Triton International Limited (TRTN-PB) 10-Q 30 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 22, 2019
Document and Entity Information
Entity Registrant Name	Triton International Ltd
Entity Central Index Key	0001660734
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		75,852,515
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	false
Entity Small Business	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS:
Leasing equipment, net of accumulated depreciation of $2,634,305 and $2,533,446	$ 8,796,491	$ 8,923,451
Net investment in finance leases	465,480	478,065
Equipment held for sale	86,211	66,453
Revenue earning assets	9,348,182	9,467,969
Cash and cash equivalents	60,768	48,950
Restricted cash	116,551	110,589
Accounts receivable, net of allowances of $1,097 and $1,240	222,567	264,382
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $216,340 and $205,532	82,117	92,925
Other assets	38,692	34,610
Fair value of derivative instruments	4,580	13,923
Total assets	10,110,122	10,270,013
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	38,463	22,392
Fair value of derivative instruments	19,487	10,966
Accounts payable and other accrued expenses	112,357	99,885
Net deferred income tax liability	286,495	282,129
Debt, net of unamortized debt costs of $43,684 and $44,889	7,364,725	7,529,432
Total liabilities	7,821,527	7,944,804
Shareholders' equity:
Preferred shares, $0.01 par value, 3,450,000 authorized, 3,450,000 and no shares issued and outstanding, respectively; at liquidation preference	86,250	0
Common shares, $0.01 par value, 270,000,000 shares authorized, 80,982,197 and 80,843,472 shares issued, respectively	811	809
Undesignated shares, $0.01 par value, 26,550,000 and 30,000,000 shares authorized, respectively, no shares issued and outstanding	0	0
Treasury shares, at cost, 4,489,682 and 1,853,148 shares, respectively	(141,407)	(58,114)
Additional paid-in capital	906,164	896,811
Accumulated earnings	1,400,491	1,349,627
Accumulated other comprehensive income (loss)	(1,034)	14,563
Total shareholders' equity	2,251,275	2,203,696
Noncontrolling interests	37,320	121,513
Total equity	2,288,595	2,325,209
Total liabilities and equity	$ 10,110,122	$ 10,270,013

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 2,634,305	$ 2,533,446
Accounts receivable, allowances	1,097	1,240
Finite-Lived Intangible Assets, Accumulated Amortization	216,340	205,532
Deferred financing costs	$ 43,684	$ 44,889
Class of Stock [Line Items]
Treasury Stock, Shares (in shares)	4,489,682	1,853,148
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized (in shares)	3,450,000	0
Preferred Stock, Shares Issued (in shares)	3,450,000	0
Preferred Stock, Shares Outstanding (in shares)	0	0
Designated Common Stock
Class of Stock [Line Items]
Common Shares, Shares Authorized (in shares)	270,000,000	270,000,000
Common Shares, Shares Issued (in shares)	80,982,197	80,843,472
Undesignated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	26,550,000	30,000,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Leasing revenues:
Operating leases	$ 330,422	$ 310,231
Finance leases	10,437	4,866
Total leasing revenues	340,859	315,097
Equipment trading revenues	17,828	13,375
Equipment trading expenses	(14,241)	(10,384)
Trading margin	3,587	2,991
Net gain on sale of leasing equipment	8,469	9,218
Operating expenses:
Depreciation and amortization	134,609	130,433
Direct operating expenses	16,802	11,048
Administrative expenses	18,187	19,582
Transaction and other (income) costs	0	(29)
Provision (reversal) for doubtful accounts	(142)	(101)
Total operating expenses	169,456	160,933
Operating income (loss)	183,459	166,373
Other expenses:
Interest and debt expense	83,520	75,098
Realized (gain) loss on derivative instruments, net	(704)	(248)
Unrealized (gain) loss on derivative instruments, net	986	(1,186)
Debt termination expense	0
Other (income) expense, net	(1,004)	(659)
Total other expenses	82,798	73,005
Income (loss) before income taxes	100,661	93,368
Income tax expense (benefit)	7,850	10,503
Net income	92,811	82,865
Less: income (loss) attributable to noncontrolling interest	592	1,973
Redeemable Preferred Stock Dividends	305	0
Net income (loss) attributable to common shareholders	$ 91,914	$ 80,892
Net income per common share—Basic	$ 1.18	$ 1.01
Net income per common share—Diluted	1.17	1
Cash dividends paid per common share	$ 0.52	$ 0.45
Weighted average number of common shares outstanding—Basic	77,721	79,968
Dilutive restricted shares	549	604
Weighted average number of common shares outstanding—Diluted	78,270	80,572

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 92,811	$ 82,865
Other comprehensive income (loss):
Change in derivative instruments designated as cash flow hedges, net of income tax effect of ($2,144) and $3,354	(14,323)	12,459
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges, net of income tax effect of ($606) and ($352)	(1,749)	(1,472)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect of $277 and $0, respectively	432	0
Foreign currency translation adjustment	43	92
Other comprehensive income (loss), net of tax	(15,597)	11,079
Comprehensive income	77,214	93,944
Other comprehensive income attributable to noncontrolling interest	592	1,973
Dividend on preferred shares	305	0
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 76,317	$ 91,971

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Change in fair value derivative instruments designated as cash flow hedges, income tax effect	$ (2,144)	$ 3,354
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges, income tax effect	(606)	(352)
Cumulative effect for the adoption of ASU 2017-12, Income Tax Effect	$ 277	$ 0

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Earnings [Member]	AOCI Attributable to Parent [Member]	Noncontrolling Interest [Member]
Beginning balance, shares at Dec. 31, 2017		0	80,688,000	0
Beginning balance at Dec. 31, 2017	$ 2,209,826	$ 0	$ 807	$ 0	$ 889,168	$ 1,159,367	$ 26,942	$ 133,542
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			157,000
Share-based compensation	2,512		$ 1		2,511
Share repurchase to settle shareholder tax obligations, shares			(29,000)
Share repurchase to settle shareholder tax obligations	(822)				(822)
Net income (loss)	82,865					80,892		1,973
Foreign currency translation adjustment	92						92
Change in fair value of derivative instruments designated as cash flow hedges	12,459						12,459
Reclassification of loss on interest rate swap agreements designated as cash flow hedges	(1,472)						(1,472)
Distributions to noncontrolling interests	(4,251)							(4,251)
Common shares dividend declared	(36,440)					(36,440)
Ending balance, shares at Mar. 31, 2018		0	80,816,000	0
Ending balance at Mar. 31, 2018	2,264,769	$ 0	$ 808	$ 0	890,857	1,206,848	34,992	131,264
Beginning balance, shares at Dec. 31, 2018		0	80,843,000	1,853,000
Beginning balance at Dec. 31, 2018	2,325,209	$ 0	$ 809	$ (58,114)	896,811	1,349,627	14,563	121,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses, shares		3,450,000
Issuance of preferred shares, net of offering expenses	83,058	$ 86,250			(3,192)
Share-based compensation, shares			170,000
Share-based compensation	1,818		$ 2		1,816
Treasury shares acquired, shares				2,637,000
Treasury shares acquired	(83,293)			$ (83,293)
Share repurchase to settle shareholder tax obligations, shares			(32,000)
Share repurchase to settle shareholder tax obligations	(978)				(978)
Net income (loss)	92,811					92,219		592
Foreign currency translation adjustment	43						43
Change in fair value of derivative instruments designated as cash flow hedges	(14,323)						(14,323)
Reclassification of loss on interest rate swap agreements designated as cash flow hedges	(1,749)						(1,749)
Purchase of noncontrolling interest	(71,000)				11,707			(82,707)
Distributions to noncontrolling interests	(2,078)							(2,078)
Common shares dividend declared	(40,923)					(40,923)
Ending balance, shares at Mar. 31, 2019		3,450,000	80,982,000	4,490,000
Ending balance at Mar. 31, 2019	$ 2,288,595	$ 86,250	$ 811	$ (141,407)	$ 906,164	$ 1,400,491	$ (1,034)	$ 37,320

