Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 08, 2019 | Jun. 29, 2018 | |
Document and Entity Information | |||
Entity Registrant Name | Triton International Ltd | ||
Entity Central Index Key | 1,660,734 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Common Stock, Shares Outstanding | 78,743,418 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,585,963,924 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS: | ||
Leasing equipment, net of accumulated depreciation of $2,533,446 and $2,218,897 | $ 8,923,451 | $ 8,364,484 |
Net investment in finance leases | 478,065 | 295,891 |
Equipment held for sale | 66,453 | 43,195 |
Revenue earning assets | 9,467,969 | 8,703,570 |
Cash and cash equivalents | 48,950 | 132,031 |
Restricted cash | 110,589 | 94,140 |
Accounts receivable, net of allowances of $1,240 and $3,002 | 264,382 | 199,876 |
Goodwill | 236,665 | 236,665 |
Lease intangibles, net of accumulated amortization of $205,532 and $144,081 | 92,925 | 154,376 |
Other assets | 34,610 | 49,591 |
Fair value of derivative instruments | 13,923 | 7,376 |
Total assets | 10,270,013 | 9,577,625 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Equipment purchases payable | 22,392 | 128,133 |
Fair value of derivative instruments | 10,966 | 2,503 |
Accounts payable and other accrued expenses | 99,885 | 109,999 |
Net deferred income tax liability | 282,129 | 215,439 |
Debt, net of unamortized debt costs of $44,889 and $40,636 | 7,529,432 | 6,911,725 |
Total liabilities | 7,944,804 | 7,367,799 |
Shareholders' equity: | ||
Treasury Stock, Value | (58,114) | 0 |
Additional paid-in capital | 896,811 | 889,168 |
Accumulated earnings | 1,349,627 | 1,159,367 |
Accumulated other comprehensive income | 14,563 | 26,942 |
Total shareholders' equity | 2,203,696 | 2,076,284 |
Non-controlling interests | 121,513 | 133,542 |
Total equity | 2,325,209 | 2,209,826 |
Total liabilities and shareholders' equity | $ 10,270,013 | $ 9,577,625 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Leasing Equipment, Accumulated Depreciation and Allowances | $ 2,533,446 | $ 2,218,897 |
Accounts Receivable, Allowances | 1,240 | 3,002 |
Debt, Unamortized Deferred Financing Costs | 44,889 | 40,636 |
Lease intangibles, Accumulated Amortization | $ 205,532 | $ 144,081 |
Treasury Stock, Shares (in shares) | 1,853,148 | 0 |
Designated Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 270,000,000 | 294,000,000 |
Common stock, shares issued (in shares) | 80,843,472 | 80,687,757 |
Undesignated Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 6,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Leasing revenues: | |||
Operating leases | $ 1,328,756 | $ 1,141,165 | $ 813,357 |
Finance leases | 21,547 | 22,352 | 15,337 |
Total leasing revenues | 1,350,303 | 1,163,517 | 828,694 |
Equipment trading revenues | 83,039 | 37,419 | 16,418 |
Equipment trading expenses | (64,118) | (33,235) | (15,800) |
Trading margin | 18,921 | 4,184 | 618 |
Net gain (loss) on sale of leasing equipment | 35,377 | 35,812 | (20,347) |
Net gain (loss) on sale of building | 20,953 | 0 | 0 |
Operating expenses: | |||
Depreciation and amortization | 545,138 | 500,720 | 392,592 |
Direct operating expenses | 48,326 | 62,891 | 84,256 |
Administrative expenses | 80,033 | 87,609 | 65,618 |
Transaction and other costs | 88 | 9,272 | 66,916 |
Provision (reversal) for doubtful accounts | (231) | 3,347 | 23,304 |
Insurance recovery income | 0 | (6,764) | 0 |
Total operating expenses | 673,354 | 657,075 | 632,686 |
Operating income | 752,200 | 546,438 | 176,279 |
Other expenses: | |||
Interest and debt expense | 322,731 | 282,347 | 184,014 |
Realized loss on derivative instruments, net | (2,072) | 900 | 3,438 |
Non-designated interest rate swaps | 430 | (1,397) | (4,405) |
Write-off of debt costs | 6,090 | 6,973 | 141 |
Other (income) expense, net | (2,292) | (2,637) | (1,076) |
Total other expenses | 324,887 | 286,186 | 182,112 |
Income (loss) before income taxes | 427,313 | 260,252 | (5,833) |
Income tax (benefit) expense | 70,641 | (93,274) | (48) |
Net income (loss) | 356,672 | 353,526 | (5,785) |
Less: income attributable to non-controlling interest | 7,117 | 8,928 | 7,732 |
Net income (loss) attributable to shareholders | $ 349,555 | $ 344,598 | $ (13,517) |
Net income (loss) per common share—Basic | $ 4.38 | $ 4.55 | $ (0.24) |
Net income (loss) per common share—Diluted | 4.35 | 4.52 | (0.24) |
Cash dividends paid per common share | $ 2.01 | $ 1.80 | $ 1.35 |
Weighted average number of common shares and non-voting common shares outstanding—Basic | 79,782 | 75,679 | 56,032 |
Dilutive stock options and restricted stock | 582 | 509 | 0 |
Weighted average number of common shares and non-voting common shares outstanding—Diluted | 80,364 | 76,188 | 56,032 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 356,672 | $ 353,526 | $ (5,785) |
Other comprehensive income (loss): | |||
Change in derivative instruments designated as cash flow hedges, net of income tax effect of $1,814, ($234), and $16,512 | (3,933) | (407) | 30,405 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges, net of income tax effect of ($1,570), $171, and $423 | (5,210) | 440 | 777 |
Foreign currency translation adjustment | (207) | 151 | (758) |
Other comprehensive income (loss), net of tax | (9,350) | 184 | 30,424 |
Comprehensive income | 347,322 | 353,710 | 24,639 |
Less: income attributable to non-controlling interest | 7,117 | 8,928 | 7,732 |
Comprehensive income attributable to shareholders | $ 340,205 | $ 344,782 | $ 16,907 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Change in Fair Value Derivative Instruments Designated as Cash Flow Hedges, Income Tax Effect | $ 1,814 | $ (234) | $ 16,512 |
Reclassification of (Gain) Loss on Interest Rate Swap Agreements Designated as Cash Flow Hedges, Income Tax Effect | $ (1,570) | $ 171 | $ 423 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A, Class B and Common Shares [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest [Member] |
Beginning balance, shares at Dec. 31, 2015 | 40,429 | 0 | |||||
Beginning balance at Dec. 31, 2015 | $ 1,377,833 | $ 505 | $ 0 | $ 176,088 | $ 1,044,402 | $ (3,666) | $ 160,504 |
Issuance of common shares | 5 | $ 7 | (2) | ||||
Issuance of common shares (in shares) | 605 | ||||||
Share-based compensation | 5,399 | 5,399 | |||||
Adjustment to fair market value classified service-based options | (907) | (907) | |||||
Settlement of liability classified service-based share options (in shares) | 518 | ||||||
Settlement of liability classified service-based share options | 7,080 | $ 5 | 7,075 | ||||
Share repurchase to settle shareholder tax obligations (in shares) | (247) | ||||||
Share repurchase to settle shareholder tax obligations | (3,393) | $ (2) | (3,175) | (216) | |||
Redemption / Cancellation of common shares (in shares) | (263) | ||||||
Redemption / Cancellation of common shares | (4,017) | $ (3) | (4,014) | ||||
Net Income (Loss) Attributable to Parent | (5,785) | (13,517) | 7,732 | ||||
Foreign currency translation adjustment | (758) | (758) | |||||
Issuance and conversion of Triton shares due to Merger (in shares) | 33,335 | ||||||
Issuance and conversion of Triton shares due to Merger | 510,186 | $ 232 | 509,954 | ||||
Change in derivative instruments designated as cash flow hedges | 30,405 | 30,405 | |||||
Reclassification of loss on derivative instruments designated as cash flow hedges | 777 | 777 | |||||
Distributions to non-controlling interest | (24,732) | (24,732) | |||||
Common shares dividends declared | (85,356) | (85,356) | |||||
Ending balance, shares at Dec. 31, 2016 | 74,376 | ||||||
Ending balance at Dec. 31, 2016 | 1,806,737 | $ 744 | 690,418 | 945,313 | 26,758 | 143,504 | |
Issuance of common shares | 193,172 | $ 63 | 193,109 | ||||
Issuance of common shares (in shares) | 6,314 | ||||||
Share-based compensation | 5,641 | 5,641 | |||||
Cumulative adjustment for adoption of ASU 2016-09 | 6,582 | 6,582 | |||||
Share repurchase to settle shareholder tax obligations | (70) | (70) | |||||
Share repurchase to settle shareholder tax obligations (in shares) | 2 | ||||||
Net Income (Loss) Attributable to Parent | 353,526 | 344,598 | 8,928 | ||||
Foreign currency translation adjustment | 151 | 151 | |||||
Change in derivative instruments designated as cash flow hedges | (407) | (407) | |||||
Reclassification of loss on derivative instruments designated as cash flow hedges | 440 | 440 | |||||
Distributions to non-controlling interest | (18,890) | (18,890) | |||||
Common shares dividends declared | (137,056) | (137,056) | |||||
Ending balance, shares at Dec. 31, 2017 | 80,688 | ||||||
Ending balance at Dec. 31, 2017 | 2,209,826 | $ 807 | 889,168 | 1,159,367 | 26,942 | 133,542 | |
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Shares | 200 | ||||||
Share-based compensation | 9,030 | $ 2 | 9,028 | ||||
Treasury Stock, Shares, Acquired | 1,853 | ||||||
Treasury Stock, Value, Acquired, Cost Method | (58,114) | $ (58,114) | |||||
Share repurchase to settle shareholder tax obligations (in shares) | (45) | ||||||
Share repurchase to settle shareholder tax obligations | (1,385) | (1,385) | |||||
Net Income (Loss) Attributable to Parent | 356,672 | 349,555 | 7,117 | ||||
Foreign currency translation adjustment | (207) | (207) | |||||
Change in derivative instruments designated as cash flow hedges | (3,933) | (3,933) | |||||
Reclassification of loss on derivative instruments designated as cash flow hedges | (5,210) | (5,210) | |||||
Distributions to non-controlling interest | (19,146) | (19,146) | |||||
Common shares dividends declared | (162,324) | (162,324) | |||||
Ending balance, shares at Dec. 31, 2018 | 80,843 | 1,853 | |||||
Ending balance at Dec. 31, 2018 | $ 2,325,209 | $ 809 | $ (58,114) | $ 896,811 | 1,349,627 | 14,563 | $ 121,513 |
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,029 | $ (3,029) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Change in Fair Value Derivative Instruments Designated as Cash Flow Hedges, Income Tax Effect | $ 1,814 | $ (234) | $ 16,512 |
Reclassification of (Gain) Loss on Interest Rate Swap Agreements Designated as Cash Flow Hedges, Income Tax Effect | $ (1,570) | $ 171 | $ 423 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ 356,672 | $ 353,526 | $ (5,785) |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 545,138 | 500,720 | 392,592 |
Debt related amortization | 15,005 | 13,401 | 5,934 |
Lease related amortization | 70,275 | 92,787 | 55,539 |
Stock compensation charge | 9,030 | 5,641 | 5,399 |
Net (gain) loss on sale of leasing equipment | (35,377) | (35,812) | 20,347 |
Net (gain) loss on sale of building | (20,953) | 0 | 0 |
Unrealized (gain) loss on derivative instruments | 430 | (1,397) | (4,405) |
Write-off of debt costs | 6,090 | 6,973 | 141 |
Deferred income taxes | 66,467 | (94,678) | (809) |
Changes in operating assets and liabilities: | |||
Accounts receivables | (65,385) | (5,967) | (1,602) |
Accounts payable and other accrued expenses | (14,449) | (42,402) | 10,694 |
Net equipment sold for resale activity | (2,341) | 8,821 | 4,031 |
Cash received (payments) on termination of derivative instruments | 187 | 2,117 | (37) |
Other assets | (939) | 3,065 | 2,149 |
Net cash provided by operating activities | 929,850 | 806,795 | 484,188 |
Cash flows from investing activities: | |||
Purchases of leasing equipment and investments in finance leases | (1,603,507) | (1,562,863) | (629,332) |
Proceeds from sale of equipment, net of selling costs | 163,256 | 190,744 | 145,572 |
Proceeds from the sale of building | 27,630 | 0 | 0 |
Cash collections on finance lease receivables, net of income earned | 64,372 | 60,673 | 38,650 |
Cash and cash equivalents acquired | 0 | 0 | 50,349 |
Other | (160) | 55 | (685) |
Net cash (used in) investing activities | (1,348,409) | (1,311,391) | (395,446) |
Cash flows from financing activities: | |||
Issuance of common shares, net of underwriter expenses | 0 | 192,931 | 0 |
Purchases of treasury shares | (56,274) | 0 | 0 |
Redemption of common shares for withholding taxes | (1,385) | (70) | (7,410) |
Debt issuance costs | (19,575) | (34,494) | (6,554) |
Borrowings under debt facilities | 4,043,637 | 3,102,825 | 661,971 |
Payments under debt facilities and capital lease obligations | (3,435,041) | (2,539,711) | (602,152) |
Common stock dividends paid | (160,289) | (135,557) | (84,752) |
Distributions to noncontrolling interests | (19,146) | (18,890) | (24,732) |
Other | 0 | 241 | 0 |
Net cash provided by financing activities | 351,927 | 567,275 | (63,629) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (66,632) | 62,679 | 25,113 |
Cash, cash equivalents and restricted cash, beginning of period | 226,171 | 163,492 | 138,379 |
Cash, cash equivalents and restricted cash, end of period | 159,539 | 226,171 | 163,492 |
Supplemental disclosures: | |||
Interest paid | 308,827 | 269,601 | 181,559 |
Income taxes (refunded) paid | 4,484 | (288) | 309 |
Supplemental non-cash investing activities: | |||
Equipment purchases payable | 22,392 | 128,133 | 83,567 |
Shares issued to acquire TAL | $ 0 | $ 0 | $ 510,186 |
Description of the Business and
Description of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Basis of Presentation | Note 1—Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation 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 Triton’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 existing fleet as well as containers specifically acquired for resale from third parties. The Company's registered office is located in Bermuda. Triton was formed on July 12, 2016, by an all stock merger (the "Merger") of Triton Container International Limited ("TCIL") and TAL International Group, Inc. ("TAL"). The consolidated financial statements of Triton presented herein represent the historical financial statements of TCIL, the accounting acquirer, and include the results of operations of TAL after July 12, 2016, the date of the completion of the Merger. The consolidated financial statements include the accounts of the Company and its subsidiaries. Certain reclassifications have been made to the accompanying prior period financial statements and notes to conform to the current year's presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities (VIEs) of which the Company is the primary beneficiary. The equity method of accounting is applied when the Company does not have a controlling interest in an entity but exerts significant influence over the entity. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses during the reporting period and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment including residual values and depreciable lives, values of assets held for sale and other long-lived assets, provision for income tax, allowance for doubtful accounts, share-based compensation and goodwill and intangible assets. Actual results could differ from those estimates. Segment Reporting The Company conducts its business activities in one industry, intermodal transportation equipment, and has two reporting segments, Equipment leasing and Equipment trading. The Company also segregates total equipment leasing revenues and total equipment trading revenues by geographic location based upon the primary domicile of the Company’s customers. Prior to the Merger on July 12, 2016, the Company had only one segment, the Equipment Leasing segment. As a result of the Merger, the Equipment Trading segment was acquired. 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 largest customer, CMA CGM S.A. , accounted for 20% , 19% , and 17% of its lease billings during 2018 , 2017 , and 2016 , respectively, and accounted for 29% and 23% of its accounts receivable as of December 31, 2018 and 2017 , respectively. The Company's second largest customer, Mediterranean Shipping Company S.A. accounted for 14% , 14% , and 15% of its lease billings during 2018 , 2017 , and 2016 , respectively, and 5% and 8% of its accounts receivable as of December 31, 2018 and 2017 , respectively. Other financial instruments that are exposed to concentration of credit risk are cash and cash equivalents, and restricted cash balances. Cash and cash equivalents, and restricted cash are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits. Fair Value Measurements 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 determination of fair value may require an entity to make significant judgments or develop assumptions about market participants to reflect risks specific to the asset being valued. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments having original maturities of three months or less at the time of purchase. Restricted Cash The Company’s restricted cash relates to amounts held at financial institutions pursuant to certain debt arrangements. The restricted cash balances represent cash proceeds collected and required to be used to pay debt service and other related expenses. Allowance for Doubtful Accounts The Company's allowance for doubtful accounts is estimated based upon a review of the collectibility of its receivables. This review is based on the risk profile of the receivables, credit quality indicators such as the level of past-due amounts and economic conditions. Generally, the Company does not require collateral on accounts receivable balances. An account is considered past due when a payment has not been received in accordance with the contractual terms. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance for doubtful accounts is intended to provide for losses in the receivables, and requires the application of estimates and judgments as to the outcome of collection efforts, among other things. The Company believes its allowance for doubtful accounts is adequate to provide for credit losses inherent in its existing receivables. To the extent amounts are expected to be recoverable from insurance policies, the Company records a receivable based on amounts incurred not to exceed insurance limits. The Company experienced a major lessee default in 2016 when 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 . The Company recorded a loss 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 deductibles in credit insurance policies. As of December 31, 2018 , the Company recovered approximately 95% of its containers previously leased to Hanjin. The impact of the Hanjin liquidation was significantly lessened by credit insurance policies in place during 2016 which covered the majority of the recovery costs, the value of the containers that were unrecoverable and a portion of the lost lease revenue. The insurance policies did not cover Triton's pre-default receivables. The Company collected total payments from its insurance providers of $67.0 million in satisfaction of its claims and recorded a gain of $6.8 million to insurance recovery income within operating expenses for the year ended December 31, 2017 . The net gain represents insurance proceeds received in excess of recovery costs incurred and the net book value of those units written off as unrecoverable. Net Investment in Finance Leases The Company has entered into various rental agreements that qualify as direct financing leases or sales-type leases. These leases are usually long-term in nature, typically ranging for a period of three to twelve years, and typically include an option to purchase the equipment at the end of the lease term at a bargain purchase price. At the inception of a direct financing lease or a sales-type lease, a net investment is recorded based on the gross investment (representing the total future minimum lease payments due under the lease plus the estimated residual value), net of unearned income. For a direct financing lease, unearned income represents the excess of the gross investment over the net book value of the leased equipment at lease inception. For a sales-type lease, unearned income represents the excess of the gross investment over the fair value of the leased equipment (calculated as the present value of both the total future minimum lease payments due under the lease and the estimated residual value) at lease inception. At the inception of a sales-type lease, gain (loss) is defined as the difference between (i) the net investment in the lease and (ii) the net book value of the subject containers on the Company’s books at the commencement of the lease. Leasing Equipment The Company purchases new equipment from equipment manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used equipment with the intention of selling such equipment in one or more years from the date of purchase. Used units are typically purchased with an existing lease in place or were previously owned by one of the Company's third party owner investors. Leasing equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful lives. Capitalized costs for new container rental equipment include the manufactured cost of the container, inspection, delivery, and associated costs incurred in moving the container from the manufacturer to the initial on-hire location of such container. Repair and maintenance costs that do not extend the lives of the container rental equipment are charged to direct operating expenses at the time the costs are incurred. The estimated useful lives and residual values of the Company's leasing equipment are based on historical disposal experience and the Company's expectations for future used container sale prices. The Company reviews estimates used in its depreciation policy on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation estimates for useful lives or the assigned residual values of its equipment is warranted. The Company completed its annual depreciation policy review during the fourth quarter of 2018 and concluded no change was necessary. On January 1, 2018, the Company changed the estimated residual values for 20-foot refrigerated containers and 40-foot high cube refrigerated containers to $2,350 and $3,350 , respectively, as compared to the previous ranges of $2,250 to $2,500 for 20-foot refrigerated containers and $3,250 to $3,500 for 40-foot high cube refrigerated containers. The estimated residual values for 40-foot flat rack containers and 40-foot open top containers were changed to $1,700 and $2,300 , respectively, as compared to the previous ranges of $1,500 to $3,000 for 40-foot flat rack containers and $2,300 to $2,500 for 40-foot open top containers. In addition, the useful lives for 40-foot flat rack containers and 40-foot open top containers was changed to 16 years from the previous range of 12 to 14 years . The effects of changes to residual value and useful life estimates were immaterial to our consolidated financial statements. The estimated useful lives and residual values for each major equipment type for the periods indicated below were as follows: As of December 31, 2018 As of December 31, 2017 Equipment Type Depreciable Life Residual Value Depreciable Life Residual Value Dry containers 20-foot dry container 13 years $ 1,000 13 years $ 1,000 40-foot dry container 13 years $ 1,200 13 years $ 1,200 40-foot high cube dry container 13 years $ 1,400 13 years $ 1,400 Refrigerated containers 20-foot refrigerated container 12 years $ 2,350 12 years $2,250 to $2,500 40-foot high cube refrigerated container 12 years $ 3,350 12 years $3,250 to $3,500 Special containers 40-foot flat rack container 16 years $ 1,700 12 to 14 years $1,500 to $3,000 40-foot open top container 16 years $ 2,300 12 to 14 years $2,300 to $2,500 Tank containers 20 years $ 3,000 20 years $ 3,000 Chassis 20 years $ 1,200 20 years $ 1,200 Depreciation on leasing equipment commences on the date of initial on-hire. For leasing equipment acquired through sale-leaseback transactions, the Company adjusts its estimates for remaining useful life and residual values based on current conditions in the sales market for older containers and the Company's expectations for how long the equipment will remain on-hire to the current lessee. The net book value of the Company's leasing equipment by equipment type as of the dates indicated was (in thousands): December 31, 2018 December 31, 2017 Dry container units $ 6,666,560 $ 5,941,097 Refrigerated container units 1,676,331 1,897,385 Special container units 322,607 287,869 Tank container units 107,284 105,821 Chassis 150,669 132,312 Total $ 8,923,451 $ 8,364,484 Included in the amounts above are units not on lease at December 31, 2018 and 2017 with a total net book value of $551.1 million and $509.5 million , respectively. Amortization on equipment purchased under capital lease obligations is included in depreciation and amortization expense on the consolidated statements of operations. Valuation of Leasing Equipment Leasing equipment is reviewed for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying value to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Key indicators of impairment on leasing equipment include, among other factors, a sustained decrease in operating profitability, a sustained decrease in utilization, or indications of technological obsolescence. When testing for impairment, leasing equipment is generally grouped by equipment type, and is tested separately from other groups of assets and liabilities. Some of the significant estimates and assumptions used to determine future undiscounted cash flows and the measurement for impairment are the remaining useful life, expected utilization, expected future lease rates and expected disposal prices of the equipment. The Company considers the assumptions on expected utilization and the remaining useful life to have the greatest impact on its estimate of future undiscounted cash flows. These estimates are principally based on the Company's historical experience and management's judgment of market conditions. The Company did not record any impairment charges related to leasing equipment for the years ended December 31, 2018 and 2017 . For the year ended December 31, 2016 , the Company recorded $13.1 million of impairment charges in depreciation and amortization expense related to leasing equipment. Equipment Held for Sale When leasing equipment is returned off lease, the Company makes a determination of whether to repair and re-lease the equipment or sell the equipment. At the time the Company determines that equipment will be sold, it reclassifies the appropriate amounts previously recorded as leasing equipment to equipment held for sale. Equipment held for sale is carried at the lower of its estimated fair value less costs to sell or carrying value. Depreciation expense on equipment held for sale is halted and disposals generally occur within 90 days. Initial write downs of equipment held for sale to fair value are recorded as an impairment charge and are included in net gain or loss on sale of leasing equipment. Subsequent increases or decreases to the fair value of those assets are recorded as adjustments to the carrying value of the equipment held for sale, however, any such adjustments may not exceed the respective equipment's carrying value at the time it was initially classified as held for sale. Realized gains and losses resulting from the sale of equipment held for sale are recorded as net gain or loss on sale of leasing equipment, and cash flows associated with the disposal of equipment held for sale are classified as cash flows from investing activities. The Company acquired the Equipment Trading segment as part of the Merger on July 12, 2016 and had no such reporting segment prior to that date. Equipment purchased for resale and included in the Equipment Trading segment is reported as equipment held for sale when the time frame between when equipment is purchased and when it is sold is expected to be less than one year. During the years ended December 31, 2018 , 2017 , and 2016 , the Company recorded the following net gains or losses on sale of leasing equipment held for sale on the consolidated statements of operations (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Impairment (loss) reversal on equipment held for sale $ (3,933 ) $ 3 $ (19,399 ) Gain (loss) on sale of equipment-net of selling costs 39,310 35,809 (948 ) Net gain (loss) on sale of leasing equipment $ 35,377 $ 35,812 $ (20,347 ) Property, Furniture and Equipment Costs of major additions of property, furniture, equipment and improvements are capitalized and are included in other assets on the consolidated balance sheets. The original cost is depreciated on a straight-line basis over the estimated useful lives of such property, furniture and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful lives of the leased assets. Other fixed assets, which consist primarily of computer software and hardware, are recorded at cost and amortized on a straight-line basis over their respective estimated useful lives, which range from three to seven years. Expenditures for maintenance and repairs are expensed as they are incurred. Business Combinations The Company allocates the purchase price to assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, asset lives and market multiples, among other items. Goodwill Goodwill is tested for impairment at least annually on October 31st of each fiscal year or more frequently if events occur or circumstances indicate that the fair value of a reporting unit may be below its carrying value. Goodwill has been allocated to the Company’s reporting units. In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among other relevant events and circumstances that affect the fair value of reporting units, the Company considers individual factors such as macroeconomic conditions, changes in its industry and the markets in which the Company operates, as well as its reporting units' historical and expected future financial performance. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is unnecessary. The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company elected to perform the qualitative assessment for its evaluation of goodwill impairment during the year ended December 31, 2018 and concluded there was no impairment. Since inception through December 31, 2018 , the Company has not recorded any goodwill impairment. Intangible Assets Intangible assets with finite useful lives such as acquired lease intangibles and customer relationships are initially recorded at fair value and are amortized over their respective estimated useful lives and subsequently reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company has not recorded any impairment charges related to intangible assets for the years ended December 31, 2018 , 2017 , and 2016 . Revenue Recognition Operating Leases with Customers The Company enters into long-term leases and service leases with ocean carriers, principally as lessor in operating lease, for marine cargo equipment. Long-term leases provide Triton's customers with specified equipment for a specified term. The Company's leasing revenues are based upon the number of equipment units leased, the applicable per diem rate and the length of the lease. Long-term leases typically have initial contractual terms ranging from three to eight years. Revenues are recognized on a straight-line basis over the life of the respective lease. Advance billings are deferred and recognized in the period earned. Service leases do not specify the exact number of equipment units to be leased or the term that each unit will remain on-hire, but allow the lessee to pick-up and drop-off units at various locations specified in the lease agreement. Under a service lease, rental revenue is based on the number of equipment units on-hire for a given period. Revenue for customers considered to be non-performing is deferred and recognized when the amounts are received. The Company recognizes billings to customers for damages and certain other operating costs as leasing revenue as it is earned based on the terms of the contractual agreements with the customer. As principal, the Company is responsible for fulfillment of the services, supplier selection and service specifications, and has ultimate responsibility to pay the supplier for the services whether or not it collects the amount billed to the lessee. Finance Leases with Customers The Company enters into finance leases as lessor for some of the equipment in its fleet. The net investment in finance leases represents the receivables due from lessees, net of unearned income and amounts previously billed, which are included in accounts receivable. Unearned income is recognized on a level yield basis over the lease term and is recorded as leasing revenue. Finance leases are usually long-term in nature and typically include an option to purchase the equipment at the end of the lease term for an amount determined to be a bargain. Equipment Trading Revenues and Expenses Equipment trading revenues represent the proceeds from the sale of equipment purchased for resale and are recognized as units are sold and delivered to the customer. The related expenses represent the cost of equipment sold as well as other selling costs that are recognized as incurred and are reflected as equipment trading expenses on the consolidated statements of operations. Direct Operating Expenses Direct operating expenses are directly related to the Company's equipment under and available for lease. These expenses primarily consist of the Company's costs to repair and maintain the equipment, to reposition the equipment and to store the equipment when it is not on lease. These costs are recognized when incurred. Certain positioning costs may be capitalized when incurred to place new equipment on an initial lease. Debt Costs Debt costs represent the fees incurred in connection with debt obligation arrangements. These costs are capitalized and amortized using the effective interest method or on a straight-line basis over the term of the related obligation, depending on the type of debt obligation to which they relate. Unamortized debt costs may be written off when the related debt obligations are refinanced or extinguished prior to maturity. Derivative Instruments The Company uses derivatives in the management of its interest rate exposure on its long-term borrowings. The Company records derivative instruments on its balance sheet at fair value and establishes criteria for both the designation and effectiveness of hedging activities. The Company has entered into interest rate swap agreements with certain financial institutions. The interest rate swap agreements require the Company to make payments to counterparties at fixed rates in return for receipts based upon variable rates indexed to the London Interbank Offered Rate (“LIBOR”). Derivative instruments are designated or non-designated for hedge accounting purposes. The fair value of the derivative instruments is measured at each balance sheet date and is reflected on a gross basis on the consolidated balance sheets. The change in fair value of the derivative instruments designated as a cash flow hedge are recorded on the consolidated balance sheets in accumulated other comprehensive income (loss) and are re-classified to interest expense when realized. The change in fair value of non-designated derivative instruments is recorded in the consolidated statements of operations as unrealized loss (gain) on derivative instruments, net and are reclassified to realized loss (gain) on derivative instruments when realized. Income Taxes The Company uses the liability method of accounting for income taxes, which requires recognition of deferred tax assets and liabilities based on the expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any change in the tax rate which has an effect on deferred tax assets and liabilities is recognized as an increase or decrease to income in the period that includes the enactment date of the law that resulted in the change in tax rate. The Company recognizes the effect of income tax positions which are more-likely-than-not of being sustained. If a position does not meet the more-likely-than-not criteria, the Company records a reserve against the tax position such that a tax benefit is recognized only in the amount that has a greater than 50% likelihood of being recognized. The full impact of any change in recognition or measurement of an uncertain tax position is reflected in the period in which such change occurs. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. Foreign Currency Translation and Remeasurement The Company uses U.S. dollar as its reporting currency. The net assets and operations of foreign subsidiaries included in the consolidated financial statements are attributable primarily to the Company's U.K. subsidiary. The accounts of this subsidiary have been converted at rates of exchange in effect at year end as to balance sheet accounts and at the historical weighted average of exchange rates for the statements of operations accounts. The effects of changes in exchange rates in translating foreign subsidiaries' financial statements are included in shareholders' equity as accumulated other comprehensive (loss) income. The Company also has certain cash accounts, certain finance lease receivables and certain obligations that are denominated in currencies other than the Company's functional currency. These assets and liabilities are generally denominated in euros or British pounds, and are remeasured at each balance sheet date at the exchange rates in effect as of those dates. The impact of changes in exchange rates on the remeasurement of assets and liabilities are included in administrative expenses on the consolidated statements of operations. Transaction losses were $1.0 million for the year ended December 31, 2018 and were immaterial for the years ended December 31, 2017 and 2016 . Share-based Compensation The Company measures and recognizes share-based awards granted to employees based on estimated fair values. Share-based awards may be subject to forfeiture if certain employment conditions are not met. The Company does not estimate forfeitures in its expense calculations as forfeiture history has been minor. Time based awards are measured at the grant date and are recognized as compensation expense over the employee's requisite service period, generally the vesting period of the equity award, on a straight-line basis. Performance-based awards are recognized as compensation expense when satisfaction of the performance condition is considered probable. Earnings Per Share Basic earnings per share is computed by dividing net income attributable to shareholders by the weighted average number of common shares outstanding for the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, are excluded from the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if securities exercisable or convertible into common shares were exercised or converted into common shares, utilizing the treasury share method. The Company excluded 207,991 , nil, and 169,403 of anti-dilutive restricted common shares from its calculation of diluted earnings per share for the years ended December 31, 2018 , 2017 , and 2016 . Recently Adopted Accounting Standards Updates 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 only applied to equipment trading revenues and sales of leasing equipment. The adoption of this ASU had minimal impact on the Company since the majority of its sales contracts are for containers and do not contain multiple elements. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company adopted the standard on January 1, 2018, using the modified retrospective approach. The adoption of Topic 606 did not impact its leasing revenue recognition model because, as noted above, leasing revenue recognition, including ancillary fees, is specifically excluded from this ASU. The Company has assessed the requirements of the new revenue standard with respect to its equipment trading revenue and sales of leasing equipment and has concluded that the timing and amount of recognition was not materially affected based on the fact that there generally are no long-term contracts, multiple element arrangements, or significant customer acquisition costs related to these revenue streams. The Company also considered the requirement to present disaggregated revenue for its equipment trading revenue and sales of leasing equipment upon the adoption of Topic 606. The Company currently presents these revenue items separately in its statements of operations. As a result, the Company concluded that the adoption of Topic 606 did not have a significant impact on either the timing of its revenue recognition or manner of presentation. 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 Company adopted the standard on January 1, 2018. The adoption of this ASU did not have an impact on the consolidated financial statements since none of the cash flow items specified in the guidance changed the Company's presentation in the consolidated statement of cash flows. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes (Topic 740): Intra-Entity 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 Company adopted the standard on January 1, 2018. The adoption of this ASU did not have a significant impact 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 re |
Fair Value of Financial Instrum
Fair Value of Financial Instruments (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Note 3—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 uses the following fair value hierarchy when selecting inputs for its valuation techniques, with the highest priority given to Level 1: • Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 - inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3 - unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Fair Value of Debt The Company does not measure debt, net of unamortized debt costs, at fair value in its consolidated balance sheets. The fair value was measured using Level 2 inputs and the carrying value and fair value are summarized in the following table (in thousands): December 31, 2018 December 31, 2017 Liabilities Total Debt - carrying value (1) $ 7,595,922 $ 6,986,333 Total Debt - fair value $ 7,559,063 $ 6,991,537 (1) Excludes unamortized debt costs of $44.9 million and $40.6 million, purchase price debt adjustments of $16.3 million and $27.5 million, and unamortized debt discounts of $5.3 million and $6.5 million as of December 31, 2018 and 2017 , respectively. Fair Value of Equipment Held for Sale 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, less costs to sell, 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 summarized below (in thousands): December 31, 2018 December 31, 2017 Assets Equipment held for sale - assets at fair value (1) $ 5,750 $ 6,104 Cumulative impairment charges (2) $ (1,846 ) $ (2,242 ) (1) Represents the fair value of containers included in equipment held for sale in the consolidated balance sheets that have been impaired to write down the carrying 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 charges of $3.9 million for the year ended December 31, 2018 , an immaterial net impairment reversal for the year ended December 31, 2017 , and net impairment charges of $19.4 million for the year ended December 31, 2016 . Fair Value of Derivative Instruments The Company has elected to use the income approach to value its interest rate swap and cap agreements, using Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount (discounted). The Level 2 inputs for the interest rate swap and cap valuations are inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and swap rates, basis swap adjustments and credit risk at commonly quoted intervals). The fair value of derivative instruments on its consolidated balance sheets as of December 31, 2018 and December 31, 2017 were as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Interest rate cap and swap contracts, designated $ 10,531 $ 3,554 $ 10,966 $ 2,503 Interest rate swap contracts, not designated 3,392 3,822 — — Total derivatives $ 13,923 $ 7,376 $ 10,966 $ 2,503 Fair Value of Other Assets and Liabilities Cash and cash equivalents, restricted cash, accounts receivable, equipment purchases payable, and accounts payable carrying value 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, net investment in 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 determines that these other financial and non-financial assets are impaired after completing an evaluation, these assets would be written down to their fair value. |
Business Combination (Notes)
Business Combination (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | Business Combination The Company completed the Merger on July 12, 2016 and has accounted for the transaction as a business combination under the acquisition method of accounting. TCIL was treated as the acquirer for accounting purposes. The fair value of the consideration, or the purchase price, was $510.2 million . This amount was derived based on the fair value of the shares issued to former TAL stockholders on the closing date of July 12, 2016 when the closing stock price was $15.28 per share. The Company finalized the allocation of the purchase price to the fair value of the TAL assets acquired and liabilities assumed as of December 31, 2016. Intangible assets acquired are comprised of a lease intangible for leases acquired with lease rates that were above market and a customer intangible related to the chassis and tank customer lists acquired. The following table summarizes the intangible assets amortization as of December 31, 2018 (in thousands): Years ending December 31, Above market lease intangibles Customer intangibles (1) Total intangible assets 2019 $ 36,760 $ 758 $ 37,518 2020 22,491 — 22,491 2021 16,549 — 16,549 2022 10,497 — 10,497 2023 4,657 — 4,657 2024 and thereafter 1,971 — 1,971 Total $ 92,925 $ 758 $ 93,683 (1) Customer intangibles are included in other assets on the consolidated balance sheets. The Company incurred transaction and other costs related to the Merger which are included in transaction and other costs on the consolidated statements of operations. |
Restricted Cash (Notes)
Restricted Cash (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Restricted Cash The components of restricted cash as of December 31, 2018 and December 31, 2017 were as follows (in thousands): December 31, 2018 December 31, 2017 Collection accounts $ 20,873 $ 23,676 Trust accounts 6,174 14,601 Other restricted cash accounts 83,542 55,863 Total restricted cash $ 110,589 $ 94,140 Collection accounts The Company maintains certain bank accounts (collectively, the “Collection Accounts”). Cash proceeds collected from leasing and disposition invoices are deposited into the Collection Accounts. Similarly, all expenses related to the operation of the containers are paid from the Collection Accounts. The Company is required to maintain as restricted cash the portion of the balances in the Collections Account that relate to certain units that are financed. Trust accounts Pursuant to certain debt agreements, cash is transferred from the Collection Accounts to separate accounts (the “Trust Accounts”). The Trust Accounts are maintained by the Company on behalf of certain asset-backed noteholders. The cash in the Trust Accounts is used to pay related Asset-Backed Securitization ("ABS") debt service and related expenses. After such payments, any remaining cash in these accounts is transferred to certain unrestricted bank accounts of the Company and is included in cash and cash equivalents on the consolidated balance sheets. Other restricted cash accounts Pursuant to certain asset-backed debt agreements, cash is transferred to separate accounts on a monthly basis in order to maintain an amount equal to projected interest expense for a specified number of months. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt Debt consisted of the following (in thousands): December 31, 2018 December 31, 2017 Institutional notes $ 2,198,200 $ 2,381,000 Asset-backed securitization term notes 3,063,821 2,384,926 Term loan facilities 1,543,375 1,701,998 Asset-backed securitization warehouse 340,000 110,000 Revolving credit facilities 375,000 305,000 Capital lease obligations 75,526 103,409 Total debt outstanding 7,595,922 6,986,333 Debt costs (44,889 ) (40,636 ) Unamortized debt premiums & discounts (5,293 ) (6,456 ) Unamortized fair value debt adjustment (16,308 ) (27,516 ) Debt, net of unamortized debt costs $ 7,529,432 $ 6,911,725 The Company is subject to certain financial covenants under its debt agreements. The agreements remain the obligations of the respective subsidiaries, and all related debt covenants are calculated at the subsidiary level. As of December 31, 2018 and 2017 , the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements. As of December 31, 2018 , the Company had $4,598.5 million of total debt outstanding on facilities with fixed interest rates. These fixed rate facilities had a contractual weighted average interest rate of 4.24% , are scheduled to mature between 2019 and 2029 , and had a weighted average remaining term of 3.9 years as of December 31, 2018 . As of December 31, 2018 , the Company had $2,997.4 million of total debt outstanding on facilities with interest rates based on floating rate indices (primarily LIBOR). These floating rate facilities had a contractual weighted average interest rate of 4.23% , are scheduled to mature between 2019 and 2025 , and had a weighted average remaining term of 3.7 years as of December 31, 2018 . The Company 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, thus reducing the impact of interest rate changes on future interest expense. As of December 31, 2018 , the Company had interest rate swaps in place with a notional amount of $1,565.6 million to fix the floating interest rates on a portion of its floating rate debt obligations, with a weighted average fixed leg interest rate of 2.24% and a weighted average remaining term of 4.4 years. Including the impact of the Company's interest rate swaps, the contractual weighted average interest rate on its floating rate facilities was 4.08% as of December 31, 2018 . As of December 31, 2018 , the Company had $6,164.1 million of total debt with fixed interest rates or floating interest rates that have been synthetically fixed through interest rate swap contracts. This accounts for 81% of total debt. These facilities had a contractual weighted average interest rate of 4.17% and a weighted average remaining term of 4.1 years as of December 31, 2018 . Overall, the Company's total debt had a contractual weighted average interest rate of 4.18% as of December 31, 2018 , including the impact of the swap contracts. The Company recorded $6.1 million , $7.0 million , $0.1 million of debt termination expense for the years ended December 31, 2018 , 2017 and 2016 , respectively. Debt Facilities Effective April 1, 2017, both TCIL and TAL 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. Institutional Notes In accordance with the institutional note agreements, interest payments on the Company's institutional notes are due semi-annually. Institutional note maturities typically range from 7 - 12 years, with level principal payments due annually following an interest-only period. The Company's institutional notes are pre-payable (in whole or in part) at the Company's option at any time, subject to certain provisions in the note agreements, including the payment of a make-whole premium in respect to such prepayment. These facilities provide for an advance rate against the net book values of designated eligible equipment generally in the range from 83% to 85% . These institutional notes had a contractual weighted average interest rate of 4.71% as of December 31, 2018 and are scheduled to mature between 2020 and 2029 . Asset-Backed Securitization Term Notes Under the Company’s ABS facilities, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. The issuance of asset-backed notes is the primary business objective of those subsidiaries. The facilities are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. The Company’s borrowings under the ABS facilities amortize in monthly installments, typically in level payments over five or more years. These facilities provide for an advance rate against the net book values of designated eligible equipment generally in the range from 77% to 87% . The net book values for purposes of calculating eligible equipment is determined according to the related debt agreement and may be different than those calculated per U.S. GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three to nine months of interest expense depending on the terms of each facility. These ABS term notes had a contractual weighted average interest rate of 3.96% as of December 31, 2018 and are scheduled to mature between 2022 and 2028 . During the year ended December 31, 2018 , the Company completed offerings of the following Class A and B fixed rate asset-backed notes: Date Completed Total Offering Contractual Weighted Average Interest Rate Scheduled Maturity March 20, 2018 $450.0 million 3.99% March 20, 2028 June 20, 2018 $367.9 million 4.23% June 20, 2028 August 9, 2018 $260.6 million 3.67% August 21, 2023 On September 14, 2018, the Company extinguished a term note and paid the remaining balance of $4.7 million . Term Loan Facilities The term loan facilities amortize in monthly or quarterly installments. These facilities provide for an advance rate against the net book values of designated eligible equipment generally in the range from 79% to 83% . These term loan facilities had a contractual weighted average interest rate of 4.07% as of December 31, 2018 , and are scheduled to mature between 2019 and 2023 . On April 20, 2018, the Company sold an office building for net proceeds of $27.6 million and recorded a gain on sale of $21.0 million . The proceeds of the sale were used to pay off the mortgage balance of $18.3 million plus accrued interest of $0.1 million . On May 31, 2018, the Company extinguished a term loan and paid the outstanding balance of $93.9 million . On August 1, 2018, the Company amended a term loan agreement and extended the maturity date to April 20, 2022 . On September 28, 2018, the Company concurrently extinguished a term loan and entered into a new revolving credit facility with a maturity date of September 28, 2023 . The outstanding term loan balance of $52.5 million was repaid using proceeds drawn from the revolving credit facility. On November 30, 2018, the Company entered into a new term loan of $1.0 billion . The term loan has a contractual interest rate of LIBOR plus 1.50% and a scheduled maturity date of November 30, 2023. Concurrently, the Company utilized proceeds from the new term loan to extinguish three term loans with total outstanding balances of $682.3 million . On December 27, 2018, the Company extinguished a term loan and paid the outstanding balance of $155.6 million . Asset-Backed Securitization Warehouse Facilities Under the Company’s ABS warehouse facilities, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. The issuance of asset-backed notes is the primary business objective of those subsidiaries. The facilities are intended to be bankruptcy remote so that such assets are not available to creditors of the Company or its affiliates until and unless the related secured borrowings have been fully discharged. These transactions do not meet accounting requirements for sales treatment and are recorded as secured