Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 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 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 19,057,217 | ||
Entity Public Float | $ 87.6 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | ||
Current assets | ||||
Accounts receivable, net of allowance for doubtful accounts of $1,340 and $548 at December 31, 2016 and 2015, respectively | $ 63,745 | $ 55,284 | [1] | |
Current portion of direct finance leases | 19,959 | 21,158 | [1] | |
Prepaid expenses and other current assets | 5,315 | 2,155 | [1] | |
Total current assets | 135,153 | 131,150 | [1] | |
Restricted cash | 6,192 | 7,212 | [1] | |
Rental equipment, net of accumulated depreciation of $421,153 and $349,810 at December 31, 2016 and 2015, respectively | 1,807,010 | 1,748,211 | [1] | |
Net investment in direct finance leases | 80,582 | 82,210 | [1] | |
Goodwill | [2] | 15,794 | 2,905 | [1] |
Intangible assets, net of accumulated amortization of $2,681 and $1,237 at December 31, 2016 and 2015, respectively | 9,691 | 1,223 | [1] | |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,833 and $2,027 at December 31, 2016 and 2015, respectively | 550 | 674 | [1] | |
Other non-current assets | 962 | |||
Total assets | [2],[3] | 2,055,934 | 1,973,585 | [1] |
Current liabilities | ||||
Accounts payable | 13,804 | 11,962 | [1] | |
Accrued expenses and other current liabilities | 11,778 | 4,813 | [1] | |
Due to container investors | 7,077 | 5,801 | [1] | |
Unearned revenue | 10,613 | 11,990 | [1] | |
Current portion of debt | 95,527 | 169,249 | [1] | |
Rental equipment payable | 25,207 | 10,901 | [1] | |
Total current liabilities | 164,006 | 214,716 | [1] | |
Debt | 1,380,499 | 1,250,560 | [1] | |
Deferred income tax liability | 51,804 | 48,204 | [1] | |
Other long term liabilities | 2,121 | |||
Total liabilities | [4] | 1,598,430 | 1,513,480 | [1] |
Stockholders' equity | ||||
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 19,057,217 and 20,132,706 shares at December 31, 2016 and 2015, respectively | 2 | 2 | [1] | |
Additional paid-in capital | 141,058 | 148,523 | [1] | |
Accumulated other comprehensive loss | (8,132) | (7,922) | [1] | |
Retained earnings | 324,576 | 318,579 | [1] | |
Total CAI stockholders' equity | 457,504 | 459,182 | [1] | |
Non-controlling interest | [1] | 923 | ||
Total stockholders' equity | 457,504 | 460,105 | [1] | |
Total liabilities and stockholders' equity | 2,055,934 | 1,973,585 | [1] | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Current assets | ||||
Cash | 15,685 | 17,447 | [1] | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Current assets | ||||
Cash | 30,449 | 35,106 | [1] | |
Rental equipment, net of accumulated depreciation of $421,153 and $349,810 at December 31, 2016 and 2015, respectively | 62,477 | 85,101 | ||
Net investment in direct finance leases | 7,331 | 1,915 | ||
Current liabilities | ||||
Current portion of debt | 30,980 | 60,382 | ||
Debt | $ 74,887 | $ 59,445 | ||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||
[3] | Total assets at December 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, $30,449 and $35,106; Net investment in direct finance leases, $7,331 and $1,915; and Rental equipment net of accumulated depreciation, $62,477 and $85,101, respectively. | |||
[4] | Total liabilities at December 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, $30,980 and $60,382; Debt, $74,887 and $59,445, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Current assets | |||
Accounts receivable, allowance for doubtful accounts | $ 1,340 | $ 548 | |
Rental equipment net of accumulated depreciation | 1,807,010 | 1,748,211 | [1] |
Rental equipment, accumulated depreciation | 421,153 | 349,810 | |
Net investment in direct finance leases | 80,582 | 82,210 | [1] |
Intangible assets, accumulated amortization | 2,681 | 1,237 | |
Furniture, fixtures and equipment, accumulated depreciation | 2,833 | 2,027 | |
Current liabilities | |||
Current portion of debt | 95,527 | 169,249 | [1] |
Debt | $ 1,380,499 | $ 1,250,560 | [1] |
Stockholders' equity | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 84,000,000 | 84,000,000 | |
Common stock, shares issued | 19,057,217 | 20,132,706 | |
Common stock, shares outstanding | 19,057,217 | 20,132,706 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Current assets | |||
Cash | $ 30,449 | $ 35,106 | [1] |
Rental equipment net of accumulated depreciation | 62,477 | 85,101 | |
Net investment in direct finance leases | 7,331 | 1,915 | |
Current liabilities | |||
Current portion of debt | 30,980 | 60,382 | |
Debt | $ 74,887 | $ 59,445 | |
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Revenue | ||||||
Container lease income | [1] | $ 200,186 | $ 217,505 | $ 210,756 | [2] | |
Rail lease income | [1] | 30,490 | 17,433 | 10,336 | [2] | |
Logistics revenue | [1] | 61,536 | 11,502 | |||
Management fee revenue | [1] | 2,142 | 3,227 | 6,497 | [2] | |
Total revenue | [1] | 294,354 | 249,667 | 227,589 | [2] | |
Operating expenses | ||||||
Depreciation of rental equipment | [1] | 104,877 | 113,590 | 77,976 | [2] | |
Storage, handling and other expenses | [1] | 35,862 | 30,194 | 26,043 | [2] | |
Logistics transportation costs | [1] | 51,980 | 10,172 | |||
Loss (gain) on sale of used rental equipment | [1] | 12,671 | 654 | (6,522) | [2] | |
Administrative expenses | [1] | 35,678 | 27,617 | 26,538 | [2] | |
Total operating expenses | [1] | 241,068 | 182,227 | 124,035 | [2] | |
Operating income | [1] | 53,286 | 67,440 | 103,554 | [2] | |
Other expenses | ||||||
Net interest expense | [1] | 42,754 | 36,271 | 35,592 | [2] | |
Other expense | [1] | 654 | 182 | 773 | [2] | |
Total other expenses | [1] | 43,408 | 36,453 | 36,365 | [2] | |
Net income before income taxes and non-controlling interest | [1] | 9,878 | 30,987 | 67,189 | [2] | |
Income tax expense | 3,844 | 4,252 | [1] | 7,191 | [1] | |
Net income | 6,034 | 26,735 | [1] | 59,998 | [1] | |
Net income attributable to non-controlling interest | 37 | 134 | [1] | 111 | [1] | |
Net income attributable to CAI common stockholders | $ 5,997 | $ 26,601 | [1] | $ 59,887 | [1] | |
Net income per share attributable to CAI common stockholders | ||||||
Basic | $ 0.31 | $ 1.28 | [1] | $ 2.89 | [1] | |
Diluted | $ 0.31 | $ 1.27 | [1] | $ 2.83 | [1] | |
Weighted average shares outstanding | ||||||
Basic | 19,318 | 20,773 | [1] | 20,732 | [1] | |
Diluted | 19,393 | 20,988 | [1] | 21,155 | [1] | |
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||
[2] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||||
Net income | $ 6,034 | $ 26,735 | $ 59,998 | ||
Other comprehensive income, net of tax: | |||||
Foreign currency translation adjustments | (815) | (2,245) | (3,321) | ||
Comprehensive income | 5,219 | 24,490 | 56,677 | ||
Comprehensive income attributable to non-controlling interest | 37 | 134 | 111 | ||
Comprehensive income attributable to CAI common stockholders | $ 5,182 | $ 24,356 | $ 56,566 | ||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | [1] | Non-Controlling Interest [Member] | Total | |
Balances at Dec. 31, 2013 | $ 2 | $ 184,263 | $ (2,356) | $ 232,091 | $ 594 | $ 414,594 | ||
Balances, Shares at Dec. 31, 2013 | 22,240,000 | |||||||
Net income | 59,887 | 111 | 59,998 | [1] | ||||
Foreign currency translation adjustment | (3,321) | (3,321) | [1] | |||||
Repurchase of common stock | (31,395) | (31,395) | ||||||
Repurchase of common stock, Shares | (1,483,000) | |||||||
Exercise of stock options | 114 | 114 | ||||||
Exercise of stock options, Shares | 7,000 | |||||||
Stock based compensation - options | 1,627 | 1,627 | ||||||
Stock-based compensation - restricted stock | 258 | 258 | ||||||
Stock-based compensation - restricted stock, Shares | 24,000 | |||||||
Excess tax benefit from share-based compensation awards | 27 | 27 | ||||||
Contributions and other | 84 | 84 | ||||||
Balances at Dec. 31, 2014 | $ 2 | 154,894 | (5,677) | 291,978 | 789 | 441,986 | ||
Balances, Shares at Dec. 31, 2014 | 20,788,000 | |||||||
Net income | 26,601 | 134 | 26,735 | [1] | ||||
Foreign currency translation adjustment | (2,245) | (2,245) | [1] | |||||
Repurchase of common stock | (12,997) | (12,997) | ||||||
Repurchase of common stock, Shares | (1,089,000) | |||||||
Exercise of stock options | 4,744 | 4,744 | ||||||
Exercise of stock options, Shares | 415,000 | |||||||
Stock based compensation - options | 1,542 | 1,542 | ||||||
Stock-based compensation - restricted stock | 373 | 373 | ||||||
Stock-based compensation - restricted stock, Shares | 21,000 | |||||||
Excess tax benefit from share-based compensation awards | 3 | 3 | ||||||
Payment of income tax withheld on vested restricted stock | (36) | (36) | ||||||
Payment of income tax withheld on vested restricted stock, Shares | (2,000) | |||||||
Balances at Dec. 31, 2015 | $ 2 | 148,523 | (7,922) | 318,579 | 923 | $ 460,105 | [2] | |
Balances, Shares at Dec. 31, 2015 | 20,133,000 | 20,132,706 | ||||||
Net income | 5,997 | 37 | $ 6,034 | |||||
Foreign currency translation adjustment | (815) | (815) | ||||||
Disposal of subsidiary | 605 | $ (960) | (355) | |||||
Repurchase of common stock | (9,176) | (9,176) | ||||||
Repurchase of common stock, Shares | (1,104,000) | |||||||
Stock based compensation - options | 1,292 | 1,292 | ||||||
Stock-based compensation - restricted stock | 440 | 440 | ||||||
Stock-based compensation - restricted stock, Shares | 31,000 | |||||||
Payment of income tax withheld on vested restricted stock | (21) | (21) | ||||||
Payment of income tax withheld on vested restricted stock, Shares | (3,000) | |||||||
Balances at Dec. 31, 2016 | $ 2 | $ 141,058 | $ (8,132) | $ 324,576 | $ 457,504 | |||
Balances, Shares at Dec. 31, 2016 | 19,057,000 | 19,057,217 | ||||||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||||
[2] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Cash flows from operating activities | ||||||
Net income | $ 6,034 | $ 26,735 | [1] | $ 59,998 | [1] | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation | 105,236 | 114,003 | [1] | 78,451 | [1] | |
Amortization of debt issuance costs | 2,975 | 2,943 | [1] | 3,552 | [1] | |
Amortization of intangible assets | 1,443 | 232 | [1] | 383 | [1] | |
Stock-based compensation expense | 1,732 | 1,915 | [1] | 1,885 | [1] | |
Reduction in contingent consideration | (3,789) | |||||
Unrealized loss on foreign exchange | 276 | 251 | [1] | 81 | [1] | |
Loss (gain) on sale of used rental equipment | [1] | 12,671 | 654 | (6,522) | [2] | |
Loss on disposal of subsidiary | 146 | |||||
Deferred income taxes | 1,138 | 4,967 | [1] | 2,170 | [1] | |
Bad debt expense | 3,151 | 448 | [1] | 248 | [1] | |
Changes in other operating assets and liabilities: | ||||||
Accounts receivable | (1,799) | 4,733 | [1] | (6,397) | [1] | |
Prepaid expenses and other assets | (2,691) | (81) | [1] | 4,256 | [1] | |
Accounts payable, accrued expenses and other current liabilities | 3,572 | (3,654) | [1] | 3,046 | [1] | |
Due to container investors | 1,276 | (7,183) | [1] | (1,831) | [1] | |
Unearned revenue | (2,115) | 1,406 | [1] | 367 | [1] | |
Net cash provided by operating activities | 129,256 | 147,369 | [1] | 139,687 | [1] | |
Cash flows from investing activities | ||||||
Purchase of rental equipment | [1],[3] | (251,165) | (389,331) | (307,283) | [2] | |
Acquisitions, net of cash acquired | (15,599) | (4,100) | [1] | |||
Net proceeds from sale of used rental equipment | 66,073 | 66,150 | [1] | 65,637 | [1] | |
Disposal of subsidiary, net of cash disposed of | (460) | |||||
Purchase of furniture, fixtures and equipment | (82) | (83) | [1] | (28) | [1] | |
Receipt of principal payments from direct financing leases | 19,633 | 22,116 | [1] | 16,319 | [1] | |
Net cash used in investing activities | (181,600) | (305,248) | [1] | (225,355) | [1] | |
Cash flows from financing activities | ||||||
Proceeds from debt | 552,540 | 748,731 | [1] | 372,510 | [1] | |
Principal payments on debt | (496,270) | (581,739) | [1] | (245,136) | [1] | |
Debt issuance costs | (1,515) | (3,226) | [1] | (1,999) | [1] | |
Decrease in restricted cash | 1,020 | 1,020 | [1] | 1,021 | [1] | |
Repurchase of stock | (9,176) | (12,997) | [1] | (31,395) | [1] | |
Exercise of stock options | [1] | 4,744 | 114 | |||
Excess tax benefit from share-based compensation awards | [1] | 3 | 27 | |||
Net cash provided by financing activities | 46,599 | 156,536 | [1] | 95,142 | [1] | |
Effect on cash of foreign currency translation | (674) | 75 | [1] | (1,394) | [1] | |
Net (decrease) increase in cash | (6,419) | (1,268) | [1] | 8,080 | [1] | |
Cash at beginning of the period | [1] | 52,553 | 53,821 | 45,741 | ||
Cash at end of the period | 46,134 | 52,553 | [1] | 53,821 | [1] | |
Cash paid during the period for: | ||||||
Income taxes | 889 | 2,340 | [1] | 852 | [1] | |
Interest | 38,491 | 33,124 | [1] | 32,774 | [1] | |
Supplemental disclosure of non-cash investing and financing activity | ||||||
Transfer of rental equipment to direct finance lease | 19,036 | $ 30,604 | [1] | $ 30,178 | [1] | |
Transfer of direct finance lease to rental equipment | $ 732 | |||||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||
[2] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. | |||||
[3] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated |
The Company And Nature Of Opera
The Company And Nature Of Operations | 12 Months Ended |
Dec. 31, 2016 | |
The Company And Nature Of Operations [Abstract] | |
The Company And Nature Of Operations | (1) The Company and Nature of Operations CAI International, Inc. , together with 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 . T he 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), an intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. ClearPointt is headquartered in Everett, Washington. In February 2016 , the Company purchased Challenger Overseas LLC (Challenger), a Non-Vessel Operating Common Carrier (NVOCC), for approximately $10.8 million (see Note 5). Challenger is headquartered in Eatontown, New Jersey. In June 2016 , the Company purchased Hybrid Logistics, Inc. and its affiliate, General Transportation Services, Inc. (collectively, Hybrid), asset light truck brokers, for approximately $12.0 million (see Note 5). Hybrid is headquartered in Portland, Oregon. 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. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements include the financial statements of CAI International, Inc., its wholly-owned subsidiaries, and its previously 80% -owned subsidiary, CAIJ, Inc. (CAIJ), up to its date of disposal in April 2016. All significant intercompany balances and transactions have been eliminated in consolidation. 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, further analysis is performed to determine if the Company is the primary beneficiary of the VIE and meets both of the following criteria under Financial Account ing Standards Board (FASB) Accounting Standards Codification ( 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 FASB ASC Topic 810, Consolidation (see Note 4). (b) Correction of Immaterial Errors During the year ended December 31, 2016, the Company determined that its financial statements for the years ended December 31, 2015 and 2014 and for prior years, contained errors resulting from the incorrect accounting for debt issuance costs. The Company previously amortized debt issuance costs using the straight-line method, rather than the effective interest method. The Company’s accounting policy for debt issuance costs is described below in Note 2(j). In accordance with FASB ASC Topic 250, Accounting Changes and Error Corrections , the Company evaluated the materiality of the errors from both a quantitative and qualitative perspective, and concluded that the errors were immaterial to the Company’s prior period interim and annual consolidated financial statements, and have corrected such balances herein. The associated correcting entries were recorded in the respective period, starting with the opening consolidated balance sheet of December 31, 2015. The consolidated balance sheet as of December 31, 2015 presented herein has been revised, resulting in a $1.2 million increase in debt and a $1.2 million decrease in retained earnings. The adjustments to the previously reported consolidated statements of income for the years ended December 31, 2015 and 2014 resulted in an increase in net interest expense of $0.2 million and $0.4 million, respectively, and a decrease to net income of $0.2 million and $0.4 million, respectively. In addition, retained earnings in the consolidated statements of stockholders’ equity at December 31, 2014 and 2013 decreased by $0.9 million and $0.5 million, respectively, to correct the accounting for debt issuance costs in prior periods. (c ) Use of Estimates Certain estimates and assumptions were made by the Company’s management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, allowances for receivables, the carrying amount of rental equipment, the residual values and lives of rental equipment, and income tax uncertainties. Actual results could differ from those estimates. (d ) Furniture, Fixtures, and Equipment Furniture, fixtures, office equipment and software, are depreciated on a straight-line basis over estimated useful lives of five years with no salvage value. Leasehold improvements are depreciated over the shorter of their useful lives or the respective lease life. (e) Rental equipment Container The Company purchases new container equipment from container manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used container equipment through sale-leaseback transactions with its customers, or equipment that was previously owned by one of the Company's third party investors. Used equipment is typically purchased with an existing lease in place. Container rental equipment is recorded at original cost and depreciated to an estimated residual value on a straight-line basis over its estimated useful life. The estimated useful lives and residual values of the Company’s container equipment are based on historical disposal experience and the Company’s expectations for future used container sale prices. Depreciation estimates are reviewed on a regular basis to determine whether changes have taken place that would suggest that a change in depreciation estimates, useful lives of its equipment or the assigned residual values, is warranted. After the Company conducted its regular depreciation policy review, it concluded that a change in the estimated residual value for 40-foot high cube dry van containers from $1,650 to $1,400 per container, effective July 1, 2016, was appropriate. The change increased the Company’s depreciation expense by $5.4 million, decreased net income by $5.2 million, and decreased diluted earnings per share by $0.27 for the year ended December 31, 2016. Depreciation estimates were last changed for 40-foot high cube dry van containers (and other container types within the Company’s fleet) during 2012. Since that time, disposal prices for 40-foot high cube dry van containers have declined and the Company experienced losses when selling certain of these assets during 2015 and 2016. The change in residual value estimate was made to better align residual value with expectations for future used container sale prices. In considering changes to residual values for the three major dry van categories, the Company reviewed 3-year, 5-year, 7-year, and 11-year average disposition pricings trends. As with all estimates, particularly related to long-lived assets, current market performance may not necessarily be indicative of long-term residual values, so the Company does not adjust residual values to point-in-time prices. Rather, the Company considers the mix of data shown in the following table and uses the average over time to either confirm residual value estimates or support revisions to those estimates. The sale-related unit proceeds by dry van container category that we considered as of December 31, 2016 are shown below: Category 3-year Avg. 5-year Avg. 7-year Avg. 11-year Avg. 20-ft. standard dry van containers $ 957 $ 1,076 $ 1,125 $ 1,109 40-ft. standard dry van containers 1,172 1,332 1,396 1,358 40-ft. high cube dry van containers 1,189 1,346 1,438 1,454 The Company’s residual value estimates ($1,050 for a 20-ft. dry van, $1,300 for a 40-ft. dry van, and $1,400 for a 40-ft. high cube dry van) are lower in each instance than the historical averages, with the exception of the 3-year average for all equipment types and the 5-year average for 40-ft high cube dry vans. While the Company experienced losses when selling certain of these assets during 2015 and 2016, the Company does not adjust long-term residual value estimates based on short-term data points, such as current year sale results and the 3-year average shown above, as the Company does not believe they are indicative of a change in the long-term market value for these containers. The Company regularly reviews this data and updates its analysis, and will make further revisions to residual value estimates as and when conditions warrant. The largest segment of the Company’s non-dry van container fleet consists of 20-ft. refrigerated containers and 40-ft. high cube refrigerated containers. The Company regularly reviews the residual value estimates associated with its refrigerated containers. Given the specific nature of these assets and the lower volumes of containers that are sold each year in the secondary market, there is less variability in asset pricing. Similar to the Company’s dry van containers, the Company evaluates the relationship between sales prices and residual values over a long-term horizon. When measured at December 31, 2016, sales proceeds for 20-ft. refrigerated and 40-ft. high cube refrigerated containers averaged $3,180 and $4,052 , respectively, over the prior 3-year period, and $3,219 and $4,098 , respectively, over the prior 5-year period. The Company excluded 7-year and 11-year historical averages from its analysis as it does not have a long enough history of sales for refrigerated containers. The current residual values for 20-ft. refrigerated and 40-ft. high cube refrigerated