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Change in fair value derivative instruments designated as cash flow hedges, income tax effect	$ (2,144)
Reclassification of realized loss on interest rate swap agreements designated as cash flow hedges, income tax effect	(606)
Other comprehensive income (loss), cumulative effect of new accounting principle in period of adoption, net of tax	432
Accounting Standards Update 2017-12 [Member]
Other comprehensive income (loss), cumulative effect of new accounting principle in period of adoption, net of tax	$ 277

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Cash Flows [Abstract]
Net income	$ 92,811	$ 82,865
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	134,609	130,433
Amortization of deferred debt cost and other debt related amortization	3,601	3,113
Lease related amortization	12,254	20,009
Share-based compensation expense	1,818	2,512
Net (gain) loss on sale of leasing equipment	(8,469)	(9,218)
Unrealized (gain) loss on derivative instruments	986	(1,186)
Deferred income taxes	7,116	9,301
Changes in operating assets and liabilities:
Accounts receivable	41,421	(1,071)
Accounts payable and other accrued expenses	3,019	844
Net equipment sold for resale activity	(8,803)	(5,185)
Cash collections on finance lease receivables, net of income earned	17,125	14,771
Other assets	(1,757)	(953)
Net cash provided by (used in) operating activities	295,731	246,235
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(43,981)	(258,668)
Proceeds from sale of equipment, net of selling costs	49,947	38,885
Other	26	55
Net cash provided by (used in) investing activities	5,992	(219,728)
Cash flows from financing activities:
Issuance of preferred shares, net of underwriting discount and expenses	83,058	0
Purchases of treasury shares	(82,266)	0
Redemption of common shares	(978)	(822)
Debt issuance costs	(1,962)	(4,976)
Borrowings under debt facilities	125,000	510,210
Payments under debt facilities and capital lease obligations	(293,290)	(469,841)
Dividends paid	(40,427)	(36,008)
Distributions to noncontrolling interests	(2,078)	(4,249)
Purchase of noncontrolling interest	(71,000)	0
Net cash provided by (used in) financing activities	(283,943)	(5,686)
Net increase (decrease) in cash, cash equivalents and restricted cash	17,780	20,821
Cash, cash equivalents and restricted cash, beginning of period	159,539	226,171
Cash, cash equivalents and restricted cash, end of period	177,319	246,992
Supplemental non-cash investing activities:
Interest paid	66,106	56,571
Income taxes paid (refunded)	155	244
Right-of-use asset for leased property	8,289	0
Equipment purchases payable	$ 38,463	$ 125,978

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements [Text Block]	Description of the Business and Significant Accounting Policies Description of the Business Triton International Limited ("Triton" or the "Company"), through its subsidiaries, leases intermodal transportation equipment, primarily maritime containers, and provides maritime container management services through a worldwide network of service subsidiaries, third-party depots and other facilities. The majority of the Company's business is derived from leasing its containers to shipping line customers through a variety of long-term and short-term contractual lease arrangements. The Company also sells containers from its equipment leasing fleet as well as containers specifically acquired for resale from third parties. The Company's registered office is located in Bermuda. Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of March 31, 2019 and the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of shareholders' equity, and the consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The consolidated balance sheet as of December 31, 2018 , included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company’s financial position, results of operations, comprehensive income, equity, and cash flows for the periods presented. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The consolidated results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2019 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K which was filed with the SEC on February 19, 2019 . The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, 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, goodwill and intangible assets. Actual results could differ from those estimates. Concentration of Credit Risk The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's two largest customers CMA CGM S.A. and Mediterranean Shipping Company S.A. , accounted for 21% and 14% , respectively, of the Company's lease billings during the three months ended March 31, 2019 . Accounting Policy Updates The Company adopted Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842) on January 1, 2019. The Company evaluates whether leases are classified as operating or capital in nature based on certain assumptions that require judgment, such as the asset's fair value, the asset's estimated residual value, the interest rate implicit in the lease, and the asset's economic useful life. For operating leases, the Company records a lease liability based on the present value of the remaining minimum rental payments and corresponding Right-of-Use ("ROU") asset. The Company uses its estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. Lease incentives are recognized for periods of reduced rent or for larger than usual rent escalations over the term of the lease. The benefit of a rent-free period and the cost of future rent escalations are recognized on a straight-line basis over the term of the lease. The Company elected 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. Capital leases are classified as revenue earning assets and the related depreciation is recorded on the assets. Debt related to capital leases is included in the Company’s debt obligations. New Accounting Pronouncements Recently Adopted Accounting Standards Updates Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) and subsequently issued amendments that replaced existing lease accounting guidance. The accounting standard requires lessees to recognize a lease liability and corresponding right-of-use asset on their balance sheets. The accounting that will be applied by lessors under ASC 842 is largely unchanged from previous GAAP. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and ASC 606, Revenue from Contracts with Customers. The Company adopted the standard on January 1, 2019, through a cumulative-effect adjustment. Additionally, the Company elected 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 elected the optional transition method and continued to apply the guidance in ASC 840, including its disclosure requirements, in the comparative prior year periods. At adoption, the Company recognized a lease liability of $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 asset of $8.9 million . The Company assessed the requirements from both a lessee and lessor perspective and concluded the adoption of this standard did not have a significant impact on the consolidated financial statements. As a result of this adoption, the Company reclassified $14.8 million of cash collections on finance lease receivables, net of income earned, from investing activities to operating activities on its consolidated statement of cash flows for the three months ended March 31, 2018. Targeted Improvements to Accounting for Hedging Activities. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). 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 Company adopted the standard on January 1, 2019, and applied the modified retrospective approach. The Company has evaluated the impact of this ASU and concluded the adoption of this standard did not have a significant impact on the consolidated financial statements. Recently Issued Accounting Standards Updates Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). 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. 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.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	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): March 31, 2019 December 31, 2018 Liabilities Total debt - carrying value (1) $ 7,427,632 $ 7,595,922 Total debt - fair value $ 7,466,058 $ 7,559,063 (1) Excludes unamortized debt costs of $43.7 million and $44.9 million , purchase price debt adjustments of $14.3 million and $16.3 million , and unamortized debt discounts of $5.0 million and $5.3 million as of March 31, 2019 and December 31, 2018 , 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 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 on sale of leasing equipment through the periods summarized below (in thousands): March 31, 2019 December 31, 2018 Assets Equipment held for sale - assets at fair value (1) $ 8,429 $ 5,750 Cumulative impairment charges (2) $ (2,501 ) $ (1,846 ) (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 costs 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 $1.4 million and $0.9 million for the three months ended March 31, 2019 and 2018 , respectively. Fair Value of Derivative Instruments The Company has elected to use the income approach to value its interest rate swap 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 Company presents the gross assets and liabilities of its derivative financial instruments on the consolidated balance sheet. Any amounts of cash collateral received or posted related to derivative instruments are included in Other Assets on the consolidated balance sheet and are presented in operating activities of the consolidated statements of cash flows. As of March 31, 2019 , the Company had posted $1.3 million as cash collateral related to interest rate swap contracts. The fair value of derivative instruments on the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018 was as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Interest rate swap contracts, designated $ 2,173 $ 10,531 $ 19,487 $ 10,966 Interest rate swap contracts, not designated 2,407 3,392 — — Total derivatives $ 4,580 $ 13,923 $ 19,487 $ 10,966 Fair Value of Other Assets and Liabilities Cash and cash equivalents, restricted cash, accounts receivable, equipment purchases payable and accounts payable carrying amounts approximate fair values because of the short-term nature of these instruments. The Company’s other financial and non-financial assets, which include leasing equipment, 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.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets are comprised of above market lease intangibles and customer intangibles related to the chassis and tank customer lists from a business combination. The following table summarizes the intangible assets amortization as of March 31, 2019 (in thousands): Years ending December 31, Above market lease intangibles Customer intangibles (1) Total intangible assets 2019 $ 25,960 $ 404 $ 26,364 2020 22,491 — 22,491 2021 16,549 — 16,549 2022 10,497 — 10,497 2023 4,657 — 4,657 2024 and thereafter 1,963 — 1,963 Total $ 82,117 $ 404 $ 82,521 (1) Customer intangibles are included in other assets on the consolidated balance sheets.

