Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | CAI International, Inc. | |
Entity Filer Category | Accelerated Filer | |
Entity Central Index Key | 1,388,430 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Fiscal Period Focus | Q2 | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 19,246,564 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Current assets | |||
Accounts receivable, net of allowance for doubtful accounts of $1,202 and $1,340 at June 30, 2017 and December 31, 2016, respectively | $ 66,650 | $ 63,745 | |
Current portion of net investment in direct finance leases | 23,140 | 19,959 | |
Prepaid expenses and other current assets | 6,961 | 5,315 | |
Total current assets | 122,246 | 135,153 | |
Restricted cash | 5,683 | 6,192 | |
Rental equipment, net of accumulated depreciation of $461,802 and $421,153 at June 30, 2017 and December 31, 2016, respectively | 1,864,337 | 1,807,010 | |
Net investment in direct finance leases | 90,643 | 80,582 | |
Goodwill | 15,794 | 15,794 | |
Intangible assets, net of accumulated amortization of $3,783 and $2,681 at June 30, 2017 and December 31, 2016, respectively | 8,589 | 9,691 | |
Furniture, fixtures and equipment, net of accumulated depreciation of $3,033 and $2,833 at June 30, 2017 and December 31, 2016, respectively | 453 | 550 | |
Other non-current assets | 2,959 | 962 | |
Total assets | [1] | 2,110,704 | 2,055,934 |
Current liabilities | |||
Accounts payable | 7,346 | 13,804 | |
Accrued expenses and other current liabilities | 15,068 | 11,778 | |
Due to container investors | 7,149 | 7,077 | |
Unearned revenue | 7,203 | 10,613 | |
Current portion of debt | 112,587 | 95,527 | |
Rental equipment payable | 65,336 | 25,207 | |
Total current liabilities | 214,689 | 164,006 | |
Debt | 1,364,079 | 1,380,499 | |
Deferred income tax liability | 51,211 | 51,804 | |
Other long term liabilities | 1,169 | 2,121 | |
Total liabilities | [2] | 1,631,147 | 1,598,430 |
Stockholders' equity | |||
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 19,246,564 and 19,057,217 shares at June 30, 2017 and December 31, 2016, respectively | 2 | 2 | |
Additional paid-in capital | 143,152 | 141,058 | |
Accumulated other comprehensive loss | (7,088) | (8,132) | |
Retained earnings | 343,490 | 324,576 | |
Total stockholders' equity | 479,557 | 457,504 | |
Total liabilities and stockholders' equity | 2,110,704 | 2,055,934 | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
Current assets | |||
Cash | 10,034 | 15,685 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Current assets | |||
Cash | 15,461 | 30,449 | |
Rental equipment, net of accumulated depreciation of $461,802 and $421,153 at June 30, 2017 and December 31, 2016, respectively | 57,697 | 62,477 | |
Net investment in direct finance leases | 8,204 | 7,331 | |
Current liabilities | |||
Current portion of debt | 25,602 | 30,980 | |
Debt | $ 63,416 | $ 74,887 | |
[1] | Total assets at June 30, 2017 and December 31, 2016 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $15,461 and $30,449; Net investment in direct finance leases, $8,204 and $7,331; and Rental equipment, net of accumulated depreciation, $57,697 and $62,477, respectively. | ||
[2] | Total liabilities at June 30, 2017 and December 31, 2016 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $25,602 and $30,980; Debt, $63,416 and $74,887, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Accounts receivable, allowance for doubtful accounts | $ 1,202 | $ 1,340 |
Rental equipment net of accumulated depreciation | 1,864,337 | 1,807,010 |
Rental equipment, accumulated depreciation | 461,802 | 421,153 |
Net investment in direct finance leases | 90,643 | 80,582 |
Intangible assets, accumulated amortization | 3,783 | 2,681 |
Furniture, fixtures and equipment, accumulated depreciation | 3,033 | 2,833 |
Current liabilities | ||
Current portion of debt | 112,587 | 95,527 |
Debt | $ 1,364,079 | $ 1,380,499 |
Stockholders' equity | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 84,000,000 | 84,000,000 |
Common stock, shares issued | 19,246,564 | 19,057,217 |
Common stock, shares outstanding | 19,246,564 | 19,057,217 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets | ||
Cash | $ 15,461 | $ 30,449 |
Rental equipment net of accumulated depreciation | 57,697 | 62,477 |
Net investment in direct finance leases | 8,204 | 7,331 |
Current liabilities | ||
Current portion of debt | 25,602 | 30,980 |
Debt | $ 63,416 | $ 74,887 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | ||||
Container lease income | $ 54,960 | $ 51,669 | $ 107,914 | $ 103,214 |
Rail lease income | 8,127 | 7,591 | 16,180 | 14,848 |
Logistics revenue | 19,605 | 12,382 | 40,104 | 20,546 |
Total revenue | 82,692 | 71,642 | 164,198 | 138,608 |
Operating expenses | ||||
Depreciation of rental equipment | 27,054 | 24,494 | 55,026 | 47,528 |
Storage, handling and other expenses | 6,192 | 9,323 | 13,145 | 18,374 |
Logistics transportation costs | 16,682 | 10,140 | 33,753 | 17,082 |
(Gain) loss on sale of used rental equipment | (1,749) | 3,894 | (876) | 4,627 |
Administrative expenses | 9,745 | 8,933 | 20,431 | 17,683 |
Total operating expenses | 57,924 | 56,784 | 121,479 | 105,294 |
Operating income | 24,768 | 14,858 | 42,719 | 33,314 |
Other expenses | ||||
Net interest expense | 12,285 | 10,591 | 23,957 | 20,633 |
Other (income) expense | (112) | 192 | 202 | 322 |
Total other expenses | 12,173 | 10,783 | 24,159 | 20,955 |
Net income before income taxes and non-controlling interest | 12,595 | 4,075 | 18,560 | 12,359 |
Income tax (benefit) expense | (43) | 361 | 650 | 1,494 |
Net income | 12,638 | 3,714 | 17,910 | 10,865 |
Net income attributable to non-controlling interest | 3 | 37 | ||
Net income attributable to CAI common stockholders | $ 12,638 | $ 3,711 | $ 17,910 | $ 10,828 |
Net income per share attributable to CAI common stockholders | ||||
Basic | $ 0.66 | $ 0.19 | $ 0.94 | $ 0.55 |
Diluted | $ 0.65 | $ 0.19 | $ 0.93 | $ 0.55 |
Weighted average shares outstanding | ||||
Basic | 19,131 | 19,372 | 19,071 | 19,577 |
Diluted | 19,419 | 19,449 | 19,332 | 19,646 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $ 12,638 | $ 3,714 | $ 17,910 | $ 10,865 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | 793 | (12) | 1,044 | 910 |
Comprehensive income | 13,431 | 3,702 | 18,954 | 11,775 |
Comprehensive income attributable to non-controlling interest | 3 | 37 | ||
Comprehensive income attributable to CAI common stockholders | $ 13,431 | $ 3,699 | $ 18,954 | $ 11,738 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Cash flows from operating activities | |||
Net income | $ 17,910 | $ 10,865 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 55,211 | 47,686 | |
Amortization of debt issuance costs | 1,498 | 1,548 | |
Amortization of intangible assets | 1,102 | 274 | |
Stock-based compensation expense | 995 | 908 | |
Reduction in contingent consideration | (631) | ||
Unrealized loss on foreign exchange | 109 | 113 | |
(Gain) loss on sale of used rental equipment | (876) | 4,627 | |
Loss on disposal of subsidiary | 146 | ||
Deferred income taxes | 411 | 1,241 | |
Bad debt (recovery) expense | (12) | 162 | |
Changes in other operating assets and liabilities: | |||
Accounts receivable | (3,507) | (8,376) | |
Prepaid expenses and other assets | (1,807) | 31 | |
Accounts payable, accrued expenses and other current liabilities | (3,613) | 483 | |
Due to container investors | 72 | 727 | |
Unearned revenue | (1,696) | 88 | |
Net cash provided by operating activities | 65,166 | 60,523 | |
Cash flows from investing activities | |||
Purchase of rental equipment | [1] | (128,593) | (130,239) |
Acquisitions, net of cash acquired | (15,729) | ||
Proceeds from sale of used rental equipment | 35,660 | 29,944 | |
Disposal of subsidiary, net of cash disposed of | (460) | ||
Purchase of furniture, fixtures and equipment | (85) | (49) | |
Receipt of principal payments from direct financing leases | 6,822 | 11,778 | |
Net cash used in investing activities | (86,196) | (104,755) | |
Cash flows from financing activities | |||
Proceeds from debt | 155,131 | 291,990 | |
Principal payments on debt | (156,036) | (261,413) | |
Debt issuance costs | (463) | (941) | |
Decrease in restricted cash | 509 | 510 | |
Repurchase of stock | (7,117) | ||
Exercise of stock options | 1,215 | ||
Net cash provided by financing activities | 356 | 23,029 | |
Effect on cash of foreign currency translation | 35 | 276 | |
Net decrease in cash | (20,639) | (20,927) | |
Cash at beginning of the period | 46,134 | 52,553 | |
Cash at end of the period | 25,495 | 31,626 | |
Cash paid during the period for: | |||
Income taxes | 134 | 487 | |
Interest | 21,638 | 18,900 | |
Supplemental disclosure of non-cash investing and financing activity | |||
Transfer of rental equipment to direct finance lease | 23,912 | $ 10,917 | |
Transfer of direct finance lease to rental equipment | $ 291 | ||
[1] | 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 | 6 Months Ended |
Jun. 30, 2017 | |
The Company And Nature Of Operations [Abstract] | |