borrowings. The Company's ABS warehouse facilities have a maximum combined borrowing capacity of $900.0 million as of December 31, 2018 . A borrowing capacity of $400.0 million is available on a revolving basis until September 28, 2020, after which any borrowings would convert to term notes with a maturity date of September 20, 2024. This facility has a contractual interest rate of one-month LIBOR plus 1.85% margin until the conversion date when it would have a contractual interest rate of one-month LIBOR plus 2.85% . During the revolving period, the borrowing capacity under the facilities is determined by applying an advance rate against the net book values of designated eligible equipment. The advance rate for these facilities is 81% . The net book values for purposes of calculating eligible equipment is determined according to the related debt agreement and may be different than those calculated per U.S. GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to three to five months of interest expense. On August 20, 2018, the Company terminated a warehouse facility. There was no outstanding balance at the date of termination. On December 13, 2018, the Company entered into an ABS warehouse facility with a borrowing capacity of $500.0 million . The facility is available on a revolving basis until December 13, 2021 paying interest at LIBOR plus 1.75% , after which any borrowings would convert to term notes with a maturity date of December 15, 2025 paying interest at LIBOR plus 2.85% . As of December 31, 2018, the ABS warehouse facilities had a contractual weighted average interest rate of 4.22% . Revolving Credit Facilities The Company's revolving credit facilities have a maximum borrowing capacity of $1,235.0 million . These facilities provide for an advance rate against the net book values of designated eligible equipment. The approximate average advance rate for the two facilities is 83% . The revolving credit facilities had a contractual weighted average interest rate of 4.48% as of December 31, 2018 and are scheduled to mature between 2022 and 2023 . On May 8, 2018, the Company increased its credit limit on one of its revolving credit facilities from $1,025.0 million to $1,125.0 million . This revolving credit facility’s contractual interest rate remained at one-month LIBOR plus 2.00% . On September 28, 2018, the Company entered into a new $110.0 million revolving credit facility. This facility has an interest rate of one -month LIBOR plus 1.85% and a scheduled maturity date of September 28, 2023 . On December 20, 2018, the Company terminated a revolving credit facility by paying off the remaining principal plus accrued interest balance of $45.1 million . Debt maturities excluding capital lease obligations (in thousands): Years ending December 31, 2019 $ 964,278 2020 825,737 2021 812,325 2022 1,707,174 2023 1,476,092 2024 and thereafter 1,734,790 Total $ 7,520,396 Capital Lease Obligations The Company has entered into a series of capital lease transactions with various financial institutions to finance chassis and containers. Each lease is accounted for as a capital lease, with interest expense recognized on a level yield basis over the period preceding early purchase options, if any, which is generally 3 to 10 years from the transaction date. These agreements have fixed interest rates ranging from 3.60% to 4.93% , and mature between 2019 and 2024 . At December 31, 2018 , future lease payments under these capital leases were as follows (in thousands): Years ending December 31, 2019 $ 11,210 2020 10,766 2021 10,766 2022 10,766 2023 18,734 2024 and thereafter 23,925 Total future payments 86,167 Less: amount representing interest (10,641 ) Capital lease obligations $ 75,526 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest Rate Swaps / Caps The Company has entered into interest rate swap and cap agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to limit 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. These 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. On January 18, 2018, the Company entered into an interest rate cap agreement for a total notional amount of $400.0 million . The agreement is amortizing over a one -year term. The Company has designated this interest rate cap agreement as a cash flow hedge for accounting purposes. During the year ended December 31, 2018 , the Company entered into the following interest rate swaps: Date Completed Notional Amount Indexed To Scheduled Maturity September 5, 2018 $257.6 million 3 month LIBOR August 20, 2023 September 21, 2018 $100.0 million 1 month LIBOR September 28, 2025 September 21, 2018 $200.0 million 1 month LIBOR September 30, 2025 During the year ended December 31, 2018 , the Company canceled the following interest rate swaps: Date Canceled Notional Amount Funds Received December 20, 2018 $50.0 million $0.2 million As of December 31, 2018 , the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Amount Weighted Average Fixed Leg (Pay) Interest Rate Cap Rate Weighted Average Interest Rate Swap $1,565.6 million 2.24% n/a 4.4 years Interest Rate Cap $381.7 million n/a 2.90% 0.1 years The following table represents pre-tax amounts in accumulated other comprehensive (loss) related to interest rate swap agreements expected to be recognized in income over the next twelve months (in thousands): December 31, 2018 Unrealized gain (loss) on derivative instruments designated as cash flow hedges $ 9,199 Net gain (loss) on terminated derivative instruments designated as cash flow hedges 631 The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) (in thousands): Financial statement caption Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Derivative instrument Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ (2,072 ) $ 900 $ 3,438 Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net 430 (1,397 ) (4,405 ) Designated derivative instruments Other comprehensive loss (income) 2,119 641 (46,917 ) Designated derivative instruments Interest and debt (income) expense (6,780 ) 611 1,200 |
Net Investment in Finance Lease
Net Investment in Finance Leases | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Capital [Abstract] | |
Net Investment in Finance Leases | Net Investment in Finance Leases The following table represents the components of the net investment in finance leases (in thousands): December 31, 2018 December 31, 2017 Future minimum lease payment receivable (1) $ 574,422 $ 283,374 Estimated residual receivable 107,598 64,560 Gross finance lease receivables 682,020 347,934 Unearned income (2) (203,955 ) (52,043 ) Net investment in finance leases (3) $ 478,065 $ 295,891 (1) At the inception of the lease, the Company records the total minimum lease payments net of executory costs, if any. The gross finance lease receivable is reduced as billed to the customer and reclassified to accounts receivable until paid. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017 . (2) The difference between the gross finance lease receivable and the fair value of the equipment at the lease inception is recorded as unearned income. Unearned income together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2018 and 2017 . (3) As of December 31, 2018 , three major customers represented 50% , 24% and 13% of the Company's finance lease portfolio. As of December 31, 2017 , two major customers represented 46% and 28% of the Company's finance lease portfolio. No other customer represented more than 10% of the Company's finance lease portfolio in each of those years. Contractual maturities of the Company’s gross finance lease receivables subsequent to December 31, 2018 are as follows (in thousands): Years ending December 31, 2019 $ 109,184 2020 119,197 2021 84,266 2022 78,327 2023 60,528 2024 and thereafter 230,518 Total $ 682,020 The Company evaluates potential losses in its finance lease portfolio by regularly reviewing the specific receivables in the portfolio and analyzing loss experience. 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 recoverability. The Company currently does not have an allowance on its gross finance lease receivables. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Equity Matters | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Share-Based Compensation and Other Equity Matters | Share-Based Compensation and Other Equity Matters 2016 Triton Plan On July 8, 2016, the Company’s 2016 Equity Incentive Plan (“2016 Equity Plan”) became effective. The 2016 Equity Plan provides for the granting of service-based and performance-based restricted shares to executives, employees and directors. The maximum aggregate number of shares that may be issued under the 2016 Equity Plan is initially 5,000,000 common shares. Any awards issued under the 2016 Equity Plan that are forfeited by the participant, will become available for future grant under the 2016 Equity Plan. The following table summarizes the Company’s restricted share activity for the year ended December 31, 2018 : Number of Shares Outstanding Weighted Average Fair Value Non-vested balance at December 31, 2017 752,014 $ 16.10 Shares granted 360,846 28.23 Shares vested (1) (201,510 ) 18.21 Shares forfeited (5,855 ) 29.17 Non-vested balance at December 31, 2018 905,495 $ 20.38 (1) Plan participants tendered 44,626 common shares to satisfy income tax withholding obligations. These shares were subsequently retired by the Company. Additional shares may be granted based upon the satisfaction of certain performance criteria. The share-based compensation expense for the years ended December 31, 2018 , 2017 and 2016 included in administrative expenses on the consolidated statements of operations was $9.0 million , $5.6 million , and $5.4 million , respectively. Included in the expense are certain performance-based share expense where achievement of the performance condition was deemed probable. As of December 31, 2018 , the total unrecognized compensation costs related to restricted shares is approximately $7.0 million , which is expected to be recognized over the remaining weighted average vesting period of approximately 1.6 years . On September 7, 2016 , the Company approved the grants of 47,075 restricted shares to non-employee directors at a fair value of $14.55 per share that vested immediately. On May 10, 2017, the Company approved the grants of 38,675 restricted shares to directors at a fair value of $28.04 per share that vested immediately. On May 2, 2018, the Company approved the grants of 39,320 restricted shares to directors at a fair value of $31.85 per share that vested immediately. All TCIL share counts in the following descriptions have been retroactively converted to reflect the share exchange ratios of 0.80 for TCIL related to the Merger. TCIL Restricted Shares On July 8, 2016, TCIL issued 113,942 restricted shares at a fair value of $13.68 per share. The Company recognized $0.5 million of compensation costs which are included in transaction and other costs on the consolidated statements of operations for the year ended December 31, 2016. These unvested TCIL restricted shares converted to Triton restricted shares upon the Merger. TAL Stock Based Compensation Plan TAL’s previously existing stock-based compensation plans consisted of the 2005 Management Omnibus Incentive Plan and the 2014 Equity Incentive Plan. The TAL restricted shares granted in 2014 and 2015 vested on July 12, 2016 upon the closing of the Merger and were included in the purchase price consideration. TAL granted 140,000 restricted shares in January 2016 that were converted to Triton restricted shares upon the Merger. TCIL Share Options TCIL adopted a share-based compensation plan (the “Option Plan”) for the benefit of certain executives of TCIL and its consolidated subsidiaries effective May 23, 2011. As a result of the Merger, TCIL settled and canceled all vested and unvested market based options for fully vested Class A and B common shares. There was no compensation costs related to options for the years ended December 31, 2018 and 2017. The Company recognized $2.3 million compensation costs reported as transaction and other costs on the consolidated statements of operations for the year ended December 31, 2016 related to options granted during the years 2011 through 2013 and the settlement and cancellation. TCIL Non-Employee Director Equity Plan On July 12, 2016, 26,058 of restricted Class A common shares that were issued to participants of the non-employee director equity plan, became fully vested and the remaining unamortized compensation costs of $0.4 million was expensed and recorded in transaction and other costs on the consolidated statements of operations. There was no compensation expense related to the TCIL non-employee director equity plan during the year ended December 31, 2018 and 2017. For the year ended December 31, 2016, compensation expense of $0.3 million was included in administrative expenses on the consolidated statements of operations. Equity Issuance On September 12, 2017, the Company completed a common share offering in which it sold 5,350,000 common shares at a public offering price of $32.75 per share. On September 22, 2017, the Company sold an additional 802,500 common shares at a public offering price of $32.75 per share pursuant to the full exercise of an option granted to the underwriters in connection with the offering. The aggregate net proceeds received by the Company from the offering, including the exercise of the option, amounted to $192.9 million after deducting underwriting discounts and commissions, and before deducting total expenses incurred in connection with the offering of approximately $1.3 million . The net proceeds were used for general corporate purposes, including the purchase of containers. Share Repurchase Program On August 1, 2018, the Company's Board of Directors authorized the repurchase of up to $200.0 million of its common shares. Purchases under the repurchase program may be made in the open market or privately negotiated transactions, and may include transactions pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Purchases may be made from time to time at the Company’s discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common shares, and the Company may suspend or discontinue the repurchase program at any time. During the year ended December 31, 2018 , the Company repurchased 1,853,148 common shares at an average price per-share of $31.34 for a total of $58.1 million . As of December 31, 2018 , $141.9 million remains available for common share repurchases. The changes in the Company's common shares and treasury shares during the years ending December 31, 2018 , 2017 and 2016 are shown in the table below: Class A Common Shares (1) Class B Common Shares (1) Common Shares Treasury Shares Balance as of January 1, 2016 35,628,585 4,800,000 — — Share-based compensation 140,237 — 465,097 — Settlement of liability classified service-based share options 517,912 — — — Share repurchase to settle shareholder tax obligations (232,715 ) — (14,290 ) — Redemption / Cancellation of common shares (32,536 ) — (230,857 ) — Issuance and conversion of Triton shares due to Merger (36,021,483 ) (4,800,000 ) 74,156,075 — Balance as of December 31, 2016 — — 74,376,025 — Issuance of common shares — — 6,152,500 — Share-based compensation — — 161,194 — Share repurchase to settle shareholder tax obligations — — (1,962 ) — Balance as of December 31, 2017 — — 80,687,757 — Share-based compensation — — 200,341 — Share repurchase to settle shareholder tax obligations — — (44,626 ) — Repurchase of common shares — — — (1,853,148 ) Balance as of December 31, 2018 — — 80,843,472 (1,853,148 ) (1) As a result of the Merger transaction completed on July 12, 2016, all Class A and B common shares held by TCIL shareholders were exchanged for Triton common shares at a 0.80 ratio, and therefore, the historical number of shares, options, and per share amounts were retroactively adjusted. Dividends The Company paid the following quarterly dividends during the years ended December 31, 2018 , 2017 , and 2016 on its issued and outstanding common shares adjusted for the effects of the Merger: Record Date Payment Date Aggregate Payment Per Share Payment December 3, 2018 December 20, 2018 $41.0 Million $0.52 September 4, 2018 September 25, 2018 $41.6 Million $0.52 June 1, 2018 June 22, 2018 $41.6 Million $0.52 March 12, 2018 March 28, 2018 $36.0 Million $0.45 December 1, 2017 December 22, 2017 $36.0 Million $0.45 September 1, 2017 September 22, 2017 $33.2 Million $0.45 June 1, 2017 June 22, 2017 $33.2 Million $0.45 March 20, 2017 March 30, 2017 $33.2 Million $0.45 December 2, 2016 December 22, 2016 $33.2 Million $0.45 September 8, 2016 September 22, 2016 $33.3 Million $0.45 July 8, 2016 (1) July 11, 2016 $18.3 Million $0.45 __________________________________________ (1) This dividend was prior to the Merger and represents TCIL dividend payments only. Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2018 , 2017 , and 2016 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2015 $ — $ (3,666 ) $ (3,666 ) Change in derivative instruments designated as cash flow hedges 30,405 — 30,405 Reclassification of loss on derivative instruments designated as cash flow hedges 777 — 777 Foreign currency translation adjustment — (758 ) (758 ) Other comprehensive income (loss) 31,182 (758 ) 30,424 Balance as of December 31, 2016 $ 31,182 $ (4,424 ) $ 26,758 Change in derivative instruments designated as cash flow hedges (407 ) — (407 ) Reclassification of loss on derivative instruments designated as cash flow hedges 440 — 440 Foreign currency translation adjustment — 151 151 Other comprehensive income (loss) 33 151 184 Balance as of December 31, 2017 $ 31,215 $ (4,273 ) $ 26,942 Change in derivative instruments designated as cash flow hedges (3,933 ) — (3,933 ) Reclassification of gain on derivative instruments designated as cash flow hedges (5,210 ) — (5,210 ) Tax reclassifications to accumulated earnings for the adoption of ASU 2018-02 (3,029 ) — (3,029 ) Foreign currency translation adjustment — (207 ) (207 ) Other comprehensive income (loss) (12,172 ) (207 ) (12,379 ) Balance as of December 31, 2018 $ 19,043 $ (4,480 ) $ 14,563 The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) (in thousands): Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Operations December 31, 2018 December 31, 2017 December 31, 2016 Amounts reclassified from Accumulated other comprehensive (loss) before income tax $ (6,780 ) $ 611 $ 1,200 Interest and debt expense Income tax (benefit) 1,570 (171 ) (423 ) Income tax expense Amounts reclassified from Accumulated other comprehensive (loss), net of tax $ (5,210 ) $ 440 $ 777 Net income |
Non-Controlling Interests (Note
Non-Controlling Interests (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Allocation of Profits, Losses and Distributions [Abstract] | |
Noncontrolling Interest Disclosure [Text Block] | Non-Controlling Interests The members of Triton Container Investments LLC, (“TCI”) have made varying capital contributions with respect to investments in eleven different groups of containers, each referred to as a “Tranche”. Pursuant to the terms of TCI’s limited liability company operating agreement (the “Operating Agreement”), TCI’s assets, liabilities and results of operations are allocated by Tranche to those members who invested in each Tranche. As further provided in the Operating Agreement, TCI allocates all profits and losses, and may make periodic distributions, to its members. Such distributions were subject to restrictions contained in its various debt agreements. The Operating Agreement provides for the TCI investors to initially receive: • 90% of container disposition proceeds cash flows up to a certain targeted amount, by Tranche, after which the TCI investors’ sharing in additional disposition proceeds cash flows declines pursuant to a schedule to 50%; and • 10% of all non-disposition proceeds cash flows up to a certain targeted amount, by Tranche, after which the TCI investors’ sharing in additional non-disposition proceeds cash flows increases pursuant to a schedule to 50%. All remaining disposition and non-disposition proceeds cash flows are for the account of TCIL. Because the terms of the Operating Agreement reflect a profit sharing arrangement in which the investors’ economic rights differ from their legal ownership interests, the non-controlling interests in TCI’s earnings are based on the terms of the contractual arrangement. Income is allocated to non-controlling interests consistent with the allocation of operating cash flows and disposition proceeds over the Tranche lives. TCIL, a wholly owned subsidiary of the Company, contributed more than 50% of TCI’s consolidated members’ capital and controls TCI’s operations as its manager and therefore, TCI is consolidated into the Company. While TCIL, as manager, is limited by the Operating Agreement and cannot take certain actions that are inconsistent with the purpose of TCI, the TCI investors do not have the substantive ability to dissolve TCI or otherwise remove TCIL as manager without cause and do not have substantive participating rights. Non-controlling interests included in the Company’s consolidated financial statements are comprised of (i) the amount of the initial investment made by the TCI investors, plus or minus (ii) the profits and/or losses allocated to the TCI investors pursuant to the terms of the Operating Agreement, plus or minus (iii) additional cash contributions made by and/or cash distributions received by the TCI investors. The income allocated to the TCI investors is determined based on a formula contained in the Operating Agreement and amounts allocated to non-controlling interests will vary based on the operating performance of the containers and the sale proceeds from the containers once the containers are retired from the fleet. Consolidated income tax expense is calculated based upon income attributable to the Company and, accordingly excludes income tax on the income attributable to the TCI investors, which is the responsibility of the owners of such interests. The Company held membership interests in TCI representing 56.0% and 55.6% of TCI’s total members’ capital as of December 31, 2018 and 2017 , respectively. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information Segment Information The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments: • Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet. • 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 following tables summarizes our segment information and the consolidated totals reported (in thousands): As of and for the Year Ended December 31, 2018 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,346,031 $ 4,272 $ 1,350,303 Trading margin — 18,921 18,921 Net gain on sale of leasing equipment 35,377 — 35,377 Depreciation and amortization expense 544,167 971 545,138 Interest and debt expense 321,290 1,441 322,731 Realized (gain) loss on derivative instruments, net (2,066 ) (6 ) (2,072 ) Income (loss) before income taxes (1) 416,270 17,563 433,833 Equipment held for sale 46,968 19,485 66,453 Goodwill 220,864 15,801 236,665 Total assets 10,224,421 45,592 10,270,013 Purchases of leasing equipment and investments in finance leases (2) 1,603,507 — 1,603,507 As of and for the Year Ended December 31, 2017 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,160,196 $ 3,321 $ 1,163,517 Trading margin — 4,184 4,184 Net gain on sale of leasing equipment 35,812 — 35,812 Depreciation and amortization expense 500,099 621 500,720 Interest and debt expense 280,909 1,438 282,347 Realized (gain) loss on derivative instruments, net 900 — 900 Income (loss) before income taxes (1) 262,574 3,254 265,828 Equipment held for sale 31,534 11,661 43,195 Goodwill 220,864 15,801 236,665 Total assets 9,534,330 43,295 9,577,625 Purchases of leasing equipment and investments in finance leases (2) 1,562,863 — 1,562,863 As of and for the Year Ended December 31, 2016 (3) Equipment Leasing Equipment Trading Totals Total leasing revenues $ 827,111 $ 1,583 $ 828,694 Trading margin — 618 618 Net gain on sale of leasing equipment (20,347 ) — (20,347 ) Depreciation and amortization expense 392,250 342 392,592 Interest and debt expense 183,377 637 184,014 Realized (gain) loss on derivative instruments, net 3,438 — 3,438 Income (loss) before income taxes (1) (6,302 ) (3,795 ) (10,097 ) Equipment held for sale 81,804 18,059 99,863 Goodwill 220,864 15,801 236,665 Total assets 8,660,786 52,785 8,713,571 Purchases of leasing equipment and investments in finance leases (2) 629,176 156 629,332 (1) Segment income (loss) before income taxes excludes unrealized loss on interest rate swaps of $0.4 million for the years ended December 31, 2018 , and unrealized gain of $1.4 million and $4.4 million , for the years ended December 31, 2017 and 2016 , respectively, and debt termination expense of $6.1 million , $7.0 million , and $0.1 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. (3) Prior to the Merger, all income and assets were attributed to the Equipment leasing segment. There are no intercompany revenues or expenses between segments; certain administrative expenses are allocated between segments based on an estimate of services provided. A portion of the Company's equipment purchased for resale was purchased through certain sale-leaseback transactions with its 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. The majority of the Company's leasing related revenue is denominated in U.S. dollars. The following table summarizes the geographic allocation of equipment leasing revenues for the years ended December 31, 2018 , 2017 , and 2016 based on customers' primary domicile (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total equipment leasing revenues: Asia $ 553,928 $ 491,996 $ 397,500 Europe 630,031 518,598 334,118 Americas 124,885 111,558 58,945 Bermuda 2,988 1,745 464 Other International 38,471 39,620 37,667 Total $ 1,350,303 $ 1,163,517 $ 828,694 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, all of the Company's long-lived assets are considered to be international. The following table represents the geographic allocation of equipment trading revenues for the years ended December 31, 2018 , 2017 and 2016 based on the location of the sale (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 (1) Total equipment trading revenues: Asia $ 18,536 $ 17,342 $ 7,410 Europe 21,211 8,383 4,439 Americas 34,167 7,747 3,082 Bermuda — 22 — Other International 9,125 3,925 1,487 Total $ 83,039 $ 37,419 $ 16,418 (1) Prior to the Merger on July 12, 2016 , the Company had no equipment trading revenues. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is a Bermuda exempted company. Bermuda does not impose a corporate income tax. The Company is subject to taxation in certain foreign jurisdictions on a portion of its income attributable to such jurisdictions. The two main subsidiaries of Triton are TCIL and TAL. TCIL is a Bermuda exempted company and therefore no income tax is imposed. However, a portion of TCIL’s income is subject to taxation in the U.S. and certain other foreign jurisdictions. TAL is a U.S. company and therefore is subject to taxation in the U.S. Effects of the Tax Cuts and Jobs Act U.S. income tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the "Tax Act"), was enacted on December 22, 2017. Though certain key aspects of the law were recognized in accordance with ASC 740, Accounting for Income Taxes in 2017, other significant provisions were not effective and did not result in accounting effects for the Company until 2018. The significant provisions that became effective and materially impacted the Company’s income taxes in 2018 include: an incremental tax (base erosion anti-abuse tax or BEAT) on excessive amounts paid to foreign related parties and limitations on the deductibility of named executive officer’s compensation. The impact on these provisions is recorded in the financial statements in 2018, consistent with the general principles of measurement and recognition of income taxes in accordance with ASC 740, Accounting for Income Taxes. The following table sets forth the total income taxes for the periods indicated (in thousands): December 31, December 31, 2017 December 31, 2016 Current taxes: Bermuda $ — $ — $ — U.S. 3,164 36 (80 ) Foreign 1,072 839 841 $ 4,236 $ 875 $ 761 Deferred taxes: Bermuda $ — $ — $ — U.S. 67,136 (94,079 ) (709 ) Foreign (731 ) (70 ) (100 ) 66,405 (94,149 ) (809 ) Total income taxes $ 70,641 $ (93,274 ) $ (48 ) The components of income (loss) before income taxes for the periods indicated below were as follows (in thousands): December 31, December 31, 2017 December 31, 2016 Bermuda sources $ 128,905 $ 134,849 $ 765 U.S. sources 288,386 125,799 (7,451 ) Foreign sources 10,022 (396 ) 853 Income (loss) before income taxes $ 427,313 $ 260,252 $ (5,833 ) The difference between the Bermuda statutory income tax rate and the effective tax rate on the consolidated statements of operations for the periods indicated below were as follows: December 31, December 31, 2017 December 31, 2016 Bermuda tax rate — % — % — % Change in enacted tax act 1.02 % (53.55 )% — % U.S. income taxed at other than the statutory rate 14.67 % 17.10 % 41.68 % Effect of uncertain tax positions 0.07 % 0.21 % (10.16 )% Foreign income taxed at other than the statutory rate 0.18 % 0.10 % (4.15 )% Effect of permanent differences 0.28 % 0.04 % (1.58 )% Other discrete items 0.31 % 0.26 % (24.97 )% Effective income tax rate 16.53 % (35.84 )% 0.82 % Deferred income tax assets and liabilities are comprised of the following (in thousands): December 31, 2018 December 31, 2017 Deferred income tax assets: Net operating loss carryforwards $ 60,173 $ 197,089 Passive activity loss carryforwards — 7 Allowance for losses 98 622 Derivative instruments 934 1,529 Deferred income 359 261 Accrued liabilities and other payables 3,875 631 Total gross deferred tax assets 65,439 200,139 Less: Valuation allowance — — Net deferred tax assets $ 65,439 $ 200,139 Deferred income tax liabilities: Accelerated depreciation $ 318,779 $ 382,961 Goodwill and other intangible amortization 2,981 2,141 Derivative instruments 2,306 790 Deferred income 19,294 27,347 Deferred partnership income (loss) (TCI) 967 1,134 Other 3,241 1,205 Total gross deferred tax liability 347,568 415,578 Net deferred income tax liability $ 282,129 $ 215,439 The Company has not recorded a valuation allowance for deferred tax assets as of December 31, 2018 and December 31, 2017 . The Merger resulted in an ownership change under the Internal Revenue Code and certain state taxing authorities whereby federal net operating losses immediately prior to the Merger of $700 million will be subject to certain limitations. The Company does not expect such limitations to impact the ability to utilize net operating losses prior to their expiration. In assessing the potential future realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods during which the deferred tax assets are deductible, the Company believes it is more likely than not that the Company will realize the benefits of these deductible differences at December 31, 2018 . Certain income taxes on unremitted earnings have not been reflected on the consolidated financial statements because such earnings are intended to be permanently reinvested in those jurisdictions. Such earnings and related withholding taxes are estimated to be approximately $60 million and $18 million , respectively, at December 31, 2018 . Net operating loss carryforwards for foreign income tax purposes of $280.1 million are available to offset future U.S. taxable income from 2019 through 2037 . The Company files income tax returns in several jurisdictions including the U.S. and certain U.S. states. The following table summarizes unrecognized tax benefit amounts as follows (in thousands): December 31, 2018 December 31, 2017 Beginning balance at January 1 $ 8,250 $ 7,777 Increase related to current year’s tax position 1,652 1,315 Lapse of statute of limitations (1,367 ) (898 ) Foreign exchange adjustment 55 56 Ending balance at December 31 $ 8,590 $ 8,250 All unrecognized tax benefits as of December 31, 2018 will impact income tax expense when recognized, however, $7.2 million of the unrecognized tax benefit is expected to have no net impact on after-tax income as a result of offsetting reimbursements from third parties. It is reasonably possible that the total amount of unrecognized tax benefit as of December 31, 2018 will decrease by $1.4 million within the next twelve months due to statute of limitations lapses. This reduction will impact income tax expense when recognized. The 2015, 2016, 2017, and 2018 tax years remain subject to examination by major tax jurisdictions. The following table summarizes interest and penalty expense as follows (in thousands): December 31, 2018 December 31, 2017 December 31, 2016 Interest expense (benefit) $ 98 $ 144 $ 121 Penalty expense (benefit) $ (158 ) $ (64 ) $ (29 ) The following table summarizes the components of income taxes payable included in accounts payable and other accrued expenses on the consolidated balance sheets were as follows (in thousands): December 31, 2018 December 31, 2017 Corporate income taxes payable $ 906 $ 56 Unrecognized tax benefits 8,590 8,250 Interest accrued 922 824 Penalties 402 561 Income taxes payable $ 10,820 $ 9,691 |
Other Postemployement Benefits
Other Postemployement Benefits (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Savings Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Other Postemployment Benefits The Company’s U.S. employees participate in a defined contribution plan. Under the provisions of the plan, an employee is fully vested with respect to Company contributions after four years of service. The Company matches employee contributions of 100% up to a maximum of $6,000 of qualified compensation and may, at its discretion, make voluntary contributions. The Company's contributions were $0.7 million , $1.0 million , and $0.7 million for each of the years ended December 31, 2018 , 2017 , and 2016 , respectively. |
Rental Income under Operating L
Rental Income under Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Lessor, Operating Leases [Text Block] | Rental Income Under Operating Leases The following is the minimum future rental income as of December 31, 2018 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands): Years ending December 31, 2019 $ 823,641 2020 697,766 2021 589,542 2022 478,160 2023 328,216 2024 and thereafter 594,529 Total $ 3,511,854 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Lease Commitments The Company has cancelable and non-cancelable operating lease agreements principally for facilities and for office equipment used in the Company’s operations. Total operating lease rental expense included in administrative expenses on the consolidated statements of operations was $2.9 million , $2.4 million , and $2.3 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Future minimum rental commitments under non-cancelable operating leases having an original term of more than one year as of December 31, 2018 were as follows (in thousands): Years ending December 31, 2019 $ 3,234 2020 2,933 2021 2,409 2022 2,041 2023 1,298 2024 and thereafter — Total $ 11,915 Container Equipment Purchase Commitments As of December 31, 2018 , the Company had commitments to purchase equipment in the amount of $28.2 million payable in 2019 . Contingencies The Company is party to various pending or threatened legal or regulatory proceedings arising in the ordinary course of its business. Based upon information presently available, the Company does not expect any liabilities arising from these matters to have a material effect on the consolidated financial position, results of operations or cash flows of the Company. Employment Agreements and Indemnification Agreements The Company has entered into employment arrangements and indemnification agreements with certain executive officers and with certain employees. The agreements specify various employment-related matters, including annual compensation, performance incentive bonuses, and severance benefits in the event of termination with or without cause. Retention Bonus Plan TCIL established a bonus plan in 2011 to award bonuses to certain employees for continued service (the “Retention Bonus Plan”) and in 2015, established an incremental retention bonus plan (the “Plan”) to award bonuses to certain employees for continued service who were not included in 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 on the earlier of their termination date or June 2017. TAL 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 specified bonus amounts were paid to all participants on the earlier of their termination date or July 2017. Severance Plan The Company established severance plans in order to provide severance benefits to eligible employees who are involuntarily 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. The following table summarizes changes to the Company's total severance balance (in thousands): Total Balance at December 31, 2016 $ 20,718 Accrual 6,023 Payments (17,064 ) Balance at December 31, 2017 9,677 Accrual — Payments (8,462 ) Balance at December 31, 2018 $ 1,215 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data (Unaudited) The following table sets forth certain key interim financial information for the years ended December 31, 2018 and 2017 : (In thousands, except per share amounts) First Second Third Quarter Fourth 2018 Total leasing revenues $ 315,097 $ 329,771 $ 350,078 $ 355,357 Trading margin $ 2,991 $ 3,994 $ 5,810 $ 6,126 Net gain on sale of leasing equipment $ 9,218 $ 11,105 $ 7,055 $ 7,999 Net income attributable to shareholders $ 80,892 $ 104,870 $ 94,236 $ 69,557 Net income per basic common share $ 1.01 $ 1.31 $ 1.18 $ 0.88 Net income per diluted common share $ 1.00 $ 1.30 $ 1.17 $ 0.87 2017 Total leasing revenues $ 265,602 $ 281,939 $ 302,120 $ 313,856 Trading margin $ 392 $ 1,328 $ 1,369 $ 1,095 Net gain on sale of leasing equipment $ 5,161 $ 9,639 $ 10,263 $ 10,749 Net income attributable to shareholders $ 34,611 $ 45,671 $ 57,156 $ 207,160 Net income per basic common share $ 0.47 $ 0.62 $ 0.76 $ 2.59 Net income per diluted common share $ 0.47 $ 0.62 $ 0.75 $ 2.57 |
Related Party (Notes)
Related Party (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions The Company has 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's investment in TriStar is included in other assets on the consolidated balance sheet and accounted for using the equity method. The following table summarizes payments, direct finance lease, and loan payable balances with TriStar (in thousands): December 31, 2018 December 31, 2017 Payments received from TriStar on direct finance leases $ 1,848 $ 1,897 Payments received from TriStar on loan payable $ — $ 128 Direct finance lease balance $ 10,710 $ 10,648 Loan payable balance $ — $ — |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 8, 2019 , the Company increased its borrowing capacity under one of its ABS warehouse facilities by $300.0 million to a maximum borrowing capacity of $800.0 million . No other terms were changed in the agreement. On February 12, 2019 , the Company's Board of Directors approved and declared a $0.52 per share quarterly cash dividend on its issued and outstanding common shares, payable on March 28, 2019 to shareholders of record at the close of business on March 12, 2019 . |
Schedule I Condensed Balance Sh
Schedule I Condensed Balance Sheet (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | TRITON INTERNATIONAL LIMITED Parent Company Condensed Balance Sheets (In thousands, except share data) December 31, 2018 December 31, 2017 ASSETS: Cash and cash equivalents $ 2 $ — Investment in subsidiaries 2,250,159 2,078,936 Other assets 10 — Total assets $ 2,250,171 $ 2,078,936 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable and other accrued expenses 5,988 2,652 Intercompany payable 487 — Intercompany loan 40,000 — Total liabilities 46,475 2,652 Shareholders' equity Common shares, $0.01 par value, 270,000,000 and 294,000,000 shares authorized, 80,843,472 and 80,687,757 shares issued, respectively 809 807 Undesignated shares, $0.01 par value, 30,000,000 and 6,000,000 shares authorized, no shares issued and outstanding — — Treasury shares, at cost, 1,853,148 shares and no shares, respectively (58,114 ) — Additional paid-in capital 896,811 889,168 Accumulated earnings 1,349,627 1,159,367 Accumulated other comprehensive income 14,563 26,942 Total shareholders' equity 2,203,696 2,076,284 Total liabilities and shareholders' equity $ 2,250,171 $ 2,078,936 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Cash Flows (In thousands) Year Ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income (loss) $ 349,555 $ 344,598 $ (13,517 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Net (income) loss from subsidiaries (354,955 ) (348,609 ) 2,535 Dividends received from subsidiaries 220,304 197,171 77,376 Share-based compensation expense 1,252 1,084 — Other 409 2,622 — Net cash provided by (used in) operating activities 216,565 196,866 66,394 Cash flows from investing activities: Investment in subsidiary (40,000 ) (254,240 ) — Net cash provided by (used in) investing activities (40,000 ) (254,240 ) — Cash flows from financing activities: Issuance of common shares, net of underwriter expenses — 192,931 — Purchases of treasury shares (56,274 ) — — Intercompany loan 40,000 — — Dividends paid (160,289 ) (135,557 ) (66,394 ) Net cash provided by (used in) financing activities (176,563 ) 57,374 (66,394 ) Net increase (decrease) in cash and cash equivalents $ 2 $ — $ — Cash, cash equivalents and restricted cash, beginning of period — — — Cash, cash equivalents and restricted cash, end of period $ 2 $ — $ — TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Operations (In thousands) Year Ended December 31, 2018 2017 2016 Revenues: Revenues $ — $ — $ — Total revenues — — — Operating expenses: Administrative expenses 5,343 4,011 276 Transaction and other costs (income) — — 10,706 Operating income (loss) (5,343 ) (4,011 ) (10,982 ) Other expenses: Interest and debt expense 57 — — Net income (losses) from subsidiaries 354,955 348,609 (2,535 ) Total other income (expenses) 354,898 348,609 (2,535 ) Income (loss) before income taxes 349,555 344,598 (13,517 ) Income tax expense (benefit) — — — Net income (loss) $ 349,555 $ 344,598 $ (13,517 ) |
Schedule I Condensed Income Sta
Schedule I Condensed Income Statement (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | TRITON INTERNATIONAL LIMITED Parent Company Condensed Balance Sheets (In thousands, except share data) December 31, 2018 December 31, 2017 ASSETS: Cash and cash equivalents $ 2 $ — Investment in subsidiaries 2,250,159 2,078,936 Other assets 10 — Total assets $ 2,250,171 $ 2,078,936 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable and other accrued expenses 5,988 2,652 Intercompany payable 487 — Intercompany loan 40,000 — Total liabilities 46,475 2,652 Shareholders' equity Common shares, $0.01 par value, 270,000,000 and 294,000,000 shares authorized, 80,843,472 and 80,687,757 shares issued, respectively 809 807 Undesignated shares, $0.01 par value, 30,000,000 and 6,000,000 shares authorized, no shares issued and outstanding — — Treasury shares, at cost, 1,853,148 shares and no shares, respectively (58,114 ) — Additional paid-in capital 896,811 889,168 Accumulated earnings 1,349,627 1,159,367 Accumulated other comprehensive income 14,563 26,942 Total shareholders' equity 2,203,696 2,076,284 Total liabilities and shareholders' equity $ 2,250,171 $ 2,078,936 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Cash Flows (In thousands) Year Ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income (loss) $ 349,555 $ 344,598 $ (13,517 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Net (income) loss from subsidiaries (354,955 ) (348,609 ) 2,535 Dividends received from subsidiaries 220,304 197,171 77,376 Share-based compensation expense 1,252 1,084 — Other 409 2,622 — Net cash provided by (used in) operating activities 216,565 196,866 66,394 Cash flows from investing activities: Investment in subsidiary (40,000 ) (254,240 ) — Net cash provided by (used in) investing activities (40,000 ) (254,240 ) — Cash flows from financing activities: Issuance of common shares, net of underwriter expenses — 192,931 — Purchases of treasury shares (56,274 ) — — Intercompany loan 40,000 — — Dividends paid (160,289 ) (135,557 ) (66,394 ) Net cash provided by (used in) financing activities (176,563 ) 57,374 (66,394 ) Net increase (decrease) in cash and cash equivalents $ 2 $ — $ — Cash, cash equivalents and restricted cash, beginning of period — — — Cash, cash equivalents and restricted cash, end of period $ 2 $ — $ — TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Operations (In thousands) Year Ended December 31, 2018 2017 2016 Revenues: Revenues $ — $ — $ — Total revenues — — — Operating expenses: Administrative expenses 5,343 4,011 276 Transaction and other costs (income) — — 10,706 Operating income (loss) (5,343 ) (4,011 ) (10,982 ) Other expenses: Interest and debt expense 57 — — Net income (losses) from subsidiaries 354,955 348,609 (2,535 ) Total other income (expenses) 354,898 348,609 (2,535 ) Income (loss) before income taxes 349,555 344,598 (13,517 ) Income tax expense (benefit) — — — Net income (loss) $ 349,555 $ 344,598 $ (13,517 ) |
Schedule I Condensed Statement
Schedule I Condensed Statement of Cash Flows (Notes) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | TRITON INTERNATIONAL LIMITED Parent Company Condensed Balance Sheets (In thousands, except share data) December 31, 2018 December 31, 2017 ASSETS: Cash and cash equivalents $ 2 $ — Investment in subsidiaries 2,250,159 2,078,936 Other assets 10 — Total assets $ 2,250,171 $ 2,078,936 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable and other accrued expenses 5,988 2,652 Intercompany payable 487 — Intercompany loan 40,000 — Total liabilities 46,475 2,652 Shareholders' equity Common shares, $0.01 par value, 270,000,000 and 294,000,000 shares authorized, 80,843,472 and 80,687,757 shares issued, respectively 809 807 Undesignated shares, $0.01 par value, 30,000,000 and 6,000,000 shares authorized, no shares issued and outstanding — — Treasury shares, at cost, 1,853,148 shares and no shares, respectively (58,114 ) — Additional paid-in capital 896,811 889,168 Accumulated earnings 1,349,627 1,159,367 Accumulated other comprehensive income 14,563 26,942 Total shareholders' equity 2,203,696 2,076,284 Total liabilities and shareholders' equity $ 2,250,171 $ 2,078,936 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Cash Flows (In thousands) Year Ended December 31, 2018 2017 2016 Cash flows from operating activities: Net income (loss) $ 349,555 $ 344,598 $ (13,517 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Net (income) loss from subsidiaries (354,955 ) (348,609 ) 2,535 Dividends received from subsidiaries 220,304 197,171 77,376 Share-based compensation expense 1,252 1,084 — Other 409 2,622 — Net cash provided by (used in) operating activities 216,565 196,866 66,394 Cash flows from investing activities: Investment in subsidiary (40,000 ) (254,240 ) — Net cash provided by (used in) investing activities (40,000 ) (254,240 ) — Cash flows from financing activities: Issuance of common shares, net of underwriter expenses — 192,931 — Purchases of treasury shares (56,274 ) — — Intercompany loan 40,000 — — Dividends paid (160,289 ) (135,557 ) (66,394 ) Net cash provided by (used in) financing activities (176,563 ) 57,374 (66,394 ) Net increase (decrease) in cash and cash equivalents $ 2 $ — $ — Cash, cash equivalents and restricted cash, beginning of period — — — Cash, cash equivalents and restricted cash, end of period $ 2 $ — $ — TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Operations (In thousands) Year Ended December 31, 2018 2017 2016 Revenues: Revenues $ — $ — $ — Total revenues — — — Operating expenses: Administrative expenses 5,343 4,011 276 Transaction and other costs (income) — — 10,706 Operating income (loss) (5,343 ) (4,011 ) (10,982 ) Other expenses: Interest and debt expense 57 — — Net income (losses) from subsidiaries 354,955 348,609 (2,535 ) Total other income (expenses) 354,898 348,609 (2,535 ) Income (loss) before income taxes 349,555 344,598 (13,517 ) Income tax expense (benefit) — — — Net income (loss) $ 349,555 $ 344,598 $ (13,517 ) |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II TRITON INTERNATIONAL LIMITED Valuation and Qualifying Accounts Years ended December 31, 2018 , 2017 , and 2016 (In thousands) For the year ended December 31, Finance Lease-Allowance for doubtful accounts: 2018 2017 2016 Beginning Balance $ — $ 527 $ 526 Additions / (Reversals) — (527 ) 1 (Write-offs) / Reversals — — — Ending Balance $ — $ — $ 527 Accounts Receivable-Allowance for doubtful accounts: Beginning Balance $ 3,002 $ 28,082 $ 8,297 Additions / (Reversals) (568 ) 581 19,811 (Write-offs) / Reversals (1,194 ) (25,661 ) (26 ) Ending Balance $ 1,240 $ 3,002 $ 28,082 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements 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 determination of fair value may require an entity to make significant judgments or develop assumptions about market participants to reflect risks specific to the asset being valued. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the reported amounts of revenues and expenses during the reporting period and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment including residual values and depreciable lives, values of assets held for sale and other long-lived assets, provision for income tax, allowance for doubtful accounts, share-based compensation and goodwill and intangible assets. Actual results could differ from those estimates. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities (VIEs) of which the Company is the primary beneficiary. The equity method of accounting is applied when the Company does not have a controlling interest in an entity but exerts significant influence over the entity. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments having original maturities of three months or less at the time of purchase. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash The Company’s restricted cash relates to amounts held at financial institutions pursuant to certain debt arrangements. The restricted cash balances represent cash proceeds collected and required to be used to pay debt service and other related expenses. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company's allowance for doubtful accounts is estimated based upon a review of the collectibility of its receivables. This review is based on the risk profile of the receivables, credit quality indicators such as the level of past-due amounts and economic conditions. Generally, the Company does not require collateral on accounts receivable balances. An account is considered past due when a payment has not been received in accordance with the contractual terms. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance for doubtful accounts is intended to provide for losses in the receivables, and requires the application of estimates and judgments as to the outcome of collection efforts, among other things. The Company believes its allowance for doubtful accounts is adequate to provide for credit losses inherent in its existing receivables. To the extent amounts are expected to be recoverable from insurance policies, the Company records a receivable based on amounts incurred not to exceed insurance limits. The Company experienced a major lessee default in 2016 when 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 . The Company recorded a loss 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 deductibles in credit insurance policies. As of December 31, 2018 , the Company recovered approximately 95% of its containers previously leased to Hanjin. The impact of the Hanjin liquidation was significantly lessened by credit insurance policies in place during 2016 which covered the majority of the recovery costs, the value of the containers that were unrecoverable and a portion of the lost lease revenue. The insurance policies did not cover Triton's pre-default receivables. The Company collected total payments from its insurance providers of $67.0 million in satisfaction of its claims and recorded a gain of $6.8 million to insurance recovery income within operating expenses for the year ended December 31, 2017 . The net gain represents insurance proceeds received in excess of recovery costs incurred and the net book value of those units written off as unrecoverable. |
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. Other financial instruments that are exposed to concentration of credit risk are cash and cash equivalents, and restricted cash balances. Cash and cash equivalents, and restricted cash are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits. |
Net Investment in Finance Leases | Net Investment in Finance Leases The Company has entered into various rental agreements that qualify as direct financing leases or sales-type leases. These leases are usually long-term in nature, typically ranging for a period of three to twelve years, and typically include an option to purchase the equipment at the end of the lease term at a bargain purchase price. At the inception of a direct financing lease or a sales-type lease, a net investment is recorded based on the gross investment (representing the total future minimum lease payments due under the lease plus the estimated residual value), net of unearned income. For a direct financing lease, unearned income represents the excess of the gross investment over the net book value of the leased equipment at lease inception. For a sales-type lease, unearned income represents the excess of the gross investment over the fair value of the leased equipment (calculated as the present value of both the total future minimum lease payments due under the lease and the estimated residual value) at lease inception. At the inception of a sales-type lease, gain (loss) is defined as the difference between (i) the net investment in the lease and (ii) the net book value of the subject containers on the Company’s books at the commencement of the lease. |