Other Equity Matters

Other Equity Matters	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Other Equity Matters	Other Equity Matters 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 three months ended March 31, 2019 , the Company repurchased 2,636,534 common shares at an average price per-share of $31.56 for a total of $83.3 million . As of March 31, 2019 , the Company purchased $141.4 million of the $200.0 million common share repurchase authorized by the Board in August 2018. Preferred Share Offering In March 2019, the Company completed a public offering of 8.50% Series A Cumulative Redeemable Perpetual Preference Shares ("Series A shares"), selling 3,450,000 shares and generating $86.3 million of gross proceeds. The estimated costs associated with the offering, inclusive of underwriting discount and other offering expenses, were $3.2 million . The Company intends to use the net proceeds from the offering for general corporate purposes, including purchasing containers, repurchasing outstanding common shares, payment of dividends and repaying or repurchasing outstanding indebtedness. Dividends on the Series A shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 15th day of March, June, September and December of each year, when, as and if declared by the Company's Board of Directors. Dividends will be payable out of amounts legally available at the rate equal to 8.50% per annum of the $25.00 liquidation preference per share, or $2.125 per share per year. At any time on or after March 15, 2024, the Series A shares may be redeemed at the Company's option, in whole or in part, out of funds legally available at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends thereon to, but not including, the date of redemption, whether or not declared. The Company may also redeem the Series A shares in the event of a Change of Control Triggering Event as defined in the Certificate of Designations (the "Certificate of Designations") relating to the Series A shares. In addition, upon the occurrence of a Change of Control Triggering Event, holders of the Series A shares will have the right to convert their Series A shares into common shares in accordance with the Certificate of Designations. Holders of the Series A shares generally have no voting rights, except as provided in the following sentence or as provided by Bermuda law. If the Company fails to pay dividends for six or more quarterly periods (whether or not consecutive), holders will be entitled to elect two additional directors to the Board of Directors and the size of the Board of Directors will be increased to accommodate such election. Such right to elect two directors will continue until such time as there are no accumulated and unpaid dividends in arrears. Dividends The Company paid the following quarterly dividends during the three months ended March 31, 2019 and 2018 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share Payment March 12, 2019 March 28, 2019 $40.4 Million $0.52 March 12, 2018 March 28, 2018 $36.0 Million $0.45 As of March 31, 2019 , the Company had cumulative unpaid dividends on its outstanding Series A Preferred Shares of $0.3 million . Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2019 and 2018 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2018 $ 19,043 $ (4,480 ) $ 14,563 Change in derivative instruments designated as cash flow hedges (14,323 ) — (14,323 ) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1,749 ) — (1,749 ) Cumulative effect for the adoption of ASU 2017-12 432 — 432 Foreign currency translation adjustment — 43 43 Other comprehensive income (loss) (15,640 ) 43 (15,597 ) Balance as of March 31, 2019 $ 3,403 $ (4,437 ) $ (1,034 ) Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2017 $ 31,215 $ (4,273 ) 26,942 Change in derivative instruments designated as cash flow hedges 12,459 — 12,459 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1,472 ) — (1,472 ) Tax reclassification to accumulated earnings for the adoption of ASU 2018-02 (3,029 ) — (3,029 ) Foreign currency translation adjustment — 92 92 Other comprehensive income (loss) 7,958 92 8,050 Balance as of March 31, 2018 $ 39,173 $ (4,181 ) $ 34,992 The following table summarizes the reclassifications out of accumulated other comprehensive income (in thousands): Amounts Reclassified From Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Three Months Ended 2019 2018 Amounts reclassified from accumulated other comprehensive income before income tax $ (2,355 ) $ (1,824 ) Interest and debt expense Income tax expense (benefit) 606 352 Income tax expense Amounts reclassified from accumulated other comprehensive income, net of tax $ (1,749 ) $ (1,472 ) Net income

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Share Based Compensation	Share-Based Compensation The Company recognizes share-based compensation expense for share-based payment transactions based on the grant date’s fair value. The expense is recognized over the employee's requisite service period, which is generally the vesting period of the equity award. The Company recognized $1.8 million and $2.5 million of share-based compensation expense in administrative expenses for the three months ended March 31, 2019 and 2018 , respectively. Share-based compensation expense includes charges for performance-based shares that are deemed probable to vest. As of March 31, 2019 , the total unrecognized compensation expense related to non-vested restricted shares was approximately $12.6 million , which is expected to be recognized through 2021 . During the three months ended March 31, 2019 , the Company issued 168,731 time-based and performance-based restricted shares, and canceled 31,506 vested shares to settle payroll taxes on behalf of employees. Additional shares may be accrued and issued based upon the Company's performance measured against selected peers. On February 12, 2019, the Company issued 1,500 shares to a non-employee director at a fair value of $33.30 per share that vested immediately.