The Company And Nature Of Operations | (1 ) The Company and Nature of Operations Organization 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 . The Company also manages equipment for third-party investors. In operating its fleet, the Company leases, re-leases and disposes of equipment and contracts for the repair, repositioning and storage of equipment. The Company also provides domestic and international logistics services . In February 2016, the Company purchased Challenger Overseas LLC (Challenger), a Non-Vessel Operating Common Carrier, for approximately $10.8 million. 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. 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. Basis of Presentation The accompanying unaudited 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. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal, recurring adjustments necessary to present fairly the Company’s financial position as of June 30, 2017 and December 31, 201 6 , the Company’s results of operations for the three and six months ended June 30, 2017 and 2016, and the Company’s cash flows for the six months ended June 30, 2017 and 2016 . The results of operations and cash flows for the periods presented are not necessarily indicative of the results of operations or cash flows which may be reported for the remainder of 201 7 or in any future period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) h ave been condensed or omitted. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 201 6 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 13, 2017 . |
Accounting Policies And Recent
Accounting Policies And Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Accounting Policies And Recent Accounting Pronouncements | (2) Accounting Policies and Recent Accounting Pronouncements Accounting Policies 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 sustained changes have taken place in the useful lives of equipment or assigned residual values, which would suggest that a change in depreciation estimates is warranted. After the Company conducted its regular depreciation policy review for 2016, 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 $2.1 million and $4.4 million , decreased net income by $2.1 million and $4.3 million , and decreased diluted earnings per share by $0.11 and $0.22, for the three and six months ended June 30 , 2017 , respectively . The Company continuously monitors disposal prices across its entire portfolio for indications of a sustained market downturn. The Company will adjust its residual value estimates as and when conditions warrant. Except as described below in “Recent Accounting Pronouncements , ” there were no changes to the Company’s accounting policies during the six months ended June 30 , 2017 . See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 13, 2017, for a description of the Company’s significant accounting policies. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Recent Accounting Pronouncements In March 2016, the F inancial A ccounting S tandards B oard (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) . The new standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. The Company adopted ASU 2016-09 effective January 1, 2017. Accordingly, excess tax benefits or deficiencies from stock-based compensation are now reflected in the consolidated statements of income as a component of the provision for income taxes, whereas they were previously recognized in equity. As a result of the adoption of ASU 2016-09, the Company recognized $1.0 million in deferred tax assets associated with excess tax benefits not previously recognized in deferred taxes as a cumulative-effect adjustment to retained earnings as of January 1, 2017. Adoption of the new standard did not have a material impact on our provision for income taxes for the three and six months ended June 30 , 2017. The Company elected to apply the change in presentation to the statements of cash flows prospectively and elected to account for forfeitures as they occur, rather than estimate expected forfeitures, which did not have a material impact on the Company’s consolidated financial statements. |
Insurance Receivable And Impair
Insurance Receivable And Impairment | 6 Months Ended |
Jun. 30, 2017 | |
Insurance Receivable And Impairment [Abstract] | |
Insurance Receivable and Impairment | ( 3 ) Insurance Receivable and Impairment In August 2016, Hanjin Shipping Co., Ltd. (Hanjin) filed for bankruptcy protection from its creditors. Based on the recovery of Hanjin containers to date and prior experience, the Company believes that most of its containers will be recovered. As of June 30 , 2017, the Company has recovered approximately 91% of the containers that were on lease to Hanjin. 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 recorded an impairment of $3.2 million representing the book value of containers the Company estimated would not be recovered from Hanjin. As of December 31, 2016, an insurance receivable of $3.8 million was recorded for $1.2 million of estimated unrecoverable containers in excess of the insurance deductible, which was recorded in depreciation expense, and $2.6 million of recovery costs, which was recorded as a reduction to storage, handling and other expenses for the year ended December 31, 2016. During the six months ended June 30, 2017, the Company recorded an additional insurance receivable of $5.5 million for $2.2 million of lost lease rental income, recognized as container lease income , and $3.3 million of recovery costs, recorded as a reduction to storage, handling and other expenses. The Company also received insurance proceeds of $4.5 million, which was recorded as a reduction to the insurance receivable. As of June 30 , 2017, the insurance receivable related to this customer was $4.8 million , of which payment of $3.5 million was received in July 2017 . |
Consolidation Of Variable Inter
Consolidation Of Variable Interest Entities | 6 Months Ended |
Jun. 30, 2017 | |
Consolidation Of Variable Interest Entities [Abstract] | |
Consolidation Of Variable Interest Entities | (4 ) Consolidation of Variable Interest Entities The Company regularly performs a review of its container fund arrangements with investors to determine whether or not it has a variable interest in the fund and if the fund is a variable interest entity ( VIE ). If it is determined that the Company does not have a variable interest in the fund, further analysis is not required and the Company does not consolidate the fund. If it is determined that the Company does have a variable interest in the fund and the fund is a VIE, a further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under 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 Japan ese commercial laws (see Note 14 ). Each of the funds is financed by unrelated Japanese third - party investors. Managed Container Funds The fees earned by the Company for arranging, managing and establishing container funds are commensurate with the level of effort required to provide those services, and are at or above the same level of seniority as other operating liabilities of the funds that are incurred in the normal course of business. As such, the Company does not have a variable interest in the managed containers funds , and does not consolidate those funds. The Company recognizes gain on sale of containers to the unconsolidated funds as sales in the ordinary course of business. No container portfolios were sold to the Japanese funds in the three and six months ended June 30 , 2017 and 2016 . CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Collateralized Financing Obligations The Company has transferred containers to Japanese investor funds while concurrently entering into lease agreements for the same containers, un der 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 June 30, 2017 , and December 31, 201 6 , and the results of the VIEs’ operations and cash flows for the three and six months ended June 30, 2017 and 2016 , in the Company’s consolidated financial statements. The containers that were transferred to the Japanese investor funds had a net book value of $65.9 million as of June 30, 2017 . The container equipment, together with $ 15.5 million 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 sheets with the related liability presented in the debt section of the Company’s consolidated balance sheets as collateralized financing obligations of $84.4 million and term loans held by VIE of $4.7 million. No gain or loss was recognized by the Company on the initial consolidation of th e VIEs. Containers sold to the Japanese investor funds during the three months ended June 30, 2017 and 2016 , had a net book value of $7.2 million and $6.2 million, respectively. Containers sold to the Japanese investor funds during the six months ended June 30, 2017 and 2016 , had a book value of $7.2 million and $16.9 million, respectively. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2017 | |
Acquisitions [Abstract] | |