containers are set at $2,750 and $3,500, respectively. Based on the data trends, the Company believes that the residual value estimates for its refrigerated containers are appropriate and do not warrant revision. The Company continuously monitors disposal prices across its entire portfolio for indications of a deeper, more sustained market downturn. The Company will adjust its residual value estimates as and when conditions warrant. The estimated useful lives and residual values for the majority of the Company's container equipment purchased new from the factory are as follows: Depreciable Life Residual Value in Years 20-ft. standard dry van container $ 1,050 13.0 40-ft. standard dry van container $ 1,300 13.0 40-ft. high cube dry van container $ 1,400 13.0 20-ft. refrigerated container $ 2,750 12.0 40-ft. high cube refrigerated container $ 3,500 12.0 Other specialized equipment is depreciated to its estimated residual value, which ranges from $1,000 to $3,500 , over its estimated useful life of between 12.5 years and 15 years. For used container equipment acquired through sale-leaseback transactions, we often adjust our estimates for remaining useful life and residual values based on current conditions in the sale market for older containers and our expectations for how long the equipment will remain on-hire to the current lessee. Rail Railcar equipment is recorded at original cost and depreciated over its estimated useful life of 43 years to its estimated residual value of $8,700 using the straight-line method. The useful life is based on an estimate of the period over which the asset will generate revenue for the Company. Residual value is based on the average estimated scrap value of the Company’s railcars. The Company periodically reviews the appropriateness of its estimates of useful life and residual value based on changes in economic circumstances and other factors. The Company’s railcars may undergo refurbishment and upgrade programs to, for example, extend their useful life, meet higher car classification grades, enter new product or service segments, increase the tonnage carried, or to achieve higher utilization. If the cost incurred for such a program is in excess of $5,000 per car, the costs are capitalized. Normal repairs and maintenance associated with the Company’s railcar assets are expensed as incurred. (f ) Impairment of Long-Lived Assets On at least an annual basis, the Company evaluates its rental equipment fleet to determine whether there have been any events or changes in circumstances indicating that the carrying amount of all, or part, of its fleet may not be recoverable. Events which would trigger an impairment review include, among others, a significant decrease in the long-term average market value of rental equipment, a significant decrease in the utilization rate of rental equipment resulting in an inability to generate income from operations and positive cash flow in future periods, or a change in market conditions resulting in a significant decrease in lease rates. When testing for impairment, equipment is generally grouped by rental type, and is tested separately from other groups of assets and liabilities. Potential impairment exists when the estimated future undiscounted cash flows generated by an asset group, comprised of lease proceeds and residual values, less related operating expenses, are less than the carrying value of that asset group. If potential impairment exists, the equipment is written down to its fair value. In determining the fair value of an asset group, the Company considers market trends, published value for similar assets, recent transactions of similar assets and in certain cases, quotes from third party appraisers. During the year ended December 31, 2015, the market conditions for certain off-lease containers changed which resulted in their carrying value exceeding their fair value. The fair value was estimated based on recent gross sales proceeds for sales of similar containers and management’s judgment of market conditions. The resulting impairment charge of $24.5 million relating to the container leasing segment is included in depreciation expense in the consolidated statement of income. No impairment charges were recorded in 2016 and 2014. (g ) Intangible Assets Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company amortizes intangible assets on a straight-line basis over their estimated useful lives as follows: Trademarks and tradenames 2 - 3 years Customer relationships 8 years (h ) Goodwill In connection with the acquisition s of ClearPointt in 2015 and Challenger and Hybrid in 2016, the Company recorded $15. 8 million of goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually, or more frequently if events or changes in circumstances indicate that impairment may exist. The Company assesses qualitative factors such as industry and market considerations, overall financial performance and other relevant events and factors affecting a reporting unit to determine if it is more likely than not that impairment may exist and whether it is necessary to perform the two-step quantitative goodwill impairment test. The first step involves comparing the fair value to the carrying value of each reporting unit that has goodwill assigned to it. If the carrying value exceeds the fair value, a second step is performed to compute the amount of the impairment. The Company performed the annual impairment test during the fourth quarter of 2016 and concluded that there was no impairment of goodwill. ( i ) Direct Finance Leases Interest on finance leases is recognized using the effective interest method. Lease income is recorded in decreasing amounts over the term of the contract, resulting in a level rate of return on the net investment in direct finance leases. ( j ) Debt Issuance Costs To the extent that the Company is required to pay issuance fees or direct costs relating to its debt and credit facilities, such fees are amortized over the lives of the related debt using the effective interest method and reflected in interest expense. ( k ) Foreign Currency Translation The accounts of the Company’s foreign subsidiaries have been converted at rates of exchange in effect at year-end for balance sheet accounts and average exchange rates for the year for income statement accounts. The effects of changes in exchange rates in translating foreign subsidiaries’ financial statements are included in stockholders’ equity as accumulated other comprehensive income. (l) Accounts Receivable Amounts billed under leases for equipment owned by the Company, as well as amounts due from customers for the provision of logistics services, are recorded in accounts receivable. The Company estimates an allowance for doubtful accounts for accounts receivable it does not consider fully collectible. The allowance for doubtful accounts is developed based on two key components: (1) specific reserves for receivables for which management believes full collection is doubtful; and (2) a general reserve for estimated losses inherent in the receivables. The general reserve is estimated by applying certain percentages to receivables that have not been specifically reserved, ranging from 1.0% on accounts that are one to thirty days overdue, to 100% on accounts that are one year overdue. The allowance for doubtful accounts is reviewed regularly by management and is based on the risk profile of the receivables, credit quality indicators such as the level of past due amounts and non-performing accounts and economic conditions. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance is intended to provide for losses inherent in the company’s accounts receivable, and requires the application of estimates and judgments as to the outcome of collection efforts and the realization of collateral, among other things. Amounts billed under leases for equipment owned by third-party investors are also recorded in accounts receivable with a corresponding credit to due to container investors account. The credit risk on accounts receivable related to managed equipment is the responsibility of the third-party investors. Under the Company’s management agreements with investors, the third-party investors are obligated to reimburse the Company for any amounts the Company had previously paid to them in advance of receiving the amount from the equipment lessee if the Company is unable to ultimately collect any amount due from a managed equipment lessee. Accounts receivable attributable to the managed fleet included in accounts receivable as of December 31, 2016 and 2015 was $5.1 million and $4.5 million, respectively. ( m ) Income Taxes Income taxes are accounted for using the asset-and-liability method. Under this method, deferred income taxes are recognized for the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that deferred tax assets will not be recovered. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records penalties and interest related to unrecognized tax benefits within income tax expen se (see Note 12). ( n ) Revenue Recognition The Company provides a range of services to its customers incorporating rental, sale and management of equipment and the provision of logistics services. Revenue for all forms of service is recognized when earned following the guidelines under FASB ASC Topic 605, Revenue Recognition and FASB ASC Topic 840, Leases . Revenue is reported net of any related sales tax. Container and Rail Lease Revenue The Company recognizes revenue from operating l ease s of its owned equipment as earned over the term of the lease. Where minimum lease payments vary over the lease term, revenue is recognized on a straight-line basis over the term of the lease. The Company recognizes revenue on a cash basis for certain railcar leases that are billed on an hourly or mileage basis through a third-party railcar manager. Early termination of the rental contracts subjects the lessee to a penalty, which is included in lease revenue upon such termination. Finance lease income is recognized using the effective interest method, which generates a constant rate of interest over the period of the lease. Included in lease revenue is revenue consisting primarily of fees charged to the lessee for handling, delivery, repairs, and fees relating to the Company’s damage protection plan, which are recognized as earned. Management Fee Revenue The Company recognizes revenue from management fees earned under equipment management agreements as earned on a monthly basis. Management fees are typically a percentage of net operating income of each investor group’s fleet calculated on an accrual basis. Included in the Company’s balance sheet are accounts receivable from the managed fleet which are uncollected lease billings related to managed equipment. The Company’s financial statements include accounts payable and accruals of expenses related to managed equipment. The net amount of rentals billed less expenses payable, less management fees, is recorded in amounts due to container investors on the balance sheet. Logistics Revenue The Company’s logistics business derives its revenue from three principal sources: (1) truck brokerage services, (2) intermodal transportation services, and (3) international ocean freight and freight forwarding services. The Company recognizes logistics revenue when these services are provided to its customers. For truck brokerage services, revenue is recognized when delivery has been completed. Intermodal transportation services can take a longer time to complete; for any such services not completed at the end of a reporting period, a percentage of completion method is used to allocate the appropriate revenue to each separate reporting period using relative transit time. The Company provides international freight forwarding services as an indirect carrier, sometimes referred to as a Non-Vessel Operating Common Carrier (NVOCC). When the Company acts as an NVOCC with respect to shipments of freight, a House Ocean Bill of Lading (HOBL) is typically issued to the customer. Based upon the terms in the contract of carriage (the HOBL), revenue and purchased transportation costs for these shipments are recognized at the time the freight departs the terminal or origin. The Company reports logistics revenue on a gross basis as it is the primary obligor and responsible for providing the services desired by the customer. The Company is responsible for fulfillment, including the acceptability of the service, and has discretion in setting sales prices and as a result, its earnings may vary. The Company also has discretion in selecting vendors from multiple suppliers for the services ordered by the customers. Lastly, the Company has credit risk for the related receivables. ( o ) Stock-Based Compensation The Company has granted stock options and restricted stock to certain directors and employees under its 2007 Equity Incentive Plan. The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation , which requires that compensation cost related to stock-based compensation be recognized in the financial statements. The cost is measured at the date the award is granted based on the fair value of the award. The fair value of stock options is calculated using the Black-Scholes-Merton option pricing model. The stock-based compensation expense is recognized over the vesting period of the grant on a straight-line ba sis (see Note 11). ( p ) Repairs and Maintenance The Company’s leases generally require the lessee to pay for any damage to the equipment beyond normal wear and tear at the end of the lease term. The Company accounts for repairs and maintenance expense on an accrual basis when an obligation to pay has been incurred. (q) Recent Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17), which requires companies to present all deferred tax assets and liabilities as noncurrent on the balance sheet. The Company early adopted ASU 2015-17 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03) . The new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the accounting treatment for debt discounts. The Company adopted ASU 2015-03 effective January 1, 2016. Adoption of the guidance resulted in the reclassification of unamortized debt issuance costs of $11.2 million and $11.8 million as of December 31, 2016 and 2015, respectively, from prepaid expenses and other current assets to a reduction of debt on the Company’s consolidated balance sheets. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU 2015-02). The new guidance changes (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the 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 2015-02 effective January 1, 2016, and adoption had no impact on the Company’s consolidated financial statements. |
Insurance Receivable And Impair
Insurance Receivable And Impairment | 12 Months Ended |
Dec. 31, 2016 | |
Insurance Receivable And Impairment [Abstract] | |
Insurance Receivable and Impairment | (3) Insurance Receivable and Impairment In August 2016, Hanjin Shipping Co., Ltd. filed for court protection from its creditors. Based on prior experience, the Company believes that most of its containers will be recovered. The Company maintains insurance to cover the value of containers that are unlikely to be recovered from its customers, the cost to recover containers and up to 180 days of lost lease rental income, subject to a deductible of $2.0 million. During the year ended December 31, 2016, the Company estimated that containers with a book value of $3.2 million would not be recovered from Hanjin. An insurance receivable of $3.8 million was recorded for $1.2 million of estimated irrecoverable containers in excess of the insurance deductible, which was recorded in depreciation expense, and $2.6 m illion of recovery costs , which was recorded as a reduction to storage, handling and other expenses. In addition, bad debt expense of $2.5 million was recorded in the consolidated statement of income for the year ended December 31, 2016, to fully reserve for the customer’s outstanding accounts receivable. |
Consolidation Of Variable Inter
Consolidation Of Variable Interest Entities As A Non-Controlling Interest | 12 Months Ended |
Dec. 31, 2016 | |
Consolidation Of Variable Interest Entities As A Non-Controlling Interest [Abstract] | |
Consolidation Of Variable Interest Entities As A Non-Controlling Interest | (4 ) 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 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, further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under FASB ASC Topic 810: i t has power to direct the activities of a VIE that most significantly impact the VIE’s economic performance; and i t 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 FASB ASC Topic 810, Consolidation . The Company currently enters into two types of container fund arrangements with investors which are reviewed under FASB 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 funds under financing arrangements are Japanese container funds that were established under separate investment agreements allowed under Japanese commercial laws (see Note 15). 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 liabilities of the funds that are incurred in the normal course of business. As such, the Company does not have a variable interest in the managed container 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 years ended December 31, 2016, 2015 and 2014. Collateralized Financing Obligations As of December 31, 2016, the Company has transferred containers, with a total net book value of $ 201.9 milli on 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 FASB 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 FASB 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 December 31, 2016 and 2015, and the results of the VIEs’ operations and cash flows for the years ended December 31, 2016, 2015 and 2014 in the Company’s consolidated financial statements. The containers that were transferred to the Japanese investor funds had a net book value of $ 69.8 million as of December 31, 2016. The container equipment, together with $ 30.4 m illion of cash held by the investor funds that can only be used to settle the liabilities of the VIEs , has been included on the Company’s consolidated balance sheet with the related liability presented in the debt section of the Company’s consolidated balance sheet as collateralized financing obligations of $ 100.0 million and term loans held by VIE of $ 5.8 mill ion. See Note 10(e) and Note 10(f) for additional information. No gain or loss was recognized by the Company on the initial consolidation of the VIEs. Containers sold to the Japanese investor funds during the years ended December 31, 2016, 2015 and 2014, had book values of $36.2 million, $30.4 million and $40.4 million , respectively. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Acquisitions | ( 5 ) Acquisition s During the year ended December 31, 2016, the Company completed the acquisitions of Challenger and Hybrid, for total consideration of $22.8 million, $6.0 million of which was contingent and based on their future performance. The following table summarizes the allocation of the total consideration transferred (in thousands): Cash $ 1,186 Accounts receivable 5,924 Property and equipment 144 Goodwill 12,889 Intangible assets 9,912 Other assets 276 Total assets 30,331 Accounts payable 4,479 Deferred tax liability 2,462 Other liabilities 605 Total liabilities 7,546 Purchase price $ 22,785 Adjustments to record the assets acquired and liabilities assumed at fair value include the recognition of $ 9.9 million of intangible assets as follows: Amount Estimated Life Trademarks and tradenames $ 1,188 2 -3 years Customer relationships 8,724 8 years During the year ended December 31, 2016, the company decreased its estimate of the acquired companies’ future performance, and as a result reduced the contingent consideration liability by $3.8 million. Expected future payments of $2.1 million and $0.1 million are recorded in Other long-term liabilities and Accrued expenses and Other current liabilities, respectively, in the Company’s consolidated balance sheet at December 31, 2016. The acquisitions were not material to the Company’s consolidated financial statements, either individually or in the aggregate. Accordingly, pro forma results of operations related to these business acquisitions during the year ended December 31, 2016 have not been presented. The Company has included the financial results of these business acquisitions in its consolidated financial statements from their respective date of acquisition . |
Rental Equipment
Rental Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Rental Equipment [Abstract] | |
Rental Equipment | (6 ) Rental Equipment The following table provides a summary of the Company’s rental equipment (in thousands): December 31, December 31, 2016 2015 Dry containers $ 1,322,508 $ 1,392,825 Refrigerated containers 350,776 308,374 Other specialized equipment 164,934 152,310 Railcars 389,945 244,512 2,228,163 2,098,021 Accumulated depreciation (421,153) (349,810) Rental equipment, net of accumulated depreciation $ 1,807,010 $ 1,748,211 2 |
Net Investment In Direct Financ
Net Investment In Direct Finance Leases | 12 Months Ended |
Dec. 31, 2016 | |
Net Investment In Direct Finance Leases [Abstract] | |