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	Leases Lessee The Company leases multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's leases contain one or more options to renew with terms that can extend its current obligations through 2026. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2019 , the weighted average implicit rate was 4.18% and the weighted average remaining lease term was 3.9 years. The following table summarizes the components of the Company's leases (in thousands): Financial statement caption March 31, 2019 Balance Sheet Right-of-use asset - operating Other Assets 8,289 Lease liability - operating Accounts payable and other accrued expenses 9,813 Income Statement Operating lease cost (1) Administrative expenses 734 (1) Includes short-term leases that are immaterial. For the three months ended March 31, 2019 , cash paid for amounts included in the measurement of lease liabilities of $0.8 million was presented in operating activities on the consolidated statement of cash flows. The following table summarizes the maturities of lease liabilities as of March 31, 2019 (in thousands): Years ending December 31, 2019 2,000 2020 2,542 2021 2,146 2022 1,882 2023 1,243 2024 and thereafter — Total 9,813 Lessor The following table summarizes the components of the net investment in finance leases (in thousands): March 31, December 31, Future minimum lease payment receivable (1) $ 552,603 574,422 Estimated residual receivable (2) 107,386 107,598 Gross finance lease receivables 659,989 682,020 Unearned income (3) (194,509 ) (203,955 ) Net investment in finance leases (4) $ 465,480 $ 478,065 (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 March 31, 2019 and December 31, 2018 . (2) The Company's leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets that are subject to direct finance leases. (3) 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 March 31, 2019 and December 31, 2018 . (4) As of March 31, 2019 , three major customers represented 51% , 25% and 13% of the Company's finance lease portfolio. As of December 31, 2018 , three major customers represented 50% , 24% and 13% 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 March 31, 2019 are as follows (in thousands): Years ending December 31, 2019 83,494 2020 120,130 2021 85,258 2022 78,828 2023 60,929 2024 and thereafter 231,350 Total 659,989 The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and 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. Any accounts in arrears are transferred out of finance lease to determine if a reserve needs to be applied. As of March 31, 2019 , the Company does not have an allowance on its gross finance lease receivables. The Company evaluates potential losses in its finance lease portfolio by regularly reviewing the specific receivables in the portfolio and analyzing loss experience.
Leases	Leases Lessee The Company leases multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's leases contain one or more options to renew with terms that can extend its current obligations through 2026. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2019 , the weighted average implicit rate was 4.18% and the weighted average remaining lease term was 3.9 years. The following table summarizes the components of the Company's leases (in thousands): Financial statement caption March 31, 2019 Balance Sheet Right-of-use asset - operating Other Assets 8,289 Lease liability - operating Accounts payable and other accrued expenses 9,813 Income Statement Operating lease cost (1) Administrative expenses 734 (1) Includes short-term leases that are immaterial. For the three months ended March 31, 2019 , cash paid for amounts included in the measurement of lease liabilities of $0.8 million was presented in operating activities on the consolidated statement of cash flows. The following table summarizes the maturities of lease liabilities as of March 31, 2019 (in thousands): Years ending December 31, 2019 2,000 2020 2,542 2021 2,146 2022 1,882 2023 1,243 2024 and thereafter — Total 9,813 Lessor The following table summarizes the components of the net investment in finance leases (in thousands): March 31, December 31, Future minimum lease payment receivable (1) $ 552,603 574,422 Estimated residual receivable (2) 107,386 107,598 Gross finance lease receivables 659,989 682,020 Unearned income (3) (194,509 ) (203,955 ) Net investment in finance leases (4) $ 465,480 $ 478,065 (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 March 31, 2019 and December 31, 2018 . (2) The Company's leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets that are subject to direct finance leases. (3) 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 March 31, 2019 and December 31, 2018 . (4) As of March 31, 2019 , three major customers represented 51% , 25% and 13% of the Company's finance lease portfolio. As of December 31, 2018 , three major customers represented 50% , 24% and 13% 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 March 31, 2019 are as follows (in thousands): Years ending December 31, 2019 83,494 2020 120,130 2021 85,258 2022 78,828 2023 60,929 2024 and thereafter 231,350 Total 659,989 The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and 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. Any accounts in arrears are transferred out of finance lease to determine if a reserve needs to be applied. As of March 31, 2019 , the Company does not have an allowance on its gross finance lease receivables. The Company evaluates potential losses in its finance lease portfolio by regularly reviewing the specific receivables in the portfolio and analyzing loss experience.
Leases	Leases Lessee The Company leases multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's leases contain one or more options to renew with terms that can extend its current obligations through 2026. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2019 , the weighted average implicit rate was 4.18% and the weighted average remaining lease term was 3.9 years. The following table summarizes the components of the Company's leases (in thousands): Financial statement caption March 31, 2019 Balance Sheet Right-of-use asset - operating Other Assets 8,289 Lease liability - operating Accounts payable and other accrued expenses 9,813 Income Statement Operating lease cost (1) Administrative expenses 734 (1) Includes short-term leases that are immaterial. For the three months ended March 31, 2019 , cash paid for amounts included in the measurement of lease liabilities of $0.8 million was presented in operating activities on the consolidated statement of cash flows. The following table summarizes the maturities of lease liabilities as of March 31, 2019 (in thousands): Years ending December 31, 2019 2,000 2020 2,542 2021 2,146 2022 1,882 2023 1,243 2024 and thereafter — Total 9,813 Lessor The following table summarizes the components of the net investment in finance leases (in thousands): March 31, December 31, Future minimum lease payment receivable (1) $ 552,603 574,422 Estimated residual receivable (2) 107,386 107,598 Gross finance lease receivables 659,989 682,020 Unearned income (3) (194,509 ) (203,955 ) Net investment in finance leases (4) $ 465,480 $ 478,065 (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 March 31, 2019 and December 31, 2018 . (2) The Company's leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets that are subject to direct finance leases. (3) 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 March 31, 2019 and December 31, 2018 . (4) As of March 31, 2019 , three major customers represented 51% , 25% and 13% of the Company's finance lease portfolio. As of December 31, 2018 , three major customers represented 50% , 24% and 13% 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 March 31, 2019 are as follows (in thousands): Years ending December 31, 2019 83,494 2020 120,130 2021 85,258 2022 78,828 2023 60,929 2024 and thereafter 231,350 Total 659,989 The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and 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. Any accounts in arrears are transferred out of finance lease to determine if a reserve needs to be applied. As of March 31, 2019 , the Company does not have an allowance on its gross finance lease receivables. The Company evaluates potential losses in its finance lease portfolio by regularly reviewing the specific receivables in the portfolio and analyzing loss experience.

Debt

Debt	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Debt	Debt Debt consisted of the following (in thousands): March 31, 2019 December 31, 2018 Institutional notes $ 2,167,257 $ 2,198,200 Asset-backed securitization term notes 2,967,601 3,063,821 Term loan facilities 1,504,375 1,543,375 Asset-backed securitization warehouse 350,000 340,000 Revolving credit facilities 365,000 375,000 Capital lease obligations 73,399 75,526 Total debt outstanding 7,427,632 7,595,922 Debt costs (43,684 ) (44,889 ) Unamortized debt premiums & discounts (4,971 ) (5,293 ) Unamortized fair value debt adjustment (14,252 ) (16,308 ) Debt, net of unamortized debt costs $ 7,364,725 $ 7,529,432 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 March 31, 2019 and December 31, 2018 , the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements. As of March 31, 2019 , the Company had $4,484.6 million of total debt outstanding on facilities with fixed interest rates. These fixed rate facilities had a contractual weighted average interest rate of 4.26% , are scheduled to mature between 2019 and 2029 , and had a weighted average remaining term of 3.8 years as of March 31, 2019 . As of March 31, 2019 , the Company had $2,943.1 million of debt outstanding on facilities with interest rates based on floating rate indices (LIBOR). These floating rate facilities had a contractual weighted average interest rate of 4.22% , are scheduled to mature between 2019 and 2025 , and had a weighted average remaining term of 3.5 years as of March 31, 2019 . 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 March 31, 2019 , the Company had interest rate swaps in place with a notional amount of $1,753.3 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 4.06% as of March 31, 2019 . As of March 31, 2019 , the Company had $6,237.9 million of total debt on facilities with fixed interest rates or floating interest rates that have been synthetically fixed through interest rate swap contracts. This accounts for 84.0% of total debt. These facilities had a contractual weighted average interest rate of 4.17% and a weighted average remaining term of 4.0 years as of March 31, 2019 . Overall, the Company's total debt had a contractual weighted average interest rate of 4.18% as of March 31, 2019 , including the impact of the swap contracts. The Company did not record any debt termination expense for the three months ended March 31, 2019 and 2018 . 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 4.73% as of March 31, 2019 and are scheduled to mature between 2020 and 2029 . Asset-Backed Securitization Term Notes Under the Company’s Asset-Backed Securitization (“ABS”) facilities, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. The ABS 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 asset-backed securitization term notes had a contractual weighted average interest rate of 3.95% as of March 31, 2019 and are scheduled to mature between 2022 and 2028 . 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 4.06% as of March 31, 2019 , and are scheduled to mature between 2019 and 2023 . Asset-Backed Securitization Warehouse Facilities Under the Company’s asset-backed warehouse facilities, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. The asset-backed warehouse 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 asset-backed warehouse facilities have a combined maximum borrowing capacity of $1,200.0 million as of March 31, 2019 . One facility has a borrowing capacity of $400.0 million , which 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% . On February 8, 2019, the Company increased its borrowing capacity on a second facility by $300.0 million to $800.0 million . This facility is available on a revolving basis until December 13, 2021, paying interest at LIBOR plus 1.75% , after which any borrowings will convert to term notes with a maturity date of December 15, 2025 , paying interest at LIBOR plus 2.85% . During the revolving period, the borrowing capacity under these facilities are 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 months of interest expense. As of March 31, 2019 , the asset-backed warehouse facilities had a contractual weighted average interest rate of 4.24% . Revolving Credit Facilities The 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 these facilities is 83% . The revolving credit facilities had a contractual weighted average interest rate of 4.49% as of March 31, 2019 and are scheduled to mature between 2022 and 2023 . Capital Lease Obligations The Company has entered into a series of direct finance 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 three to ten years from the transaction date. These agreements have fixed interest rates ranging from 3.60% to 4.93% , and mature between 2019 and 2024 .

