Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
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 | Q1 | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 19,428,894 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Current assets | |||
Cash | $ 17,968 | $ 17,447 | |
Accounts receivable, net of allowance for doubtful accounts of $807 and $548 at March 31, 2016 and December 31, 2015, respectively | 61,556 | 55,284 | |
Current portion of direct finance leases | 21,108 | 21,158 | |
Prepaid expenses and other current assets | 2,202 | 2,155 | |
Total current assets | 137,968 | 131,150 | |
Restricted cash | 6,957 | 7,212 | |
Rental equipment, net of accumulated depreciation of $368,471 and $349,810 at March 31, 2016 and December 31, 2015, respectively | 1,751,345 | 1,748,211 | |
Net investment in direct finance leases | 84,097 | 82,210 | |
Goodwill | 8,994 | 2,905 | |
Intangible assets, net of accumulated amortization of $1,313 and $1,237 at March 31, 2016 and December 31, 2015, respectively | 4,820 | 1,223 | |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,212 and $2,027 at March 31, 2016 and December 31, 2015, respectively | 621 | 674 | |
Total assets | [1] | 1,994,802 | 1,973,585 |
Current liabilities | |||
Accounts payable | 14,989 | 11,962 | |
Accrued expenses and other current liabilities | 5,205 | 4,813 | |
Due to container investors | 5,995 | 5,801 | |
Unearned revenue | 13,384 | 11,990 | |
Current portion of debt | 114,533 | 169,596 | |
Rental equipment payable | 13,023 | 10,901 | |
Total current liabilities | 167,129 | 215,063 | |
Debt | 1,313,548 | 1,249,057 | |
Deferred income tax liability | 48,304 | 48,204 | |
Other long term liabilities | 2,000 | ||
Total liabilities | [2] | 1,530,981 | 1,512,324 |
Stockholders' equity | |||
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 19,428,894 and 20,132,706 shares at March 31, 2016 and December 31, 2015, respectively | 2 | 2 | |
Additional paid-in capital | 142,961 | 148,523 | |
Accumulated other comprehensive loss | (7,000) | (7,922) | |
Retained earnings | 326,901 | 319,735 | |
Total CAI stockholders' equity | 462,864 | 460,338 | |
Non-controlling interest | 957 | 923 | |
Total stockholders' equity | 463,821 | 461,261 | |
Total liabilities and stockholders' equity | 1,994,802 | 1,973,585 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Current assets | |||
Cash | 35,134 | 35,106 | |
Rental equipment, net of accumulated depreciation of $368,471 and $349,810 at March 31, 2016 and December 31, 2015, respectively | 69,263 | 85,101 | |
Net investment in direct finance leases | 1,882 | 1,915 | |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,212 and $2,027 at March 31, 2016 and December 31, 2015, respectively | 176,400 | ||
Current liabilities | |||
Current portion of debt | 46,374 | 60,382 | |
Debt | $ 59,773 | $ 59,445 | |
[1] | Total assets at March 31, 2016 and December 31, 2015 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $35,134 and $35,106; Net investment in direct finance leases, $1,882 and $1,915; and Rental equipment, net of accumulated depreciation, $69,263 and $85,101, respectively. | ||
[2] | Total liabilities at March 31, 2016 and December 31, 2015 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $46,374 and $60,382; Debt, $59,773 and $59,445, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash | $ 17,968 | $ 17,447 |
Accounts receivable, allowance for doubtful accounts | 807 | 548 |
Rental equipment net of accumulated depreciation | 1,751,345 | 1,748,211 |
Rental equipment, accumulated depreciation | 368,471 | 349,810 |
Net investment in direct finance leases | 84,097 | 82,210 |
Intangible assets, accumulated amortization | 1,313 | 1,237 |
Furniture, fixtures and equipment, accumulated depreciation | 2,212 | 2,027 |
Current liabilities | ||
Current portion of debt | 114,533 | 169,596 |
Debt | $ 1,313,548 | $ 1,249,057 |
Stockholders' equity | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 84,000,000 | 84,000,000 |
Common stock, shares issued | 19,428,894 | 20,132,706 |
Common stock, shares outstanding | 19,428,894 | 20,132,706 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets | ||
Cash | $ 35,134 | $ 35,106 |
Rental equipment net of accumulated depreciation | 69,263 | 85,101 |
Net investment in direct finance leases | 1,882 | 1,915 |
Current liabilities | ||
Current portion of debt | 46,374 | 60,382 |
Debt | $ 59,773 | $ 59,445 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue | ||
Container lease income | $ 50,914 | $ 54,320 |
Rail lease income | 7,257 | 2,915 |
Logistics revenue | 8,164 | |
Management fee revenue | 631 | 1,257 |
Total revenue | 66,966 | 58,492 |
Operating expenses | ||
Depreciation of rental equipment | 23,034 | 21,223 |
Storage, handling and other expenses | 9,051 | 6,765 |
Logistics transportation costs | 6,942 | |
Loss (gain) on sale of used rental equipment | 733 | (357) |
Administrative expenses | 8,750 | 7,211 |
Total operating expenses | 48,510 | 34,842 |
Operating income | 18,456 | 23,650 |
Other expenses | ||
Net interest expense | 9,993 | 8,778 |
Other expense (income) | 130 | (41) |
Other expense | 10,123 | 8,737 |
Net income before income taxes and non-controlling interest | 8,333 | 14,913 |
Income tax expense | 1,133 | 1,342 |
Net income | 7,200 | 13,571 |
Net income attributable to non-controlling interest | (34) | (29) |
Net income attributable to CAI common stockholders | $ 7,166 | $ 13,542 |
Net income per share attributable to CAI common stockholders | ||
Basic | $ 0.36 | $ 0.65 |
Diluted | $ 0.36 | $ 0.64 |
Weighted average shares outstanding | ||
Basic | 19,774 | 20,903 |
Diluted | 19,833 | 21,295 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||
Net income | $ 7,200 | $ 13,571 |
Other comprehensive income, net of tax: | ||
Foreign currency translation adjustments | 922 | (2,419) |
Comprehensive income | 8,122 | 11,152 |
Comprehensive income attributable to non-controlling interest | (34) | (29) |
Comprehensive income attributable to CAI common stockholders | $ 8,088 | $ 11,123 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income | $ 7,200 | $ 13,571 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 23,113 | 21,330 |
Amortization of debt issuance costs | 705 | 692 |
Amortization of intangible assets | 76 | 84 |
Stock-based compensation expense | 470 | 512 |
Unrealized (gain) loss on foreign exchange | (7) | 114 |
Loss (gain) on sale of used rental equipment | 733 | (357) |
Deferred income taxes | 100 | 325 |
Bad debt expense | 150 | 104 |
Changes in other operating assets and liabilities: | ||
Accounts receivable | (7,993) | 6,219 |
Prepaid expenses and other assets | (53) | 25 |
Accounts payable, accrued expenses and other current liabilities | 4,040 | (5,928) |
Due to container investors | 194 | (2,953) |
Unearned revenue | 1,383 | 466 |
Net cash provided by operating activities | 30,111 | 34,204 |
Cash flows from investing activities | ||
Purchase of rental equipment | (45,844) | (88,332) |
Acquisitions, net of cash acquired | (6,680) | |
Net proceeds from sale of used rental equipment | 12,740 | 13,884 |
Purchase of furniture, fixtures and equipment | (25) | (15) |
Receipt of principal payments from direct financing leases | 7,073 | 5,154 |
Net cash used in investing activities | (32,736) | (69,309) |
Cash flows from financing activities | ||
Proceeds from debt | 145,200 | 94,581 |
Principal payments on debt | (136,445) | (59,952) |
Debt issuance costs | (10) | (1,654) |
Decrease in restricted cash | 255 | 254 |
Repurchase of stock | (6,032) | |
Exercise of stock options | 4,374 | |
Excess tax benefit from share-based compensation awards | 810 | |
Net cash provided by financing activities | 2,968 | 38,413 |
Effect on cash of foreign currency translation | 206 | (469) |
Net increase in cash | 549 | 2,839 |
Cash at beginning of the period | 52,553 | 53,821 |
Cash at end of the period | 53,102 | 56,660 |
Cash paid during the period for: | ||
