Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 29, 2018 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CAI International, Inc. | ||
Entity Filer Category | Accelerated Filer | ||
Entity Central Index Key | 1,388,430 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | cai | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 18,712,252 | ||
Entity Public Float | $ 382.8 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets | |||
Accounts receivable, net of allowance for doubtful accounts of $2,042 and $1,440 at December 31, 2018 and 2017, respectively | $ 95,942 | $ 68,324 | |
Current portion of net investment in direct finance leases | 75,975 | 30,063 | |
Prepaid expenses and other current assets | 2,789 | 4,258 | |
Total current assets | 220,021 | 138,065 | |
Restricted cash | 30,668 | 11,789 | |
Rental equipment, net of accumulated depreciation of $599,443 and $505,546 at December 31, 2018 and 2017, respectively | 2,265,260 | 2,004,961 | |
Net investment in direct finance leases | 473,792 | 246,450 | |
Goodwill | 15,794 | 15,794 | |
Intangible assets, net of accumulated amortization of $5,397 and $3,407 at December 31, 2018 and 2017, respectively | 5,733 | 7,723 | |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,635 and $3,201 at December 31, 2018 and 2017, respectively | 964 | 338 | |
Other non-current assets | 385 | 3,008 | |
Total assets | [1] | 3,012,617 | 2,428,128 |
Current liabilities | |||
Accounts payable | 7,371 | 7,831 | |
Accrued expenses and other current liabilities | 22,460 | 15,706 | |
Due to container investors | 2,609 | 1,845 | |
Unearned revenue | 7,573 | 7,811 | |
Current portion of debt | 311,381 | 132,049 | |
Rental equipment payable | 74,139 | 92,415 | |
Total current liabilities | 425,533 | 257,657 | |
Debt | 1,847,633 | 1,570,773 | |
Deferred income tax liability | 38,319 | 35,853 | |
Total liabilities | [2] | 2,311,485 | 1,864,283 |
Stockholders' equity | |||
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 18,764,459 and 20,390,622 shares at December 31, 2018 and 2017, respectively | 2 | 2 | |
Additional paid-in capital | 132,666 | 172,325 | |
Accumulated other comprehensive loss | (6,513) | (6,122) | |
Retained earnings | 471,112 | 397,640 | |
Total stockholders' equity | 701,132 | 563,845 | |
Total liabilities and stockholders' equity | 3,012,617 | 2,428,128 | |
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Stockholders' equity | |||
Preferred stock, par value $.0001 per share; authorized 10,000,000 and 5,000,000 at December 31, 2018 and 2017, respectively; | 54,990 | ||
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Stockholders' equity | |||
Preferred stock, par value $.0001 per share; authorized 10,000,000 and 5,000,000 at December 31, 2018 and 2017, respectively; | 48,875 | ||
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
Current assets | |||
Cash | 20,104 | 14,735 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Current assets | |||
Cash | 25,211 | 20,685 | |
Restricted cash | 30,668 | 11,789 | |
Rental equipment, net of accumulated depreciation of $599,443 and $505,546 at December 31, 2018 and 2017, respectively | 71,958 | 61,842 | |
Net investment in direct finance leases | 13,862 | 4,423 | |
Current liabilities | |||
Current portion of debt | 41,066 | 22,549 | |
Debt | $ 67,615 | $ 72,727 | |
[1] | Total assets at December 31, 2018 and December 31, 2017 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $25,211 and $20,685; Net investment in direct finance leases, $13,862 and $4,423; and Rental equipment net of accumulated depreciation, $71,958 and $61,842, respectively. | ||
[2] | Total liabilities at December 31, 2018 and December 31, 2017 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $41,066 and $22,549; Debt, $67,615 and $72,727, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Current assets | ||
Accounts receivable, allowance for doubtful accounts | $ 2,042 | $ 1,440 |
Rental equipment net of accumulated depreciation | 2,265,260 | 2,004,961 |
Rental equipment, accumulated depreciation | 599,443 | 505,546 |
Net investment in direct finance leases | 473,792 | 246,450 |
Intangible assets, accumulated amortization | 5,397 | 3,407 |
Furniture, fixtures and equipment, accumulated depreciation | 2,635 | 3,201 |
Current liabilities | ||
Current portion of debt | 311,381 | 132,049 |
Debt | $ 1,847,633 | $ 1,570,773 |
Stockholders' equity | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 5,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 84,000,000 | 84,000,000 |
Common stock, shares issued | 18,764,459 | 20,390,622 |
Common stock, shares outstanding | 18,764,459 | 20,390,622 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets | ||
Cash | $ 25,211 | $ 20,685 |
Rental equipment net of accumulated depreciation | 71,958 | 61,842 |
Net investment in direct finance leases | 13,862 | 4,423 |
Current liabilities | ||
Current portion of debt | 41,066 | 22,549 |
Debt | $ 67,615 | $ 72,727 |
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, dividend rate | 8.50% | 8.50% |
Preferred stock, shares issued | 2,199,610 | 0 |
Preferred stock, shares outstanding | 2,199,160 | 0 |
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, dividend rate | 8.50% | 8.50% |
Preferred stock, shares issued | 1,955,000 | 0 |
Preferred stock, shares outstanding | 1,955,000 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | |||
Total revenue | $ 432,098 | $ 348,393 | $ 294,354 |
Operating expenses | |||
Depreciation of rental equipment | 121,298 | 110,952 | 104,877 |
Storage, handling and other expenses | 14,545 | 20,918 | 35,862 |
Logistics transportation costs | 97,170 | 68,155 | 51,980 |
(Gain) loss on sale of used rental equipment | (11,725) | (5,347) | 12,671 |
Administrative expenses | 50,305 | 42,699 | 35,678 |
Total operating expenses | 271,593 | 237,377 | 241,068 |
Operating income | 160,505 | 111,016 | 53,286 |
Other expenses | |||
Net interest expense | 78,345 | 53,052 | 42,754 |
Other expense | 677 | 765 | 654 |
Total other expenses | 79,022 | 53,817 | 43,408 |
Income before income taxes and non-controlling interest | 81,483 | 57,199 | 9,878 |
Income tax expense (benefit) | 2,887 | (14,861) | 3,844 |
Net income | 78,596 | 72,060 | 6,034 |
Preferred stock dividends | 5,124 | ||
Net income attributable to non-controlling interest | 37 | ||
Net income attributable to CAI common stockholders | $ 73,472 | $ 72,060 | $ 5,997 |
Net income per share attributable to CAI common stockholders | |||
Basic | $ 3.76 | $ 3.74 | $ 0.31 |
Diluted | $ 3.71 | $ 3.68 | $ 0.31 |
Weighted average shares of common stock outstanding | |||
Basic | 19,562 | 19,253 | 19,318 |
Diluted | 19,822 | 19,607 | 19,393 |
Container Lease Revenue [Member] | |||
Revenue | |||
Total revenue | $ 284,924 | $ 235,365 | $ 202,328 |
Rail Lease Revenue [Member] | |||
Revenue | |||
Total revenue | 35,703 | 32,476 | 30,490 |
Logistics Revenue [Member] | |||
Revenue | |||
Total revenue | $ 111,471 | $ 80,552 | $ 61,536 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | |||
Net income | $ 78,596 | $ 72,060 | $ 6,034 |
Other comprehensive income, net of tax: | |||
Foreign currency translation adjustments | (391) | 2,010 | (815) |
Comprehensive income before preferred stock dividends | 78,205 | 74,070 | 5,219 |
Dividends on preferred stock | 5,124 | ||
Comprehensive income attributable to non-controlling interest | 37 | ||
Comprehensive income attributable to CAI common stockholders | $ 73,081 | $ 74,070 | $ 5,182 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Non-Controlling Interest [Member] | Total |
Balances at Dec. 31, 2015 | $ 2 | $ 148,523 | $ (7,922) | $ 318,579 | $ 923 | $ 460,105 | |
Balances, Shares at Dec. 31, 2015 | 20,133 | ||||||
Net income | 5,997 | 37 | 6,034 | ||||
Foreign currency translation adjustment | (815) | (815) | |||||
Disposal of subsidiary | 605 | $ (960) | (355) | ||||
Repurchase of common stock | (9,176) | (9,176) | |||||
Repurchase of common stock, Shares | (1,104) | ||||||
Stock based compensation - options | 1,292 | 1,292 | |||||
Stock based compensation - restricted stock | 440 | 440 | |||||
Stock based compensation - restricted stock, Shares | 31 | ||||||
Payment of income tax withheld on vested restricted stock | (21) | (21) | |||||
Payment of income tax withheld on vested restricted stock, Shares | (3) | ||||||
Balances at Dec. 31, 2016 | $ 2 | 141,058 | (8,132) | 324,576 | 457,504 | ||
Balances, Shares at Dec. 31, 2016 | 19,057 | ||||||
Net income | 72,060 | 72,060 | |||||
Adoption of ASU 2016-09 | 1,004 | 1,004 | |||||
Foreign currency translation adjustment | 2,010 | 2,010 | |||||
Issuance of common and preferred stock, net of offering costs | 29,148 | 29,148 | |||||
Issuance of common and preferred stock, net of offering costs, Shares | 889 | ||||||
Exercise of stock options | 145 | 145 | |||||
Exercise of stock options, Shares | 414 | ||||||
Stock based compensation - options | 1,593 | 1,593 | |||||
Stock based compensation - restricted stock | 494 | 494 | |||||
Stock based compensation - restricted stock, Shares | 37 | ||||||
Payment of income tax withheld on vested restricted stock | (113) | (113) | |||||
Payment of income tax withheld on vested restricted stock, Shares | (6) | ||||||
Balances at Dec. 31, 2017 | $ 2 | 172,325 | (6,122) | 397,640 | 563,845 | ||
Balances, Shares at Dec. 31, 2017 | 20,391 | ||||||
Net income | 78,596 | 78,596 | |||||
Preferred stock dividends | (5,124) | (5,124) | |||||
Foreign currency translation adjustment | (391) | (391) | |||||
Issuance of common and preferred stock, net of offering costs | $ 103,865 | (1,552) | 102,313 | ||||
Issuance of common and preferred stock, net of offering costs, Shares | 4,155 | 100 | |||||
Repurchase of common stock | $ (1,767) | (40,869) | (40,869) | ||||
Exercise of stock options | 24 | 24 | |||||
Exercise of stock options, Shares | 5 | ||||||
Stock based compensation - options | 1,236 | 1,236 | |||||
Stock based compensation - restricted stock | 1,631 | 1,631 | |||||
Stock based compensation - restricted stock, Shares | 42 | ||||||
Payment of income tax withheld on vested restricted stock | (129) | (129) | |||||
Payment of income tax withheld on vested restricted stock, Shares | (7) | ||||||
Balances at Dec. 31, 2018 | $ 103,865 | $ 2 | $ 132,666 | $ (6,513) | $ 471,112 | $ 701,132 | |
Balances, Shares at Dec. 31, 2018 | 4,155 | 18,764 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Cash flows from operating activities | |||||||
Net income | $ 78,596 | $ 72,060 | $ 6,034 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation | 121,494 | 111,294 | 105,236 | ||||
Amortization of debt issuance costs | 4,350 | 3,306 | 2,975 | ||||
Amortization of intangible assets | 1,989 | 1,969 | 1,443 | ||||
Stock-based compensation expense | 2,867 | 2,087 | 1,732 | ||||
Reduction in contingent consideration | (2,211) | (3,789) | |||||
Unrealized loss on foreign exchange | 436 | 106 | 276 | ||||
(Gain) loss on sale of used rental equipment | (11,725) | (5,347) | 12,671 | ||||
Loss on disposal of subsidiary | 146 | ||||||
Deferred income taxes | 2,466 | (14,947) | 1,138 | ||||
Bad debt expense | 492 | 402 | 3,151 | ||||
Changes in other operating assets and liabilities: | |||||||
Accounts receivable | (19,269) | (4,994) | (1,175) | ||||
Prepaid expenses and other assets | (2,361) | 735 | (2,691) | ||||
Accounts payable, accrued expenses and other current liabilities | 15 | (2,206) | 3,572 | ||||
Due to container investors | 764 | (5,766) | 652 | ||||
Unearned revenue | (344) | (1,296) | (2,115) | ||||
Net cash provided by operating activities | 179,770 | 155,192 | 129,256 | ||||
Cash flows from investing activities | |||||||
Purchase of rental equipment | [1] | (812,021) | (502,050) | (251,165) | |||
Acquisitions, net of cash acquired | (15,599) | ||||||
Proceeds from sale of used rental equipment | 106,149 | 66,364 | 66,073 | ||||
Disposal of subsidiary, net of cash disposed of | (460) | ||||||
Purchase of furniture, fixtures and equipment | (823) | (126) | (82) | ||||
Receipt of principal payments from direct finance leases | 43,352 | 24,061 | 19,633 | ||||
Net cash used in investing activities | (663,343) | (411,751) | (181,600) | ||||
Cash flows from financing activities | |||||||
Proceeds from debt | 1,695,064 | 754,340 | 552,540 | ||||
Principal payments on debt | (1,236,912) | (527,850) | (496,270) | ||||
Debt issuance costs | (5,130) | (3,441) | (1,515) | ||||
Proceeds from issuance of common and preferred stock | 103,433 | 28,028 | |||||
Repurchase of common stock | (40,869) | (9,176) | |||||
Dividends paid to preferred stockholders | (3,260) | ||||||
Exercise of stock options | 24 | 145 | |||||
Net cash provided by financing activities | 512,350 | 251,222 | 45,579 | ||||
Effect on cash of foreign currency translation | (3) | 220 | (674) | ||||
Net increase (decrease) in cash and restricted cash | 28,774 | (5,117) | (7,439) | ||||
Cash and restricted cash at beginning of the period | [2] | 47,209 | [3] | 52,326 | [3] | 59,765 | |
Cash and restricted cash at end of the period | [3] | 75,983 | 47,209 | [2] | 52,326 | [2] | |
Cash paid during the period for: | |||||||
Income taxes | 651 | 194 | 889 | ||||
Interest | 71,286 | 47,596 | 38,491 | ||||
Supplemental disclosure of non-cash investing and financing activity | |||||||
Transfer of rental equipment to direct finance lease | 316,697 | 205,033 | 19,036 | ||||
Transfer of direct finance lease to rental equipment | 413 | 732 | |||||
Rental equipment payable | $ 74,139 | $ 92,415 | $ 92,415 | ||||
[1] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated | ||||||
[2] | Includes cash of $14,735, $15,685, and $17,447, cash held by variable interest entities of $20,685, $30,449, and $35,106, and restricted cash of $11,789, $6,192, and $7,212 at December 31, 2017, 2016, and 2015, respectively. | ||||||
[3] | Includes cash of $20,104, $14,735, and $15,685, cash held by variable interest entities of $25,211, $20,685, and $30,449, and restricted cash of $30,668, $11,789, and $6,192 at December 31, 2018, 2017, and 2016, respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Restricted cash | $ 30,668 | $ 11,789 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash | 25,211 | 20,685 | $ 30,449 | $ 35,106 |
Restricted cash | 30,668 | 11,789 | 6,192 | 7,212 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Cash | $ 20,104 | $ 14,735 | $ 15,685 | $ 17,447 |
The Company And Nature Of Opera
The Company And Nature Of Operations | 12 Months Ended |
Dec. 31, 2018 | |
The Company And Nature Of Operations [Abstract] | |
The Company And Nature Of Operations | (1) The Company and Nature of Operations CAI International, Inc., together with its subsidiaries (collectively, CAI or the Company), is a transportation finance and logistics company. The Company purchases equipment, primarily intermodal shipping containers and railcars, which it leases to its customers. 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 (NVOCC), 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. In July 2018, the Company combined the operations of its three logistics companies under one brand name, CAI Logistics. CAI Logistics is headquartered in Everett, Washington. The Company’s common stock, 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Stock and 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Stock are each traded on the New York Stock Exchange under the symbols “CAI,” “CAI-PA” and “CAI-PB,” respectively. The Company’s corporate headquarters are located in San Francisco, California. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements | (2 ) Summary of Significant Accounting Policies and Recent Accounting Pronouncements Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which supersedes previous revenue recognition guidance. Leasing revenue recognition is specifically excluded, and therefore, the new standard is only applicable to the Company’s logistics services agreements, management services agreements, and the sale of used rental equipment. The new standard defines a five-step process to achieve the core principle of ASU 2014-09, which is to recognize revenue when promised goods or services are transferred to customers in amounts that reflect the consideration the Company expects to receive in exchange for those goods or services. The Company adopted ASU 2014-09 effective January 1, 2018, which did not have a material impact on the Company’s consolidated financial statements and related disclosures. See Note 2( l ) for further details. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination and insurance settlement proceeds. The Company adopted ASU 2016-15 effective January 1, 2018, which did not result in any changes to the presentation of amounts shown on the Company’s consolidated statements of cash flows for all periods presented. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), that requires the inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU 2016-18 effective January 1, 2018, which resulted in the inclusion of the Company’s restricted cash balances along with cash in the Company’s consolidated statements of cash flows and separate line items showing changes in restricted cash balances were eliminated from the Company’s consolidated statements of cash flows. ASU 2016-18 was applied retrospectively to all periods presented. Summary of Significant Accounting Policies (a) Principles of Consolidation The consolidated financial statements include the financial statements of CAI International, Inc., its wholly-owned subsidiaries, and its previously 80% -owned subsidiary, CAIJ, Inc., up to its date of disposal in April 2016. All significant intercompany balances and transactions have been eliminated in consolidation. The Company regularly performs a review of its container fund arrangements with investors to determine whether or not it has a variable interest in the fund and if the fund is a variable interest entity (VIE). If it is determined that the Company does not have a variable interest in the fund, further analysis is not required and the Company does not consolidate the fund. If it is determined that the Company does have a variable interest in the fund and the fund is a VIE, further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under Financial Account ing Standards Board (FASB) Accounting Standards Codification ( ASC) Topic 810, Consolidation : it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and it has the obligation to absorb losses of the VIE that could be potentially significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under FASB ASC Topic 810, Consolidation (see Note 3). (b) Use of Estimates Certain estimates and assumptions were made by the Company’s management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, allowances for receivables, the carrying amount of rental equipment, the residual values and lives of rental equipment, and income tax uncertainties. Actual results could differ from those estimates. ( c ) Rental equipment Container The Company purchases new container equipment from manufacturers to lease to its customers. The Company also purchases used container equipment through sale-leaseback transactions with its customers, or equipment that was previously owned by one of the Company's third-party investors. Used equipment is typically purchased with an existing lease in place. Container rental equipment is recorded at original cost and depreciated to an estimated residual value on a straight-line basis over its estimated useful life. The estimated useful lives and residual values of the Company’s container equipment are based on historical disposal experience and the Company’s expectations for future used container sale prices. Depreciation estimates are reviewed on a regular basis to determine whether sustained changes have taken place in the useful lives of equipment or the assigned residual values, which would suggest that a change in depreciation estimates is warranted. The estimated useful lives and residual values for the majority of the Company's container equipment purchased new from the factory are as follows: Depreciable Residual Value Life in Years 20-ft. standard dry van container $ 1,050 13.0 40-ft. standard dry van container $ 1,300 13.0 40-ft. high cube dry van container $ 1,400 13.0 20-ft. refrigerated container $ 2,750 12.0 40-ft. high cube refrigerated container $ 3,500 12.0 Other specialized equipment is depreciated to its estimated residual value, which ranges from $1,000 to $3,500 , over its estimated useful life of between 12.5 years and 15 years. For used container equipment acquired through sale-leaseback transactions, the Company often adjust s its estimates for remaining useful life and residual values based on current conditions in the sale market for older containers and its expectations for how long the equipment will remain on-hire to the current lessee. Rail Railcar equipment is recorded at original cost and depreciated over its estimated useful life of 43 years to its estimated residual value of $8,700 using the straight-line method. The useful life is based on an estimate of the period over which the asset will generate revenue for the Company. Residual value is based on the average estimated scrap value of the Company’s railcars. The Company periodically reviews the appropriateness of its estimates of useful life and residual value based on changes in economic circumstances and other factors. The Company’s railcars may undergo refurbishment and upgrade programs to, for example, extend their useful life, meet higher car classification grades, enter new product or service segments, increase the tonnage carried, or to achieve higher utilization. The costs for these programs are capitalized. Normal repairs and maintenance associated with the Company’s railcar assets are expensed as incurred. ( d ) Impairment of Long-Lived Assets On at least an annual basis, the Company evaluates its rental equipment fleet to determine whether there have been any events or changes in circumstances indicating that the carrying amount of all, or part, of its fleet may not be recoverable. Events which would trigger an impairment review include, among others, a significant decrease in the long-term average market value of rental equipment, a significant decrease in the utilization rate of rental equipment resulting in an inability to generate income from operations and positive cash flow in future periods, or a change in