Triton International Limited (TRTN-PB) 10-Q 11 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 07, 2017
Document and Entity Information
Entity Registrant Name	Triton International Ltd
Entity Central Index Key	1,660,734
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		74,536,402
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS:
Leasing equipment, net of accumulated depreciation of $1,994,936 and $1,787,505	$ 7,813,214	$ 7,370,519
Net investment in finance leases	325,125	346,810
Equipment held for sale	72,824	99,863
Revenue earning assets	8,211,163	7,817,192
Cash and cash equivalents	169,659	113,198
Restricted cash	112,118	50,294
Accounts receivable, net of allowances of $27,791 and $28,609	187,364	173,585
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $103,406 and $56,159	199,350	246,598
Insurance receivables	0	17,170
Other assets	51,038	53,126
Fair value of derivative instruments	6,604	5,743
Total assets	9,173,961	8,713,571
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	153,594	83,567
Fair value of derivative instruments	9,625	9,404
Accounts payable and other accrued expenses	116,604	143,098
Net deferred income tax liability	325,836	317,316
Debt, net of unamortized deferred financing costs of $36,089 and $19,999	6,747,002	6,353,449
Total liabilities	7,352,661	6,906,834
Shareholders' equity:
Additional paid-in capital	693,715	690,418
Accumulated earnings	965,057	945,313
Accumulated other comprehensive income	23,953	26,758
Total shareholders' equity	1,683,470	1,663,233
Non-controlling interests	137,830	143,504
Total equity	1,821,300	1,806,737
Total liabilities and shareholders' equity	9,173,961	8,713,571
Common shares, $0.01 par value, 294,000,000 shares authorized 74,536,402 and 74,376,025 shares issued and outstanding, respectively
Shareholders' equity:
Common shares	745	744
Undesignated shares $0.01 par value, 6,000,000 shares authorized, no shares issued and outstanding
Shareholders' equity:
Common shares	$ 0	$ 0

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 1,994,936	$ 1,787,505
Accounts receivable, allowances	27,791	28,609
Finite-Lived Intangible Assets, Accumulated Amortization	103,406	56,159
Deferred financing costs	$ 36,089	$ 19,999
Designated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	294,000,000	294,000,000
Common Shares, Shares Issued (in shares)	74,536,402	74,376,025
Undesignated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	6,000,000	6,000,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Leasing revenues:
Operating leases	$ 276,160	$ 156,367	$ 535,745	$ 317,362
Finance leases	5,779	1,966	11,796	3,996
Total leasing revenues	281,939	158,333	547,541	321,358
Equipment trading revenues	12,755	0	18,239	0
Equipment trading expenses	(11,427)	0	(16,519)	0
Trading margin	1,328	0	1,720	0
Net gain (loss) on sale of leasing equipment	9,639	(1,930)	14,800	(3,767)
Operating expenses:
Depreciation and amortization	124,091	81,132	241,971	160,276
Direct operating expenses	15,609	12,015	37,563	26,482
Administrative expenses	22,068	13,166	45,035	27,679
Transaction and other costs	836	3,537	3,308	6,948
(Benefit) provision for doubtful accounts	(113)	(52)	461	(171)
Total operating expenses	162,491	109,798	328,338	221,214
Operating income	130,415	46,605	235,723	96,377
Other expenses:
Interest and debt expense	70,777	33,491	134,281	67,189
Realized loss on derivative instruments, net	283	749	882	1,403
Unrealized loss (gain) on derivative instruments, net	789	4,133	(709)	8,729
Write-off of deferred financing costs	43	141	43	141
Other (income), net	(974)	(756)	(1,716)	(989)
Total other expenses	70,918	37,758	132,781	76,473
Income before income taxes	59,497	8,847	102,942	19,904
Income tax expense	11,483	1,192	18,625	2,184
Net income	48,014	7,655	84,317	17,720
Less: income attributable to noncontrolling interest	2,343	1,481	4,035	2,804
Net income attributable to shareholders	$ 45,671	$ 6,174	$ 80,282	$ 14,916
Net income per common share—Basic	$ 0.62	$ 0.15	$ 1.09	$ 0.37
Net income per common share—Diluted	0.62	0.15	1.08	0.37
Cash dividends paid per common share	$ 0.45	$ 0	$ 0.90	$ 0
Weighted average number of common shares outstanding—Basic	73,763	40,362	73,752	40,361
Dilutive restricted shares	414	0	356	0
Weighted average number of common shares outstanding—Diluted	74,177	40,362	74,108	40,361

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 48,014	$ 7,655	$ 84,317	$ 17,720
Other comprehensive income (loss):
Change in fair value of derivative instruments designated as cash flow hedges (net of income tax effect of $(2,367), $0, $(2,109) and $0, respectively)	(4,349)	0	(3,917)	0
Reclassification of loss on interest rate swap agreements designated as cash flow hedges (net of income tax effect of $204, $0, $461 and $0, respectively)	490	0	1,000	0
Foreign currency translation adjustment	115	(245)	112	(144)
Other comprehensive (loss), net of tax	(3,744)	(245)	(2,805)	(144)
Comprehensive income, attributable to shareholders	44,270	7,410	81,512	17,576
Comprehensive income attributable to noncontrolling interest	2,343	1,481	4,035	2,804
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 41,927	$ 5,929	$ 77,477	$ 14,772

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Change in fair value derivative instruments designated as cash flow hedges, income tax effect	$ (2,367)	$ 0	$ (2,109)	$ 0
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges, income tax effect	$ 204	$ 0	$ 461	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 48,014	$ 7,655	$ 84,317	$ 17,720
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	124,091	81,132	241,971	160,276
Amortization of deferred financing costs and other debt related amortization			6,761	2,672
Amortization of lease premiums			46,532	0
Share compensation expense	2,239	930	3,298	2,288
Net (gain) loss on sale of leasing equipment	(9,639)	1,930	(14,800)	3,767
Non-designated interest rate swaps	789	4,133	(709)	8,729
Write-off of deferred financing costs	43	141	43	141
Deferred income taxes			17,106	449
Changes in operating assets and liabilities:
Accounts receivable			398	(2,010)
Accounts payable and other accrued expenses			(25,396)	(5,493)
Net equipment sold for resale activity			248	0
Other assets			(2,316)	746
Net cash provided by operating activities			357,453	189,285
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases			(665,473)	(64,098)
Proceeds from sale of equipment, net of selling costs			90,139	60,820
Cash collections on finance lease receivables, net of income earned			29,953	7,911
Other			55	(574)
Net cash (used in) provided by investing activities			(545,326)	4,059
Cash flows from financing activities:
Debt issuance costs			(19,844)	(5,068)
Borrowings under debt facilities			1,582,882	44,700
Payments under debt facilities and capital lease obligations			(1,180,787)	(188,304)
(Increase) decrease in restricted cash			(61,824)	1,656
Dividends paid			(66,384)	0
Distributions to noncontrolling interest			(9,709)	(12,853)
Payments for Repurchase of Common Stock			0	376
Net cash provided by (used in) financing activities			244,334	(160,245)
Net increase in cash and cash equivalents			56,461	33,099
Cash and cash equivalents, beginning of period			113,198	56,689
Cash and cash equivalents, end of period	169,659	89,788	169,659	89,788
Supplemental non-cash investing activities:
Equipment purchases payable	$ 153,594	$ 1,232	$ 153,594	$ 1,232