Income taxes | 245 | 1,665 |
Interest | 9,964 | 8,909 |
Supplemental disclosure of non-cash investing and financing activity | ||
Transfer of rental equipment to direct finance lease | $ 8,879 | $ 5,448 |
The Company And Nature Of Opera
The Company And Nature Of Operations | 3 Months Ended |
Mar. 31, 2016 | |
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, primarily intermodal shipping containers and railcars, which it leases to its customers . 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 also provides domestic and international logistics services . In July 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. In February 2016 , the Company purchased Challenger Overseas LLC (Challenger), a New Jersey based Non-Vessel Operating Common Carrier (NVOCC), for approximately $10.8 million (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 March 31, 2016 and December 31, 201 5 , and the Company’s results of operations and cash flows for the three months ended March 31, 2016 and 2015. 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 201 6 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, 201 5 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 3, 2016 . |
Accounting Policies And Recent
Accounting Policies And Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016. See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 3, 2016, 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 sales of used equipment and the provision of logistics services. 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 changes (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 Company adopted ASU No. 2015-02 effective January 1, 2016, and adoption had no 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 requires 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. Adoption of the accounting guidance during the first quarter of 2016 resulted in the reclassification of unamortized debt issuance costs of $12.3 million and $13.0 million as of March 31, 2016 and December 31, 2015, respectively, from prepaid expenses and other current assets to a reduction of debt on the Company’s consolidated balance sheets. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU No. 2015-17). The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, with early adoption permitted. The new guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. The Company early adopted ASU No. 2015-07 effective December 31, 2015 on a prospective basis. No prior periods were retrospectively adjusted, and adoption did not have an impact on the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (ASU No. 2016-02). The new standard will replace all current U.S. GAAP guidance on this topic. The new guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases, with the exception of leases that meet the definition of a short-term lease. Lessor accounting will remain similar to the current model. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The new guidance must be adopted using a modified retrospective transition and is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU No. 2016-09), which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The guidance is effective beginning in the first quarter of 2017, with early adoption permitted. We are currently evaluating the impact that the new guidance will have on the Company’s consolidated financial statements and related disclosures. |
Consolidation Of Variable Inter
Consolidation Of Variable Interest Entities As A Non-Controlling Interest | 3 Months Ended |
Mar. 31, 2016 | |
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 or not it has a variable interest in the fund and if the fund is a variable interest entity ( VIE ). If it is determined that the Company does not have a variable interest in the fund, further analysis is not required and the Company does not consolidate the fund. If it is determined that the Company does have a variable interest in the fund and the fund is a VIE, a further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under ASC Topic 810: · It has power to direct the activities of a VIE that most significantly impact the VIE ’s economic performance; and · It has the obligation to absorb losses of the VIE that could be potentially significant to the VIE or the right to receive benefits from the VIE 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 The fees earned by the Company for arranging, managing and establishing container funds are commensurate with the level of effort required to provide those services, and are at or above the same level of seniority as other operating liabilities of the funds that are in the normal course of business. As such, the Company does not have a variable interest in the managed containers funds , and does not consolidate those funds. The Company recognizes gain on sale of containers to the unconsolidated funds as sales in the ordinary course of business. No container portfolios were sold to the Japanese funds in the three months ended March 31, 2016 and 2015. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Collateralized Financing Obligations As of March 31, 2016 , the Company has transferred containers with a total net book value of $ 176.4 m illion 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 terms of the transactions with container funds under financing arrangements 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. The funds 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. 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 March 31, 2016 and December 31, 201 5 , and the results of the VIEs’ operations and cash flows for the three months ended March 31, 2016 and 2015 in the Company’s consolidated financial statements. The containers that were transferred to the Japanese investor funds had a net book value of $71.1 million as of March 31 , 201 6 . The container equipment, together with $ 35.1 million of cash h eld 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 $99.0 million and term loans held by VIE of $7.1 mil lion. 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. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | (4) Acquisition s On February 12, 2016 , the Company purchased C hallenger Overseas LLC (Challenger) , a New Jersey based Non-Vessel Operating Common Carrier (NVOCC) , for approximately $10.8 million , $3.0 million of which is based on the future performance of Challenger . Expected future payments of $2.0 million and $1.0 million are recorded in Other long-term liabilities and Accrued expenses and other current liabilities, respectively, in the Company’s consolidated balance sheet at March 31, 2016. The acquisition was recorded during the first quarter of 201 6 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 February 12, 2016 . The purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands): Cash $ 1,163 Accounts receivable 698 Property and equipment 2 Goodwill 6,089 Intangible assets 3,673 Total assets 11,625 Accounts payable 571 Other liabilities 211 Total liabilities 782 Purchase price $ 10,843 Adjustments to record the assets acquired and liabilities assumed at fair value include the recognition of $ 3.7 million of intangible assets as follows: Amount Estimated Life Tradename $ 494 5 years Customer relationships 3,179 8 years CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The Company’s results for the three months ended March 31, 2016 include the results of C hallenger 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 | 3 Months Ended |
Mar. 31, 2016 | |
Rental Equipment [Abstract] | |
Rental Equipment | (5) Rental Equipment The following table provides a summary of the Company’s rental equipment (in thousands): March 31, December 31, 2016 2015 Dry containers $ 1,397,854 $ 1,392,825 Refrigerated containers 320,854 308,374 Other specialized equipment 130,982 152,310 Railcars 270,126 244,512 2,119,816 2,098,021 Accumulated depreciation (368,471) (349,810) Rental equipment, net of accumulated depreciation $ 1,751,345 $ 1,748,211 |