market conditions resulting in a significant decrease in lease rates. When testing for impairment, equipment is generally grouped by equipment type, and is tested separately from other groups of assets and liabilities. Potential impairment exists when the estimated future undiscounted cash flows generated by an asset group, comprised of lease proceeds and residual values, less related operating expenses, are less than the carrying value of that asset group. If potential impairment exists, the equipment is written down to its fair value. In determining the fair value of an asset group, the Company considers market trends, published value for similar assets, recent transactions of similar assets and in certain cases, quotes from third party appraisers. No impairment charges were recorded in 2018, 2017 and 2016. ( e ) Intangible Assets Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company amortizes intangible assets on a straight-line basis over their estimated useful lives as follows: Trademarks and tradenames 2 - 3 years Customer relationships 5 - 8 years ( f ) Goodwill In connection with acquisitions made in 2015 and 2016 , the Company recorded $15.8 million of goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually, or more frequently if events or changes in circumstances indicate that impairment may exist. The Company assesses qualitative factors such as industry and market considerations, overall financial performance and other relevant events and factors affecting a reporting unit to determine if it is more likely than not that impairment may exist and whether it is necessary to perform the quantitative goodwill impairment test. This involves comparing the fair value to the carrying value of each reporting unit that has goodwill assigned to it. The Company recognizes an impairment charge for the amount by which the carrying value of the reporting unit exceeds the fair value. The Company performed the annual impairment test during the fourth quarter of 201 8 and concluded that there was no impairment of goodwill. ( g ) Direct Finance Leases Interest on finance leases is recognized using the effective interest method. Lease income is recorded in decreasing amounts over the term of the contract, resulting in a level rate of return on the net investment in direct finance leases. ( h ) Debt Issuance Costs To the extent that the Company is required to pay issuance fees or direct costs relating to its debt and credit facilities, such fees are amortized over the lives of the related debt using the effective interest method and reflected in interest expense. Unamortized debt issuance costs of $20.4 million and $11.7 million are presented as a reduction of debt on the Company’s consolidated balance sheets as of December 31, 2018 and 2017, respectively. ( i ) Foreign Currency Translation The accounts of the Company’s foreign subsidiaries have been converted at rates of exchange in effect at year-end for balance sheet accounts and average exchange rates for the year for income statement accounts. The effects of changes in exchange rates in translating foreign subsidiaries’ financial statements are included in stockholders’ equity as accumulated other comprehensive income. ( j ) Accounts Receivable Amounts billed under leases for equipment owned by the Company, as well as amounts due from customers for the provision of logistics services, are recorded in accounts receivable. The Company estimates an allowance for doubtful accounts for accounts receivable it does not consider fully collectible. The allowance for doubtful accounts is developed based on two components: (1) specific reserves for receivables for which management believes full collection is doubtful; and (2) a general reserve for estimated losses inherent in the receivables. The general reserve is estimated by applying certain percentages to receivables that have not been specifically reserved, ranging from 1.0% on accounts that are one to thirty days overdue, to 100% on accounts that are one year or more overdue. The allowance for doubtful accounts is reviewed regularly by management and is based on the risk profile of the receivables, credit quality indicators such as the level of past due amounts and non-performing accounts and economic conditions. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance is intended to provide for losses inherent in the company’s accounts receivable, and requires the application of estimates and judgments as to the outcome of collection efforts and the realization of collateral, among other things. ( k ) Income Taxes Income taxes are accounted for using the asset-and-liability method. Under this method, deferred income taxes are recognized for the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that deferred tax assets will not be recovered. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records penalties and interest related to unrecognized tax benefits within income tax expense (see Note 10). ( l ) Revenue Recognition The Company provides a range of services to its customers incorporating the rental, sale and management of equipment and the provision of logistics services. Revenue for all forms of service is recognized when earned following the guidelines under FASB ASC Topic 606, Revenue Recognition and FASB ASC Topic 840, Leases . Revenue is reported net of any related sales tax. Container and Rail Lease Revenue The Company recognizes revenue from operating leases of its owned equipment as earned over the term of the lease. Where minimum lease payments vary over the lease term, revenue is recognized on a straight-line basis over the term of the lease. The Company recognizes revenue on a cash basis for certain railcar leases that are billed on an hourly or mileage basis through a third-party railcar manager. Early termination of the rental contracts subjects the lessee to a penalty, which is included in lease revenue upon such termination. Finance lease income is recognized using the effective interest method, which generates a constant rate of interest over the period of the lease. Included in lease revenue is revenue consisting primarily of fees charged to the lessee for handling, delivery, and repairs, which are recognized as earned. Also included in lease revenue is revenue from management fees earned under equipment management agreements. Management fees are generally calculated as a percentage of the monthly net operating income for an investor’s portfolio and recognized as revenue in the month of service. Logistics Revenue The Company’s logistics business derives its revenue from three principal sources: (1) truck brokerage services, (2) intermodal transportation services, and (3) international ocean freight and freight forwarding services. For truck brokerage services, which typically involve a short transit time, revenue is recognized when delivery has been completed due to lack of reliable information to reasonably measure progress toward complete satisfaction of the performance obligation. For intermodal transportation services, which can take a longer time to complete, revenue is recognized over time by measuring progress toward complete satisfaction of the performance obligation, utilizing input methods. For any such services not completed as of the end of a reporting period, a percentage of completion method based on costs incurred to date is used to allocate the appropriate revenue to each separate reporting period. The Company provides international freight forwarding services as an indirect carrier, sometimes referred to as a Non-Vessel Operating Common Carrier. Due to the lack of reliable information to reasonably measure progress toward complete satisfaction of the performance obligation, revenue for these shipments is recognized at the time the freight departs the terminal of origin, which is when the customer is billed and the Company has no further obligation to the customer. The Company reports logistics revenue on a gross basis as it is primarily responsible for fulfilling the promise to provide the specified service desired by the customers and has discretion in establishing the price for the specified service. Unearned Revenue The Company records unearned revenue when cash payments are received in advance of the Company satisfying its performance obligations. Payment terms vary by customer and type of service. The term between invoicing and when payment is due is not significant. For certain customers or services, the Company may require payment before the services are delivered or performed for the customer. Practical Expedients The Company expenses sales commissions when incurred because the period of amortization would have been one year or less. These costs are recorded within administrative expenses. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts with variable consideration for a distinct good or service that forms part of a single performance obligation. ( m ) Stock-Based Compensation The Company has granted stock options and restricted stock to certain directors and employees under its 2007 Equity Incentive Plan. The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation , which requires that compensation cost related to stock-based compensation be recognized in the financial statements. The cost is measured at the date the award is granted based on the fair value of the award. The fair value of stock options is calculated using the Black-Scholes-Merton option pricing model. The stock-based compensation expense is recognized over the vesting period of the grant on a straight-line basis (see Note 11). The company accounts for forfeitures as they occur. ( n ) Repairs and Maintenance The Company’s leases generally require the lessee to pay for any damage to the equipment beyond normal wear and tear at the end of the lease term. The Company accounts for repairs and maintenance expense on an accrual basis when an obligation to pay has been incurred. |
Consolidation Of Variable Inter
Consolidation Of Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Consolidation Of Variable Interest Entities [Abstract] | |
Consolidation Of Variable Interest Entities | (3 ) Consolidation of Variable Interest Entities as a Non-Controlling Interest The Company regularly performs a review of its container fund arrangements with investors to determine whether or not it has a variable interest in the fund and if the fund is a VIE. If it is determined that the Company does not have a variable interest in the fund, further analysis is not required and the Company does not consolidate the fund. If it is determined that the Company does have a variable interest in the fund and the fund is a VIE, further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under FASB ASC Topic 810, Consolidation : it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and it has the obligation to absorb losses of the VIE that could be potentially significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under FASB ASC Topic 810, Consolidation . 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. All of the funds under financing arrangements are Japanese container funds that were established under separate investment agreements allowed under Japanese commercial laws. 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 the arrangements include only terms and conditions that are customarily present in arrangements for similar services. As such, the Company does not have a variable interest in the managed container funds, and does not consolidate those funds. No container portfolios were sold to the funds in the years ended December 31, 2018, 2017 and 2016. Collateralized Financing Obligations The Company has transferred containers to Japanese investor funds while concurrently entering into lease agreements for the same containers, under which the Company leases the containers back from the Japanese investors. In accordance with FASB ASC Topic 840, Sale-Leaseback Transactions, the Company concluded these were financing transactions under which sale-leaseback accounting was not applicable. The terms of the transactions with container funds under financing arrangements include options for the Company to purchase the containers from the funds at a fixed price. As a result of the residual interest resulting from the fixed price call option, the Company concluded that it may absorb a significant amount of the variability associated with the funds’ anticipated economic performance and, as a result, the Company has a variable interest in the funds. The funds are considered VIEs under FASB ASC Topic 810, Consolidation , because, as lessee of the funds, the Company has the power to direct the activities that most significantly impact each entity’s economic performance, including the leasing and managing of containers owned by the funds. As the Company has the power to direct the activities that most significantly impact the economic performance of the VIEs and the variable interest provides the Company with the right to receive benefits from the entity that could potentially be significant to the funds, the Company determined that it is the primary beneficiary of these VIEs and included the VIEs’ assets and liabilities as of December 31, 2018 and 2017, and the results of the VIEs’ operations and cash flows for the years ended December 31, 2018, 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 $ 85.8 million as of December 31, 2018. The container equipment, together with $ 25.2 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 sheet with the related liability presented in the debt section of the Company’s consolidated balance sheet as collateralized financing obligations of $ 107.2 million and term loans held by VIE of $ 1.5 million. See Note 8(e) and Note 8(f) for additional information. No gain or loss was recognized by the Company on the initial consolidation of the VIEs. Containers sold to the Japanese investor funds during the years ended December 31, 2018, 2017 and 2016, had a net book value of $40.6 million, $20.5 million and $36.2 million, respectively. |
Rental Equipment
Rental Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Rental Equipment [Abstract] | |
Rental Equipment | (4 ) Rental Equipment The following table provides a summary of the Company’s rental equipment (in thousands): December 31, December 31, 2018 2017 Dry containers $ 1,840,304 $ 1,533,063 Refrigerated containers 341,983 345,744 Other specialized equipment 192,035 160,529 Railcars 490,381 471,171 2,864,703 2,510,507 Accumulated depreciation (599,443) (505,546) Rental equipment, net of accumulated depreciation $ 2,265,260 $ 2,004,961 2 |
Net Investment In Direct Financ
Net Investment In Direct Finance Leases | 12 Months Ended |
Dec. 31, 2018 | |
Net Investment In Direct Finance Leases [Abstract] | |
Net Investment In Direct Finance Leases | (5) Net Investment in Direct Finance Leases The following table represents the components of the Company’s net investment in direct finance leases (in thousands): December 31, December 31, 2018 2017 Gross finance lease receivables (1) $ 804,511 $ 412,489 Unearned income (2) (254,744) (135,976) Net investment in direct finance leases $ 549,767 $ 276,513 (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 $74.4 million and $34.4 million unguaranteed residual value at December 31, 2018 and 2017, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2018 and 2017. In order to estimate the allowance for losses contained in the gross finance lease receivables, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, the aging of customer receivables and general economic conditions. The categories of gross finance lease receivables based on the Company's internal customer credit ratings can be described as follows: Tier 1 — These customers are typically large international shipping lines that have been in business for many years and have world-class operating capabilities and significant financial resources. In most cases, the Company has had a long commercial relationship with these customers and currently maintains regular communication with them at several levels of management, which provides the Company with insight into the customer's current operating and financial performance. In the Company's view, these customers have the greatest ability to withstand cyclical down turns and would likely have greater access to needed capital than lower-rated customers. The Company views the risk of default for Tier 1 customers to range from minimal to moderate. Tier 2 — These customers are typically either smaller shipping lines or freight forwarders with less operating scale or with a high degree of financial leverage, and accordingly the Company views these customers as subject to higher volatility in financial performance over the business cycle. The Company generally expects these customers to have less access to capital markets or other sources of financing during cyclical down turns. The Company views the risk of default for Tier 2 customers as moderate. Tier 3 — Customers in this category exhibit volatility in payments on a regular basis. Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands): December 31, December 31, 2018 2017 Tier 1 $ 698,014 $ 366,629 Tier 2 106,497 45,860 Tier 3 - - $ 804,511 $ 412,489 Contractual maturities of the Company’s gross finance lease receivables subsequent to December 31, 2018 for the years ending December 31 are as follows (in thousands): 2019 $ 117,719 2020 88,634 2021 85,339 2022 78,496 2023 73,260 2024 and thereafter 361,063 $ 804,511 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Intangible Assets | (6) Intangible Assets The Company’s intangible assets as of December 31, 2018 and 2017 were as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2018 Trademarks and tradenames $ 1,786 $ (1,786) $ - Customer relationships 9,344 (3,611) 5,733 $ 11,130 $ (5,397) $ 5,733 December 31, 2017 Trademarks and tradenames $ 1,786 $ (1,411) $ 375 Customer relationships 9,344 (1,996) 7,348 $ 11,130 $ (3,407) $ 7,723 Amortization expense was $ 2.0 million for both the years ended December 31, 2018 and 2017, and $1.4 million for the year ended December 31, 2016, and was included in administrative expenses in the consolidated statements of income. As of December 31, 2018, estimated future amortization expenses are as follows (in thousands): 2019 $ 1,609 2020 1,609 2021 1,516 2022 474 2023 457 2024 and thereafter 68 $ 5,733 |
Equipment Leases
Equipment Leases | 12 Months Ended |
Dec. 31, 2018 | |
Equipment Leases [Abstract] | |
Equipment Leases | (7) Equipment Leases The Company leases its equipment on either short-term operating leases through master lease agreements, long-term non-cancelable operating leases, or finance leases. The following represents future minimum rents receivable under long-term non-cancelable operating leases as of December 31, 2018 (in thousands): 2019 $ 184,978 2020 152,927 2021 129,361 2022 107,776 2023 71,762 2024 and thereafter 108,714 $ 755,518 See Note 5 for contractual maturities of the Company’s gross finance lease receivables. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt [Abstract] | |