Net Investment In Direct Finance Leases | ( 7 ) Net Investment in Direct Finance Leases The following table represents the components of the Company’s net investment in direct finance leases (in thousands): December 31, December 31, 2016 2015 Gross finance lease receivables (1) $ 123,563 $ 124,747 Unearned income (2) (23,022) (21,379) Net investment in direct finance leases $ 100,541 $ 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 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 December 31, 2016 and 2015. In order to estimate the allowance for losses contained in the gross finance lease receivables, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, the aging of customer receivables and general economic conditions. The categories of gross finance lease receivables based on the Company's internal customer credit ratings can be described as follows: Tier 1 — These customers are typically large international shipping lines that have been in business for many years and have world-class operating capabilities and significant financial resources. In most cases, the Company has had a long commercial relationship with these customers and currently maintains regular communication with them at several levels of management, which provides the Company with insight into the customer's current operating and financial performance. In the Company's view, these customers have the greatest ability to withstand cyclical down turns and would likely have greater access to needed capital than lower-rated customers. The Company views the risk of default for Tier 1 customers to range from minimal to moderate. Tier 2 — These customers are typically either smaller shipping lines or freight forwarders with less operating scale or with a high degree of financial leverage, and accordingly the Company views these customers as subject to higher volatility in financial performance over the business cycle. The Company generally expects these customers to have less access to capital markets or other sources of financing during cyclical down turns. The Company views the risk of default for Tier 2 customers as moderate. Tier 3 — Customers in this category exhibit volatility in payments on a regular basis. Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands): December 31, December 31, 2016 2015 Tier 1 $ 74,777 $ 86,981 Tier 2 48,786 37,766 Tier 3 - - $ 123,563 $ 124,747 Contractual maturities of the Company’s gross finance lease receivables subsequent to December 31, 201 6 for the years ending December 31 are as follows (in thousands): 2017 $ 28,102 2018 24,161 2019 40,013 2020 10,838 2021 11,578 2022 and thereafter 8,871 $ 123,563 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Intangible Assets | ( 8 ) Intangible Assets The Company’s intangible assets as of December 31, 201 6 and 201 5 were as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2016 Trademarks and tradenames $ 3,028 $ (1,850) $ 1,178 Customer relationships 9,344 (831) 8,513 $ 12,372 $ (2,681) $ 9,691 December 31, 2015 Trademarks and tradenames $ 1,840 $ (1,218) $ 622 Customer relationships 620 (19) 601 $ 2,460 $ (1,237) $ 1,223 Amortization expense recorded for the years ended December 31, 201 6 , 201 5 and 201 4 was $ 1 . 4 million, $0. 2 million and $0. 4 million, respectively, and was included in administrative expenses in the consolidated statements of income. As of December 31, 2016, e stimated future amortization expenses are as follows (in thousands): 2017 $ 1,968 2018 1,544 2019 1,167 2020 1,167 2021 1,167 2022 and thereafter 2,678 $ 9,691 |
Equipment Leases
Equipment Leases | 12 Months Ended |
Dec. 31, 2016 | |
Equipment Leases [Abstract] | |
Equipment Leases | ( 9 ) Equipment Leases The Company leases its equipment on either short-term operating leases through master lease agreements, long-term non-cancelable operating leases, or finance leases. The following represents future minimum rents receivable under long-term non-cancelable operating leases as of December 31, 201 6 (in thousands): 2017 $ 140,327 2018 115,444 2019 74,883 2020 49,708 2021 30,326 2022 and thereafter 42,749 $ 453,437 See Note 7 for contractual maturities of the Company’s gross finance lease receivables. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt | ( 10 ) Debt Details of the Company’s debt as of December 31, 201 6 and 201 5 were as follows (dollars in thousands): December 31, 2016 December 31, 2015 (1) Outstanding Average Outstanding Average Reference Current Long-term Interest Current Long-term Interest Maturity (a)(i) Revolving credit facility $ - $ 526,000 2.5% $ 8,500 $ 488,000 1.8% March 2020 (a)(ii) Revolving credit facility - Rail - 223,500 2.4% 34,500 126,000 1.9% October 2020 (b)(i) Term loan 1,800 21,900 2.9% 1,800 23,700 2.3% April 2018 (b)(ii) Term loan 9,000 120,750 2.3% 9,000 129,750 2.2% October 2019 (b)(iii) Term loan 7,000 89,500 2.5% 9,940 99,440 1.9% June 2021 (b)(iv) Term loan 1,158 17,723 3.4% 1,119 18,881 3.4% December 2020 (b)(v) Term loan 2,705 46,365 3.6% - - - August 2021 (c) Senior secured notes 6,110 64,995 4.9% 7,175 71,105 4.9% September 2022 (d) Asset backed notes 40,000 202,875 3.4% 40,000 242,875 3.4% March 2028 (e) Collateralized financing obligations 28,693 71,346 1.1% 58,553 53,697 0.7% June 2019 (f) Term loans held by VIE 2,287 3,541 2.5% 1,829 5,748 2.6% June 2019 98,753 1,388,495 172,416 1,259,196 Debt issuance costs (3,226) (7,996) (3,167) (8,636) Total Debt $ 95,527 $ 1,380,499 $ 169,249 $ 1,250,560 (1) Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”) . (a) Revolving Credit Facilities Revolving credit facilities consist of the following: (i) On March 15, 2013, the Company entered into a 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 December 31, 201 6 , 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 of 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 $25.0 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 $30.0 million in the aggregate) will be available to the Company. These credit commitments are part of, and not in addition to, the total commitment provided under the revolving credit facility. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans and Base Rate for Based 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 December 31, 201 6 , the Company was in compliance with the terms of the revolving credit facility. As of December 31, 2016, the Company had $ 248.9 million in availability under the revolving credit facility (net of $0.1 million in letters of credit) subject to its ability to meet the coll ateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at December 31, 201 6 , the borrowing availability under the revolving credit facility was $ 65.1 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 containers owned by the Company, which had a net book value o f $ 713.1 mi llion as of December 31, 201 6 , the underlying leases and the Company’s interest in any money received under such contracts. (ii) On October 22, 2015, the Company entered into the Second Amended and Restated Revolving Credit Agreement for CAI Rail 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 December 31, 201 6 , the maximum credit commitment under the revolving line of credit 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 December 31, 201 6 , CAI Rail had $ 276.5 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 December 31, 201 6 , the borrowing availability under the revolving credit facility was $ 2.6 million, assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The agreement governing CAI Rail’s revolving credit facility contains various financial and other covenants. As of December 31, 201 6 , 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 $ 282.6 million as of December 31, 2016, and is guaranteed by the Company. (iii) On September 23, 2016, the Company entered into a Revolving Credit Agreement for CAI International GmbH with a financial institution to finance the acquisition of rental equipment. As of December 31, 2016, the maximum credit commitment under the revolving credit facility was EUR 25.0 million. Borrowings under this revolving credit facility bear interest at a variable rate. Interest rates are based on EURIBOR. As of December 31, 2016, the Company had not drawn on the facility. 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 revolving credit facility matures in September 2020. (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 variable rates based on LIBOR. As of December 31, 2016, the loan had a balance of $23.7 million. The following are the estimated future principal and interest payments under these loans as of December 31, 201 6 (in thousands). The payments were calculated assuming the interest rate remain s 2 .9 % t hrough maturity of the loan. 2017 $ 2,474 2018 22,215 24,689 Less: Amount representing interest (989) Term loan $ 23,700 (ii) On December 20, 2010, the Company entered into a term loan agreement with a consortium of banks. Under this loan agreement, the Company was eligible to borrow up to $300.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company’s wholly-owned foreign subsidiaries. The loan agreement is an amortizing facility with a term of six years. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the term loan agreement. The loan bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for Base Rate loans. On March 28, 2013, the term loan was amended which reduced the principal balance of the loan from $249.4 million to $125.0 million through payment of $124.4 million from the proceeds of the $229.0 million fixed-rate asset-backed notes issued by the Company’s indirect wholly-owned subsidiary, CAL Funding II Limited (CAL II) (see Note 10 (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 the 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 December 31, 2016, the term loan had a balance of $ 129.8 million. The following are the estimated future principal and interest payments under this loan as of December 31, 2016 (in thousands). The payments were calculated assuming the interest rate remains 2.3 % through maturity of the loan. 2017 $ 11,997 2018 11,783 2019 113,776 137,556 Less: Amount representing interest (7,806) Term loan $ 129,750 (iii) On April 11, 2012, the Company entered into a term loan agreement with a consortium of banks. The agreement, as amended, provide d 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. On June 30, 2016, the Company entered into an amended and restated term loan agreement, 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) provide the Company with the ability to increase the commitments under the facility to a maximum of $100.0 million, subject to certain conditions, (2) extend the maturity date to June 30, 2021, and (c) revise certain of the covenants and restrictions under the prior agreement to provide the Company with additional flexibility. The term loan’s outstanding principal is amortized quarterly, with quarterly payments equal to 1.75% multiplied by the original outstanding principal. The amended and restated term loan agreement bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for base rate loans. As of December 31 , 2016, the loan had a balance o f $96.5 m illion. The following are the estimated future principal and interest payments under this loan as of December 31, 201 6 (in thousands). The payments were calculated assuming the interest rate remain s 2. 5 % through maturity of the loan. 2017 $ 9,398 2018 9,219 2019 9,040 2020 8,867 2021 69,357 105,881 Less: Amount representing interest (9,381) Term loan $ 96,500 (iv) On December 22, 2015, the Company entered into a $20.0 million five -year term loan agreement for CAI Rail with a financial institution . 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 December 31, 201 6 , the loan ha d a balance of $ 18.9 million . The following are the estimated future principal and interest payments under this loan as of December 31, 201 6 (in thousands). The payments were calculated based on the fixed interest rate of 3.4%. 2017 $ 1,793 2018 1,793 2019 1,793 2020 15,793 21,172 Less: Amount representing interest (2,291) Term loan $ 18,881 (v) On August 30, 2016, CAI Rail entered into a term loan agreement of up to $100.0 million with a consortium of banks for the acquisition of railcars, subject to certain borrowing conditions, which is secured by certain railcars and other assets of CAI Rail. The loan agreement is an amortizing facility with a term of five years. Borrowings under the loan bear interest at a fixed rate as specified in the applicable term note entered into at the time a draw is made under the loan agreement. Principal and interest on the borrowings are payable monthly during the five-year term of the note. At closing of the loan agreement, CAI Rail made a draw of $50.0 million on the facility at a fixed interest rate of 3.6% per annum. Any unpaid principal and interest is due on August 30, 2021. As of December 31, 2016, the loan had a balance o f $49.1 m illion. The following are the estimated future principal and interest payments under this loan as of December 31, 201 6 (in thousands). The payments were calculated based on the fixed interest rate of 3.6%. 2017 $ 4,441 2018 4,441 2019 4,441 2020 4,441 2021 38,524 56,288 Less: Amount representing interest (7,218) Term loan $ 49,070 The Company's term loans are secured by rental equipment owned by the Company, which had a net book value of $ 378.4 million as of December 31, 201 6 . (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 December 31, 201 6 , the Notes had a balance of $ 7 1.1 mil lion. The following are the estimated future principal and interest payments under the Notes as of December 31, 201 6 (in thousands). The payments were calculated based on the fixed interest rate of 4.9%. 2017 $ 9,520 2018 9,220 2019 8,920 2020 8,621 2021 8,322 2022 and thereafter 42,467 87,070 Less: Amount representing interest (15,965) Senior secured notes $ 71,105 The Company's senior secured notes are secured by rental equipment owned by the Company, which had a net book value of $ 93.8 million as of December 31, 201 6 . (d) Asset-Backed Notes On October 18, 2012, CAL II issued $171.0 million of 3.47% fixed rate asset-backed notes (Series 2012-1 Asset-Backed Notes). Principal and interest on the Series 2012-1 Asset-Backed Notes is payable monthly commencing on November 26, 2012, and the Series 2012-1 Asset-Backed Notes mature in October 2027 . The proceeds from the Series 2012-1 Asset-Backed Notes were used to repay part of the Company’s borrowings under its senior revolving credit facility. As of December 31, 201 6 , the Series 2012-1 Asset-Backed Notes had a balance of $ 99.8 million. On March 28, 2013, CAL II issued $229.0 million of 3.35% fixed rate asset-backed notes (Series 2013-1 Asset-Backed Notes). Principal and interest on the Series 2013-1 Asset-Backed Notes is payable monthly commencing on April 25, 2013, and the Series 2013-1 Asset-Backed Notes mature in March 2028 . The proceeds from the Series 2013-1 Asset-Backed Notes were used partly to reduce the balance of the Company’s term loan as described in Note 10 (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 $ 143.1 m illion as of December 31, 201 6 . The following are the estimated future principal and interest payments under the Asset-Backed Notes as of December 31, 201 6 (in thousands). The payments were calculated based on the weighted average fixed interest rate of 3.4% . 2017 $ 47,632 2018 46,272 2019 44,911 2020 43,551 2021 42,190 2022 and thereafter 43,741 268,297 Less: Amount representing interest (25,422) Asset-backed notes $ 242,875 The Company's asset-backed notes are secured by rental equipment owned by the Company, which had a net book value of $ 326.0 m illion as of December 31, 201 6 . 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 December 31, 201 6 , the restricted cash account had a balance of $ 6.2 m illion. (e) Collateralized Financing Obligations As of December 31, 201 6 , the Company had collateralized financing obligations of $ 100.0 million (see Note 4 ). The obligations had an average interest rate o f 1.1 % as of December 31, 201 6 with maturity dates between March 2017 and September 2019 . The debt is secured by a pool of containers covered under the financing arrangements. The following are the estimated future principal and interest payments under the Company’s collateralized financing obligations as of December 31, 201 6 (in thousands). The payments were calculated assuming an average interest rate of 1.1 % through maturity of the obligations. 2017 $ 30,628 2018 23,174 2019 50,105 103,907 Less: Amount representing interest (3,868) Collateralized financing obligations $ 100,039 (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 4 ) 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 December 31, 201 6 , the term loans held by the Japanese investor fund totaled $ 5.8 million and had an average interest rate o f 2.5% . The following are the estimated future principal and interest payments under this loan as of December 31, 201 6 (in thousands). The payments were calculated assuming the interest rate remain s 2. 5 % through maturity of the loan. 2017 $ 2,408 2018 1,906 2019 1,754 6,068 Less: Amount representing interest (240) Term loans held by VIE $ 5,828 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 o f $1 2.7 m illion as of December 31, 201 6 . The agreements relating to all of the Company’s debt contain various financial and other covenants. As of December 31, 201 6 , the Company was in compliance with all of its debt covenants. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | ( 11 ) 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 2,671,980 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 1/48 th 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 years ended December 31, 201 6 : Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Shares Price (in years) (in thousands) Options outstanding, December 31, 2013 1,263,485 $ 14.84 Options granted 170,000 $ 22.09 Options forfeited (5,417) $ 22.55 Options exercised (7,319) $ 15.60 Options outstanding, December 31, 2014 1,420,749 $ 15.67 Options granted 183,000 $ 21.72 Options exercised (414,494) $ 11.45 Options outstanding, December 31, 2015 1,189,255 $ 18.08 Options granted 245,000 $ 7.87 Options forfeited/cancelled (6,000) $ 21.99 Options outstanding, December 31, 2016 1,428,255 $ 16.31 5.7 $ 896 Options exercisable at December 31, 2016 1,051,969 $ 17.56 4.5 $ 700 Expected to vest after December 31, 2016 376,286 $ 12.80 8.9 $ 196 The aggregate intrinsic value represents the value by which the Company’s closing stock price of $ 8.67 per share on the last trading day of the year ended December 31, 201 6 exceeds the exercise price of the stock multiplied by the number of options outstanding or exercisable, excluding options that have a zero or negative intrinsic value. The aggregate intrinsic value of options exercised during 201 5 and 201 4 , based on the closing share price on the date each option was exercised, was $ 4.9 million and less than $0.1 million, respectively. The Company recorded stock-based compensation expense o f $ 1.3 million, $1.5 million and $1.6 million relating to stock options for the years ended December 31, 2016, 2015 and 2014, respectively . As of December 31, 201 6 , the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $ 2.0 million which is to be recognized over the remaining weighted average vesting period of approximately 2. 3 years. The total fair value of stock options granted to the Company’s employees and independent directors at the time of grant was approximately $ 0.9 million, or $ 3.55 per share, $1.7 million, or $9.20 per share, and $1.9 million, or $11.02 per share for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively, calculated using the Black-Scholes-Merton pricing model under the following weighted average assumptions: 2016 2015 2014 Stock price $ 7.87 $ 21.72 $ 22.09 Exercise price $ 7.87 $ 21.72 $ 22.09 Expected term (years) 5.5 - 6.25 5.5 - 6.25 5.5 - 6.25 Expected volatility (%) 45.4 - 46.7 39.5 - 41.8 44.8 - 53.5 Risk-free interest rate (%) 1.30 - 1.40 1.85 - 2.00 1.79 - 1.98 Dividend yield (%) - - - The expected option term is calculated using the simplified method in accordance with SEC guidance. The expected volatility was derived from the average volatility of the Company’s stock over a period approximating the expected term of the options. The risk-free rate is based on daily U.S. Treasury yield curve with a term approximating the expected term of the options. No forfeiture was estimated on all options granted during the years ended December 31, 201 6 , 201 5 and 201 4 as management believes that none of the grantees will leave the Company within the option vesting period. Restricted Stock The Company grants restricted stock to certain employees pursuant to the Plan. The restricted stock is valued based on the closing price of the Company’s stock on the date of grant and has a vesting period of four years. The following table summarizes the activity of restricted stock under the Plan: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2013 28,150 $ 26.11 Restricted stock granted 23,500 $ 22.09 Restricted stock vested (7,648) $ 26.13 Restricted stock forfeited (1,500) $ 26.41 Restricted stock outstanding, December 31, 2014 42,502 $ 23.87 Restricted stock granted 21,000 $ 21.15 Restricted stock vested (15,477) $ 23.81 Restricted stock outstanding, December 31, 2015 48,025 $ 22.70 Restricted stock granted 34,500 $ 7.87 Restricted stock vested (14,379) $ 23.61 Restricted stock forfeited (2,344) $ 21.96 Restricted stock outstanding, December 31, 2016 65,802 $ 14.75 The Company recognized stock-based compensation expense relating to restricted stock of $0.4 million for both the years ended December 31, 2016 and 2015, and $0.3 million for the year ended December 31, 2014. Unamortized stock-based compensation expense relating to restricted stock as of December 31, 201 6 was $ 0.7 million, which will be recognized over the remaining average vesting period of 2.2 years. Stock-based compensation expense is recorded as a component of administrative expenses 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 | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | ( 12 ) Income Taxes For the years ended December 31, 201 6 , 201 5 and 201 4 , net income before income taxes and non-controlling interest consisted of the following (in thousands): Year Ended December 31, 2016 2015 2014 U.S. operations $ 8,996 $ 6,682 $ 7,853 Foreign operations 882 24,305 59,336 $ 9,878 $ 30,987 $ 67,189 Income tax expense (benefit) attributable to income from operations consisted of (in thousands): Year Ended December 31, 2016 2015 2014 Current Federal $ 312 $ (2,083) $ 3,005 State 56 (4) 62 Foreign 2,338 1,372 1,954 2,706 (715) 5,021 Deferred Federal 3,090 5,406 930 State 238 19 247 Foreign (2,190) (458) 993 1,138 4,967 2,170 Income tax expense $ 3,844 $ 4,252 $ 7,191 The reconciliations between the Company’s income tax expense and the amounts computed by applying the U.S. federal income tax rate of 35.0% for the years ended December 31, 201 6 , 201 5 and 201 4 are as follows (in thousands): Year Ended December 31, 2016 2015 2014 Computed expected tax expense $ 3,458 $ 10,845 $ 23,516 Increase (decrease) in income taxes resulting from: Foreign tax differential (88) (7,676) (17,955) State income tax expense, net of federal income tax benefit 310 220 55 Subpart F income 711 597 1,106 Adjustment to contingent consideration (634) - - Increase in uncertain tax positions 36 17 38 Non-deductible stock-based compensation 155 134 112 Change in valuation allowance (15) (152) 167 Other (89) 267 152 $ 3,844 $ 4,252 $ 7,191 As of December 31, 201 6 , the Company had $72.1 million, $5.6 million and $ 11.3 million of net operating loss (NOL) carry forwards available to offset future federal, foreign and state taxable income, respectively. The NOL carry forwards will begin to expire in 2035 , 2017 and 2029 for federal, foreign and state income tax purposes, respectively. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 201 6 and 201 5 are presented below (in thousands): Year Ended December 31, 2016 2015 Deferred tax assets: Accounts receivable $ 307 $ 123 Accrued expenses and other current liabilities 423 145 Unearned revenue 856 436 Stock-based compensation 2,280 1,812 Other 616 442 Net operating loss carry forwards 27,225 13,814 Gross deferred tax assets 31,707 16,772 Valuation allowance - (15) Net deferred tax assets 31,707 16,757 Deferred tax liabilities: Intangible assets 2,946 29 Depreciation and amortization 73,305 56,478 Foreign deferred tax liabilities 760 2,664 Deferred subpart F income 6,500 5,790 Gross deferred tax liabilities 83,511 64,961 Net deferred tax liability $ 51,804 $ 48,204 The realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s management considers the projected future taxable income for making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company’s management believes it is more likely than not the Company will realize the benefits of the deductible differences noted above. Tax attributes related to stock option windfall deductions are not recorded until they result in a reduction of cash tax payable. Our federal and state ne t operating losses from windfall deductions were excluded from our deferred tax balance as of December 31, 2016. As of December 31, 2016, the benefit of the federal and state net operating loss deferred tax assets of $1.0 million and less than $0.1 million, respectively, will be recorded to additional paid-in capital when they reduce cash tax payable. Deferred income taxes have not been provided on the undistributed earnings of foreign subsidiaries. As of December 31, 2016, the amount of such earnings totaled approximately $ 264.9 million. These earnings have been permanently reinvested and the Company does not plan to initiate any action that would precipitate the payment of income taxes thereon. The amount of income taxes that would have resulted had such earnings been repatriated is not practically determinable. The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands): Balance at January 1, 2015 $ 188 Increases related to current year tax positions 119 Decreases related to lapsing of statute (87) Balance at December 31, 2015 220 Increases related to current year tax positions 77 Decreases related to lapsing of statute (31) Balance at December 31, 2016 $ 266 The unrecognized tax benefits of approximately $ 0.3 million at December 31, 2016, if recognized, would reduce the Company’s effective tax rate. The Company accrued potential interest and penalties of less than $ 0.1 million related to unrecognized tax benefits for each of the years ended December 31, 2016 and 201 5 . The Company’s tax returns, including the United States, California, New Jersey and South Carolina, are subject to examination by the tax authorities. The Company accrues for unrecognized tax benefits based upon its best estimate of the additional taxes, interest and penalties expected to be paid. These estimates are updated over time as more definitive information becomes available from taxing authorities, completion of tax audits, expiration of statute of limitations, or upon occurrence of other events. The Company does not believe the total amount of unrecognized tax benefit as of December 31, 201 6 will increase or decrease significantly in the next twelve months. As of December 31, 201 6 , the statute of limitations for tax examinations in the United States has not expired for the years ended December 31, 201 3 through 2015 and California, New Jersey and South Carolina have not expired for tax returns filed for the years ended December 31, 2012 through 2015 . |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (1 3 ) Fair Value of Financial Instruments The carrying amo unts 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 asset-backed notes of $ 242.9 million and collateralized financing obligations of $ 100. 0 million as of December 31, 2016 were estimated to have a fair value of approximately $232.0 million and $9 9.4 million, respectively, based on the fair value of estimated future payments calculated using the prevailing interest rates. The fair value of these financial instruments would be categorized as Level 3 of the fair value hierarchy. Management believes that the balances of the Company’s revolving credit facilities of $ 749.5 million, term loans totaling $ 317.9 million, senior secured notes of $ 71.1 million, term loans held by VIE of $ 5.8 million, net investment in direct finance leases of $ 100.5 m illion and liabilities relating to the expected future payments for its acquisitions (see Note 5) of $2.2 million approximate their fair values as of December 31, 201 6 . The fair value of these financial instruments would be categorized as Level 3 of the fair value hierarchy. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (1 4 ) Commitments and Contingencies The Company utilizes certain office facilities and office equipment under non-cancelable operating lease agreements which generally have original terms of up to five years. Future minimum lease payments required under non-cancellable operating leases having an original term of more than one year as of December 31, 201 6 are as follows (in thousands): Office Facilities and Equipment Year ending December 31: 2017 $ 1,590 2018 416 2019 375 $ 2,381 Office facility expense was $1.7 million for the year ended December 31, 2016, and $ 1.5 million for both the years ended December 31, 2015 and 2014 , which was included in administrative expenses in the consolidated statements of income. As of December 31, 201 6 and 201 5 , the Company had one outstanding letter of credit of $0.1 million. The letter of credit guarantees the Company’s obligations under certain operating lease agreements. In addition to the rental equipment payable of $ 25.2 million, the Company had commitments to purchase approximately $ 1 89.5 million of rental equipment as of December 31, 2016; $1 17.4 million in the twelve months ended December 31, 2017 and $72.1 million in the twelve months ended December 31, 2018. In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry and indemnifications specific to a transaction such as an assignment and assumption agreement. These indemnifications might include claims related to tax matters, governmental regulations, and contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of a contract or by a third-party claim. The Company regularly evaluates the probability of having to incur costs associated with these indemnifications and as of December 31, 201 6 there were no claims outstanding under such indemnifications and the Company believes that no claims are probable of occurring in the future. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (1 5 ) 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). Prior to April 2016, CAIJ wa s an 80% -owned subsidiary of CAI with the remaining 20% owned by JIA. Prior to the transfer of containers from the Company, the Japanese 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 Japanese container funds manage the activities of certain Japanese entities but may outsource all 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 manage d the leasing activity of containers owned by the Japanese container funds. As described in Note 4 , the Japanese managed container funds and financing arrangements are considered VIEs. However, with the exception of the financing arrangements described in Note 4 , 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 4 , 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 FASB ASC Topic 810, Consolidation . During the year ended December 31, 2014, the Company purchased, and subsequently cancelled, 400,000 shares of the Company’s common stock from Mr. Hiromitsu Ogawa, the Chairman of the Board of Directors, pursuant to the Company’s share repurchase plan authorized by the Board of Directors on February 27, 2014. The shares were purchased for proceeds totaling $8.8 million, at an average price of $21.92 , which represented a modest discount to the closing share price on the dates of purchase. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
Capital Stock [Abstract] | |
Capital Stock | (1 6 ) Capital Stock On April 29, 2014, the Company filed a universal shelf registration statement on Form S-3 with the SEC which was declared effective by the SEC on June 19, 2014. Under this shelf registration statement, the Company may sell various debt and equity securities, or a combination thereof, to be offered from time-to-time up to an aggregate offering price of $300.0 million for all securities, and the selling stockholders may sell up to 3,000,000 shares of common stock in one or more offerings. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | (1 7 ) 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 years ended December 31, 201 6 , 201 5 and 201 4 , 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): Year Ended December 31, 2016 Container Leasing Rail Leasing Logistics Total Container lease income $ 200,186 $ - $ - $ 200,186 Rail lease income - 30,490 - 30,490 Logistics revenue - - 61,536 61,536 Management fee revenue 2,142 - - 2,142 Total revenue 202,328 30,490 61,536 294,354 Depreciation of rental equipment 95,755 9,122 - 104,877 Storage, handling and other expenses 32,465 3,386 11 35,862 Logistics transportation costs - - 51,980 51,980 Loss (gain) on sale of used rental equipment 12,750 33 (112) 12,671 Administrative expenses 20,453 3,759 11,466 35,678 Total operating expenses 161,423 16,300 63,345 241,068 Operating income 40,905 14,190 (1,809) 53,286 Net interest expense 35,784 6,970 - 42,754 Other expense 654 - - 654 Total other expenses 36,438 6,970 - 43,408 Net income (loss) before income taxes and non-controlling interest $ 4,467 $ 7,220 $ (1,809) $ 9,878 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 1,638,263 $ 378,059 $ 39,612 $ 2,055,934 Purchase of rental equipment (2) $ 118,374 $ 132,791 $ - $ 251,165 Year Ended December 31, 2015 (1) Container Leasing Rail Leasing Logistics Total Container lease income $ 217,505 $ - $ - $ 217,505 Rail lease income - 17,433 - 17,433 Logistics revenue - - 11,502 11,502 Management fee revenue 3,227 - - 3,227 Total revenue 220,732 17,433 11,502 249,667 Depreciation of rental equipment 108,996 4,594 - 113,590 Storage, handling and other expenses 27,653 2,540 1 30,194 Logistics transportation costs - - 10,172 10,172 Loss (gain) on sale of used rental equipment 2,276 (1,622) - 654 Administrative expenses 21,969 3,131 2,517 27,617 Total operating expenses 160,894 8,643 12,690 182,227 Operating income (loss) 59,838 8,790 (1,188) 67,440 Net interest expense 33,156 3,109 6 36,271 Other expense 182 - - 182 Total other expenses 33,338 3,109 6 36,453 Net income (loss) before income taxes and non-controlling interest $ 26,500 $ 5,681 $ (1,194) $ 30,987 Goodwill $ - $ - $ 2,905 $ 2,905 Total assets $ 1,728,389 $ 238,896 $ 6,300 $ 1,973,585 Purchase of rental equipment (2) $ 226,469 $ 162,862 $ - $ 389,331 Year Ended December 31, 2014 (1) Container Leasing Rail Leasing Logistics Total Container lease income $ 210,756 $ - $ - $ 210,756 Rail lease income - 10,336 - 10,336 Management fee revenue 6,497 - - 6,497 Total revenue 217,253 10,336 - 227,589 Depreciation of rental equipment 75,150 2,826 - 77,976 Storage, handling and other expenses 23,841 2,202 - 26,043 Gain on sale of used rental equipment (6,506) (16) - (6,522) Administrative expenses 24,180 2,358 - 26,538 Total operating expenses 116,665 7,370 - 124,035 Operating income 100,588 2,966 - 103,554 Net interest expense 33,599 1,993 - 35,592 Other expense 773 - - 773 Total other expenses 34,372 1,993 - 36,365 Net income before income taxes and non-controlling interest $ 66,216 $ 973 $ - $ 67,189 Purchase of rental equipment (2) $ 289,921 $ 17,362 $ - $ 307,283 (1) Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”). (2) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indic ated . Geographic Data The Company earns its revenue primarily from intermodal 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 $ 370.1 million as of December 31, 201 6 , are used to transport cargo within North America. The following table represents the geographic allocation of revenue for the periods indicated based on customers’ primary domicile (in thousands): Year Ended December 31, 2016 2015 2014 United States $ 116,121 $ 48,103 $ 13,821 France 26,504 25,811 26,586 Japan 19,706 24,919 26,124 Switzerland 17,862 18,937 22,813 Korea 13,495 17,703 23,169 Other Asia 52,200 62,702 64,677 Other Europe 36,440 37,353 33,235 Other International 12,026 14,139 17,164 Total revenue $ 294,354 $ 249,667 $ 227,589 |
Revenue Concentration
Revenue Concentration | 12 Months Ended |
Dec. 31, 2016 | |
Revenue Concentration [Abstract] | |
Revenue Concentration | (1 8 ) Revenue Concentration Revenue from the Company’s ten largest lessees represented 41.5 % , 51.9% and 55.4% of total revenue for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. Revenue from the Company’s single largest lessee , CMA CGM, accounted for 10.8% , or $31.7 million, 11.6 % , or $2 9.0 million, and 11.4% , or $25.9 million, of total revenue for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (19 ) Earnings per Share Basic earnings per share is computed by dividing income attributable to CAI 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 years ended December 31, 2016, 2015 and 2014 (in thousands, except per share data): Year Ended December 31, 2016 2015 (1) 2014 (1) Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ 5,997 $ 26,601 $ 59,887 Denominator Weighted-average shares used in the calculation of basic earnings per share 19,318 20,773 20,732 Effect of dilutive securities: Stock options and restricted stock 75 215 423 Weighted-average shares used in the calculation of diluted earnings per share 19,393 20,988 21,155 Net income per share attributable to CAI common stockholders: Basic $ 0.31 $ 1.28 $ 2.89 Diluted $ 0.31 $ 1.27 $ 2.83 (1) Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”). The calculation of diluted income per share for the years ended December 31, 201 6 , 201 5 and 201 4 excluded from the denominator 1,135,711 shares, 763,847 shares and 600,450 shares , respectively, of common stock options granted to employees and directors because their effect would have been anti - dilutive. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | ( 20 ) Selected Quarterly Financial Data (Unaudited) The following table sets forth key interim financial information for the years ended December 31, 2016 and 2015 (in thousands, except per share amount): 2016 Quarters Ended (1) 2015 Quarters Ended (1) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Revenue $ 77,274 $ 78,472 $ 71,642 $ 66,966 $ 65,692 $ 66,117 $ 59,366 $ 58,492 Operating expenses 64,664 71,110 56,784 48,510 68,292 42,861 36,232 34,842 Operating income (loss) 12,610 7,362 14,858 18,456 (2,600) 23,256 23,134 23,650 Net income (loss) attributable to CAI common stockholders 620 (5,451) 3,711 7,117 (12,630) 12,934 12,824 13,473 Net income (loss) per share attributable to CAI common stockholders: Basic $ 0.03 $ (0.29) $ 0.20 $ 0.37 $ (0.63) $ 0.62 $ 0.61 $ 0.64 Diluted $ 0.03 $ (0.29) $ 0.20 $ 0.37 $ (0.63) $ 0.61 $ 0.60 $ 0.63 (1) Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”) . |
Schedule II Valuation Accounts
Schedule II Valuation Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Schedule II Valuation Accounts [Abstract] | |
Schedule II Valuation Accounts | Schedule II Valuation Accounts (In thousands) Balance at Balance at Beginning Net Additions End of of Period to Expense Deductions* Period December 31, 2014 Accounts receivable, allowance for doubtful accounts $ 503 $ 248 $ (71) $ 680 December 31, 2015 Accounts receivable, allowance for doubtful accounts $ 680 $ 448 $ (580) $ 548 December 31, 2016 Accounts receivable, allowance for doubtful accounts $ 548 $ 3,151 $ (2,359) $ 1,340 *Primarily consists of write-offs, net of recoveries and other adjustments |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Principles Of Consolidation | (a) Principles of Consolidation The consolidated financial statements include the financial statements of CAI International, Inc., its wholly-owned subsidiaries, and its previously 80% -owned subsidiary, CAIJ, Inc. (CAIJ), up to its date of disposal in April 2016. All significant intercompany balances and transactions have been eliminated in consolidation. 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, further analysis is performed to determine if the Company is the primary beneficiary of the VIE and meets both of the following criteria under Financial Account ing Standards Board (FASB) Accounting Standards Codification ( 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 FASB ASC Topic 810, Consolidation (see Note 4). |
Correction Of Immaterial Errors | (b) Correction of Immaterial Errors During the year ended December 31, 2016, the Company determined that its financial statements for the years ended December 31, 2015 and 2014 and for prior years, contained errors resulting from the incorrect accounting for debt issuance costs. The Company previously amortized debt issuance costs using the straight-line method, rather than the effective interest method. The Company’s accounting policy for debt issuance costs is described below in Note 2(j). In accordance with FASB ASC Topic 250, Accounting Changes and Error Corrections , the Company evaluated the materiality of the errors from both a quantitative and qualitative perspective, and concluded that the errors were immaterial to the Company’s prior period interim and annual consolidated financial statements, and have corrected such balances herein. The associated correcting entries were recorded in the respective period, starting with the opening consolidated balance sheet of December 31, 2015. The consolidated balance sheet as of December 31, 2015 presented herein has been revised, resulting in a $1.2 million increase in debt and a $1.2 million decrease in retained earnings. The adjustments to the previously reported consolidated statements of income for the years ended December 31, 2015 and 2014 resulted in an increase in net interest expense of $0.2 million and $0.4 million, respectively, and a decrease to net income of $0.2 million and $0.4 million, respectively. In addition, retained earnings in the consolidated statements of stockholders’ equity at December 31, 2014 and 2013 decreased by $0.9 million and $0.5 million, respectively, to correct the accounting for debt issuance costs in prior periods. |
Use Of Estimates | (c ) Use of Estimates Certain estimates and assumptions were made by the Company’s management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, allowances for receivables, the carrying amount of rental equipment, the residual values and lives of rental equipment, and income tax uncertainties. Actual results could differ from those estimates. |
Furniture, Fixtures, And Equipment | (d ) Furniture, Fixtures, and Equipment Furniture, fixtures, office equipment and software, are depreciated on a straight-line basis over estimated useful lives of five years with no salvage value. Leasehold improvements are depreciated over the shorter of their useful lives or the respective lease life. |