Net Investment In Direct Financ
Net Investment In Direct Finance Leases | 3 Months Ended |
Mar. 31, 2016 | |
Net Investment In Direct Finance Leases [Abstract] | |
Net Investment In Direct Finance Leases | (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): March 31, December 31, 2016 2015 Gross finance lease receivables (1) $ 128,239 $ 124,747 Unearned income (2) (23,034) (21,379) Net investment in direct finance leases $ 105,205 $ 103,368 (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 March 31, 2016 and December 31, 2015 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2016 and December 31, 2015. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the 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 March 31, 2016 and December 31, 2015. 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. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands): March 31, December 31, 2016 2015 Tier 1 $ 84,417 $ 86,981 Tier 2 43,822 37,766 Tier 3 - - $ 128,239 $ 124,747 Contractual maturities of the Company's gross finance lease receivables subsequent to and as of March 31, 2016 for the years ending March 31 were as follows (in thousands): 2017 $ 29,468 2018 34,706 2019 29,255 2020 12,684 2021 9,372 2022 and thereafter 12,754 $ 128,239 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
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 Customer relationships 8 years Total amortization expense was $0.1 million for both the three months ended March 31, 2016 and 2015 . Intangible assets as of March 31, 2016 and December 31, 201 5 were as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount March 31, 2016 Trademarks and tradename $ 2,334 $ (1,274) $ 1,060 Customer relationships 3,799 (39) 3,760 $ 6,133 $ (1,313) $ 4,820 December 31, 2015 Trademarks and tradename $ 1,840 $ (1,218) $ 622 Customer relationships 620 (19) 601 $ 2,460 $ (1,237) $ 1,223 As of March 31, 2016, amortization expense for unamortized intangible assets is expected to be $0.7 million for each of the next five years and $1.4 million, in total, thereafter. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Debt | CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (8) Debt Debt Details of the Company’s debt as of March 31, 2016 and December 31, 201 5 were as follows (dollars in thousands): March 31, 2016 December 31, 2015 Outstanding Average Outstanding Average Agreement Reference Current Long-term Interest Current Long-term Interest Terminates (a)(i) Revolving credit facility $ 3,000 $ 530,000 1.9% $ 8,500 $ 488,000 1.8% March 2020 (a)(ii) Revolving credit facility - Rail - 178,000 1.9% 34,500 126,000 1.9% October 2020 (b)(i) Term loan 1,800 23,250 2.6% 1,800 23,700 2.3% April 2018 (b)(ii) Term loan 9,000 127,500 2.2% 9,000 129,750 2.2% October 2019 (b)(iii) Term loan 9,940 84,955 2.2% 9,940 99,440 1.9% April 2017 (b)(iv) Term loan 1,129 18,595 3.4% 1,119 18,881 3.4% December 2020 (c) Senior secured notes 6,110 68,050 4.9% 7,175 71,105 4.9% September 2022 (d) Asset backed notes 40,000 232,875 3.4% 40,000 242,875 3.4% March 2028 (e) Collateralized financing obligations 44,545 54,482 0.9% 58,553 53,697 0.7% June 2019 (f) Term loans held by VIE 1,829 5,291 2.8% 1,829 5,748 2.6% June 2019 117,353 1,322,998 172,416 1,259,196 Debt issuance costs (2,820) (9,450) (2,820) (10,139) Total Debt $ 114,533 $ 1,313,548 $ 169,596 $ 1,249,057 (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 March 31, 2016 , 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 t he 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 March 31, 2016 , the Company was in compliance with the terms of the revolving credit facility. As of March 31, 2016 , the Compan y had $241.9 mi llion 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 March 31, 2016 , the borrowing availability under the revolving credit facility was $75.7 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 o f $734.5 million as of March 31, 2016 , 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 October 22, 2015, the Company and CAI Rail Inc. (CAI Rail), a wholly-owned subsidiary of the Company, entered into the Second Amended and Restated Revolving Credit Agreement with a consortium of banks, pursuant to which the prior revolving credit facility 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. As of March 31, 2016 , the maximum credit commitment under the revolving credit facility was $500.0 million. 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 March 31, 2016, CAI Rail had $322.0 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 March 31, 2016 , the borrowing availability under the revolving credit facility was $8.2 m illion, 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 March 31, 2016 , 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 $232.7 m illion as of March 31, 2016 , and is guaranteed by the Company. (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 March 31, 2016 , the loan had a balance of $25.1 m illion. (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 whol ly-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 March 31, 2016 , the term loan had a balance of $136.5 m illion. (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 March 31, 2016 , the loan had a balance of $94.9 million. (i v ) On December 22, 2015, the Company and CAI Rail entered into a $20.0 million five -year term loan agreement with Siemens Financial Services, Inc.. The term loan’s outstanding principal bears interest at a fixed rate of 3.4% per annum and is amortized quarterly. Any unpaid principal and interest is due and payable on December 22, 2020 . The proceeds from the term loan were primarily used to repay outstanding amounts under CAI Rail’s revolving credit facility. As of March 31, 2016, the loan had a balance of $19.7 million. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The Company’s term loans are secured by rental equipment owned by the Company, which had a net book value of $337.3 million as of March 31, 2016 . (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 March 31, 2016 , the Notes had a balance o f $74.2 million. The Notes are secured by certain rental equipment owned by the Company, which had a net book value of $99.6 m illion as of March 31, 2016 . (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 borr owings under its senior revolving credit facility. As of March 31, 2016, the Series 2012-1 Asset-Backed Notes had a balance of $112.6 m illion. 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 $160.3 million as of March 31, 2016 . The Company’s asset-backed notes are secured by certain rental equipment owned by the Company, which had a net book value of $348.7 million as of March 31, 2016 . 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 March 31, 2016 , the restricted cash account had a balance of $ 7.0 m illion. (e) Collateralized Financing Obligations As of March 31, 2016 , the Company had collateralized financing obligations of $99. 0 million (see Note 3). The obligations had an average interest rate of 0.9% a s of March 31, 2016 with maturity dates between June 2016 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 March 31, 2016 , the term loans held by the Japanese investor fund totaled $7.1 million and had an average interest rate o f 2.8% . 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 $15.8 million as of March 31, 2016 . The agreements relating to all of the Company’s debt contain various financial and other covenants. As of March 31, 2016 , the Company was in compliance with all of its debt covenants. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (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 three months ended March 31, 2016 and 201 5 : Three Months Ended March 31, 2016 2015 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 1,189,255 $ 18.08 1,420,749 $ 15.67 Options exercised - employees - $ - (354,244) 12.35 Options outstanding at March 31 1,189,255 $ 18.08 1,066,505 $ 16.78 Options exercisable 917,729 $ 16.92 835,276 $ 15.31 Weighted average remaining term 4.7 years 5.1 years The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 was $4.0 million. The aggregate intrinsic value of all options outstanding as of March 31, 2016 was $0.9 m illion based on the closing price of the Company’s common stock of $9.66 p er share on March 31, 2016 , the last trading day of the quarter. The Company recorded stock-based compensation expense of $0.4 m illion for both the three months ended March 31, 2016 and 201 5 . As of March 31, 2016 , the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $2.1 million which is to be recognized over the remaining weighted average vesting period of approximately 2.5 years. 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 Plan: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2015 48,025 $ 22.70 Restricted stock vested (2,511) $ 23.04 Restricted stock outstanding, March 31, 2016 45,514 $ 22.68 The Company recognized $0.1 m illion of stock-based compensation expense relating to restricted stock for both the three months ended March 31, 2016 and 201 5 . As of March 31, 2016 , unamortized stock-based compensation expense relating to restricted stock was $0.8 m illion, which will be recognized over the remaining average vesting period of 2.3 y ears. Stock-based compensation expense is recorded as a component of administrative expense s 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 months ended March 31, 2016 and 201 5 was determined based upon estimates of the Company’s consolidated effective income tax rates for the years ending December 31, 201 6 and 201 5 , 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 13.6% at March 31, 2016 , compared to 7.9% at March 31, 2015 . The higher estimated full year effective tax rate at March 31, 2016 was due primarily to the growth of our railcar fleet during the last twelve months . The increase in the proportion of our railcar fleet combined with a decrease of pretax income in lower tax jurisdictions has led to a corresponding increase in the proportion of pretax income generated in higher tax jurisdictions, resulting in an increase in the effective tax rate. The Company accounts for uncertain tax positions based on an evaluation as to whether it is more likely than not that a position will be sustained on audit, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the appropriate tax authorities have full knowledge of all relevant information concerning the tax position. Once it has been determined that a tax position is more likely than not to be sustained on its technical merits, the tax benefit recognized is based on the largest amount that is greater than 50% likely of being realized upon ultimate settlement. As of March 31, 2016 , the Company had unrecognized tax benefits of $0.2 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 March 31, 2016. The Company does not believe the total amount of unrecognized tax benefits as of March 31, 2016 will change for the remainder of 201 6 . |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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 $99.0 million as of March 31, 2016 were estimated to have a fair value of approximately $96.6 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 val ue hierarchy. Management believes that the balances of the Company’s revolving credit facilities of $711.0 million, term loans totaling $276.2 million, senior secured notes of $74.2 million, asset-backed notes of $272.9 million, term loans held by VIE of $7.1 millio n , net inves tment in direct finance leases o f $105.2 and liabilities relating to the expected future payments for Challenger (see Note 4) of $3.0 million approximate their fair values as of March 31, 2016 . The fair value of these financial instruments would be categorized as Level 3 in the fair value hierarchy. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (12) Commitments and Contingencies In addition to its debt obligations describ ed in Note 8 above, the Company had commitments to purchase approximately $296.4 million of rental equipment as of March 31, 2016; $176.4 million in the twelve months ending March 31, 2017, $85.1 million in the twelve months ending March 31, 2018, and $34.8 milli on in the twelve months ending March 31, 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 $2.6 million as of March 31, 2016 . |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
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 , Inc. (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. 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 . |
Segment And Geographic Informat
Segment And Geographic Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (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 container leasing segment is aggregated with equipment management and derives its revenue from the ownership and leasing of containers and fees earned for managing container portfolios on behalf of third party investors . The rail leasing segment derives its revenue from the ownership and leasing of railcars. The logistics segment derives its revenue from the provision of logistics services. There are no inter-segment revenues. With the exception of administrative expenses, operating expenses are directly attributable to each segment. Administrative expenses that are not directly attributable to a segment are allocated to container or rail leasing based on the net book value of equipment in each segment. The following tables show condensed segment information for the three months ended March 31, 2016 and 201 5 , reconciled to the Company’s net income before income taxes and non-controlling interest as shown in its consolidated statements of income for such periods (in thousands): Three Months Ended March 31, 2016 Container Leasing Rail Leasing Logistics Total Total revenue $ 51,545 $ 7,257 $ 8,164 $ 66,966 Total operating expenses 36,287 3,794 8,429 48,510 Operating income 15,258 3,463 (265) 18,456 Total other expenses 8,721 1,402 - 10,123 Net income before income taxes and non-controlling interest $ 6,537 $ 2,061 $ (265) $ 8,333 Goodwill $ - $ - $ 8,994 $ 8,994 Total assets $ 1,710,858 $ 265,122 $ 18,822 $ 1,994,802 Purchase of rental equipment $ 20,218 $ 25,626 $ - $ 45,844 Three Months Ended March 31, 2015 Container Leasing Rail Leasing Logistics Total Total revenue $ 55,577 $ 2,915 $ - $ 58,492 Total operating expenses 32,742 2,100 - 34,842 Operating income 22,835 815 - 23,650 Total other expenses 8,193 544 - 8,737 Net income before income taxes and non-controlling interest $ 14,642 $ 271 $ - $ 14,913 Total assets $ 1,770,335 $ 99,823 $ - $ 1,870,158 Purchase of rental equipment $ 74,926 $ 13,406 $ - $ 88,332 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 $258.0 million as of March 31, 2016 , are used primarily to transport cargo within North America. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The following table represents the geographic allocation of revenue for the periods indicated based on customers’ primary domicile (in thousands): Three Months Ended March 31, 2016 2015 United States $ 21,051 $ 6,504 France 6,345 6,477 Japan 5,641 6,674 Switzerland 4,531 5,143 Korea 3,500 4,811 Other Asia 11,331 16,089 Other Europe 8,856 9,071 Other International 5,711 3,723 Total revenue $ 66,966 $ 58,492 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (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 months ended March 31, 2016 and 201 5 (in thousands, except per share data): Three Months Ended March 31, 2016 2015 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ 7,166 $ 13,542 Denominator Weighted-average shares used in the calculation of basic earnings per share 19,774 20,903 Effect of dilutive securities: Stock options and restricted stock 59 392 Weighted-average shares used in the calculation of diluted earnings per share 19,833 21,295 Net income per share attributable to CAI common stockholders: Basic $ 0.36 $ 0.65 Diluted $ 0.36 $ 0.64 The calculation of diluted earnings per share for the three months ended March 31, 2016 and 201 5 excluded from the denominator 1,007,682 a n d 445,050 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) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Accounting Policies | (a) Accounting Policies There were no changes to the Company’s accounting policies during the three months ended March 31, 2016. See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on March 3, 2016, 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 sales of used equipment and the provision of logistics services. 