Acquisitions | (5) Acquisitions In 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 aggregate allocation of the combined purchase price included $1.2 million of cash, $9.9 million of identifiable intangible assets, $12.9 million of residual goodwill, and $1.2 million of net liabilities assumed. The contingent consideration liability was $1.6 million and $2.2 million as of June 30, 2017 and December 31, 2016, respectively. Expected future payments of $ 1.2 million and $ 0.4 million were recorded in Other long-term liabilities and Accrued expenses and Other current liabilities, respectively, in the Company’s consolidated balance sheets at June 30 , 2017 . Expected future payments of $1.7 million and $0.5 million were recorded in Other long-term liabilities and Accrued expenses and Other current liabilities, respectively, in the Company’s consolidated balance sheet s at December 31, 2016. Management estimated the fair value of the contingent consideration liability as of June 30 , 2017, based on expected future payments, which were estimated based on forecasted future performance. The fair value of these liabilities would be categorized as Level 3 in the fair value hierarchy. The following table provides a reconciliation of the contingent consideration liability measured at estimated fair value based on the balance as of December 31, 2016 and updated quarterly for the six months ended June 30, 2017 (in thousands): 2017 January 1 $ 2,211 Net decrease in estimated fair value of contingent consideration included in Administrative expenses (631) June 30 $ 1,580 |
Rental Equipment
Rental Equipment | 6 Months Ended |
Jun. 30, 2017 | |
Rental Equipment [Abstract] | |
Rental Equipment | (6) Rental Equipment The following table provides a summary of the Company’s rental equipment (in thousands): June 30, December 31, 2017 2016 Dry containers $ 1,408,317 $ 1,322,508 Refrigerated containers 349,717 350,776 Other specialized equipment 163,885 164,934 Railcars 404,220 389,945 2,326,139 2,228,163 Accumulated depreciation (461,802) (421,153) Rental equipment, net of accumulated depreciation $ 1,864,337 $ 1,807,010 |
Net Investment In Direct Financ
Net Investment In Direct Finance Leases | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, December 31, 2017 2016 Gross finance lease receivables (1) $ 140,172 $ 123,563 Unearned income (2) (26,389) (23,022) Net investment in direct finance leases $ 113,783 $ 100,541 (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 $4.0 million and $2.1 million unguaranteed residual value at June 30 , 2017 and December 31, 201 6, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30 , 2017 and December 31, 201 6 . (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 June 30 , 2017 and December 31, 201 6 . In order to estimate the allowance for losses contained in gross finance lease receivables, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, the aging of customer receivables and general economic conditions. The categories of gross finance lease receivables based on the Company's internal customer credit ratings can be described as follows: Tier 1 — These customers are typically large international shipping lines that have been in business for many years and have world-class operating capabilities and significant financial resources. In most cases, the Company has had a long commercial relationship with these customers and currently maintains regular communication with them at several levels of management, which provides the Company with insight into the customer's current operating and financial performance. In the Company's view, these customers have the greatest ability to withstand cyclical down turns and would likely have greater access to needed capital than lower-rated customers. The Company views the risk of default for Tier 1 customers to range from minimal to moderate. Tier 2 — These customers are typically either smaller shipping lines or freight forwarders with less operating scale or with a high degree of financial leverage, and accordingly the Company views these customers as subject to higher volatility in financial performance over the business cycle. The Company generally expects these customers to have less access to capital markets or other sources of financing during cyclical down turns. The Company views the risk of default for Tier 2 customers as moderate. Tier 3 — Customers in this category exhibit volatility in payments on a regular basis. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands): June 30, December 31, 2017 2016 Tier 1 $ 86,793 $ 74,777 Tier 2 53,379 48,786 Tier 3 - - $ 140,172 $ 123,563 Contractual maturities of the Company's gross finance lease receivables subsequent to and as of June 30 , 2017 for the years ending June 30 were as follows (in thousands): 2018 $ 32,434 2019 40,979 2020 25,045 2021 15,544 2022 13,339 2023 and thereafter 12,831 $ 140,172 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Intangible Assets [Abstract] | |
Intangible Assets | ( 8) Intangible Assets 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 The Company’s i ntangible assets as of June 30, 2017 and December 31, 2016 were as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2017 Trademarks and tradenames $ 3,028 $ (2,369) $ 659 Customer relationships 9,344 (1,414) 7,930 $ 12,372 $ (3,783) $ 8,589 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 Total amortization expense was $ 0.4 million and $0. 2 million for the three months ended June 30 , 2017 and 2016 , respectively, and $1.1 million and $0.3 million for the six months ended June 30, 2017, respectively, and was included in administrative expenses in the consolidated statements of income . As of June 30 , 2017 , estimated future amortization expenses are as follows (in thousands): 2018 $ 1,731 2019 1,262 2020 1,167 2021 1,167 2022 1,167 2023 and thereafter 2,095 $ 8,589 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Debt | ( 9) Debt Details of the Company’s debt as of June 30 , 2017 and December 31, 201 6 were as follows (dollars in thousands): June 30, 2017 December 31, 2016 Outstanding Average Outstanding Average Current Long-term Interest Current Long-term Interest Maturity Revolving credit facility $ 1,500 $ 541,000 2.9% $ - $ 526,000 2.5% March 2020 Revolving credit facility - Rail - 243,500 2.9% - 223,500 2.4% October 2020 Revolving credit facility - Euro - 14,051 2.0% - - - September 2020 Term loan 22,800 - 3.2% 1,800 21,900 2.9% April 2018 Term loan 9,000 116,250 2.8% 9,000 120,750 2.3% October 2019 Term loan 7,000 86,000 3.0% 7,000 89,500 2.5% June 2021 Term loan 1,178 17,128 3.4% 1,158 17,723 3.4% December 2020 Term loan 2,755 44,975 3.6% 2,705 46,365 3.6% August 2021 Senior secured notes 6,110 61,940 4.9% 6,110 64,995 4.9% September 2022 Asset-backed notes 40,000 182,875 3.4% 40,000 202,875 3.4% March 2028 Collateralized financing obligations 23,316 61,045 1.2% 28,693 71,346 1.1% September 2019 Term loans held by VIE 2,286 2,371 2.7% 2,287 3,541 2.5% June 2019 115,945 1,371,135 98,753 1,388,495 Debt issuance costs (3,358) (7,056) (3,226) (7,996) Total Debt $ 112,587 $ 1,364,079 $ 95,527 $ 1,380,499 On June 16, 2017, 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 increase the commitment level from $775.0 million to $960.0 million. The Company maintains its revolving credit facilities to finance the acquisition of rental equipment and for general working capital purposes. As of June 30 , 2017 , the Company ha d $688.4 million in total availability und er its revolving credit facilities (net of $0.1 million in letters of credit) . The agreements relating to all of the Company’s debt contain various financial and other covenants. As of June 30, 2017 , the Company was in compliance with all of its debt covenants. On July 6, 2017, CAL Funding III Limited (CAL Funding III), a wholly-owned indirect subsidiary of CAI, issued $240.9 million of 3.6 % Class A fixed rate asset-backed notes and $12.2 million of 4.6% Class B fixed rate asset-backed notes (collectively, the Notes). Principal and interest on the Notes is payable monthly commencing on July 25, 2017, with the Notes maturing in June 2042. The proceeds from the Notes were used for general corporate purposes, including repayment of debt by the Company. The Notes are secured by all of the assets of CAL Funding III. For further information on the Company’s debt instruments, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 13, 2017. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | ( 10) Stock–Based Compensation Plan Stock Options The Company grants stock options from time to time to certain employees and independent directors pursuant t o its 2007 Equity Incentive Plan, as amended, (Plan) . Under the Plan, a maximum of 3,421,980 share awards may be granted. Stock options granted to employees have a vesting period of four years from grant date, with 25% vesting after one year, and 1/48th vesting each month thereafter until fully vested. Stock options granted to independent directors vest in one year. All of the stock options have a contractual term of ten years. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The following table summarizes the Company’s stock option activities for the six months ended June 30, 2017 and 2016 : Six Months Ended June 30, 2017 2016 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 1,428,255 $ 16.31 1,189,255 $ 18.08 Options granted 230,500 $ 16.80 245,000 $ 7.87 Options exercised (205,100) $ 10.30 - $ - Options forfeited/cancelled - $ - (6,000) $ 21.99 Options outstanding at June 30 1,453,655 $ 17.24 1,428,255 $ 16.31 Options exercisable 982,531 $ 18.30 1,013,680 $ 17.38 Weighted average remaining term 4.8 years 4.9 years The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2017 was $1.8 million. The aggregate intrinsic value of all options outstanding as of June 30, 2017 was $9.7 million based on the closing price of the Company’s common stock of $23.60 per share on June 30, 2017 , the last trading day of the quarter. The Company recognized stock-based compensation expense relating to stock options of $0.4 million and $0.3 million for the three months ended June 30 , 2017 and 2016 , respectively , and $0.7 million for both the six months ended June 30, 2017 and 2016 . As of June 30 , 2017 , the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $3.3 million, which is to be recognized over the remaining weighted average vesting period of approximately 2.6 years. The fair value of stock options granted to the Company’s employees and independent directors was estimated using the Black-Scholes-Merton pricing model using the following weighted average assumptions: Six Months Ended June 30, 2017 2016 Stock price $ 16.80 $ 7.87 Exercise price $ 16.80 $ 7.87 Expected term (years) 5.50 - 6.25 5.50 - 6.25 Expected volatility (%) 56.40 - 57.50 45.40 - 46.70 Risk-free interest rate (%) 1.77 - 2.14 1.30 - 1.40 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 the daily U.S. Treasury yield curve with a term approximating the expected term of the options. No forfeiture rate was estimated on all options granted during the six months ended June 30, 2017, as the Company accounts for forfeitures as they occur (see Note 2). CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Restricted Stock The Company grants restricted stock from time to time 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, 2016 65,802 $ 14.75 Restricted stock granted 35,250 $ 16.58 Restricted stock vested (24,674) $ 17.83 Restricted stock outstanding, June 30, 2017 76,378 $ 14.60 The Company recognized $0.1 m illion of stock-based compensation expense relating to restricted stock for both the three months ended June 30, 2017 and 2016, and $0.2 million for both the six months ended June 30, 2017 and 2016 . As of June 30, 2017 , unamortized stock-based compen sation expense relating to restricted stock was $1.0 million, which will be recognized over the remaining average vesting period of 2.9 yea r s. Stock-based compensation expense is recorded as a component of administrative expense s in the Company’s consolidated statements of income with a corresponding credit to additional paid-in capital in the Company’s consolidated balance sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | (11) Income Taxes The consolidated income tax expense for the three and six months ended June 30, 2017 and 2016 , was determined based upon estimates of the Company’s consolidated effective income tax rates for the years ending December 31, 201 7 and 201 6 , respectively. The difference between the consolidated effective income tax rate and the U.S. federal statutory rate is primarily attributable to foreign income taxes, state income taxes and the effect of certain permanent differences. The Company’s estimated effective tax rate was 3.5% at June 30 , 2017 , compared to 12.0% at June 30 , 2016 . The lower estimated effective tax rate at June 30 , 2017 was due to a significant increase in the proportion of pretax income generated in lower tax jurisdictions. The Company accounts for uncertain tax positions based on an evaluation as to whether it is more likely than not that a position will be sustained on audit, including resolution of any related appeals or litigation processes. This evaluation is based on all available evidence and assumes that the appropriate tax authorities have full knowledge of all relevant information concerning the tax position. Once it has been determined that a tax position is more likely than not to be sustained on its technical merits, the tax benefit recognized is based on the largest amount that is greater than 50% likely of being realized upon ultimate settlement. As of June 30, 2017 , the Company had unrecognized tax benefits of $0.2 million, which if recognized, would reduce the Company’s effective tax rate. Total accrued interest relating to unrecognized tax benefits was less than $0.1 million as of June 30, 2017 . The Company does not believe the total amount of unrecognized tax benefits as of June 30, 2017 will change for th e remainder of 201 7 . The Company was notified on May 1, 2017 that their 2015 federal income tax return was selected for examination. An initial meeting with the examining agent is scheduled for August 2017. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (12) Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company’s asset-backed notes of $222.9 million and collateralized financing obligations of $84.4 million as of June 30, 2017 were estimated to have a fair value of approximately $213.7 million and $82.7 million, respectively, based on the fair value of estimated future payments calculated using prevailing interest rates. The fair value of these financial instruments would be categorized as Level 2 in the fair value hierarchy. Management believes that the balances of the Company’s revolving credit facilities of $800.1 million, term loans totaling $307.1 million, senior secured notes of $68.1 million, term loans held by VIE of $4.7 million and net inves tment in direct finance leases of $113.8 approximate their fair values as of June 30 , 2017 . The fair value of these financial instruments would be categorized as Level 2 in the fair value hierarchy. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (13) Commitments and Contingencies In addition to its debt obligations described in Note 9 above, the Company had commitments to purchase approximately $254.6 million of rental equipment as of June 30, 2017 ; $217.9 million in the twelve months ending June 30 , 2018 and $36.7 million in the twelve months ending June 30 , 2019. The Company also utilizes certain office facilities and equipment under long-term non-cancellable operating lease agreements with total future minimum lease payments of approximately $4.8 million as of June 30 , 2017 . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | ( 14) 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 was an 80% -owned subsidiary of CAI with the remaining 20% owned by JIA. Prior to the transfer of containers from the Company, the container funds received contributions from unrelated Japanese investors, under separate Japanese investment agreements allowed under Japanese commercial laws. The contributions were used to purchase container equipment from the Company. Under the terms of the agreements, the CAI-related Japanese entities manage the activities of certain Japanese entities but may outsource the whole or part of each operation to a third party. Pursuant to its services agreements with investors, the Japanese container funds outsourced the general management of their operations to CAIJ. The Japanese container funds also entered into equipment management service agreements and financing arrangements whereby the Company managed 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 . |
Segment And Geographic Informat
Segment And Geographic Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | (15) Segment and Geographic Information The Company organizes itself by the nature of the services it provides which includes equipment leasing (consisting of container leasing and rail leasing) and logistics. The container leasing segment is aggregated with equipment management and derives its revenue from the ownership and leasing of containers and fees earned for managing container portfolios on behalf of third party investors . The rail leasing segment derives its revenue from the ownership and leasing of railcars. The logistics segment derives its revenue from the provision of logistics services. There are no inter-segment revenues. With the exception of administrative expenses, operating expenses are directly attributable to each segment. Administrative expenses that are not directly attributable to a segment are allocated to container or rail leasing based on the net book value of equipment in each segment. The following tables show condensed segment information for the three and six months ended June 30, 2017 and 2016 , reconciled to the Company’s income before income taxes and non-controlling interest as shown in its consolidated statements of income for such periods (in thousands): Three Months Ended June 30, 2017 Container Leasing Rail Leasing Logistics Total Total revenue $ 54,960 $ 8,127 $ 19,605 $ 82,692 Total operating expenses 32,234 5,375 20,315 57,924 Operating income (loss) 22,726 2,752 (710) 24,768 Total other expenses 9,395 2,778 - 12,173 Income (loss) before income taxes and non-controlling interest $ 13,331 $ (26) $ (710) $ 12,595 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 1,684,166 $ 386,648 $ 39,890 $ 2,110,704 Purchase of rental equipment (1) $ 76,479 $ 3,998 $ - $ 80,477 CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Three Months Ended June 30, 2016 Container Leasing Rail Leasing Logistics Total Total revenue $ 51,669 $ 7,591 $ 12,382 $ 71,642 Total operating expenses 40,048 4,202 12,534 56,784 Operating income (loss) 11,621 3,389 (152) 14,858 Total other expenses 9,274 1,509 - 10,783 Income (loss) before income taxes and non-controlling interest $ 2,347 $ 1,880 $ (152) $ 4,075 Goodwill $ - $ - $ 15,482 $ 15,482 Total assets $ 1,672,310 $ 323,456 $ 39,361 $ 2,035,127 Purchase of rental equipment (1) $ 28,235 $ 56,160 $ - $ 84,395 Six Months Ended June 30, 2017 Container Leasing Rail Leasing Logistics Total Total revenue $ 107,914 $ 16,180 $ 40,104 $ 164,198 Total operating expenses 69,518 10,504 41,457 121,479 Operating income (loss) 38,396 5,676 (1,353) 42,719 Total other expenses 18,809 5,349 1 24,159 Income (loss) before income taxes and non-controlling interest $ 19,587 $ 327 $ (1,354) $ 18,560 Purchase of rental equipment (1) $ 113,973 $ 14,620 $ - $ 128,593 Six Months Ended June 30, 2016 Container Leasing Rail Leasing Logistics Total Total revenue $ 103,214 $ 14,848 $ 20,546 $ 138,608 Total operating expenses 76,335 7,996 20,963 105,294 Operating income (loss) 26,879 6,852 (417) 33,314 Total other expenses 18,044 2,911 - 20,955 Income (loss) before income taxes and non-controlling interest $ 8,835 $ 3,941 $ (417) $ 12,359 Purchase of rental equipment (1) $ 48,453 $ 81,786 $ - $ 130,239 (1 ) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. 