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements [Text Block]	Note 1—Description of the Business Description of the Business Triton International Limited ("Triton" or the "Company"), through its subsidiaries, leases intermodal transportation equipment, primarily maritime containers, and provides maritime container management services through a worldwide network of service subsidiaries, third-party depots and other facilities. The majority of the Company's business is derived from leasing its containers to shipping line customers through a variety of long-term and short-term contractual lease arrangements. The Company also sells containers from its equipment leasing fleet as well as containers specifically acquired for resale from third parties. The Company's registered office is located in Bermuda. On July 12, 2016, Triton Container International Limited ("TCIL") and TAL International Group, Inc. ("TAL") combined in an all-stock merger (the "Merger"). Under the terms of the transaction agreement, TCIL and TAL combined under a newly formed company, Triton. The consideration for the transaction was paid with Triton common shares. TAL stockholders received one Triton common share in exchange for each TAL common share and TCIL shareholders received approximately 0.8 Triton common shares for each TCIL common share. The fair value of the consideration, or the purchase price, was approximately $510.2 million . This amount was derived based on the fair value of the shares issued to TAL stockholders on July 12, 2016 when the closing share price was $15.28 per share. Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of June 30, 2017 , the consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 , and the consolidated statement of cash flows for the six months ended June 30, 2017 and 2016 are unaudited. The consolidated balance sheet as of December 31, 2016 , included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company’s financial position as of June 30, 2017 and its consolidated results of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 , and the consolidated statement of cash flows for the six months ended June 30, 2017 and 2016 . The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2017 or for any other future annual or interim period. The unaudited consolidated financial statements include TAL’s results of operations after July 12. 2016, the Merger completion date. The consolidated financial statements presented for periods prior to the Merger represent historical financial statements of TCIL, the accounting acquirer in the Merger. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K which was filed with the SEC on March 17, 2017 . The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting. Note 1—Description of the Business (continued) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, estimates in connection with purchase accounting, residual value, depreciable lives, value of assets held for sale, and estimates related to the bankruptcy of a lessee (including amounts for recoveries under insurance policies as described below). Lessee Bankruptcy in 2016 On August 31, 2016, Hanjin Shipping Co. ("Hanjin"), a lessee of the Company, filed for court protection and immediately began a liquidation process. At that time, the Company had approximately 87,000 container units on lease to Hanjin with a net book value of $243.3 million . As of June 30, 2017 , the Company has gained control or negotiated the release of 92% of our containers previously leased to Hanjin of which approximately 70% are leased to other customers or sold. The Company maintained credit insurance to cover the value of such containers that are unrecoverable, costs incurred to recover containers and a portion of lost lease revenue (limited up to six months or until a container is recovered, repaired, and available for re-lease) all subject to a deductible. The Company recorded a charge of $29.7 million during the third quarter ended September 30, 2016 comprised of bad debt expense and a charge for costs not expected to be recovered due to deductible limits in connection with the Hanjin bankruptcy. The insurance policies did not cover its pre-default receivables. The Company has negotiated a $45 million advance partial payment from its insurance providers, of which $44.5 million has been collected. The Company currently believes the anticipated losses as a result of Hanjin will be recoverable under the insurance policies, subject to the deductible limits. Pro Forma Disclosure The following table provides the unaudited pro forma results of operations, which gives effect to the Merger as if it had occurred on January 1, 2016. The pro forma results of operations reflects adjustments (i) to leasing revenues for the amortization of the excess of the fair value of operating lease contracts over the current market rate (ii) to adjust depreciation and amortization expense resulting from the write-down of leasing equipment to fair value and (iii) to eliminate non-recurring charges that were incurred in connection with the transactions including acquisition-related share-based compensation, transaction costs related to legal, accounting, and other advisory fees, and transaction costs related to retention and benefit costs. The unaudited pro forma results do not include any anticipated synergies or other expected benefits of the Merger. The unaudited pro forma financial information presented below is not necessarily indicative of either future results of operations or results that might have been achieved had the Merger occurred as of January 1, 2016 (in thousands): Three months ended June 30, 2016 Six months ended June 30, 2016 Total leasing revenues $ 271,653 $ 553,279 Net income attributable to shareholders $ 4,925 $ 12,373 Concentration of Credit Risk The Company's equipment lease and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's two largest customers CMA CGM and Mediterranean Shipping Company, accounted for 19% and 15% of the Company's lease billings during the six months ended June 30, 2017 . Note 1—Description of the Business (continued) New Accounting Pronouncements Recently Adopted Accounting Standards Updates In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. ASU No. 2016-09 ("ASU No. 2016-09") Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under this ASU, all excess tax benefits and deficiencies related to employee share-based compensation will be recognized within the provision for income taxes rather than additional paid-in capital. The Company adopted the guidance on January 1, 2017 which resulted in the recognition of excess tax benefits for prior periods as a reduction in our Net deferred income tax liability account and an increase in accumulated earnings in the amount of $6.6 million . The Company has not recognized any excess tax benefits for the three and six months ended June 30, 2017 since no equity awards have vested in those periods. In addition, the adoption of this ASU had no impact on the consolidated financial statements with respect to forfeited awards since historically the Company’s forfeitures have been minimal and therefore had not estimated a forfeitures rate. Recently Issued Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) that replaces existing lease accounting guidance. Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: • A lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and • A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The accounting that will be applied by lessors under ASC 842 is largely unchanged from previous GAAP. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and ASC 606, Revenue from Contracts with Customers . The new lease guidance will become effective for the Company for periods beginning after December 15, 2018. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606), amending previous updates regarding this topic. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to equipment trading revenues and sales of leasing equipment. The Company expects the impact of adoption of this ASU to be minimal since the majority of its sales contracts are for containers and do not contain multiple elements. The effective date is interim periods beginning after December 15, 2017. Earlier application is permitted. The Company is currently evaluating the transition method that will be elected and the potential effects of adopting the provisions of this ASU. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. The guidance affects trade receivables and net investments in leases. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The new guidance will be effective for fiscal years and interim periods beginning after December 15, 2019 and early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Different components of the guidance require modified retrospective and/or prospective adoption. Based on the composition of the Company's receivables, current market conditions, and historical credit loss activity, the adoption of this ASU is not expected to have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments . The updated amendment provides guidance as to where certain cash flow items are presented, including, debt prepayment or debt extinguishment costs and proceeds from the settlement of insurance claims. The update to the standard is effective for the Company for periods beginning after December 15, 2017. The Company expects the impact of adoption of this ASU to have a minimal effect on the presentation in the consolidated financial statements. Note 1—Description of the Business (continued) In October 2016, FASB issued ASU No. 2016-16, Accounting for Income Taxes (Topic 740) : Intra-Entity Asset Transfers of Assets Other than Inventory . The ASU eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory. As a result, the tax expense from the intercompany sale of assets, other than inventory, and associated changes to deferred taxes will be recognized when the sale occurs even though the pre-tax effects of the transaction have not been recognized. The update to the standard is effective for the Company for periods beginning after December 15, 2017. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included 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 amendments do not provide a definition of restricted cash or restricted cash equivalents. The update to the standard is effective for the Company for periods beginning after December 15, 2017. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The guidance eliminates Step 2 from the goodwill impairment test. In addition, the amendment eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. For public companies, this ASU is effective for fiscal years beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is in the process of evaluating the impact of this pronouncement, and does not expect it have a significant impact on the consolidated financial statements. In May 2017, FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. The effective date is interim periods beginning after December 15, 2017. The Company is in the process of evaluating the impact of this ASU and does not expect it to have a significant impact on the consolidated financial statements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 2—Fair Value of Financial Instruments Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes the following fair value hierarchy when selecting inputs for its valuation techniques, with the highest priority given to Level 1: • Level 1—Financial assets and liabilities whose values are based on observable inputs such as quoted prices for identical instruments in active markets. • Level 2—Financial assets and liabilities whose values are based on observable inputs such as (i) quoted prices for similar instruments in active markets, (ii) quoted prices for identical or similar instruments in markets that are not active, or (iii) model-derived valuations in which all significant inputs are observable in active markets. • Level 3—Financial assets and liabilities whose values are derived from valuation techniques based on one or more significant unobservable inputs. The Company’s debt fair value was measured using Level 2 inputs. The carrying value and debt fair value are summarized in the following table (in thousands): June 30, December 31, Liabilities Total debt(1) - carrying value $ 6,818,125 $ 6,415,664 Total debt(1) - fair value $ 6,851,329 $ 6,316,229 ______________________________________________________________________________ (1) Excludes unamortized deferred financing costs of $36.1 million and $20.0 million as of June 30, 2017 and December 31, 2016 , respectively. The Company’s equipment held for sale fair value is measured using Level 2 inputs and is based on recent sales prices and other factors. Equipment held for sale is recorded at the lower of fair value or carrying value and an impairment charge is recorded when the carrying value of the asset exceeds its fair value. The following table summarizes the portion of the Company’s equipment held for sale measured at fair value and the cumulative impairment charges recorded to net gain (loss) on sale of leasing equipment through the periods indicated below (in thousands): June 30, December 31, Assets Equipment held for sale - assets at fair value(1) $ 16,889 $ 41,067 Cumulative impairment charges(2) $ (4,514 ) $ (12,063 ) ___________________________________________________________________________ (1) Represents the carrying value of containers included in equipment held for sale in the consolidated balance sheets that have been impaired to write down the value of the containers to their estimated fair value less cost to sell. (2) Represents the cumulative impairment charges recognized on equipment held for sale from the date of designated held for sale status to the indicated period end date. The Company recognized net impairment reversals of $0.5 million and $1.0 million for the three and six months ended June 30, 2017 , respectively. There were no impairment reversals or charges for the three and six months ended June 30, 2016. For the fair value of derivatives, please see Note 6 - "Derivative Instruments". Cash and cash equivalents, accounts receivable, equipment purchases payable, and accounts payable carrying amounts approximate fair values because of the short-term nature of these instruments. The Company’s other financial and non-financial assets, which include leasing equipment, finance leases, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required and the Company is required to evaluate the other financial and non-financial asset for impairment, a resulting asset impairment would require that these assets be recorded at fair value.