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 changes (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 Company adopted ASU No. 2015-02 effective January 1, 2016, and adoption had no 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 requires 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. Adoption of the accounting guidance during the first quarter of 2016 resulted in the reclassification of unamortized debt issuance costs of $12.3 million and $13.0 million as of March 31, 2016 and December 31, 2015, respectively, from prepaid expenses and other current assets to a reduction of debt on the Company’s consolidated balance sheets. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU No. 2015-17). The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, with early adoption permitted. The new guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. The Company early adopted ASU No. 2015-07 effective December 31, 2015 on a prospective basis. No prior periods were retrospectively adjusted, and adoption did not have an impact on the Company’s consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (ASU No. 2016-02). The new standard will replace all current U.S. GAAP guidance on this topic. The new guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases, with the exception of leases that meet the definition of a short-term lease. Lessor accounting will remain similar to the current model. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The new guidance must be adopted using a modified retrospective transition and is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU No. 2016-09), which simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. The guidance is effective beginning in the first quarter of 2017, with early adoption permitted. We are currently evaluating the impact that the new guidance will have on the Company’s consolidated financial statements and related disclosures. |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Acquisitions [Abstract] | |
Schedule Of Assets Acquired And Liabilities Assumed | Cash $ 1,163 Accounts receivable 698 Property and equipment 2 Goodwill 6,089 Intangible assets 3,673 Total assets 11,625 Accounts payable 571 Other liabilities 211 Total liabilities 782 Purchase price $ 10,843 |
Schedule Of Intangible Assets Acquired | Amount Estimated Life Tradename $ 494 5 years Customer relationships 3,179 8 years |
Rental Equipment (Tables)
Rental Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Rental Equipment [Abstract] | |
Schedule Of Rental Equipment | March 31, December 31, 2016 2015 Dry containers $ 1,397,854 $ 1,392,825 Refrigerated containers 320,854 308,374 Other specialized equipment 130,982 152,310 Railcars 270,126 244,512 2,119,816 2,098,021 Accumulated depreciation (368,471) (349,810) Rental equipment, net of accumulated depreciation $ 1,751,345 $ 1,748,211 |
Net Investment In Direct Fina25
Net Investment In Direct Finance Leases (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Net Investment In Direct Finance Leases [Abstract] | |
Components Of Net Investment In Direct Finance Leases | March 31, December 31, 2016 2015 Gross finance lease receivables (1) $ 128,239 $ 124,747 Unearned income (2) (23,034) (21,379) Net investment in direct finance leases $ 105,205 $ 103,368 (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 March 31, 2016 and December 31, 2015 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2016 and December 31, 2015. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the 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 March 31, 2016 and December 31, 2015. |
Gross Finance Lease Receivables By Customer Categories | March 31, December 31, 2016 2015 Tier 1 $ 84,417 $ 86,981 Tier 2 43,822 37,766 Tier 3 - - $ 128,239 $ 124,747 |
Contractual Maturities Of Gross Finance Lease Receivables | 2017 $ 29,468 2018 34,706 2019 29,255 2020 12,684 2021 9,372 2022 and thereafter 12,754 $ 128,239 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Intangible Assets [Abstract] | |
Schedule Of Estimated Useful Lives | Trademarks and tradename 1 - 10 years Customer relationships 8 years |
Schedule Of Intangible Assets | Gross Carrying Amount Accumulated Amortization Net Carrying Amount March 31, 2016 Trademarks and tradename $ 2,334 $ (1,274) $ 1,060 Customer relationships 3,799 (39) 3,760 $ 6,133 $ (1,313) $ 4,820 December 31, 2015 Trademarks and tradename $ 1,840 $ (1,218) $ 622 Customer relationships 620 (19) 601 $ 2,460 $ (1,237) $ 1,223 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt [Abstract] | |
Schedule Of Debt | March 31, 2016 December 31, 2015 Outstanding Average Outstanding Average Agreement Reference Current Long-term Interest Current Long-term Interest Terminates (a)(i) Revolving credit facility $ 3,000 $ 530,000 1.9% $ 8,500 $ 488,000 1.8% March 2020 (a)(ii) Revolving credit facility - Rail - 178,000 1.9% 34,500 126,000 1.9% October 2020 (b)(i) Term loan 1,800 23,250 2.6% 1,800 23,700 2.3% April 2018 (b)(ii) Term loan 9,000 127,500 2.2% 9,000 129,750 2.2% October 2019 (b)(iii) Term loan 9,940 84,955 2.2% 9,940 99,440 1.9% April 2017 (b)(iv) Term loan 1,129 18,595 3.4% 1,119 18,881 3.4% December 2020 (c) Senior secured notes 6,110 68,050 4.9% 7,175 71,105 4.9% September 2022 (d) Asset backed notes 40,000 232,875 3.4% 40,000 242,875 3.4% March 2028 (e) Collateralized financing obligations 44,545 54,482 0.9% 58,553 53,697 0.7% June 2019 (f) Term loans held by VIE 1,829 5,291 2.8% 1,829 5,748 2.6% June 2019 117,353 1,322,998 172,416 1,259,196 Debt issuance costs (2,820) (9,450) (2,820) (10,139) Total Debt $ 114,533 $ 1,313,548 $ 169,596 $ 1,249,057 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Option Activities | Three Months Ended March 31, 2016 2015 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 1,189,255 $ 18.08 1,420,749 $ 15.67 Options exercised - employees - $ - (354,244) 12.35 Options outstanding at March 31 1,189,255 $ 18.08 1,066,505 $ 16.78 Options exercisable 917,729 $ 16.92 835,276 $ 15.31 Weighted average remaining term 4.7 years 5.1 years |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Option Activities | Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2015 48,025 $ 22.70 Restricted stock vested (2,511) $ 23.04 Restricted stock outstanding, March 31, 2016 45,514 $ 22.68 |
Segment And Geographic Inform29
Segment And Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Segment Information | Three Months Ended March 31, 2016 Container Leasing Rail Leasing Logistics Total Total revenue $ 51,545 $ 7,257 $ 8,164 $ 66,966 Total operating expenses 36,287 3,794 8,429 48,510 Operating income 15,258 3,463 (265) 18,456 Total other expenses 8,721 1,402 - 10,123 Net income before income taxes and non-controlling interest $ 6,537 $ 2,061 $ (265) $ 8,333 Goodwill $ - $ - $ 8,994 $ 8,994 Total assets $ 1,710,858 $ 265,122 $ 18,822 $ 1,994,802 Purchase of rental equipment $ 20,218 $ 25,626 $ - $ 45,844 Three Months Ended March 31, 2015 Container Leasing Rail Leasing Logistics Total Total revenue $ 55,577 $ 2,915 $ - $ 58,492 Total operating expenses 32,742 2,100 - 34,842 Operating income 22,835 815 - 23,650 Total other expenses 8,193 544 - 8,737 Net income before income taxes and non-controlling interest $ 14,642 $ 271 $ - $ 14,913 Total assets $ 1,770,335 $ 99,823 $ - $ 1,870,158 Purchase of rental equipment $ 74,926 $ 13,406 $ - $ 88,332 |