Debt | (8) Debt Details of the Company’s debt as of December 31, 2018 and 2017 were as follows (dollars in thousands): December 31, 2018 December 31, 2017 Outstanding Average Outstanding Average Reference Current Long-term Interest Current Long-term Interest Maturity (a)(i) Revolving credit facility $ 4,200 $ 301,000 4.2% $ - $ 528,000 3.2% June 2023 (a)(ii) Revolving credit facility - Rail - 272,500 4.2% - 272,000 3.2% October 2023 (a)(iii) Revolving credit facility - Euro - 19,457 2.0% - 14,736 2.0% September 2020 (b)(i) Term loan 1,800 27,300 4.5% 21,900 - 3.4% April 2023 (b)(ii) Term loan 111,750 - 3.8% 9,000 111,750 3.1% October 2019 (b)(iii) Term loan 7,000 75,500 4.0% 7,000 82,500 3.3% June 2021 (b)(iv) Term loan 1,240 15,284 3.4% 1,198 16,524 3.4% December 2020 (b)(v) Term loan 2,909 40,651 3.6% 2,805 43,560 3.6% August 2021 (b)(vi) Term loan 6,000 92,500 4.6% - - - October 2023 (c) Senior secured notes 6,110 52,775 4.9% 6,110 58,885 4.9% September 2022 (d)(i) Asset-backed notes 2012-1 17,100 48,450 3.5% 17,100 65,550 3.5% October 2027 (d)(ii) Asset-backed notes 2013-1 22,900 74,425 3.4% 22,900 97,325 3.4% March 2028 (d)(iii) Asset-backed notes 2017-1 25,307 189,802 3.7% 25,307 215,109 3.7% June 2042 (d)(iv) Asset-backed notes 2018-1 34,890 284,935 4.0% - - - February 2043 (d)(v) Asset-backed notes 2018-2 34,350 300,563 4.4% - - - September 2043 (e) Collateralized financing obligations 39,610 67,615 1.2% 22,549 69,441 1.2% December 2021 (f) Term loans held by VIE 1,456 - 3.3% - 3,286 2.7% June 2019 316,622 1,862,757 135,869 1,578,666 Debt issuance costs (5,241) (15,124) (3,820) (7,893) Total Debt $ 311,381 $ 1,847,633 $ 132,049 $ 1,570,773 (a) Revolving Credit Facilities Revolving credit facilities consist of the following: (i) On March 15, 2013, the Company entered into a Third Amended and Restated Revolving Credit Agreement, as amended, with a consortium of banks to finance the acquisition of container rental equipment and for general working capital purposes. On June 27, 2018, 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, among other things, increase the commitment level from $960.0 million to $1,100.0 million, with the ability to increase the revolving credit facility by an additional $250.0 million without lender approval, subject to certain conditions. The amendment also extended the maturity date of the revolving credit facility to June 26, 2023 and revised certain covenants, restrictions and events of default to provide the Company with additional flexibility, including an increase in the maximum total leverage ratio from 3.75 :1.00 to 4.00 :1.00, subject to certain conditions. As of December 31, 2018, the maximum commitment under the revolving credit facility was $1,100.0 million. There is a commitment fee on the unused amount of the total commitment, payable quarterly in arrears. The revolving credit facility provides that swing line loans (short-term borrowings of up to $25.0 million in the aggregate that are payable within 10 business days or at maturity date, whichever comes earlier) and standby letters of credit (up to $30.0 million in the aggregate) will be available to the Company. These credit commitments are part of, and not in addition to, the total commitment provided under the revolving credit facility. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans and Base Rate for Based Rate loans. In addition to various financial and other covenants, the Company’s revolving credit facility also includes certain restrictions on the Company’s ability to incur other indebtedness or pay dividends to stockholders. As of December 31, 2018, the Company was in compliance with the terms of the revolving credit facility. As of December 31, 201 8 , the Company had $ 794.7 million in availability under the revolving credit facility (net of $0.1 million in letters of credit) subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at December 31, 2018, the borrowing availability under the revolving credit facility was $ 91.2 million , assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The Company’s revolving credit facility, including any amounts drawn on the facility, is secured by substantially all of the assets of the Company (not otherwise used as security for its other credit facilities), including containers owned by the Company, which had a net book value of $ 477.0 million as of December 31, 2018, the underlying leases and the Company’s interest in any money received under such contracts. (ii) On October 22, 2018, the Company and CAI Rail Inc. (CAI Rail), a wholly-owned subsidiary of the Company, entered into the Third Amended and Restated Revolving Credit Agreement with a consortium of banks, pursuant to which the revolving credit facility for CAI Rail was amended to, among other things, (i) extend the maturity date from October 22, 2020 to October 23, 2023 , (ii) increase the commitment level from $500.0 million to $550.0 million, with the ability to increase the facility by an additional $150.0 million, subject to certain conditions, and (iii) revise certain of the covenants and restrictions under the prior facility to provide the Company with additional flexibility. As of December 31, 2018, the maximum credit commitment under the revolving line of credit was $550.0 million. Borrowings under this revolving credit facility bear interest at a variable rate. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans, and Base Rate for Base Rate loans. As of December 31, 2018, CAI Rail had $ 277.5 million in availability under the revolving credit facility, subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at December 31, 2018, the borrowing availability under the revolving credit facility was $ 18.6 million , assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The agreement governing CAI Rail’s revolving credit facility contains various financial and other covenants. As of December 31, 2018, CAI Rail was in compliance with the terms of the revolving credit facility. CAI Rail’s revolving credit facility, including any amounts drawn on the facility, is secured by certain assets of CAI Rail, which had a net book value of $ 363.9 million as of December 31, 2018, and is guaranteed by the Company. (iii) On September 23, 2016, the Company and CAI International GmbH (CAI GmbH), a wholly-owned subsidiary of the Company, entered into a Revolving Credit Agreement with a financial institution to finance the acquisition of rental equipment. As of December 31, 2018, the maximum credit commitment under the revolving credit facility was €25.0 million. Borrowings under this revolving credit facility bear interest at a variable rate. Interest rates are based on EURIBOR. As of December 31, 2018, CAI GmbH had €8.0 million in availability under the revolving credit facility, subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at December 31, 2018, the borrowing availability under the revolving credit facility was €1.2 million, assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The agreement governing CAI GmbH’s revolving credit facility containers various financial and other covenants. As of December 31, 2018, CAI GmbH was in compliance with the terms of the revolving credit facility. CAI GmbH’s revolving credit facility, including any amounts drawn on the facility, is secured by all of the assets of CAI GmbH, which had a net book value of €24.2 million as of December 31, 2018, and is guaranteed by the Company. (b) Term Loans Term loans consist of the following: (i) On April 19, 2018, the Company entered into a $30.0 million five -year term loan agreement with a bank. The loan is payable in 19 quarterly installments of $0.5 million starting July 31, 2018 and a final payment of $21.5 million on April 30, 2023 . The loan bears interest at a variable rate based on LIBOR. As of December 31, 2018, the loan had a balance of $29.1 million. The following are the estimated future principal and interest payments under these loans as of December 31, 2018 (in thousands). The payments were calculated assuming the interest rate remains 4.5 % through maturity of the loan. 2019 $ 3,086 2020 3,005 2021 2,924 2022 2,842 2023 22,391 34,248 Less: Amount representing interest (5,148) Term loan $ 29,100 (ii) On December 20, 2010, the Company entered into a term loan agreement with a consortium of banks. Under this loan agreement, the Company was eligible to borrow up to $300.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company’s wholly-owned foreign subsidiaries. The loan agreement is an amortizing facility with a term of six years. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the term loan agreement. The loan bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for Base Rate loans. On March 28, 2013, the term loan was amended which reduced the principal balance of the loan from $249.4 million to $125.0 million through payment of $124.4 million from the proceeds of the $229.0 million fixed-rate asset-backed notes issued by the Company’s indirect wholly-owned subsidiary, CAL Funding II Limited (CAL II) (see Note 8 (d) below). On October 1, 2014, the Company entered into an amended and restated term loan agreement with a consortium of banks, pursuant to which the prior loan agreement was refinanced. The amended and restated term loan agreement, which contains similar terms to the prior loan agreement, was amended to, among other things: (a) reduce the borrowing rates from LIBOR plus 2.25% to LIBOR plus 1.6% (per annum) for Eurodollar loans, (b) increase the loan commitment from $115.0 million to $150.0 million, (c) extend the maturity date to October 1, 2019 , and (d) revise certain of the covenants and restrictions under the prior loan agreement to provide the Company with additional flexibility. As of December 31, 2018, the term loan had a balance of $ 111.8 million. The following are the estimated future principal and interest payments under this loan as of December 31, 2018 (in thousands). The payments were calculated assuming the interest rate remains 3.8 % through maturity of the loan. 2019 $ 115,275 115,275 Less: Amount representing interest (3,525) Term loan $ 111,750 (iii) On April 11, 2012, the Company entered into a term loan agreement with a consortium of banks. The agreement, as amended, provided for a five -year term loan of up to $142.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company. On June 30, 2016, the Company entered into an amended and restated term loan agreement, pursuant to which the prior loan agreement was refinanced. The amended and restated term loan agreement, which contains similar terms to the prior loan agreement, was amended to, among other things: (a) provide the Company with the ability to increase the commitments under the facility to a maximum of $100.0 million, subject to certain conditions, (2) extend the maturity date to June 30, 2021, and (c) revise certain of the covenants and restrictions under the prior agreement to provide the Company with additional flexibility. The term loan’s outstanding principal is amortized quarterly, with quarterly payments equal to 1.75% multiplied by the original outstanding principal. The amended and restated term loan agreement bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for base rate loans. As of December 31 , 2018, the loan had a balance of $82.5 million. The following are the estimated future principal and interest payments under this loan as of December 31, 2018 (in thousands). The payments were calculated assuming the interest rate remains 4.0 % through maturity of the loan. 2019 $ 10,459 2020 10,165 2021 69,953 90,577 Less: Amount representing interest (8,077) Term loan $ 82,500 (iv) On December 22, 2015, the Company entered into a $20.0 million five -year term loan agreement for CAI Rail with a financial institution. The term loan’s outstanding principal bears interest at a fixed rate of 3.4% per annum and is amortized quarterly. Any unpaid principal and interest is due and payable on December 22, 2020 . The proceeds from the term loan were primarily used to repay outstanding amounts under CAI Rail’s revolving credit facility. As of December 31, 2018, the loan had a balance of $ 16.5 million . The following are the estimated future principal and interest payments under this loan as of December 31, 2018 (in thousands). The payments were calculated based on the fixed interest rate of 3.4%. 2019 $ 1,793 2020 15,793 17,586 Less: Amount representing interest (1,062) Term loan $ 16,524 (v) On August 30, 2016, CAI Rail entered into a term loan agreement of up to $100.0 million with a consortium of banks for the acquisition of railcars, subject to certain borrowing conditions, which is secured by certain railcars and other assets of CAI Rail. The loan agreement is an amortizing facility with a term of five years. Borrowings under the loan bear interest at a fixed rate as specified in the applicable term note entered into at the time a draw is made under the loan agreement. Principal and interest on the borrowings are payable monthly during the five-year term of the note. At closing of the loan agreement, CAI Rail made a draw of $50.0 million on the facility at a fixed interest rate of 3.6% per annum. Any unpaid principal and interest is due on August 30, 2021. As of December 31, 2018, the loan had a balance of $ 43.6 million. The following are the estimated future principal and interest payments under this loan as of December 31, 2018 (in thousands). The payments were calculated based on the fixed interest rate of 3.6%. 2019 $ 4,441 2020 4,441 2021 38,524 47,406 Less: Amount representing interest (3,846) Term loan $ 43,560 (vi) On October 18, 2018, the Company entered into a $100.0 million five -year term loan agreement with a bank. The loan is payable in 20 quarterly installments of $1.5 million starting December 20, 2018 and a final payment of $70.0 million on October 18, 2023. The outstanding principal amounts under the loan bear interest at a fixed rate per annum of 4.6% . As of December 31, 2018, the loan had a balance of $98.5 million. The following are the estimated future principal and interest payments under this loan as of December 31, 2018 (in thousands). The payments were calculated based on the fixed interest rate of 4.6%. 2019 $ 10,396 2020 10,122 2021 9,848 2022 9,574 2023 77,266 117,206 Less: Amount representing interest (18,706) Term loan $ 98,500 The Company's term loans are secured by rental equipment owned by the Company, which had a net book value of $ 461.8 million as of December 31, 2018. (c) Senior Secured Notes On September 13, 2012, Container Applications Limited (CAL), a wholly-owned subsidiary of the Company, entered into a Note Purchase Agreement with certain institutional investors, pursuant to which CAL issued $103.0 million of its 4.90% Senior Secured Notes due September 13, 2022 (the Notes) to the investors. The Notes are guaranteed by the Company and secured by certain assets of CAL and the Company. The Notes bear interest at 4.9% per annum, due and payable semiannually on March 13 and September 13 of each year, commencing on March 13, 2013. In addition, CAL is required to make certain principal payments on March 13 and September 13 of each year, commencing on March 13, 2013. Any unpaid principal and interest is due and payable on September 13, 2022. The Note Purchase Agreement provides that CAL may prepay at any time all or any part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding. As of December 31, 2018, the Notes had a balance of $ 58.9 million. The following are the estimated future principal and interest payments under the Notes as of December 31, 2018 (in thousands). The payments were calculated based on the fixed interest rate of 4.9%. 2019 $ 8,921 2020 8,621 2021 8,322 2022 42,467 68,331 Less: Amount representing interest (9,446) Senior secured notes $ 58,885 The Company's senior secured notes are secured by rental equipment owned by the Company, which had a net book value of $ 76.2 million as of December 31, 2018. (d) Asset-Backed Notes Asset-backed notes consist of the following: (i) On October 18, 2012, CAL II issued $171.0 million of 3.47% fixed rate asset-backed notes (Series 2012-1 Asset-Backed Notes). Principal and interest on the Series 2012-1 Asset-Backed Notes is payable monthly commencing on November 26, 2012, and the Series 2012-1 Asset-Backed Notes mature in October 2027 . The proceeds from the Series 2012-1 Asset-Backed Notes were used to repay part of the Company’s borrowings under its senior revolving credit facility. As of December 31, 2018, the Series 2012-1 Asset-Backed Notes had a balance of $ 65.6 million. The following are the estimated future principal and interest payments under the Series 2012-1 Asset-Backed Notes as of December 31, 2018 (in thousands). The payments were calculated based on the fixed interest rate of 3.5%. 2019 $ 19,103 2020 18,509 2021 17,916 2022 14,477 70,005 Less: Amount representing interest (4,455) Asset-backed notes $ 65,550 (ii) On March 28, 2013, CAL II issued $229.0 million of 3.35% fixed rate asset-backed notes (Series 2013-1 Asset-Backed Notes). Principal and interest on the Series 2013-1 Asset-Backed Notes is payable monthly commencing on April 25, 2013, and the Series 2013-1 Asset-Backed Notes mature in March 2028 . The proceeds from the Series 2013-1 Asset-Backed Notes were used partly to reduce the balance of the Company’s term loan as described in Note 10 (b)(ii) above, and to partially pay down the Company’s senior revolving credit facility. The Series 2013-1 Asset-Backed Notes had a balance of $ 97.3 million as of December 31, 2018. The following are the estimated future principal and interest payments under the Series 2013-1 Asset-Backed Notes as of December 31, 2018 (in thousands). The payments were calculated based on the fixed interest rate of 3.4%. 2019 $ 25,809 2020 25,042 2021 24,274 2022 23,507 2023 5,757 104,389 Less: Amount representing interest (7,064) Asset-backed notes $ 97,325 (iii) On July 6, 2017, CAL Funding III Limited (CAL 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 Series 2017-1 Asset-Backed Notes). Principal and interest on the Series 2017-1 Asset-Backed Notes is payable monthly commencing on July 25, 2017, with the Series 2017-1 Asset-Backed Notes maturing in June 2042. The proceeds from the Series 2017-1 Asset-Backed Notes were used for general corporate purposes, including repayment of debt by the Company. As of December 31, 2018, the Series 2017-1 Asset-Backed Notes had a balance of $215.1 million. The following are the estimated future principal and interest payments under the Series 2017-1 Asset-Backed Notes as of December 31, 2018 (in thousands). The payments were calculated based on the weighted average fixed interest rate of 3.7% . 2019 $ 32,770 2020 31,842 2021 30,914 2022 29,986 2023 29,058 2024 and thereafter 94,394 248,964 Less: Amount representing interest (33,855) Asset-backed notes $ 215,109 (iv) On February 28, 2018, CAL III issued $332.0 million of 4.0% Class A fixed rate asset-backed notes and $16.9 million of 4.8% Class B fixed rate asset-backed notes (collectively, the Series 2018-1 Asset-Backed Notes). Principal and interest on the Series 2018-1 Asset-Backed Notes is payable monthly commencing on March 26, 2018, with the Series 2018-1 Asset-Backed Notes maturing in February 2043. The proceeds were used for general corporate purposes, including repayment of debt by the Company. As of December 31, 2018, the Series 2018-1 Asset-Backed Notes had a balance of $319.8 million. The following are the estimated future principal and interest payments under the Series 2018-1 Asset-Backed Notes as of December 31, 2018 (in thousands). The payments were calculated based on the weighted average fixed interest rate of 4.0%. 2019 $ 47,045 2020 45,650 2021 44,254 2022 42,858 2023 41,462 2024 and thereafter 157,734 379,003 Less: Amount representing interest (59,178) Asset-backed notes $ 319,825 (v) On September 19, 2018, CAL III issued $331.5 million of 4.3% Class A fixed rate asset-backed notes and $12.0 million of 5.2% Class B fixed rate asset-backed notes (collectively, the Series 2018-2 Asset-Backed Notes). Principal and interest on the Series 2018-2 Asset-Backed Notes is payable monthly commencing on October 25, 2018, with the Series 2018-2 Asset-Backed Notes maturing in September 2043. The proceeds were used for general corporate purposes, including repayment of debt by the Company. As of December 31, 2018, the Series 2018-2 Asset-Backed Notes had a balance of $334.9 million. The following are the estimated future principal and interest payments under the Series 2018-2 Asset-Backed Notes as of December 31, 2018 (in thousands). The payments were calculated based on the weighted average fixed interest rate of 4.4%. 2019 $ 48,300 2020 46,799 2021 45,297 2022 43,796 2023 42,295 2024 and thereafter 180,397 406,884 Less: Amount representing interest (71,971) Asset-backed notes $ 334,913 The Company's asset-backed notes are secured by rental equipment owned by the Company, which had a net book value of $ 1,249.2 million as of December 31, 2018. The agreements under each of the asset-backed notes described above require the Company to maintain a restricted cash account to cover payment of the obligations. As of December 31, 2018, the restricted cash account had a balance of $ 30.7 million. (e) Collateralized Financing Obligations As of December 31, 2018, the Company had collateralized financing obligations of $ 107.2 million (see Note 3). The obligations had an average interest rate of 1.2 % as of December 31, 2018 with maturity dates between March 2019 and December 2021 . The debt is secured by a pool of containers covered under the financing arrangements. The following are the estimated future principal and interest payments under the Company’s collateralized financing obligations as of December 31, 2018 (in thousands). The payments were calculated assuming an average interest rate of 1.2 % through maturity of the obligations. 2019 $ 40,784 2020 22,084 2021 36,414 2022 10,147 109,429 Less: Amount representing interest (2,204) Collateralized financing obligations $ 107,225 (f) Term Loans Held by VIE On June 25, 2014, one of the Japanese investor funds that is consolidated by the Company as a VIE (see Note 3) entered into a term loan agreement with a bank. Under the terms of the agreement, the Japanese investor fund entered into two loans; a five year, amortizing loan of $9.2 million at a fixed interest rate of 2.7% , and a five year, non-amortizing loan of $1.6 million at a variable interest rate based on LIBOR. The debt is secured by assets of the Japanese investor fund, and is subject to certain borrowing conditions set out in the loan agreement. As of December 31, 2018, the term loans held by the Japanese investor fund totaled $ 1.5 million and had an average interest rate o f 3.3% . The following are the estimated future principal and interest payments under this loan as of December 31, 2018 (in thousands). The payments were calculated assuming the interest rate remains 3.3 % through maturity of the loan. 2019 $ 1,486 1,486 Less: Amount representing interest (30) Term loans held by VIE $ 1,456 The Company's term loans held by VIE are secured by rental equipment owned by the Japanese investor fund, which had a net book value of $8.5 million as of December 31, 2018. The agreements relating to all of the Company’s debt contain various financial and other covenants. As of December 31, 2018, the Company was in compliance with all of its debt covenants. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | (9) Stock–Based Compensation Plan Stock Options The Company may grant stock options from time to time to certain employees and independent directors pursuant to 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 1/48 th vesting each month thereafter until fully vested. Stock options granted to independent directors vest in one year. All of the stock options have a contractual term of ten years. The following table summarizes the Company’s stock option activities for the three years ended December 31, 2018: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Shares Price (in years) (in thousands) Options outstanding, December 31, 2015 1,189,255 $ 18.08 Options granted 245,000 $ 7.87 Options forfeited/cancelled (6,000) $ 21.99 Options outstanding, December 31, 2016 1,428,255 $ 16.31 Options granted 230,500 $ 16.80 Options exercised (799,195) $ 16.31 Options outstanding, December 31, 2017 859,560 $ 16.44 Options granted - $ - Options exercised (9,393) $ 14.76 Options outstanding, December 31, 2018 850,167 $ 16.46 5.9 $ 5,936 Options exercisable at December 31, 2018 657,471 $ 17.38 5.3 $ 4,028 Expected to vest after December 31, 2018 192,696 $ 13.33 7.7 $ 1,907 The aggregate intrinsic value represents the value by which the Company’s closing stock price of $ 23.23 per share on the last trading day of the year ended December 31, 2018 exceeds the exercise price of the stock multiplied by the number of options outstanding or exercisable, excluding options that have a zero or negative intrinsic value. The aggregate intrinsic value of stock options exercised during 2018 and 2017, based on the closing share price on the date each option was exercised, was $ 0.1 million and $11.7 million, respectively. The Company recognized stock-based compensation expense relating to stock options of $ 1.2 million, $1.6 million and $1.3 million for the years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $ 1.3 million, which is to be recognized over the remaining weighted average vesting period of approximately 1.7 years. The total fair value of stock options granted to the Company’s employees and independent directors at the time of grant was approximately $ 2.1 million, or $ 9.16 per share and $0.9 million, or $3.55 per share for the years ended December 31, 2017 and 2016, respectively, calculated using the Black-Scholes-Merton pricing model under the following weighted average assumptions: 2017 2016 Stock price $ 16.80 $ 7.87 Exercise price $ 16.80 $ 7.87 Expected term (years) 5.5 - 6.25 5.5 - 6.25 Expected volatility (%) 56.4 - 57.5 45.4 - 46.7 Risk-free interest rate (%) 1.77 - 2.14 1.30 - 1.40 Dividend yield (%) - - No options were granted by the Company during the year ended December 31, 2018. 