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 $379.5 million as of June 30, 2017 , are used primarily to transport cargo within North America. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The following table represents the geographic allocation of revenue for the periods indicated based on customers’ primary domicile (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 United States $ 29,567 $ 22,137 $ 60,077 $ 39,379 France 8,238 7,349 16,662 14,309 Switzerland 6,413 5,060 11,905 10,009 Japan 5,036 5,273 10,067 11,438 Singapore 5,012 4,286 9,324 8,640 Korea 4,497 3,703 8,265 7,542 Other Asia 10,715 10,648 21,463 21,291 Other Europe 11,276 10,303 21,089 20,188 Other International 1,938 2,883 5,346 5,812 Total revenue $ 82,692 $ 71,642 $ 164,198 $ 138,608 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | ( 16) Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive. The following table sets forth the reconciliation of basic and diluted net income per share for the three and six months ended June 30, 2017 and 2016 (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ 12,638 $ 3,711 $ 17,910 $ 10,828 Denominator Weighted-average shares used in the calculation of basic earnings per share 19,131 19,372 19,071 19,577 Effect of dilutive securities: Stock options and restricted stock 288 77 261 69 Weighted-average shares used in the calculation of diluted earnings per share 19,419 19,449 19,332 19,646 Net income per share attributable to CAI common stockholders: Basic $ 0.66 $ 0.19 $ 0.94 $ 0.55 Diluted $ 0.65 $ 0.19 $ 0.93 $ 0.55 The calculation of diluted earnings per share for the three months ended June 30, 2017 and 2016 , excluded from the denominator 858,739 and 1,069,311 shares, respectively, of common stock options because their effect would have been anti-dilutive . The calculation of diluted earnings per share for the six months ended June 30, 2017 and 2016 , excluded from the denominator 936,486 and 1,038,497 shares, respectively, of common stock options because their effect would have been anti-dilutive . |
Accounting Policies And Recen23
Accounting Policies And Recent Accounting Pronouncements (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Accounting Policies | Accounting Policies 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 sustained changes have taken place in the useful lives of equipment or assigned residual values, which would suggest that a change in depreciation estimates is warranted. After the Company conducted its regular depreciation policy review for 2016, 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 $2.1 million and $4.4 million , decreased net income by $2.1 million and $4.3 million , and decreased diluted earnings per share by $0.11 and $0.22, for the three and six months ended June 30 , 2017 , respectively . The Company continuously monitors disposal prices across its entire portfolio for indications of a sustained market downturn. The Company will adjust its residual value estimates as and when conditions warrant. Except as described below in “Recent Accounting Pronouncements , ” there were no changes to the Company’s accounting policies during the six months ended June 30 , 2017 . See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 13, 2017, for a description of the Company’s significant accounting policies. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the F inancial A ccounting S tandards B oard (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (ASU 2016-09) . The new standard simplifies certain aspects of the accounting for share-based payment transactions, including income taxes, classification of awards and classification on the statement of cash flows. The new guidance also allows an entity to make a policy election to account for forfeitures as they occur. The Company adopted ASU 2016-09 effective January 1, 2017. Accordingly, excess tax benefits or deficiencies from stock-based compensation are now reflected in the consolidated statements of income as a component of the provision for income taxes, whereas they were previously recognized in equity. As a result of the adoption of ASU 2016-09, the Company recognized $1.0 million in deferred tax assets associated with excess tax benefits not previously recognized in deferred taxes as a cumulative-effect adjustment to retained earnings as of January 1, 2017. Adoption of the new standard did not have a material impact on our provision for income taxes for the three and six months ended June 30 , 2017. The Company elected to apply the change in presentation to the statements of cash flows prospectively and elected to account for forfeitures as they occur, rather than estimate expected forfeitures, which did not have a material impact on the Company’s consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Acquisitions [Abstract] | |
Schedule Of Contingent Consideration Liability | 2017 January 1 $ 2,211 Net decrease in estimated fair value of contingent consideration included in Administrative expenses (631) June 30 $ 1,580 |
Rental Equipment (Tables)
Rental Equipment (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Rental Equipment [Abstract] | |
Schedule Of Rental Equipment | June 30, December 31, 2017 2016 Dry containers $ 1,408,317 $ 1,322,508 Refrigerated containers 349,717 350,776 Other specialized equipment 163,885 164,934 Railcars 404,220 389,945 2,326,139 2,228,163 Accumulated depreciation (461,802) (421,153) Rental equipment, net of accumulated depreciation $ 1,864,337 $ 1,807,010 |
Net Investment In Direct Fina26
Net Investment In Direct Finance Leases (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Net Investment In Direct Finance Leases [Abstract] | |
Components Of Net Investment In Direct Finance Leases | June 30, December 31, 2017 2016 Gross finance lease receivables (1) $ 140,172 $ 123,563 Unearned income (2) (26,389) (23,022) Net investment in direct finance leases $ 113,783 $ 100,541 (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 $4.0 million and $2.1 million unguaranteed residual value at June 30 , 2017 and December 31, 201 6, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30 , 2017 and December 31, 201 6 . (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 June 30 , 2017 and December 31, 201 6 . |
Gross Finance Lease Receivables By Customer Categories | June 30, December 31, 2017 2016 Tier 1 $ 86,793 $ 74,777 Tier 2 53,379 48,786 Tier 3 - - $ 140,172 $ 123,563 |
Contractual Maturities Of Gross Finance Lease Receivables | 2018 $ 32,434 2019 40,979 2020 25,045 2021 15,544 2022 13,339 2023 and thereafter 12,831 $ 140,172 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Intangible Assets [Abstract] | |
Schedule Of Estimated Useful Lives | Trademarks and tradenames 2 - 3 years Customer relationships 8 years |
Schedule Of Intangible Assets | Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2017 Trademarks and tradenames $ 3,028 $ (2,369) $ 659 Customer relationships 9,344 (1,414) 7,930 $ 12,372 $ (3,783) $ 8,589 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 |
Schedule Of Estimated Future Amortization Expenses | 2018 $ 1,731 2019 1,262 2020 1,167 2021 1,167 2022 1,167 2023 and thereafter 2,095 $ 8,589 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt [Abstract] | |
Schedule Of Debt | June 30, 2017 December 31, 2016 Outstanding Average Outstanding Average Current Long-term Interest Current Long-term Interest Maturity Revolving credit facility $ 1,500 $ 541,000 2.9% $ - $ 526,000 2.5% March 2020 Revolving credit facility - Rail - 243,500 2.9% - 223,500 2.4% October 2020 Revolving credit facility - Euro - 14,051 2.0% - - - September 2020 Term loan 22,800 - 3.2% 1,800 21,900 2.9% April 2018 Term loan 9,000 116,250 2.8% 9,000 120,750 2.3% October 2019 Term loan 7,000 86,000 3.0% 7,000 89,500 2.5% June 2021 Term loan 1,178 17,128 3.4% 1,158 17,723 3.4% December 2020 Term loan 2,755 44,975 3.6% 2,705 46,365 3.6% August 2021 Senior secured notes 6,110 61,940 4.9% 6,110 64,995 4.9% September 2022 Asset-backed notes 40,000 182,875 3.4% 40,000 202,875 3.4% March 2028 Collateralized financing obligations 23,316 61,045 1.2% 28,693 71,346 1.1% September 2019 Term loans held by VIE 2,286 2,371 2.7% 2,287 3,541 2.5% June 2019 115,945 1,371,135 98,753 1,388,495 Debt issuance costs (3,358) (7,056) (3,226) (7,996) Total Debt $ 112,587 $ 1,364,079 $ 95,527 $ 1,380,499 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Stock-Based Compensation Plan [Abstract] | |
Summary Of Stock Option Activities | Six Months Ended June 30, 2017 2016 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 1,428,255 $ 16.31 1,189,255 $ 18.08 Options granted 230,500 $ 16.80 245,000 $ 7.87 Options exercised (205,100) $ 10.30 - $ - Options forfeited/cancelled - $ - (6,000) $ 21.99 Options outstanding at June 30 1,453,655 $ 17.24 1,428,255 $ 16.31 Options exercisable 982,531 $ 18.30 1,013,680 $ 17.38 Weighted average remaining term 4.8 years 4.9 years |