Schedule Of Geographic Allocation Of Revenue | Three Months Ended March 31, 2016 2015 United States $ 21,051 $ 6,504 France 6,345 6,477 Japan 5,641 6,674 Switzerland 4,531 5,143 Korea 3,500 4,811 Other Asia 11,331 16,089 Other Europe 8,856 9,071 Other International 5,711 3,723 Total revenue $ 66,966 $ 58,492 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Net Income Per Share | Three Months Ended March 31, 2016 2015 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ 7,166 $ 13,542 Denominator Weighted-average shares used in the calculation of basic earnings per share 19,774 20,903 Effect of dilutive securities: Stock options and restricted stock 59 392 Weighted-average shares used in the calculation of diluted earnings per share 19,833 21,295 Net income per share attributable to CAI common stockholders: Basic $ 0.36 $ 0.65 Diluted $ 0.36 $ 0.64 |
The Company And Nature Of Ope31
The Company And Nature Of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Feb. 12, 2016 | Jul. 27, 2015 | |
ClearPointt [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition purchase date | Jul. 27, 2015 | ||
Acquisition purchase price | $ 4,100 | ||
Challenger [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition purchase date | Feb. 12, 2016 | ||
Acquisition purchase price | $ 10,843 | ||
CAIJ [Member] | |||
Business Acquisition [Line Items] | |||
Ownership percentage by parent | 80.00% |
Accounting Policies And Recen32
Accounting Policies And Recent Accounting Pronouncements (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Reclassification [Member] | ||
Unamortized debt issuance costs | $ 12.3 | $ 13 |
Consolidation Of Variable Int33
Consolidation Of Variable Interest Entities As A Non-Controlling Interest (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)item | Mar. 31, 2015item | Dec. 31, 2015USD ($) | |
Variable Interest Entity [Line Items] | |||
Total net book value | $ 621,000 | $ 674,000 | |
Net book value | 1,751,345,000 | 1,748,211,000 | |
Cash | 17,968,000 | 17,447,000 | |
Collateralized Financing Obligations [Member] | |||
Variable Interest Entity [Line Items] | |||
Long-term debt | 99,000,000 | ||
Containers [Member] | |||
Variable Interest Entity [Line Items] | |||
Net book value | $ 71,100,000 | ||
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 | |
Total net book value | $ 176,400,000 | ||
Net book value | 69,263,000 | 85,101,000 | |
Cash | 35,134,000 | $ 35,106,000 | |
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 | $ 7,100,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - Challenger [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Feb. 12, 2016 | |
Business Acquisition [Line Items] | ||
Acquisition purchase date | Feb. 12, 2016 | |
Acquisition purchase price | $ 10,843 | |
Acquisition purchase price based on future performance | $ 3,000 | |
Other Long-Term Liabilities [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition purchase price based on future performance | 2,000 | |
Accrued Expenses And Other Current Liabilities [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition purchase price based on future performance | $ 1,000 |
Acquisitions (Schedule Of Asset
Acquisitions (Schedule Of Assets Acquired And Liabilities Assumed) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Feb. 12, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 8,994 | $ 2,905 | |
Challenger [Member] | |||
Business Acquisition [Line Items] | |||
Cash | $ 1,163 | ||
Accounts receivable | 698 | ||
Property and equipment | 2 | ||
Goodwill | 6,089 | ||
Intangible assets | 3,673 | ||
Total assets | 11,625 | ||
Accounts payable | 571 | ||
Other liabilities | 211 | ||
Total liabilities | 782 | ||
Purchase price | $ 10,843 |
Acquisitions (Schedule Of Intan
Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - Challenger [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Feb. 12, 2016 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, Amount | $ 3,673 | |
Tradename [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, Amount | 494 | |
Intangibles, Estimated Life | 5 years | |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Intangibles, Amount | $ 3,179 | |
Intangibles, Estimated Life | 8 years |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | $ 2,119,816 | $ 2,098,021 |
Accumulated depreciation | (368,471) | (349,810) |
Rental equipment, net of accumulated depreciation | 1,751,345 | 1,748,211 |
Dry Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 1,397,854 | 1,392,825 |
Refrigerated Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 320,854 | 308,374 |
Other Specialized Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 130,982 | 152,310 |
Railcars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 270,126 | $ 244,512 |
Rental equipment, net of accumulated depreciation | $ 258,000 |
Net Investment In Direct Fina38
Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Net Investment In Direct Finance Leases [Abstract] | |||
Gross finance lease receivables | [1] | $ 128,239 | $ 124,747 |
Unearned income | [2] | (23,034) | (21,379) |
Net investment in finance leases | 105,205 | 103,368 | |
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 March 31, 2016 and December 31, 2015 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2016 and December 31, 2015. | ||
[2] | The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the 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 March 31, 2016 and December 31, 2015. |
Net Investment In Direct Fina39
Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Customer Categories) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | [1] | $ 128,239 | $ 124,747 |
Tier 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 84,417 | 86,981 | |
Tier 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | $ 43,822 | $ 37,766 | |
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 March 31, 2016 and December 31, 2015 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2016 and December 31, 2015. |
Net Investment In Direct Fina40
Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Net Investment In Direct Finance Leases [Abstract] | |||
2,017 | $ 29,468 | ||
2,018 | 34,706 | ||
2,019 | 29,255 | ||
2,020 | 12,684 | ||
2,021 | 9,372 | ||
2022 and thereafter | 12,754 | ||
Gross finance lease receivables | [1] | $ 128,239 | $ 124,747 |
[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 March 31, 2016 and December 31, 2015 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of March 31, 2016 and December 31, 2015. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Intangible Assets [Abstract] | ||
Amortization expense | $ 76 | $ 84 |
Amortization expense, year one | 700 | |
Amortization expense, year two | 700 | |
Amortization expense, year three | 700 | |
Amortization expense, year four | 700 | |
Amortization expense, year five | 700 | |
Amortization expense, thereafter | $ 1,400 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Estimated Useful Lives) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
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 |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 8 years |
Intangible Assets (Schedule O43
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 6,133 | $ 2,460 |
Accumulated Amortization | (1,313) | (1,237) |
Net Carrying Amount | 4,820 | 1,223 |
Trademarks And Tradename [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,334 | 1,840 |
Accumulated Amortization | (1,274) | (1,218) |
Net Carrying Amount | 1,060 | 622 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,799 | 620 |
Accumulated Amortization | (39) | (19) |
Net Carrying Amount | $ 3,760 | $ 601 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Sep. 30, 2014 | Mar. 28, 2013USD ($) | Mar. 31, 2016USD ($)itemloan | Dec. 31, 2015USD ($) | Oct. 22, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 30, 2015USD ($) | Mar. 27, 2013USD ($) | Sep. 13, 2012USD ($) |