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Hedging The Company enters into interest rate swap 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. During the three months ended March 31, 2019, the Company entered into the following interest rate swaps: Date Effective Notional Amount Indexed To Scheduled Maturity March 29, 2019 $100.0 million 1 month LIBOR March 31, 2026 March 29, 2019 $100.0 million 1 month LIBOR March 31, 2026 As of March 31, 2019 , the Company had interest rate swap agreements in place to fix interest rates on a portion of its borrowings under debt facilities with floating interest rates as summarized below: Derivatives Net Notional Amount Weighted Average Weighted Average Interest Rate Swap $1,753.3 million 2.24% 4.4 years The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands): Three Months Ended Derivative instrument Financial statement caption 2019 2018 Non-designated interest rate swaps Realized (gain) loss on derivative instruments, net $ (704 ) $ (248 ) Non-designated interest rate swaps Unrealized (gain) loss on derivative instruments, net $ 986 $ (1,186 ) Designated interest rate swaps Other comprehensive (income) loss $ 16,467 $ (15,813 ) Designated interest rate swaps Interest and debt (income) expense $ (2,355 ) $ (1,824 )

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2019
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 service offered. The following tables summarize segment information and the consolidated totals reported (in thousands): Three Months Ended March 31, 2019 2018 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 340,070 $ 789 $ 340,859 $ 314,429 $ 668 $ 315,097 Trading margin — 3,587 3,587 — 2,991 2,991 Net gain on sale of leasing equipment 8,469 — 8,469 9,218 — 9,218 Depreciation and amortization expense 134,422 187 134,609 129,854 579 130,433 Interest and debt expense 83,174 346 83,520 74,774 324 75,098 Realized (gain) loss on derivative instruments, net (702 ) (2 ) (704 ) (248 ) — (248 ) Income before income taxes (1) 98,466 3,181 101,647 89,966 2,216 92,182 Purchases of leasing equipment and investments in finance leases (2) $ 43,981 $ — $ 43,981 $ 258,668 $ — $ 258,668 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded unrealized losses on derivative instruments of $1.0 million for the three months ended March 31, 2019 and unrealized gains on derivative instruments of $1.2 million for the three months ended March 31, 2018 . There was no debt termination expense for the three months ended March 31, 2019 and 2018 . (2) Represents cash disbursements for purchases of leasing equipment and investments in finance leases 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. March 31, 2019 December 31, 2018 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 58,339 $ 27,872 $ 86,211 $ 46,968 $ 19,485 $ 66,453 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 10,057,643 $ 52,479 $ 10,110,122 $ 10,224,421 $ 45,592 $ 10,270,013 There are no intercompany revenues or expenses between segments. Certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale was purchased through certain sale-leaseback transactions with 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 three months ended March 31, 2019 and 2018 based on the Company's customers' primary domicile (in thousands): Three Months Ended March 31, 2019 2018 Total equipment leasing revenues: Asia $ 137,450 $ 130,190 Europe 162,557 143,649 Americas 30,782 31,050 Bermuda 678 613 Other International 9,392 9,595 Total $ 340,859 $ 315,097 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 summarizes the geographic allocation of equipment trading revenues for the three months ended March 31, 2019 and 2018 based on the location of the sale (in thousands): Three Months Ended March 31, 2019 2018 Total equipment trading revenues: Asia $ 3,292 $ 2,454 Europe 4,871 4,289 Americas 6,765 4,984 Bermuda — — Other International 2,900 1,648 Total $ 17,828 $ 13,375

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10—Commitments and Contingencies 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. Container Equipment Purchase Commitments At March 31, 2019 , the Company had commitments to purchase equipment in the amount of $75.8 million payable in 2019 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rates were 7.8% and 11.2% for the three months ended March 31, 2019 and 2018 , respectively. The Company has computed the provision for income taxes based on the estimated annual effective tax rate and the application of discrete items, if any, in the applicable period.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company holds a 50% interest in TriStar Container Services (Asia) Private Limited (“TriStar”), which is primarily engaged in the selling and leasing of container equipment in the domestic and short sea markets in India. The Company's equity investment in TriStar is included in other assets on the consolidated balance sheet. The following table summarizes payments, direct finance lease, and a loan payable balance with TriStar (in thousands): Three Months Ended March 31, 2019 2018 Payments received from TriStar on direct finance leases $ 460 $ 512 March 31, December 31, Direct finance lease balance $ 11,580 $ 10,710

Non-Controlling Interest

Non-Controlling Interest	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Noncontrolling Interest During the first quarter of 2019 , the Company acquired from third party investors an additional 30% of membership interest in Triton Container Investments LLC for an aggregate of $71.0 million in cash, bringing the Company's total membership interest in Triton Container Investments LLC to 86% . The effective date of the purchase was January 1, 2019.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company's Board of Directors has approved and declared a cash dividend of $0.53125 per share on its issued and outstanding 8.5% Series A Preference shares, payable June 17, 2019 to holders of record at the close of business on June 10, 2019 . The Company's Board of Directors also approved and declared a quarterly cash dividend of $0.52 per share on its issued and outstanding common shares, payable on June 27, 2019 to holders of record at the close of business on June 6, 2019 . O n April 25, 2019 , The Company's Board of Directors authorized a new $200.0 million share repurchase program replacing the previous authorization.

Description of the Business, Ba

Description of the Business, Basis of Presentation and Recently Adopted Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of March 31, 2019 and the consolidated statements of operations, the consolidated statements of comprehensive income, the consolidated statements of shareholders' equity, and the consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 are unaudited. The consolidated balance sheet as of December 31, 2018 , included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on a basis consistent with the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company’s financial position, results of operations, comprehensive income, equity, and cash flows for the periods presented. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The consolidated results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2019 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K which was filed with the SEC on February 19, 2019 . The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, 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, goodwill and intangible assets. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's two largest customers CMA CGM S.A. and Mediterranean Shipping Company S.A. , accounted for 21% and 14% , respectively, of the Company's lease billings during the three months ended March 31, 2019 .
Recently Adopted Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Standards Updates Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) and subsequently issued amendments that replaced existing lease accounting guidance. The accounting standard requires lessees to recognize a lease liability and corresponding right-of-use asset on their balance sheets. The accounting that will be applied by lessors under ASC 842 is largely unchanged from previous GAAP. Certain targeted improvements were made to align, where necessary, lessor accounting with the lessee accounting model and ASC 606, Revenue from Contracts with Customers. The Company adopted the standard on January 1, 2019, through a cumulative-effect adjustment. Additionally, the Company elected 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 elected the optional transition method and continued to apply the guidance in ASC 840, including its disclosure requirements, in the comparative prior year periods. At adoption, the Company recognized a lease liability of $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 asset of $8.9 million . The Company assessed the requirements from both a lessee and lessor perspective and concluded the adoption of this standard did not have a significant impact on the consolidated financial statements. As a result of this adoption, the Company reclassified $14.8 million of cash collections on finance lease receivables, net of income earned, from investing activities to operating activities on its consolidated statement of cash flows for the three months ended March 31, 2018. Targeted Improvements to Accounting for Hedging Activities. In August 2017, FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815). 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 Company adopted the standard on January 1, 2019, and applied the modified retrospective approach. The Company has evaluated the impact of this ASU and concluded the adoption of this standard did not have a significant impact on the consolidated financial statements. Recently Issued Accounting Standards Updates Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326). 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. 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.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of fair value, which was measured using Level 2 inputs, and the carrying value of the entity's debt	March 31, 2019 December 31, 2018 Liabilities Total debt - carrying value (1) $ 7,427,632 $ 7,595,922 Total debt - fair value $ 7,466,058 $ 7,559,063 (1) Excludes unamortized debt costs of $43.7 million and $44.9 million , purchase price debt adjustments of $14.3 million and $16.3 million , and unamortized debt discounts of $5.0 million and $5.3 million as of March 31, 2019 and December 31, 2018 , respectively
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	March 31, 2019 December 31, 2018 Assets Equipment held for sale - assets at fair value (1) $ 8,429 $ 5,750 Cumulative impairment charges (2) $ (2,501 ) $ (1,846 ) (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 costs 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 Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The fair value of derivative instruments on the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018 was as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument March 31, 2019 December 31, 2018 March 31, 2019 December 31, 2018 Interest rate swap contracts, designated $ 2,173 $ 10,531 $ 19,487 $ 10,966 Interest rate swap contracts, not designated 2,407 3,392 — — Total derivatives $ 4,580 $ 13,923 $ 19,487 $ 10,966

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	Intangible assets are comprised of above market lease intangibles and customer intangibles related to the chassis and tank customer lists from a business combination. The following table summarizes the intangible assets amortization as of March 31, 2019 (in thousands): Years ending December 31, Above market lease intangibles Customer intangibles (1) Total intangible assets 2019 $ 25,960 $ 404 $ 26,364 2020 22,491 — 22,491 2021 16,549 — 16,549 2022 10,497 — 10,497 2023 4,657 — 4,657 2024 and thereafter 1,963 — 1,963 Total $ 82,117 $ 404 $ 82,521 (1) Customer intangibles are included in other assets on the consolidated balance sheets.