Summary Of Fair Value Weighted Average Assumptions | Six Months Ended June 30, 2017 2016 Stock price $ 16.80 $ 7.87 Exercise price $ 16.80 $ 7.87 Expected term (years) 5.50 - 6.25 5.50 - 6.25 Expected volatility (%) 56.40 - 57.50 45.40 - 46.70 Risk-free interest rate (%) 1.77 - 2.14 1.30 - 1.40 Dividend yield (%) - - |
Summary Of Restricted Stock Activity | Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2016 65,802 $ 14.75 Restricted stock granted 35,250 $ 16.58 Restricted stock vested (24,674) $ 17.83 Restricted stock outstanding, June 30, 2017 76,378 $ 14.60 |
Segment And Geographic Inform30
Segment And Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Segment Information | Three Months Ended June 30, 2017 Container Leasing Rail Leasing Logistics Total Total revenue $ 54,960 $ 8,127 $ 19,605 $ 82,692 Total operating expenses 32,234 5,375 20,315 57,924 Operating income (loss) 22,726 2,752 (710) 24,768 Total other expenses 9,395 2,778 - 12,173 Income (loss) before income taxes and non-controlling interest $ 13,331 $ (26) $ (710) $ 12,595 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 1,684,166 $ 386,648 $ 39,890 $ 2,110,704 Purchase of rental equipment (1) $ 76,479 $ 3,998 $ - $ 80,477 CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Three Months Ended June 30, 2016 Container Leasing Rail Leasing Logistics Total Total revenue $ 51,669 $ 7,591 $ 12,382 $ 71,642 Total operating expenses 40,048 4,202 12,534 56,784 Operating income (loss) 11,621 3,389 (152) 14,858 Total other expenses 9,274 1,509 - 10,783 Income (loss) before income taxes and non-controlling interest $ 2,347 $ 1,880 $ (152) $ 4,075 Goodwill $ - $ - $ 15,482 $ 15,482 Total assets $ 1,672,310 $ 323,456 $ 39,361 $ 2,035,127 Purchase of rental equipment (1) $ 28,235 $ 56,160 $ - $ 84,395 Six Months Ended June 30, 2017 Container Leasing Rail Leasing Logistics Total Total revenue $ 107,914 $ 16,180 $ 40,104 $ 164,198 Total operating expenses 69,518 10,504 41,457 121,479 Operating income (loss) 38,396 5,676 (1,353) 42,719 Total other expenses 18,809 5,349 1 24,159 Income (loss) before income taxes and non-controlling interest $ 19,587 $ 327 $ (1,354) $ 18,560 Purchase of rental equipment (1) $ 113,973 $ 14,620 $ - $ 128,593 Six Months Ended June 30, 2016 Container Leasing Rail Leasing Logistics Total Total revenue $ 103,214 $ 14,848 $ 20,546 $ 138,608 Total operating expenses 76,335 7,996 20,963 105,294 Operating income (loss) 26,879 6,852 (417) 33,314 Total other expenses 18,044 2,911 - 20,955 Income (loss) before income taxes and non-controlling interest $ 8,835 $ 3,941 $ (417) $ 12,359 Purchase of rental equipment (1) $ 48,453 $ 81,786 $ - $ 130,239 (1 ) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. |
Schedule Of Geographic Allocation Of Revenue | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 United States $ 29,567 $ 22,137 $ 60,077 $ 39,379 France 8,238 7,349 16,662 14,309 Switzerland 6,413 5,060 11,905 10,009 Japan 5,036 5,273 10,067 11,438 Singapore 5,012 4,286 9,324 8,640 Korea 4,497 3,703 8,265 7,542 Other Asia 10,715 10,648 21,463 21,291 Other Europe 11,276 10,303 21,089 20,188 Other International 1,938 2,883 5,346 5,812 Total revenue $ 82,692 $ 71,642 $ 164,198 $ 138,608 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Net Income Per Share | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ 12,638 $ 3,711 $ 17,910 $ 10,828 Denominator Weighted-average shares used in the calculation of basic earnings per share 19,131 19,372 19,071 19,577 Effect of dilutive securities: Stock options and restricted stock 288 77 261 69 Weighted-average shares used in the calculation of diluted earnings per share 19,419 19,449 19,332 19,646 Net income per share attributable to CAI common stockholders: Basic $ 0.66 $ 0.19 $ 0.94 $ 0.55 Diluted $ 0.65 $ 0.19 $ 0.93 $ 0.55 |
The Company And Nature Of Ope32
The Company And Nature Of Operations (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Feb. 29, 2016 |
Challenger [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition purchase price | $ 10.8 | |
Hybrid [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition purchase price | $ 12 |
Accounting Policies And Recen33
Accounting Policies And Recent Accounting Pronouncements (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Significant Accounting Policies [Line Items] | ||||
Depreciation expense | $ 27,054,000 | $ 24,494,000 | $ 55,026,000 | $ 47,528,000 |
Net income | $ 12,638,000 | $ 3,714,000 | $ 17,910,000 | $ 10,865,000 |
Earnings Per Share, Diluted | $ 0.65 | $ 0.19 | $ 0.93 | $ 0.55 |
Deferred tax asset | $ 1,000,000 | $ 1,000,000 | ||
40-ft. High Cube Dry Van Container [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Residual value | 1,400 | $ 1,650 | 1,400 | $ 1,650 |
Reclassification [Member] | 40-ft. High Cube Dry Van Container [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciation expense | 2,100,000 | 4,400,000 | ||
Net income | $ 2,100,000 | $ 4,300,000 | ||
Earnings Per Share, Diluted | $ 0.11 | $ 0.22 |
Insurance Receivable And Impa34
Insurance Receivable And Impairment (Narrative) (Details) - Customer One, Filed For Court Protection [Member] - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jul. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Days covered of lost lease rental income | 180 days | ||
Percentage of containers on lease | 91.00% | ||
Lost lease rental income deductible | $ 2 | ||
Insurance receivable | 4.8 | ||
Proceeds from insurance receivable | 4.5 | ||
Dry Containers [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impairment | $ 3.2 | ||
Insurance receivable | 5.5 | 3.8 | |
Estimated proceeds | 2.2 | 1.2 | |
Recovery costs | $ 3.3 | $ 2.6 | |
Subsequent Event [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Proceeds from insurance receivable | $ 3.5 |
Consolidation Of Variable Int35
Consolidation Of Variable Interest Entities (Narrative) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)item | Jun. 30, 2016USD ($)item | Dec. 31, 2016USD ($) | |
Variable Interest Entity [Line Items] | |||||
Net book value | $ 1,864,337,000 | $ 1,864,337,000 | $ 1,807,010,000 | ||
Collateralized Financing Obligations [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Long-term debt | 84,400,000 | 84,400,000 | |||
Variable Interest Entity, Primary Beneficiary [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Net book value | 57,697,000 | 57,697,000 | 62,477,000 | ||
Cash | 15,461,000 | 15,461,000 | $ 30,449,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | |||||
Variable Interest Entity [Line Items] | |||||
Long-term debt | 4,700,000 | $ 4,700,000 | |||
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 | |||
Net book value | 65,900,000 | $ 65,900,000 | |||
Cash | 15,500,000 | 15,500,000 | |||
Gain (loss) recognized on initial consolidation of VIEs | 0 | ||||
Book value of containers sold | $ 7,200,000 | $ 6,200,000 | $ 7,200,000 | $ 16,900,000 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Business Acquisition [Line Items] | |||
Contingent consideration liability | $ 1,580 | $ 2,211 | |
Goodwill | 15,794 | 15,794 | $ 15,482 |
Challenger And Hybrid [Member] | |||
Business Acquisition [Line Items] | |||
Acquisition purchase price | 22,800 | ||
Contingent consideration liability | 6,000 | ||
Cash | 1,200 | ||
Intangible assets | 9,900 | ||
Net liabilities assumed | 1,200 | ||
Goodwill | 12,900 | ||
Challenger And Hybrid [Member] | Other Long-Term Liabilities [Member] | |||
Business Acquisition [Line Items] | |||
Contingent consideration liability | 1,200 | 1,700 | |
Challenger And Hybrid [Member] | Accrued Expenses And Other Current Liabilities [Member] | |||
Business Acquisition [Line Items] | |||
Contingent consideration liability | $ 400 | $ 500 |
Acquisitions (Schedule of Conti
Acquisitions (Schedule of Contingent Consideration Liability) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Acquisitions [Abstract] | |
Beginning Balance | $ 2,211 |
Net decrease in estimated fair value of contingent consideration included in Administrative expenses | (631) |
Ending Balance | $ 1,580 |
Rental Equipment (Schedule Of R
Rental Equipment (Schedule Of Rental Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | $ 2,326,139 | $ 2,228,163 |
Accumulated depreciation | (461,802) | (421,153) |
Rental equipment, net of accumulated depreciation | 1,864,337 | 1,807,010 |
Dry Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 1,408,317 | 1,322,508 |
Refrigerated Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 349,717 | 350,776 |
Other Specialized Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 163,885 | 164,934 |
Railcars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 404,220 | $ 389,945 |
Rental equipment, net of accumulated depreciation | $ 379,500 |
Net Investment In Direct Fina39
Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Net Investment In Direct Finance Leases [Abstract] | |||
Gross finance lease receivables | [1] | $ 140,172 | $ 123,563 |
Unearned income | [2] | (26,389) | (23,022) |
Net investment in direct finance leases | 113,783 | 100,541 | |
Unguaranteed residual value | 4,000 | 2,100 | |