Leasing Equipment | Leasing Equipment The Company purchases new equipment from equipment manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used equipment with the intention of selling such equipment in one or more years from the date of purchase. Used units are typically purchased with an existing lease in place or were previously owned by one of the Company's third party owner investors. Leasing equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful lives. Capitalized costs for new container rental equipment include the manufactured cost of the container, inspection, delivery, and associated costs incurred in moving the container from the manufacturer to the initial on-hire location of such container. Repair and maintenance costs that do not extend the lives of the container rental equipment are charged to direct operating expenses at the time the costs are incurred. The estimated useful lives and residual values of the Company's leasing equipment are based on historical disposal experience and the Company's expectations for future used container sale prices. The Company reviews estimates used in its depreciation policy on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation estimates for useful lives or the assigned residual values of its equipment is warranted. The Company completed its annual depreciation policy review during the fourth quarter of 2018 and concluded no change was necessary. On January 1, 2018, the Company changed the estimated residual values for 20-foot refrigerated containers and 40-foot high cube refrigerated containers to $2,350 and $3,350 , respectively, as compared to the previous ranges of $2,250 to $2,500 for 20-foot refrigerated containers and $3,250 to $3,500 for 40-foot high cube refrigerated containers. The estimated residual values for 40-foot flat rack containers and 40-foot open top containers were changed to $1,700 and $2,300 , respectively, as compared to the previous ranges of $1,500 to $3,000 for 40-foot flat rack containers and $2,300 to $2,500 for 40-foot open top containers. In addition, the useful lives for 40-foot flat rack containers and 40-foot open top containers was changed to 16 years from the previous range of 12 to 14 years . The effects of changes to residual value and useful life estimates were immaterial to our consolidated financial statements. The estimated useful lives and residual values for each major equipment type for the periods indicated below were as follows: As of December 31, 2018 As of December 31, 2017 Equipment Type Depreciable Life Residual Value Depreciable Life Residual Value Dry containers 20-foot dry container 13 years $ 1,000 13 years $ 1,000 40-foot dry container 13 years $ 1,200 13 years $ 1,200 40-foot high cube dry container 13 years $ 1,400 13 years $ 1,400 Refrigerated containers 20-foot refrigerated container 12 years $ 2,350 12 years $2,250 to $2,500 40-foot high cube refrigerated container 12 years $ 3,350 12 years $3,250 to $3,500 Special containers 40-foot flat rack container 16 years $ 1,700 12 to 14 years $1,500 to $3,000 40-foot open top container 16 years $ 2,300 12 to 14 years $2,300 to $2,500 Tank containers 20 years $ 3,000 20 years $ 3,000 Chassis 20 years $ 1,200 20 years $ 1,200 Depreciation on leasing equipment commences on the date of initial on-hire. For leasing equipment acquired through sale-leaseback transactions, the Company adjusts its estimates for remaining useful life and residual values based on current conditions in the sales market for older containers and the Company's expectations for how long the equipment will remain on-hire to the current lessee. The net book value of the Company's leasing equipment by equipment type as of the dates indicated was (in thousands): December 31, 2018 December 31, 2017 Dry container units $ 6,666,560 $ 5,941,097 Refrigerated container units 1,676,331 1,897,385 Special container units 322,607 287,869 Tank container units 107,284 105,821 Chassis 150,669 132,312 Total $ 8,923,451 $ 8,364,484 Included in the amounts above are units not on lease at December 31, 2018 and 2017 with a total net book value of $551.1 million and $509.5 million , respectively. Amortization on equipment purchased under capital lease obligations is included in depreciation and amortization expense on the consolidated statements of operations. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Valuation of Leasing Equipment Leasing equipment is reviewed for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying value to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Key indicators of impairment on leasing equipment include, among other factors, a sustained decrease in operating profitability, a sustained decrease in utilization, or indications of technological obsolescence. When testing for impairment, leasing equipment is generally grouped by equipment type, and is tested separately from other groups of assets and liabilities. Some of the significant estimates and assumptions used to determine future undiscounted cash flows and the measurement for impairment are the remaining useful life, expected utilization, expected future lease rates and expected disposal prices of the equipment. The Company considers the assumptions on expected utilization and the remaining useful life to have the greatest impact on its estimate of future undiscounted cash flows. These estimates are principally based on the Company's historical experience and management's judgment of market conditions. The Company did not record any impairment charges related to leasing equipment for the years ended December 31, 2018 and 2017 . For the year ended December 31, 2016 , the Company recorded $13.1 million of impairment charges in depreciation and amortization expense related to leasing equipment. |
Equipment Held for Sale | Equipment Held for Sale When leasing equipment is returned off lease, the Company makes a determination of whether to repair and re-lease the equipment or sell the equipment. At the time the Company determines that equipment will be sold, it reclassifies the appropriate amounts previously recorded as leasing equipment to equipment held for sale. Equipment held for sale is carried at the lower of its estimated fair value less costs to sell or carrying value. Depreciation expense on equipment held for sale is halted and disposals generally occur within 90 days. Initial write downs of equipment held for sale to fair value are recorded as an impairment charge and are included in net gain or loss on sale of leasing equipment. Subsequent increases or decreases to the fair value of those assets are recorded as adjustments to the carrying value of the equipment held for sale, however, any such adjustments may not exceed the respective equipment's carrying value at the time it was initially classified as held for sale. Realized gains and losses resulting from the sale of equipment held for sale are recorded as net gain or loss on sale of leasing equipment, and cash flows associated with the disposal of equipment held for sale are classified as cash flows from investing activities. The Company acquired the Equipment Trading segment as part of the Merger on July 12, 2016 and had no such reporting segment prior to that date. Equipment purchased for resale and included in the Equipment Trading segment is reported as equipment held for sale when the time frame between when equipment is purchased and when it is sold is expected to be less than one year. During the years ended December 31, 2018 , 2017 , and 2016 , the Company recorded the following net gains or losses on sale of leasing equipment held for sale on the consolidated statements of operations (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Impairment (loss) reversal on equipment held for sale $ (3,933 ) $ 3 $ (19,399 ) Gain (loss) on sale of equipment-net of selling costs 39,310 35,809 (948 ) Net gain (loss) on sale of leasing equipment $ 35,377 $ 35,812 $ (20,347 ) |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Furniture and Equipment Costs of major additions of property, furniture, equipment and improvements are capitalized and are included in other assets on the consolidated balance sheets. The original cost is depreciated on a straight-line basis over the estimated useful lives of such property, furniture and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful lives of the leased assets. Other fixed assets, which consist primarily of computer software and hardware, are recorded at cost and amortized on a straight-line basis over their respective estimated useful lives, which range from three to seven years. Expenditures for maintenance and repairs are expensed as they are incurred. |
Business Combinations Policy [Policy Text Block] | Business Combinations The Company allocates the purchase price to assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash flows, discount rates, asset lives and market multiples, among other items. |
Goodwill | Goodwill Goodwill is tested for impairment at least annually on October 31st of each fiscal year or more frequently if events occur or circumstances indicate that the fair value of a reporting unit may be below its carrying value. Goodwill has been allocated to the Company’s reporting units. In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among other relevant events and circumstances that affect the fair value of reporting units, the Company considers individual factors such as macroeconomic conditions, changes in its industry and the markets in which the Company operates, as well as its reporting units' historical and expected future financial performance. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is unnecessary. The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company elected to perform the qualitative assessment for its evaluation of goodwill impairment during the year ended December 31, 2018 and concluded there was no impairment. Since inception through December 31, 2018 , the Company has not recorded any goodwill impairment. Intangible Assets Intangible assets with finite useful lives such as acquired lease intangibles and customer relationships are initially recorded at fair value and are amortized over their respective estimated useful lives and subsequently reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company has not recorded any impairment charges related to intangible assets for the years ended December 31, 2018 , 2017 , and 2016 . |
Revenue Recognition | Revenue Recognition Operating Leases with Customers The Company enters into long-term leases and service leases with ocean carriers, principally as lessor in operating lease, for marine cargo equipment. Long-term leases provide Triton's customers with specified equipment for a specified term. The Company's leasing revenues are based upon the number of equipment units leased, the applicable per diem rate and the length of the lease. Long-term leases typically have initial contractual terms ranging from three to eight years. Revenues are recognized on a straight-line basis over the life of the respective lease. Advance billings are deferred and recognized in the period earned. Service leases do not specify the exact number of equipment units to be leased or the term that each unit will remain on-hire, but allow the lessee to pick-up and drop-off units at various locations specified in the lease agreement. Under a service lease, rental revenue is based on the number of equipment units on-hire for a given period. Revenue for customers considered to be non-performing is deferred and recognized when the amounts are received. The Company recognizes billings to customers for damages and certain other operating costs as leasing revenue as it is earned based on the terms of the contractual agreements with the customer. As principal, the Company is responsible for fulfillment of the services, supplier selection and service specifications, and has ultimate responsibility to pay the supplier for the services whether or not it collects the amount billed to the lessee. Finance Leases with Customers The Company enters into finance leases as lessor for some of the equipment in its fleet. The net investment in finance leases represents the receivables due from lessees, net of unearned income and amounts previously billed, which are included in accounts receivable. Unearned income is recognized on a level yield basis over the lease term and is recorded as leasing revenue. Finance leases are usually long-term in nature and typically include an option to purchase the equipment at the end of the lease term for an amount determined to be a bargain. Equipment Trading Revenues and Expenses Equipment trading revenues represent the proceeds from the sale of equipment purchased for resale and are recognized as units are sold and delivered to the customer. The related expenses represent the cost of equipment sold as well as other selling costs that are recognized as incurred and are reflected as equipment trading expenses on the consolidated statements of operations. |
Direct Operating Expenses | Direct Operating Expenses Direct operating expenses are directly related to the Company's equipment under and available for lease. These expenses primarily consist of the Company's costs to repair and maintain the equipment, to reposition the equipment and to store the equipment when it is not on lease. These costs are recognized when incurred. Certain positioning costs may be capitalized when incurred to place new equipment on an initial lease. |
Deferred Policy Acquisition Costs, Policy [Policy Text Block] | Debt Costs Debt costs represent the fees incurred in connection with debt obligation arrangements. These costs are capitalized and amortized using the effective interest method or on a straight-line basis over the term of the related obligation, depending on the type of debt obligation to which they relate. Unamortized debt costs may be written off when the related debt obligations are refinanced or extinguished prior to maturity. |
Derivative Instruments | Derivative Instruments The Company uses derivatives in the management of its interest rate exposure on its long-term borrowings. The Company records derivative instruments on its balance sheet at fair value and establishes criteria for both the designation and effectiveness of hedging activities. The Company has entered into interest rate swap agreements with certain financial institutions. The interest rate swap agreements require the Company to make payments to counterparties at fixed rates in return for receipts based upon variable rates indexed to the London Interbank Offered Rate (“LIBOR”). Derivative instruments are designated or non-designated for hedge accounting purposes. The fair value of the derivative instruments is measured at each balance sheet date and is reflected on a gross basis on the consolidated balance sheets. The change in fair value of the derivative instruments designated as a cash flow hedge are recorded on the consolidated balance sheets in accumulated other comprehensive income (loss) and are re-classified to interest expense when realized. The change in fair value of non-designated derivative instruments is recorded in the consolidated statements of operations as unrealized loss (gain) on derivative instruments, net and are reclassified to realized loss (gain) on derivative instruments when realized. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes, which requires recognition of deferred tax assets and liabilities based on the expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any change in the tax rate which has an effect on deferred tax assets and liabilities is recognized as an increase or decrease to income in the period that includes the enactment date of the law that resulted in the change in tax rate. The Company recognizes the effect of income tax positions which are more-likely-than-not of being sustained. If a position does not meet the more-likely-than-not criteria, the Company records a reserve against the tax position such that a tax benefit is recognized only in the amount that has a greater than 50% likelihood of being recognized. The full impact of any change in recognition or measurement of an uncertain tax position is reflected in the period in which such change occurs. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. |
Foreign Currency Translation and Remeasurement | Foreign Currency Translation and Remeasurement The Company uses U.S. dollar as its reporting currency. The net assets and operations of foreign subsidiaries included in the consolidated financial statements are attributable primarily to the Company's U.K. subsidiary. The accounts of this subsidiary have been converted at rates of exchange in effect at year end as to balance sheet accounts and at the historical weighted average of exchange rates for the statements of operations accounts. The effects of changes in exchange rates in translating foreign subsidiaries' financial statements are included in shareholders' equity as accumulated other comprehensive (loss) income. The Company also has certain cash accounts, certain finance lease receivables and certain obligations that are denominated in currencies other than the Company's functional currency. These assets and liabilities are generally denominated in euros or British pounds, and are remeasured at each balance sheet date at the exchange rates in effect as of those dates. The impact of changes in exchange rates on the remeasurement of assets and liabilities are included in administrative expenses on the consolidated statements of operations. Transaction losses were $1.0 million for the year ended December 31, 2018 and were immaterial for the years ended December 31, 2017 and 2016 . |
Stock-Based Compensation | Share-based Compensation The Company measures and recognizes share-based awards granted to employees based on estimated fair values. Share-based awards may be subject to forfeiture if certain employment conditions are not met. The Company does not estimate forfeitures in its expense calculations as forfeiture history has been minor. Time based awards are measured at the grant date and are recognized as compensation expense over the employee's requisite service period, generally the vesting period of the equity award, on a straight-line basis. Performance-based awards are recognized as compensation expense when satisfaction of the performance condition is considered probable. |
Comprehensive Income | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to shareholders by the weighted average number of common shares outstanding for the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, are excluded from the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if securities exercisable or convertible into common shares were exercised or converted into common shares, utilizing the treasury share method. The Company excluded 207,991 , nil, and 169,403 of anti-dilutive restricted common shares from its calculation of diluted earnings per share for the years ended December 31, 2018 , 2017 , and 2016 . |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company conducts its business activities in one industry, intermodal transportation equipment, and has two reporting segments, Equipment leasing and Equipment trading. The Company also segregates total equipment leasing revenues and total equipment trading revenues by geographic location based upon the primary domicile of the Company’s customers. Prior to the Merger on July 12, 2016, the Company had only one segment, the Equipment Leasing segment. As a result of the Merger, the Equipment Trading segment was acquired. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Standards Updates 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 only applied to equipment trading revenues and sales of leasing equipment. The adoption of this ASU had minimal impact on the Company since the majority of its sales contracts are for containers and do not contain multiple elements. The standard allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company adopted the standard on January 1, 2018, using the modified retrospective approach. The adoption of Topic 606 did not impact its leasing revenue recognition model because, as noted above, leasing revenue recognition, including ancillary fees, is specifically excluded from this ASU. The Company has assessed the requirements of the new revenue standard with respect to its equipment trading revenue and sales of leasing equipment and has concluded that the timing and amount of recognition was not materially affected based on the fact that there generally are no long-term contracts, multiple element arrangements, or significant customer acquisition costs related to these revenue streams. The Company also considered the requirement to present disaggregated revenue for its equipment trading revenue and sales of leasing equipment upon the adoption of Topic 606. The Company currently presents these revenue items separately in its statements of operations. As a result, the Company concluded that the adoption of Topic 606 did not have a significant impact on either the timing of its revenue recognition or manner of presentation. 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 Company adopted the standard on January 1, 2018. The adoption of this ASU did not have an impact on the consolidated financial statements since none of the cash flow items specified in the guidance changed the Company's presentation in the consolidated statement of cash flows. In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes (Topic 740): Intra-Entity 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 Company adopted the standard on January 1, 2018. The adoption of this ASU did not have a significant impact 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 Company adopted this guidance on January 1, 2018 using the retrospective approach. As a result, the Company recorded an increase of $43.8 million in net cash provided by financing activities for the year ended December 31, 2017 and an increase of $31.4 million used in financing activities for the year ended December 31, 2016 related to presentation changes of its restricted cash balance from financing activities to the cash, cash equivalents and restricted cash balance within the consolidated statements of cash flows. In May 2017, the FASB issued ASU No. 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 Company adopted the standard on January 1, 2018 on a prospective basis. The adoption of this ASU did not have an impact on the consolidated financial statements since the Company did not modify its share-based payment awards since adoption of the standard. In February 2018, the FASB issued ASU No. 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . This ASU allows a reclassification from accumulated other comprehensive income to accumulated earnings for tax effects resulting from the Tax Cuts and Jobs Act (the “Act”) and requires certain new disclosures. ASU 2018-02 will be effective for the Company for fiscal years beginning after December 15, 2018, with early adoption permitted. The update should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Act is recognized. The Company elected to adopt this ASU on January 1, 2018 by making a one-time reclassification in the period of change of stranded tax effects from accumulated other comprehensive income to accumulated earnings related to the change in tax rates resulting from the Act. The reclassified amount of $3.0 million represents the difference between the amount initially recorded directly to accumulated other comprehensive income at the previously enacted U.S. federal corporate income tax rate as of December 31, 2017 and the amount that would have been recorded directly to accumulated other comprehensive income as of December 31, 2017 by using the newly enacted U.S. federal corporate income tax rate. In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 . The amendments in this ASU add various Securities and Exchange Commission (“SEC) paragraphs pursuant to the issuance of SEC Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”). The SEC issued SAB 118 to address concerns about reporting entities’ ability to timely comply with the accounting requirements to recognize all of the effects of the Act in the period of enactment. SAB 118 allows disclosure that timely determination of some or all of the income tax effects from the Act are incomplete by the due date of the financial statements and if possible to provide a reasonable estimate. The Company recorded the effects of the change in the tax law pursuant to SAB 118 as of December 31, 2017. The Company adopted the standard on January 1, 2018. There were no updates to the amounts recorded as of December 31, 2017 during 2018. Recently Issued Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) and subsequently issued amendments thereto, that replaced existing lease accounting guidance. The accounting standard will require lessees to recognize a right of use (“ROU”) asset and a corresponding lease liability on their balance sheets. The accounting that will be applied by lessors under ASC 842 is largely unchanged from previous GAAP. The majority of the Company’s leases with its customers will continue to be classified as operating leases. 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 Company plans to adopt the standard on its effective date of January 1, 2019 through a cumulative-effect adjustment. Additionally, the Company will elect the “package of practical expedients” which provides: (1) An entity need not reassess whether any expired or existing contracts are or contain leases; (2) An entity need not reassess the lease classification for any expired or existing leases; and (3) An entity need not reassess initial direct costs for any existing leases. Furthermore, the Company will elect the optional transition method and continue to apply the guidance in ASC 840, including its disclosure requirements, in the comparative periods. On adoption, the Company expects to recognize a lease liability of approximately $10.5 million based on the present value of the remaining minimum rental payments under current leasing standards for existing operating leases and corresponding ROU assets of approximately $9.0 million . The Company expects to elect the short-term lease recognition exemption whereby a lease liability and corresponding ROU asset will not be recognized when leases, at the commencement date, have a lease term of 12 months or less. The Company has assessed the requirements from both a lessee and lessor perspective and concluded the adoption of this standard will not have a significant impact on the consolidated financial statements. In June 2016, the FASB issued ASU No. 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 and 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 Company does not expect the adoption of this ASU to have a significant impact on the consolidated financial statements. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2017-12 changes the recognition and presentation requirements of hedge accounting, including: eliminating the requirement to separately measure and report hedge ineffectiveness; and presenting all items that affect earnings in the same income statement line item as the hedged item. The ASU also provides new alternatives for: applying hedge accounting to additional hedging strategies; measuring the hedged item in fair value hedges of interest rate risk; reducing the cost and complexity of applying hedge accounting by easing the requirements for effectiveness testing, hedge documentation and application of the critical terms match method; and reducing the risk of material error correction if a company applies the shortcut method inappropriately. The Company plans to adopt the standard on its effective date of January 1, 2019 and will apply the modified retrospective approach upon adoption. The Company has evaluated the impact of this ASU and concluded the adoption of this standard will not have a significant impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. The amendments in this ASU represent changes to clarify, correct errors in, or make minor improvements to the Accounting Standards Codification (ASC). The transition and effective date guidance are based on the facts and circumstances of each amendment. Some of the amendments do not require transition guidance and will be effective upon issuance. However, many of the amendments in this ASU do have transition guidance with effective dates for annual periods beginning after December 15, 2018. The Company does not expect the adoption of this ASU to have a significant impact on the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Gain Loss on Sale of Leasing Equipment [Line Items] | |