Rental Equipment | (e) Rental equipment Container The Company purchases new container equipment from container manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used container equipment through sale-leaseback transactions with its customers, or equipment that was previously owned by one of the Company's third party investors. Used equipment is typically purchased with an existing lease in place. Container rental equipment is recorded at original cost and depreciated to an estimated residual value on a straight-line basis over its estimated useful life. The estimated useful lives and residual values of the Company’s container equipment are based on historical disposal experience and the Company’s expectations for future used container sale prices. Depreciation estimates are reviewed on a regular basis to determine whether changes have taken place that would suggest that a change in depreciation estimates, useful lives of its equipment or the assigned residual values, is warranted. After the Company conducted its regular depreciation policy review, it concluded that a change in the estimated residual value for 40-foot high cube dry van containers from $1,650 to $1,400 per container, effective July 1, 2016, was appropriate. The change increased the Company’s depreciation expense by $5.4 million, decreased net income by $5.2 million, and decreased diluted earnings per share by $0.27 for the year ended December 31, 2016. Depreciation estimates were last changed for 40-foot high cube dry van containers (and other container types within the Company’s fleet) during 2012. Since that time, disposal prices for 40-foot high cube dry van containers have declined and the Company experienced losses when selling certain of these assets during 2015 and 2016. The change in residual value estimate was made to better align residual value with expectations for future used container sale prices. In considering changes to residual values for the three major dry van categories, the Company reviewed 3-year, 5-year, 7-year, and 11-year average disposition pricings trends. As with all estimates, particularly related to long-lived assets, current market performance may not necessarily be indicative of long-term residual values, so the Company does not adjust residual values to point-in-time prices. Rather, the Company considers the mix of data shown in the following table and uses the average over time to either confirm residual value estimates or support revisions to those estimates. The sale-related unit proceeds by dry van container category that we considered as of December 31, 2016 are shown below: Category 3-year Avg. 5-year Avg. 7-year Avg. 11-year Avg. 20-ft. standard dry van containers $ 957 $ 1,076 $ 1,125 $ 1,109 40-ft. standard dry van containers 1,172 1,332 1,396 1,358 40-ft. high cube dry van containers 1,189 1,346 1,438 1,454 The Company’s residual value estimates ($1,050 for a 20-ft. dry van, $1,300 for a 40-ft. dry van, and $1,400 for a 40-ft. high cube dry van) are lower in each instance than the historical averages, with the exception of the 3-year average for all equipment types and the 5-year average for 40-ft high cube dry vans. While the Company experienced losses when selling certain of these assets during 2015 and 2016, the Company does not adjust long-term residual value estimates based on short-term data points, such as current year sale results and the 3-year average shown above, as the Company does not believe they are indicative of a change in the long-term market value for these containers. The Company regularly reviews this data and updates its analysis, and will make further revisions to residual value estimates as and when conditions warrant. The largest segment of the Company’s non-dry van container fleet consists of 20-ft. refrigerated containers and 40-ft. high cube refrigerated containers. The Company regularly reviews the residual value estimates associated with its refrigerated containers. Given the specific nature of these assets and the lower volumes of containers that are sold each year in the secondary market, there is less variability in asset pricing. Similar to the Company’s dry van containers, the Company evaluates the relationship between sales prices and residual values over a long-term horizon. When measured at December 31, 2016, sales proceeds for 20-ft. refrigerated and 40-ft. high cube refrigerated containers averaged $3,180 and $4,052 , respectively, over the prior 3-year period, and $3,219 and $4,098 , respectively, over the prior 5-year period. The Company excluded 7-year and 11-year historical averages from its analysis as it does not have a long enough history of sales for refrigerated containers. The current residual values for 20-ft. refrigerated and 40-ft. high cube refrigerated containers are set at $2,750 and $3,500, respectively. Based on the data trends, the Company believes that the residual value estimates for its refrigerated containers are appropriate and do not warrant revision. The Company continuously monitors disposal prices across its entire portfolio for indications of a deeper, more sustained market downturn. The Company will adjust its residual value estimates as and when conditions warrant. The estimated useful lives and residual values for the majority of the Company's container equipment purchased new from the factory are as follows: Depreciable Life Residual Value in Years 20-ft. standard dry van container $ 1,050 13.0 40-ft. standard dry van container $ 1,300 13.0 40-ft. high cube dry van container $ 1,400 13.0 20-ft. refrigerated container $ 2,750 12.0 40-ft. high cube refrigerated container $ 3,500 12.0 Other specialized equipment is depreciated to its estimated residual value, which ranges from $1,000 to $3,500 , over its estimated useful life of between 12.5 years and 15 years. For used container equipment acquired through sale-leaseback transactions, we often adjust our estimates for remaining useful life and residual values based on current conditions in the sale market for older containers and our expectations for how long the equipment will remain on-hire to the current lessee. Rail Railcar equipment is recorded at original cost and depreciated over its estimated useful life of 43 years to its estimated residual value of $8,700 using the straight-line method. The useful life is based on an estimate of the period over which the asset will generate revenue for the Company. Residual value is based on the average estimated scrap value of the Company’s railcars. The Company periodically reviews the appropriateness of its estimates of useful life and residual value based on changes in economic circumstances and other factors. The Company’s railcars may undergo refurbishment and upgrade programs to, for example, extend their useful life, meet higher car classification grades, enter new product or service segments, increase the tonnage carried, or to achieve higher utilization. If the cost incurred for such a program is in excess of $5,000 per car, the costs are capitalized. Normal repairs and maintenance associated with the Company’s railcar assets are expensed as incurred. |
Impairment Of Long-Lived Assets | (f ) Impairment of Long-Lived Assets On at least an annual basis, the Company evaluates its rental equipment fleet to determine whether there have been any events or changes in circumstances indicating that the carrying amount of all, or part, of its fleet may not be recoverable. Events which would trigger an impairment review include, among others, a significant decrease in the long-term average market value of rental equipment, a significant decrease in the utilization rate of rental equipment resulting in an inability to generate income from operations and positive cash flow in future periods, or a change in market conditions resulting in a significant decrease in lease rates. When testing for impairment, equipment is generally grouped by rental type, and is tested separately from other groups of assets and liabilities. Potential impairment exists when the estimated future undiscounted cash flows generated by an asset group, comprised of lease proceeds and residual values, less related operating expenses, are less than the carrying value of that asset group. If potential impairment exists, the equipment is written down to its fair value. In determining the fair value of an asset group, the Company considers market trends, published value for similar assets, recent transactions of similar assets and in certain cases, quotes from third party appraisers. During the year ended December 31, 2015, the market conditions for certain off-lease containers changed which resulted in their carrying value exceeding their fair value. The fair value was estimated based on recent gross sales proceeds for sales of similar containers and management’s judgment of market conditions. The resulting impairment charge of $24.5 million relating to the container leasing segment is included in depreciation expense in the consolidated statement of income. No impairment charges were recorded in 2016 and 2014. |
Intangible Assets | (g ) Intangible Assets Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company amortizes intangible assets on a straight-line basis over their estimated useful lives as follows: Trademarks and tradenames 2 - 3 years Customer relationships 8 years |
Goodwill | (h ) Goodwill In connection with the acquisition s of ClearPointt in 2015 and Challenger and Hybrid in 2016, the Company recorded $15. 8 million of goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually, or more frequently if events or changes in circumstances indicate that impairment may exist. The Company assesses qualitative factors such as industry and market considerations, overall financial performance and other relevant events and factors affecting a reporting unit to determine if it is more likely than not that impairment may exist and whether it is necessary to perform the two-step quantitative goodwill impairment test. The first step involves comparing the fair value to the carrying value of each reporting unit that has goodwill assigned to it. If the carrying value exceeds the fair value, a second step is performed to compute the amount of the impairment. The Company performed the annual impairment test during the fourth quarter of 2016 and concluded that there was no impairment of goodwill. |
Direct Finance Leases | ( i ) Direct Finance Leases Interest on finance leases is recognized using the effective interest method. Lease income is recorded in decreasing amounts over the term of the contract, resulting in a level rate of return on the net investment in direct finance leases. |
Debt Issuance Costs | ( j ) Debt Issuance Costs To the extent that the Company is required to pay issuance fees or direct costs relating to its debt and credit facilities, such fees are amortized over the lives of the related debt using the effective interest method and reflected in interest expense. |
Foreign Currency Translation | ( k ) Foreign Currency Translation The accounts of the Company’s foreign subsidiaries have been converted at rates of exchange in effect at year-end for balance sheet accounts and average exchange rates for the year for income statement accounts. The effects of changes in exchange rates in translating foreign subsidiaries’ financial statements are included in stockholders’ equity as accumulated other comprehensive income. |
Accounts Receivable | (l) Accounts Receivable Amounts billed under leases for equipment owned by the Company, as well as amounts due from customers for the provision of logistics services, are recorded in accounts receivable. The Company estimates an allowance for doubtful accounts for accounts receivable it does not consider fully collectible. The allowance for doubtful accounts is developed based on two key components: (1) specific reserves for receivables for which management believes full collection is doubtful; and (2) a general reserve for estimated losses inherent in the receivables. The general reserve is estimated by applying certain percentages to receivables that have not been specifically reserved, ranging from 1.0% on accounts that are one to thirty days overdue, to 100% on accounts that are one year overdue. The allowance for doubtful accounts is reviewed regularly by management and is based on the risk profile of the receivables, credit quality indicators such as the level of past due amounts and non-performing accounts and economic conditions. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance is intended to provide for losses inherent in the company’s accounts receivable, and requires the application of estimates and judgments as to the outcome of collection efforts and the realization of collateral, among other things. Amounts billed under leases for equipment owned by third-party investors are also recorded in accounts receivable with a corresponding credit to due to container investors account. The credit risk on accounts receivable related to managed equipment is the responsibility of the third-party investors. Under the Company’s management agreements with investors, the third-party investors are obligated to reimburse the Company for any amounts the Company had previously paid to them in advance of receiving the amount from the equipment lessee if the Company is unable to ultimately collect any amount due from a managed equipment lessee. Accounts receivable attributable to the managed fleet included in accounts receivable as of December 31, 2016 and 2015 was $5.1 million and $4.5 million, respectively. |
Income Taxes | ( m ) Income Taxes Income taxes are accounted for using the asset-and-liability method. Under this method, deferred income taxes are recognized for the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that deferred tax assets will not be recovered. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records penalties and interest related to unrecognized tax benefits within income tax expen se (see Note 12). |
Revenue Recognition | ( n ) Revenue Recognition The Company provides a range of services to its customers incorporating rental, sale and management of equipment and the provision of logistics services. Revenue for all forms of service is recognized when earned following the guidelines under FASB ASC Topic 605, Revenue Recognition and FASB ASC Topic 840, Leases . Revenue is reported net of any related sales tax. Container and Rail Lease Revenue The Company recognizes revenue from operating l ease s of its owned equipment as earned over the term of the lease. Where minimum lease payments vary over the lease term, revenue is recognized on a straight-line basis over the term of the lease. The Company recognizes revenue on a cash basis for certain railcar leases that are billed on an hourly or mileage basis through a third-party railcar manager. Early termination of the rental contracts subjects the lessee to a penalty, which is included in lease revenue upon such termination. Finance lease income is recognized using the effective interest method, which generates a constant rate of interest over the period of the lease. Included in lease revenue is revenue consisting primarily of fees charged to the lessee for handling, delivery, repairs, and fees relating to the Company’s damage protection plan, which are recognized as earned. Management Fee Revenue The Company recognizes revenue from management fees earned under equipment management agreements as earned on a monthly basis. Management fees are typically a percentage of net operating income of each investor group’s fleet calculated on an accrual basis. Included in the Company’s balance sheet are accounts receivable from the managed fleet which are uncollected lease billings related to managed equipment. The Company’s financial statements include accounts payable and accruals of expenses related to managed equipment. The net amount of rentals billed less expenses payable, less management fees, is recorded in amounts due to container investors on the balance sheet. Logistics Revenue The Company’s logistics business derives its revenue from three principal sources: (1) truck brokerage services, (2) intermodal transportation services, and (3) international ocean freight and freight forwarding services. The Company recognizes logistics revenue when these services are provided to its customers. For truck brokerage services, revenue is recognized when delivery has been completed. Intermodal transportation services can take a longer time to complete; for any such services not completed at the end of a reporting period, a percentage of completion method is used to allocate the appropriate revenue to each separate reporting period using relative transit time. The Company provides international freight forwarding services as an indirect carrier, sometimes referred to as a Non-Vessel Operating Common Carrier (NVOCC). When the Company acts as an NVOCC with respect to shipments of freight, a House Ocean Bill of Lading (HOBL) is typically issued to the customer. Based upon the terms in the contract of carriage (the HOBL), revenue and purchased transportation costs for these shipments are recognized at the time the freight departs the terminal or origin. The Company reports logistics revenue on a gross basis as it is the primary obligor and responsible for providing the services desired by the customer. The Company is responsible for fulfillment, including the acceptability of the service, and has discretion in setting sales prices and as a result, its earnings may vary. The Company also has discretion in selecting vendors from multiple suppliers for the services ordered by the customers. Lastly, the Company has credit risk for the related receivables. |
Stock-Based Compensation | ( o ) Stock-Based Compensation The Company has granted stock options and restricted stock to certain directors and employees under its 2007 Equity Incentive Plan. The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation , which requires that compensation cost related to stock-based compensation be recognized in the financial statements. The cost is measured at the date the award is granted based on the fair value of the award. The fair value of stock options is calculated using the Black-Scholes-Merton option pricing model. The stock-based compensation expense is recognized over the vesting period of the grant on a straight-line ba sis (see Note 11). |
Repairs And Maintenance | ( p ) Repairs and Maintenance The Company’s leases generally require the lessee to pay for any damage to the equipment beyond normal wear and tear at the end of the lease term. The Company accounts for repairs and maintenance expense on an accrual basis when an obligation to pay has been incurred. |
Recent Accounting Pronouncements | (q) Recent Accounting Pronouncements In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17), which requires companies to present all deferred tax assets and liabilities as noncurrent on the balance sheet. The Company early adopted ASU 2015-17 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 April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03) . The new guidance requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the accounting treatment for debt discounts. The Company adopted ASU 2015-03 effective January 1, 2016. Adoption of the guidance resulted in the reclassification of unamortized debt issuance costs of $11.2 million and $11.8 million as of December 31, 2016 and 2015, respectively, from prepaid expenses and other current assets to a reduction of debt on the Company’s consolidated balance sheets. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU 2015-02). The new guidance changes (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the 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 2015-02 effective January 1, 2016, and adoption had no impact on the Company’s consolidated financial statements. |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Sales Proceeds | Category 3-year Avg. 5-year Avg. 7-year Avg. 11-year Avg. 20-ft. standard dry van containers $ 957 $ 1,076 $ 1,125 $ 1,109 40-ft. standard dry van containers 1,172 1,332 1,396 1,358 40-ft. high cube dry van containers 1,189 1,346 1,438 1,454 |
Schedule Of Rental Equipment | December 31, December 31, 2016 2015 Dry containers $ 1,322,508 $ 1,392,825 Refrigerated containers 350,776 308,374 Other specialized equipment 164,934 152,310 Railcars 389,945 244,512 2,228,163 2,098,021 Accumulated depreciation (421,153) (349,810) Rental equipment, net of accumulated depreciation $ 1,807,010 $ 1,748,211 |
Schedule Of Estimated Useful Lives | Trademarks and tradenames 2 - 3 years Customer relationships 8 years |
Containers [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule Of Rental Equipment | Depreciable Life Residual Value in Years 20-ft. standard dry van container $ 1,050 13.0 40-ft. standard dry van container $ 1,300 13.0 40-ft. high cube dry van container $ 1,400 13.0 20-ft. refrigerated container $ 2,750 12.0 40-ft. high cube refrigerated container $ 3,500 12.0 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Acquisitions [Abstract] | |
Schedule Of Allocation Of Total Consideration Transferred | Cash $ 1,186 Accounts receivable 5,924 Property and equipment 144 Goodwill 12,889 Intangible assets 9,912 Other assets 276 Total assets 30,331 Accounts payable 4,479 Deferred tax liability 2,462 Other liabilities 605 Total liabilities 7,546 Purchase price $ 22,785 |
Schedule Of Intangible Assets Acquired | Amount Estimated Life Trademarks and tradenames $ 1,188 2 -3 years Customer relationships 8,724 8 years |
Rental Equipment (Tables)
Rental Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Rental Equipment [Abstract] | |
Schedule Of Rental Equipment | December 31, December 31, 2016 2015 Dry containers $ 1,322,508 $ 1,392,825 Refrigerated containers 350,776 308,374 Other specialized equipment 164,934 152,310 Railcars 389,945 244,512 2,228,163 2,098,021 Accumulated depreciation (421,153) (349,810) Rental equipment, net of accumulated depreciation $ 1,807,010 $ 1,748,211 |
Net Investment In Direct Fina33
Net Investment In Direct Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Net Investment In Direct Finance Leases [Abstract] | |
Components Of Net Investment In Direct Finance Leases | December 31, December 31, 2016 2015 Gross finance lease receivables (1) $ 123,563 $ 124,747 Unearned income (2) (23,022) (21,379) Net investment in direct finance leases $ 100,541 $ 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 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 December 31, 2016 and 2015. |
Gross Finance Lease Receivables By Customer Categories | December 31, December 31, 2016 2015 Tier 1 $ 74,777 $ 86,981 Tier 2 48,786 37,766 Tier 3 - - $ 123,563 $ 124,747 |
Contractual Maturities Of Gross Finance Lease Receivables | 2017 $ 28,102 2018 24,161 2019 40,013 2020 10,838 2021 11,578 2022 and thereafter 8,871 $ 123,563 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Intangible Assets [Abstract] | |
Schedule Of Intangible Assets | Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2016 Trademarks and tradenames $ 3,028 $ (1,850) $ 1,178 Customer relationships 9,344 (831) 8,513 $ 12,372 $ (2,681) $ 9,691 December 31, 2015 Trademarks and tradenames $ 1,840 $ (1,218) $ 622 Customer relationships 620 (19) 601 $ 2,460 $ (1,237) $ 1,223 |
Schedule Of Estimated Future Amortization Expenses | 2017 $ 1,968 2018 1,544 2019 1,167 2020 1,167 2021 1,167 2022 and thereafter 2,678 $ 9,691 |
Equipment Leases (Tables)
Equipment Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equipment Leases [Abstract] | |
