested, Number of Shares of Restricted Stock | shares	(13,584)
Restricted stock forfeited, Number of Shares of Restricted Stock | shares
Restricted stock outstanding, Ending balance, Number of Shares of Restricted Stock | shares	49,918
Restricted stock outstanding, Beginning balance, Weighted Average Grant Date Fair Value	$ 23.87
Restricted stock granted, Weighted Average Grant Date Fair Value	21.15
Restricted stock vested, Weighted Average Grant Date Fair Value	$ 23.92
Restricted stock forfeited, Weighted Average Grant Date Fair Value
Restricted stock outstanding, Ending balance, Weighted Average Grant Date Fair Value	$ 22.71

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Taxes [Abstract]
Effective tax rate	8.80%	9.00%
Unrecognized tax benefits	$ 0.1
Total accrued interest relating to unrecognized tax benefits	$ 0.1

Fair Value Of Financial Instr50

Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net investment in direct finance leases	$ 346	$ 156
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Net investment in direct finance leases	103,300
Capital lease obligations	100
Fair Value [Member] | Revolving Credit Facility [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of revolving credit facilities	632,100
Collateralized Financing Obligations [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized financing obligations	123,800
Collateralized Financing Obligations [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of collateralized financing obligations	122,800
Term Loan [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of term loans	278,800
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized financing obligations	8,000
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of term loans	8,000
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	78,300
Asset Backed Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of notes	$ 292,900

Commitments And Contingencies (

Commitments And Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)
Commitments And Contingencies [Abstract]
Commitments to purchase rental equipment	$ 288.7
Commitments to purchase rental equipment, year one	106.8
Commitments to purchase rental equipment, year two	136.4
Commitments to purchase rental equipment, year three	32.1
Commitments to purchase rental equipment, year four	13.4
Future minimum lease payments under operating lease agreements	$ 2.8

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015
Ownership percentage by JIA in CAIJ		20.00%
Average price per share	$ 22.09	$ 21.72
Chairman Of The Board Of Directors [Member]
Common stock repurchased and subsequently cancelled, shares	400,000
Common stock repurchased and subsequently cancelled, amount	$ 8.8
Average price per share	$ 21.92
CAIJ [Member]
Ownership percentage by parent in CAIJ		80.00%

Segment And Geographic Inform53

Segment And Geographic Information (Narrative) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Net book value	$ 1,740,878	$ 1,564,777
Segment Concentration [Member] | Equipment Leasing [Member] | Total Revenue [Member]
Property, Plant and Equipment [Line Items]
Percentage of operations comprised by segment	96.00%
Segment Concentration [Member] | Equipment Leasing [Member] | Net Income [Member]
Property, Plant and Equipment [Line Items]
Percentage of operations comprised by segment	100.00%
Rail Cars [Member]
Property, Plant and Equipment [Line Items]
Net book value	$ 176,600

Segment And Geographic Inform54

Segment And Geographic Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2015		Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014	Dec. 31, 2014	[1]
Segment Reporting Information [Line Items]
Total revenue	$ 66,117		$ 59,203	$ 183,975		$ 168,779
Total operating expenses	42,863		32,024	113,996		92,827
Operating income	23,254		27,179	69,979		75,952
Net interest expense	8,967		9,264	26,792		26,937
Net income before income taxes and non-controlling interest	14,287		17,915	43,187		49,015
Total assets	1,992,018	[1]	1,792,975	1,992,018	[1]	1,792,975	$ 1,795,840
Equipment Leasing [Member]
Segment Reporting Information [Line Items]
Total revenue	59,798		57,642	176,044		164,098
Total operating expenses	36,502		31,350	105,647		90,827
Operating income	23,296		26,292	70,397		73,271
Net interest expense	8,967		9,264	26,792		26,937
Net income before income taxes and non-controlling interest	14,329		17,028	43,605		46,334
Total assets	1,978,216		1,784,305	1,978,216		1,784,305
Other [Member]
Segment Reporting Information [Line Items]
Total revenue	6,319		1,561	7,931		4,681
Total operating expenses	6,361		674	8,349		2,000
Operating income	(42)		887	(418)		2,681
Net income before income taxes and non-controlling interest	(42)		887	(418)		2,681
Total assets	$ 13,802		$ 8,670	$ 13,802		$ 8,670
[1]	Total assets at September 30, 2015 and December 31, 2014 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $50,542 and $26,011; Net investment in direct finance leases, $346 and $156; and Rental equipment, net of accumulated depreciation, $77,870 and $102,100, respectively.

Segment And Geographic Inform55

Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 66,117	$ 59,203	$ 183,975	$ 168,779
United States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	15,726	6,132	27,184	17,643
France [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	6,436	6,636	19,430	18,450
Japan [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	6,119	6,704	19,079	18,706
Korea [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	4,449	5,329	13,886	15,771
Switzerland [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	4,887	5,332	14,100	15,364
Other Asia [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	15,665	16,489	51,714	46,018
Other Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	9,447	8,568	27,527	24,138
Other International [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 3,388	$ 4,013	$ 11,055	$ 12,689

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities having antidilutive effect (in shares)	972,992	573,300	670,850	536,300

Earnings Per Share (Reconciliat

Earnings Per Share (Reconciliation Of Basic And Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share	$ 12,989	$ 16,395	$ 39,420	$ 44,112
Weighted-average shares used in the calculation of basic earnings per share	20,920	20,936	20,973	21,193
Effect of dilutive securities: Stock options and restricted stock	139	393	263	429
Weighted-average shares used in the calculation of diluted earnings per share	21,059	21,329	21,236	21,622
Basic	$ 0.62	$ 0.78	$ 1.88	$ 2.08
Diluted	$ 0.62	$ 0.77	$ 1.86	$ 2.04