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 was estimated on all options granted during the years ended December 31, 2017 and 2016, as the Company accounts for forfeitures as they occur (see Note 2(m)). Restricted Stock and Performance Stock The Company grants restricted stock, comprising restricted stock units and restricted stock awards, from time to time to certain employees and independent directors pursuant to the Plan. Restricted stock granted to employees has a vesting period of four years; 25% vesting on each anniversary of the grant date. Restricted stock granted to independent directors vests in one year. The company recognizes the compensation cost associated with restricted stock over the vesting period based on the closing price of the Company’s stock on the date of grant. The Company grants performance stock to selected executives and other key employees. The performance stock vests at the end of a 3 -year performance cycle if certain financial performance targets are met. The Company recognizes compensation cost associated with the performance stock ratably over the 3-year term when it is considered probable that performance targets will be met. Compensation cost is based on the closing price of the Company’s common stock on the date of grant. The following table summarizes the activity of restricted stock and performance stock under the Plan: Weighted Average Number of Grant Date Shares Fair Value Outstanding at December 31, 2015 48,025 $ 22.70 Granted 34,500 $ 7.87 Vested (14,379) $ 23.61 Forfeited (2,344) $ 21.96 Outstanding at December 31, 2016 65,802 $ 14.75 Granted 37,414 $ 17.14 Vested (24,674) $ 17.83 Outstanding at December 31, 2017 78,542 $ 14.92 Granted 156,165 $ 22.48 Vested (29,977) $ 16.52 Outstanding at December 31, 2018 204,730 $ 20.45 The Company recognized stock-based compensation expense relating to restricted stock and performance stock awards of $1.6 million, $0.5 million and $0.4 million for the three years ended December 31, 2018, 2017 and 2016, respectively. As of December 31, 2018, unamortized stock-based compensation expense relating to restricted stock and performance stock was $2.7 million, which will be recognized over the remaining average vesting period of 2.0 years. Stock-based compensation expense is recorded as a component of administrative expenses in the Company’s consolidated statements of income with a corresponding credit to additional paid-in capital in the Company’s consolidated balance sheets. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | (10) Income Taxes For the years ended December 31, 2018, 2017 and 2016, net income before income taxes and non-controlling interest consisted of the following (in thousands): Year Ended December 31, 2018 2017 2016 U.S. operations $ (5,391) $ (2,080) $ 8,996 Foreign operations 86,874 59,279 882 $ 81,483 $ 57,199 $ 9,878 Income tax (benefit) expense attributable to income from operations consisted of (in thousands): Year Ended December 31, 2018 2017 2016 Current Federal $ 26 $ (531) $ 312 State 113 86 56 Foreign 282 531 2,338 421 86 2,706 Deferred Federal 1,415 (19,304) 3,090 State (528) 3,172 238 Foreign 1,579 1,185 (2,190) 2,466 (14,947) 1,138 Income tax (benefit) expense $ 2,887 $ (14,861) $ 3,844 The reconciliations between the Company’s income tax expense and the amounts computed by applying the U.S. federal income tax rate of 21.0% for the year ended December 31, 2018 and 35.0% for the years ended December 31, 2017 and 2016 are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Computed expected tax expense $ 17,112 $ 20,020 $ 3,458 Increase (decrease) in income taxes resulting from: Foreign tax differential (16,384) (19,032) (88) State income tax expense, net of federal income tax benefit 25 191 310 Subpart F income 2,202 683 711 IRC Section 162(m) excess officer's compensation 172 - - Non-deductible stock-based compensation 133 218 155 Excess tax benefit related to stock-based compensation (34) (1,858) - Increase in uncertain tax positions 25 61 36 Adjustment for prior years (431) 1,894 - Change in Federal tax rate - (16,945) - Adjustment to contingent consideration - (429) (634) Change in valuation allowance - - (15) Other 67 336 (89) $ 2,887 $ (14,861) $ 3,844 As of December 31, 2018, the Company had $149.9 million and $19.9 million of net operating loss (NOL) carry forwards available to offset future federal and state taxable income, respectively. The NOL carry forwards will begin to expire in 2035 and 2029 for federal and state income tax purposes, respectively . The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of December 31, 2018 and 2017 are presented below (in thousands): Year Ended December 31, 2018 2017 Deferred tax assets: Accounts receivable $ 144 $ 68 Accrued expenses and other current liabilities 743 886 Unearned revenue 51 198 Stock-based compensation 1,060 744 Other 62 89 Net operating loss carry forwards 37,464 34,758 Gross deferred tax assets 39,524 36,743 Valuation allowance - - Net deferred tax assets 39,524 36,743 Deferred tax liabilities: Depreciation and amortization 68,859 65,609 Foreign deferred tax liabilities 1,047 943 Intangible assets 1,425 1,734 Deferred subpart F income 6,512 4,310 Gross deferred tax liabilities 77,843 72,596 Net deferred tax liability $ 38,319 $ 35,853 The realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s management considers the projected future taxable income for making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, the Company’s management believes it is more likely than not the Company will realize the benefits of the deductible differences noted above. Deferred income taxes have not been provided on the undistributed earnings of foreign subsidiaries. As of December 31, 2018, the amount of such earnings totaled approximately $28.5 million. These earnings have been permanently reinvested and the Company does not plan to initiate any action that would precipitate the payment of income taxes thereon. The amount of income taxes that would have resulted had such earnings been repatriated is not practically determinable. The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands): Balance at January 1, 2017 $ 266 Increases related to current year tax positions 11 Balance at December 31, 2017 277 Increases related to current year tax positions 14 Balance at December 31, 2018 $ 291 The unrecognized tax benefits of approximately $ 0.3 million at December 31, 2018, if recognized, would reduce the Company’s effective tax rate. The Company accrued potential interest and penalties of less than $ 0.1 million related to unrecognized tax benefits for each of the years ended December 31, 2018 and 2017. The U.S. Tax Cuts and Job Act of 2017 (TCJA) was signed into law on December 22, 2017. The most significant effect of TCJA on the Company was the U.S. federal corporate tax rate reduction from 35% to 21%, which required re-measurement of the Company’s U.S. deferred income tax assets and liabilities as of December 31, 2017. As the Company was in an overall net deferred tax liability position, the corporate tax rate reduction resulted in a net tax benefit of $16.9 million in 2017. Other significant provisions of the TCJA that became effective in 2018 that may impact the Company’s income taxes are: the limitation on the deduction of interest expense in excess of 30 percent of adjusted taxable income; limitation on the utilization of net operating losses generated after fiscal year 2017 to 80 percent of taxable income; the taxation of global intangible low-taxed income of controlled foreign corporations; and limitation on the deduction for executive compensation. The Company’s tax returns, including the United States, California, New Jersey and South Carolina, are subject to examination by the tax authorities. The Company accrues for unrecognized tax benefits based upon its best estimate of the additional taxes, interest and penalties expected to be paid. These estimates are updated over time as more definitive information becomes available from taxing authorities, completion of tax audits, expiration of statute of limitations, or upon occurrence of other events. The Company does not believe the total amount of unrecognized tax benefit as of December 31, 2018 will increase or decrease significantly in the next twelve months. As of December 31, 2018, the statute of limitations for tax examinations in the United States has not expired for the years ended December 31, 201 5 through 201 7 . California, New Jersey and South Carolina have not expired for tax returns filed for the years ended December 31, 2014 through 201 7 . The Company was notified on May 1, 2017 that its 2015 U.S. federal income tax return was selected for examination. The examination was concluded on June 20, 2018 with no impact to tax expense. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (11) Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable and accounts payable approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company’s asset-backed notes of $1,032.7 million and collateralized financing obligations of $ 107.2 million as of December 31, 2018 were estimated to have a fair value of approximately $1,024.7 million and $108.9 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 of the fair value hierarchy. Management believes that the balances of the Company’s revolving credit facilities of $ 597.2 million, variable-rate term loans totaling $ 223.4 million , fixed-rate term loans of $158.6 million, senior secured notes of $ 58.9 million and term loans held by VIE of $ 1.5 million approximate their fair values as of December 31, 2018. The fair value of these financial instruments would be categorized as Level 2 of the fair value hierarchy. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (12) Commitments and Contingencies The Company utilizes certain office facilities and office equipment under non-cancelable operating lease agreements which generally have original terms of up to five years. Future minimum lease payments required under non-cancellable operating leases having an original term of more than one year as of December 31, 2018 are as follows (in thousands): Office Facilities and Equipment Year ending December 31: 2019 $ 2,395 2020 801 2021 707 2022 530 2023 393 2024 and thereafter 78 $ 4,904 Office facility expense was $2.7 million, $2.0 million, and $ 1.7 million for the years ended December 31, 2018, 2017 and 2016 , respectively, which was included in administrative expenses in the consolidated statements of income. As of December 31, 2018 and 2017, the Company had one outstanding letter of credit of $0.1 million. The letter of credit guarantees the Company’s obligations under certain operating lease agreements. In addition to the rental equipment payable of $ 74.1 million, the Company had commitments to purchase approximately $9.4 million of containers and $64.4 million railcars as of December 31, 2018; all in the twelve months ended December 31, 2019. In the ordinary course of business, the Company executes contracts involving indemnifications standard in the industry and indemnifications specific to a transaction such as an assignment and assumption agreement. These indemnifications might include claims related to tax matters, governmental regulations, and contractual relationships. Performance under these indemnities would generally be triggered by a breach of terms of a contract or by a third-party claim. The Company regularly evaluates the probability of having to incur costs associated with these indemnifications and as of December 31, 2018 there were no claims outstanding under such indemnifications and the Company believes that no claims are probable of occurring in the future. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (13) Related Party Transactions In May 2018, the Company purchased, and subsequently cancelled, 1,225,214 shares of its common stock, from an affiliate of Andrew S. Ogawa in a privately-negotiated transaction. Mr. Ogawa is a member of the Company’s Board of Directors. The stock was purchased at a price of $22.81 per share, which represented a 2% discount to the closing price on the date of purchase. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | (14) Stockholders’ Equity Common Stock At-the-Market (ATM) Offering Program In October 2017, the Company commenced an ATM offering program with respect to its common stock, which allows the Company to issue and sell up to 2.0 million shares of its common stock. During the year ended December 31, 2018, the Company issued 100,000 shares of common stock under the ATM offering program for net proceeds of $2.8 million. The Company paid commissions to the sales agent of $0.1 million in connection with the sales of common stock under this ATM offering program during the year ended December 31, 2018. The net proceeds were used for general corporate purposes. The Company has remaining capacity to issue up to approximately 1.0 million of additional shares of common stock under this ATM offering program. Series A Preferred Stock Underwritten Offering In March 2018, the Company completed an underwritten public offering of 1,600,000 shares of its 8.5% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share and liquidation preference $25.00 per share (Series A Preferred Stock), resulting in net proceeds to the Company of approximately $38.3 million, after deducting the underwriting discount and other offering expenses. In April 2018, the Company sold an additional 170,900 shares of Series A Preferred Stock upon the partial exercise by the underwriters of their option to purchase additional Series A Preferred Stock, resulting in net proceeds to the Company of approximately $4.1 million, after deducting the underwriting discount of $0.1 million. The net proceeds were used for repayment of debt and general corporate purposes. Dividends on the Series A Preferred Stock accrue daily and are cumulative from and including the date of original issuance and are payable quarterly in arrears on the 15th day of each April, July, October and January. Dividends accrue at the Fixed Dividend Rate (as defined in the certificate of designations for the Series A Preferred Stock (Series A Certificate of Designations)) at an annual rate of 8.5% of the $25.00 liquidation preference per annum from, and including, the date of original issuance to, but not including, April 15, 2023. On and after April 15, 2023, dividends on the Series A Preferred Stock shall accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined in the Series A Certificate of Designations) as calculated on each applicable date and (b) 5.82% of the $25.00 liquidation preference per share of Series A Preferred Stock. The Series A Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up. The Series A Preferred Stock becomes redeemable by the Company beginning April 15, 2023 for cash at a redemption price of $25.00 per share of Series A Preferred Stock, plus accrued but unpaid dividends thereon to, but not including, the date fixed for redemption. In addition, upon the occurrence of a Change of Control (as defined in the Series A Certificate of Designations), subject to certain restrictions, the Company may, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice, redeem the Series A Preferred Stock, in whole or in part, within one hundred twenty (120) days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. There is no mandatory redemption of the Series A Preferred Stock or redemption at the option of the holders. Holders of the Series A Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends on the Series A Preferred Stock for six or more quarterly periods (whether or not consecutive) or the Company fails to maintain the listing of the Series A Preferred Stock on a National Exchange (as defined in the Series A Certificate of Designations) for a period of 180 consecutive days. Series A Preferred Stock ATM Offering Program In May 2018, the Company commenced an ATM offering program with respect to its Series A Preferred Stock, which allows the Company to issue and sell up to 2.2 million shares of its Series A Preferred Stock. During the year ended December 31, 2018, the Company issued 428,710 shares of Series A Preferred Stock under the ATM offering program for net proceeds of $10.5 million. The Company paid commissions to the sales agent of $0.2 million in connection with the sales of Series A Preferred Stock under this ATM offering program during the year ended December 31, 2018. The net proceeds were used for repayment of debt and general corporate purposes. The Company has remaining capacity to issue up to approximately 1.8 million of additional shares of Series A Preferred Stock under this ATM offering program. Series B Preferred Stock Underwritten Offering In August 2018, the Company completed an underwritten public offering of 1,700,000 shares of its 8.5% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share and liquidation preference $25.00 per share (Series B Preferred Stock), resulting in net proceeds to the Company of approximately $41.2 million, after deducting the underwriting discount, and other offering expenses. The Company sold an additional 255,000 shares of Series B Preferred Stock upon the exercise by the underwriters of their option to purchase additional Series B Preferred Stock, resulting in net proceeds to the Company of approximately $6.2 million, after deducting the underwriting discount of $0.2 million. The net proceeds were used for repayment of debt and general corporate purposes. Dividends on the Series B Preferred Stock accrue daily and are cumulative from and including the date of original issuance and are payable quarterly in arrears on the 15th day of each January, April, July and October. Dividends accrue at the Fixed Dividend Rate (as defined in the Series B certificate of designations for the Series B Preferred Stock (Series B Certificate of Designations)) at an annual rate of 8.5% of the $25.00 liquidation preference per annum from, and including, the date of original issuance to, but not including, August 15, 2023. On and after August 15, 2023, dividends on the Series B Preferred Stock shall accrue at an annual rate equal to the sum of (a) Three-Month LIBOR (as defined in the Certificate of Designations) as calculated on each applicable date and (b) 5.69% of the $25.00 liquidation preference per share of Series B Preferred Stock. The Series B Preferred Stock ranks senior to the Company’s common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up. The Series B Preferred Stock becomes redeemable by the Company beginning August 15, 2023 for cash at a redemption price of $25.00 per share of Series B Preferred Stock, plus accrued but unpaid dividends thereon to, but not including, the date fixed for redemption. In addition, upon the occurrence of a Change of Control (as defined in the Series B Certificate of Designations), subject to certain restrictions, the Company may, at its option, upon not less than thirty (30) days’ nor more than sixty (60) days’ written notice, redeem the Series B Preferred Stock, in whole or in part, within one hundred twenty (120) days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. There is no mandatory redemption of the Series B Preferred Stock or redemption at the option of the holders. Holders of the Series B Preferred Stock generally have no voting rights except for limited voting rights if the Company fails to pay dividends on the Series B Preferred Stock for six or more quarterly periods (whether or not consecutive) or the Company fails to maintain the listing of the Series B Preferred Stock on a National Exchange (as defined in the Series B Certificate of Designations) for a period of 180 consecutive days. |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