Schedule Of Future Minimum Rents Receivable | 2017 $ 140,327 2018 115,444 2019 74,883 2020 49,708 2021 30,326 2022 and thereafter 42,749 $ 453,437 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule Of Debt | December 31, 2016 December 31, 2015 (1) Outstanding Average Outstanding Average Reference Current Long-term Interest Current Long-term Interest Maturity (a)(i) Revolving credit facility $ - $ 526,000 2.5% $ 8,500 $ 488,000 1.8% March 2020 (a)(ii) Revolving credit facility - Rail - 223,500 2.4% 34,500 126,000 1.9% October 2020 (b)(i) Term loan 1,800 21,900 2.9% 1,800 23,700 2.3% April 2018 (b)(ii) Term loan 9,000 120,750 2.3% 9,000 129,750 2.2% October 2019 (b)(iii) Term loan 7,000 89,500 2.5% 9,940 99,440 1.9% June 2021 (b)(iv) Term loan 1,158 17,723 3.4% 1,119 18,881 3.4% December 2020 (b)(v) Term loan 2,705 46,365 3.6% - - - August 2021 (c) Senior secured notes 6,110 64,995 4.9% 7,175 71,105 4.9% September 2022 (d) Asset backed notes 40,000 202,875 3.4% 40,000 242,875 3.4% March 2028 (e) Collateralized financing obligations 28,693 71,346 1.1% 58,553 53,697 0.7% June 2019 (f) Term loans held by VIE 2,287 3,541 2.5% 1,829 5,748 2.6% June 2019 98,753 1,388,495 172,416 1,259,196 Debt issuance costs (3,226) (7,996) (3,167) (8,636) Total Debt $ 95,527 $ 1,380,499 $ 169,249 $ 1,250,560 (1) Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”) . |
Senior Secured Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 9,520 2018 9,220 2019 8,920 2020 8,621 2021 8,322 2022 and thereafter 42,467 87,070 Less: Amount representing interest (15,965) Senior secured notes $ 71,105 |
Asset Backed Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 47,632 2018 46,272 2019 44,911 2020 43,551 2021 42,190 2022 and thereafter 43,741 268,297 Less: Amount representing interest (25,422) Asset-backed notes $ 242,875 |
Collateralized Financing Obligations [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 30,628 2018 23,174 2019 50,105 103,907 Less: Amount representing interest (3,868) Collateralized financing obligations $ 100,039 |
Development Bank of Japan [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 2,474 2018 22,215 24,689 Less: Amount representing interest (989) Term loan $ 23,700 |
Consortium of Banks [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 11,997 2018 11,783 2019 113,776 137,556 Less: Amount representing interest (7,806) Term loan $ 129,750 |
Consortium of Banks, Note Dated April 11, 2012 [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 9,398 2018 9,219 2019 9,040 2020 8,867 2021 69,357 105,881 Less: Amount representing interest (9,381) Term loan $ 96,500 |
CAI Rail [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 1,793 2018 1,793 2019 1,793 2020 15,793 21,172 Less: Amount representing interest (2,291) Term loan $ 18,881 |
Consortium Of Banks Note Dated August 30 2016 [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 4,441 2018 4,441 2019 4,441 2020 4,441 2021 38,524 56,288 Less: Amount representing interest (7,218) Term loan $ 49,070 |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2017 $ 2,408 2018 1,906 2019 1,754 6,068 Less: Amount representing interest (240) Term loans held by VIE $ 5,828 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation Plan [Abstract] | |
Summary Of Stock Option Activities | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Shares Price (in years) (in thousands) Options outstanding, December 31, 2013 1,263,485 $ 14.84 Options granted 170,000 $ 22.09 Options forfeited (5,417) $ 22.55 Options exercised (7,319) $ 15.60 Options outstanding, December 31, 2014 1,420,749 $ 15.67 Options granted 183,000 $ 21.72 Options exercised (414,494) $ 11.45 Options outstanding, December 31, 2015 1,189,255 $ 18.08 Options granted 245,000 $ 7.87 Options forfeited/cancelled (6,000) $ 21.99 Options outstanding, December 31, 2016 1,428,255 $ 16.31 5.7 $ 896 Options exercisable at December 31, 2016 1,051,969 $ 17.56 4.5 $ 700 Expected to vest after December 31, 2016 376,286 $ 12.80 8.9 $ 196 |
Summary Of Fair Value Weighted Average Assumptions | 2016 2015 2014 Stock price $ 7.87 $ 21.72 $ 22.09 Exercise price $ 7.87 $ 21.72 $ 22.09 Expected term (years) 5.5 - 6.25 5.5 - 6.25 5.5 - 6.25 Expected volatility (%) 45.4 - 46.7 39.5 - 41.8 44.8 - 53.5 Risk-free interest rate (%) 1.30 - 1.40 1.85 - 2.00 1.79 - 1.98 Dividend yield (%) - - - |
Summary Of Restricted Stock Activity | Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2013 28,150 $ 26.11 Restricted stock granted 23,500 $ 22.09 Restricted stock vested (7,648) $ 26.13 Restricted stock forfeited (1,500) $ 26.41 Restricted stock outstanding, December 31, 2014 42,502 $ 23.87 Restricted stock granted 21,000 $ 21.15 Restricted stock vested (15,477) $ 23.81 Restricted stock outstanding, December 31, 2015 48,025 $ 22.70 Restricted stock granted 34,500 $ 7.87 Restricted stock vested (14,379) $ 23.61 Restricted stock forfeited (2,344) $ 21.96 Restricted stock outstanding, December 31, 2016 65,802 $ 14.75 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Schedule Of Net Income Before Income Taxes And Non-Controlling Interest | Year Ended December 31, 2016 2015 2014 U.S. operations $ 8,996 $ 6,682 $ 7,853 Foreign operations 882 24,305 59,336 $ 9,878 $ 30,987 $ 67,189 |
Schedule Of Income Tax Expense (Benefit) | Year Ended December 31, 2016 2015 2014 Current Federal $ 312 $ (2,083) $ 3,005 State 56 (4) 62 Foreign 2,338 1,372 1,954 2,706 (715) 5,021 Deferred Federal 3,090 5,406 930 State 238 19 247 Foreign (2,190) (458) 993 1,138 4,967 2,170 Income tax expense $ 3,844 $ 4,252 $ 7,191 |
Schedule Of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2016 2015 2014 Computed expected tax expense $ 3,458 $ 10,845 $ 23,516 Increase (decrease) in income taxes resulting from: Foreign tax differential (88) (7,676) (17,955) State income tax expense, net of federal income tax benefit 310 220 55 Subpart F income 711 597 1,106 Adjustment to contingent consideration (634) - - Increase in uncertain tax positions 36 17 38 Non-deductible stock-based compensation 155 134 112 Change in valuation allowance (15) (152) 167 Other (89) 267 152 $ 3,844 $ 4,252 $ 7,191 |
Schedule Of Deferred Tax Assets And Deferred Tax Liabilities | Year Ended December 31, 2016 2015 Deferred tax assets: Accounts receivable $ 307 $ 123 Accrued expenses and other current liabilities 423 145 Unearned revenue 856 436 Stock-based compensation 2,280 1,812 Other 616 442 Net operating loss carry forwards 27,225 13,814 Gross deferred tax assets 31,707 16,772 Valuation allowance - (15) Net deferred tax assets 31,707 16,757 Deferred tax liabilities: Intangible assets 2,946 29 Depreciation and amortization 73,305 56,478 Foreign deferred tax liabilities 760 2,664 Deferred subpart F income 6,500 5,790 Gross deferred tax liabilities 83,511 64,961 Net deferred tax liability $ 51,804 $ 48,204 |
Schedule Of Unrecognized Tax Benefits | Balance at January 1, 2015 $ 188 Increases related to current year tax positions 119 Decreases related to lapsing of statute (87) Balance at December 31, 2015 220 Increases related to current year tax positions 77 Decreases related to lapsing of statute (31) Balance at December 31, 2016 $ 266 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Lease Payments | Office Facilities and Equipment Year ending December 31: 2017 $ 1,590 2018 416 2019 375 $ 2,381 |
Segment And Geographic Inform40
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Segment Information | Year Ended December 31, 2016 Container Leasing Rail Leasing Logistics Total Container lease income $ 200,186 $ - $ - $ 200,186 Rail lease income - 30,490 - 30,490 Logistics revenue - - 61,536 61,536 Management fee revenue 2,142 - - 2,142 Total revenue 202,328 30,490 61,536 294,354 Depreciation of rental equipment 95,755 9,122 - 104,877 Storage, handling and other expenses 32,465 3,386 11 35,862 Logistics transportation costs - - 51,980 51,980 Loss (gain) on sale of used rental equipment 12,750 33 (112) 12,671 Administrative expenses 20,453 3,759 11,466 35,678 Total operating expenses 161,423 16,300 63,345 241,068 Operating income 40,905 14,190 (1,809) 53,286 Net interest expense 35,784 6,970 - 42,754 Other expense 654 - - 654 Total other expenses 36,438 6,970 - 43,408 Net income (loss) before income taxes and non-controlling interest $ 4,467 $ 7,220 $ (1,809) $ 9,878 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 1,638,263 $ 378,059 $ 39,612 $ 2,055,934 Purchase of rental equipment (2) $ 118,374 $ 132,791 $ - $ 251,165 Year Ended December 31, 2015 (1) Container Leasing Rail Leasing Logistics Total Container lease income $ 217,505 $ - $ - $ 217,505 Rail lease income - 17,433 - 17,433 Logistics revenue - - 11,502 11,502 Management fee revenue 3,227 - - 3,227 Total revenue 220,732 17,433 11,502 249,667 Depreciation of rental equipment 108,996 4,594 - 113,590 Storage, handling and other expenses 27,653 2,540 1 30,194 Logistics transportation costs - - 10,172 10,172 Loss (gain) on sale of used rental equipment 2,276 (1,622) - 654 Administrative expenses 21,969 3,131 2,517 27,617 Total operating expenses 160,894 8,643 12,690 182,227 Operating income (loss) 59,838 8,790 (1,188) 67,440 Net interest expense 33,156 3,109 6 36,271 Other expense 182 - - 182 Total other expenses 33,338 3,109 6 36,453 Net income (loss) before income taxes and non-controlling interest $ 26,500 $ 5,681 $ (1,194) $ 30,987 Goodwill $ - $ - $ 2,905 $ 2,905 Total assets $ 1,728,389 $ 238,896 $ 6,300 $ 1,973,585 Purchase of rental equipment (2) $ 226,469 $ 162,862 $ - $ 389,331 Year Ended December 31, 2014 (1) Container Leasing Rail Leasing Logistics Total Container lease income $ 210,756 $ - $ - $ 210,756 Rail lease income - 10,336 - 10,336 Management fee revenue 6,497 - - 6,497 Total revenue 217,253 10,336 - 227,589 Depreciation of rental equipment 75,150 2,826 - 77,976 Storage, handling and other expenses 23,841 2,202 - 26,043 Gain on sale of used rental equipment (6,506) (16) - (6,522) Administrative expenses 24,180 2,358 - 26,538 Total operating expenses 116,665 7,370 - 124,035 Operating income 100,588 2,966 - 103,554 Net interest expense 33,599 1,993 - 35,592 Other expense 773 - - 773 Total other expenses 34,372 1,993 - 36,365 Net income before income taxes and non-controlling interest $ 66,216 $ 973 $ - $ 67,189 Purchase of rental equipment (2) $ 289,921 $ 17,362 $ - $ 307,283 (1) Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”). (2) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indic ated . |
Schedule Of Geographic Allocation Of Revenue | Year Ended December 31, 2016 2015 2014 United States $ 116,121 $ 48,103 $ 13,821 France 26,504 25,811 26,586 Japan 19,706 24,919 26,124 Switzerland 17,862 18,937 22,813 Korea 13,495 17,703 23,169 Other Asia 52,200 62,702 64,677 Other Europe 36,440 37,353 33,235 Other International 12,026 14,139 17,164 Total revenue $ 294,354 $ 249,667 $ 227,589 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Net Income Per Share | Year Ended December 31, 2016 2015 (1) 2014 (1) Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ 5,997 $ 26,601 $ 59,887 Denominator Weighted-average shares used in the calculation of basic earnings per share 19,318 20,773 20,732 Effect of dilutive securities: Stock options and restricted stock 75 215 423 Weighted-average shares used in the calculation of diluted earnings per share 19,393 20,988 21,155 Net income per share attributable to CAI common stockholders: Basic $ 0.31 $ 1.28 $ 2.89 Diluted $ 0.31 $ 1.27 $ 2.83 (1) Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”). |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Data [Abstract] | |
Schedule Of Key Interim Financial Information | 2016 Quarters Ended (1) 2015 Quarters Ended (1) Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Revenue $ 77,274 $ 78,472 $ 71,642 $ 66,966 $ 65,692 $ 66,117 $ 59,366 $ 58,492 Operating expenses 64,664 71,110 56,784 48,510 68,292 42,861 36,232 34,842 Operating income (loss) 12,610 7,362 14,858 18,456 (2,600) 23,256 23,134 23,650 Net income (loss) attributable to CAI common stockholders 620 (5,451) 3,711 7,117 (12,630) 12,934 12,824 13,473 Net income (loss) per share attributable to CAI common stockholders: Basic $ 0.03 $ (0.29) $ 0.20 $ 0.37 $ (0.63) $ 0.62 $ 0.61 $ 0.64 Diluted $ 0.03 $ (0.29) $ 0.20 $ 0.37 $ (0.63) $ 0.61 $ 0.60 $ 0.63 (1) Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) “Correction of Immaterial Errors”) . |
The Company And Nature Of Ope43
The Company And Nature Of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2016 | Feb. 29, 2016 | Jul. 31, 2015 | |
ClearPointt [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition purchase date | Jul. 1, 2015 | |||
Acquisition purchase price | $ 4.1 | |||
Challenger [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition purchase date | Feb. 1, 2016 | |||
Acquisition purchase price | $ 10.8 | |||
Hybrid [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition purchase date | Jun. 1, 2016 | |||
Acquisition purchase price | $ 12 |
Summary Of Significant Accoun44
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [3] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [3] | Dec. 31, 2015 | Sep. 30, 2015 | [3] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Depreciation expense | [1] | $ 104,877,000 | $ 113,590,000 | $ 77,976,000 | [2] | ||||||||||||||||||
Net income | $ 6,034,000 | $ 26,735,000 | [1] | $ 59,998,000 | [1] | ||||||||||||||||||
Earnings Per Share, Diluted | $ 0.03 | [3] | $ (0.29) | $ 0.20 | $ 0.37 | $ (0.63) | [3] | $ 0.61 | $ 0.60 | $ 0.63 | $ 0.31 | $ 1.27 | [1] | $ 2.83 | [1] | ||||||||
Sales proceeds | $ 66,073,000 | $ 66,150,000 | [1] | $ 65,637,000 | [1] | ||||||||||||||||||
Impairment charges | 24,500,000 | 0 | 0 | ||||||||||||||||||||
Goodwill | [1] | $ 15,794,000 | $ 2,905,000 | [4] | 15,794,000 | 2,905,000 | [4] | ||||||||||||||||
Impairment of goodwill | $ 0 | ||||||||||||||||||||||
Percentage of general reserve on receivables one to thirty days overdue | 1.00% | ||||||||||||||||||||||
Percentage of reserve on receivables one year overdue | 100.00% | ||||||||||||||||||||||
Maximum period for general reserve with specific maximum percentage | 1 year | ||||||||||||||||||||||
Accounts receivable | 63,745,000 | 55,284,000 | [4] | $ 63,745,000 | 55,284,000 | [4] | |||||||||||||||||
Debt [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Correcting entries, Balance Sheet | 1,200,000 | 1,200,000 | |||||||||||||||||||||
Retained Earnings [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Correcting entries, Balance Sheet | (1,200,000) | (1,200,000) | |||||||||||||||||||||
Furniture And Fixtures [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 5 years | ||||||||||||||||||||||
Residual value | 0 | $ 0 | |||||||||||||||||||||
20-ft. Standard Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 13 years | ||||||||||||||||||||||
Residual value | 1,050 | $ 1,050 | |||||||||||||||||||||
40-ft. Standard Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 13 years | ||||||||||||||||||||||
Residual value | 1,300 | $ 1,300 | |||||||||||||||||||||
40-ft. High Cube Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 13 years | ||||||||||||||||||||||
Residual value | 1,400 | $ 1,400 | |||||||||||||||||||||
20-ft. Refrigerated Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 12 years | ||||||||||||||||||||||
Residual value | 2,750 | $ 2,750 | |||||||||||||||||||||
40-ft. High Cube Refrigerated Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 12 years | ||||||||||||||||||||||
Residual value | 3,500 | $ 3,500 | |||||||||||||||||||||
Railcars [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 43 years | ||||||||||||||||||||||
Residual value | 8,700 | $ 8,700 | |||||||||||||||||||||
Interest Expense [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Correcting entries, Statements of Income | 200,000 | 400,000 | |||||||||||||||||||||
Net Income [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Correcting entries, Statements of Income | (200,000) | (400,000) | |||||||||||||||||||||
Managed Fleet [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Accounts receivable | 5,100,000 | 4,500,000 | 5,100,000 | 4,500,000 | |||||||||||||||||||
Reclassification [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Unamortized bebt issuance cost | 11,200,000 | $ 11,800,000 | 11,200,000 | 11,800,000 | |||||||||||||||||||
Reclassification [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Depreciation expense | 5,400,000 | ||||||||||||||||||||||
Net income | $ 5,200,000 | ||||||||||||||||||||||
Earnings Per Share, Diluted | $ 0.27 | ||||||||||||||||||||||
3-year Avg. [Member] | 20-ft. Standard Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | $ 957,000 | ||||||||||||||||||||||
3-year Avg. [Member] | 40-ft. Standard Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 1,172,000 | ||||||||||||||||||||||
3-year Avg. [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 1,189,000 | ||||||||||||||||||||||
3-year Avg. [Member] | 20-ft. Refrigerated Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 3,180 | ||||||||||||||||||||||
3-year Avg. [Member] | 40-ft. High Cube Refrigerated Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 4,052 | ||||||||||||||||||||||
5-year Avg. [Member] | 20-ft. Standard Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 1,076,000 | ||||||||||||||||||||||
5-year Avg. [Member] | 40-ft. Standard Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 1,332,000 | ||||||||||||||||||||||
5-year Avg. [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 1,346,000 | ||||||||||||||||||||||
5-year Avg. [Member] | 20-ft. Refrigerated Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | 3,219 | ||||||||||||||||||||||
5-year Avg. [Member] | 40-ft. High Cube Refrigerated Container [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Sales proceeds | $ 4,098 | ||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Period for general reserve with specific minimum percentage | 1 day | ||||||||||||||||||||||
Minimum [Member] | Other Specialized Equipment [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 12 years 6 months | ||||||||||||||||||||||
Residual value | 1,000 | $ 1,000 | |||||||||||||||||||||
Minimum [Member] | Railcars [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Capitalized cost threshold | $ 5,000 | ||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Period for general reserve with specific minimum percentage | 30 days | ||||||||||||||||||||||
Maximum [Member] | Other Specialized Equipment [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Estimated useful life | 15 years | ||||||||||||||||||||||
Residual value | $ 3,500 | $ 3,500 | |||||||||||||||||||||
Retained Earnings [Member] | |||||||||||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||||||||||
Correcting entries, Statements of Stockholders' Equity | (900,000) | $ (500,000) | |||||||||||||||||||||
Net income | [1] | $ 5,997,000 | $ 26,601,000 | $ 59,887,000 | |||||||||||||||||||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | ||||||||||||||||||||||
[2] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. | ||||||||||||||||||||||
[3] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | ||||||||||||||||||||||
[4] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Summary Of Significant Accoun45
Summary Of Significant Accounting Policies (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Trademarks And Tradenames [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 2 years |
Trademarks And Tradenames [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 3 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 8 years |
Summary Of Significant Accoun46
Summary Of Significant Accounting Policies (Schedule of Sales Proceeds) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | [1] | |
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | $ 66,073 | $ 66,150 | $ 65,637 | ||
3-year Avg. [Member] | 20-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 957 | ||||
3-year Avg. [Member] | 40-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,172 | ||||
3-year Avg. [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,189 | ||||
5-year Avg. [Member] | 20-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,076 | ||||
5-year Avg. [Member] | 40-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,332 | ||||
5-year Avg. [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,346 | ||||
7-year Avg. [Member] | 20-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,125 | ||||
7-year Avg. [Member] | 40-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,396 | ||||
7-year Avg. [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,438 | ||||
11-year Avg. [Member] | 20-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,109 | ||||
11-year Avg. [Member] | 40-ft. Standard Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | 1,358 | ||||
11-year Avg. [Member] | 40-ft. High Cube Dry Van Container [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Sales proceeds | $ 1,454 | ||||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Summary Of Significant Accoun47
Summary Of Significant Accounting Policies (Schedule Of Rental Equipment) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
20-ft. Standard Dry Van Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 1,050 |
Depreciable Life in Years | 13 years |
40-ft. Standard Dry Van Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 1,300 |
Depreciable Life in Years | 13 years |
40-ft. High Cube Dry Van Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 1,400 |
Depreciable Life in Years | 13 years |
20-ft. Refrigerated Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 2,750 |
Depreciable Life in Years | 12 years |
40-ft. High Cube Refrigerated Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 3,500 |
Depreciable Life in Years | 12 years |
Insurance Receivable And Impa48
Insurance Receivable And Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net book value | $ 1,807,010 | $ 1,748,211 | [1] | |||
Depreciation expense | [2] | 104,877 | 113,590 | $ 77,976 | [3] | |
Bad debt expense | $ 3,151 | $ 448 | [2] | $ 248 | [2] | |
Customer One, Filed For Court Protection [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Days covered of lost lease rental income | 180 days | |||||
Lost lease rental income deductible | $ 2,000 | |||||