Schedule of Assets Held For Sale | During the years ended December 31, 2018 , 2017 , and 2016 , the Company recorded the following net gains or losses on sale of leasing equipment held for sale on the consolidated statements of operations (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Impairment (loss) reversal on equipment held for sale $ (3,933 ) $ 3 $ (19,399 ) Gain (loss) on sale of equipment-net of selling costs 39,310 35,809 (948 ) Net gain (loss) on sale of leasing equipment $ 35,377 $ 35,812 $ (20,347 ) |
Schedule of estimated useful lives and residual values for the majority of the Company's leasing equipment | As of December 31, 2018 As of December 31, 2017 Equipment Type Depreciable Life Residual Value Depreciable Life Residual Value Dry containers 20-foot dry container 13 years $ 1,000 13 years $ 1,000 40-foot dry container 13 years $ 1,200 13 years $ 1,200 40-foot high cube dry container 13 years $ 1,400 13 years $ 1,400 Refrigerated containers 20-foot refrigerated container 12 years $ 2,350 12 years $2,250 to $2,500 40-foot high cube refrigerated container 12 years $ 3,350 12 years $3,250 to $3,500 Special containers 40-foot flat rack container 16 years $ 1,700 12 to 14 years $1,500 to $3,000 40-foot open top container 16 years $ 2,300 12 to 14 years $2,300 to $2,500 Tank containers 20 years $ 3,000 20 years $ 3,000 Chassis 20 years $ 1,200 20 years $ 1,200 |
Schedule of net book value of the Company's leasing equipment by equipment type | The net book value of the Company's leasing equipment by equipment type as of the dates indicated was (in thousands): December 31, 2018 December 31, 2017 Dry container units $ 6,666,560 $ 5,941,097 Refrigerated container units 1,676,331 1,897,385 Special container units 322,607 287,869 Tank container units 107,284 105,821 Chassis 150,669 132,312 Total $ 8,923,451 $ 8,364,484 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value, which was measured using Level 2 inputs, and the carrying value of the Company's debt | The fair value was measured using Level 2 inputs and the carrying value and fair value are summarized in the following table (in thousands): December 31, 2018 December 31, 2017 Liabilities Total Debt - carrying value (1) $ 7,595,922 $ 6,986,333 Total Debt - fair value $ 7,559,063 $ 6,991,537 (1) Excludes unamortized debt costs of $44.9 million and $40.6 million, purchase price debt adjustments of $16.3 million and $27.5 million, and unamortized debt discounts of $5.3 million and $6.5 million as of December 31, 2018 and 2017 , respectively. |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | 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 summarized below (in thousands): December 31, 2018 December 31, 2017 Assets Equipment held for sale - assets at fair value (1) $ 5,750 $ 6,104 Cumulative impairment charges (2) $ (1,846 ) $ (2,242 ) (1) Represents the fair value of containers included in equipment held for sale in the consolidated balance sheets that have been impaired to write down the carrying 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. |
Schedule of fair value of derivative instruments | The fair value of derivative instruments on its consolidated balance sheets as of December 31, 2018 and December 31, 2017 were as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Interest rate cap and swap contracts, designated $ 10,531 $ 3,554 $ 10,966 $ 2,503 Interest rate swap contracts, not designated 3,392 3,822 — — Total derivatives $ 13,923 $ 7,376 $ 10,966 $ 2,503 The following table represents pre-tax amounts in accumulated other comprehensive (loss) related to interest rate swap agreements expected to be recognized in income over the next twelve months (in thousands): December 31, 2018 Unrealized gain (loss) on derivative instruments designated as cash flow hedges $ 9,199 Net gain (loss) on terminated derivative instruments designated as cash flow hedges 631 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Intangible assets acquired are comprised of a lease intangible for leases acquired with lease rates that were above market and a customer intangible related to the chassis and tank customer lists acquired. The following table summarizes the intangible assets amortization as of December 31, 2018 (in thousands): Years ending December 31, Above market lease intangibles Customer intangibles (1) Total intangible assets 2019 $ 36,760 $ 758 $ 37,518 2020 22,491 — 22,491 2021 16,549 — 16,549 2022 10,497 — 10,497 2023 4,657 — 4,657 2024 and thereafter 1,971 — 1,971 Total $ 92,925 $ 758 $ 93,683 (1) Customer intangibles are included in other assets on the consolidated balance sheets. |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | December 31, 2018 December 31, 2017 Collection accounts $ 20,873 $ 23,676 Trust accounts 6,174 14,601 Other restricted cash accounts 83,542 55,863 Total restricted cash $ 110,589 $ 94,140 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of debt instruments | Years ending December 31, 2019 $ 11,210 2020 10,766 2021 10,766 2022 10,766 2023 18,734 2024 and thereafter 23,925 Total future payments 86,167 Less: amount representing interest (10,641 ) Capital lease obligations $ 75,526 Debt maturities excluding capital lease obligations (in thousands): Years ending December 31, 2019 $ 964,278 2020 825,737 2021 812,325 2022 1,707,174 2023 1,476,092 2024 and thereafter 1,734,790 Total $ 7,520,396 Debt consisted of the following (in thousands): December 31, 2018 December 31, 2017 Institutional notes $ 2,198,200 $ 2,381,000 Asset-backed securitization term notes 3,063,821 2,384,926 Term loan facilities 1,543,375 1,701,998 Asset-backed securitization warehouse 340,000 110,000 Revolving credit facilities 375,000 305,000 Capital lease obligations 75,526 103,409 Total debt outstanding 7,595,922 6,986,333 Debt costs (44,889 ) (40,636 ) Unamortized debt premiums & discounts (5,293 ) (6,456 ) Unamortized fair value debt adjustment (16,308 ) (27,516 ) Debt, net of unamortized debt costs $ 7,529,432 $ 6,911,725 |
Schedule of long-term debt instruments | During the year ended December 31, 2018 , the Company completed offerings of the following Class A and B fixed rate asset-backed notes: Date Completed Total Offering Contractual Weighted Average Interest Rate Scheduled Maturity March 20, 2018 $450.0 million 3.99% March 20, 2028 June 20, 2018 $367.9 million 4.23% June 20, 2028 August 9, 2018 $260.6 million 3.67% August 21, 2023 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swap contracts | During the year ended December 31, 2018 , the Company entered into the following interest rate swaps: Date Completed Notional Amount Indexed To Scheduled Maturity September 5, 2018 $257.6 million 3 month LIBOR August 20, 2023 September 21, 2018 $100.0 million 1 month LIBOR September 28, 2025 September 21, 2018 $200.0 million 1 month LIBOR September 30, 2025 During the year ended December 31, 2018 , the Company canceled the following interest rate swaps: Date Canceled Notional Amount Funds Received December 20, 2018 $50.0 million $0.2 million As of December 31, 2018 , the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Amount Weighted Average Fixed Leg (Pay) Interest Rate Cap Rate Weighted Average Interest Rate Swap $1,565.6 million 2.24% n/a 4.4 years Interest Rate Cap $381.7 million n/a 2.90% 0.1 years |
Schedule of fair value of derivative instruments | The fair value of derivative instruments on its consolidated balance sheets as of December 31, 2018 and December 31, 2017 were as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument December 31, 2018 December 31, 2017 December 31, 2018 December 31, 2017 Interest rate cap and swap contracts, designated $ 10,531 $ 3,554 $ 10,966 $ 2,503 Interest rate swap contracts, not designated 3,392 3,822 — — Total derivatives $ 13,923 $ 7,376 $ 10,966 $ 2,503 The following table represents pre-tax amounts in accumulated other comprehensive (loss) related to interest rate swap agreements expected to be recognized in income over the next twelve months (in thousands): December 31, 2018 Unrealized gain (loss) on derivative instruments designated as cash flow hedges $ 9,199 Net gain (loss) on terminated derivative instruments designated as cash flow hedges 631 |
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income | The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) (in thousands): Financial statement caption Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Derivative instrument Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ (2,072 ) $ 900 $ 3,438 Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net 430 (1,397 ) (4,405 ) Designated derivative instruments Other comprehensive loss (income) 2,119 641 (46,917 ) Designated derivative instruments Interest and debt (income) expense (6,780 ) 611 1,200 |
Net Investment in Finance Lea_2
Net Investment in Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Capital [Abstract] | |
Schedule of components of the net investment in finance leases | The following table represents the components of the net investment in finance leases (in thousands): December 31, 2018 December 31, 2017 Future minimum lease payment receivable (1) $ 574,422 $ 283,374 Estimated residual receivable 107,598 64,560 Gross finance lease receivables 682,020 347,934 Unearned income (2) (203,955 ) (52,043 ) Net investment in finance leases (3) $ 478,065 $ 295,891 (1) At the inception of the lease, the Company records the total minimum lease payments net of executory costs, if any. The gross finance lease receivable is reduced as billed to the customer and reclassified to accounts receivable until paid. There were no executory costs included in gross finance lease receivables as of December 31, 2018 and 2017 . (2) The difference between the gross finance lease receivable and the fair value of the equipment at the lease inception is recorded as unearned income. Unearned income together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2018 and 2017 . (3) As of December 31, 2018 , three major customers represented 50% , 24% and 13% of the Company's finance lease portfolio. As of December 31, 2017 , two major customers represented 46% and 28% of the Company's finance lease portfolio. No other customer represented more than 10% of the Company's finance lease portfolio in each of those years. |
Schedule of contractual maturities of the Company’s gross finance lease receivables | Years ending December 31, 2019 $ 109,184 2020 119,197 2021 84,266 2022 78,327 2023 60,528 2024 and thereafter 230,518 Total $ 682,020 |
Share-Based Compensation and _2
Share-Based Compensation and Other Equity Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company’s restricted share activity for the year ended December 31, 2018 : Number of Shares Outstanding Weighted Average Fair Value Non-vested balance at December 31, 2017 752,014 $ 16.10 Shares granted 360,846 28.23 Shares vested (1) (201,510 ) 18.21 Shares forfeited (5,855 ) 29.17 Non-vested balance at December 31, 2018 905,495 $ 20.38 (1) Plan participants tendered 44,626 common shares to satisfy income tax withholding obligations. These shares were subsequently retired by the Company. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The changes in the Company's common shares and treasury shares during the years ending December 31, 2018 , 2017 and 2016 are shown in the table below: Class A Common Shares (1) Class B Common Shares (1) Common Shares Treasury Shares Balance as of January 1, 2016 35,628,585 4,800,000 — — Share-based compensation 140,237 — 465,097 — Settlement of liability classified service-based share options 517,912 — — — Share repurchase to settle shareholder tax obligations (232,715 ) — (14,290 ) — Redemption / Cancellation of common shares (32,536 ) — (230,857 ) — Issuance and conversion of Triton shares due to Merger (36,021,483 ) (4,800,000 ) 74,156,075 — Balance as of December 31, 2016 — — 74,376,025 — Issuance of common shares — — 6,152,500 — Share-based compensation — — 161,194 — Share repurchase to settle shareholder tax obligations — — (1,962 ) — Balance as of December 31, 2017 — — 80,687,757 — Share-based compensation — — 200,341 — Share repurchase to settle shareholder tax obligations — — (44,626 ) — Repurchase of common shares — — — (1,853,148 ) Balance as of December 31, 2018 — — 80,843,472 (1,853,148 ) (1) As a result of the Merger transaction completed on July 12, 2016, all Class A and B common shares held by TCIL shareholders were exchanged for Triton common shares at a 0.80 ratio, and therefore, the historical number of shares, options, and per share amounts were retroactively adjusted. |
Dividends Declared | The Company paid the following quarterly dividends during the years ended December 31, 2018 , 2017 , and 2016 on its issued and outstanding common shares adjusted for the effects of the Merger: Record Date Payment Date Aggregate Payment Per Share Payment December 3, 2018 December 20, 2018 $41.0 Million $0.52 September 4, 2018 September 25, 2018 $41.6 Million $0.52 June 1, 2018 June 22, 2018 $41.6 Million $0.52 March 12, 2018 March 28, 2018 $36.0 Million $0.45 December 1, 2017 December 22, 2017 $36.0 Million $0.45 September 1, 2017 September 22, 2017 $33.2 Million $0.45 June 1, 2017 June 22, 2017 $33.2 Million $0.45 March 20, 2017 March 30, 2017 $33.2 Million $0.45 December 2, 2016 December 22, 2016 $33.2 Million $0.45 September 8, 2016 September 22, 2016 $33.3 Million $0.45 July 8, 2016 (1) July 11, 2016 $18.3 Million $0.45 __________________________________________ (1) This dividend was prior to the Merger and represents TCIL dividend payments only. |
Schedule of accumulated other comprehensive (loss) | : Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2015 $ — $ (3,666 ) $ (3,666 ) Change in derivative instruments designated as cash flow hedges 30,405 — 30,405 Reclassification of loss on derivative instruments designated as cash flow hedges 777 — 777 Foreign currency translation adjustment — (758 ) (758 ) Other comprehensive income (loss) 31,182 (758 ) 30,424 Balance as of December 31, 2016 $ 31,182 $ (4,424 ) $ 26,758 Change in derivative instruments designated as cash flow hedges (407 ) — (407 ) Reclassification of loss on derivative instruments designated as cash flow hedges 440 — 440 Foreign currency translation adjustment — 151 151 Other comprehensive income (loss) 33 151 184 Balance as of December 31, 2017 $ 31,215 $ (4,273 ) $ 26,942 Change in derivative instruments designated as cash flow hedges (3,933 ) — (3,933 ) Reclassification of gain on derivative instruments designated as cash flow hedges (5,210 ) — (5,210 ) Tax reclassifications to accumulated earnings for the adoption of ASU 2018-02 (3,029 ) — (3,029 ) Foreign currency translation adjustment — (207 ) (207 ) Other comprehensive income (loss) (12,172 ) (207 ) (12,379 ) Balance as of December 31, 2018 $ 19,043 $ (4,480 ) $ 14,563 |
Schedule of reclassifications out of accumulated other comprehensive (loss) | The following table summarizes the reclassifications out of accumulated other comprehensive income (loss) (in thousands): Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) Affected Line Item in the Consolidated Statements of Operations December 31, 2018 December 31, 2017 December 31, 2016 Amounts reclassified from Accumulated other comprehensive (loss) before income tax $ (6,780 ) $ 611 $ 1,200 Interest and debt expense Income tax (benefit) 1,570 (171 ) (423 ) Income tax expense Amounts reclassified from Accumulated other comprehensive (loss), net of tax $ (5,210 ) $ 440 $ 777 Net income |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment information | (in thousands): As of and for the Year Ended December 31, 2018 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,346,031 $ 4,272 $ 1,350,303 Trading margin — 18,921 18,921 Net gain on sale of leasing equipment 35,377 — 35,377 Depreciation and amortization expense 544,167 971 545,138 Interest and debt expense 321,290 1,441 322,731 Realized (gain) loss on derivative instruments, net (2,066 ) (6 ) (2,072 ) Income (loss) before income taxes (1) 416,270 17,563 433,833 Equipment held for sale 46,968 19,485 66,453 Goodwill 220,864 15,801 236,665 Total assets 10,224,421 45,592 10,270,013 Purchases of leasing equipment and investments in finance leases (2) 1,603,507 — 1,603,507 As of and for the Year Ended December 31, 2017 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,160,196 $ 3,321 $ 1,163,517 Trading margin — 4,184 4,184 Net gain on sale of leasing equipment 35,812 — 35,812 Depreciation and amortization expense 500,099 621 500,720 Interest and debt expense 280,909 1,438 282,347 Realized (gain) loss on derivative instruments, net 900 — 900 Income (loss) before income taxes (1) 262,574 3,254 265,828 Equipment held for sale 31,534 11,661 43,195 Goodwill 220,864 15,801 236,665 Total assets 9,534,330 43,295 9,577,625 Purchases of leasing equipment and investments in finance leases (2) 1,562,863 — 1,562,863 As of and for the Year Ended December 31, 2016 (3) Equipment Leasing Equipment Trading Totals Total leasing revenues $ 827,111 $ 1,583 $ 828,694 Trading margin — 618 618 Net gain on sale of leasing equipment (20,347 ) — (20,347 ) Depreciation and amortization expense 392,250 342 392,592 Interest and debt expense 183,377 637 184,014 Realized (gain) loss on derivative instruments, net 3,438 — 3,438 Income (loss) before income taxes (1) (6,302 ) (3,795 ) (10,097 ) Equipment held for sale 81,804 18,059 99,863 Goodwill 220,864 15,801 236,665 Total assets 8,660,786 52,785 8,713,571 Purchases of leasing equipment and investments in finance leases (2) 629,176 156 629,332 (1) Segment income (loss) before income taxes excludes unrealized loss on interest rate swaps of $0.4 million for the years ended December 31, 2018 , and unrealized gain of $1.4 million and $4.4 million , for the years ended December 31, 2017 and 2016 , respectively, and debt termination expense of $6.1 million , $7.0 million , and $0.1 million for the years ended December 31, 2018 , 2017 , and 2016 , respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. (3) Prior to the Merger, all income and assets were attributed to the Equipment leasing segment. |
Geographic allocation of revenues for the periods indicated based on the customers primary domicile and allocates equipment trading revenue based on the location of sale | The following table represents the geographic allocation of equipment trading revenues for the years ended December 31, 2018 , 2017 and 2016 based on the location of the sale (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 (1) Total equipment trading revenues: Asia $ 18,536 $ 17,342 $ 7,410 Europe 21,211 8,383 4,439 Americas 34,167 7,747 3,082 Bermuda — 22 — Other International 9,125 3,925 1,487 Total $ 83,039 $ 37,419 $ 16,418 (1) Prior to the Merger on July 12, 2016 , the Company had no equipment trading revenues. The following table summarizes the geographic allocation of equipment leasing revenues for the years ended December 31, 2018 , 2017 , and 2016 based on customers' primary domicile (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Year Ended December 31, 2016 Total equipment leasing revenues: Asia $ 553,928 $ 491,996 $ 397,500 Europe 630,031 518,598 334,118 Americas 124,885 111,558 58,945 Bermuda 2,988 1,745 464 Other International 38,471 39,620 37,667 Total $ 1,350,303 $ 1,163,517 $ 828,694 |
Income Taxes Income Tax Expense
Income Taxes Income Tax Expense (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | December 31, 2018 December 31, 2017 Corporate income taxes payable $ 906 $ 56 Unrecognized tax benefits 8,590 8,250 Interest accrued 922 824 Penalties 402 561 Income taxes payable $ 10,820 $ 9,691 December 31, December 31, 2017 December 31, 2016 Current taxes: Bermuda $ — $ — $ — U.S. 3,164 36 (80 ) Foreign 1,072 839 841 $ 4,236 $ 875 $ 761 Deferred taxes: Bermuda $ — $ — $ — U.S. 67,136 (94,079 ) (709 ) Foreign (731 ) (70 ) (100 ) 66,405 (94,149 ) (809 ) Total income taxes $ 70,641 $ (93,274 ) $ (48 ) |
Schedule of Income before Income Tax, Domestic and Foreign | December 31, December 31, 2017 December 31, 2016 Bermuda sources $ 128,905 $ 134,849 $ 765 U.S. sources 288,386 125,799 (7,451 ) Foreign sources 10,022 (396 ) 853 Income (loss) before income taxes $ 427,313 $ 260,252 $ (5,833 ) |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the Bermuda statutory income tax rate and the effective tax rate on the consolidated statements of operations for the periods indicated below were as follows: December 31, December 31, 2017 December 31, 2016 Bermuda tax rate — % — % — % Change in enacted tax act 1.02 % (53.55 )% — % U.S. income taxed at other than the statutory rate 14.67 % 17.10 % 41.68 % Effect of uncertain tax positions 0.07 % 0.21 % (10.16 )% Foreign income taxed at other than the statutory rate 0.18 % 0.10 % (4.15 )% Effect of permanent differences 0.28 % 0.04 % (1.58 )% Other discrete items 0.31 % 0.26 % (24.97 )% Effective income tax rate 16.53 % (35.84 )% 0.82 % |
Summary of Unrecognized Tax Benefits | The following table summarizes unrecognized tax benefit amounts as follows (in thousands): December 31, 2018 December 31, 2017 Beginning balance at January 1 $ 8,250 $ 7,777 Increase related to current year’s tax position 1,652 1,315 Lapse of statute of limitations (1,367 ) (898 ) Foreign exchange adjustment 55 56 Ending balance at December 31 $ 8,590 $ 8,250 |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities are comprised of the following (in thousands): December 31, 2018 December 31, 2017 Deferred income tax assets: Net operating loss carryforwards $ 60,173 $ 197,089 Passive activity loss carryforwards — 7 Allowance for losses 98 622 Derivative instruments 934 1,529 Deferred income 359 261 Accrued liabilities and other payables 3,875 631 Total gross deferred tax assets 65,439 200,139 Less: Valuation allowance — — Net deferred tax assets $ 65,439 $ 200,139 Deferred income tax liabilities: Accelerated depreciation $ 318,779 $ 382,961 Goodwill and other intangible amortization 2,981 2,141 Derivative instruments 2,306 790 Deferred income 19,294 27,347 Deferred partnership income (loss) (TCI) 967 1,134 Other 3,241 1,205 Total gross deferred tax liability 347,568 415,578 Net deferred income tax liability $ 282,129 $ 215,439 |
Summary of Income Tax Interest and Penalties | The following table summarizes interest and penalty expense as follows (in thousands): December 31, 2018 December 31, 2017 December 31, 2016 Interest expense (benefit) $ 98 $ 144 $ 121 Penalty expense (benefit) $ (158 ) $ (64 ) $ (29 ) |
Rental Income under Operating_2
Rental Income under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases, Operating [Abstract] | |
Schedule of Operating Leases Future Minimum Payments Receivable [Table Text Block] | The following is the minimum future rental income as of December 31, 2018 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands): Years ending December 31, 2019 $ 823,641 2020 697,766 2021 589,542 2022 478,160 2023 328,216 2024 and thereafter 594,529 Total $ 3,511,854 |
Commitments and Contingencies S
Commitments and Contingencies Schedule of Future Minimum Rental Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments [Table Text Block] | Severance Plan The Company established severance plans in order to provide severance benefits to eligible employees who are involuntarily 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. The following table summarizes changes to the Company's total severance balance (in thousands): Total Balance at December 31, 2016 $ 20,718 Accrual 6,023 Payments (17,064 ) Balance at December 31, 2017 9,677 Accrual — Payments (8,462 ) Balance at December 31, 2018 $ 1,215 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental commitments under non-cancelable operating leases having an original term of more than one year as of December 31, 2018 were as follows (in thousands): Years ending December 31, 2019 $ 3,234 2020 2,933 2021 2,409 2022 2,041 2023 1,298 2024 and thereafter — Total $ 11,915 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | The following table sets forth certain key interim financial information for the years ended December 31, 2018 and 2017 : (In thousands, except per share amounts) First Second Third Quarter Fourth 2018 Total leasing revenues $ 315,097 $ 329,771 $ 350,078 $ 355,357 Trading margin $ 2,991 $ 3,994 $ 5,810 $ 6,126 Net gain on sale of leasing equipment $ 9,218 $ 11,105 $ 7,055 $ 7,999 Net income attributable to shareholders $ 80,892 $ 104,870 $ 94,236 $ 69,557 Net income per basic common share $ 1.01 $ 1.31 $ 1.18 $ 0.88 Net income per diluted common share $ 1.00 $ 1.30 $ 1.17 $ 0.87 2017 Total leasing revenues $ 265,602 $ 281,939 $ 302,120 $ 313,856 Trading margin $ 392 $ 1,328 $ 1,369 $ 1,095 Net gain on sale of leasing equipment $ 5,161 $ 9,639 $ 10,263 $ 10,749 Net income attributable to shareholders $ 34,611 $ 45,671 $ 57,156 $ 207,160 Net income per basic common share $ 0.47 $ 0.62 $ 0.76 $ 2.59 Net income per diluted common share $ 0.47 $ 0.62 $ 0.75 $ 2.57 |
Related Party (Tables)
Related Party (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | he Company has 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's investment in TriStar is included in other assets on the consolidated balance sheet and accounted for using the equity method. The following table summarizes payments, direct finance lease, and loan payable balances with TriStar (in thousands): December 31, 2018 December 31, 2017 Payments received from TriStar on direct finance leases $ 1,848 $ 1,897 Payments received from TriStar on loan payable $ — $ 128 Direct finance lease balance $ 10,710 $ 10,648 Loan payable balance $ — $ — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||||
Provision (reversal) for doubtful accounts | $ (231) | $ 3,347 | $ 23,304 | |
Insurance Settlement, Amount | 67,000 | |||
Other Nonoperating Income (Expense) | $ 2,292 | $ 2,637 | $ 1,076 | |
CMA CGM S.A | Operating and Capital Leases Billing [Member] [Domain] | Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 20.00% | 19.00% | 17.00% | |
Mediterranean Shipping Company [Member] | Operating and Capital Leases Billing [Member] [Domain] | Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 14.00% | 14.00% | 15.00% | |
Mediterranean Shipping Company [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 5.00% | 8.00% | ||
CMACGN | Accounts Receivable [Member] | Credit Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 29.00% | 23.00% | ||
Hanjin Shipping Co. [Member] | ||||
Concentration Risk [Line Items] | ||||
Provision (reversal) for doubtful accounts | $ 29,700 | |||
Hanjin Shipping Co. [Member] | ||||
Concentration Risk [Line Items] | ||||
Other Nonoperating Income (Expense) | $ 6,800 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Leasing Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Property, Plant and Equipment [Line Items] | ||||||||||||
Net gain (loss) on sale of leasing equipment | $ 7,999,000 | $ 7,055,000 | $ 11,105,000 | $ 9,218,000 | $ 10,749,000 | $ 10,263,000 | $ 9,639,000 | $ 5,161,000 | $ 35,377,000 | $ 35,812,000 | $ (20,347,000) | |
Property Subject to or Available for Operating Lease, Net | 8,923,451,000 | 8,364,484,000 | 8,923,451,000 | 8,364,484,000 | ||||||||
Property Available for Operating Lease, Net | 551,100,000 | 509,500,000 | $ 551,100,000 | $ 509,500,000 | ||||||||
Dry Container Units 20 Foot | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 13 years | 13 years | ||||||||||