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 $4.0 million and $2.1 million unguaranteed residual value at June 30, 2017 and December 31, 2016, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2017 and December 31, 2016. | ||
[2] | The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of June 30, 2017 and December 31, 2016. |
Net Investment In Direct Fina40
Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Customer Categories) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | [1] | $ 140,172 | $ 123,563 |
Tier 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 86,793 | 74,777 | |
Tier 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 53,379 | 48,786 | |
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 $4.0 million and $2.1 million unguaranteed residual value at June 30, 2017 and December 31, 2016, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2017 and December 31, 2016. |
Net Investment In Direct Fina41
Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | |
Net Investment In Direct Finance Leases [Abstract] | |||
2,018 | $ 32,434 | ||
2,019 | 40,979 | ||
2,020 | 25,045 | ||
2,021 | 15,544 | ||
2,022 | 13,339 | ||
2023 and thereafter | 12,831 | ||
Gross finance lease receivables | [1] | $ 140,172 | $ 123,563 |
[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 $4.0 million and $2.1 million unguaranteed residual value at June 30, 2017 and December 31, 2016, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2017 and December 31, 2016. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Intangible Assets [Abstract] | ||||
Amortization expense | $ 400 | $ 200 | $ 1,102 | $ 274 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Estimated Useful Lives) (Details) | 6 Months Ended |
Jun. 30, 2017 | |
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 |
Intangible Assets (Schedule O44
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 12,372 | $ 12,372 |
Accumulated Amortization | (3,783) | (2,681) |
Net Carrying Amount | 8,589 | 9,691 |
Trademarks And Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,028 | 3,028 |
Accumulated Amortization | (2,369) | (1,850) |
Net Carrying Amount | 659 | 1,178 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,344 | 9,344 |
Accumulated Amortization | (1,414) | (831) |
Net Carrying Amount | $ 7,930 | $ 8,513 |
Intangible Assets (Schedule O45
Intangible Assets (Schedule Of Estimated Future Amortization Expenses) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Intangible Assets [Abstract] | ||
2,018 | $ 1,731 | |
2,019 | 1,262 | |
2,020 | 1,167 | |
2,021 | 1,167 | |
2,022 | 1,167 | |
2023 and thereafter | 2,095 | |
Net Carrying Amount | $ 8,589 | $ 9,691 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Thousands | Jul. 06, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jan. 30, 2015 |
Debt Instrument [Line Items] | ||||
Net book value | $ 1,864,337 | $ 1,807,010 | ||
Restricted cash | 5,683 | 6,192 | ||
Railcars [Member] | ||||
Debt Instrument [Line Items] | ||||
Net book value | 379,500 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt Instrument [Line Items] | ||||
Net book value | 57,697 | $ 62,477 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Containers [Member] | ||||
Debt Instrument [Line Items] | ||||
Net book value | $ 65,900 | |||
Revolving Credit Facility [Member] | CAI Rail [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Oct. 22, 2020 | |||
Average interest rate | 2.90% | 2.40% | ||
Revolving Credit Facility [Member] | Consortium of Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Mar. 15, 2020 | |||
Maximum credit commitment | $ 960,000 | $ 775,000 | ||
Available borrowing capacity | 688,400 | |||
Letters of credit outstanding | $ 100 | |||
Average interest rate | 2.90% | 2.50% | ||
Revolving Credit Facility [Member] | CAI International GmbH [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Sep. 1, 2020 | |||
Average interest rate | 2.00% | |||
Term Loan [Member] | CAI Rail [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Dec. 22, 2020 | |||
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 | |||
Average interest rate | 3.20% | 2.90% | ||
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Oct. 1, 2019 | |||
Average interest rate | 2.80% | 2.30% | ||
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Jun. 30, 2021 | |||
Average interest rate | 3.00% | 2.50% | ||
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Aug. 1, 2021 | |||
Average interest rate | 3.60% | 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 | $ 4,700 | |||
Average interest rate | 2.70% | 2.50% | ||
Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Sep. 13, 2022 | |||
Average interest rate | 4.90% | 4.90% | ||
Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Mar. 1, 2028 | |||
Average interest rate | 3.40% | 3.40% | ||
Collateralized Financing Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument maturity date | Sep. 1, 2019 | |||
Long-term debt | $ 84,400 | |||
Average interest rate | 1.20% | 1.10% | ||
Subsequent Event [Member] | Asset Backed Notes [Member] | Class A Asset-Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from asset backed notes | $ 240,900 | |||
Average interest rate | 3.60% | |||
Subsequent Event [Member] | Asset Backed Notes [Member] | Class B Asset-Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from asset backed notes | $ 12,200 | |||
Average interest rate | 4.60% |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 115,945 | $ 98,753 |
Gross Debt, Long-term Outstanding | 1,371,135 | 1,388,495 |
Debt issuance costs, Current Outstanding | (3,358) | (3,226) |
Debt issuance costs, Long-term Outstanding | (7,056) | (7,996) |
Total Debt, Current Outstanding | 112,587 | 95,527 |
Total Debt, Long-term Outstanding | 1,364,079 | 1,380,499 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Current Outstanding | 25,602 | 30,980 |
Total Debt, Long-term Outstanding | 63,416 | 74,887 |
Revolving Credit Facility [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Long-term Outstanding | $ 243,500 | $ 223,500 |
Average Interest | 2.90% | 2.40% |
Maturity | Oct. 22, 2020 | |
Revolving Credit Facility [Member] | Consortium of Banks [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,500 | |
Gross Debt, Long-term Outstanding | $ 541,000 | $ 526,000 |
Average Interest | 2.90% | 2.50% |
Maturity | Mar. 15, 2020 | |
Revolving Credit Facility [Member] | CAI International GmbH [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Long-term Outstanding | $ 14,051 | |
Average Interest | 2.00% | |
Maturity | Sep. 1, 2020 | |
Term Loan [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,178 | $ 1,158 |
Gross Debt, Long-term Outstanding | $ 17,128 | $ 17,723 |
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 | $ 22,800 | $ 1,800 |
Gross Debt, Long-term Outstanding | $ 21,900 | |
Average Interest | 3.20% | 2.90% |
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 |
Gross Debt, Long-term Outstanding | $ 116,250 | $ 120,750 |
Average Interest | 2.80% | 2.30% |
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 | $ 7,000 |
Gross Debt, Long-term Outstanding | $ 86,000 | $ 89,500 |
Average Interest | 3.00% | 2.50% |
Maturity | Jun. 30, 2021 | |
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Current Outstanding | $ 2,755 | $ 2,705 |
Total Debt, Long-term Outstanding | $ 44,975 | $ 46,365 |
Average Interest | 3.60% | 3.60% |
Maturity | Aug. 1, 2021 | |
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 2,286 | $ 2,287 |
Gross Debt, Long-term Outstanding | $ 2,371 | $ 3,541 |
Average Interest | 2.70% | 2.50% |
Maturity | Jun. 1, 2019 | |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 6,110 | $ 6,110 |
Gross Debt, Long-term Outstanding | $ 61,940 | $ 64,995 |
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 |
Gross Debt, Long-term Outstanding | $ 182,875 | $ 202,875 |
Average Interest | 3.40% | 3.40% |
Maturity | Mar. 1, 2028 | |
Collateralized Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 23,316 | $ 28,693 |
Gross Debt, Long-term Outstanding | $ 61,045 | $ 71,346 |
Average Interest | 1.20% | 1.10% |
Maturity | Sep. 1, 2019 |
Stock-Based Compensation Plan48
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options available for grant | 3,421,980 | 3,421,980 | ||
Vesting period of awards | 4 years | |||
Contractual term | 10 years | |||
Aggregate intrinsic value of options exercised | $ 1.8 | |||
Closing price per share | $ 23.60 | $ 23.60 | ||
Stock-based compensation expense recorded | $ 0.4 | $ 0.3 | $ 0.7 | $ 0.7 |
Remaining unamortized stock-based compensation cost | 3.3 | $ 3.3 | ||
Stock-based compensation cost recognition period | 2 years 7 months 6 days | |||
Aggregate intrinsic value of options outstanding | 9.7 | $ 9.7 | ||
Stock Options [Member] | Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting percentage | 25.00% | |||
Stock Options [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 | 0.1 | $ 0.1 | $ 0.2 | $ 0.2 |
Remaining unamortized stock-based compensation cost | $ 1 | $ 1 | ||
Stock-based compensation cost recognition period | 2 years 10 months 24 days |
Stock-Based Compensation Plan49
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details) - Stock Options [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at beginning of period, Number of Shares | 1,428,255 | 1,189,255 |
Options granted, Number of Shares | 230,500 | 245,000 |
Options exercised, Number of Shares | (205,100) | |
Options forfeited/cancelled, Number of Shares | (6,000) | |