Other Equity Matters (Table)

Other Equity Matters (Table)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Dividends	The Company paid the following quarterly dividends during the three months ended March 31, 2019 and 2018 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share Payment March 12, 2019 March 28, 2019 $40.4 Million $0.52 March 12, 2018 March 28, 2018 $36.0 Million $0.45 As of March 31, 2019 , the Company had cumulative unpaid dividends on its outstanding Series A Preferred Shares of $0.3 million
Schedule of accumulated other comprehensive (loss)	The following table summarizes the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2019 and 2018 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2018 $ 19,043 $ (4,480 ) $ 14,563 Change in derivative instruments designated as cash flow hedges (14,323 ) — (14,323 ) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1,749 ) — (1,749 ) Cumulative effect for the adoption of ASU 2017-12 432 — 432 Foreign currency translation adjustment — 43 43 Other comprehensive income (loss) (15,640 ) 43 (15,597 ) Balance as of March 31, 2019 $ 3,403 $ (4,437 ) $ (1,034 ) Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2017 $ 31,215 $ (4,273 ) 26,942 Change in derivative instruments designated as cash flow hedges 12,459 — 12,459 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1,472 ) — (1,472 ) Tax reclassification to accumulated earnings for the adoption of ASU 2018-02 (3,029 ) — (3,029 ) Foreign currency translation adjustment — 92 92 Other comprehensive income (loss) 7,958 92 8,050 Balance as of March 31, 2018 $ 39,173 $ (4,181 ) $ 34,992
Schedule of reclassifications out of accumulated other comprehensive (loss)	The following table summarizes the reclassifications out of accumulated other comprehensive income (in thousands): Amounts Reclassified From Accumulated Other Comprehensive Income Affected Line Item in the Consolidated Statements of Income Three Months Ended 2019 2018 Amounts reclassified from accumulated other comprehensive income before income tax $ (2,355 ) $ (1,824 ) Interest and debt expense Income tax expense (benefit) 606 352 Income tax expense Amounts reclassified from accumulated other comprehensive income, net of tax $ (1,749 ) $ (1,472 ) Net income

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Lessee, Balance Sheet and Income Statement Effect	The following table summarizes the components of the Company's leases (in thousands): Financial statement caption March 31, 2019 Balance Sheet Right-of-use asset - operating Other Assets 8,289 Lease liability - operating Accounts payable and other accrued expenses 9,813 Income Statement Operating lease cost (1) Administrative expenses 734 (1) Includes short-term leases that are immaterial.
Lessee, Operating Lease, Liability, Maturity	The following table summarizes the maturities of lease liabilities as of March 31, 2019 (in thousands): Years ending December 31, 2019 2,000 2020 2,542 2021 2,146 2022 1,882 2023 1,243 2024 and thereafter — Total 9,813
Schedule of Components of Leveraged Lease Investments	The following table summarizes the components of the net investment in finance leases (in thousands): March 31, December 31, Future minimum lease payment receivable (1) $ 552,603 574,422 Estimated residual receivable (2) 107,386 107,598 Gross finance lease receivables 659,989 682,020 Unearned income (3) (194,509 ) (203,955 ) Net investment in finance leases (4) $ 465,480 $ 478,065 (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 March 31, 2019 and December 31, 2018 . (2) The Company's leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets that are subject to direct finance leases. (3) 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 March 31, 2019 and December 31, 2018 . (4) As of March 31, 2019 , three major customers represented 51% , 25% and 13% of the Company's finance lease portfolio. As of December 31, 2018 , three major customers represented 50% , 24% and 13% 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.
Lessor, Operating Lease, Payments to be Received, Maturity	Contractual maturities of the Company’s gross finance lease receivables subsequent to March 31, 2019 are as follows (in thousands): Years ending December 31, 2019 83,494 2020 120,130 2021 85,258 2022 78,828 2023 60,929 2024 and thereafter 231,350 Total 659,989

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of debt instruments	March 31, 2019 December 31, 2018 Institutional notes $ 2,167,257 $ 2,198,200 Asset-backed securitization term notes 2,967,601 3,063,821 Term loan facilities 1,504,375 1,543,375 Asset-backed securitization warehouse 350,000 340,000 Revolving credit facilities 365,000 375,000 Capital lease obligations 73,399 75,526 Total debt outstanding 7,427,632 7,595,922 Debt costs (43,684 ) (44,889 ) Unamortized debt premiums & discounts (4,971 ) (5,293 ) Unamortized fair value debt adjustment (14,252 ) (16,308 ) Debt, net of unamortized debt costs $ 7,364,725 $ 7,529,432

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swap contracts	During the three months ended March 31, 2019, the Company entered into the following interest rate swaps: Date Effective Notional Amount Indexed To Scheduled Maturity March 29, 2019 $100.0 million 1 month LIBOR March 31, 2026 March 29, 2019 $100.0 million 1 month LIBOR March 31, 2026 As of March 31, 2019 , the Company had interest rate swap agreements in place to fix interest rates on a portion of its borrowings under debt facilities with floating interest rates as summarized below: Derivatives Net Notional Amount Weighted Average Weighted Average Interest Rate Swap $1,753.3 million 2.24% 4.4 years
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	Three Months Ended Derivative instrument Financial statement caption 2019 2018 Non-designated interest rate swaps Realized (gain) loss on derivative instruments, net $ (704 ) $ (248 ) Non-designated interest rate swaps Unrealized (gain) loss on derivative instruments, net $ 986 $ (1,186 ) Designated interest rate swaps Other comprehensive (income) loss $ 16,467 $ (15,813 ) Designated interest rate swaps Interest and debt (income) expense $ (2,355 ) $ (1,824 )

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of segment information	The following tables summarize segment information and the consolidated totals reported (in thousands): Three Months Ended March 31, 2019 2018 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 340,070 $ 789 $ 340,859 $ 314,429 $ 668 $ 315,097 Trading margin — 3,587 3,587 — 2,991 2,991 Net gain on sale of leasing equipment 8,469 — 8,469 9,218 — 9,218 Depreciation and amortization expense 134,422 187 134,609 129,854 579 130,433 Interest and debt expense 83,174 346 83,520 74,774 324 75,098 Realized (gain) loss on derivative instruments, net (702 ) (2 ) (704 ) (248 ) — (248 ) Income before income taxes (1) 98,466 3,181 101,647 89,966 2,216 92,182 Purchases of leasing equipment and investments in finance leases (2) $ 43,981 $ — $ 43,981 $ 258,668 $ — $ 258,668 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded unrealized losses on derivative instruments of $1.0 million for the three months ended March 31, 2019 and unrealized gains on derivative instruments of $1.2 million for the three months ended March 31, 2018 . There was no debt termination expense for the three months ended March 31, 2019 and 2018 . (2) Represents cash disbursements for purchases of leasing equipment and investments in finance leases 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. March 31, 2019 December 31, 2018 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 58,339 $ 27,872 $ 86,211 $ 46,968 $ 19,485 $ 66,453 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 10,057,643 $ 52,479 $ 10,110,122 $ 10,224,421 $ 45,592 $ 10,270,013
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of equipment trading revenues for the three months ended March 31, 2019 and 2018 based on the location of the sale (in thousands): Three Months Ended March 31, 2019 2018 Total equipment trading revenues: Asia $ 3,292 $ 2,454 Europe 4,871 4,289 Americas 6,765 4,984 Bermuda — — Other International 2,900 1,648 Total $ 17,828 $ 13,375 The following table summarizes the geographic allocation of equipment leasing revenues for the three months ended March 31, 2019 and 2018 based on the Company's customers' primary domicile (in thousands): Three Months Ended March 31, 2019 2018 Total equipment leasing revenues: Asia $ 137,450 $ 130,190 Europe 162,557 143,649 Americas 30,782 31,050 Bermuda 678 613 Other International 9,392 9,595 Total $ 340,859 $ 315,097