Share Based Compensation and Ot

Share Based Compensation and Other Equity Matters	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Capital Stock and Stock Options	Note 3—Share Based Compensation and Other Equity Matters The Company recognizes share-based compensation expense for share-based payment transactions based on the grant date’s calculated fair value. The expense is recognized over the employee's requisite service period which is generally the vesting period of the equity award. The Company recognized $2.2 million and $3.3 million of compensation expense in administrative expenses for the three and six months ended June 30, 2017 . The Company recognized $0.9 million and $2.3 million of compensation expense in administrative expenses for the three and six months ended June 30, 2016 related to options granted under TCIL's option plan established prior to the Merger. As of June 30, 2017 , the total unrecognized compensation expense related to non-vested restricted shares was approximately $9.6 million , which is expected to be recognized through fiscal year 2019. During the six months ended June 30, 2017 , the Company granted 121,702 restricted shares to certain employees. Additional shares may be granted based upon the Company's performance measured against selected peers. During the three months ended June 30, 2017 , the Company granted 38,675 shares to directors which vested immediately. Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax for the six months ended June 30, 2017 and 2016 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2016 $ 31,182 $ (4,424 ) $ 26,758 Change in fair value of derivative instruments designated as cash flow hedges (3,917 ) — (3,917 ) Reclassification of loss on interest rate swap agreements designated as cash flow hedges 1,000 — 1,000 Foreign currency translation adjustment — 112 112 Other comprehensive (loss) income (2,917 ) 112 (2,805 ) Balance as of June 30, 2017 $ 28,265 $ (4,312 ) $ 23,953 Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2015 $ — $ (3,666 ) $ (3,666 ) Foreign currency translation adjustment — (144 ) (144 ) Other comprehensive (loss) — (144 ) (144 ) Balance as of June 30, 2016 $ — $ (3,810 ) $ (3,810 ) Note 3—Share Based Compensation and Other Equity Matters (continued) The following table summarizes the reclassifications out of accumulated other comprehensive income (in thousands): Amounts Reclassified From Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Reclassification of loss on interest rate swap agreements $ 694 $ — $ 1,461 $ — Interest and debt expense Income tax (benefit) (204 ) — (461 ) — Income tax expense Amounts reclassified from accumulated other comprehensive income, net of tax $ 490 $ — $ 1,000 $ — Net income

Net Investment in Finance Lease

Net Investment in Finance Leases	6 Months Ended
	Jun. 30, 2017
Leases, Capital [Abstract]
Net Investment in Finance Leases	Note 4—Net Investment in Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): June 30, December 31, Future minimum lease payment receivable $ 324,047 $ 353,811 Estimated residual values 64,419 65,793 Gross finance lease receivables 388,466 419,604 Unearned income (63,341 ) (72,794 ) Net investment in finance leases, net of allowances $ 325,125 $ 346,810 The Company maintains allowances, if necessary, for doubtful accounts and estimated losses resulting from the inability of its lessees to make required payments under finance leases. These allowances are based on, but not limited to, each lessee’s payment history, management’s current assessment of each lessee’s financial condition and the adequacy of the fair value of containers that collateralize the leases compared to the book value of the related net investment in finance leases. The Company currently does not have an allowance on its gross finance lease receivables.

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	Note 5—Debt The following table summarizes the components of debt (in thousands): June 30, December 31, Institutional notes $ 2,171,857 $ 2,233,874 Asset backed securitization (ABS) notes 1,858,603 1,384,235 Term loan facilities 1,801,691 1,332,030 Asset backed warehouse facility 596,000 660,000 Revolving credit facilities 267,250 708,750 Capital lease obligations 122,724 96,775 Total debt outstanding 6,818,125 6,415,664 Deferred financing costs (36,089 ) (19,999 ) Purchase price debt adjustment (35,034 ) (42,216 ) Debt, net $ 6,747,002 $ 6,353,449 As of June 30, 2017 , the Company had $3,748.7 million of debt outstanding on facilities with fixed interest rates and $3,069.4 million of debt outstanding on facilities with interest rates based on floating rate indices (primarily LIBOR). The Company economically hedges the risks associated with fluctuations in interest rates on a portion of its floating rate borrowings by entering into interest rate swap agreements that convert a portion of its floating rate debt to a fixed rate basis. As of June 30, 2017 , the Company had interest rate swaps in place with a notional amount of $1,964.2 million to fix the floating interest rates on a portion of its floating rate debt obligations. The Company is subject to certain financial covenants under its debt facilities, and as of June 30, 2017 , was in compliance with all such covenants. Debt Facilities Effective April 1, 2017, both TAL and TCIL obtained the necessary consents from lenders and noteholders to appoint TCIL as manager of all of TAL’s container fleet including those containers in special purpose entities of TAL. TCIL replaced TAL International Container Corporation, a wholly owned subsidiary of TAL, as manager. Asset Backed Securitization (ABS) Notes The Company completed an offering of $281 million of Class A fixed rate asset-backed notes during the second quarter of 2017. The notes have a contractual weighted average interest rate of 4.50% and a scheduled maturity of April 20, 2027. The Company completed an offering of $318.9 million of Class A and B fixed rate asset-backed notes during the second quarter of 2017. The notes have a contractual weighted average interest rate of 3.57% and a scheduled maturity date of June 21, 2027 . Term Loan Facilities The Company secured financing on one of its owned properties for $18.8 million during the first quarter of 2017. This arrangement has a contractual weighted average interest rate of three-month libor plus 2.25% margin and a scheduled maturity date of March 1, 2020. The Company increased its borrowings on certain existing term loan facilities by $75 million during the first quarter of 2017. This incremental borrowing amendment has a contractual weighted average interest rate of one-month libor plus 2.50% margin and a scheduled maturity date of June 20, 2022 which is aligned with the previous increases under this facility. The Company entered into a new term note for the amount of $50 million during the first quarter of 2017. This borrowing has a contractual weighted average interest rate of one-month libor plus 2.35% margin and a scheduled maturity date of December 19, 2020. Note 5—Debt (continued) The Company borrowed an additional $50 million on an existing term loan facility during the second quarter of 2017. This incremental borrowing has a contractual weighted average interest rate of three-month libor plus 2.25% margin and a scheduled maturity date of June 20, 2021 which is aligned with the previous loans under this facility. The Company entered into a term loan facility of $260 million during the second quarter of 2017. The term loan facility has a contractual weighted average interest rate of three-month libor plus 2.25% margin and a scheduled maturity date of June 16, 2022 . Asset Backed Warehouse Facility The Company entered into a floating rate ABS warehouse facility with a borrowing capacity of $400 million during the first quarter of 2017. The first $200 million of this commitment has a one year revolving period followed by an eighteen month term period. The second $200 million of this commitment has a two year revolving period followed by a three year term period. This ABS facility has a contractual weighted average interest rate ranging from 2.25% to 4.25% plus three-month libor with a scheduled maturity date of March 21, 2022. Revolving Credit Facilities The Company increased its credit limit on its asset backed revolving credit facility from $600 million to $1,025 million , and extended the term of the facility to June 16, 2022 during the second quarter of 2017. This revolving credit facility’s weighted average interest rate remained at one-month libor plus 2.00% . The Company terminated a $450 million revolving credit facility during the second quarter of 2017. Capital Lease Obligations The Company entered into two lease transactions with financial institutions to finance the purchase of new containers for approximately $35 million during the first quarter of 2017. The lease transactions are accounted for as capital leases over the term period of eight years and contain two early buyout options.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Note 6—Derivative Instruments Interest Rate Swaps The Company has entered into interest rate swap agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to effectively modify the Company's exposure to interest rate risk by converting a portion of its floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. Such agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the lives of the agreements without an exchange of the underlying principal amounts. The counterparties to the Company's interest rate swap agreements are highly rated financial institutions. In the unlikely event that the counterparties fail to meet the terms of the interest rate swap agreements, the Company's exposure is limited to the interest rate differential on the notional amount at each monthly settlement period over the life of the agreements. The Company does not anticipate any non-performance by the counterparties. Substantially all of the assets of certain indirect, wholly owned subsidiaries of the Company have been pledged as collateral for the underlying indebtedness and the amounts payable under the interest rate swap agreements for each of these entities. In addition, certain assets of the Company's subsidiaries, are pledged as collateral for various credit facilities and the amounts payable under certain interest rate swap agreements. Note 6—Derivative Instruments (continued) As of June 30, 2017 , the Company had interest rate swap and cap agreements in place to fix the floating interest rates on a portion of the borrowings under its debt facilities as summarized below: Derivatives Net Notional Amount Weighted Average Cap Rate Weighted Average Interest rate swaps $1,964.2 Million 1.64% —% 3.7 years Interest rate caps $69.2 Million —% 4.0% 0.5 years Interest Rate Swaps Activity The Company entered into two interest rate swap agreements during the first quarter of 2017 for a total of $400 million that involve the receipt of floating rate amounts in exchange for fixed rate interest payments in order to fix the interest rate on a portion of the borrowings under its floating rate debt facilities. The agreements are non-amortizing over a one year term. The Company has designated these interest rate swap agreements as cash flow hedges for accounting purposes. Fair Value of Derivative Instruments The Company has elected to use the income approach to value its interest rate swap agreements. This approach uses observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a present discounted amount. The Level 2 inputs for the interest rate swap and forward valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR cash and swap rates, basis swap adjustments and credit risk at commonly quoted intervals). The following table summarizes the fair value hierarchy for its derivative instruments (in thousands): Location of Derivative Instruments in Financial Statements Asset Derivatives Liability Derivatives Derivative Instrument June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Interest rate swap contracts, designated as cash flow hedges $ 1,057 $ 526 $ 9,328 $ 8,728 Interest rate swap contracts, not designated 5,547 5,217 297 676 Fair value of derivative instruments $ 6,604 $ 5,743 $ 9,625 $ 9,404 The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income (in thousands): Three Months Ended June 30, Six Months Ended June 30, Derivative instrument Financial statement caption 2017 2016 2017 2016 Non-designated interest rate swaps Realized loss on derivative instruments, net $ 283 $ 749 $ 882 $ 1,403 Non-designated interest rate swaps Unrealized loss (gain) on derivative instruments, net $ 789 $ 4,133 $ (709 ) $ 8,729 Designated interest rate swaps Other comprehensive income $ 6,716 $ — $ 6,026 $ — Designated interest rate swaps Interest and debt expense $ 694 $ — $ 1,461 $ —