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 the segments based upon relative asset values or revenue. The following tables show condensed segment information for the years ended December 31, 2018, 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): Year Ended December 31, 2018 Container Leasing Rail Leasing Logistics Total Container lease revenue $ 284,924 $ - $ - $ 284,924 Rail lease revenue - 35,703 - 35,703 Logistics revenue - - 111,471 111,471 Total revenue 284,924 35,703 111,471 432,098 Depreciation of rental equipment 107,109 14,189 - 121,298 Storage, handling and other expenses 8,853 5,692 - 14,545 Logistics transportation costs - - 97,170 97,170 Gain on sale of used rental equipment (9,886) (1,839) - (11,725) Administrative expenses 27,560 5,297 17,448 50,305 Total operating expenses 133,636 23,339 114,618 271,593 Operating income (loss) 151,288 12,364 (3,147) 160,505 Net interest expense 62,572 15,773 - 78,345 Other expense 677 - - 677 Total other expenses 63,249 15,773 - 79,022 Income (loss) before income taxes $ 88,039 $ (3,409) $ (3,147) $ 81,483 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 2,506,279 $ 460,387 $ 45,951 $ 3,012,617 Purchase of rental equipment (1) $ 739,944 $ 72,077 $ - $ 812,021 Year Ended December 31, 2017 Container Leasing Rail Leasing Logistics Total Container lease revenue $ 235,365 $ - $ - $ 235,365 Rail lease revenue - 32,476 - 32,476 Logistics revenue - - 80,552 80,552 Total revenue 235,365 32,476 80,552 348,393 Depreciation of rental equipment 99,753 11,199 - 110,952 Storage, handling and other expenses 15,207 5,615 96 20,918 Logistics transportation costs - - 68,155 68,155 Gain on sale of used rental equipment (5,333) (14) - (5,347) Administrative expenses 22,925 4,756 15,018 42,699 Total operating expenses 132,552 21,556 83,269 237,377 Operating income (loss) 102,813 10,920 (2,717) 111,016 Net interest expense 41,815 11,237 - 53,052 Other expense 765 - - 765 Total other expenses 42,580 11,237 - 53,817 Income (loss) before income taxes $ 60,233 $ (317) $ (2,717) $ 57,199 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 1,938,723 $ 449,376 $ 40,029 $ 2,428,128 Purchase of rental equipment (1) $ 445,168 $ 56,882 $ - $ 502,050 Year Ended December 31, 2016 Container Leasing Rail Leasing Logistics Total Container lease revenue $ 202,328 $ - $ - $ 202,328 Rail lease revenue - 30,490 - 30,490 Logistics revenue - - 61,536 61,536 Total revenue 202,328 30,490 61,536 294,354 Depreciation of rental equipment 95,755 9,122 - 104,877 Storage, handling and other expenses 32,465 3,386 11 35,862 Logistics transportation costs - - 51,980 51,980 Loss (gain) on sale of used rental equipment 12,750 33 (112) 12,671 Administrative expenses 20,453 3,759 11,466 35,678 Total operating expenses 161,423 16,300 63,345 241,068 Operating income (loss) 40,905 14,190 (1,809) 53,286 Net interest expense 35,784 6,970 - 42,754 Other expense 654 - - 654 Total other expenses 36,438 6,970 - 43,408 Income (loss) before income taxes and non-controlling interest $ 4,467 $ 7,220 $ (1,809) $ 9,878 Purchase of rental equipment (1) $ 118,374 $ 132,791 $ - $ 251,165 (1) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indic ated . Geographic Data The Company earns its revenue primarily from intermodal containers which are deployed by its customers in a wide variety of global trade routes. Virtually all of the Company’s containers are used internationally and typically no container is domiciled in one particular place for a prolonged period of time. As such, substantially all of the Company’s long-lived assets are considered to be international, with no single country of use. The Company’s railcars, with a net book value of $ 448.5 million as of December 31, 2018, are used to transport cargo within North America. The following table represents the geographic allocation of revenue for the periods indicated based on customers’ primary domicile (in thousands): Year Ended December 31, 2018 2017 2016 United States $ 154,427 $ 120,558 $ 99,824 Switzerland 50,805 32,430 19,636 France 37,565 34,862 29,273 Korea 31,877 20,755 14,904 Singapore 26,854 19,856 16,172 Other Asia 67,695 64,097 63,190 Other Europe 54,677 45,176 40,170 Other International 8,198 10,659 11,185 Total revenue $ 432,098 $ 348,393 $ 294,354 |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2018 | |
Concentration Of Credit Risk [Abstract] | |
Concentration Of Credit Risk | (16) Concentration of Credit Risk The Company’s single largest container lessee accounted for 11.8% , or $58.0 million, 9.7% , or $34.7 million, and 6.9% or $20.6 million, of total billings for the years ended December 31, 2018, 2017 and 2016, respectively , and accounted for 6% of its accounts receivable as of December 31, 2018 and 2017 . The Company’s second largest container lessee accounted for 8.4% , or $41.3 million, 10.5% , or $37.5 million, and 10.6 % , or $ 31.7 million , of total billings for the years ended December 31, 2018, 2017 and 2016, respectively, and accounted for 15% and 9% of its accounts receivable as of December 31, 2018 and 2017, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (17) 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 years ended December 31, 2018, 2017 and 2016 (in thousands, except per share data): Year Ended December 31, 2018 2017 2016 Numerator Net income attributable to CAI common stockholders $ 73,472 $ 72,060 $ 5,997 Denominator Weighted-average shares used in per share computation - basic 19,562 19,253 19,318 Effect of dilutive securities: Stock options and restricted stock 260 354 75 Weighted-average shares used in per share computation - diluted 19,822 19,607 19,393 Net income per share attributable to CAI common stockholders: Basic $ 3.76 $ 3.74 $ 0.31 Diluted $ 3.71 $ 3.68 $ 0.31 The calculation of diluted earnings per share for the years ended December 31, 2018, 2017 and 2016, excluded from the denominator 160,163 shares, 458,857 shares and 1,135,711 shares, respectively, of common stock options because their effect would have been anti-dilutive. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events On February 26, 2019, the Company entered into an agreement to sell 2,146 railcars. The sale of 1,946 railcars for consideration of $165.3 million was completed in February 2019; the sale of the remaining 200 railcars, which are currently being manufactured, for consideration of approximately $32.0 million is expected to complete in the second quarter of 2019. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2018 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | (19) Selected Quarterly Financial Data (Unaudited) The following table sets forth key interim financial information for the years ended December 31, 2018 and 2017 (in thousands, except per share amount): 2018 Quarters Ended 2017 Quarters Ended Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Revenue $ 115,567 $ 115,452 $ 105,705 $ 95,374 $ 94,034 $ 90,161 $ 82,692 $ 81,506 Operating expenses 72,578 72,571 65,786 60,658 57,631 58,267 57,924 63,555 Operating income 42,989 42,881 39,919 34,716 36,403 31,894 24,768 17,951 Net income attributable to CAI common stockholders 17,200 20,006 19,149 17,117 36,563 17,587 12,638 5,272 Net income per share attributable to CAI common stockholders: Basic $ 0.90 $ 1.04 $ 0.98 $ 0.84 $ 1.86 $ 0.92 $ 0.66 $ 0.28 Diluted $ 0.89 $ 1.03 $ 0.97 $ 0.83 $ 1.81 $ 0.90 $ 0.65 $ 0.27 |
Schedule II Valuation Accounts
Schedule II Valuation Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Schedule II Valuation Accounts [Abstract] | |
Schedule II Valuation Accounts | Schedule II Valuation Accounts (In thousands) Balance at Balance at Beginning Net Additions (Deductions)/ End of of Period to Expense Recoveries* Period December 31, 2016 Accounts receivable, allowance for doubtful accounts $ 548 $ 3,151 $ (2,359) $ 1,340 December 31, 2017 Accounts receivable, allowance for doubtful accounts $ 1,340 $ 402 $ (302) $ 1,440 December 31, 2018 Accounts receivable, allowance for doubtful accounts $ 1,440 $ 492 $ 110 $ 2,042 * Primarily consists of write-offs, net of recoveries and other adjustments |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Policy) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU 2014-09), which supersedes previous revenue recognition guidance. Leasing revenue recognition is specifically excluded, and therefore, the new standard is only applicable to the Company’s logistics services agreements, management services agreements, and the sale of used rental equipment. The new standard defines a five-step process to achieve the core principle of ASU 2014-09, which is to recognize revenue when promised goods or services are transferred to customers in amounts that reflect the consideration the Company expects to receive in exchange for those goods or services. The Company adopted ASU 2014-09 effective January 1, 2018, which did not have a material impact on the Company’s consolidated financial statements and related disclosures. See Note 2( l ) for further details. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which clarifies the classification of certain cash receipts and cash payments in the statement of cash flows, including debt prepayment or extinguishment costs, settlement of contingent consideration arising from a business combination and insurance settlement proceeds. The Company adopted ASU 2016-15 effective January 1, 2018, which did not result in any changes to the presentation of amounts shown on the Company’s consolidated statements of cash flows for all periods presented. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), that requires the inclusion of restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The Company adopted ASU 2016-18 effective January 1, 2018, which resulted in the inclusion of the Company’s restricted cash balances along with cash in the Company’s consolidated statements of cash flows and separate line items showing changes in restricted cash balances were eliminated from the Company’s consolidated statements of cash flows. ASU 2016-18 was applied retrospectively to all periods presented. |
Principles Of Consolidation | (a) Principles of Consolidation The consolidated financial statements include the financial statements of CAI International, Inc., its wholly-owned subsidiaries, and its previously 80% -owned subsidiary, CAIJ, Inc., up to its date of disposal in April 2016. All significant intercompany balances and transactions have been eliminated in consolidation. The Company regularly performs a review of its container fund arrangements with investors to determine whether or not it has a variable interest in the fund and if the fund is a variable interest entity (VIE). If it is determined that the Company does not have a variable interest in the fund, further analysis is not required and the Company does not consolidate the fund. If it is determined that the Company does have a variable interest in the fund and the fund is a VIE, further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under Financial Account ing Standards Board (FASB) Accounting Standards Codification ( ASC) Topic 810, Consolidation : it has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance; and it has the obligation to absorb losses of the VIE that could be potentially significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under FASB ASC Topic 810, Consolidation (see Note 3). |
Use Of Estimates | (b) Use of Estimates Certain estimates and assumptions were made by the Company’s management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, allowances for receivables, the carrying amount of rental equipment, the residual values and lives of rental equipment, and income tax uncertainties. Actual results could differ from those estimates. |
Rental Equipment | ( c ) Rental equipment Container The Company purchases new container equipment from manufacturers to lease to its customers. The Company also purchases used container equipment through sale-leaseback transactions with its customers, or equipment that was previously owned by one of the Company's third-party investors. Used equipment is typically purchased with an existing lease in place. Container rental equipment is recorded at original cost and depreciated to an estimated residual value on a straight-line basis over its estimated useful life. The estimated useful lives and residual values of the Company’s container equipment are based on historical disposal experience and the Company’s expectations for future used container sale prices. Depreciation estimates are reviewed on a regular basis to determine whether sustained changes have taken place in the useful lives of equipment or the assigned residual values, which would suggest that a change in depreciation estimates is warranted. The estimated useful lives and residual values for the majority of the Company's container equipment purchased new from the factory are as follows: Depreciable Residual Value Life in Years 20-ft. standard dry van container $ 1,050 13.0 40-ft. standard dry van container $ 1,300 13.0 40-ft. high cube dry van container $ 1,400 13.0 20-ft. refrigerated container $ 2,750 12.0 40-ft. high cube refrigerated container $ 3,500 12.0 Other specialized equipment is depreciated to its estimated residual value, which ranges from $1,000 to $3,500 , over its estimated useful life of between 12.5 years and 15 years. For used container equipment acquired through sale-leaseback transactions, the Company often adjust s its estimates for remaining useful life and residual values based on current conditions in the sale market for older containers and its expectations for how long the equipment will remain on-hire to the current lessee. Rail Railcar equipment is recorded at original cost and depreciated over its estimated useful life of 43 years to its estimated residual value of $8,700 using the straight-line method. The useful life is based on an estimate of the period over which the asset will generate revenue for the Company. Residual value is based on the average estimated scrap value of the Company’s railcars. The Company periodically reviews the appropriateness of its estimates of useful life and residual value based on changes in economic circumstances and other factors. The Company’s railcars may undergo refurbishment and upgrade programs to, for example, extend their useful life, meet higher car classification grades, enter new product or service segments, increase the tonnage carried, or to achieve higher utilization. The costs for these programs are capitalized. Normal repairs and maintenance associated with the Company’s railcar assets are expensed as incurred. |
Impairment Of Long-Lived Assets | ( d ) Impairment of Long-Lived Assets On at least an annual basis, the Company evaluates its rental equipment fleet to determine whether there have been any events or changes in circumstances indicating that the carrying amount of all, or part, of its fleet may not be recoverable. Events which would trigger an impairment review include, among others, a significant decrease in the long-term average market value of rental equipment, a significant decrease in the utilization rate of rental equipment resulting in an inability to generate income from operations and positive cash flow in future periods, or a change in market conditions resulting in a significant decrease in lease rates. When testing for impairment, equipment is generally grouped by equipment type, and is tested separately from other groups of assets and liabilities. Potential impairment exists when the estimated future undiscounted cash flows generated by an asset group, comprised of lease proceeds and residual values, less related operating expenses, are less than the carrying value of that asset group. If potential impairment exists, the equipment is written down to its fair value. In determining the fair value of an asset group, the Company considers market trends, published value for similar assets, recent transactions of similar assets and in certain cases, quotes from third party appraisers. No impairment charges were recorded in 2018, 2017 and 2016. |
Intangible Assets | ( e ) Intangible Assets Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company amortizes intangible assets on a straight-line basis over their estimated useful lives as follows: Trademarks and tradenames 2 - 3 years Customer relationships 5 - 8 years |
Goodwill | ( f ) Goodwill In connection with acquisitions made in 2015 and 2016 , the Company recorded $15.8 million of goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually, or more frequently if events or changes in circumstances indicate that impairment may exist. The Company assesses qualitative factors such as industry and market considerations, overall financial performance and other relevant events and factors affecting a reporting unit to determine if it is more likely than not that impairment may exist and whether it is necessary to perform the quantitative goodwill impairment test. This involves comparing the fair value to the carrying value of each reporting unit that has goodwill assigned to it. The Company recognizes an impairment charge for the amount by which the carrying value of the reporting unit exceeds the fair value. The Company performed the annual impairment test during the fourth quarter of 201 8 and concluded that there was no impairment of goodwill. |
Direct Finance Leases | ( g ) Direct Finance Leases Interest on finance leases is recognized using the effective interest method. Lease income is recorded in decreasing amounts over the term of the contract, resulting in a level rate of return on the net investment in direct finance leases. |
Debt Issuance Costs | ( h ) Debt Issuance Costs To the extent that the Company is required to pay issuance fees or direct costs relating to its debt and credit facilities, such fees are amortized over the lives of the related debt using the effective interest method and reflected in interest expense. Unamortized debt issuance costs of $20.4 million and $11.7 million are presented as a reduction of debt on the Company’s consolidated balance sheets as of December 31, 2018 and 2017, respectively. |
Foreign Currency Translation | ( i ) Foreign Currency Translation The accounts of the Company’s foreign subsidiaries have been converted at rates of exchange in effect at year-end for balance sheet accounts and average exchange rates for the year for income statement accounts. The effects of changes in exchange rates in translating foreign subsidiaries’ financial statements are included in stockholders’ equity as accumulated other comprehensive income. |
Accounts Receivable | ( j ) Accounts Receivable Amounts billed under leases for equipment owned by the Company, as well as amounts due from customers for the provision of logistics services, are recorded in accounts receivable. The Company estimates an allowance for doubtful accounts for accounts receivable it does not consider fully collectible. The allowance for doubtful accounts is developed based on two components: (1) specific reserves for receivables for which management believes full collection is doubtful; and (2) a general reserve for estimated losses inherent in the receivables. The general reserve is estimated by applying certain percentages to receivables that have not been specifically reserved, ranging from 1.0% on accounts that are one to thirty days overdue, to 100% on accounts that are one year or more overdue. The allowance for doubtful accounts is reviewed regularly by management and is based on the risk profile of the receivables, credit quality indicators such as the level of past due amounts and non-performing accounts and economic conditions. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance is intended to provide for losses inherent in the company’s accounts receivable, and requires the application of estimates and judgments as to the outcome of collection efforts and the realization of collateral, among other things. |
Income Taxes | ( k ) Income Taxes Income taxes are accounted for using the asset-and-liability method. Under this method, deferred income taxes are recognized for the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that deferred tax assets will not be recovered. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records penalties and interest related to unrecognized tax benefits within income tax expense (see Note 10). |
Revenue Recognition | ( l ) Revenue Recognition The Company provides a range of services to its customers incorporating the rental, sale and management of equipment and the provision of logistics services. Revenue for all forms of service is recognized when earned following the guidelines under FASB ASC Topic 606, Revenue Recognition and FASB ASC Topic 840, Leases . Revenue is reported net of any related sales tax. Container and Rail Lease Revenue The Company recognizes revenue from operating leases of its owned equipment as earned over the term of the lease. Where minimum lease payments vary over the lease term, revenue is recognized on a straight-line basis over the term of the lease. The Company recognizes revenue on a cash basis for certain railcar leases that are billed on an hourly or mileage basis through a third-party railcar manager. Early termination of the rental contracts subjects the lessee to a penalty, which is included in lease revenue upon such termination. Finance lease income is recognized using the effective interest method, which generates a constant rate of interest over the period of the lease. Included in lease revenue is revenue consisting primarily of fees charged to the lessee for handling, delivery, and repairs, which are recognized as earned. Also included in lease revenue is revenue from management fees earned under equipment management agreements. Management fees are generally calculated as a percentage of the monthly net operating income for an investor’s portfolio and recognized as revenue in the month of service. Logistics Revenue The Company’s logistics business derives its revenue from three principal sources: (1) truck brokerage services, (2) intermodal transportation services, and (3) international ocean freight and freight forwarding services. For truck brokerage services, which typically involve a short transit time, revenue is recognized when delivery has been completed due to lack of reliable information to reasonably measure progress toward complete satisfaction of the performance obligation. For intermodal transportation services, which can take a longer time to complete, revenue is recognized over time by measuring progress toward complete satisfaction of the performance obligation, utilizing input methods. For any such services not completed as of the end of a reporting period, a percentage of completion method based on costs incurred to date is used to allocate the appropriate revenue to each separate reporting period. The Company provides international freight forwarding services as an indirect carrier, sometimes referred to as a Non-Vessel Operating Common Carrier. Due to the lack of reliable information to reasonably measure progress toward complete satisfaction of the performance obligation, revenue for these shipments is recognized at the time the freight departs the terminal of origin, which is when the customer is billed and the Company has no further obligation to the customer. The Company reports logistics revenue on a gross basis as it is primarily responsible for fulfilling the promise to provide the specified service desired by the customers and has discretion in establishing the price for the specified service. Unearned Revenue The Company records unearned revenue when cash payments are received in advance of the Company satisfying its performance obligations. Payment terms vary by customer and type of service. The term between invoicing and when payment is due is not significant. For certain customers or services, the Company may require payment before the services are delivered or performed for the customer. Practical Expedients The Company expenses sales commissions when incurred because the period of amortization would have been one year or less. These costs are recorded within administrative expenses. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts with variable consideration for a distinct good or service that forms part of a single performance obligation. |