Residual values from date of manufacture | 1,000 | 1,000 | $ 1,000 | $ 1,000 | ||||||||
Dry Container Units 40 Foot [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 13 years | 13 years | ||||||||||
Residual values from date of manufacture | 1,200 | 1,200 | $ 1,200 | $ 1,200 | ||||||||
Dry Container Units 40 Foot High Cube [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 13 years | 13 years | ||||||||||
Residual values from date of manufacture | 1,400 | 1,400 | $ 1,400 | $ 1,400 | ||||||||
Refrigerated Container Units 20 Foot [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 12 years | 12 years | ||||||||||
Residual values from date of manufacture | 2,350 | $ 2,350 | $ 2,350 | |||||||||
Refrigerated Container Units 40 Foot High Cube [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 12 years | 12 years | ||||||||||
Residual values from date of manufacture | 3,350 | $ 3,350 | 3,350 | |||||||||
Special Container Units 40 Foot Flat Rack [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 16 years | |||||||||||
Residual values from date of manufacture | 1,700 | $ 1,700 | 1,700 | |||||||||
Special Container Units 40 Foot Open Top [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 16 years | |||||||||||
Residual values from date of manufacture | 2,300 | $ 2,300 | $ 2,300 | |||||||||
Dry container units | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property Subject to or Available for Operating Lease, Net | 6,666,560,000 | 5,941,097,000 | 6,666,560,000 | $ 5,941,097,000 | ||||||||
Refrigerated container units | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property Subject to or Available for Operating Lease, Net | 1,676,331,000 | 1,897,385,000 | 1,676,331,000 | 1,897,385,000 | ||||||||
Special container units | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property Subject to or Available for Operating Lease, Net | 322,607,000 | 287,869,000 | $ 322,607,000 | $ 287,869,000 | ||||||||
Tank Container Units [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 20 years | 20 years | ||||||||||
Residual values from date of manufacture | 3,000 | 3,000 | $ 3,000 | $ 3,000 | ||||||||
Property Subject to or Available for Operating Lease, Net | 107,284,000 | 105,821,000 | $ 107,284,000 | $ 105,821,000 | ||||||||
Chassis [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 20 years | 20 years | ||||||||||
Residual values from date of manufacture | 1,200 | 1,200 | $ 1,200 | $ 1,200 | ||||||||
Property Subject to or Available for Operating Lease, Net | $ 150,669,000 | 132,312,000 | 150,669,000 | 132,312,000 | ||||||||
Long Lived Assets Held-for-sale, Name [Domain] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Net gain (loss) on sale of leasing equipment | (3,933,000) | 3,000 | (19,399,000) | |||||||||
Equipment, net of selling costs [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Net gain (loss) on sale of leasing equipment | $ 39,310,000 | 35,809,000 | $ (948,000) | |||||||||
Minimum [Member] | Refrigerated Container Units 20 Foot [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Residual values from date of manufacture | 2,250 | 2,250 | ||||||||||
Minimum [Member] | Refrigerated Container Units 40 Foot High Cube [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Residual values from date of manufacture | 3,250 | $ 3,250 | ||||||||||
Minimum [Member] | Special Container Units 40 Foot Flat Rack [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 12 years | |||||||||||
Residual values from date of manufacture | 1,500 | $ 1,500 | ||||||||||
Minimum [Member] | Special Container Units 40 Foot Open Top [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 12 years | |||||||||||
Residual values from date of manufacture | 2,300 | $ 2,300 | ||||||||||
Maximum [Member] | Refrigerated Container Units 20 Foot [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Residual values from date of manufacture | 2,500 | 2,500 | ||||||||||
Maximum [Member] | Refrigerated Container Units 40 Foot High Cube [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Residual values from date of manufacture | 3,500 | $ 3,500 | ||||||||||
Maximum [Member] | Special Container Units 40 Foot Flat Rack [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 14 years | |||||||||||
Residual values from date of manufacture | 3,000 | $ 3,000 | ||||||||||
Maximum [Member] | Special Container Units 40 Foot Open Top [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Useful Lives | 14 years | |||||||||||
Residual values from date of manufacture | $ 2,500 | $ 2,500 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ 7,999 | $ 7,055 | $ 11,105 | $ 9,218 | $ 10,749 | $ 10,263 | $ 9,639 | $ 5,161 | $ 35,377 | $ 35,812 | $ (20,347) |
Long Lived Assets Held-for-sale, Name [Domain] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ (3,933) | $ 3 | $ (19,399) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Other Narrative (Details) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Jan. 01, 2018USD ($) | Aug. 31, 2016USD ($) | |
Impairment [Line Items] | ||||||||||||||
Sale and Leaseback Transaction, Gain (Loss), Net | $ 1,000,000 | |||||||||||||
Net gain (loss) on sale of leasing equipment | $ 7,999,000 | $ 7,055,000 | $ 11,105,000 | $ 9,218,000 | $ 10,749,000 | $ 10,263,000 | $ 9,639,000 | $ 5,161,000 | $ 35,377,000 | $ 35,812,000 | $ (20,347,000) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 207,991 | 169,403 | ||||||||||||
Provision (reversal) for doubtful accounts | $ (231,000) | $ 3,347,000 | 23,304,000 | |||||||||||
Operating Lease, Liability | 10,500,000 | 10,500,000 | ||||||||||||
Operating Lease, Right-of-Use Asset | 9,000,000 | 9,000,000 | ||||||||||||
Long Lived Assets Held-for-sale, Name [Domain] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Net gain (loss) on sale of leasing equipment | (3,933,000) | 3,000 | (19,399,000) | |||||||||||
Equipment, net of selling costs [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Net gain (loss) on sale of leasing equipment | 39,310,000 | 35,809,000 | (948,000) | |||||||||||
Refrigerated Container Units 20 Foot [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Property Subject to or Available for Operating Lease Net Salvage Value | 2,350 | 2,350 | $ 2,350 | |||||||||||
Dry Container Units 40 Foot [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Property Subject to or Available for Operating Lease Net Salvage Value | 1,200 | 1,200 | 1,200 | 1,200 | ||||||||||
Dry Container Units 40 Foot High Cube [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,400 | $ 1,400 | 1,400 | 1,400 | ||||||||||
Leasing Equipment [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Asset Impairment Charges | $ 13,100,000 | |||||||||||||
Hanjin Shipping Co. [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Number of Units Leased | 87,000 | |||||||||||||
Leased Property Net Book Value | $ 243,300,000 | |||||||||||||
Provision (reversal) for doubtful accounts | $ 29,700,000 | |||||||||||||
Number of Units Recovered | 95.00% | 95.00% | ||||||||||||
Accounting Standards Update 2016-18 [Member] | ||||||||||||||
Impairment [Line Items] | ||||||||||||||
Net Cash Provided by (Used in) Financing Activities | $ 43,800,000 | $ 31,400,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Residual Values (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease, Net | $ 8,923,451,000 | $ 8,364,484,000 | |
Special Container Units [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease, Net | $ 322,607,000 | $ 287,869,000 | |
Dry Container Units 20 Foot [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 13 years | 13 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,000 | $ 1,000 | |
Dry Container Units 40 Foot [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 13 years | 13 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,200 | $ 1,200 | |
Dry Container Units 40 Foot High Cube [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 13 years | 13 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,400 | $ 1,400 | |
Refrigerated Container Units 20 Foot [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 12 years | 12 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 2,350 | $ 2,350 | |
Refrigerated Container Units 40 Foot High Cube [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 12 years | 12 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,350 | 3,350 | |
Special Container Units 40 Foot Flat Rack [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 16 years | ||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,700 | 1,700 | |
Special Container Units 40 Foot Open Top [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 16 years | ||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 2,300 | $ 2,300 | |
Tank Container Units [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease, Net | $ 107,284,000 | $ 105,821,000 | |
Property Subject to or Available for Operating Lease Net Useful Life Average | 20 years | 20 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,000 | $ 3,000 | |
Chassis [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease, Net | $ 150,669,000 | $ 132,312,000 | |
Property Subject to or Available for Operating Lease Net Useful Life Average | 20 years | 20 years | |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,200 | $ 1,200 | |
Dry Container Units [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease, Net | 6,666,560,000 | 5,941,097,000 | |
Refrigerated Container Units [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease, Net | $ 1,676,331,000 | 1,897,385,000 | |
Maximum [Member] | Refrigerated Container Units 20 Foot [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Salvage Value | 2,500 | ||
Maximum [Member] | Refrigerated Container Units 40 Foot High Cube [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,500 | ||
Maximum [Member] | Special Container Units 40 Foot Flat Rack [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 14 years | ||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,000 | ||
Maximum [Member] | Special Container Units 40 Foot Open Top [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 14 years | ||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 2,500 | ||
Minimum [Member] | Refrigerated Container Units 20 Foot [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Salvage Value | 2,250 | ||
Minimum [Member] | Refrigerated Container Units 40 Foot High Cube [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,250 | ||
Minimum [Member] | Special Container Units 40 Foot Flat Rack [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 12 years | ||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,500 | ||
Minimum [Member] | Special Container Units 40 Foot Open Top [Member] | |||
Property Subject to or Available for Operating Lease [Line Items] | |||
Property Subject to or Available for Operating Lease Net Useful Life Average | 12 years | ||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 2,300 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Asset Impairment (Charges) Reversal, Net | $ (3,900) | $ (19,400) | |
Debt, Unamortized Deferred Financing Costs | (44,889) | $ (40,636) | |
Adjustment to Purchase Price of Debt | (16,308) | (27,516) | |
Fair value of derivative instruments | 13,923 | 7,376 | |
Fair value of derivative instruments | 10,966 | 2,503 | |
Debt Instrument, Unamortized Discount | (5,300) | (6,500) | |
Reported Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt and Capital Lease Obligations | 7,595,922 | 6,986,333 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Held-for-sale, Impairment Charges | (1,846) | (2,242) | |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt and Capital Lease Obligations | 7,559,063 | 6,991,537 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative instruments | 3,392 | 3,822 | |
Fair value of derivative instruments | 0 | 0 | |
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value of derivative instruments | 10,531 | 3,554 | |
Fair value of derivative instruments | 10,966 | 2,503 | |
Carrying value containers impaired to fair value [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 5,750 | $ 6,104 |
Business Combination (Details)
Business Combination (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 12, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Shares issued to acquire TAL | $ 0 | $ 0 | $ 510,186 | $ 510,200 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 37,518 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 22,491 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 16,549 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 10,497 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five | 4,657 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Five | 1,971 | |||
Finite-Lived Intangible Assets, Amortization Expense, Remaining Total Balance | 93,683 | |||
AboveMarketLeaseIntangibles [Domain] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 36,760 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 22,491 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 16,549 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 10,497 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five | 4,657 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Five | 1,971 | |||
Finite-Lived Intangible Assets, Amortization Expense, Remaining Total Balance | 92,925 | |||
CustomerIntangibles [Domain] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 758 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Rolling after Year Five | 0 | |||
Finite-Lived Intangible Assets, Amortization Expense, Remaining Total Balance | $ 758 | |||
Common Stock [Member] | TAL [Member] | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Share Price | $ 15.28 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 110,589,000 | $ 94,140,000 |
Restricted Stock [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 20,873,000 | 23,676,000 |
Restricted Stock [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 6,174,000 | 14,601,000 |
Restricted Stock [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 83,542,000 | $ 55,863,000 |
Debt (Details)
Debt (Details) - USD ($) | Dec. 27, 2018 | Dec. 20, 2018 | Dec. 13, 2018 | Nov. 30, 2018 | Sep. 28, 2018 | Sep. 14, 2018 | May 31, 2018 | May 08, 2018 | Apr. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 20, 2018 | May 07, 2018 |
Debt | ||||||||||||||
Debt, Unamortized Deferred Financing Costs | $ (44,889,000) | $ (40,636,000) | ||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | (5,293,000) | (6,456,000) | ||||||||||||
Adjustment to Purchase Price of Debt | (16,308,000) | (27,516,000) | ||||||||||||
Debt and Capital Lease Obligations, net of deferred financing costs | 7,529,432,000 | 6,911,725,000 | ||||||||||||
Debt outstanding on facilities with fixed interest rates | $ 4,598,500,000 | |||||||||||||
Debt Instrument Interest Rate During Period Fixed Rate Debt | 4.24% | |||||||||||||
Long Term Debt, Percentage Bearing Fixed Interest Rate Remaining Term | 3 years 10 months 26 days | |||||||||||||
Debt outstanding on facilities with interest rates based on floating rate indices | $ 2,997,400,000 | |||||||||||||
Debt Instrument Interest Rate During Period Variable Rate Debt | 4.23% | |||||||||||||
Long Term Debt, Percentage Bearing Variable Interest Rate Remaining Term | 3 years 8 months 12 days | |||||||||||||
Percentage of Debt Hedged by Interest Rate Derivatives | 81.20% | |||||||||||||
Debt Instrument Interest Rate During Period Fixed Rate and Interest Swap Rate Debt | 4.17% | |||||||||||||
Hedged Portion of Debt Average Remaining Maturity | 4 years 1 month 6 days | |||||||||||||
Debt Instrument, Interest Rate During Period | 4.18% | |||||||||||||
Write-off of debt costs | $ 6,090,000 | 6,973,000 | $ 141,000 | |||||||||||
Repayments of Debt | $ 52,500,000 | $ 4,700,000 | ||||||||||||
Proceeds from the sale of building | 27,630,000 | 0 | 0 | |||||||||||
Net gain (loss) on sale of building | $ 21,000,000 | 20,953,000 | 0 | $ 0 | ||||||||||
Less: amount representing interest | (11,000) | |||||||||||||
Capital lease obligations | 76,000 | |||||||||||||
Debt maturities (excluding capital lease obligations) | ||||||||||||||
2,019 | 964,278,000 | |||||||||||||
2,020 | 825,737,000 | |||||||||||||
2,021 | 812,325,000 | |||||||||||||
2,022 | 1,707,174,000 | |||||||||||||
2,023 | 1,476,092,000 | |||||||||||||
2024 and thereafter | 1,734,790,000 | |||||||||||||
Total | 7,520,396,000 | |||||||||||||
Future lease payments under these capital leases | ||||||||||||||
2,019 | 11,000 | |||||||||||||
2,020 | 11,000 | |||||||||||||
2,021 | 11,000 | |||||||||||||
2,022 | 11,000 | |||||||||||||
2,023 | 19,000 | |||||||||||||
2023 and thereafter | 24,000 | |||||||||||||
Total future payments | 86,000 | |||||||||||||
Interest Rate Swap [Member] | ||||||||||||||
Debt | ||||||||||||||
Net Notional Amount of Interest Rate Agreements | $ 1,565,600,000 | |||||||||||||
Net Notional Amount of Interest Rate During Period | 2.24% | |||||||||||||
Interest Rate Swaps Average Remaining Maturity | 4 years 4 months 7 days | |||||||||||||
Term Notes [Member] | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.07% | |||||||||||||
Proceeds from the sale of building | 27,600,000 | |||||||||||||
Payment of Mortgage | 18,300,000 | |||||||||||||
Payment of Mortgage, Accrued Interest | $ 100,000 | |||||||||||||
Extinguishment Term Loan, Payment | $ 93,900,000 | |||||||||||||
Institutional Notes [Domain] | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | $ 2,198,200,000 | 2,381,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.71% | |||||||||||||
Asset-backed securitization term notes | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | $ 3,063,821,000 | 2,384,926,000 | ||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.96% | |||||||||||||
Term loan facilities | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | $ 1,543,375,000 | 1,701,998,000 | ||||||||||||
Debt maturities (excluding capital lease obligations) | ||||||||||||||
Total | $ 1,000,000,000 | |||||||||||||
Extinguishment of Debt, Amount | $ 155,600,000 | $ 682,300,000 | ||||||||||||
Asset-backed securitization warehouse | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | $ 340,000,000 | 110,000,000 | ||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 81.00% | |||||||||||||
Borrowing capacity | $ 500,000,000 | $ 900,000,000 | $ 0 | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 400,000,000 | |||||||||||||
Revolving credit facilities | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | $ 375,000,000 | 305,000,000 | ||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 83.00% | |||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.48% | |||||||||||||
Repayments of Debt | $ 45,100,000 | |||||||||||||
Borrowing capacity | $ 110,000,000 | $ 1,125,000,000 | $ 1,235,000,000 | $ 1,025,000,000 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | 2.00% | ||||||||||||
Capital lease obligations | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | 75,526,000 | $ 103,409,000 | ||||||||||||
Interest Rate Swap [Member] | ||||||||||||||
Debt | ||||||||||||||
Debt and Capital Lease Obligations | $ 6,164,100,000 | |||||||||||||
Debt Instrument Interest Rate During Period Variable Rate Debt | 4.08% | |||||||||||||
Minimum [Member] | ||||||||||||||
Debt | ||||||||||||||
Capital Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option | 3 years | |||||||||||||
Minimum [Member] | Term Notes [Member] | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 79.00% | |||||||||||||
Minimum [Member] | Institutional Notes [Domain] | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Term | 7 years | |||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 83.00% | |||||||||||||
Minimum [Member] | Asset-backed securitization term notes | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 77.00% | |||||||||||||
Minimum [Member] | Asset-backed securitization warehouse | ||||||||||||||
Debt | ||||||||||||||
Bank Account Maintenance Required Amount Balance, Interest Expense | 3 months | |||||||||||||
Minimum [Member] | Capital lease obligations | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.60% | |||||||||||||
Maximum [Member] | ||||||||||||||
Debt | ||||||||||||||
Capital Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option | 10 years | |||||||||||||
Maximum [Member] | Term Notes [Member] | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 83.00% | |||||||||||||
Maximum [Member] | Institutional Notes [Domain] | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Term | 12 years | |||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 85.00% | |||||||||||||
Maximum [Member] | Asset-backed securitization term notes | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity | 87.00% | |||||||||||||
Maximum [Member] | Asset-backed securitization warehouse | ||||||||||||||
Debt | ||||||||||||||
Bank Account Maintenance Required Amount Balance, Interest Expense | 5 months | |||||||||||||
Maximum [Member] | Capital lease obligations | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.93% | |||||||||||||
Offering, $450.0 Million at 3.99% [Member] | Asset-backed securitization term notes | ||||||||||||||
Debt maturities (excluding capital lease obligations) | ||||||||||||||
Total | $ 450,000,000 | |||||||||||||
Debt, Weighted Average Interest Rate | 3.99% | |||||||||||||
Offering, $367.9 Million at 4.23% [Member] | Asset-backed securitization term notes | ||||||||||||||
Debt maturities (excluding capital lease obligations) | ||||||||||||||
Total | $ 367,900,000 | |||||||||||||
Debt, Weighted Average Interest Rate | 4.23% | |||||||||||||
Offering, $260.6 Million at 3.67% [Member] | Asset-backed securitization term notes | ||||||||||||||
Debt maturities (excluding capital lease obligations) | ||||||||||||||
Total | $ 260,600,000 | |||||||||||||
Debt, Weighted Average Interest Rate | 3.67% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term loan facilities | ||||||||||||||
Debt maturities (excluding capital lease obligations) | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Pre-Conversion [Member] | Asset-backed securitization warehouse | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.85% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Post-Conversion [Member] | Asset-backed securitization warehouse | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | 2.85% | ||||||||||||
Contractual [Member] | Post-Conversion [Member] | Asset-backed securitization warehouse | ||||||||||||||
Debt | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.22% |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) | Jan. 18, 2018 | Dec. 31, 2018 | Dec. 20, 2018 | Sep. 21, 2018 | Sep. 05, 2018 |
Interest Rate Swap [Member] | |||||
Derivative Instruments | |||||
Net Notional Amount of Interest Rate Agreements | $ 1,565,600,000 | ||||
Net Notional Amount of Interest Rate During Period | 2.24% | ||||
Interest Rate Swaps Average Remaining Maturity | 4 years 4 months 7 days | ||||
Interest Rate Cap [Member] | |||||
Derivative Instruments | |||||
Derivative, Notional Amount | $ 400,000,000 | ||||
Net Notional Amount of Interest Rate Agreements | $ 381,700,000 | ||||
Interest Rate Swaps Average Remaining Maturity | 1 month 24 days | ||||
Derivative, Cap Interest Rate | 2.90% | ||||
Derivative, Amortization Period | 1 year | ||||
Interest Rate, Maturing August 20, 2023 [Member] | |||||
Derivative Instruments | |||||
Derivative, Notional Amount | $ 257,600,000 | ||||
Interest Rate, Maturing September 28, 2023 [Member] | |||||
Derivative Instruments | |||||
Derivative, Notional Amount | $ 100,000,000 | ||||
Interest Rate, Maturing September 30, 2025 [Member] | |||||
Derivative Instruments | |||||
Derivative, Notional Amount | $ 200,000,000 | ||||
Interest Rate, Maturing December 20, 2018 [Member] | |||||
Derivative Instruments | |||||
Derivative, Notional Amount | $ 50,000,000 | ||||
Derivative, Funds Received | $ 200,000 | ||||
Cash Flow Hedges | Designated as Hedging Instrument [Member] | |||||
Derivative Instruments | |||||
Unrealized gain on derivatives | $ 9,199,000 | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 631,000 |
Derivative Instruments (Detai_2
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Realized loss on derivative instruments, net | $ (2,072) | $ 900 | $ 3,438 |
Non-designated interest rate swaps | 430 | (1,397) | (4,405) |
Interest rate swap agreements | Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Non-designated interest rate swaps | 430 | (1,397) | (4,405) |
Other comprehensive loss (income) | Interest rate swap agreements | Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Designated derivative instruments | 2,119 | 641 | (46,917) |
Interest expense | Interest rate swap agreements | Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Designated derivative instruments | $ (6,780) | $ 611 | $ 1,200 |
Net Investment in Finance Lea_3
Net Investment in Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Concentration Risk [Line Items] | ||
capital leases, future minimum payments excluding residual values | $ 574,422 | $ 283,374 |
Capital Leases, Net Investment in Direct Financing Leases, Unguaranteed Residual Values of Leased Property | 107,598 | 64,560 |
Gross finance lease receivables | 682,020 | 347,934 |
Unearned income(2) | (203,955) | (52,043) |
Net investment in finance leases(3) | $ 478,065 | $ 295,891 |
Customer One [Member] | ||
Components of the net investment in finance leases | ||
Concentration Risk, Percentage | 50.00% | 46.00% |
Customer Two [Member] | ||
Components of the net investment in finance leases | ||
Concentration Risk, Percentage | 24.00% | 28.00% |
Customer Three [Member] | ||
Components of the net investment in finance leases | ||
Concentration Risk, Percentage | 13.00% |
Net Investment in Finance Lea_4
Net Investment in Finance Leases (Details 2) $ in Thousands | Dec. 31, 2018USD ($) |
Leases, Capital [Abstract] | |
Capital Leases, Future Minimum Payments Receivable, Next Twelve Months | $ 109,184 |
Capital Leases, Future Minimum Payments, Receivable in Two Years | 119,197 |
Capital Leases, Future Minimum Payments, Receivable in Three Years | 84,266 |
Capital Leases, Future Minimum Payments, Receivable in Four Years | 78,327 |
Capital Leases, Future Minimum Payments, Receivable in Five Years | 60,528 |
Capital Leases, Future Minimum Payments, Receivable Due Thereafter | 230,518 |
Future minimum lease payment receivable (1) | $ 682,020 |
(Narrative) (Details)
(Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | May 02, 2018 | Sep. 22, 2017 | Sep. 22, 2017 | Sep. 12, 2017 | May 10, 2017 | Sep. 07, 2016 | Jul. 12, 2016 | Jul. 08, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 01, 2018 |
Stock based compensation plans | ||||||||||||
Share-based compensation | $ 9,030 | $ 5,641 | $ 5,399 | |||||||||
Share-based compensation expense | $ 400 | $ 2,300 | ||||||||||
Restricted shares granted (in shares) | 140,000 | |||||||||||
Issuance of common shares, net of underwriter expenses | 0 | $ 192,931 | $ 0 | |||||||||
Offering costs | $ 1,300 | |||||||||||
Stock Repurchased During Period, Value | 1,385 | 3,393 | ||||||||||
2016 Triton Plan [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Total unrecognized compensation cost | $ 7,000 | |||||||||||
TCIL [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Share exchange ratio | 80.00% | |||||||||||
Common Stock [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Sale of Stock, Price Per Share | $ 32.75 | $ 32.75 | $ 32.75 | |||||||||
Stock Issued During Period, Shares, New Issues | 802,500 | 5,350,000 | ||||||||||
Issuance of common shares, net of underwriter expenses | $ 192,900 | |||||||||||