Segment and Geographic Informat

Segment and Geographic Information	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment and Geographic Information	Note 7—Segment and Geographic Information Segment Information The Company has two operating segments which also represent its two reporting segments: • Equipment leasing—the Company owns, leases and ultimately dispose of containers and chassis from its lease fleet, as well as manage containers owned by third parties. • Equipment trading—the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered. The Company acquired the equipment trading segment as part of the Merger on July 12, 2016. Prior to the Merger, the Company operated in only one segment - equipment leasing and therefore all income and assets were attributed to the leasing segment for periods prior to the Merger. The following tables summarizes segment information and the consolidated totals reported (in thousands): Three Months Ended June 30, 2017 2016 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 280,995 $ 944 $ 281,939 $ 158,333 $ — $ 158,333 Trading margin — 1,328 1,328 — — — Net gain (loss) on sale of leasing equipment 9,639 — 9,639 (1,930 ) — (1,930 ) Depreciation and amortization expense 123,932 159 124,091 81,132 — 81,132 Interest and debt expense 70,365 412 70,777 33,491 — 33,491 Realized loss on derivative instruments, net 283 — 283 749 — 749 Income before income taxes(1) 58,466 1,863 60,329 13,121 — 13,121 _______________________________________________________________________________ (1) Segment income before income taxes excludes unrealized gains or losses on interest rate swaps and the write-off of deferred financing costs. Unrealized losses on interest rate swaps were $0.8 million and $4.1 million for the three months ended June 30, 2017 and 2016 , respectively. There were minimal write-offs of deferred financing costs for the three months ended June 30, 2017 and 2016 . Note 7—Segment and Geographic Information (continued) Six Months Ended June 30, 2017 2016 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 545,854 $ 1,687 $ 547,541 $ 321,358 $ — $ 321,358 Trading margin — 1,720 1,720 — — — Net gain (loss) on sale of leasing equipment 14,800 — 14,800 (3,767 ) — (3,767 ) Depreciation and amortization expense 241,653 318 241,971 160,276 — 160,276 Interest and debt expense 133,493 788 134,281 67,189 — 67,189 Realized loss on derivative instruments, net 882 — 882 1,403 — 1,403 Income before income taxes(1) 100,098 2,178 102,276 28,774 — 28,774 _______________________________________________________________________________ (1) Segment income before income taxes excludes unrealized gains or losses on interest rate swaps and the write-off of deferred financing costs. Unrealized gains on interest rate swaps were $0.7 million and unrealized losses on interest rate swaps were $8.7 million for the six months ended June 30, 2017 and 2016 , respectively. There were minimal write-offs of deferred financing costs for the six months ended June 30, 2017 and 2016 . Balance as of June 30, 2017 Balance as of December 31, 2016 Equipment Equipment Totals Equipment Equipment Totals Equipment held for sale 55,628 17,196 72,824 81,804 18,059 99,863 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets 9,124,039 49,922 9,173,961 8,660,786 52,785 8,713,571 There are no intercompany revenues or expenses between segments. Certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale was purchased through certain sale-leaseback transactions with our shipping line customers. Due to the expected longer term nature of these transactions, these purchases are reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's consolidated statements of cash flows. Geographic Segment Information The Company generates the majority of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. Substantially all of the Company's leasing related revenue is denominated in U.S. dollars. The following table summarizes the geographic allocation of equipment leasing revenues based on customers' primary domicile (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Total leasing revenues: Asia $ 120,393 $ 86,602 $ 234,770 $ 173,156 Europe 123,294 52,852 242,663 107,431 Americas 27,560 10,171 49,449 23,369 Other 10,417 8,577 20,268 17,168 Bermuda 275 131 391 234 Total $ 281,939 $ 158,333 $ 547,541 $ 321,358 Note 7—Segment and Geographic Information (continued) The following table summarizes the geographic allocation of equipment trading revenues for the three and six months ended June 30, 2017 . The Company had no equipment trading revenues for the three and six months ended June 30, 2016 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2017 Total equipment trading revenues: Asia $ 6,523 $ 8,480 Europe 2,632 4,218 Americas 2,580 3,699 Other 998 1,820 Bermuda 22 22 Total $ 12,755 $ 18,239 Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, substantially all of the Company's long-lived assets are considered to be international.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8—Commitments Purchase Commitments At June 30, 2017 , commitments for capital expenditures totaled approximately $495.4 million . Retention Bonus Plan TCIL established a bonus plan in 2011 to award bonuses to certain employees for continued service (the “Retention Bonus Plan”). In accordance with the terms of the Retention Bonus Plan agreement, specified bonus amounts, plus interest compounded annually, were paid to all participants in the Retention Bonus Plan on May 23, 2017 (the “payment date”). The Company paid a total bonus amount of $14.5 million during the second quarter of 2017. The Company established a retention bonus plan (the “Plan”) in 2015 to award bonuses to certain employees for continued service not included in the Retention Bonus Plan. The Plan became effective on the closing date of the Merger and in accordance with the terms, bonus amounts were paid to all Plan participants on the earlier of their termination date or May 23, 2017. The Company paid a total bonus amount of $1.6 million during the second quarter of 2017. The Company established a bonus plan in 2015 to award bonuses to certain TAL employees for continued service (the “TAL Retention Bonus Plan”). In accordance with the terms of the TAL Retention Bonus Plan agreement, the Company paid the specified bonus amounts to all participants on the earlier of their termination date or July 2017. Note 8—Commitments (continued) The following table summarizes changes to the Company’s total retention bonus liability balance (in thousands): Total Balance at December 31, 2016 $ 25,175 Accrual 2,853 Payments (17,467 ) Balance at June 30, 2017 $ 10,561 Severance Plan TCIL and TAL, established severance plans in order to provide severance benefits to eligible employees who are voluntarily terminated for reasons other than cause, or who resign for “good reason”. Employees eligible for benefits under the severance plans would receive a severance award and other benefits based upon their tenure with either TCIL or TAL. No accruals were recorded under the plans prior to the close of the Merger on July 12, 2016. The following table summarizes changes to the Company’s total severance balance (in thousands): Total Balance at December 31, 2016 $ 20,718 Accrual 88 Payments (11,399 ) Balance at June 30, 2017 $ 9,407

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 9—Income Taxes The Company's effective tax rates were 19.3% and 13.5% for the three months ended June 30, 2017 and 2016 , respectively, and 18.1% and 11.0% for the six months ended June 30, 2017 and 2016 , respectively. The Company has computed the provision for income taxes based on the estimated annual effective tax rate and the application of discrete items, if any, in the applicable period. The increase in the effective tax rate is primarily due to the inclusion of income tax expense from TAL, at a higher U.S. effective tax rate.