Debt Instrument [Line Items] | |||||||||
Net book value | $ 1,751,345,000 | $ 1,748,211,000 | |||||||
Restricted cash | 6,957,000 | $ 7,212,000 | |||||||
Railcars [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value | 258,000,000 | ||||||||
Containers [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value | $ 71,100,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Mar. 15, 2020 | ||||||||
Average interest rate | 1.90% | 1.80% | |||||||
Revolving Credit Facility [Member] | Equipment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value | $ 734,500,000 | ||||||||
Revolving Credit Facility [Member] | CAI Rail [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Oct. 22, 2020 | ||||||||
Maximum credit commitment | $ 500,000,000 | $ 250,000,000 | |||||||
Maximum credit commitment increase amount | 700,000,000 | ||||||||
Available borrowing capacity | 322,000,000 | ||||||||
Available borrowing capacity based on borrowing base and collateral requirements | 8,200,000 | ||||||||
Net book value | $ 232,700,000 | ||||||||
Average interest rate | 1.90% | 1.90% | |||||||
Revolving Credit Facility [Member] | Consortium of Banks [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument 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 | 241,900,000 | ||||||||
Available borrowing capacity based on borrowing base and collateral requirements | 75,700,000 | ||||||||
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 | ||||||||
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] | |||||||||
Debt instrument maturity date | Oct. 1, 2027 | ||||||||
Principal amount of loan | $ 171,000,000 | ||||||||
Long-term debt | $ 112,600,000 | ||||||||
Fixed interest rate | 3.47% | ||||||||
Series 2013-1 Asset-Backed Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Mar. 1, 2028 | ||||||||
Principal amount of loan | $ 229,000,000 | ||||||||
Long-term debt | $ 160,300,000 | ||||||||
Fixed interest rate | 3.35% | ||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value | $ 69,263,000 | $ 85,101,000 | |||||||
Term Loan [Member] | Rental Equipment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value | $ 337,300,000 | ||||||||
Term Loan [Member] | CAI Rail [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Dec. 22, 2020 | ||||||||
Principal amount of loan | $ 20,000,000 | ||||||||
Term of loan | 5 years | ||||||||
Long-term debt | $ 19,700,000 | ||||||||
Average interest rate | 3.40% | 3.40% | |||||||
Term Loan [Member] | Development Bank of Japan [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Apr. 30, 2018 | ||||||||
Principal amount of loan | $ 30,000,000 | ||||||||
Term of loan | 5 years | ||||||||
Number of quarterly installments | item | 19 | ||||||||
Proceeds used to repay loan | $ 500,000 | ||||||||
Debt instrument final payment | 21,500,000 | ||||||||
Long-term debt | $ 25,100,000 | ||||||||
Average interest rate | 2.60% | 2.30% | |||||||
Term Loan [Member] | Consortium of Banks [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds used to repay loan | $ 124,400,000 | ||||||||
Long-term debt | 125,000,000 | $ 249,400,000 | |||||||
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Oct. 1, 2019 | ||||||||
Maximum credit commitment | $ 150,000,000 | $ 115,000,000 | |||||||
Long-term debt | $ 136,500,000 | ||||||||
Average interest rate | 2.20% | 2.20% | |||||||
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Apr. 11, 2017 | ||||||||
Maximum credit commitment | $ 142,000,000 | ||||||||
Maximum credit commitment increase amount | $ 200,000,000 | ||||||||
Term of loan | 5 years | ||||||||
Long-term debt | $ 94,900,000 | ||||||||
Quarterly payments specified as percentage of drawn amount | 1.75% | ||||||||
Average interest rate | 2.20% | 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 | ||||||||
Long-term debt | $ 7,100,000 | ||||||||
Number of loans | loan | 2 | ||||||||
Average interest rate | 2.80% | 2.60% | |||||||
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Rental Equipment [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Net book value | $ 15,800,000 | ||||||||
Senior Secured Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Sep. 13, 2022 | ||||||||
Long-term debt | $ 74,200,000 | $ 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 | $ 99,600,000 | ||||||||
Asset Backed Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Mar. 1, 2028 | ||||||||
Long-term debt | $ 272,900,000 | ||||||||
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 | $ 348,700,000 | ||||||||
Collateralized Financing Obligations [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument maturity date | Jun. 1, 2019 | ||||||||
Long-term debt | $ 99,000,000 | ||||||||
Average interest rate | 0.90% | 0.70% | |||||||
Average fixed and floating interest rates | 0.90% | ||||||||
Maturity date range start | Jun. 1, 2016 | ||||||||
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 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 117,353 | $ 172,416 |
Gross Debt, Long-term Outstanding | 1,322,998 | 1,259,196 |
Debt issuance costs, Current Outstanding | (2,820) | (2,820) |
Debt issuance costs, Long-term Outstanding | (9,450) | (10,139) |
Total Debt, Current Outstanding | 114,533 | 169,596 |
Total Debt, Long-term Outstanding | 1,313,548 | 1,249,057 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | 3,000 | 8,500 |
Gross Debt, Long-term Outstanding | $ 530,000 | $ 488,000 |
Average Interest | 1.90% | 1.80% |
Agreement Terminates | Mar. 15, 2020 | |
Revolving Credit Facility [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 34,500 | |
Gross Debt, Long-term Outstanding | $ 178,000 | $ 126,000 |
Average Interest | 1.90% | 1.90% |
Agreement Terminates | Oct. 22, 2020 | |
Revolving Credit Facility [Member] | Consortium of Banks [Member] | ||
Debt Instrument [Line Items] | ||
Agreement Terminates | Mar. 15, 2020 | |
Term Loan [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,129 | $ 1,119 |
Gross Debt, Long-term Outstanding | $ 18,595 | $ 18,881 |
Average Interest | 3.40% | 3.40% |
Agreement Terminates | Dec. 22, 2020 | |
Term Loan [Member] | Development Bank of Japan [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,800 | $ 1,800 |
Gross Debt, Long-term Outstanding | $ 23,250 | $ 23,700 |
Average Interest | 2.60% | 2.30% |
Agreement Terminates | Apr. 30, 2018 | |
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 9,000 | $ 9,000 |
Gross Debt, Long-term Outstanding | $ 127,500 | $ 129,750 |
Average Interest | 2.20% | 2.20% |
Agreement Terminates | Oct. 1, 2019 | |
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 9,940 | $ 9,940 |
Gross Debt, Long-term Outstanding | $ 84,955 | $ 99,440 |
Average Interest | 2.20% | 1.90% |
Agreement Terminates | Apr. 11, 2017 | |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 6,110 | $ 7,175 |
Gross Debt, Long-term Outstanding | $ 68,050 | $ 71,105 |
Average Interest | 4.90% | 4.90% |
Agreement Terminates | Sep. 13, 2022 | |
Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 40,000 | $ 40,000 |
Gross Debt, Long-term Outstanding | $ 232,875 | $ 242,875 |
Average Interest | 3.40% | 3.40% |
Agreement Terminates | Mar. 1, 2028 | |
Collateralized Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 44,545 | $ 58,553 |
Gross Debt, Long-term Outstanding | $ 54,482 | $ 53,697 |
Average Interest | 0.90% | 0.70% |
Agreement Terminates | Jun. 1, 2019 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Current Outstanding | $ 46,374 | $ 60,382 |
Total Debt, Long-term Outstanding | 59,773 | 59,445 |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | 1,829 | 1,829 |
Gross Debt, Long-term Outstanding | $ 5,291 | $ 5,748 |
Average Interest | 2.80% | 2.60% |
Agreement Terminates | Jun. 1, 2019 |
Stock-Based Compensation Plan46
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