Stock Repurchase Program, Authorized Amount | $ 200,000 | |||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 31.34 | |||||||||||
Stock Repurchased During Period, Value | $ 58,100 | |||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 141,900 | |||||||||||
Restricted stock | ||||||||||||
Stock based compensation plans | ||||||||||||
Restricted stock vested in period | 201,510 | |||||||||||
Restricted stock | Non-employee Director Plan [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Restricted stock vested in period | 26,058 | |||||||||||
Restricted stock | Common Class A [Member] | Option Plan [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Share-based compensation expense | $ 500 | |||||||||||
Restricted shares granted (in shares) | 113,942 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 13.68 | |||||||||||
Restricted stock | Common Stock [Member] | 2016 Triton Plan [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Number of Shares Tendered by Plan Participants in Connection with Option Exercises | 5,000,000 | 44,626 | ||||||||||
Director [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Share-based compensation expense | $ 300 | |||||||||||
Director [Member] | Restricted stock | Common Stock [Member] | 2016 Triton Plan [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Restricted shares granted (in shares) | 39,320 | 38,675 | 47,075 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 31.85 | $ 28.04 | $ 14.55 | |||||||||
Treasury Stock [Member] | ||||||||||||
Stock based compensation plans | ||||||||||||
Stock Repurchased During Period, Shares | 1,853,000 |
Share-Based Compensation and _3
Share-Based Compensation and Other Equity Matters Restricted Share Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares Outstanding | |
Starting balance (in shares) | shares | 752,014 |
Granted | shares | 360,846 |
Vested | shares | (201,510) |
Forfeited | shares | (5,855) |
Ending balance (in shares) | shares | 905,495 |
Weighted-Average Exercise Price | |
Weighted Average Grant Date Fair Value - Outstanding, starting balance (in dollars per share) | $ / shares | $ 16.10 |
Weighted Average Grant Date Fair Value - granted (in dollars per share) | $ / shares | 28.23 |
Weighted Average Grant Date Fair Value - vested (in dollars per share) | $ / shares | 18.21 |
Weighted Average Grant Date Fair Value - forfeitures (in dollars per share) | $ / shares | 29.17 |
Weighted Average Grant Date Fair Value - Outstanding, ending balance (in dollars per share) | $ / shares | $ 20.38 |
Share-Based Compensation and _4
Share-Based Compensation and Other Equity Matters Share Activity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Starting balance (in shares) | 80,687,757 | 74,376,025 | 0 |
Settlement Of Liability Classified Service-based Share Options | 0 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 200,341 | 161,194 | 465,097 |
Share Repurchase To Settle Shareholder Tax Obligations | (44,626) | (1,962) | (14,290) |
Redemption / Cancellation of Common Shares | (230,857) | ||
Issuance And Conversion Of Due To Merger | 74,156,075 | ||
Issuance of Common Shares | 6,152,500 | ||
Stock Repurchased During Period, Shares | 0 | ||
Ending balance (in shares) | 80,843,472 | 80,687,757 | 74,376,025 |
Common Class A [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Starting balance (in shares) | 0 | 0 | 35,628,585 |
Settlement Of Liability Classified Service-based Share Options | 517,912 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0 | 140,237 |
Share Repurchase To Settle Shareholder Tax Obligations | 0 | 0 | (232,715) |
Redemption / Cancellation of Common Shares | (32,536) | ||
Issuance And Conversion Of Due To Merger | (36,021,483) | ||
Issuance of Common Shares | 0 | ||
Stock Repurchased During Period, Shares | 0 | ||
Ending balance (in shares) | 0 | 0 | 0 |
Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Starting balance (in shares) | 0 | 0 | 4,800,000 |
Settlement Of Liability Classified Service-based Share Options | 0 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0 | 0 |
Share Repurchase To Settle Shareholder Tax Obligations | 0 | 0 | 0 |
Redemption / Cancellation of Common Shares | 0 | ||
Issuance And Conversion Of Due To Merger | (4,800,000) | ||
Issuance of Common Shares | 0 | ||
Stock Repurchased During Period, Shares | 0 | ||
Ending balance (in shares) | 0 | 0 | 0 |
Treasury Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Starting balance (in shares) | 0 | 0 | 0 |
Settlement Of Liability Classified Service-based Share Options | 0 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0 | 0 |
Share Repurchase To Settle Shareholder Tax Obligations | 0 | 0 | 0 |
Redemption / Cancellation of Common Shares | 0 | ||
Issuance And Conversion Of Due To Merger | 0 | ||
Issuance of Common Shares | 0 | ||
Stock Repurchased During Period, Shares | 1,853,148 | ||
Ending balance (in shares) | 1,853,148 | 0 | 0 |
Share-Based Compensation and _5
Share-Based Compensation and Other Equity Matters Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | ||||||||||||||
Dividends | $ 41 | $ 41.6 | $ 41.6 | $ 36 | $ 36 | $ 33.2 | $ 33.2 | $ 33.2 | $ 33.2 | $ 33.3 | $ 18.3 | |||
Cash dividends paid per common share | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 0.45 | $ 2.01 | $ 1.80 | $ 1.35 |
Share-Based Compensation and _6
Share-Based Compensation and Other Equity Matters AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | $ 26,942 | $ 26,942 | |||||||||
Change in derivative instruments designated as cash flow hedges | (3,933) | $ (407) | $ 30,405 | ||||||||
Reclassification of loss on derivative instruments designated as cash flow hedges | (5,210) | 440 | 777 | ||||||||
Foreign currency translation adjustment | (207) | 151 | (758) | ||||||||
Ending balance | $ 14,563 | $ 26,942 | 14,563 | 26,942 | |||||||
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) | |||||||||||
Income tax (benefit) | 70,641 | (93,274) | (48) | ||||||||
Amounts reclassified from Accumulated other comprehensive (loss), net of tax | 69,557 | $ 94,236 | $ 104,870 | 80,892 | 207,160 | $ 57,156 | $ 45,671 | $ 34,611 | 349,555 | 344,598 | (13,517) |
Cash Flow Hedges | |||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | 31,215 | 31,182 | 31,215 | 31,182 | 0 | ||||||
Change in derivative instruments designated as cash flow hedges | (3,933) | (407) | 30,405 | ||||||||
Reclassification of loss on derivative instruments designated as cash flow hedges | (5,210) | 440 | 777 | ||||||||
Tax reclassifications to accumulated earnings for the adoption of ASU 2018-02 | (3,029) | ||||||||||
Foreign currency translation adjustment | 0 | 0 | 0 | ||||||||
Other comprehensive income (loss) | (12,172) | 33 | 31,182 | ||||||||
Ending balance | 19,043 | 31,215 | 19,043 | 31,215 | 31,182 | ||||||
Foreign Currency Translation | |||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | (4,273) | (4,424) | (4,273) | (4,424) | (3,666) | ||||||
Change in derivative instruments designated as cash flow hedges | 0 | 0 | 0 | ||||||||
Reclassification of loss on derivative instruments designated as cash flow hedges | 0 | 0 | 0 | ||||||||
Tax reclassifications to accumulated earnings for the adoption of ASU 2018-02 | 0 | ||||||||||
Foreign currency translation adjustment | (207) | 151 | (758) | ||||||||
Other comprehensive income (loss) | (207) | 151 | (758) | ||||||||
Ending balance | (4,480) | (4,273) | (4,480) | (4,273) | (4,424) | ||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||||
Beginning balance | $ 26,942 | $ 26,758 | 26,942 | 26,758 | (3,666) | ||||||
Change in derivative instruments designated as cash flow hedges | (3,933) | (407) | 30,405 | ||||||||
Reclassification of loss on derivative instruments designated as cash flow hedges | (5,210) | 440 | 777 | ||||||||
Tax reclassifications to accumulated earnings for the adoption of ASU 2018-02 | (3,029) | ||||||||||
Foreign currency translation adjustment | (207) | 151 | (758) | ||||||||
Other comprehensive income (loss) | (12,379) | 184 | 30,424 | ||||||||
Ending balance | $ 14,563 | $ 26,942 | 14,563 | 26,942 | 26,758 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedges | |||||||||||
Amounts Reclassified From Accumulated Other Comprehensive Income (Loss) | |||||||||||
Amounts reclassified from Accumulated other comprehensive (loss) before income tax | (6,780) | 611 | 1,200 | ||||||||
Income tax (benefit) | 1,570 | (171) | (423) | ||||||||
Amounts reclassified from Accumulated other comprehensive (loss), net of tax | $ (5,210) | $ 440 | $ 777 |
Non-Controlling Interests (Deta
Non-Controlling Interests (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Triton Container Investments LLC [Member] | ||
Noncontrolling Interest [Line Items] | ||
Equity Method Investment, Ownership Percentage | 56.00% | 55.60% |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 355,357 | $ 350,078 | $ 329,771 | $ 315,097 | $ 313,856 | $ 302,120 | $ 281,939 | $ 265,602 | $ 1,350,303 | $ 1,163,517 | $ 828,694 | |
Number of Reportable Segments | segment | 2 | |||||||||||
Total revenues | $ 83,039 | 37,419 | 16,418 | |||||||||
Gross Profit | 6,126 | 5,810 | 3,994 | 2,991 | 1,095 | 1,369 | 1,328 | 392 | 18,921 | 4,184 | 618 | |
Net (gain) loss on sale of leasing equipment | (7,999) | $ (7,055) | $ (11,105) | $ (9,218) | (10,749) | $ (10,263) | $ (9,639) | $ (5,161) | (35,377) | (35,812) | 20,347 | |
Depreciation and amortization expense | 545,138 | 500,720 | 392,592 | |||||||||
Interest and debt expense | 322,731 | 282,347 | 184,014 | |||||||||
Realized loss on derivative instruments, net | (2,072) | 900 | 3,438 | |||||||||
Income before income taxes | 433,833 | 265,828 | (10,097) | |||||||||
Equipment held for sale | 66,453 | 43,195 | 66,453 | 43,195 | 99,863 | |||||||
Goodwill at the end of the period | 236,665 | 236,665 | 236,665 | 236,665 | 236,665 | |||||||
Total assets at the end of the period | 10,270,013 | 9,577,625 | 10,270,013 | 9,577,625 | 8,713,571 | |||||||
Purchases of leasing equipment and investments in finance leases | 1,603,507 | 1,562,863 | 629,332 | |||||||||
Unrealized (gain) loss on derivative instruments | 430 | (1,397) | (4,405) | |||||||||
Write-off of debt costs | 6,090 | 6,973 | 141 | |||||||||
Costs and Expenses | 673,354 | 657,075 | 632,686 | |||||||||
Equipment leasing | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 1,346,031 | 1,160,196 | 827,111 | |||||||||
Gross Profit | 0 | 0 | 0 | |||||||||
Net (gain) loss on sale of leasing equipment | (35,377) | (35,812) | 20,347 | |||||||||
Depreciation and amortization expense | 544,167 | 500,099 | 392,250 | |||||||||
Interest and debt expense | 321,290 | 280,909 | 183,377 | |||||||||
Realized loss on derivative instruments, net | (2,066) | 900 | 3,438 | |||||||||
Income before income taxes | 416,270 | 262,574 | (6,302) | |||||||||
Equipment held for sale | 46,968 | 31,534 | 46,968 | 31,534 | 81,804 | |||||||
Goodwill at the end of the period | 220,864 | 220,864 | 220,864 | 220,864 | 220,864 | |||||||
Total assets at the end of the period | 10,224,421 | 9,534,330 | 10,224,421 | 9,534,330 | 8,660,786 | |||||||
Purchases of leasing equipment and investments in finance leases | 1,603,507 | 1,562,863 | 629,176 | |||||||||
Equipment trading | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 4,272 | 3,321 | 1,583 | |||||||||
Gross Profit | 18,921 | 4,184 | 618 | |||||||||
Net (gain) loss on sale of leasing equipment | 0 | 0 | 0 | |||||||||
Depreciation and amortization expense | 971 | 621 | 342 | |||||||||
Interest and debt expense | 1,441 | 1,438 | 637 | |||||||||
Realized loss on derivative instruments, net | (6) | 0 | 0 | |||||||||
Income before income taxes | 17,563 | 3,254 | (3,795) | |||||||||
Equipment held for sale | 19,485 | 11,661 | 19,485 | 11,661 | 18,059 | |||||||
Goodwill at the end of the period | 15,801 | 15,801 | 15,801 | 15,801 | 15,801 | |||||||
Total assets at the end of the period | $ 45,592 | $ 43,295 | 45,592 | 43,295 | 52,785 | |||||||
Purchases of leasing equipment and investments in finance leases | 0 | 0 | 156 | |||||||||
Intersegment Elimination [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Total revenues | 0 | 0 | $ 0 | |||||||||
Costs and Expenses | 0 | 0 | $ 0 | |||||||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Unrealized (gain) loss on derivative instruments | $ 430 | $ (1,397) | $ (4,405) |
Segment and Geographic Inform_4
Segment and Geographic Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 83,039 | $ 37,419 | $ 16,418 | ||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 355,357 | $ 350,078 | $ 329,771 | $ 315,097 | $ 313,856 | $ 302,120 | $ 281,939 | $ 265,602 | 1,350,303 | 1,163,517 | 828,694 |
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 18,536 | 17,342 | 7,410 | ||||||||
Operating and Capital Leases Income Statement Lease Revenue | 553,928 | 491,996 | 397,500 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 21,211 | 8,383 | 4,439 | ||||||||
Operating and Capital Leases Income Statement Lease Revenue | 630,031 | 518,598 | 334,118 | ||||||||
BERMUDA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 0 | 22 | 0 | ||||||||
Operating and Capital Leases Income Statement Lease Revenue | 2,988 | 1,745 | 464 | ||||||||
Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 34,167 | 7,747 | 3,082 | ||||||||
Operating and Capital Leases Income Statement Lease Revenue | 124,885 | 111,558 | 58,945 | ||||||||
Other international | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 9,125 | 3,925 | 1,487 | ||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 38,471 | $ 39,620 | $ 37,667 |
Income Taxes Components of Curr
Income Taxes Components of Current and Deferred (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Foreign [Line Items] | |||
Current foreign tax expense | $ 4,236,000 | $ 875,000 | $ 761,000 |
Deferred foreign tax expense | 66,405,000 | (94,149,000) | (809,000) |
Total foreign income taxes | 70,641,000 | (93,274,000) | (48,000) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 427,313,000 | 260,252,000 | (5,833,000) |
BERMUDA | |||
Foreign [Line Items] | |||
Current foreign tax expense | 0 | 0 | 0 |
Deferred foreign tax expense | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 128,905,000 | 134,849,000 | 765,000 |
UNITED STATES | |||
Foreign [Line Items] | |||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 288,386,000 | 125,799,000 | (7,451,000) |
Current Income Tax Expense (Benefit) | 3,164,000 | 36,000 | (80,000) |
Deferred Federal Income Tax Expense (Benefit) | 67,136,000 | (94,079,000) | (709,000) |
Foreign | |||
Foreign [Line Items] | |||
Current foreign tax expense | 1,072,000 | 839,000 | 841,000 |
Deferred foreign tax expense | (731,000) | (70,000) | (100,000) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 10,022,000 | $ (396,000) | $ 853,000 |
Income Taxes Schedule of Effect
Income Taxes Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Tax Rate [Line Items] | |||
Income Tax Reconciliation, Permanent Differences and Other Adjustments | 0.28% | 0.04% | (1.58%) |
Income Tax Reconciliation, Discrete Items | 0.31% | 0.26% | (24.97%) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 1.02% | (53.55%) | 0.00% |
Effective income tax rate | 16.53% | (35.84%) | 0.82% |
BERMUDA | |||
Effective Tax Rate [Line Items] | |||
Foreign income taxed at other than the statutory rate | 0.00% | 0.00% | 0.00% |
UNITED STATES | |||
Effective Tax Rate [Line Items] | |||
Effective income tax rate | 14.67% | 17.10% | 41.68% |
Uncertain tax position [Member] | |||
Effective Tax Rate [Line Items] | |||
Effective income tax rate | 0.07% | 0.21% | (10.16%) |
Foreign Tax Authority [Member] | |||
Effective Tax Rate [Line Items] | |||
Foreign income taxed at other than the statutory rate | 0.18% | 0.10% | (4.15%) |
Income Taxes Schedule of Deferr
Income Taxes Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Derivative Instruments | $ 934 | $ 1,529 |
Deferred income tax assets: | ||
Net operating loss carryforwards | 60,173 | 197,089 |
Passive activity loss carryforwards | 0 | 7 |
Allowance for losses | 98 | 622 |
Deferred income | 359 | 261 |
Accrued liabilities and other payables | 3,875 | 631 |
Total gross deferred tax assets | 65,439 | 200,139 |
Less: Valuation allowance | 0 | 0 |
Net deferred tax assets | 65,439 | 200,139 |
Deferred income tax liabilities: | ||
Accelerated depreciation | 318,779 | 382,961 |
Derivative instruments | 2,306 | 790 |
Deferred income | 19,294 | 27,347 |
Deferred partnership income (loss) (TCI) | 967 | 1,134 |
Other | 3,241 | 1,205 |
Total gross deferred tax liability | 347,568 | 415,578 |
Deferred Tax Assets, Net | 282,129 | 215,439 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | $ 2,981 | $ 2,141 |
Income Taxes Narrative (Details
Income Taxes Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Jul. 12, 2016 | |
Operating Loss Carryforwards [Line Items] | |||
Unrecognized Tax Benefits | $ 7,200 | ||
Income tax valuation allowance | 0 | $ 0 | |
Unremitted earnings | 60,000 | ||
Taxes withhelld on unremitted earnings | 18,000 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 1,367 | $ 898 | |
State and Local Jurisdiction [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 700,000 | ||
United States | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 280,100 |
Income Taxes Unrecognized Tax B
Income Taxes Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Beginning balance at January 1 | $ 8,250 | $ 7,777 |
Increase related to current year’s tax position | 1,652 | 1,315 |
Lapse of statute of limitations | (1,367) | (898) |
Foreign exchange adjustment, increase | 55 | 56 |
Ending balance at December 31 | $ 8,590 | $ 8,250 |
Income Taxes Interest and Penal
Income Taxes Interest and Penalty Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Interest expense (benefit) | $ 98 | $ 144 | $ 121 |
Penalty expense (benefit) | $ (158) | $ (64) | $ (29) |
Income Taxes Components of Inco
Income Taxes Components of Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | |||
Corporate income taxes payable | $ 906 | $ 56 | |
Unrecognized tax benefits | 8,590 | 8,250 | $ 7,777 |
Interest accrued | 922 | 824 | |
Penalties | 402 | 561 | |
Income taxes payable | $ 10,820 | $ 9,691 |
Other Postemployement Benefit_2
Other Postemployement Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum contribution match | $ 6,000 | ||
Defined Contribution Plan, Cost | $ 700,000 | $ 1,000,000 | $ 700,000 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Rental Income under Operating_3
Rental Income under Operating Leases (Details) | Dec. 31, 2018USD ($) |
Operating Leased Assets [Line Items] | |
2,019 | $ 3,234,000 |
Equipment | |
Operating Leased Assets [Line Items] | |
2,019 | 823,641,000 |
2,020 | 697,766,000 |
2,021 | 589,542,000 |
2,022 | 478,160,000 |
2,023 | 328,216,000 |
2024 and thereafter | 594,529,000 |
Total | $ 3,511,854,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 3,234,000 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 2,933,000 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 2,409,000 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 2,041,000 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 1,298,000 | ||
Operating Leases, Future Minimum Payments, Due in Six Years | 0 | ||
Operating Leases, Future Minimum Payments Due | 11,915,000 | ||
Guarantee obligations | |||
Operating Leases, Rent Expense | $ 2,900,000 | $ 2,400,000 | $ 2,300,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Commitments [Line Items] | |||
Operating Leases, Rent Expense | $ 2,900 | $ 2,400 | $ 2,300 |
Purchase commitment payable in 2018 | 28,200 | ||
Employee Severance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 9,677 | 20,718 | |
Accrual | 0 | 6,023 | |
Payments | (8,462) | (17,064) | |
Ending balance | $ 1,215 | $ 9,677 | $ 20,718 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 355,357 | $ 350,078 | $ 329,771 | $ 315,097 | $ 313,856 | $ 302,120 | $ 281,939 | $ 265,602 | $ 1,350,303 | $ 1,163,517 | $ 828,694 |
Gross Profit | 6,126 | 5,810 | 3,994 | 2,991 | 1,095 | 1,369 | 1,328 | 392 | 18,921 | 4,184 | 618 |
Net gain (loss) on sale of leasing equipment | 7,999 | 7,055 | 11,105 | 9,218 | 10,749 | 10,263 | 9,639 | 5,161 | 35,377 | 35,812 | (20,347) |
Net (loss) income | $ 69,557 | $ 94,236 | $ 104,870 | $ 80,892 | $ 207,160 | $ 57,156 | $ 45,671 | $ 34,611 | $ 349,555 | $ 344,598 | $ (13,517) |
Net income (loss) per common share—Basic | $ 0.88 | $ 1.18 | $ 1.31 | $ 1.01 | $ 2.59 | $ 0.76 | $ 0.62 | $ 0.47 | $ 4.38 | $ 4.55 | $ (0.24) |
Net income (loss) per common share—Diluted | $ 0.87 | $ 1.17 | $ 1.30 | $ 1 | $ 2.57 | $ 0.75 | $ 0.62 | $ 0.47 | $ 4.35 | $ 4.52 | $ (0.24) |
Related Party (Details)
Related Party (Details) - MCS [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Direct Financing Lease Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from (Repayments of) Related Party Debt | $ 1,848 | $ 1,897 |
Loans and Leases Receivable, Related Parties | 10,710 | 10,648 |
Loans Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from (Repayments of) Related Party Debt | 0 | 128 |
Loans and Leases Receivable, Related Parties | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Mar. 28, 2019 | Feb. 08, 2019 | Dec. 31, 2018 | Dec. 13, 2018 | Aug. 20, 2018 |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Borrowing capacity | $ 800,000,000 | ||||
Asset-backed securitization warehouse | |||||
Subsequent Event [Line Items] | |||||
Borrowing capacity | $ 900,000,000 | $ 500,000,000 | $ 0 | ||
Asset-backed securitization warehouse | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Borrowing capacity | $ 300,000,000 | ||||
Dividend approved and declared (in dollars per share) | $ 0.52 |
Schedule I Condensed Balance _2
Schedule I Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | |||
Cash and cash equivalents | $ 48,950 | $ 132,031 | |
Other assets | 34,610 | 49,591 | |
Assets | 10,270,013 | 9,577,625 | $ 8,713,571 |
Liabilities | 7,944,804 | 7,367,799 | |
Treasury Stock, Value | (58,114) | 0 | |
Additional paid-in capital | 896,811 | 889,168 | |
Accumulated earnings | 1,349,627 | 1,159,367 | |
Accumulated other comprehensive income | 14,563 | 26,942 | |
Total shareholders' equity | 2,203,696 | 2,076,284 | |
Liabilities and Equity | 10,270,013 | 9,577,625 | |
Triton International Limited Holdings [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash and cash equivalents | 2 | 0 | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 2,250,159 | 2,078,936 | |
Other assets | 10 | 0 | |
Assets | 2,250,171 | 2,078,936 | |
Accounts Payable, Current | 5,988 | 2,652 | |
Intercompany Payable | 487 | 0 | |
Intercompany Loan | 40,000 | 0 | |
Liabilities | 46,475 | 2,652 | |
Treasury Stock, Value | (58,114) | 0 | |
Additional paid-in capital | 896,811 | 889,168 | |
Accumulated earnings | 1,349,627 | 1,159,367 | |
Accumulated other comprehensive income | 14,563 | 26,942 | |
Total shareholders' equity | 2,203,696 | 2,076,284 | |
Liabilities and Equity | 2,250,171 | 2,078,936 | |
Undesignated Common Stock [Member] | Triton International Limited Holdings [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Common Stock, Value, Issued | $ 0 | $ 0 |
Schedule I Condensed Balance _3
Schedule I Condensed Balance Sheet (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Treasury Stock, Shares (in shares) | 1,853,148 | 0 |
Designated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 270,000,000 | 294,000,000 |
Common Stock, Shares, Issued | 80,843,472 | 80,687,757 |
Undesignated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 30,000,000 | 6,000,000 |
Triton International Limited Holdings [Domain] | ||
Class of Stock [Line Items] | ||
Treasury Stock, Shares (in shares) | 1,853,148 | 0 |
Common Stock, Shares, Issued | 80,843,472 | 80,687,757 |
Triton International Limited Holdings [Domain] | Designated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value, Issued | $ 809 | $ 807 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 270,000,000 | 294,000,000 |
Triton International Limited Holdings [Domain] | Undesignated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common Stock, Value, Issued | $ 0 | $ 0 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 30,000,000 | 6,000,000 |
Schedule I Condensed Income S_2
Schedule I Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||
Equipment trading revenues | $ 83,039 | $ 37,419 | $ 16,418 |
Administrative expenses | 80,033 | 87,609 | 65,618 |
Transaction and other costs | 88 | 9,272 | 66,916 |
Other Nonoperating Income (Expense) | 2,292 | 2,637 | 1,076 |
Income tax (benefit) expense | 70,641 | (93,274) | (48) |
Net Income (Loss) Attributable to Parent | 356,672 | 353,526 | (5,785) |
Triton International Limited Holdings [Domain] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Equipment trading revenues | 0 | 0 | 0 |
Administrative expenses | 5,343 | 4,011 | 276 |
Transaction and other costs | 0 | 0 | 10,706 |
Operating Expenses | (5,343) | (4,011) | (10,982) |
Interest and Debt Expense | 57 | 0 | 0 |
Income (Loss) from Subsidiaries, before Tax | 354,955 | 348,609 | (2,535) |
Other Nonoperating Income (Expense) | 354,898 | 348,609 | (2,535) |
Amounts reclassified from Accumulated other comprehensive (loss) before income tax | 349,555 | 344,598 | (13,517) |
Income tax (benefit) expense | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ 349,555 | $ 344,598 | $ (13,517) |
Schedule I Condensed Statemen_2
Schedule I Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 356,672 | $ 353,526 | $ (5,785) | |
Share-based compensation | 9,030 | 5,641 | 5,399 | |
Other assets | 939 | (3,065) | (2,149) | |
Net cash provided by operating activities | 929,850 | 806,795 | 484,188 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (1,348,409) | (1,311,391) | (395,446) | |
Issuance (redemption) of common shares | (1,385) | (70) | (7,410) | |
Payments of Ordinary Dividends, Common Stock | (160,289) | (135,557) | (84,752) | |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | 351,927 | 567,275 | (63,629) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 159,539 | 226,171 | 163,492 | $ 138,379 |
Triton International Limited Holdings [Domain] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 349,555 | 344,598 | (13,517) | |
Income (Loss) from Subsidiaries, before Tax | (354,955) | (348,609) | 2,535 | |
Proceeds from Dividends Received | 220,304 | 197,171 | 77,376 | |
Share-based compensation | 1,252 | 1,084 | 0 | |
Other assets | 409 | 2,622 | 0 | |
Net cash provided by operating activities | 216,565 | 196,866 | 66,394 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | (40,000) | (254,240) | 0 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (40,000) | (254,240) | 0 | |
Issuance (redemption) of common shares | 0 | 192,931 | 0 | |
Purchases of Treasury Shares | (56,274) | 0 | 0 | |
Intercompany Loan Transfer | 40,000 | 0 | 0 | |
Payments of Ordinary Dividends, Common Stock | (160,289) | (135,557) | (66,394) | |
Net Cash Provided by (Used in) Financing Activities, Continuing Operations | (176,563) | 57,374 | (66,394) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 2 | 0 | 0 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 2 | $ 0 | $ 0 | $ 0 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finance Lease - Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 0 | $ 527 | $ 526 |
Additions | 1 | ||
(Reversals) | 0 | (527) | |
(Write-offs)/ Reversals | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 527 |
Accounts Receivable-Allowance for doubtful accounts: | |||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | 3,002 | 28,082 | 8,297 |
Additions | 581 | 19,811 | |
(Reversals) | (568) | ||
(Write-offs)/ Reversals | (1,194) | (25,661) | (26) |
Ending Balance | $ 1,240 | $ 3,002 | $ 28,082 |