Related Party Footnote (Notes)

Related Party Footnote (Notes)	6 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Related Party Transactions Disclosure [Text Block]	Note 10—Related Party Transactions The Company holds a 50% interest in TriStar Container Services (Asia) Private Limited (“TriStar”) which is primarily engaged in the selling and leasing of container equipment in the domestic and short sea markets in India. The Company includes an equity investment in TriStar on the consolidated balance sheet included in other assets. The following table summarizes payments, direct finance lease and a loan payable balances with TriStar (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Payments received from TriStar on direct finance leases $ 472 $ 413 $ 896 $ 827 Payments received from TriStar on loan payable $ 43 $ — $ 85 $ 42 June 30, December 31, Direct finance lease balance $ 11,272 $ 10,636 Loan payable balance $ 42 $ 126

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Note 11—Subsequent Events Quarterly Dividend On August 1, 2017 , the Company's Board of Directors approved and declared a $0.45 per share quarterly cash dividend on its issued and outstanding common shares, payable on September 22, 2017 to shareholders of record at the close of business on September 1, 2017 . Debt Facilities The Company completed an offering of $105 million of Class A fixed rate asset-backed notes during the third quarter of 2017. The notes have a contractual weighted average interest rate of 4.35% and a scheduled maturity of June 30, 2027. The Company completed an offering of $145 million of Class A fixed rate asset-backed notes during the third quarter of 2017. The notes have a contractual weighted average interest rate of 4.64% and a scheduled maturity of June 30, 2029.

Description of the Business Des

Description of the Business Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements (Policies)	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of June 30, 2017 , the consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 , and the consolidated statement of cash flows for the six months ended June 30, 2017 and 2016 are unaudited. The consolidated balance sheet as of December 31, 2016 , included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. These unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company’s financial position as of June 30, 2017 and its consolidated results of operations and comprehensive income for the three and six months ended June 30, 2017 and 2016 , and the consolidated statement of cash flows for the six months ended June 30, 2017 and 2016 . The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The results of operations for the three and six months ended June 30, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2017 or for any other future annual or interim period. The unaudited consolidated financial statements include TAL’s results of operations after July 12. 2016, the Merger completion date. The consolidated financial statements presented for periods prior to the Merger represent historical financial statements of TCIL, the accounting acquirer in the Merger. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K which was filed with the SEC on March 17, 2017 . The unaudited consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting. Note 1—Description of the Business (continued) Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Such estimates include, but are not limited to, estimates in connection with purchase accounting, residual value, depreciable lives, value of assets held for sale, and estimates related to the bankruptcy of a lessee (including amounts for recoveries under insurance policies as described below).
Recently Adopted Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Standards Updates In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. ASU No. 2016-09 ("ASU No. 2016-09") Compensation - Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting . The guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. Under this ASU, all excess tax benefits and deficiencies related to employee share-based compensation will be recognized within the provision for income taxes rather than additional paid-in capital. The Company adopted the guidance on January 1, 2017 which resulted in the recognition of excess tax benefits for prior periods as a reduction in our Net deferred income tax liability account and an increase in accumulated earnings in the amount of $6.6 million . The Company has not recognized any excess tax benefits for the three and six months ended June 30, 2017 since no equity awards have vested in those periods. In addition, the adoption of this ASU had no impact on the consolidated financial statements with respect to forfeited awards since historically the Company’s forfeitures have been minimal and therefore had not estimated a forfeitures rate. Recently Issued Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) that replaces existing lease accounting guidance. Among other things, in the amendments in ASU 2016-02, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: • A lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and • A right-of-use asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term. The accounting that will be applied by lessors under ASC 842 is largely unchanged from previous GAAP. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and ASC 606, Revenue from Contracts with Customers . The new lease guidance will become effective for the Company for periods beginning after December 15, 2018. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers (Topic 606), amending previous updates regarding this topic. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to equipment trading revenues and sales of leasing equipment. The Company expects the impact of adoption of this ASU to be minimal since the majority of its sales contracts are for containers and do not contain multiple elements. The effective date is interim periods beginning after December 15, 2017. Earlier application is permitted. The Company is currently evaluating the transition method that will be elected and the potential effects of adopting the provisions of this ASU. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. The guidance affects trade receivables and net investments in leases. The guidance requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The new guidance will be effective for fiscal years and interim periods beginning after December 15, 2019 and early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Different components of the guidance require modified retrospective and/or prospective adoption. Based on the composition of the Company's receivables, current market conditions, and historical credit loss activity, the adoption of this ASU is not expected to have a material impact on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Receipts and Cash Payments . The updated amendment provides guidance as to where certain cash flow items are presented, including, debt prepayment or debt extinguishment costs and proceeds from the settlement of insurance claims. The update to the standard is effective for the Company for periods beginning after December 15, 2017. The Company expects the impact of adoption of this ASU to have a minimal effect on the presentation in the consolidated financial statements. Note 1—Description of the Business (continued) In October 2016, FASB issued ASU No. 2016-16, Accounting for Income Taxes (Topic 740) : Intra-Entity Asset Transfers of Assets Other than Inventory . The ASU eliminates the deferral of the tax effects of intra-entity asset transfers other than inventory. As a result, the tax expense from the intercompany sale of assets, other than inventory, and associated changes to deferred taxes will be recognized when the sale occurs even though the pre-tax effects of the transaction have not been recognized. The update to the standard is effective for the Company for periods beginning after December 15, 2017. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. As a result, amounts generally described as restricted cash and restricted cash equivalents should be included 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 amendments do not provide a definition of restricted cash or restricted cash equivalents. The update to the standard is effective for the Company for periods beginning after December 15, 2017. The Company is evaluating the effect the guidance will have on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The guidance eliminates Step 2 from the goodwill impairment test. In addition, the amendment eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. For public companies, this ASU is effective for fiscal years beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is in the process of evaluating the impact of this pronouncement, and does not expect it have a significant impact on the consolidated financial statements. In May 2017, FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. The effective date is interim periods beginning after December 15, 2017. The Company is in the process of evaluating the impact of this ASU and does not expect it to have a significant impact on the consolidated financial statements.

Description of the Business Pro

Description of the Business Pro Forma (Tables)	6 Months Ended
	Jun. 30, 2017
Business Combinations [Abstract]
Business Acquisition, Pro Forma Information [Table Text Block]	The unaudited pro forma financial information presented below is not necessarily indicative of either future results of operations or results that might have been achieved had the Merger occurred as of January 1, 2016 (in thousands): Three months ended June 30, 2016 Six months ended June 30, 2016 Total leasing revenues $ 271,653 $ 553,279 Net income attributable to shareholders $ 4,925 $ 12,373

Fair Value of Financial Instr21

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	June 30, December 31, Assets Equipment held for sale - assets at fair value(1) $ 16,889 $ 41,067 Cumulative impairment charges(2) $ (4,514 ) $ (12,063 ) ___________________________________________________________________________ (1) Represents the carrying value of containers included in equipment held for sale in the consolidated balance sheets that have been impaired to write down the value of the containers to their estimated fair value less cost to sell.
Schedule of fair value, which was measured using Level 2 inputs, and the carrying value of the entity's debt	June 30, December 31, Liabilities Total debt(1) - carrying value $ 6,818,125 $ 6,415,664 Total debt(1) - fair value $ 6,851,329 $ 6,316,229 ______________________________________________________________________________ (1) Excludes unamortized deferred financing costs of $36.1 million and $20.0 million as of June 30, 2017 and December 31, 2016 , respectively.

Share Based Compensation and 22

Share Based Compensation and Other Equity Matters (Table)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of accumulated other comprehensive (loss)	Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2016 $ 31,182 $ (4,424 ) $ 26,758 Change in fair value of derivative instruments designated as cash flow hedges (3,917 ) — (3,917 ) Reclassification of loss on interest rate swap agreements designated as cash flow hedges 1,000 — 1,000 Foreign currency translation adjustment — 112 112 Other comprehensive (loss) income (2,917 ) 112 (2,805 ) Balance as of June 30, 2017 $ 28,265 $ (4,312 ) $ 23,953 Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2015 $ — $ (3,666 ) $ (3,666 ) Foreign currency translation adjustment — (144 ) (144 ) Other comprehensive (loss) — (144 ) (144 ) Balance as of June 30, 2016 $ — $ (3,810 ) $ (3,810 )
Schedule of reclassifications out of accumulated other comprehensive (loss)	The following table summarizes the reclassifications out of accumulated other comprehensive income (in thousands): Amounts Reclassified From Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Reclassification of loss on interest rate swap agreements $ 694 $ — $ 1,461 $ — Interest and debt expense Income tax (benefit) (204 ) — (461 ) — Income tax expense Amounts reclassified from accumulated other comprehensive income, net of tax $ 490 $ — $ 1,000 $ — Net income

Net Investment in Finance Lea23

Net Investment in Finance Leases (Tables)	6 Months Ended
	Jun. 30, 2017
Leases, Capital [Abstract]
Schedule of components of the net investment in finance leases	The following table summarizes the components of the net investment in finance leases (in thousands): June 30, December 31, Future minimum lease payment receivable $ 324,047 $ 353,811 Estimated residual values 64,419 65,793 Gross finance lease receivables 388,466 419,604 Unearned income (63,341 ) (72,794 ) Net investment in finance leases, net of allowances $ 325,125 $ 346,810
Schedule of activity of allowance on gross finance lease receivables	The Company currently does not have an allowance on its gross finance lease receivables.