Stock-Based Compensation | ( m ) Stock-Based Compensation The Company has granted stock options and restricted stock to certain directors and employees under its 2007 Equity Incentive Plan. The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation , which requires that compensation cost related to stock-based compensation be recognized in the financial statements. The cost is measured at the date the award is granted based on the fair value of the award. The fair value of stock options is calculated using the Black-Scholes-Merton option pricing model. The stock-based compensation expense is recognized over the vesting period of the grant on a straight-line basis (see Note 11). The company accounts for forfeitures as they occur. |
Repairs And Maintenance | ( n ) Repairs and Maintenance The Company’s leases generally require the lessee to pay for any damage to the equipment beyond normal wear and tear at the end of the lease term. The Company accounts for repairs and maintenance expense on an accrual basis when an obligation to pay has been incurred. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Schedule Of Rental Equipment Useful Lives and Residual Value | Depreciable Residual Value Life in Years 20-ft. standard dry van container $ 1,050 13.0 40-ft. standard dry van container $ 1,300 13.0 40-ft. high cube dry van container $ 1,400 13.0 20-ft. refrigerated container $ 2,750 12.0 40-ft. high cube refrigerated container $ 3,500 12.0 |
Schedule Of Estimated Useful Lives | Trademarks and tradenames 2 - 3 years Customer relationships 5 - 8 years |
Rental Equipment (Tables)
Rental Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Rental Equipment [Abstract] | |
Schedule Of Rental Equipment | December 31, December 31, 2018 2017 Dry containers $ 1,840,304 $ 1,533,063 Refrigerated containers 341,983 345,744 Other specialized equipment 192,035 160,529 Railcars 490,381 471,171 2,864,703 2,510,507 Accumulated depreciation (599,443) (505,546) Rental equipment, net of accumulated depreciation $ 2,265,260 $ 2,004,961 |
Net Investment In Direct Fina_2
Net Investment In Direct Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Net Investment In Direct Finance Leases [Abstract] | |
Components Of Net Investment In Direct Finance Leases | December 31, December 31, 2018 2017 Gross finance lease receivables (1) $ 804,511 $ 412,489 Unearned income (2) (254,744) (135,976) Net investment in direct finance leases $ 549,767 $ 276,513 (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 $74.4 million and $34.4 million unguaranteed residual value at December 31, 2018 and 2017, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2018 and 2017. |
Gross Finance Lease Receivables By Customer Categories | December 31, December 31, 2018 2017 Tier 1 $ 698,014 $ 366,629 Tier 2 106,497 45,860 Tier 3 - - $ 804,511 $ 412,489 |
Contractual Maturities Of Gross Finance Lease Receivables | 2019 $ 117,719 2020 88,634 2021 85,339 2022 78,496 2023 73,260 2024 and thereafter 361,063 $ 804,511 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Schedule Of Intangible Assets | Gross Carrying Amount Accumulated Amortization Net Carrying Amount December 31, 2018 Trademarks and tradenames $ 1,786 $ (1,786) $ - Customer relationships 9,344 (3,611) 5,733 $ 11,130 $ (5,397) $ 5,733 December 31, 2017 Trademarks and tradenames $ 1,786 $ (1,411) $ 375 Customer relationships 9,344 (1,996) 7,348 $ 11,130 $ (3,407) $ 7,723 |
Schedule Of Estimated Future Amortization Expenses | 2019 $ 1,609 2020 1,609 2021 1,516 2022 474 2023 457 2024 and thereafter 68 $ 5,733 |
Equipment Leases (Tables)
Equipment Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equipment Leases [Abstract] | |
Schedule Of Future Minimum Rents Receivable | 2019 $ 184,978 2020 152,927 2021 129,361 2022 107,776 2023 71,762 2024 and thereafter 108,714 $ 755,518 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule Of Debt | December 31, 2018 December 31, 2017 Outstanding Average Outstanding Average Reference Current Long-term Interest Current Long-term Interest Maturity (a)(i) Revolving credit facility $ 4,200 $ 301,000 4.2% $ - $ 528,000 3.2% June 2023 (a)(ii) Revolving credit facility - Rail - 272,500 4.2% - 272,000 3.2% October 2023 (a)(iii) Revolving credit facility - Euro - 19,457 2.0% - 14,736 2.0% September 2020 (b)(i) Term loan 1,800 27,300 4.5% 21,900 - 3.4% April 2023 (b)(ii) Term loan 111,750 - 3.8% 9,000 111,750 3.1% October 2019 (b)(iii) Term loan 7,000 75,500 4.0% 7,000 82,500 3.3% June 2021 (b)(iv) Term loan 1,240 15,284 3.4% 1,198 16,524 3.4% December 2020 (b)(v) Term loan 2,909 40,651 3.6% 2,805 43,560 3.6% August 2021 (b)(vi) Term loan 6,000 92,500 4.6% - - - October 2023 (c) Senior secured notes 6,110 52,775 4.9% 6,110 58,885 4.9% September 2022 (d)(i) Asset-backed notes 2012-1 17,100 48,450 3.5% 17,100 65,550 3.5% October 2027 (d)(ii) Asset-backed notes 2013-1 22,900 74,425 3.4% 22,900 97,325 3.4% March 2028 (d)(iii) Asset-backed notes 2017-1 25,307 189,802 3.7% 25,307 215,109 3.7% June 2042 (d)(iv) Asset-backed notes 2018-1 34,890 284,935 4.0% - - - February 2043 (d)(v) Asset-backed notes 2018-2 34,350 300,563 4.4% - - - September 2043 (e) Collateralized financing obligations 39,610 67,615 1.2% 22,549 69,441 1.2% December 2021 (f) Term loans held by VIE 1,456 - 3.3% - 3,286 2.7% June 2019 316,622 1,862,757 135,869 1,578,666 Debt issuance costs (5,241) (15,124) (3,820) (7,893) Total Debt $ 311,381 $ 1,847,633 $ 132,049 $ 1,570,773 |
Senior Secured Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 8,921 2020 8,621 2021 8,322 2022 42,467 68,331 Less: Amount representing interest (9,446) Senior secured notes $ 58,885 |
Collateralized Financing Obligations [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 40,784 2020 22,084 2021 36,414 2022 10,147 109,429 Less: Amount representing interest (2,204) Collateralized financing obligations $ 107,225 |
Development Bank of Japan [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 3,086 2020 3,005 2021 2,924 2022 2,842 2023 22,391 34,248 Less: Amount representing interest (5,148) Term loan $ 29,100 |
Consortium of Banks, Note Dated April 11, 2012 [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 10,459 2020 10,165 2021 69,953 90,577 Less: Amount representing interest (8,077) Term loan $ 82,500 |
CAI Rail [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 1,793 2020 15,793 17,586 Less: Amount representing interest (1,062) Term loan $ 16,524 |
Consortium Of Banks Note Dated August 30 2016 [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 4,441 2020 4,441 2021 38,524 47,406 Less: Amount representing interest (3,846) Term loan $ 43,560 |
Consortium of Banks, Note Dated October 1, 2014 [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 115,275 115,275 Less: Amount representing interest (3,525) Term loan $ 111,750 |
Loan Agreement With Bank $100.0 Million [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 10,396 2020 10,122 2021 9,848 2022 9,574 2023 77,266 117,206 Less: Amount representing interest (18,706) Term loan $ 98,500 |
Series 2012-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 19,103 2020 18,509 2021 17,916 2022 14,477 70,005 Less: Amount representing interest (4,455) Asset-backed notes $ 65,550 |
Series 2013-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 25,809 2020 25,042 2021 24,274 2022 23,507 2023 5,757 104,389 Less: Amount representing interest (7,064) Asset-backed notes $ 97,325 |
Series 2017-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 32,770 2020 31,842 2021 30,914 2022 29,986 2023 29,058 2024 and thereafter 94,394 248,964 Less: Amount representing interest (33,855) Asset-backed notes $ 215,109 |
Series 2018-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 47,045 2020 45,650 2021 44,254 2022 42,858 2023 41,462 2024 and thereafter 157,734 379,003 Less: Amount representing interest (59,178) Asset-backed notes $ 319,825 |
Series 2018-2 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 48,300 2020 46,799 2021 45,297 2022 43,796 2023 42,295 2024 and thereafter 180,397 406,884 Less: Amount representing interest (71,971) Asset-backed notes $ 334,913 |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | |
Schedule Of Maturities Of Long-Term Debt | 2019 $ 1,486 1,486 Less: Amount representing interest (30) Term loans held by VIE $ 1,456 |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Stock-Based Compensation Plan [Abstract] | |
Summary Of Stock Option Activities | Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Shares Price (in years) (in thousands) Options outstanding, December 31, 2015 1,189,255 $ 18.08 Options granted 245,000 $ 7.87 Options forfeited/cancelled (6,000) $ 21.99 Options outstanding, December 31, 2016 1,428,255 $ 16.31 Options granted 230,500 $ 16.80 Options exercised (799,195) $ 16.31 Options outstanding, December 31, 2017 859,560 $ 16.44 Options granted - $ - Options exercised (9,393) $ 14.76 Options outstanding, December 31, 2018 850,167 $ 16.46 5.9 $ 5,936 Options exercisable at December 31, 2018 657,471 $ 17.38 5.3 $ 4,028 Expected to vest after December 31, 2018 192,696 $ 13.33 7.7 $ 1,907 |
Summary Of Fair Value Weighted Average Assumptions | 2017 2016 Stock price $ 16.80 $ 7.87 Exercise price $ 16.80 $ 7.87 Expected term (years) 5.5 - 6.25 5.5 - 6.25 Expected volatility (%) 56.4 - 57.5 45.4 - 46.7 Risk-free interest rate (%) 1.77 - 2.14 1.30 - 1.40 Dividend yield (%) - - |
Summary Of Restricted Stock and Performance Stock Activity | Weighted Average Number of Grant Date Shares Fair Value Outstanding at December 31, 2015 48,025 $ 22.70 Granted 34,500 $ 7.87 Vested (14,379) $ 23.61 Forfeited (2,344) $ 21.96 Outstanding at December 31, 2016 65,802 $ 14.75 Granted 37,414 $ 17.14 Vested (24,674) $ 17.83 Outstanding at December 31, 2017 78,542 $ 14.92 Granted 156,165 $ 22.48 Vested (29,977) $ 16.52 Outstanding at December 31, 2018 204,730 $ 20.45 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Taxes [Abstract] | |
Schedule Of Net Income Before Income Taxes And Non-Controlling Interest | Year Ended December 31, 2018 2017 2016 U.S. operations $ (5,391) $ (2,080) $ 8,996 Foreign operations 86,874 59,279 882 $ 81,483 $ 57,199 $ 9,878 |
Schedule Of Income Tax Expense (Benefit) | Year Ended December 31, 2018 2017 2016 Current Federal $ 26 $ (531) $ 312 State 113 86 56 Foreign 282 531 2,338 421 86 2,706 Deferred Federal 1,415 (19,304) 3,090 State (528) 3,172 238 Foreign 1,579 1,185 (2,190) 2,466 (14,947) 1,138 Income tax (benefit) expense $ 2,887 $ (14,861) $ 3,844 |
Schedule Of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2018 2017 2016 Computed expected tax expense $ 17,112 $ 20,020 $ 3,458 Increase (decrease) in income taxes resulting from: Foreign tax differential (16,384) (19,032) (88) State income tax expense, net of federal income tax benefit 25 191 310 Subpart F income 2,202 683 711 IRC Section 162(m) excess officer's compensation 172 - - Non-deductible stock-based compensation 133 218 155 Excess tax benefit related to stock-based compensation (34) (1,858) - Increase in uncertain tax positions 25 61 36 Adjustment for prior years (431) 1,894 - Change in Federal tax rate - (16,945) - Adjustment to contingent consideration - (429) (634) Change in valuation allowance - - (15) Other 67 336 (89) $ 2,887 $ (14,861) $ 3,844 |
Schedule Of Deferred Tax Assets And Deferred Tax Liabilities | Year Ended December 31, 2018 2017 Deferred tax assets: Accounts receivable $ 144 $ 68 Accrued expenses and other current liabilities 743 886 Unearned revenue 51 198 Stock-based compensation 1,060 744 Other 62 89 Net operating loss carry forwards 37,464 34,758 Gross deferred tax assets 39,524 36,743 Valuation allowance - - Net deferred tax assets 39,524 36,743 Deferred tax liabilities: Depreciation and amortization 68,859 65,609 Foreign deferred tax liabilities 1,047 943 Intangible assets 1,425 1,734 Deferred subpart F income 6,512 4,310 Gross deferred tax liabilities 77,843 72,596 Net deferred tax liability $ 38,319 $ 35,853 |
Schedule Of Unrecognized Tax Benefits | Balance at January 1, 2017 $ 266 Increases related to current year tax positions 11 Balance at December 31, 2017 277 Increases related to current year tax positions 14 Balance at December 31, 2018 $ 291 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Schedule Of Future Minimum Lease Payments | Office Facilities and Equipment Year ending December 31: 2019 $ 2,395 2020 801 2021 707 2022 530 2023 393 2024 and thereafter 78 $ 4,904 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Segment Information | Year Ended December 31, 2018 Container Leasing Rail Leasing Logistics Total Container lease revenue $ 284,924 $ - $ - $ 284,924 Rail lease revenue - 35,703 - 35,703 Logistics revenue - - 111,471 111,471 Total revenue 284,924 35,703 111,471 432,098 Depreciation of rental equipment 107,109 14,189 - 121,298 Storage, handling and other expenses 8,853 5,692 - 14,545 Logistics transportation costs - - 97,170 97,170 Gain on sale of used rental equipment (9,886) (1,839) - (11,725) Administrative expenses 27,560 5,297 17,448 50,305 Total operating expenses 133,636 23,339 114,618 271,593 Operating income (loss) 151,288 12,364 (3,147) 160,505 Net interest expense 62,572 15,773 - 78,345 Other expense 677 - - 677 Total other expenses 63,249 15,773 - 79,022 Income (loss) before income taxes $ 88,039 $ (3,409) $ (3,147) $ 81,483 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 2,506,279 $ 460,387 $ 45,951 $ 3,012,617 Purchase of rental equipment (1) $ 739,944 $ 72,077 $ - $ 812,021 Year Ended December 31, 2017 Container Leasing Rail Leasing Logistics Total Container lease revenue $ 235,365 $ - $ - $ 235,365 Rail lease revenue - 32,476 - 32,476 Logistics revenue - - 80,552 80,552 Total revenue 235,365 32,476 80,552 348,393 Depreciation of rental equipment 99,753 11,199 - 110,952 Storage, handling and other expenses 15,207 5,615 96 20,918 Logistics transportation costs - - 68,155 68,155 Gain on sale of used rental equipment (5,333) (14) - (5,347) Administrative expenses 22,925 4,756 15,018 42,699 Total operating expenses 132,552 21,556 83,269 237,377 Operating income (loss) 102,813 10,920 (2,717) 111,016 Net interest expense 41,815 11,237 - 53,052 Other expense 765 - - 765 Total other expenses 42,580 11,237 - 53,817 Income (loss) before income taxes $ 60,233 $ (317) $ (2,717) $ 57,199 Goodwill $ - $ - $ 15,794 $ 15,794 Total assets $ 1,938,723 $ 449,376 $ 40,029 $ 2,428,128 Purchase of rental equipment (1) $ 445,168 $ 56,882 $ - $ 502,050 Year Ended December 31, 2016 Container Leasing Rail Leasing Logistics Total Container lease revenue $ 202,328 $ - $ - $ 202,328 Rail lease revenue - 30,490 - 30,490 Logistics revenue - - 61,536 61,536 Total revenue 202,328 30,490 61,536 294,354 Depreciation of rental equipment 95,755 9,122 - 104,877 Storage, handling and other expenses 32,465 3,386 11 35,862 Logistics transportation costs - - 51,980 51,980 Loss (gain) on sale of used rental equipment 12,750 33 (112) 12,671 Administrative expenses 20,453 3,759 11,466 35,678 Total operating expenses 161,423 16,300 63,345 241,068 Operating income (loss) 40,905 14,190 (1,809) 53,286 Net interest expense 35,784 6,970 - 42,754 Other expense 654 - - 654 Total other expenses 36,438 6,970 - 43,408 Income (loss) before income taxes and non-controlling interest $ 4,467 $ 7,220 $ (1,809) $ 9,878 Purchase of rental equipment (1) $ 118,374 $ 132,791 $ - $ 251,165 (1) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indic ated . |
Schedule Of Geographic Allocation Of Revenue | Year Ended December 31, 2018 2017 2016 United States $ 154,427 $ 120,558 $ 99,824 Switzerland 50,805 32,430 19,636 France 37,565 34,862 29,273 Korea 31,877 20,755 14,904 Singapore 26,854 19,856 16,172 Other Asia 67,695 64,097 63,190 Other Europe 54,677 45,176 40,170 Other International 8,198 10,659 11,185 Total revenue $ 432,098 $ 348,393 $ 294,354 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Net Income Per Share | Year Ended December 31, 2018 2017 2016 Numerator Net income attributable to CAI common stockholders $ 73,472 $ 72,060 $ 5,997 Denominator Weighted-average shares used in per share computation - basic 19,562 19,253 19,318 Effect of dilutive securities: Stock options and restricted stock 260 354 75 Weighted-average shares used in per share computation - diluted 19,822 19,607 19,393 Net income per share attributable to CAI common stockholders: Basic $ 3.76 $ 3.74 $ 0.31 Diluted $ 3.71 $ 3.68 $ 0.31 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Selected Quarterly Financial Data [Abstract] | |
Schedule Of Key Interim Financial Information | 2018 Quarters Ended 2017 Quarters Ended Dec. 31 Sept. 30 June 30 Mar. 31 Dec. 31 Sept. 30 June 30 Mar. 31 Revenue $ 115,567 $ 115,452 $ 105,705 $ 95,374 $ 94,034 $ 90,161 $ 82,692 $ 81,506 Operating expenses 72,578 72,571 65,786 60,658 57,631 58,267 57,924 63,555 Operating income 42,989 42,881 39,919 34,716 36,403 31,894 24,768 17,951 Net income attributable to CAI common stockholders 17,200 20,006 19,149 17,117 36,563 17,587 12,638 5,272 Net income per share attributable to CAI common stockholders: Basic $ 0.90 $ 1.04 $ 0.98 $ 0.84 $ 1.86 $ 0.92 $ 0.66 $ 0.28 Diluted $ 0.89 $ 1.03 $ 0.97 $ 0.83 $ 1.81 $ 0.90 $ 0.65 $ 0.27 |
The Company And Nature Of Ope_2
The Company And Nature Of Operations (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2016 | Feb. 29, 2016 | |
Challenger [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase date | Feb. 1, 2016 | |||||
Acquisition purchase price | $ 10.8 | |||||
Hybrid [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition purchase date | Jun. 1, 2016 | |||||
Acquisition purchase price | $ 12 | |||||
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Preferred stock, dividend rate | 8.50% | 8.50% | 8.50% | |||
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Preferred stock, dividend rate | 8.50% | 8.50% | 8.50% |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | ||||
Goodwill | $ 15,794,000 | $ 15,794,000 | $ 15,800,000 | $ 15,800,000 |
Impairment charges | 0 | 0 | $ 0 | |
Impairment of goodwill | $ 0 | |||
Percentage of general reserve on receivables one to thirty days overdue | 1.00% | |||
Percentage of reserve on receivables one year overdue | 100.00% | |||
Maximum period for general reserve with specific maximum percentage | 1 year | |||
Unamortized debt issuance cost | $ 20,400,000 | $ 11,700,000 | ||
CAIJ [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Ownership percentage by parent | 80.00% | |||
Railcars [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 43 years | |||
Residual value | $ 8,700 | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Period for general reserve with specific minimum percentage | 1 day | |||
Minimum [Member] | Other Specialized Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 12 years 6 months | |||
Residual value | $ 1,000 | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Period for general reserve with specific minimum percentage | 30 days | |||
Maximum [Member] | Other Specialized Equipment [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 15 years | |||
Residual value | $ 3,500 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Schedule Of Rental Equipment Useful Lives and Residual Value) (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
20-ft. Standard Dry Van Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 1,050 |
Depreciable Life in Years | 13 years |
40-ft. Standard Dry Van Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 1,300 |
Depreciable Life in Years | 13 years |
40-ft. High Cube Dry Van Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 1,400 |
Depreciable Life in Years | 13 years |
20-ft. Refrigerated Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 2,750 |
Depreciable Life in Years | 12 years |
40-ft. High Cube Refrigerated Container [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual Value | $ 3,500 |
Depreciable Life in Years | 12 years |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Schedule Of Estimated Useful Lives) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 8 years |
Consolidation Of Variable Int_2
Consolidation Of Variable Interest Entities (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($)item | |
Variable Interest Entity [Line Items] | ||||
Net book value | $ 2,265,260,000 | $ 2,004,961,000 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Net book value | 71,958,000 | 61,842,000 | ||
Cash | 25,211,000 | $ 20,685,000 | $ 30,449,000 | $ 35,106,000 |
Collateralized Financing Obligations [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Long-term debt | 107,200,000 | |||
Term Loan [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Long-term debt | $ 1,500,000 | |||
Containers [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Number of types of container fund arrangements | item | 2 | |||
Number of container portfolios sold | item | 0 | 0 | 0 | |
Net book value | $ 85,800,000 | |||
Gain (loss) recognized on initial consolidation of VIEs | 0 | |||
Carrying value of assets sold | $ 40,600,000 | $ 20,500,000 | $ 36,200,000 |
Rental Equipment (Schedule Of R
Rental Equipment (Schedule Of Rental Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | $ 2,864,703 | $ 2,510,507 |
Accumulated depreciation | (599,443) | (505,546) |
Rental equipment, net of accumulated depreciation | 2,265,260 | 2,004,961 |
Dry Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 1,840,304 | 1,533,063 |
Refrigerated Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 341,983 | 345,744 |
Other Specialized Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 192,035 | 160,529 |
Railcars [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 490,381 | $ 471,171 |
Rental equipment, net of accumulated depreciation | $ 448,500 |
Net Investment In Direct Fina_3
Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Investment In Direct Finance Leases [Abstract] | |||
Gross finance lease receivables | [1] | $ 804,511,000 | $ 412,489,000 |
Unearned income | [2] | (254,744,000) | (135,976,000) |
Net investment in direct finance leases | 549,767,000 | 276,513,000 | |
Unguaranteed residual value | 74,400,000 | 34,400,000 | |
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 $74.4 million and $34.4 million unguaranteed residual value at December 31, 2018 and 2017, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017. | ||
[2] | The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2018 and 2017. |
Net Investment In Direct Fina_4
Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Customer Categories) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | [1] | $ 804,511 | $ 412,489 |
Tier 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 698,014 | 366,629 | |
Tier 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 106,497 | 45,860 | |
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 $74.4 million and $34.4 million unguaranteed residual value at December 31, 2018 and 2017, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017. |
Net Investment In Direct Fina_5
Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Investment In Direct Finance Leases [Abstract] | |||
2,019 | $ 117,719 | ||
2,020 | 88,634 | ||
2,021 | 85,339 | ||
2,022 | 78,496 | ||
2,023 | 73,260 | ||
2024 and thereafter | 361,063 | ||
Gross finance lease receivables | [1] | $ 804,511 | $ 412,489 |
[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 $74.4 million and $34.4 million unguaranteed residual value at December 31, 2018 and 2017, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Intangible Assets [Abstract] | |||
Amortization expense | $ 1,989 | $ 1,969 | $ 1,443 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 11,130 | $ 11,130 |
Accumulated Amortization | (5,397) | (3,407) |
Net Carrying Amount | 5,733 | 7,723 |
Trademarks And Tradenames [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,786 | 1,786 |
Accumulated Amortization | (1,786) | (1,411) |
Net Carrying Amount | 375 | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 9,344 | 9,344 |
Accumulated Amortization | (3,611) | (1,996) |
Net Carrying Amount | $ 5,733 | $ 7,348 |
Intangible Assets (Schedule O_2
Intangible Assets (Schedule Of Estimated Future Amortization Expenses) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Intangible Assets [Abstract] | ||
2,019 | $ 1,609 | |
2,020 | 1,609 | |
2,021 | 1,516 | |
2,022 | 474 | |
2,023 | 457 | |
2024 and thereafter | 68 | |
Net Carrying Amount | $ 5,733 | $ 7,723 |
Equipment Leases (Details)
Equipment Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Equipment Leases [Abstract] | |
2,019 | $ 184,978 |
2,020 | 152,927 |
2,021 | 129,361 |
2,022 | 107,776 |
2,023 | 71,762 |
2024 and thereafter | 108,714 |
Gross operating leases receivable | $ 755,518 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) € in Millions | Jul. 06, 2017USD ($) | Mar. 28, 2013USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2018USD ($)item | Dec. 31, 2018EUR (€) | Dec. 31, 2018USD ($) | Jun. 26, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 22, 2015USD ($) | Jun. 25, 2014USD ($) | Mar. 27, 2013USD ($) | Sep. 13, 2012USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
Letters of credit outstanding | $ 100,000 | $ 100,000 | |||||||||||||
Net book value | 2,265,260,000 | 2,004,961,000 | |||||||||||||
Restricted cash | 30,668,000 | $ 11,789,000 | |||||||||||||
Railcars [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | 448,500,000 | ||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Jun. 30, 2023 | ||||||||||||||
Maximum credit commitment | $ 960,000,000 | ||||||||||||||
Maximum credit commitment increase amount | $ 250,000,000 | ||||||||||||||
Total leverage ratio | 4.00% | 4.00% | 3.75% | ||||||||||||
Average interest rate | 4.20% | 4.20% | 3.20% | ||||||||||||
Revolving Credit Facility [Member] | Containers [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | $ 477,000,000 | ||||||||||||||
Revolving Credit Facility [Member] | CAI Rail [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Oct. 23, 2023 | ||||||||||||||
Maximum credit commitment | 550,000,000 | $ 500,000,000 | |||||||||||||
Maximum credit commitment increase amount | 150,000,000 | ||||||||||||||
Available borrowing capacity | 277,500,000 | ||||||||||||||
Available borrowing capacity based on borrowing base and collateral requirements | 18,600,000 | ||||||||||||||
Net book value | $ 363,900,000 | ||||||||||||||
Average interest rate | 4.20% | 4.20% | 3.20% | ||||||||||||
Revolving Credit Facility [Member] | Consortium of Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum credit commitment | $ 1,100,000,000 | ||||||||||||||
Available borrowing capacity | 794,700,000 | ||||||||||||||
Available borrowing capacity based on borrowing base and collateral requirements | 91,200,000 | ||||||||||||||
Revolving Credit Facility [Member] | CAI International GmbH [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Sep. 1, 2020 | ||||||||||||||
Maximum credit commitment | € | € 25 | ||||||||||||||
Available borrowing capacity | € | 8 | ||||||||||||||
Available borrowing capacity based on borrowing base and collateral requirements | $ 1,200,000 | ||||||||||||||
Net book value | € | € 24.2 | ||||||||||||||
Average interest rate | 2.00% | 2.00% | 2.00% | ||||||||||||
Standby Letters Of Credit [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum credit commitment | $ 30,000,000 | ||||||||||||||
Swing Line Loans [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum credit commitment | 25,000,000 | ||||||||||||||
Maximum number of business days short term borrowings payable | 10 days | ||||||||||||||
Loan Agreement With Bank $100.0 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt balance | 98,500,000 | ||||||||||||||
Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt | 1,500,000 | ||||||||||||||
Term Loan [Member] | Rental Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | 461,800,000 | ||||||||||||||
Term Loan [Member] | CAI Rail [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Dec. 22, 2020 | ||||||||||||||
Long-term debt balance | 16,524,000 | ||||||||||||||
Principal amount of loan | $ 20,000,000 | ||||||||||||||
Term of loan | 5 years | ||||||||||||||
Average interest rate | 3.40% | 3.40% | 3.40% | ||||||||||||
Term Loan [Member] | Development Bank of Japan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Apr. 30, 2023 | ||||||||||||||
Long-term debt balance | $ 29,100,000 | ||||||||||||||
Principal amount of loan | 30,000,000 | ||||||||||||||
Term of loan | 5 years | ||||||||||||||
Number of quarterly installments | item | 19 | ||||||||||||||
Proceeds used to repay loan | $ 500,000 | ||||||||||||||
Debt instrument final payment | $ 21,500,000 | ||||||||||||||
Average interest rate | 4.50% | 4.50% | 3.40% | ||||||||||||
Term Loan [Member] | Consortium of Banks [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Maximum credit commitment | $ 300,000,000 | ||||||||||||||
Long-term debt balance | $ 125,000,000 | $ 249,400,000 | |||||||||||||
Term of loan | 6 years | ||||||||||||||
Proceeds used to repay loan | 124,400,000 | ||||||||||||||
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Oct. 1, 2019 | ||||||||||||||
Maximum credit commitment | $ 150,000,000 | $ 115,000,000 | |||||||||||||
Long-term debt balance | $ 111,750,000 | ||||||||||||||
Average interest rate | 3.80% | 3.80% | 3.10% | ||||||||||||
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Jun. 1, 2021 | ||||||||||||||
Maximum credit commitment | $ 142,000,000 | ||||||||||||||
Maximum credit commitment increase amount | 100,000,000 | ||||||||||||||
Long-term debt balance | $ 82,500,000 | ||||||||||||||
Term of loan | 5 years | ||||||||||||||
Quarterly payments specified as percentage of drawn amount | 1.75% | ||||||||||||||
Average interest rate | 4.00% | 4.00% | 3.30% | ||||||||||||
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Aug. 1, 2021 | ||||||||||||||
Long-term debt balance | $ 43,560,000 | ||||||||||||||
Principal amount of loan | 100,000,000 | ||||||||||||||
Term of loan | 5 years | ||||||||||||||
Long-term debt | $ 50,000,000 | ||||||||||||||
Average interest rate | 3.60% | 3.60% | 3.60% | ||||||||||||
Fixed interest rate | 3.60% | 3.60% | |||||||||||||
Term Loan [Member] | LIBOR [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 1.60% | 2.25% | |||||||||||||
Term Loan [Member] | Loan Agreement With Bank $100.0 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Oct. 1, 2023 | ||||||||||||||
Principal amount of loan | $ 100,000,000 | ||||||||||||||
Term of loan | 5 years | ||||||||||||||
Number of quarterly installments | item | 20 | ||||||||||||||
Proceeds used to repay loan | $ 1,500,000 | ||||||||||||||
Debt instrument final payment | $ 70,000,000 | ||||||||||||||
Average interest rate | 4.60% | 4.60% | |||||||||||||
Fixed interest rate | 4.60% | 4.60% | |||||||||||||
Senior Secured Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Sep. 13, 2022 | ||||||||||||||
Long-term debt balance | $ 58,885,000 | $ 103,000,000 | |||||||||||||
Average interest rate | 4.90% | 4.90% | 4.90% | ||||||||||||
Senior Secured Notes [Member] | Rental Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | $ 76,200,000 | ||||||||||||||
Asset Backed Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from asset backed notes | $ 229,000,000 | ||||||||||||||
Average interest rate | 3.70% | 3.70% | |||||||||||||
Asset Backed Notes [Member] | Rental Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | $ 1,249,200,000 | ||||||||||||||
Asset Backed Notes [Member] | Series 2012-1 Asset-Backed Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Oct. 1, 2027 | ||||||||||||||
Long-term debt balance | 65,550,000 | ||||||||||||||
Principal amount of loan | $ 171,000,000 | ||||||||||||||
Average interest rate | 3.50% | 3.50% | 3.50% | ||||||||||||
Fixed interest rate | 3.47% | 3.47% | |||||||||||||
Asset Backed Notes [Member] | Series 2013-1 Asset-Backed Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Mar. 1, 2028 | ||||||||||||||
Long-term debt balance | $ 97,325,000 | ||||||||||||||
Principal amount of loan | $ 229,000,000 | ||||||||||||||
Average interest rate | 3.40% | 3.40% | 3.40% | ||||||||||||
Fixed interest rate | 3.35% | 3.35% | |||||||||||||
Asset Backed Notes [Member] | Class A Asset-Backed Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from asset backed notes | $ 240,900,000 | ||||||||||||||
Average interest rate | 3.60% | ||||||||||||||
Asset Backed Notes [Member] | Class B Asset-Backed Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Proceeds from asset backed notes | $ 12,200,000 | ||||||||||||||
Average interest rate | 4.60% | ||||||||||||||
Asset Backed Notes [Member] | Series 2017-1 Asset-Backed Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Jun. 1, 2042 | ||||||||||||||
Long-term debt balance | $ 215,109,000 | ||||||||||||||
Average interest rate | 3.70% | 3.70% | 3.70% | ||||||||||||
Asset Backed Notes [Member] | Series 2018-1 Asset Backed Notes - Class A [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of loan | $ 332,000,000 | ||||||||||||||
Fixed interest rate | 4.00% | 4.00% | |||||||||||||
Asset Backed Notes [Member] | Series 2018-1 Asset Backed Notes - Class B [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of loan | $ 16,900,000 | ||||||||||||||
Fixed interest rate | 4.80% | 4.80% | |||||||||||||
Asset Backed Notes [Member] | Series 2018-2 Asset Backed Notes - Class A [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of loan | $ 331,500,000 | ||||||||||||||
Fixed interest rate | 4.30% | 4.30% | |||||||||||||
Asset Backed Notes [Member] | Series 2018-2 Asset Backed Notes - Class B [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Principal amount of loan | $ 12,000,000 | ||||||||||||||
Fixed interest rate | 5.20% | 5.20% | |||||||||||||
Collateralized Financing Obligations [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Dec. 1, 2021 | ||||||||||||||
Long-term debt balance | $ 107,225,000 | ||||||||||||||
Long-term debt | $ 107,200,000 | ||||||||||||||
Average interest rate | 1.20% | 1.20% | 1.20% | ||||||||||||
Maturity date range start | Mar. 1, 2019 | ||||||||||||||
Maturity date range end | Dec. 1, 2021 | ||||||||||||||
Minimum [Member] | Senior Secured Notes [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Percentage of aggregate principal to prepay | 10 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | $ 71,958,000 | $ 61,842,000 | |||||||||||||
Restricted cash | 30,668,000 | $ 11,789,000 | $ 6,192,000 | $ 7,212,000 | |||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Containers [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | 85,800,000 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt instrument maturity date | Jun. 1, 2019 | ||||||||||||||
Long-term debt balance | $ 1,456,000 | ||||||||||||||
Average interest rate | 3.30% | 3.30% | 2.70% | ||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | Rental Equipment [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Net book value | $ 8,500,000 | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Amortizing Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt balance | $ 9,200,000 | ||||||||||||||
Term of loan | 5 years | ||||||||||||||
Fixed interest rate | 2.70% | ||||||||||||||
Variable Interest Entity, Primary Beneficiary [Member] | Non-Amortizing Term Loan [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term debt balance | $ 1,600,000 | ||||||||||||||
Term of loan | 5 years |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 316,622 | $ 135,869 |
Gross Debt, Long-term Outstanding | 1,862,757 | 1,578,666 |
Debt issuance costs, Current Outstanding | (5,241) | (3,820) |
Debt issuance costs, Long-term Outstanding | (15,124) | (7,893) |
Total Debt, Current Outstanding | 311,381 | 132,049 |
Total Debt, Long-term Outstanding | 1,847,633 | 1,570,773 |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | 4,200 | |
Gross Debt, Long-term Outstanding | $ 301,000 | $ 528,000 |
Average Interest | 4.20% | 3.20% |
Maturity | Jun. 30, 2023 | |
Revolving Credit Facility [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Long-term Outstanding | $ 272,500 | $ 272,000 |
Average Interest | 4.20% | 3.20% |
Maturity | Oct. 23, 2023 | |
Revolving Credit Facility [Member] | CAI International GmbH [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Long-term Outstanding | $ 19,457 | $ 14,736 |
Average Interest | 2.00% | 2.00% |
Maturity | Sep. 1, 2020 | |
Term Loan [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,240 | $ 1,198 |
Gross Debt, Long-term Outstanding | $ 15,284 | $ 16,524 |
Average Interest | 3.40% | 3.40% |
Maturity | Dec. 22, 2020 | |
Term Loan [Member] | Development Bank of Japan [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,800 | $ 21,900 |
Gross Debt, Long-term Outstanding | $ 27,300 | |
Average Interest | 4.50% | 3.40% |
Maturity | Apr. 30, 2023 | |
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 111,750 | $ 9,000 |
Gross Debt, Long-term Outstanding | $ 111,750 | |
Average Interest | 3.80% | 3.10% |
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 | $ 75,500 | $ 82,500 |
Average Interest | 4.00% | 3.30% |
Maturity | Jun. 1, 2021 | |
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 2,909 | $ 2,805 |
Gross Debt, Long-term Outstanding | $ 40,651 | $ 43,560 |
Average Interest | 3.60% | 3.60% |
Maturity | Aug. 1, 2021 | |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 6,110 | $ 6,110 |
Gross Debt, Long-term Outstanding | $ 52,775 | $ 58,885 |
Average Interest | 4.90% | 4.90% |
Maturity | Sep. 13, 2022 | |
Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Average Interest | 3.70% | |
Collateralized Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 39,610 | $ 22,549 |
Gross Debt, Long-term Outstanding | $ 67,615 | $ 69,441 |
Average Interest | 1.20% | 1.20% |
Maturity | Dec. 1, 2021 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Debt Instrument [Line Items] | ||
Total Debt, Current Outstanding | $ 41,066 | $ 22,549 |
Total Debt, Long-term Outstanding | 67,615 | 72,727 |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 1,456 | |
Gross Debt, Long-term Outstanding | $ 3,286 | |
Average Interest | 3.30% | 2.70% |
Maturity | Jun. 1, 2019 | |
Loan Agreement With Bank $100.0 Million [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 6,000 | |
Gross Debt, Long-term Outstanding | $ 92,500 | |
Average Interest | 4.60% | |
Maturity | Oct. 1, 2023 | |
Series 2012-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 17,100 | $ 17,100 |
Gross Debt, Long-term Outstanding | $ 48,450 | $ 65,550 |
Average Interest | 3.50% | 3.50% |
Maturity | Oct. 1, 2027 | |
Series 2013-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 22,900 | $ 22,900 |
Gross Debt, Long-term Outstanding | $ 74,425 | $ 97,325 |
Average Interest | 3.40% | 3.40% |
Maturity | Mar. 1, 2028 | |
Series 2017-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 25,307 | $ 25,307 |
Gross Debt, Long-term Outstanding | $ 189,802 | $ 215,109 |
Average Interest | 3.70% | 3.70% |
Maturity | Jun. 1, 2042 | |
Series 2018-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 34,890 | |
Gross Debt, Long-term Outstanding | $ 284,935 | |
Average Interest | 4.00% | |
Maturity | Feb. 1, 2043 | |
Series 2018-2 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Gross Debt, Current Outstanding | $ 34,350 | |
Gross Debt, Long-term Outstanding | $ 300,563 | |
Average Interest | 4.40% | |
Maturity | Sep. 1, 2043 |
Debt (Schedule Of Maturities Of
Debt (Schedule Of Maturities Of Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 13, 2012 |
Term Loan [Member] | Development Bank of Japan [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | $ 3,086 | |
2,020 | 3,005 | |
2,021 | 2,924 | |
2,022 | 2,842 | |
2,023 | 22,391 | |
Long term debt including interest | 34,248 | |
Less: Amount representing interest | (5,148) | |
Long-term Debt, Total | 29,100 | |
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 115,275 | |
Long term debt including interest | 115,275 | |
Less: Amount representing interest | (3,525) | |
Long-term Debt, Total | 111,750 | |
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 10,459 | |
2,020 | 10,165 | |
2,021 | 69,953 | |
Long term debt including interest | 90,577 | |
Less: Amount representing interest | (8,077) | |
Long-term Debt, Total | 82,500 | |
Term Loan [Member] | CAI Rail [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 1,793 | |
2,020 | 15,793 | |
Long term debt including interest | 17,586 | |
Less: Amount representing interest | (1,062) | |
Long-term Debt, Total | 16,524 | |
Term Loan [Member] | Consortium Of Banks Note Dated August 30 2016 [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 4,441 | |
2,020 | 4,441 | |
2,021 | 38,524 | |
Long term debt including interest | 47,406 | |
Less: Amount representing interest | (3,846) | |
Long-term Debt, Total | 43,560 | |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 8,921 | |
2,020 | 8,621 | |
2,021 | 8,322 | |
2,022 | 42,467 | |
Long term debt including interest | 68,331 | |
Less: Amount representing interest | (9,446) | |
Long-term Debt, Total | 58,885 | $ 103,000 |
Collateralized Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 40,784 | |
2,020 | 22,084 | |
2,021 | 36,414 | |
2,022 | 10,147 | |
Long term debt including interest | 109,429 | |
Less: Amount representing interest | (2,204) | |
Long-term Debt, Total | 107,225 | |
Loan Agreement With Bank $100.0 Million [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 10,396 | |
2,020 | 10,122 | |
2,021 | 9,848 | |
2,022 | 9,574 | |
2,023 | 77,266 | |
Long term debt including interest | 117,206 | |
Less: Amount representing interest | (18,706) | |
Long-term Debt, Total | 98,500 | |
Series 2012-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 19,103 | |
2,020 | 18,509 | |
2,021 | 17,916 | |
2,022 | 14,477 | |
Long term debt including interest | 70,005 | |
Less: Amount representing interest | (4,455) | |
Long-term Debt, Total | 65,550 | |
Series 2013-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 25,809 | |
2,020 | 25,042 | |
2,021 | 24,274 | |
2,022 | 23,507 | |
2,023 | 5,757 | |
Long term debt including interest | 104,389 | |
Less: Amount representing interest | (7,064) | |
Long-term Debt, Total | 97,325 | |
Series 2017-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 32,770 | |
2,020 | 31,842 | |
2,021 | 30,914 | |
2,022 | 29,986 | |
2,023 | 29,058 | |
2024 and thereafter | 94,394 | |
Long term debt including interest | 248,964 | |
Less: Amount representing interest | (33,855) | |
Long-term Debt, Total | 215,109 | |
Series 2018-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 47,045 | |
2,020 | 45,650 | |
2,021 | 44,254 | |
2,022 | 42,858 | |
2,023 | 41,462 | |
2024 and thereafter | 157,734 | |
Long term debt including interest | 379,003 | |
Less: Amount representing interest | (59,178) | |
Long-term Debt, Total | 319,825 | |
Series 2018-2 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 48,300 | |
2,020 | 46,799 | |
2,021 | 45,297 | |
2,022 | 43,796 | |
2,023 | 42,295 | |
2024 and thereafter | 180,397 | |
Long term debt including interest | 406,884 | |
Less: Amount representing interest | (71,971) | |
Long-term Debt, Total | 334,913 | |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
2,019 | 1,486 | |
Long term debt including interest | 1,486 | |
Less: Amount representing interest | (30) | |
Long-term Debt, Total | $ 1,456 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options available for grant | 3,421,980 | ||
Contractual term | 10 years | ||
Aggregate intrinsic value of options exercised | $ 0.1 | $ 11.7 | |
Closing price per share | $ 23.23 | ||
Stock-based compensation expense recorded | $ 1.2 | 1.6 | $ 1.3 |
Remaining unamortized stock-based compensation cost | $ 1.3 | ||
Stock-based compensation cost recognition period | 1 year 8 months 12 days | ||
Fair value of stock options granted | $ 2.1 | $ 0.9 | |
Fair value of stock options granted per share | $ 9.16 | $ 3.55 | |
Estimated forfeiture on options granted | 0 | 0 | |
Stock Options [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards | 4 years | ||
Stock Options [Member] | Employees [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Stock Options [Member] | Employees [Member] | Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 2.083% | ||
Stock Options [Member] | Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards | 1 year | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense recorded | $ 1.6 | $ 0.5 | $ 0.4 |
Remaining unamortized stock-based compensation cost | $ 2.7 | ||
Stock-based compensation cost recognition period | 2 years | ||
Restricted Stock [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards | 4 years | ||
Restricted Stock [Member] | Employees [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Restricted Stock [Member] | Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards | 1 year | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of awards | 3 years |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding at beginning of period, Number of Shares | 859,560 | 1,428,255 | 1,189,255 |