2007 Equity Incentive Plan [Member] | Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of awards | 4 years | |
Percentage of stock options vesting after one year | 25.00% | |
Percentage of stock options vesting each month following first year | 2.083% | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Closing stock price | $ 9.66 | |
Aggregate intrinsic value of options exercised | $ 4 | |
Aggregate intrinsic value of options outstanding | $ 0.9 | |
Stock-based compensation expense recorded | 0.4 | 0.4 |
Remaining unamortized stock-based compensation cost | $ 2.1 | |
Stock-based compensation cost recognition period | 2 years 6 months | |
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 | |
Contractual term | 10 years | |
Stock Options [Member] | 2007 Equity Incentive Plan [Member] | Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of awards | 1 year | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period of awards | 4 years | |
Stock-based compensation expense recorded | $ 0.1 | $ 0.1 |
Remaining unamortized stock-based compensation cost | $ 0.8 | |
Stock-based compensation cost recognition period | 2 years 3 months 18 days |
Stock-Based Compensation Plan47
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at beginning of period, Number of Shares | 1,189,255 | 1,420,749 |
Options outstanding at end of period, Number of Shares | 1,189,255 | 1,066,505 |
Options exercisable at end of period, Number of Shares | 917,729 | 835,276 |
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 18.08 | $ 15.67 |
Options outstanding at end of period, Weighted Average Exercise Price | 18.08 | 16.78 |
Options exercisable at end of period, Weighted Average Exercise Price | $ 16.92 | $ 15.31 |
Options exercisable at end of period, Weighted Average Remaining Contractual Term (in years) | 4 years 8 months 12 days | 5 years 1 month 6 days |
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised, Number of Shares | (354,244) | |
Options exercised, Weighted Average Exercise Price | $ 12.35 |
Stock-Based Compensation Plan48
Stock-Based Compensation Plan (Summary Of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock outstanding, Beginning balance, Number of Shares of Restricted Stock | shares | 48,025 |
Restricted stock vested, Number of Shares of Restricted Stock | shares | (2,511) |
Restricted stock outstanding, Ending balance, Number of Shares of Restricted Stock | shares | 45,514 |
Restricted stock outstanding, Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 22.70 |
Restricted stock vested, Weighted Average Grant Date Fair Value | $ / shares | 23.04 |
Restricted stock outstanding, Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 22.68 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Taxes [Abstract] | ||
Effective tax rate | 13.60% | 7.90% |
Minimum percentage realization for recognition of income tax position | 50.00% | |
Unrecognized tax benefits | $ 0.2 | |
Total accrued interest relating to unrecognized tax benefits | $ 0.1 |
Fair Value Of Financial Instr50
Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 13, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net investment in direct finance leases | $ 105,205 | $ 103,368 | |
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 | 711,000 | ||
Challenger [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Expected future payments for acquisition | 3,000 | ||
Collateralized Financing Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 99,000 | ||
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 | 96,600 | ||
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 | 276,200 | ||
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 7,100 | ||
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 | 7,100 | ||
Senior Secured Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | 74,200 | $ 103,000 | |
Asset Backed Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Long-term debt | $ 272,900 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | Mar. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
Commitments to purchase rental equipment | $ 296.4 |
Commitments to purchase rental equipment, year one | 176.4 |
Commitments to purchase rental equipment, year two | 85.1 |
Commitments to purchase rental equipment, year three | 34.8 |
Future minimum lease payments under operating lease agreements | $ 2.6 |
Related Party Transactions (Det
Related Party Transactions (Details) | Mar. 31, 2016 |
Related Party Transaction [Line Items] | |
Ownership percentage by noncontrolling interest | 20.00% |
CAIJ [Member] | |
Related Party Transaction [Line Items] | |
Ownership percentage by parent | 80.00% |
Segment And Geographic Inform53
Segment And Geographic Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 66,966 | $ 58,492 | |||
Total operating expenses | 48,510 | 34,842 | |||
Operating income | 18,456 | 23,650 | |||
Total other expenses | 10,123 | 8,737 | |||
Net income before income taxes and non-controlling interest | 8,333 | 14,913 | |||
Goodwill | 8,994 | $ 2,905 | |||
Total assets | 1,994,802 | [1] | 1,870,158 | 1,973,585 | [1] |
Purchase of rental equipment | 45,844 | 88,332 | |||
Net book value | 1,751,345 | $ 1,748,211 | |||
Inter-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 0 | ||||
Operating Segments [Member] | Container Leasing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 51,545 | 55,577 | |||
Total operating expenses | 36,287 | 32,742 | |||
Operating income | 15,258 | 22,835 | |||
Total other expenses | 8,721 | 8,193 | |||
Net income before income taxes and non-controlling interest | 6,537 | 14,642 | |||
Total assets | 1,710,858 | 1,770,335 | |||
Purchase of rental equipment | 20,218 | 74,926 | |||
Operating Segments [Member] | Rail Leasing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 7,257 | 2,915 | |||
Total operating expenses | 3,794 | 2,100 | |||
Operating income | 3,463 | 815 | |||
Total other expenses | 1,402 | 544 | |||
Net income before income taxes and non-controlling interest | 2,061 | 271 | |||
Total assets | 265,122 | 99,823 | |||
Purchase of rental equipment | 25,626 | $ 13,406 | |||
Operating Segments [Member] | Logistics [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 8,164 | ||||
Total operating expenses | 8,429 | ||||
Operating income | (265) | ||||
Total other expenses | |||||
Net income before income taxes and non-controlling interest | (265) | ||||
Goodwill | 8,994 | ||||
Total assets | 18,822 | ||||
Purchase of rental equipment | |||||
Railcars [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net book value | $ 258,000 | ||||
[1] | Total assets at March 31, 2016 and December 31, 2015 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $35,134 and $35,106; Net investment in direct finance leases, $1,882 and $1,915; and Rental equipment, net of accumulated depreciation, $69,263 and $85,101, respectively. |
Segment And Geographic Inform54
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Total revenue | $ 66,966 | $ 58,492 |
United States [Member] | ||
Total revenue | 21,051 | 6,504 |
France [Member] | ||
Total revenue | 6,345 | 6,477 |
Japan [Member] | ||
Total revenue | 5,641 | 6,674 |
Switzerland [Member] | ||
Total revenue | 4,531 | 5,143 |
Korea [Member] | ||
Total revenue | 3,500 | 4,811 |
Other Asia [Member] | ||
Total revenue | 11,331 | 16,089 |
Other Europe [Member] | ||
Total revenue | 8,856 | 9,071 |
Other International [Member] | ||
Total revenue | $ 5,711 | $ 3,723 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities having antidilutive effect | 1,007,682 | 445,050 |
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 | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share | $ 7,166 | $ 13,542 |
Weighted-average shares used in the calculation of basic earnings per share | 19,774 | 20,903 |
Effect of dilutive securities: Stock options and restricted stock | 59 | 392 |
Weighted-average shares used in the calculation of diluted earnings per share | 19,833 | 21,295 |
Basic | $ 0.36 | $ 0.65 |
Diluted | $ 0.36 | $ 0.64 |