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of debt instruments	ebt (in thousands): June 30, December 31, Institutional notes $ 2,171,857 $ 2,233,874 Asset backed securitization (ABS) notes 1,858,603 1,384,235 Term loan facilities 1,801,691 1,332,030 Asset backed warehouse facility 596,000 660,000 Revolving credit facilities 267,250 708,750 Capital lease obligations 122,724 96,775 Total debt outstanding 6,818,125 6,415,664 Deferred financing costs (36,089 ) (19,999 ) Purchase price debt adjustment (35,034 ) (42,216 ) Debt, net $ 6,747,002 $ 6,353,449

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swap contracts	As of June 30, 2017 , the Company had interest rate swap and cap agreements in place to fix the floating interest rates on a portion of the borrowings under its debt facilities as summarized below: Derivatives Net Notional Amount Weighted Average Cap Rate Weighted Average Interest rate swaps $1,964.2 Million 1.64% —% 3.7 years Interest rate caps $69.2 Million —% 4.0% 0.5 years
Schedule of pre-tax amounts in accumulated other comprehensive (loss) income related to interest rate swap agreements
Schedule of fair value of derivative instruments	Asset Derivatives Liability Derivatives Derivative Instrument June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Interest rate swap contracts, designated as cash flow hedges $ 1,057 $ 526 $ 9,328 $ 8,728 Interest rate swap contracts, not designated 5,547 5,217 297 676 Fair value of derivative instruments $ 6,604 $ 5,743 $ 9,625 $ 9,404
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	Three Months Ended June 30, Six Months Ended June 30, Derivative instrument Financial statement caption 2017 2016 2017 2016 Non-designated interest rate swaps Realized loss on derivative instruments, net $ 283 $ 749 $ 882 $ 1,403 Non-designated interest rate swaps Unrealized loss (gain) on derivative instruments, net $ 789 $ 4,133 $ (709 ) $ 8,729 Designated interest rate swaps Other comprehensive income $ 6,716 $ — $ 6,026 $ — Designated interest rate swaps Interest and debt expense $ 694 $ — $ 1,461 $ —

Segment and Geographic Inform26

Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of segment information	The following tables summarizes segment information and the consolidated totals reported (in thousands): Three Months Ended June 30, 2017 2016 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 280,995 $ 944 $ 281,939 $ 158,333 $ — $ 158,333 Trading margin — 1,328 1,328 — — — Net gain (loss) on sale of leasing equipment 9,639 — 9,639 (1,930 ) — (1,930 ) Depreciation and amortization expense 123,932 159 124,091 81,132 — 81,132 Interest and debt expense 70,365 412 70,777 33,491 — 33,491 Realized loss on derivative instruments, net 283 — 283 749 — 749 Income before income taxes(1) 58,466 1,863 60,329 13,121 — 13,121 _______________________________________________________________________________ (1) Segment income before income taxes excludes unrealized gains or losses on interest rate swaps and the write-off of deferred financing costs. Unrealized losses on interest rate swaps were $0.8 million and $4.1 million for the three months ended June 30, 2017 and 2016 , respectively. There were minimal write-offs of deferred financing costs for the three months ended June 30, 2017 and 2016 . Six Months Ended June 30, 2017 2016 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 545,854 $ 1,687 $ 547,541 $ 321,358 $ — $ 321,358 Trading margin — 1,720 1,720 — — — Net gain (loss) on sale of leasing equipment 14,800 — 14,800 (3,767 ) — (3,767 ) Depreciation and amortization expense 241,653 318 241,971 160,276 — 160,276 Interest and debt expense 133,493 788 134,281 67,189 — 67,189 Realized loss on derivative instruments, net 882 — 882 1,403 — 1,403 Income before income taxes(1) 100,098 2,178 102,276 28,774 — 28,774 _______________________________________________________________________________ (1) Segment income before income taxes excludes unrealized gains or losses on interest rate swaps and the write-off of deferred financing costs. Unrealized gains on interest rate swaps were $0.7 million and unrealized losses on interest rate swaps were $8.7 million for the six months ended June 30, 2017 and 2016 , respectively. There were minimal write-offs of deferred financing costs for the six months ended June 30, 2017 and 2016 . Balance as of June 30, 2017 Balance as of December 31, 2016 Equipment Equipment Totals Equipment Equipment Totals Equipment held for sale 55,628 17,196 72,824 81,804 18,059 99,863 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets 9,124,039 49,922 9,173,961 8,660,786 52,785 8,713,571
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of equipment trading revenues for the three and six months ended June 30, 2017 . The Company had no equipment trading revenues for the three and six months ended June 30, 2016 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2017 Total equipment trading revenues: Asia $ 6,523 $ 8,480 Europe 2,632 4,218 Americas 2,580 3,699 Other 998 1,820 Bermuda 22 22 Total $ 12,755 $ 18,239 Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, substantially all of the Company's long-lived assets are considered to be international. The following table summarizes the geographic allocation of equipment leasing revenues based on customers' primary domicile (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Total leasing revenues: Asia $ 120,393 $ 86,602 $ 234,770 $ 173,156 Europe 123,294 52,852 242,663 107,431 Americas 27,560 10,171 49,449 23,369 Other 10,417 8,577 20,268 17,168 Bermuda 275 131 391 234 Total $ 281,939 $ 158,333 $ 547,541 $ 321,358

Commitments Commitments and Con

Commitments Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Other Commitments	Total Balance at December 31, 2016 $ 25,175 Accrual 2,853 Payments (17,467 ) Balance at June 30, 2017 $ 10,561 Total Balance at December 31, 2016 $ 20,718 Accrual 88 Payments (11,399 ) Balance at June 30, 2017 $ 9,407

Related Party Footnote (Tables)

Related Party Footnote (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Schedule of Related Party Transactions [Table Text Block]	ling and leasing of container equipment in the domestic and short sea markets in India. The Company includes an equity investment in TriStar on the consolidated balance sheet included in other assets. The following table summarizes payments, direct finance lease and a loan payable balances with TriStar (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Payments received from TriStar on direct finance leases $ 472 $ 413 $ 896 $ 827 Payments received from TriStar on loan payable $ 43 $ — $ 85 $ 42 June 30, December 31, Direct finance lease balance $ 11,272 $ 10,636 Loan payable balance $ 42 $ 126

Description of the Business D29

Description of the Business Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements - Change in Basis of Accounting(Details) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Aug. 31, 2016USD ($)	Jul. 12, 2016USD ($)$ / shares
Property, Plant and Equipment [Line Items]
Business Acquisition, Pro Forma Revenue			$ 271,653		$ 553,279
Business Acquisition, Pro Forma Net Income (Loss)			4,925		12,373
Business Combination, Contingent Consideration, Asset							$ 510,186
(Benefit) provision for doubtful accounts	$ (113)		$ (52)	$ 461	$ (171)
Insurance settlement amount	45,000			45,000
Proceeds from insurance settlement				44,500
Accounting Standards Update 2016-09
Property, Plant and Equipment [Line Items]
Deferred income tax liabilities, net	6,600			6,600
Retained Earnings | Accounting Standards Update 2016-09
Property, Plant and Equipment [Line Items]
Cumulative effect of new accounting principle in period of adoption	$ 6,600			$ 6,600
Common Stock [Member] | TAL [Member]
Property, Plant and Equipment [Line Items]
Share Price | $ / shares							$ 15.28
Hanjin Shipping Co. [Member]
Property, Plant and Equipment [Line Items]
Number of Units Leased						87,000
Leased Property Net Book Value						$ 243,300
Leased Property Recovery Percentage	92.00%			92.00%
Leased Property released or sold Percentage	70.00%			70.00%
(Benefit) provision for doubtful accounts		$ 29,700

Description of the Business Con

Description of the Business Concentration of Credit Risk (Details) - Operating and Capital Leases Income Statement Lease Revenue [Member] - Credit Concentration Risk [Member]	6 Months Ended
	Jun. 30, 2017
CMACGN [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.00%
Mediterranean Shipping Company [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%

Fair Value of Financial Instr31

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Fair Value
Deferred financing costs	$ (36,089)	$ (36,089)	$ (19,999)
Asset impairment reversal, net	500	1,000
Level 2
Fair Value
Assets Held-for-sale, Long Lived, Fair Value Disclosure	(4,514)	(4,514)	(12,063)
Carrying Value
Liabilities
Total Debt	6,818,125	6,818,125	6,415,664
Estimate of Fair Value | Level 2
Liabilities
Total Debt	6,851,329	6,851,329	6,316,229
Carrying value containers impaired to fair value [Member] | Level 2
Fair Value
Assets Held-for-sale, Long Lived, Fair Value Disclosure	$ (16,889)	$ (16,889)	$ (41,067)