Options granted, Number of Shares | 230,500 | 245,000 | |
Options exercised, Number of Shares | (9,393) | (6,000) | |
Options forfeited/cancelled, Number of Shares | (799,195) | ||
Options outstanding at end of period, Number of Shares | 850,167 | 859,560 | 1,428,255 |
Options exercisable, Number of Shares | 657,471 | ||
Expected to vest after end of period, Number of Shares | 192,696 | ||
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 16.44 | $ 16.31 | $ 18.08 |
Options granted, Weighted Average Exercise Price | 16.80 | 7.87 | |
Options exercised, Weighted Average Exercise Price | 14.76 | 21.99 | |
Options forfeited/cancelled, Weighted Average Exercise Price | 16.31 | ||
Options outstanding at end of period, Weighted Average Exercise Price | 16.46 | $ 16.44 | $ 16.31 |
Options exercisable, Weighted Average Exercise Price | 17.38 | ||
Expected to vest after end of period, Weighted Average Exercise Price | $ 13.33 | ||
Weighted average remaining term | 5 years 10 months 24 days | ||
Weighted average remaining term | 5 years 3 months 18 days | ||
Expected to vest after end of period, Weighted Average Remaining Contractual Term (in years) | 7 years 8 months 12 days | ||
Aggregate intrinsic value of options outstanding | $ 5,936 | ||
Options exercisable at end of period, Aggregate Intrinsic Value (in thousands) | 4,028 | ||
Expected to vest after end of period, Aggregate Intrinsic Value (in thousands) | $ 1,907 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plan (Summary Of Fair Value Weighted Average Assumptions) (Details) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 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 Plan_5
Stock-Based Compensation Plan (Summary Of Restricted Stock and Performance Stock Activity) (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock and performance stock outstanding, Beginning balance, Number of Shares of Restricted Stock | 78,542 | 65,802 | 48,025 |
Restricted stock and performance stock granted, Number of Shares of Restricted Stock | 156,165 | 37,414 | 34,500 |
Restricted stock and performance stock vested, Number of Shares of Restricted Stock | (29,977) | (14,379) | |
Restricted stock and performance stock forfeited, Number of Shares of Restricted Stock | (24,674) | (2,344) | |
Restricted stock and performance stock outstanding, Ending balance, Number of Shares of Restricted Stock | 204,730 | 78,542 | 65,802 |
Restricted stock and performance stock outstanding, Beginning balance, Weighted Average Grant Date Fair Value | $ 14.92 | $ 14.75 | $ 22.70 |
Restricted stock and performance stock granted, Weighted Average Grant Date Fair Value | 22.48 | 17.14 | 7.87 |
Restricted stock and performance stock vested, Weighted Average Grant Date Fair Value | 16.52 | 23.61 | |
Restricted stock and performance stock forfeited, Weighted Average Grant Date Fair Value | 17.83 | 21.96 | |
Restricted stock and performance stock outstanding, Ending balance, Weighted Average Grant Date Fair Value | $ 20.45 | $ 14.92 | $ 14.75 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | |||
U.S federal income tax rate | 21.00% | 35.00% | 35.00% |
Net tax benefit from U.S. Tax Cuts and Job Act | $ 16.9 | ||
Limitation On The Deduction Of Interest Expense, Percent In Excess Of Adjusted Taxable Income | 30.00% | ||
Limitation On The Utilization Of Net Operating Losses Generated After Prior Fiscal Year, Percent Of Taxable Income | 80.00% | ||
Undistributed foreign earnings | $ 28.5 | ||
Minimum percentage realization for recognition of income tax position | 50.00% | ||
Unrecognized tax benefits, if recognized, would reduce the Company’s effective tax rate | $ 0.3 | ||
Accrued potential interest and penalties related to unrecognized tax benefits | 0.1 | $ 0.1 | |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 149.9 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2035 | ||
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 19.9 | ||
Operating loss carryforwards, expiration date | Dec. 31, 2029 | ||
Earliest Tax Year [Member] | Federal [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,015 | ||
Earliest Tax Year [Member] | State [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,014 | ||
Latest Tax Year [Member] | Federal [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,017 | ||
Latest Tax Year [Member] | State [Member] | |||
Income Taxes [Line Items] | |||
Tax years subject to examinations by tax authorities | 2,017 |
Income Taxes (Schedule Of Net I
Income Taxes (Schedule Of Net Income Before Income Taxes And Non-Controlling Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
U.S. operations | $ (5,391) | $ (2,080) | $ 8,996 |
Foreign operations | 86,874 | 59,279 | 882 |
Income before income taxes and non-controlling interest | $ 81,483 | $ 57,199 | $ 9,878 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Federal | $ 26 | $ (531) | $ 312 |
State | 113 | 86 | 56 |
Foreign | 282 | 531 | 2,338 |
Current income tax expense (benefit) | 421 | 86 | 2,706 |
Federal | 1,415 | (19,304) | 3,090 |
State | (528) | 3,172 | 238 |
Foreign | 1,579 | 1,185 | (2,190) |
Deferred income tax expense (benefit) | 2,466 | (14,947) | 1,138 |
Total income tax expense (benefit) | $ 2,887 | $ (14,861) | $ 3,844 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Abstract] | |||
Computed expected tax expense | $ 17,112 | $ 20,020 | $ 3,458 |
Foreign tax differential | (16,384) | (19,032) | (88) |
State income tax expense, net of federal income tax benefit | 25 | 191 | 310 |
Subpart F income | 2,202 | 683 | 711 |
IRC Section 162(m) excess officer's compensatio | 172 | ||
Non-deductible stock-based compensation | 133 | 218 | 155 |
Excess tax benefit related to stock-based compensation | (34) | (1,858) | |
Increase in uncertain tax positions | 25 | 61 | 36 |
Adjustment for prior years | (431) | 1,894 | |
Change in Federal tax rate | (16,945) | ||
Adjustment to contingent consideration | (429) | (634) | |
Change in valuation allowance | (15) | ||
Other | 67 | 336 | (89) |
Total income tax expense (benefit) | $ 2,887 | $ (14,861) | $ 3,844 |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Taxes [Abstract] | ||
Accounts receivable | $ 144 | $ 68 |
Accrued expenses and other current liabilities | 743 | 886 |
Unearned revenue | 51 | 198 |
Stock-based compensation | 1,060 | 744 |
Other | 62 | 89 |
Net operating loss carry forwards | 37,464 | 34,758 |
Gross deferred tax assets | 39,524 | 36,743 |
Net deferred tax assets | 39,524 | 36,743 |
Depreciation and amortization | 68,859 | 65,609 |
Foreign deferred tax liabilities | 1,047 | 943 |
Intangible assets | 1,425 | 1,734 |
Deferred subpart F income | 6,512 | 4,310 |
Gross deferred tax liabilities | 77,843 | 72,596 |
Net deferred tax liability | $ 38,319 | $ 35,853 |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | ||
Beginning balance | $ 277 | $ 266 |
Increases related to current year tax positions | 14 | 11 |
Ending balance | $ 291 | $ 277 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Carrying Amount [Member] | Collateralized Financing Obligations [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | $ 107.2 |
Carrying Amount [Member] | Revolving Credit Facility [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 597.2 |
Carrying Amount [Member] | Term Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 223.4 |
Carrying Amount [Member] | Fixed-Rate Term Loans [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 158.6 |
Carrying Amount [Member] | Senior Secured Notes [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 58.9 |
Carrying Amount [Member] | Asset Backed Notes [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 1,032.7 |
Fair Value [Member] | Collateralized Financing Obligations [Member] | Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 108.9 |
Fair Value [Member] | Asset Backed Notes [Member] | Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | 1,024.7 |
Variable Interest Entity, Primary Beneficiary [Member] | Carrying Amount [Member] | Term Loan [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Long-term debt | $ 1.5 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)item | Dec. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Lease term | 5 years | ||
Office facility expense | $ 97,170 | $ 68,155 | $ 51,980 |
Number of outstanding letters of credit | item | 1 | 1 | |
Outstanding letter of credit | $ 100 | $ 100 | |
Rental equipment payable | 74,139 | 92,415 | 92,415 |
Office Facility Expense [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Office facility expense | 2,700 | $ 2,000 | $ 1,700 |
Containers [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Commitments to purchase rental equipment | 9,400 | ||
Railcars [Member] | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Commitments to purchase rental equipment | $ 64,400 |
Commitments And Contingencies_3
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments And Contingencies [Abstract] | |
2,019 | $ 2,395 |
2,020 | 801 |
2,021 | 707 |
2,022 | 530 |
2,023 | 393 |
2024 and thereafter | 78 |
Future minimum lease payments under operating lease agreements | $ 4,904 |
Related Party Transactions (Det
Related Party Transactions (Details) - Directors [Member] | 1 Months Ended |
May 31, 2018$ / sharesshares | |
Related Party Transaction [Line Items] | |
Common stock repurchased and subsequently cancelled, shares | shares | 1,225,214 |
Average price per share | $ / shares | $ 22.81 |
Common stock repurchased and subsequently cancelled, discount rate | 2.00% |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2018 | Apr. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | May 31, 2018 | Oct. 31, 2017 | |
Class of Stock [Line Items] | |||||||
Preferred shares, par value | $ 0.0001 | $ 0.0001 | |||||
Common Stock A [Member] | |||||||
Class of Stock [Line Items] | |||||||
Authorized number of shares for issuance in offering program | 2,000,000 | ||||||
Issuance of common stock | 100,000 | ||||||
Proceeds from issuance of stock, gross | $ 2.8 | ||||||
Payments of sales commissions | $ 0.1 | ||||||
Remaining number of shares for issuance in offering program | 1,000,000 | ||||||
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares issued | 170,900 | 1,600,000 | 2,199,610 | 0 | |||
Preferred shares dividend rate | 8.50% | 8.50% | 8.50% | ||||
Preferred shares, par value | $ 0.0001 | ||||||
Preferred shares, liquidation preference | 25 | ||||||
Preferred shares, redemption price | $ 25 | ||||||
Net proceeds from issuance of preferred shares | $ 4.1 | $ 38.3 | $ 10.5 | ||||
Payments of underwriting discount | $ 0.1 | ||||||
Authorized number of shares for issuance in offering program | 2,200,000 | ||||||
Issuance of common stock | 428,710 | ||||||
Payments of sales commissions | $ 0.2 | ||||||
Remaining number of shares for issuance in offering program | 1,800,000 | ||||||
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares issued | 1,700,000 | 1,955,000 | 0 | ||||
Preferred shares dividend rate | 8.50% | 8.50% | 8.50% | ||||
Preferred shares, par value | $ 0.0001 | ||||||
Preferred shares, liquidation preference | $ 25 | ||||||
Preferred shares, redemption price | $ 25 | ||||||
Net proceeds from issuance of preferred shares | $ 41.2 | ||||||
Preferred shares issued, additional offering | 255,000 | ||||||
Net proceeds from issuance of preferred shares, additional offering | $ 6.2 | ||||||
Payments of underwriting discount | $ 0.2 | ||||||
LIBOR [Member] | Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares, variable dividend rate | 5.82% | ||||||
LIBOR [Member] | Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred shares, variable dividend rate | 5.69% |
Segment And Geographic Inform_3
Segment And Geographic Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Revenues | $ 115,567 | $ 115,452 | $ 105,705 | $ 95,374 | $ 94,034 | $ 90,161 | $ 82,692 | $ 81,506 | $ 432,098 | $ 348,393 | $ 294,354 |
Net book value | 2,265,260 | $ 2,004,961 | 2,265,260 | $ 2,004,961 | |||||||
Inter-Segment [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Revenues | 0 | ||||||||||
Railcars [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Net book value | $ 448,500 | $ 448,500 |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | $ 115,567 | $ 115,452 | $ 105,705 | $ 95,374 | $ 94,034 | $ 90,161 | $ 82,692 | $ 81,506 | $ 432,098 | $ 348,393 | $ 294,354 | ||
Total operating expenses | 72,578 | 72,571 | 65,786 | 60,658 | 57,631 | 58,267 | 57,924 | 63,555 | 271,593 | 237,377 | 241,068 | ||
Depreciation of rental equipment | 121,298 | 110,952 | 104,877 | ||||||||||
Storage, handling and other expenses | 14,545 | 20,918 | 35,862 | ||||||||||
Logistics transportation costs | 97,170 | 68,155 | 51,980 | ||||||||||
(Gain) loss on sale of used rental equipment | (11,725) | (5,347) | 12,671 | ||||||||||
Administrative expenses | 50,305 | 42,699 | 35,678 | ||||||||||
Costs and Expenses | 72,578 | 72,571 | 65,786 | 60,658 | 57,631 | 58,267 | 57,924 | 63,555 | 271,593 | 237,377 | 241,068 | ||
Operating income | 42,989 | $ 42,881 | $ 39,919 | $ 34,716 | 36,403 | $ 31,894 | $ 24,768 | $ 17,951 | 160,505 | 111,016 | 53,286 | ||
Interest Income (Expense), Nonoperating, Net | (78,345) | (53,052) | (42,754) | ||||||||||
Other Nonoperating Income (Expense) | (677) | (765) | (654) | ||||||||||
Total other expenses | 79,022 | 53,817 | 43,408 | ||||||||||
Income before income taxes and non-controlling interest | 81,483 | 57,199 | 9,878 | ||||||||||
Goodwill | 15,794 | 15,794 | 15,794 | 15,794 | 15,800 | $ 15,800 | |||||||
Total assets | [1] | 3,012,617 | 2,428,128 | 3,012,617 | 2,428,128 | ||||||||
Purchase of rental equipment | [2] | 812,021 | 502,050 | 251,165 | |||||||||
Container Leasing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | 284,924 | 235,365 | 202,328 | ||||||||||
Rail Leasing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | 35,703 | 32,476 | 30,490 | ||||||||||
Logistics [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | 111,471 | 80,552 | 61,536 | ||||||||||
Operating Segments [Member] | Container Leasing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | 284,924 | 235,365 | 202,328 | ||||||||||
Total operating expenses | 133,636 | 132,552 | 161,423 | ||||||||||
Depreciation of rental equipment | 107,109 | 99,753 | 95,755 | ||||||||||
Storage, handling and other expenses | 8,853 | 15,207 | 32,465 | ||||||||||
(Gain) loss on sale of used rental equipment | (9,886) | (5,333) | 12,750 | ||||||||||
Administrative expenses | 27,560 | 22,925 | 20,453 | ||||||||||
Costs and Expenses | 133,636 | 132,552 | 161,423 | ||||||||||
Operating income | 151,288 | 102,813 | 40,905 | ||||||||||
Interest Income (Expense), Nonoperating, Net | (62,572) | (41,815) | (35,784) | ||||||||||
Other Nonoperating Income (Expense) | (677) | (765) | (654) | ||||||||||
Total other expenses | 63,249 | 42,580 | 36,438 | ||||||||||
Income before income taxes and non-controlling interest | 88,039 | 60,233 | 4,467 | ||||||||||
Total assets | 2,506,279 | 1,938,723 | 2,506,279 | 1,938,723 | |||||||||
Purchase of rental equipment | [2] | 739,944 | 445,168 | 118,374 | |||||||||
Operating Segments [Member] | Rail Leasing [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | 35,703 | 32,476 | 30,490 | ||||||||||
Total operating expenses | 23,339 | 21,556 | 16,300 | ||||||||||
Depreciation of rental equipment | 14,189 | 11,199 | 9,122 | ||||||||||
Storage, handling and other expenses | 5,692 | 5,615 | 3,386 | ||||||||||
(Gain) loss on sale of used rental equipment | (1,839) | (14) | 33 | ||||||||||
Administrative expenses | 5,297 | 4,756 | 3,759 | ||||||||||
Costs and Expenses | 23,339 | 21,556 | 16,300 | ||||||||||
Operating income | 12,364 | 10,920 | 14,190 | ||||||||||
Interest Income (Expense), Nonoperating, Net | (15,773) | (11,237) | (6,970) | ||||||||||
Total other expenses | 15,773 | 11,237 | 6,970 | ||||||||||
Income before income taxes and non-controlling interest | (3,409) | (317) | 7,220 | ||||||||||
Total assets | 460,387 | 449,376 | 460,387 | 449,376 | |||||||||
Purchase of rental equipment | [2] | 72,077 | 56,882 | 132,791 | |||||||||
Operating Segments [Member] | Logistics [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Total revenue | 111,471 | 80,552 | 61,536 | ||||||||||
Total operating expenses | 114,618 | 83,269 | 63,345 | ||||||||||
Storage, handling and other expenses | 96 | 11 | |||||||||||
Logistics transportation costs | 97,170 | 68,155 | 51,980 | ||||||||||
(Gain) loss on sale of used rental equipment | (112) | ||||||||||||
Administrative expenses | 17,448 | 15,018 | 11,466 | ||||||||||
Costs and Expenses | 114,618 | 83,269 | 63,345 | ||||||||||
Operating income | (3,147) | (2,717) | (1,809) | ||||||||||
Income before income taxes and non-controlling interest | (3,147) | (2,717) | $ (1,809) | ||||||||||
Goodwill | 15,794 | 15,794 | 15,794 | 15,794 | |||||||||
Total assets | $ 45,951 | $ 40,029 | $ 45,951 | $ 40,029 | |||||||||
[1] | Total assets at December 31, 2018 and December 31, 2017 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $25,211 and $20,685; Net investment in direct finance leases, $13,862 and $4,423; and Rental equipment net of accumulated depreciation, $71,958 and $61,842, respectively. | ||||||||||||
[2] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated |
Segment And Geographic Inform_5
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | $ 115,567 | $ 115,452 | $ 105,705 | $ 95,374 | $ 94,034 | $ 90,161 | $ 82,692 | $ 81,506 | $ 432,098 | $ 348,393 | $ 294,354 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 154,427 | 120,558 | 99,824 | ||||||||
Switzerland [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 50,805 | 32,430 | 19,636 | ||||||||
France [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 37,565 | 34,862 | 29,273 | ||||||||
Korea [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 31,877 | 20,755 | 14,904 | ||||||||
Singapore [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 26,854 | 19,856 | 16,172 | ||||||||
Other Asia [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 67,695 | 64,097 | 63,190 | ||||||||
Other Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 54,677 | 45,176 | 40,170 | ||||||||
Other International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | $ 8,198 | $ 10,659 | $ 11,185 |
Concentration Of Credit Risk (D
Concentration Of Credit Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 115,567 | $ 115,452 | $ 105,705 | $ 95,374 | $ 94,034 | $ 90,161 | $ 82,692 | $ 81,506 | $ 432,098 | $ 348,393 | $ 294,354 |
Single Largest Container Lessee [Member] | Customer Concentration Risk [Member] | Total Revenue [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Percentage of operations comprised by segment | 11.80% | 9.70% | 6.90% | ||||||||
Revenues | $ 58,000 | $ 34,700 | $ 20,600 | ||||||||
Single Largest Container Lessee [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Percentage of operations comprised by segment | 6.00% | 6.00% | |||||||||
Second Largest Container Lessee [Member] | Customer Concentration Risk [Member] | Total Revenue [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Percentage of operations comprised by segment | 8.40% | 10.50% | 10.60% | ||||||||
Revenues | $ 41,300 | $ 37,500 | $ 31,700 | ||||||||
Second Largest Container Lessee [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Percentage of operations comprised by segment | 15.00% | 9.00% |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Securities having antidilutive effect | 160,163 | 458,857 | 1,135,711 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Basic And Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||||||||||
Net income attributable to CAI common stockholders | $ 17,200 | $ 20,006 | $ 19,149 | $ 17,117 | $ 36,563 | $ 17,587 | $ 12,638 | $ 5,272 | $ 73,472 | $ 72,060 | $ 5,997 |
Weighted-average shares used in per share computation - basic | 19,562 | 19,253 | 19,318 | ||||||||
Effect of dilutive securities: Stock options and restricted stock | 260 | 354 | 75 | ||||||||
Weighted-average shares used in per share computation - diluted | 19,822 | 19,607 | 19,393 | ||||||||
Basic | $ 0.90 | $ 1.04 | $ 0.98 | $ 0.84 | $ 1.86 | $ 0.92 | $ 0.66 | $ 0.28 | $ 3.76 | $ 3.74 | $ 0.31 |
Diluted | $ 0.89 | $ 1.03 | $ 0.97 | $ 0.83 | $ 1.81 | $ 0.90 | $ 0.65 | $ 0.27 | $ 3.71 | $ 3.68 | $ 0.31 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Feb. 26, 2019item | Feb. 28, 2019USD ($)item | Jun. 30, 2019USD ($)item |
Forecast [Member] | Sale Of Second Railcars [Member] | |||
Subsequent Event [Line Items] | |||
Number Of Railcars, Agreement To Sale | 200 | ||
Disposal Group, Including Discontinued Operation, Consideration | $ | $ 32 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number Of Railcars, Agreement To Sale | 2,146 | ||
Subsequent Event [Member] | Sale Of First Railcars [Member] | |||
Subsequent Event [Line Items] | |||
Number Of Railcars, Agreement To Sale | 1,946 | ||
Disposal Group, Including Discontinued Operation, Consideration | $ | $ 165.3 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selected Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 115,567 | $ 115,452 | $ 105,705 | $ 95,374 | $ 94,034 | $ 90,161 | $ 82,692 | $ 81,506 | $ 432,098 | $ 348,393 | $ 294,354 |
Operating expenses | 72,578 | 72,571 | 65,786 | 60,658 | 57,631 | 58,267 | 57,924 | 63,555 | 271,593 | 237,377 | 241,068 |
Operating (loss) income | 42,989 | 42,881 | 39,919 | 34,716 | 36,403 | 31,894 | 24,768 | 17,951 | 160,505 | 111,016 | 53,286 |
Net (loss) income attributable to CAI common stockholders | $ 17,200 | $ 20,006 | $ 19,149 | $ 17,117 | $ 36,563 | $ 17,587 | $ 12,638 | $ 5,272 | $ 73,472 | $ 72,060 | $ 5,997 |
Net (loss) income per basic share attributable to CAI common stockholders | $ 0.90 | $ 1.04 | $ 0.98 | $ 0.84 | $ 1.86 | $ 0.92 | $ 0.66 | $ 0.28 | $ 3.76 | $ 3.74 | $ 0.31 |
Net (loss) income per diluted share attributable to CAI common stockholders | $ 0.89 | $ 1.03 | $ 0.97 | $ 0.83 | $ 1.81 | $ 0.90 | $ 0.65 | $ 0.27 | $ 3.71 | $ 3.68 | $ 0.31 |
Schedule II Valuation Accounts
Schedule II Valuation Accounts (Details) - Allowance For Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 1,440 | $ 1,340 | $ 548 | |
Net Additions to Expense | 492 | 402 | 3,151 | |
(Deductions)/Recoveries | [1] | 110 | (302) | (2,359) |
Balance at End of Period | $ 2,042 | $ 1,440 | $ 1,340 | |
[1] | Primarily consists of write-offs, net of recoveries and other adjustments |