Dry Containers [Member] | Customer One, Filed For Court Protection [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Net book value | 3,200 | |||||
Insurance receivable | 3,800 | |||||
Estimated proceeds | 1,200 | |||||
Recovery costs | 2,600 | |||||
Bad debt expense | $ 2,500 | |||||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||
[3] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Consolidation Of Variable Int49
Consolidation Of Variable Interest Entities As A Non-Controlling Interest (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($)item | ||
Variable Interest Entity [Line Items] | ||||
Total net book value | $ 550,000 | $ 674,000 | [1] | |
Net book value | 1,807,010,000 | 1,748,211,000 | [1] | |
Collateralized Financing Obligations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Long-term debt | 100,000,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Net book value | 62,477,000 | 85,101,000 | ||
Cash | 30,449,000 | $ 35,106,000 | [1] | |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Long-term debt | $ 5,800,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | Containers [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of types of container fund arrangements | item | 2 | |||
Number of container portfolios sold | item | 0 | 0 | 0 | |
Total net book value | $ 201,900,000 | |||
Net book value | 69,800,000 | |||
Gain (loss) recognized on initial consolidation of VIEs | 0 | |||
Carrying value of assets sold | $ 36,200,000 | $ 30,400,000 | $ 40,400,000 | |
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Reduction in contingent consideration | $ 3,789 |
Challenger And Hybrid [Member] | |
Business Acquisition [Line Items] | |
Acquisition purchase price | 22,785 |
Acquisition purchase price based on future performance | 6,000 |
Challenger And Hybrid [Member] | Other Long-Term Liabilities [Member] | |
Business Acquisition [Line Items] | |
Acquisition purchase price based on future performance | 2,100 |
Challenger And Hybrid [Member] | Accrued Expenses And Other Current Liabilities [Member] | |
Business Acquisition [Line Items] | |
Acquisition purchase price based on future performance | $ 100 |
Acquisitions (Schedule Of Alloc
Acquisitions (Schedule Of Allocation Of Total Consideration Transferred) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | [2] | |
Business Acquisition [Line Items] | ||||
Goodwill | [1] | $ 15,794 | $ 2,905 | |
Challenger And Hybrid [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash | 1,186 | |||
Accounts receivable | 5,924 | |||
Property and equipment | 144 | |||
Goodwill | 12,889 | |||
Intangible assets | 9,912 | |||
Other assets | 276 | |||
Total assets | 30,331 | |||
Accounts payable | 4,479 | |||
Deferred tax liability | 2,462 | |||
Other liabilities | 605 | |||
Total liabilities | 7,546 | |||
Purchase price | $ 22,785 | |||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||
[2] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Acquisitions (Schedule Of Intan
Acquisitions (Schedule Of Intangible Assets Acquired) (Details) - Challenger And Hybrid [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 9,912 |
Trademarks And Tradenames [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | 1,188 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 8,724 |
Estimated Life | 8 years |
Minimum [Member] | Trademarks And Tradenames [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Life | 2 years |
Maximum [Member] | Trademarks And Tradenames [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Estimated Life | 3 years |
Rental Equipment (Details)
Rental Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Rental equipment, gross | $ 2,228,163 | $ 2,098,021 | |
Accumulated depreciation | (421,153) | (349,810) | |
Rental equipment, net of accumulated depreciation | 1,807,010 | 1,748,211 | [1] |
Dry Containers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rental equipment, gross | 1,322,508 | 1,392,825 | |
Refrigerated Containers [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rental equipment, gross | 350,776 | 308,374 | |
Other Specialized Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rental equipment, gross | 164,934 | 152,310 | |
Railcars [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Rental equipment, gross | 389,945 | $ 244,512 | |
Rental equipment, net of accumulated depreciation | $ 370,100 | ||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Net Investment In Direct Fina54
Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment In Direct Finance Leases [Abstract] | |||
Gross finance lease receivables | [1] | $ 123,563,000 | $ 124,747,000 |
Unearned income | [2] | (23,022,000) | (21,379,000) |
Net investment in direct finance leases | 100,541,000 | 103,368,000 | |
Unguaranteed residual value | 2,100,000 | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. | ||
[2] | The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2016 and 2015. |
Net Investment In Direct Fina55
Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Customer Categories) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | [1] | $ 123,563 | $ 124,747 |
Tier 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 74,777 | 86,981 | |
Tier 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 48,786 | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Net Investment In Direct Fina56
Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment In Direct Finance Leases [Abstract] | |||
2,017 | $ 28,102 | ||
2,018 | 24,161 | ||
2,019 | 40,013 | ||
2,020 | 10,838 | ||
2,021 | 11,578 | ||
2022 and thereafter | 8,871 | ||
Gross finance lease receivables | [1] | $ 123,563 | $ 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Intangible Assets [Abstract] | |||||
Amortization expense | $ 1,443 | $ 232 | [1] | $ 383 | [1] |
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 12,372 | $ 2,460 | |
Accumulated Amortization | (2,681) | (1,237) | |
Net Carrying Amount | 9,691 | 1,223 | [1] |
Trademarks And Tradenames [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 3,028 | 1,840 | |
Accumulated Amortization | (1,850) | (1,218) | |
Net Carrying Amount | 1,178 | 622 | |
Contracts - Owned Equipment [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 620 | ||
Accumulated Amortization | (19) | ||
Net Carrying Amount | $ 601 | ||
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 9,344 | ||
Accumulated Amortization | (831) | ||
Net Carrying Amount | $ 8,513 | ||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Intangible Assets (Schedule O59
Intangible Assets (Schedule Of Estimated Future Amortization Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | [1] |
Intangible Assets [Abstract] | |||
2,017 | $ 1,968 | ||
2,018 | 1,544 | ||
2,019 | 1,167 | ||
2,020 | 1,167 | ||
2,021 | 1,167 | ||
2022 and thereafter | 2,678 | ||
Net Carrying Amount | $ 9,691 | $ 1,223 | |
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Equipment Leases (Details)
Equipment Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Equipment Leases [Abstract] | |
2,017 | $ 140,327 |
2,018 | 115,444 |
2,019 | 74,883 |
2,020 | 49,708 |
2,021 | 30,326 |
2022 and thereafter | 42,749 |
Gross operating leases receivable | $ 453,437 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Mar. 28, 2013USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Oct. 22, 2015USD ($) | Jan. 30, 2015USD ($) | Jun. 25, 2014USD ($) | Mar. 27, 2013USD ($) | Sep. 13, 2012USD ($) | |
Debt Instrument [Line Items] | |||||||||||
Letters of credit outstanding | $ 100,000 | $ 100,000 | |||||||||
Net book value | 1,807,010,000 | 1,748,211,000 | [1] | ||||||||
Restricted cash | 6,192,000 | 7,212,000 | [1] | ||||||||
Railcars [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | 370,100,000 | ||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | 62,477,000 | $ 85,101,000 | |||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Containers [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | $ 69,800,000 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Mar. 15, 2020 | ||||||||||
Average interest rate | 2.50% | 1.80% | |||||||||
Revolving Credit Facility [Member] | Containers [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | $ 713,100,000 | ||||||||||
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 | 276,500,000 | ||||||||||
Available borrowing capacity based on borrowing base and collateral requirements | 2,600,000 | ||||||||||
Net book value | $ 282,600,000 | ||||||||||
Average interest rate | 2.40% | 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 | 248,900,000 | ||||||||||
Available borrowing capacity based on borrowing base and collateral requirements | 65,100,000 | ||||||||||
Standby Letters Of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum credit commitment | 30,000,000 | ||||||||||
Swing Line Loans [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum credit commitment | $ 25,000,000 | ||||||||||
Maximum number of business days short term borrowings payable | 10 days | ||||||||||
Term Loan [Member] | Rental Equipment [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | $ 378,400,000 | ||||||||||
Term Loan [Member] | CAI Rail [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Dec. 22, 2020 | ||||||||||
Long-term debt balance | $ 18,881,000 | ||||||||||
Principal amount of loan | $ 20,000,000 | ||||||||||
Term of loan | 5 years | ||||||||||
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 | ||||||||||
Long-term debt balance | $ 23,700,000 | ||||||||||
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 | ||||||||||
Average interest rate | 2.90% | 2.30% | |||||||||
Term Loan [Member] | Consortium of Banks [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum credit commitment | $ 300,000,000 | ||||||||||
Long-term debt balance | $ 125,000,000 | $ 249,400,000 | |||||||||
Term of loan | 6 years | ||||||||||
Proceeds used to repay loan | 124,400,000 | ||||||||||
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 balance | $ 129,750,000 | ||||||||||
Average interest rate | 2.30% | 2.20% | |||||||||
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jun. 1, 2021 | ||||||||||
Maximum credit commitment | $ 142,000,000 | ||||||||||
Maximum credit commitment increase amount | 100,000,000 | ||||||||||
Long-term debt balance | $ 96,500,000 | ||||||||||
Term of loan | 5 years | ||||||||||
Quarterly payments specified as percentage of drawn amount | 1.75% | ||||||||||
Average interest rate | 2.50% | 1.90% | |||||||||
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Aug. 1, 2021 | ||||||||||
Long-term debt balance | $ 49,070,000 | ||||||||||
Principal amount of loan | $ 100,000,000 | ||||||||||
Term of loan | 5 years | ||||||||||
Long-term debt | $ 50,000,000 | ||||||||||
Average interest rate | 3.60% | ||||||||||
Fixed interest rate | 3.60% | ||||||||||
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jun. 1, 2019 | ||||||||||
Long-term debt balance | $ 5,828,000 | ||||||||||
Long-term debt | $ 5,800,000 | ||||||||||
Average interest rate | 2.50% | 2.60% | |||||||||
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Rental Equipment [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | $ 12,700,000 | ||||||||||
Term Loan [Member] | LIBOR [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate | 1.60% | 2.25% | |||||||||
Senior Secured Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Sep. 13, 2022 | ||||||||||
Long-term debt balance | $ 71,105,000 | $ 103,000,000 | |||||||||
Average interest rate | 4.90% | 4.90% | |||||||||
Senior Secured Notes [Member] | Rental Equipment [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Net book value | $ 93,800,000 | ||||||||||
Asset Backed Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Mar. 1, 2028 | ||||||||||
Long-term debt balance | $ 242,875,000 | ||||||||||
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 | $ 326,000,000 | ||||||||||
Asset Backed Notes [Member] | Series 2012-1 Asset-Backed Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Oct. 1, 2027 | ||||||||||
Long-term debt balance | $ 99,800,000 | ||||||||||
Principal amount of loan | $ 171,000,000 | ||||||||||
Fixed interest rate | 3.47% | ||||||||||
Asset Backed Notes [Member] | Series 2013-1 Asset-Backed Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Mar. 1, 2028 | ||||||||||
Long-term debt balance | $ 143,100,000 | ||||||||||
Principal amount of loan | $ 229,000,000 | ||||||||||
Fixed interest rate | 3.35% | ||||||||||
Collateralized Financing Obligations [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Jun. 1, 2019 | ||||||||||
Long-term debt balance | $ 100,039,000 | ||||||||||
Long-term debt | $ 100,000,000 | ||||||||||
Average interest rate | 1.10% | 0.70% | |||||||||
Maturity date range start | Mar. 1, 2017 | ||||||||||
Maturity date range end | Sep. 1, 2019 | ||||||||||
Amortizing Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt balance | $ 9,200,000 | ||||||||||
Term of loan | 5 years | ||||||||||
Fixed interest rate | 2.70% | ||||||||||
Non-Amortizing Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt balance | $ 1,600,000 | ||||||||||
Term of loan | 5 years | ||||||||||
Minimum [Member] | Senior Secured Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Percentage of aggregate principal to prepay | 10.00% | ||||||||||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | |||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 98,753 | $ 172,416 | [1] | |
Gross Debt, Long-term Outstanding | 1,388,495 | 1,259,196 | [1] | |
Debt issuance costs, Current Outstanding | (3,226) | (3,167) | [1] | |
Debt issuance costs, Long-term Outstanding | (7,996) | (8,636) | [1] | |
Total Debt, Current Outstanding | 95,527 | 169,249 | [1] | |
Total Debt, Long-term Outstanding | 1,380,499 | 1,250,560 | [1] | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt, Current Outstanding | 30,980 | 60,382 | ||
Total Debt, Long-term Outstanding | 74,887 | 59,445 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [1] | 8,500 | ||
Gross Debt, Long-term Outstanding | $ 526,000 | $ 488,000 | [1] | |
Average Interest | 2.50% | 1.80% | ||
Maturity | Mar. 15, 2020 | |||
Revolving Credit Facility [Member] | CAI Rail [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [1] | $ 34,500 | ||
Gross Debt, Long-term Outstanding | $ 223,500 | $ 126,000 | [1] | |
Average Interest | 2.40% | 1.90% | ||
Maturity | Oct. 22, 2020 | |||
Revolving Credit Facility [Member] | Consortium of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity | Mar. 15, 2020 | |||
Term Loan [Member] | CAI Rail [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 1,158 | $ 1,119 | [1] | |
Gross Debt, Long-term Outstanding | $ 17,723 | $ 18,881 | [1] | |
Average Interest | 3.40% | 3.40% | ||
Maturity | Dec. 22, 2020 | |||
Term Loan [Member] | Development Bank of Japan [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 1,800 | $ 1,800 | [1] | |
Gross Debt, Long-term Outstanding | $ 21,900 | $ 23,700 | [1] | |
Average Interest | 2.90% | 2.30% | ||
Maturity | 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 | [1] | |
Gross Debt, Long-term Outstanding | $ 120,750 | $ 129,750 | [1] | |
Average Interest | 2.30% | 2.20% | ||
Maturity | Oct. 1, 2019 | |||
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 7,000 | $ 9,940 | [1] | |
Gross Debt, Long-term Outstanding | $ 89,500 | $ 99,440 | [1] | |
Average Interest | 2.50% | 1.90% | ||
Maturity | Jun. 1, 2021 | |||
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 2,705 | |||
Gross Debt, Long-term Outstanding | $ 46,365 | |||
Average Interest | 3.60% | |||
Maturity | Aug. 1, 2021 | |||
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 2,287 | $ 1,829 | [1] | |
Gross Debt, Long-term Outstanding | $ 3,541 | $ 5,748 | [1] | |
Average Interest | 2.50% | 2.60% | ||
Maturity | Jun. 1, 2019 | |||
Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 6,110 | $ 7,175 | [1] | |
Gross Debt, Long-term Outstanding | $ 64,995 | $ 71,105 | [1] | |
Average Interest | 4.90% | 4.90% | ||
Maturity | Sep. 13, 2022 | |||
Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 40,000 | $ 40,000 | [1] | |
Gross Debt, Long-term Outstanding | $ 202,875 | $ 242,875 | [1] | |
Average Interest | 3.40% | 3.40% | ||
Maturity | Mar. 1, 2028 | |||
Collateralized Financing Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 28,693 | $ 58,553 | [1] | |
Gross Debt, Long-term Outstanding | $ 71,346 | $ 53,697 | [1] | |
Average Interest | 1.10% | 0.70% | ||
Maturity | Jun. 1, 2019 | |||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Sep. 13, 2012 |
Term Loan [Member] | Development Bank of Japan [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | $ 2,474 | |
2,018 | 22,215 | |
Long term debt including interest | 24,689 | |
Less: Amount representing interest | (989) | |
Long-term Debt, Total | 23,700 | |
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 11,997 | |
2,018 | 11,783 | |
2,019 | 113,776 | |
Long term debt including interest | 137,556 | |
Less: Amount representing interest | (7,806) | |
Long-term Debt, Total | 129,750 | |
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 9,398 | |
2,018 | 9,219 | |
2,019 | 9,040 | |
2,020 | 8,867 | |
2,021 | 69,357 | |
Long term debt including interest | 105,881 | |
Less: Amount representing interest | (9,381) | |
Long-term Debt, Total | 96,500 | |
Term Loan [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 1,793 | |
2,018 | 1,793 | |
2,019 | 1,793 | |
2,020 | 15,793 | |
Long term debt including interest | 21,172 | |
Less: Amount representing interest | (2,291) | |
Long-term Debt, Total | 18,881 | |
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 4,441 | |
2,018 | 4,441 | |
2,019 | 4,441 | |
2,020 | 4,441 | |
2,021 | 38,524 | |
Long term debt including interest | 56,288 | |
Less: Amount representing interest | (7,218) | |
Long-term Debt, Total | 49,070 | |
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 2,408 | |
2,018 | 1,906 | |
2,019 | 1,754 | |
Long term debt including interest | 6,068 | |
Less: Amount representing interest | (240) | |
Long-term Debt, Total | 5,828 | |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 9,520 | |
2,018 | 9,220 | |
2,019 | 8,920 | |
2,020 | 8,621 | |
2,021 | 8,322 | |
2022 and thereafter | 42,467 | |
Long term debt including interest | 87,070 | |
Less: Amount representing interest | (15,965) | |
Long-term Debt, Total | 71,105 | $ 103,000 |
Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 47,632 | |
2,018 | 46,272 | |
2,019 | 44,911 | |
2,020 | 43,551 | |
2,021 | 42,190 | |
2022 and thereafter | 43,741 | |
Long term debt including interest | 268,297 | |
Less: Amount representing interest | (25,422) | |
Long-term Debt, Total | 242,875 | |
Collateralized Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 30,628 | |
2,018 | 23,174 | |
2,019 | 50,105 | |
Long term debt including interest | 103,907 | |
Less: Amount representing interest | (3,868) | |
Long-term Debt, Total | $ 100,039 |
Stock-Based Compensation Plan64
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options available for grant | 2,671,980 | ||
Contractual term | 10 years | ||
Aggregate intrinsic value of options exercised | $ 4.9 | $ 0.1 | |
Closing price per share | $ 8.67 | ||
Stock-based compensation expense recorded | $ 1.3 | 1.5 | 1.6 |
Remaining unamortized stock-based compensation cost | $ 2 | ||
Stock-based compensation cost recognition period | 2 years | ||
Fair value of stock options granted | $ 0.9 | $ 1.7 | $ 1.9 |
Fair value of stock options granted per share | $ 3.55 | $ 9.20 | $ 11.02 |
Estimated forfeiture on options granted | 0 | 0 | 0 |
Stock Options [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards | 4 years | ||
Stock Options [Member] | Employees [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Stock Options [Member] | Employees [Member] | Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 2.083% | ||
Stock Options [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 | $ 0.4 | $ 0.4 | $ 0.3 |
Remaining unamortized stock-based compensation cost | $ 0.7 | ||
Stock-based compensation cost recognition period | 2 years 2 months 12 days |
Stock-Based Compensation Plan65
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 1,263,485 |
Options granted, Number of Shares | 245,000 | 183,000 | 170,000 |
Options exercised, Number of Shares | (6,000) | (414,494) | (7,319) |
Options forfeited/cancelled, Number of Shares | (5,417) | ||
Options outstanding at end of period, Number of Shares | 1,428,255 | 1,189,255 | 1,420,749 |
Options exercisable, Number of Shares | 1,051,969 | ||
Expected to vest after end of period, Number of Shares | 376,286 | ||
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 18.08 | $ 15.67 | $ 14.84 |
Options granted, Weighted Average Exercise Price | 7.87 | 21.72 | 22.09 |
Options exercised, Weighted Average Exercise Price | 21.99 | 11.45 | 15.60 |
Options forfeited/cancelled, Weighted Average Exercise Price | 22.55 | ||
Options outstanding at end of period, Weighted Average Exercise Price | 16.31 | $ 18.08 | $ 15.67 |
Options exercisable, Weighted Average Exercise Price | 17.56 | ||
Expected to vest after end of period, Weighted Average Exercise Price | $ 12.80 | ||
Weighted average remaining term | 5 years 8 months 12 days | ||
Weighted average remaining term | 4 years 6 months | ||
Expected to vest after end of period, Weighted Average Remaining Contractual Term (in years) | 8 years 10 months 24 days | ||
Aggregate intrinsic value of options outstanding | $ 896 | ||
Aggregate intrinsic value of options exercised | 700 | ||
Expected to vest after end of period, Aggregate Intrinsic Value (in thousands) | $ 196 |
Stock-Based Compensation Plan66
Stock-Based Compensation Plan (Summary Of Fair Value Weighted Average Assumptions) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock price | $ 7.87 | $ 21.72 | $ 22.09 |
Exercise price | $ 7.87 | $ 21.72 | $ 22.09 |
Dividend yield | |||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected volatility | 45.40% | 39.50% | 44.80% |
Risk-free interest rate | 1.30% | 1.85% | 1.79% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (years) | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 46.70% | 41.80% | 53.50% |
Risk-free interest rate | 1.40% | 2.00% | 1.98% |
Stock-Based Compensation Plan67