Share Based Compensation and 32

Share Based Compensation and Other Equity Matters (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest and debt expense	$ 70,777	$ 33,491	$ 134,281	$ 67,189
Balance at the beginning of the period			26,758
Change in fair value of derivative instruments designated as cash flow hedges	(4,349)	0	(3,917)	0
Reclassification of loss on interest rate swap agreements designated as cash flow hedges	490	0	1,000	0
Foreign currency translation adjustment	115	(245)	112	(144)
Other comprehensive (loss), net of tax	(3,744)	(245)	(2,805)	(144)
Balance at the end of the period	23,953		23,953
Income tax expense	11,483	1,192	18,625	2,184
Net income	(45,671)	(6,174)	(80,282)	(14,916)
Cash Flow Hedges
Balance at the beginning of the period			31,182	0
Change in fair value of derivative instruments designated as cash flow hedges			(3,917)
Reclassification of loss on interest rate swap agreements designated as cash flow hedges			1,000
Foreign currency translation adjustment			0	0
Other comprehensive (loss), net of tax			(2,917)	0
Balance at the end of the period	28,265	0	28,265	0
Foreign Currency Translation
Balance at the beginning of the period			(4,424)	(3,666)
Change in fair value of derivative instruments designated as cash flow hedges			0
Reclassification of loss on interest rate swap agreements designated as cash flow hedges			0
Foreign currency translation adjustment			112	(144)
Other comprehensive (loss), net of tax			112	(144)
Balance at the end of the period	(4,312)	(3,810)	(4,312)	(3,810)
Accumulated Other Comprehensive Income (Loss)
Balance at the beginning of the period			26,758	(3,666)
Change in fair value of derivative instruments designated as cash flow hedges			(3,917)
Reclassification of loss on interest rate swap agreements designated as cash flow hedges			1,000
Foreign currency translation adjustment			112	(144)
Other comprehensive (loss), net of tax			(2,805)	(144)
Balance at the end of the period	23,953	(3,810)	23,953	(3,810)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges
Interest and debt expense	(694)	0	(1,461)	0
Income tax expense	(204)	0	(461)	0
Net income	$ 490	$ 0	$ 1,000	$ 0

Share Based Compensation and 33

Share Based Compensation and Other Equity Matters (Details 3) - USD ($) $ in Thousands	May 10, 2017	Jan. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Amounts Reclassified from AOCI
Share-based Compensation			$ 2,239	$ 930	$ 3,298	$ 2,288
2016 Triton Plan [Member]
Amounts Reclassified from AOCI
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized			$ 9,600		$ 9,600
Common Stock [Member] | 2016 Triton Plan [Member] | Restricted Stock
Amounts Reclassified from AOCI
Grants of restricted shares (in shares)		121,702
Director [Member] | Common Stock [Member] | 2016 Triton Plan [Member] | Restricted Stock
Amounts Reclassified from AOCI
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	38,675

Net Investment in Finance Lea34

Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Components of the net investment in finance leases
Future minimum lease payment receivable	$ 324,047	$ 353,811
Estimated residual values	64,419	65,793
Gross finance lease receivables	388,466	419,604
Unearned income	(63,341)	(72,794)
Net investment in finance leases, net of allowances	$ 325,125	$ 346,810

Debt (Details)

Debt (Details) $ in Thousands

1 Months Ended

Jan. 31, 2017USD ($)option

Jun. 30, 2017USD ($)

Jun. 20, 2017USD ($)

Jun. 16, 2017USD ($)

Jun. 15, 2017USD ($)

Apr. 07, 2017USD ($)

Mar. 31, 2017USD ($)

Mar. 10, 2017USD ($)

Mar. 09, 2017USD ($)

Feb. 28, 2017USD ($)

Jan. 20, 2017USD ($)

Dec. 31, 2016USD ($)

Debt

Debt And Capital Lease Obligations Outstanding Before Deferred Financing Cost and Purchase Accounting

$ 6,818,125

$ 6,415,664

Deferred financing costs

(36,089)

(19,999)

Adjustment to Purchase Price of Debt

(35,034)

(42,216)

Debt and Capital Lease Obligations, net of deferred financing costs

6,747,002

6,353,449

Debt outstanding on facilities with fixed interest rates

3,748,700

Debt outstanding on facilities with interest rates based on floating rate indices

3,069,400

Net notional amount

$ 400,000

Number of early buyout options | option

2

Institutional Notes [Domain]

Debt

Total Debt

2,171,857

2,233,874

Asset backed securitization (ABS) notes

Debt

Total Debt

1,858,603

$ 319,000

$ 281,000

1,384,235

Term loan facilities

Debt

Total Debt

1,801,691

1,332,030

Asset Backed Warehouse Facility [Member]

Debt

Total Debt

596,000

660,000

Revolving credit facilities

Debt

Total Debt

267,250

708,750

Capital lease obligations

Debt

Total Debt

$ 35,000

122,724

96,775

Capital lease term

8 years

Carrying Value

Debt

Total Debt

6,818,125

$ 6,415,664

Interest Rate Swap

Debt

Net notional amount

$ 1,964,200

First TCF V Asset Backed Warehouse Facility [Domain] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 200,000

TCIL CB&T Term [Domain] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 19,000

DVB [Domain] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 75,000

ABN [Domain] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 50,000

ING [Domain] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 50,000

TAL BofA Term [Domain] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 260,000

Combined TCF V Asset Backed Warehouse Facility [Member] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

400,000

Second TCF V Asset Backed Warehouse Facility [Member] | Term Loan Facility [Member] | Term loan facilities

Debt

Total Debt

$ 200,000

Original Amount [Domain] | TCIL BofA Revolver [Domain] | Revolving credit facilities

Debt

Total Debt

600,000

Restructured Amount [Domain] | TCIL BofA Revolver [Domain] | Revolving credit facilities

Debt

Total Debt

1,025,000

BofA | Revolving credit facilities

Debt

Total Debt

$ 450,000

Contractual [Member] | Asset backed securitization (ABS) notes

Debt

Debt Instrument, Interest Rate, Effective Percentage

3.57%

4.50%

Contractual [Member] | TCIL CB&T Term [Domain] | Term Loan Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.25%

Contractual [Member] | DVB [Domain] | Term Loan Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.50%

Contractual [Member] | ABN [Domain] | Term Loan Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.35%

Contractual [Member] | ING [Domain] | Term Loan Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.25%

Contractual [Member] | TAL BofA Term [Domain] | Term Loan Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.25%

Contractual [Member] | TCIL BofA Revolver [Domain] | Revolving credit facilities

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.00%

Minimum [Member] | Contractual [Member] | First TCF V Asset Backed Warehouse Facility [Domain] | Revolving Credit Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

2.25%

Maximum [Member] | Contractual [Member] | First TCF V Asset Backed Warehouse Facility [Domain] | Revolving Credit Facility [Member]

Debt

Debt Instrument, Interest Rate, Effective Percentage

4.25%

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Mar. 09, 2017
Derivative Instruments
Net notional amount		$ 400
Interest Rate Swap
Derivative Instruments
Net notional amount	$ 1,964.2
Weighted average fixed leg (Pay) interest rate (as a percent)	1.64%
Derivative, Cap Interest Rate	0.00%
Weighted Average Remaining Term	3 years 8 months
Interest Rate Cap
Derivative Instruments
Net notional amount	$ 69.2
Weighted average fixed leg (Pay) interest rate (as a percent)	0.00%
Derivative, Cap Interest Rate	4.00%
Weighted Average Remaining Term	6 months

Derivative Instruments (Detai37

Derivative Instruments (Details 2) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	$ 6,604	$ 5,743
Fair value of derivative instruments (liabilities)	9,625	9,404
Interest Rate Swap | Derivatives designated as hedging instruments
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	1,057	526
Fair value of derivative instruments (liabilities)	9,328	8,728
Interest Rate Swap | Derivatives not designated as hedging instruments
Fair Value of Derivative Instruments
Fair value of derivative instruments (assets)	5,547	5,217
Fair value of derivative instruments (liabilities)	$ 297	$ 676

Derivative Instruments (Detai38

Derivative Instruments (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Realized loss on derivative instruments, net	$ 283	$ 749	$ 882	$ 1,403
Non-designated interest rate swaps	789	4,133	(709)	8,729
Interest Rate Swap | Derivatives designated as hedging instruments | Other comprehensive income
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Designated interest rate swaps	6,716	0	6,026	0
Interest and Debt Expense | Interest Rate Swap | Derivatives designated as hedging instruments
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 694	$ 0	$ 1,461	$ 0