Options outstanding at end of period, Number of Shares | 1,453,655 | 1,428,255 |
Options exercisable, Number of Shares | 982,531 | 1,013,680 |
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 16.31 | $ 18.08 |
Options granted, Weighted Average Exercise Price | 16.80 | 7.87 |
Options exercised, Weighted Average Exercise Price | 10.30 | |
Options forfeited/cancelled, Weighted Average Exercise Price | 21.99 | |
Options outstanding at end of period, Weighted Average Exercise Price | 17.24 | 16.31 |
Options exercisable, Weighted Average Exercise Price | $ 18.30 | $ 17.38 |
Weighted average remaining term | 4 years 9 months 18 days | 4 years 10 months 24 days |
Stock-Based Compensation Plan50
Stock-Based Compensation Plan (Summary Of Fair Value Weighted Average Assumptions) (Details) - Stock Options [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price | $ 16.80 | $ 7.87 |
Exercise price | $ 16.80 | $ 7.87 |
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 |
Expected volatility | 56.40% | 45.40% |
Risk-free interest rate | 1.77% | 1.30% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 3 months | 6 years 3 months |
Expected volatility | 57.50% | 46.70% |
Risk-free interest rate | 2.14% | 1.40% |
Stock-Based Compensation Plan51
Stock-Based Compensation Plan (Summary Of Restricted Stock Activity) (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock outstanding, Beginning balance, Number of Shares of Restricted Stock | shares | 65,802 |
Restricted stock granted, Number of Shares of Restricted Stock | shares | 35,250 |
Restricted stock vested, Number of Shares of Restricted Stock | shares | (24,674) |
Restricted stock outstanding, Ending balance, Number of Shares of Restricted Stock | shares | 76,378 |
Restricted stock outstanding, Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 14.75 |
Restricted stock granted, Weighted Average Grant Date Fair Value | $ / shares | 16.58 |
Restricted stock vested, Weighted Average Grant Date Fair Value | $ / shares | 17.83 |
Restricted stock outstanding, Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 14.60 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes [Abstract] | ||
Effective tax rate | 3.50% | 12.00% |
Minimum percentage realization for recognition of income tax position | 50.00% | |
Unrecognized tax benefits | $ 0.2 | |
Total accrued interest relating to unrecognized tax benefits | $ 0.1 |
Fair Value Of Financial Instr53
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Contingent consideration liability | $ 1,580 | $ 2,211 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net investment in direct finance leases | 113,800 | |
Carrying Amount [Member] | Collateralized Financing Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 84,400 | |
Carrying Amount [Member] | Revolving Credit Facility [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 800,100 | |
Carrying Amount [Member] | Term Loan [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 307,100 | |
Carrying Amount [Member] | Senior Secured Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 68,100 | |
Carrying Amount [Member] | Asset Backed Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 222,900 | |
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 | 4,700 | |
Fair Value [Member] | Collateralized Financing Obligations [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | 82,700 | |
Fair Value [Member] | Asset Backed Notes [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 213,700 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Millions | Jun. 30, 2017USD ($) |
Commitments And Contingencies [Abstract] | |
Commitments to purchase rental equipment | $ 254.6 |
Commitments to purchase rental equipment, year one | 217.9 |
Commitments to purchase rental equipment, year two | 36.7 |
Future minimum lease payments under operating lease agreements | $ 4.8 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - CAIJ [Member] | Mar. 31, 2016 |
Related Party Transaction [Line Items] | |
Ownership percentage by parent | 80.00% |
Ownership percentage by noncontrolling interest | 20.00% |
Segment And Geographic Inform56
Segment And Geographic Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |||||
Segment Reporting Information [Line Items] | |||||||||
Container lease income | $ 54,960 | $ 51,669 | $ 107,914 | $ 103,214 | |||||
Rail lease income | 8,127 | 7,591 | 16,180 | 14,848 | |||||
Logistics revenue | 19,605 | 12,382 | 40,104 | 20,546 | |||||
Total revenue | 82,692 | 71,642 | 164,198 | 138,608 | |||||
Depreciation of rental equipment | 27,054 | 24,494 | 55,026 | 47,528 | |||||
Storage, handling and other expenses | 6,192 | 9,323 | 13,145 | 18,374 | |||||
Logistics transportation costs | 16,682 | 10,140 | 33,753 | 17,082 | |||||
(Gain) loss on sale of used rental equipment | (1,749) | 3,894 | (876) | 4,627 | |||||
Administrative expenses | 9,745 | 8,933 | 20,431 | 17,683 | |||||
Total operating expenses | 57,924 | 56,784 | 121,479 | 105,294 | |||||
Operating income | 24,768 | 14,858 | 42,719 | 33,314 | |||||
Net interest expense | 12,285 | 10,591 | 23,957 | 20,633 | |||||
Other (income) expense | (112) | 192 | 202 | 322 | |||||
Total other expenses | 12,173 | 10,783 | 24,159 | 20,955 | |||||
Net income before income taxes and non-controlling interest | 12,595 | 4,075 | 18,560 | 12,359 | |||||
Goodwill | 15,794 | 15,482 | 15,794 | 15,482 | $ 15,794 | ||||
Total assets | 2,110,704 | [1] | 2,035,127 | 2,110,704 | [1] | 2,035,127 | $ 2,055,934 | [1] | |
Purchase of rental equipment | [2] | 80,477 | 84,395 | 128,593 | 130,239 | ||||
Inter-Segment [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total revenue | 0 | ||||||||
Operating Segments [Member] | Container Leasing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total revenue | 54,960 | 51,669 | 107,914 | 103,214 | |||||
Total operating expenses | 32,234 | 40,048 | 69,518 | 76,335 | |||||
Operating income | 22,726 | 11,621 | 38,396 | 26,879 | |||||
Total other expenses | 9,395 | 9,274 | 18,809 | 18,044 | |||||
Net income before income taxes and non-controlling interest | 13,331 | 2,347 | 19,587 | 8,835 | |||||
Total assets | 1,684,166 | 1,672,310 | 1,684,166 | 1,672,310 | |||||
Purchase of rental equipment | [2] | 76,479 | 28,235 | 113,973 | 48,453 | ||||
Operating Segments [Member] | Rail Leasing [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total revenue | 8,127 | 7,591 | 16,180 | 14,848 | |||||
Total operating expenses | 5,375 | 4,202 | 10,504 | 7,996 | |||||
Operating income | 2,752 | 3,389 | 5,676 | 6,852 | |||||
Total other expenses | 2,778 | 1,509 | 5,349 | 2,911 | |||||
Net income before income taxes and non-controlling interest | (26) | 1,880 | 327 | 3,941 | |||||
Total assets | 386,648 | 323,456 | 386,648 | 323,456 | |||||
Purchase of rental equipment | [2] | 3,998 | 56,160 | 14,620 | 81,786 | ||||
Operating Segments [Member] | Logistics [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Total revenue | 19,605 | 12,382 | 40,104 | 20,546 | |||||
Total operating expenses | 20,315 | 12,534 | 41,457 | 20,963 | |||||
Operating income | (710) | (152) | (1,353) | (417) | |||||
Total other expenses | 1 | ||||||||
Net income before income taxes and non-controlling interest | (710) | (152) | (1,354) | (417) | |||||
Goodwill | 15,794 | 15,482 | 15,794 | 15,482 | |||||
Total assets | $ 39,890 | 39,361 | $ 39,890 | $ 39,361 | |||||
Purchase of rental equipment | [2] | ||||||||
[1] | Total assets at June 30, 2017 and December 31, 2016 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $15,461 and $30,449; Net investment in direct finance leases, $8,204 and $7,331; and Rental equipment, net of accumulated depreciation, $57,697 and $62,477, respectively. | ||||||||
[2] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. |
Segment And Geographic Inform57
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 82,692 | $ 71,642 | $ 164,198 | $ 138,608 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 29,567 | 22,137 | 60,077 | 39,379 |
France [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 8,238 | 7,349 | 16,662 | 14,309 |
Switzerland [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 6,413 | 5,060 | 11,905 | 10,009 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 5,036 | 5,273 | 10,067 | 11,438 |
Singapore [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 5,012 | 4,286 | 9,324 | 8,640 |
Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 4,497 | 3,703 | 8,265 | 7,542 |
Other Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 10,715 | 10,648 | 21,463 | 21,291 |
Other Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 11,276 | 10,303 | 21,089 | 20,188 |
Other International [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 1,938 | $ 2,883 | $ 5,346 | $ 5,812 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities having antidilutive effect | 858,739 | 1,069,311 | 936,486 | 1,038,497 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share | $ 12,638 | $ 3,711 | $ 17,910 | $ 10,828 |
Weighted-average shares used in the calculation of basic earnings per share | 19,131 | 19,372 | 19,071 | 19,577 |
Effect of dilutive securities: Stock options and restricted stock | 288 | 77 | 261 | 69 |
Weighted-average shares used in the calculation of diluted earnings per share | 19,419 | 19,449 | 19,332 | 19,646 |
Basic | $ 0.66 | $ 0.19 | $ 0.94 | $ 0.55 |
Diluted | $ 0.65 | $ 0.19 | $ 0.93 | $ 0.55 |