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes payments, direct finance lease, and a loan payable balance with TriStar (in thousands): Three Months Ended March 31, 2019 2018 Payments received from TriStar on direct finance leases $ 460 $ 512 March 31, December 31, Direct finance lease balance $ 11,580 $ 10,710

Description of the Business Con

Description of the Business Concentration of Credit Risk (Details) - Operating and Capital Leases Billing [Member] [Domain] - Credit Concentration Risk [Member]	3 Months Ended
	Mar. 31, 2019
CMA CGM S.A [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.00%
Mediterranean Shipping Company [Member]
Concentration Risk [Line Items]
Concentration Risk, Percentage	14.00%

New Accounting Pronouncements (

New Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability - operating			$ 10,500
Right-of-use asset - operating			$ 8,900
Cash collections on finance lease receivables, net of income earned	$ 17,125	$ 14,771
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash collections on finance lease receivables, net of income earned	$ (14,800)

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Fair Value
Debt Instrument, Unamortized Discount (Premium), Net	$ 4,971		$ 5,293
Liabilities
Deferred financing costs	(43,684)		(44,889)
Adjustment to Purchase Price of Debt	14,252		16,308
Cash Collateral for Interest Rate Swap Contracts	1,300
Asset Impairment (Charges) Reversal, Net	(1,400)	$ 900
Fair value of derivative instruments (assets)	4,580		13,923
Fair value of derivative instruments (liabilities)	19,487		10,966
Level 2
Liabilities
Assets Held-for-sale, Impairment Charges	(2,501)		(1,846)
Carrying Value
Liabilities
Debt and Capital Lease Obligations	7,427,632		7,595,922
Estimate of Fair Value | Level 2
Liabilities
Debt and Capital Lease Obligations	7,466,058		7,559,063
Carrying value containers impaired to fair value [Member] | Level 2
Liabilities
Assets Held-for-sale, Long Lived, Fair Value Disclosure	8,429		5,750
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Liabilities
Fair value of derivative instruments (assets)	2,173		10,531
Fair value of derivative instruments (liabilities)	19,487		10,966
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Liabilities
Fair value of derivative instruments (assets)	2,407		3,392
Fair value of derivative instruments (liabilities)	$ 0		$ 0

Intangible Assets (Details)

Intangible Assets (Details) $ in Thousands	Mar. 31, 2019USD ($)
Finite-Lived Intangible Assets [Line Items]
2019	$ 26,364
2020	22,491
2021	16,549
2022	10,497
2023	4,657
2024 and thereafter	1,963
Total	82,521
Above Market Lease Intangibles [Domain]
Finite-Lived Intangible Assets [Line Items]
2019	25,960
2020	22,491
2021	16,549
2022	10,497
2023	4,657
2024 and thereafter	1,963
Total	82,117
Customer Intangibles [Domain]
Finite-Lived Intangible Assets [Line Items]
2019	404
2020	0
2021	0
2022	0
2023	0
2024 and thereafter	0
Total	$ 404

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 12, 2019	Mar. 31, 2019	Mar. 31, 2018
Stock based compensation plans
Share-based Compensation		$ 1,818	$ 2,512
2016 Triton Plan [Member]
Stock based compensation plans
Employee Service Share-based Compensation Not yet Recognized		$ 12,600
Restricted Stock [Member] | Common Stock [Member] | 2016 Triton Plan [Member]
Stock based compensation plans
Grants of restricted shares (in shares)		168,731
Settled or Cancelled (in shares)		31,506
Director [Member] | Restricted Stock [Member] | Common Stock [Member] | 2016 Triton Plan [Member]
Stock based compensation plans
Vested (Dollar per share)	$ 1,500
Employees, Non-Directors [Member] | Restricted Stock [Member] | Common Stock [Member] | 2016 Triton Plan [Member]
Stock based compensation plans
Vested (Dollar per share)	$ 33.30

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Aug. 01, 2018
Class of Stock [Line Items]
Stock Repurchased During Period, Value	$ 978	$ 822
Preferred Stock, Liquidation Preference Per Share	$ 25
Preferred Stock, Annual Dividend Amount	$ 2.125
Preferred Stock, Shares Issued	3,450,000		0
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants	$ 86,300
Preferred Units, Offering Costs	$ 3,200
Preferred Stock, Redemption Price Per Share	$ 25
Preferred Stock, Voting Rights	0
Common Stock [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 200,000
Treasury Stock Acquired, Average Cost Per Share	$ 31.56
Stock Repurchased During Period, Value	$ 83,300
Stock Repurchase Amount	$ 141,000
Treasury Stock [Member]
Class of Stock [Line Items]
Treasury shares acquired, shares	2,637,000
Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Offering Amount, Interest Rate, Stated Percentage	8.50%
Offering Amount, Interest Rate, Stated Percentage	8.50%

Other Equity Matters Dividends

Other Equity Matters Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Redeemable Preferred Stock Dividends	$ 305	$ 0
Dividends	$ 40,400	$ 36,000
Cash dividends paid per common share	$ 0.52	$ 0.45

Components Of Accumulated Other

Components Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	$ (1,034)			$ 14,563
Change in derivative instruments designated as cash flow hedges, net of income tax effect of ($2,144) and $3,354	(14,323)	$ 12,459
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges, net of income tax effect of ($606) and ($352)	(1,749)	(1,472)
Foreign currency translation adjustment	43	92
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	3,403	39,173		19,043		$ 31,215
Change in derivative instruments designated as cash flow hedges, net of income tax effect of ($2,144) and $3,354	(14,323)	12,459
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges, net of income tax effect of ($606) and ($352)	(1,749)	(1,472)
Foreign currency translation adjustment	0	0
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	(15,640)	7,958
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(4,437)	(4,181)		(4,480)		(4,273)
Change in derivative instruments designated as cash flow hedges, net of income tax effect of ($2,144) and $3,354	0	0
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges, net of income tax effect of ($606) and ($352)	0	0
Foreign currency translation adjustment	43	92
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	43	92
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(1,034)	34,992		$ 14,563		$ 26,942
Change in derivative instruments designated as cash flow hedges, net of income tax effect of ($2,144) and $3,354	(14,323)	12,459
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges, net of income tax effect of ($606) and ($352)	(1,749)	(1,472)
Foreign currency translation adjustment	43	92
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax	$ (15,597)	$ 8,050
Accounting Standards Update 2018-02 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption					$ (3,029)
Accounting Standards Update 2018-02 [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption					0
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption					$ (3,029)
Accounting Standards Update 2017-12 [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption			$ 432
Accounting Standards Update 2017-12 [Member] | Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption			0
Accounting Standards Update 2017-12 [Member] | AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption			$ 432

Reclassifications Out Of Accumu

Reclassifications Out Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income tax expense (benefit)	$ 7,850	$ 10,503
Amounts reclassified from accumulated other comprehensive income, net of tax	(91,914)	(80,892)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Amounts reclassified from accumulated other comprehensive income before income tax	(2,355)	(1,824)
Income tax expense (benefit)	606	352
Amounts reclassified from accumulated other comprehensive income, net of tax	$ 1,749	$ 1,472

Leases (Details)

Leases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	4.18%
Lessee, operating lease, remaining term of contract	3 years 10 months 25 days
Operating lease, payments	$ 0.8

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset - operating		$ 8,900
Lease liability - operating		$ 10,500
Administrative expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease cost	$ 734
Other Assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset - operating	8,289
Accounts payable and other accrued expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability - operating	$ 9,813

Leases - Operating Leases Lesse

Leases - Operating Leases Lessee Maturities (Details)	Mar. 31, 2019USD ($)
Leases [Abstract]
2019	$ 2,000,000
2020	2,542,000
2021	2,146,000
2022	1,882,000
2023	1,243,000
2024 and thereafter	0
Total	$ 9,813,000