Segment and Geographic Inform39

Segment and Geographic Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Industry Segment Information
Total leasing revenues		$ 281,939	$ 158,333	$ 547,541	$ 321,358
Trading margin		1,328	0	1,720	0
Depreciation and amortization expense		124,091	81,132	241,971	160,276
Interest and debt expense		70,777	33,491	134,281	67,189
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(283)	(749)	(882)	(1,403)
Income before income taxes		60,329	13,121	102,276	28,774
Equipment held for sale		72,824		72,824		$ 99,863
Goodwill at the end of the period		236,665		236,665		236,665
Total assets at the end of the period		9,173,961		9,173,961		8,713,571
Purchases of leasing equipment and investments in finance leases				665,473	64,098
Unrealized loss (gain) on derivative instruments, net		789	4,133	(709)	8,729
Write-off of deferred financing costs		43	141	43	141
Costs and Expenses		162,491	109,798	328,338	221,214
Equipment Leasing
Industry Segment Information
Total leasing revenues		280,995	158,333	545,854	321,358
Trading margin		0	0	0	0
Depreciation and amortization expense		123,932	81,132	241,653	160,276
Interest and debt expense		70,365	33,491	133,493	67,189
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		(283)	(749)	882	1,403
Income before income taxes	[1]	58,466	13,121	100,098	28,774
Equipment held for sale		55,628		55,628		81,804
Goodwill at the end of the period		220,864		220,864		220,864
Total assets at the end of the period		9,124,039		9,124,039		8,660,786
Equipment Trading
Industry Segment Information
Total leasing revenues		944	0	1,687	0
Trading margin		1,328	0	1,720	0
Depreciation and amortization expense		159	0	318	0
Interest and debt expense		412	0	788	0
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net		0	0	0	0
Income before income taxes	[1]	1,863	0	2,178	0
Equipment held for sale		17,196		17,196		18,059
Goodwill at the end of the period		15,801		15,801		15,801
Total assets at the end of the period		49,922		49,922		$ 52,785
Intersegment Eliminations
Industry Segment Information
Revenues		0	0	0	0
Costs and Expenses		$ 0	$ 0	$ 0	$ 0
[1]	(1)Segment income before income taxes excludes unrealized gains or losses on interest rate swaps and the write-off of deferred financing costs. Unrealized gains on interest rate swaps were $0.7 million and unrealized losses on interest rate swaps were $8.7 million for the six months ended June 30, 2017 and 2016, respectively. There were minimal write-offs of deferred financing costs for the six months ended June 30, 2017 and 2016.

Segment and Geographic Inform40

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Geographic Segment Information
Assets Held-for-sale, Not Part of Disposal Group, Current		$ 72,824		$ 72,824		$ 99,863
Goodwill		236,665		236,665		236,665
Write off of Deferred Debt Issuance Cost		43	$ 141	43	$ 141
Unrealized loss (gain) on derivative instruments, net		789	4,133	(709)	8,729
Total leasing revenues		281,939	158,333	547,541	321,358
Equipment trading revenues		12,755	0	18,239	0
Gross Profit		1,328	0	1,720	0
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases		9,639	(1,930)	14,800	(3,767)
Depreciation and amortization expense		124,091	81,132	241,971	160,276
Interest and debt expense		70,777	33,491	134,281	67,189
Realized loss on derivative instruments, net		283	749	882	1,403
Segment Reporting Income (Loss) before Taxes		60,329	13,121	102,276	28,774
Assets		9,173,961		9,173,961		8,713,571
Asia
Geographic Segment Information
Total leasing revenues		120,393	86,602	234,770	173,156
Equipment trading revenues		6,523		8,480
Europe
Geographic Segment Information
Total leasing revenues		123,294	52,852	242,663	107,431
Equipment trading revenues		2,632		4,218
Americas [Member]
Geographic Segment Information
Total leasing revenues		27,560	10,171	49,449	23,369
Equipment trading revenues		2,580		3,699
Other international
Geographic Segment Information
Total leasing revenues		10,417	8,577	20,268	17,168
Equipment trading revenues		998		1,820
BERMUDA
Geographic Segment Information
Total leasing revenues		275	131	391	234
Equipment trading revenues		22		22
Equipment Leasing
Geographic Segment Information
Assets Held-for-sale, Not Part of Disposal Group, Current		55,628		55,628		81,804
Goodwill		220,864		220,864		220,864
Total leasing revenues		280,995	158,333	545,854	321,358
Gross Profit		0	0	0	0
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases		9,639	(1,930)
Depreciation and amortization expense		123,932	81,132	241,653	160,276
Interest and debt expense		70,365	33,491	133,493	67,189
Realized loss on derivative instruments, net		283	749	(882)	(1,403)
Segment Reporting Income (Loss) before Taxes	[1]	58,466	13,121	100,098	28,774
Assets		9,124,039		9,124,039		8,660,786
Equipment Trading
Geographic Segment Information
Assets Held-for-sale, Not Part of Disposal Group, Current		17,196		17,196		18,059
Goodwill		15,801		15,801		15,801
Total leasing revenues		944	0	1,687	0
Gross Profit		1,328	0	1,720	0
Gain (Loss) on Sale of Leased Assets, Net, Operating Leases		0	0	0	0
Depreciation and amortization expense		159	0	318	0
Interest and debt expense		412	0	788	0
Realized loss on derivative instruments, net		0	0	0	0
Segment Reporting Income (Loss) before Taxes	[1]	1,863	$ 0	2,178	$ 0
Assets		$ 49,922		$ 49,922		$ 52,785
[1]	(1)Segment income before income taxes excludes unrealized gains or losses on interest rate swaps and the write-off of deferred financing costs. Unrealized gains on interest rate swaps were $0.7 million and unrealized losses on interest rate swaps were $8.7 million for the six months ended June 30, 2017 and 2016, respectively. There were minimal write-offs of deferred financing costs for the six months ended June 30, 2017 and 2016.

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	May 23, 2017	Dec. 31, 2016
Other Commitments [Line Items]
Transaction and other costs	$ 836	$ 3,537	$ 3,308	$ 6,948
Purchase commitment payable	495,400		495,400
RetentionBonusPlan [Member]
Other Commitments [Line Items]
Accrued Bonuses	(10,561)		(10,561)			$ (25,175)
RetentionBonusPlan [Member] | Accruals [Member]
Other Commitments [Line Items]
Accrued Bonuses	(2,853)		(2,853)
RetentionBonusPlan [Member] | Payments [Member]
Other Commitments [Line Items]
Accrued Bonuses	(17,467)		(17,467)
RetentionBonusPlan1 [Member] [Member] | Payments [Member]
Other Commitments [Line Items]
Accrued Bonuses					$ (14,500)
RetentionBonusPlan2[Member] [Member] | Payments [Member]
Other Commitments [Line Items]
Accrued Bonuses					$ (1,600)
SeverancePlan [Member]
Other Commitments [Line Items]
Supplemental Unemployment Benefits, Severance Benefits	(9,407)		(9,407)			$ (20,718)
SeverancePlan [Member] | Accruals [Member]
Other Commitments [Line Items]
Supplemental Unemployment Benefits, Severance Benefits	(88)		(88)
SeverancePlan [Member] | Payments [Member]
Other Commitments [Line Items]
Supplemental Unemployment Benefits, Severance Benefits	$ (11,399)		$ (11,399)

Income Taxes Tax Detail (Detail

Income Taxes Tax Detail (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	19.30%	13.50%	18.10%	11.00%

Related Party Footnote (Details

Related Party Footnote (Details) - TriStar [Member] [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Direct Financing Lease Receivable [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	$ 472	$ 413	$ 896	$ 827
Loans and Leases Receivable, Related Parties	11,272		11,272		$ 10,636
Loans Receivable [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	43	$ 0	85	$ 42
Loans and Leases Receivable, Related Parties	$ 42		$ 42		$ 126

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 01, 2017	Jul. 13, 2017	Jun. 30, 2017	Jun. 15, 2017	Apr. 07, 2017	Dec. 31, 2016
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)	$ 0.45
Institutional Notes [Domain]
Subsequent Event [Line Items]
Debt and Capital Lease Obligations			$ 2,171,857			$ 2,233,874
Asset Backed Securitization Term Notes [Member]
Subsequent Event [Line Items]
Debt and Capital Lease Obligations			$ 1,858,603	$ 319,000	$ 281,000	$ 1,384,235
A-1 [Domain] | Institutional Notes [Domain] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt and Capital Lease Obligations		$ 105,000
A-2 [Domain] | Institutional Notes [Domain] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt and Capital Lease Obligations		$ 145,000
Contractual [Member] | Asset Backed Securitization Term Notes [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Effective Percentage				3.57%	4.50%
Contractual [Member] | A-1 [Domain] | Institutional Notes [Domain] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.35%
Contractual [Member] | A-2 [Domain] | Institutional Notes [Domain] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.64%