Stock-Based Compensation Plan (Summary Of Restricted Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock outstanding, Beginning balance, Number of Shares of Restricted Stock | 48,025 | 42,502 | 28,150 |
Restricted stock granted, Number of Shares of Restricted Stock | 34,500 | 21,000 | 23,500 |
Restricted stock vested, Number of Shares of Restricted Stock | (14,379) | (15,477) | (7,648) |
Restricted stock forfeited, Number of Shares of Restricted Stock | (2,344) | (1,500) | |
Restricted stock outstanding, Ending balance, Number of Shares of Restricted Stock | 65,802 | 48,025 | 42,502 |
Restricted stock outstanding, Beginning balance, Weighted Average Grant Date Fair Value | $ 22.70 | $ 23.87 | $ 26.11 |
Restricted stock granted, Weighted Average Grant Date Fair Value | 7.87 | 21.15 | 22.09 |
Restricted stock vested, Weighted Average Grant Date Fair Value | 23.61 | 23.81 | 26.13 |
Restricted stock forfeited, Weighted Average Grant Date Fair Value | 21.96 | 26.41 | |
Restricted stock outstanding, Ending balance, Weighted Average Grant Date Fair Value | $ 14.75 | $ 22.70 | $ 23.87 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | |||
U.S federal income tax rate | 35.00% | 35.00% | 35.00% |
Federal net operating loss deferred tax assets | $ 1,000 | ||
State net operating loss deferred tax assets | 100 | ||
Undistributed foreign earnings | $ 264,900 | ||
Minimum percentage realization for recognition of income tax position | 50.00% | ||
Unrecognized tax benefits | $ 266 | $ 220 | $ 188 |
Unrecognized tax benefits, if recognized, would reduce the Company’s effective tax rate | 300 | ||
Accrued potential interest and penalties related to unrecognized tax benefits | 100 | $ 100 | |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 72,100 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2035 | ||
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 5,600 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2017 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 11,300 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2029 | ||
Earliest Tax Year [Member] | Federal [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,013 | ||
Earliest Tax Year [Member] | State [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,012 | ||
Latest Tax Year [Member] | Federal [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,015 | ||
Latest Tax Year [Member] | State [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,015 |
Income Taxes (Schedule Of Net I
Income Taxes (Schedule Of Net Income Before Income Taxes And Non-Controlling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Taxes [Abstract] | |||||
U.S. operations | $ 8,996 | $ 6,682 | $ 7,853 | ||
Foreign operations | 882 | 24,305 | 59,336 | ||
Net income before income taxes and non-controlling interest | [1] | $ 9,878 | $ 30,987 | $ 67,189 | [2] |
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | ||||
[2] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Taxes [Abstract] | |||||
Federal | $ 312 | $ (2,083) | $ 3,005 | ||
State | 56 | (4) | 62 | ||
Foreign | 2,338 | 1,372 | 1,954 | ||
Current income tax expense (benefit) | 2,706 | (715) | 5,021 | ||
Federal | 3,090 | 5,406 | 930 | ||
State | 238 | 19 | 247 | ||
Foreign | (2,190) | (458) | 993 | ||
Deferred income tax expense (benefit) | 1,138 | 4,967 | [1] | 2,170 | [1] |
Total income tax expense (benefit) | $ 3,844 | $ 4,252 | [1] | $ 7,191 | [1] |
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Income Taxes [Abstract] | |||||
Computed expected tax expense | $ 3,458 | $ 10,845 | $ 23,516 | ||
Foreign tax differential | (88) | (7,676) | (17,955) | ||
State income tax expense, net of federal income tax benefit | 310 | 220 | 55 | ||
Subpart F income | 711 | 597 | 1,106 | ||
Adjustment to contingent consideration | (634) | ||||
Increase in uncertain tax positions | 36 | 17 | 38 | ||
Non-deductible stock-based compensation | 155 | 134 | 112 | ||
Change in valuation allowance | (15) | (152) | 167 | ||
Other | (89) | 267 | 152 | ||
Total income tax expense (benefit) | $ 3,844 | $ 4,252 | [1] | $ 7,191 | [1] |
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Accounts receivable | $ 307 | $ 123 |
Accrued expenses and other current liabilities | 423 | 145 |
Unearned revenue | 856 | 436 |
Stock-based compensation | 2,280 | 1,812 |
Other | 616 | 442 |
Net operating loss carry forwards | 27,225 | 13,814 |
Gross deferred tax assets | 31,707 | 16,772 |
Valuation allowance | (15) | |
Net deferred tax assets | 31,707 | 16,757 |
Intangible assets | 2,946 | 29 |
Depreciation and amortization | 73,305 | 56,478 |
Foreign deferred tax liabilities | 760 | 2,664 |
Deferred subpart F income | 6,500 | 5,790 |
Gross deferred tax liabilities | 83,511 | 64,961 |
Net deferred tax liability | $ 51,804 | $ 48,204 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | ||
Beginning balance | $ 220 | $ 188 |
Increases related to current year tax positions | 77 | 119 |
Decreases related to lapsing of statute | (31) | (87) |
Ending balance | $ 266 | $ 220 |
Fair Value Of Financial Instr74
Fair Value Of Financial Instruments (Details) $ in Millions | Dec. 31, 2016USD ($) |
Carrying Amount [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Net investment in direct finance leases | $ 100.5 |
Expected future payments for acquisition | 2.2 |
Carrying Amount [Member] | Collateralized Financing Obligations [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 100 |
Carrying Amount [Member] | Revolving Credit Facility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 749.5 |
Carrying Amount [Member] | Term Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 317.9 |
Carrying Amount [Member] | Senior Secured Notes [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 71.1 |
Carrying Amount [Member] | Asset Backed Notes [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 242.9 |
Carrying Amount [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 5.8 |
Fair Value [Member] | Collateralized Financing Obligations [Member] | Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 99.4 |
Fair Value [Member] | Asset Backed Notes [Member] | Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | $ 232 |
Commitments And Contingencies75
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | ||
Commitments And Contingencies [Abstract] | ||||
Lease term | 5 years | |||
Office facility expense | $ 1,700 | $ 1,500 | $ 1,500 | |
Number of outstanding letters of credit | item | 1 | 1 | ||
Outstanding letter of credit | $ 100 | $ 100 | ||
Rental equipment payable | 25,207 | $ 10,901 | [1] | |
Commitments to purchase rental equipment | 189,500 | |||
Commitments to purchase rental equipment, year one | 117,400 | |||
Commitments to purchase rental equipment, year two | $ 72,100 | |||
[1] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Commitments And Contingencies76
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies [Abstract] | |
2,017 | $ 1,590 |
2,018 | 416 |
2,019 | 375 |
Future minimum lease payments under operating lease agreements | $ 2,381 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | [1] | Dec. 31, 2014 | ||
Related Party Transaction [Line Items] | |||||
Payments for repurchase of common stock | $ 9,176 | $ 12,997 | $ 31,395 | [1] | |
Chairman of The Board of Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Shares of common stock cancelled | 400,000 | ||||
Payments for repurchase of common stock | $ 8,800 | ||||
Average price per share | $ 21.92 | ||||
CAIJ [Member] | |||||
Related Party Transaction [Line Items] | |||||
Ownership percentage by parent | 80.00% | ||||
Ownership percentage by noncontrolling interest | 20.00% | ||||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Capital Stock (Details)
Capital Stock (Details) $ in Millions | Jun. 19, 2014USD ($)shares |
Capital Stock [Abstract] | |
Maximum amount receivable from sale of securities under shelf registration | $ | $ 300 |
Maximum limit of shares sold by stockholders | shares | 3,000,000 |
Segment And Geographic Inform79
Segment And Geographic Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | [2],[3] | |||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Revenues | $ 77,274 | [1] | $ 78,472 | $ 71,642 | $ 66,966 | $ 65,692 | [1] | $ 66,117 | $ 59,366 | $ 58,492 | $ 294,354 | [2] | $ 249,667 | [2] | $ 227,589 | |||||||
Net book value | 1,807,010 | $ 1,748,211 | [4] | 1,807,010 | $ 1,748,211 | [4] | ||||||||||||||||
Railcars [Member] | ||||||||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||||||||
Net book value | $ 370,100 | $ 370,100 | ||||||||||||||||||||
[1] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | |||||||||||||||||||||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||||||||||||||||||
[3] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. | |||||||||||||||||||||
[4] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Segment And Geographic Inform80
Segment And Geographic Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | [3] | Jun. 30, 2016 | [3] | Mar. 31, 2016 | [3] | Dec. 31, 2015 | Sep. 30, 2015 | [3] | Jun. 30, 2015 | [3] | Mar. 31, 2015 | [3] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Container lease income | [1] | $ 200,186 | $ 217,505 | $ 210,756 | [2] | ||||||||||||||||||
Rail lease income | [1] | 30,490 | 17,433 | 10,336 | [2] | ||||||||||||||||||
Logistics revenue | [1] | 61,536 | 11,502 | ||||||||||||||||||||
Management fee revenue | [1] | 2,142 | 3,227 | 6,497 | [2] | ||||||||||||||||||
Total revenue | $ 77,274 | [3] | $ 78,472 | $ 71,642 | $ 66,966 | $ 65,692 | [3] | $ 66,117 | $ 59,366 | $ 58,492 | 294,354 | [1] | 249,667 | [1] | 227,589 | [1],[2] | |||||||
Depreciation of rental equipment | [1] | 104,877 | 113,590 | 77,976 | [2] | ||||||||||||||||||
Storage, handling and other expenses | [1] | 35,862 | 30,194 | 26,043 | [2] | ||||||||||||||||||
Logistics transportation costs | [1] | 51,980 | 10,172 | ||||||||||||||||||||
Loss (gain) on sale of used rental equipment | [1] | 12,671 | 654 | (6,522) | [2] | ||||||||||||||||||
Administrative expenses | [1] | 35,678 | 27,617 | 26,538 | [2] | ||||||||||||||||||
Total operating expenses | 64,664 | [3] | 71,110 | 56,784 | 48,510 | 68,292 | [3] | 42,861 | 36,232 | 34,842 | 241,068 | [1] | 182,227 | [1] | 124,035 | [1],[2] | |||||||
Operating income | 12,610 | [3] | $ 7,362 | $ 14,858 | $ 18,456 | (2,600) | [3] | $ 23,256 | $ 23,134 | $ 23,650 | 53,286 | [1] | 67,440 | [1] | 103,554 | [1],[2] | |||||||
Net interest expense | [1] | 42,754 | 36,271 | 35,592 | [2] | ||||||||||||||||||
Other expense | [1] | 654 | 182 | 773 | [2] | ||||||||||||||||||
Total other expenses | [1] | 43,408 | 36,453 | 36,365 | [2] | ||||||||||||||||||
Net income before income taxes and non-controlling interest | [1] | 9,878 | 30,987 | 67,189 | [2] | ||||||||||||||||||
Goodwill | [1] | 15,794 | 2,905 | [4] | 15,794 | 2,905 | [4] | ||||||||||||||||
Total assets | [1],[5] | 2,055,934 | 1,973,585 | [4] | 2,055,934 | 1,973,585 | [4] | ||||||||||||||||
Purchase of rental equipment | [1],[6] | 251,165 | 389,331 | 307,283 | [2] | ||||||||||||||||||
Inter-Segment [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Total revenue | 0 | ||||||||||||||||||||||
Operating Segments [Member] | Container Leasing [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Container lease income | [1] | 200,186 | 217,505 | 210,756 | |||||||||||||||||||
Management fee revenue | [1] | 2,142 | 3,227 | 6,497 | |||||||||||||||||||
Total revenue | [1] | 202,328 | 220,732 | 217,253 | |||||||||||||||||||
Depreciation of rental equipment | [1] | 95,755 | 108,996 | 75,150 | |||||||||||||||||||
Storage, handling and other expenses | [1] | 32,465 | 27,653 | 23,841 | |||||||||||||||||||
Loss (gain) on sale of used rental equipment | [1] | 12,750 | 2,276 | (6,506) | |||||||||||||||||||
Administrative expenses | [1] | 20,453 | 21,969 | 24,180 | |||||||||||||||||||
Total operating expenses | [1] | 161,423 | 160,894 | 116,665 | |||||||||||||||||||
Operating income | [1] | 40,905 | 59,838 | 100,588 | |||||||||||||||||||
Net interest expense | [1] | 35,784 | 33,156 | 33,599 | |||||||||||||||||||
Other expense | [1] | 654 | 182 | 773 | |||||||||||||||||||
Total other expenses | [1] | 36,438 | 33,338 | 34,372 | |||||||||||||||||||
Net income before income taxes and non-controlling interest | [1] | 4,467 | 26,500 | 66,216 | |||||||||||||||||||
Total assets | [1] | 1,638,263 | 1,728,389 | 1,638,263 | 1,728,389 | ||||||||||||||||||
Purchase of rental equipment | [1],[6] | 118,374 | 226,469 | 289,921 | |||||||||||||||||||
Operating Segments [Member] | Rail Leasing [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Rail lease income | [1] | 30,490 | 17,433 | 10,336 | |||||||||||||||||||
Total revenue | [1] | 30,490 | 17,433 | 10,336 | |||||||||||||||||||
Depreciation of rental equipment | [1] | 9,122 | 4,594 | 2,826 | |||||||||||||||||||
Storage, handling and other expenses | [1] | 3,386 | 2,540 | 2,202 | |||||||||||||||||||
Loss (gain) on sale of used rental equipment | [1] | 33 | (1,622) | (16) | |||||||||||||||||||
Administrative expenses | [1] | 3,759 | 3,131 | 2,358 | |||||||||||||||||||
Total operating expenses | [1] | 16,300 | 8,643 | 7,370 | |||||||||||||||||||
Operating income | [1] | 14,190 | 8,790 | 2,966 | |||||||||||||||||||
Net interest expense | [1] | 6,970 | 3,109 | 1,993 | |||||||||||||||||||
Total other expenses | [1] | 6,970 | 3,109 | 1,993 | |||||||||||||||||||
Net income before income taxes and non-controlling interest | [1] | 7,220 | 5,681 | 973 | |||||||||||||||||||
Total assets | [1] | 378,059 | 238,896 | 378,059 | 238,896 | ||||||||||||||||||
Purchase of rental equipment | [1],[6] | 132,791 | 162,862 | 17,362 | |||||||||||||||||||
Operating Segments [Member] | Logistics [Member] | |||||||||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||||||||
Container lease income | [1] | ||||||||||||||||||||||
Rail lease income | [1] | ||||||||||||||||||||||
Logistics revenue | [1] | 61,536 | 11,502 | ||||||||||||||||||||
Management fee revenue | [1] | ||||||||||||||||||||||
Total revenue | [1] | 61,536 | 11,502 | ||||||||||||||||||||
Depreciation of rental equipment | [1] | ||||||||||||||||||||||
Storage, handling and other expenses | [1] | 11 | 1 | ||||||||||||||||||||
Logistics transportation costs | [1] | 51,980 | 10,172 | ||||||||||||||||||||
Loss (gain) on sale of used rental equipment | [1] | (112) | |||||||||||||||||||||
Administrative expenses | [1] | 11,466 | 2,517 | ||||||||||||||||||||
Total operating expenses | [1] | 63,345 | 12,690 | ||||||||||||||||||||
Operating income | [1] | (1,809) | (1,188) | ||||||||||||||||||||
Net interest expense | [1] | 6 | |||||||||||||||||||||
Other expense | [1] | ||||||||||||||||||||||
Total other expenses | [1] | 6 | |||||||||||||||||||||
Net income before income taxes and non-controlling interest | [1] | (1,809) | (1,194) | ||||||||||||||||||||
Goodwill | [1] | 15,794 | 2,905 | 15,794 | 2,905 | ||||||||||||||||||
Total assets | [1] | $ 39,612 | $ 6,300 | $ 39,612 | 6,300 | ||||||||||||||||||
Purchase of rental equipment | [1],[6] | ||||||||||||||||||||||
[1] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | ||||||||||||||||||||||
[2] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. | ||||||||||||||||||||||
[3] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | ||||||||||||||||||||||
[4] | Amounts for the year ended December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | ||||||||||||||||||||||
[5] | Total assets at December 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, $30,449 and $35,106; Net investment in direct finance leases, $7,331 and $1,915; and Rental equipment net of accumulated depreciation, $62,477 and $85,101, respectively. | ||||||||||||||||||||||
[6] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated |
Segment And Geographic Inform81
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | $ 77,274 | $ 78,472 | $ 71,642 | $ 66,966 | $ 65,692 | $ 66,117 | $ 59,366 | $ 58,492 | $ 294,354 | [2] | $ 249,667 | [2] | $ 227,589 | [2],[3] | ||||||||
United States [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 116,121 | 48,103 | 13,821 | |||||||||||||||||||
France [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 26,504 | 25,811 | 26,586 | |||||||||||||||||||
Japan [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 19,706 | 24,919 | 26,124 | |||||||||||||||||||
Switzerland [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 17,862 | 18,937 | 22,813 | |||||||||||||||||||
Korea [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 13,495 | 17,703 | 23,169 | |||||||||||||||||||
Other Asia [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 52,200 | 62,702 | 64,677 | |||||||||||||||||||
Other Europe [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | 36,440 | 37,353 | 33,235 | |||||||||||||||||||
Other International [Member] | ||||||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||||||
Total revenue | $ 12,026 | $ 14,139 | $ 17,164 | |||||||||||||||||||
[1] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | |||||||||||||||||||||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||||||||||||||||||
[3] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Revenue Concentration (Details)
Revenue Concentration (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016USD ($) | [1] | Sep. 30, 2016USD ($) | [1] | Jun. 30, 2016USD ($) | [1] | Mar. 31, 2016USD ($) | [1] | Dec. 31, 2015USD ($) | [1] | Sep. 30, 2015USD ($) | [1] | Jun. 30, 2015USD ($) | [1] | Mar. 31, 2015USD ($) | [1] | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||||
Concentration Risk [Line Items] | ||||||||||||||||||||||
Revenues | $ 77,274 | $ 78,472 | $ 71,642 | $ 66,966 | $ 65,692 | $ 66,117 | $ 59,366 | $ 58,492 | $ 294,354 | [2] | $ 249,667 | [2] | $ 227,589 | [2],[3] | ||||||||
Ten Largest Container Lessees [Member] | Customer Concentration Risk [Member] | Total Revenue [Member] | ||||||||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||||||||
Number of major customers | item | 10 | |||||||||||||||||||||
Percentage of operations comprised by segment | 41.50% | 51.90% | 55.40% | |||||||||||||||||||
Single Largest Container Lessee [Member] | Customer Concentration Risk [Member] | Total Revenue [Member] | ||||||||||||||||||||||
Concentration Risk [Line Items] | ||||||||||||||||||||||
Percentage of operations comprised by segment | 10.80% | 11.60% | 11.40% | |||||||||||||||||||
Revenues | $ 31,700 | $ 29,000 | $ 25,900 | |||||||||||||||||||
[1] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | |||||||||||||||||||||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||||||||||||||||||
[3] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities having antidilutive effect | 1,135,711 | 763,847 | 600,450 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Basic And Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | [2] | Dec. 31, 2014 | [2] | |
Earnings Per Share [Abstract] | |||||||||||||||||||||
Net (loss) income attributable to CAI common stockholders used in the calculation of basic and diluted (loss) earnings per share | $ 620 | $ (5,451) | $ 3,711 | $ 7,117 | $ (12,630) | $ 12,934 | $ 12,824 | $ 13,473 | $ 5,997 | $ 26,601 | $ 59,887 | ||||||||||
Weighted-average shares used in the calculation of basic (loss) earnings per share | 19,318 | 20,773 | 20,732 | ||||||||||||||||||
Effect of dilutive securities: Stock options and restricted stock | 75 | 215 | 423 | ||||||||||||||||||
Weighted-average shares used in the calculation of diluted (loss) earnings per share | 19,393 | 20,988 | 21,155 | ||||||||||||||||||
Basic | $ 0.03 | $ (0.29) | $ 0.20 | $ 0.37 | $ (0.63) | $ 0.62 | $ 0.61 | $ 0.64 | $ 0.31 | $ 1.28 | $ 2.89 | ||||||||||
Diluted | $ 0.03 | $ (0.29) | $ 0.20 | $ 0.37 | $ (0.63) | $ 0.61 | $ 0.60 | $ 0.63 | $ 0.31 | $ 1.27 | $ 2.83 | ||||||||||
[1] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | ||||||||||||||||||||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). |
Selected Quarterly Financial 85
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2016 | Dec. 31, 2015 | [2] | Dec. 31, 2014 | [2] | ||
Selected Quarterly Financial Data [Abstract] | ||||||||||||||||||||||
Revenue | $ 77,274 | $ 78,472 | $ 71,642 | $ 66,966 | $ 65,692 | $ 66,117 | $ 59,366 | $ 58,492 | $ 294,354 | [2] | $ 249,667 | $ 227,589 | [3] | |||||||||
Operating expenses | 64,664 | 71,110 | 56,784 | 48,510 | 68,292 | 42,861 | 36,232 | 34,842 | 241,068 | [2] | 182,227 | 124,035 | [3] | |||||||||
Operating (loss) income | 12,610 | 7,362 | 14,858 | 18,456 | (2,600) | 23,256 | 23,134 | 23,650 | 53,286 | [2] | 67,440 | 103,554 | [3] | |||||||||
Net (loss) income attributable to CAI common stockholders | $ 620 | $ (5,451) | $ 3,711 | $ 7,117 | $ (12,630) | $ 12,934 | $ 12,824 | $ 13,473 | $ 5,997 | $ 26,601 | $ 59,887 | |||||||||||
Net (loss) income per basic share attributable to CAI common stockholders | $ 0.03 | $ (0.29) | $ 0.20 | $ 0.37 | $ (0.63) | $ 0.62 | $ 0.61 | $ 0.64 | $ 0.31 | $ 1.28 | $ 2.89 | |||||||||||
Net (loss) income per diluted share attributable to CAI common stockholders | $ 0.03 | $ (0.29) | $ 0.20 | $ 0.37 | $ (0.63) | $ 0.61 | $ 0.60 | $ 0.63 | $ 0.31 | $ 1.27 | $ 2.83 | |||||||||||
[1] | Amounts for the quarters ended March 31, 2016 and 2015, June 30, 2016 and 2015, September 30, 2016 and 2015, and December 31, 2015 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors") | |||||||||||||||||||||
[2] | Amounts for the years ended December 31, 2015 and 2014 have been restated for immaterial corrections of identified errors relating to prepaid loan fees (see Note 2 (b) "Correction of Immaterial Errors"). | |||||||||||||||||||||
[3] | 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 $2.1 million and no unguaranteed residual value, respectively, at December 31, 2016 and 2015, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2016 and 2015. |
Schedule II Valuation Accounts
Schedule II Valuation Accounts (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 548 | $ 680 | $ 503 | |
Net Additions (Reductions) to Expense | 3,151 | 448 | 248 | |
Deductions | [1] | (2,359) | (580) | (71) |
Balance at End of Period | $ 1,340 | $ 548 | $ 680 | |
[1] | Primarily consists of write-offs, net of recoveries and other adjustments |