Leases - Finance Leases Lessor

Leases - Finance Leases Lessor Maturities (Details) $ in Thousands	Mar. 31, 2019USD ($)
Leases [Abstract]
2019	$ 83,494
2020	120,130
2021	85,258
2022	78,828
2023	60,929
2024 and thereafter	231,350
Total	$ 659,989

- Net Investment in Finance Lea

- Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Future minimum lease payment receivable	$ 552,603	$ 574,422
Estimated residual receivable	107,386	107,598
Gross finance lease receivables	659,989	682,020
Unearned income	(194,509)	(203,955)
Net investment in finance leases	$ 465,480	$ 478,065
Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	51.00%	50.00%
Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	25.00%	24.00%
Customer Three
Concentration Risk [Line Items]
Concentration risk, percentage	13.00%	13.00%

Debt Items (Details)

Debt Items (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt And Capital Lease Obligations Outstanding Before Deferred Financing Cost and Purchase Accounting	$ 7,427,632	$ 7,595,922
Deferred financing costs	43,684	44,889
Debt Instrument, Unamortized Discount (Premium), Net	4,971	5,293
Adjustment to Purchase Price of Debt	14,252	16,308
Debt and Capital Lease Obligations, net of deferred financing costs	7,364,725	7,529,432
Institutional Notes [Domain]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	2,167,257	2,198,200
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	2,967,601	3,063,821
Secured Debt [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	1,504,375	1,543,375
Asset Backed Warehouse Facility [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	350,000	340,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	365,000	375,000
Capital lease obligations
Debt Instrument [Line Items]
Debt and Capital Lease Obligations	$ 73,399	$ 75,526

Debt (Details)

Debt (Details) - USD ($)	Feb. 08, 2019	Mar. 31, 2019	Feb. 07, 2019	Feb. 06, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt outstanding on facilities with fixed interest rates		$ 4,484,600,000
Debt Instrument Interest Rate During Period Fixed Rate Debt		4.26%
Long Term Debt, Percentage Bearing Fixed Interest Rate Remaining Term		3 years 9 months 26 days
Debt outstanding on facilities with interest rates based on floating rate indices		$ 2,943,100,000
Debt Instrument Interest Rate During Period Variable Rate Debt		4.22%
Long Term Debt, Percentage Bearing Variable Interest Rate Remaining Term		3 years 6 months 12 days
Percentage of Debt Hedged by Interest Rate Derivatives		84.00%
Debt Instrument Interest Rate During Period Fixed Rate and Interest Swap Rate Debt		4.17%
Hedged Portion of Debt Average Remaining Maturity		4 years 6 days
Debt Instrument, Interest Rate During Period		4.18%
Debt termination expense		$ 0
Institutional Notes [Domain]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations		$ 2,167,257,000			$ 2,198,200,000
Debt Instrument, Interest Rate, Effective Percentage		4.73%
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt and Capital Lease Obligations		$ 2,967,601,000			3,063,821,000
Debt Instrument, Interest Rate, Effective Percentage		3.95%
Term Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.06%
Asset Backed Warehouse Facility [Member]
Debt Instrument [Line Items]
Debt and Capital Lease Obligations		$ 350,000,000			340,000,000
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		81.00%
Debt Instrument, Interest Rate, Effective Percentage		4.24%
Maximum borrowing capacity		$ 1,200,000,000
Line of Credit Facility, Remaining Borrowing Capacity		400,000,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt and Capital Lease Obligations		$ 365,000,000			375,000,000
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		83.00%
Debt Instrument, Interest Rate, Effective Percentage		4.49%
Maximum borrowing capacity		$ 1,235,000,000	$ 300,000,000	$ 800,000,000
Capital lease obligations
Debt Instrument [Line Items]
Debt and Capital Lease Obligations		73,399,000			$ 75,526,000
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Net notional amount		$ 1,753,300,000
Net Notional Amount of Interest Rate During Period		2.24%
Weighted Average Remaining Term		4 years 5 months 7 days
Minimum [Member]
Debt Instrument [Line Items]
Capital Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option		3 years
Minimum [Member] | Institutional Notes [Domain]
Debt Instrument [Line Items]
Debt Instrument, Term		7 years
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		83.00%
Minimum [Member] | Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		77.00%
Minimum [Member] | Term Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		79.00%
Minimum [Member] | Asset Backed Warehouse Facility [Member]
Debt Instrument [Line Items]
Bank Account Maintenance Required Amount Balance, Interest Expense		3 months
Minimum [Member] | Capital lease obligations
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		3.60%
Maximum [Member]
Debt Instrument [Line Items]
Capital Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option		10 years
Maximum [Member] | Institutional Notes [Domain]
Debt Instrument [Line Items]
Debt Instrument, Term		12 years
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		85.00%
Maximum [Member] | Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		87.00%
Maximum [Member] | Term Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Advance Rate Used in Calculating Borrowing Capacity		83.00%
Maximum [Member] | Capital lease obligations
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		4.93%
London Interbank Offered Rate (LIBOR) [Member] | Asset Backed Warehouse Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Pre-Conversion [Member] | London Interbank Offered Rate (LIBOR) [Member] | Asset Backed Warehouse Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	2.85%	1.85%
Post-Conversion [Member] | London Interbank Offered Rate (LIBOR) [Member] | Asset Backed Warehouse Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.85%
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Debt Instrument Interest Rate During Period Variable Rate Debt		4.06%
Debt and Capital Lease Obligations		$ 6,237,900,000

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate, Maturing March 31, 2026 [Member]	Mar. 29, 2019USD ($)
Interest Rate Swap, Agreement One [Member]
Derivative Instruments
Notional amount	$ 100,000,000
Interest Rate Swap, Agreement Two [Member]
Derivative Instruments
Notional amount	$ 100,000,000

Interest Rate Swap (Details)

Interest Rate Swap (Details) - Interest Rate Swap [Member] $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 1,753.3
Net Notional Amount of Interest Rate During Period	2.24%
Weighted Average Remaining Term	4 years 5 months 7 days

Summary of Derivative Instrumen

Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Realized loss on derivative instruments, net	$ (704)	$ (248)
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other comprehensive (income) loss
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Designated interest rate swaps	16,467	(15,813)
Gain (Loss) on Derivative Instruments [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Realized loss on derivative instruments, net	704	248
Unrealized (Gain) Loss On Derivative Instruments [Member] | Interest Rate Cap [Member]
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Non-designated interest rate swaps	(986)	1,186
Interest and Debt Expense | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 2,355	$ 1,824

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	3 Months Ended
	Mar. 31, 2019USD ($)segment	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Industry Segment Information
Number of operating segments | segment	2
Number of reportable segments | segment	2
Total leasing revenues	$ 340,859,000	$ 315,097,000
Trading margin	3,587,000	2,991,000
Net gain on sale of leasing equipment	8,469,000	9,218,000
Depreciation and amortization expense	134,609,000	130,433,000
Interest and debt expense	83,520,000	75,098,000
Realized (gain) loss on derivative instruments, net	(704,000)	(248,000)
Income before income taxes	101,647,000	92,182,000
Equipment held for sale	86,211,000		$ 66,453,000
Goodwill at the end of the period	236,665,000		236,665,000
Total assets at the end of the period	10,110,122,000		10,270,013,000
Equipment trading revenues	17,828,000	13,375,000
Costs and Expenses	169,456,000	160,933,000
Unrealized (gain) loss on derivative instruments, net	986,000	(1,186,000)
Debt termination expense	0
Payments to Acquire Productive Assets	43,981,000	258,668,000
Equipment Leasing
Industry Segment Information
Total leasing revenues	340,070,000	314,429,000
Trading margin	0	0
Depreciation and amortization expense	134,422,000	129,854,000
Interest and debt expense	83,174,000	74,774,000
Realized (gain) loss on derivative instruments, net	(702,000)	(248,000)
Income before income taxes	98,466,000	89,966,000
Equipment held for sale	58,339,000		46,968,000
Goodwill at the end of the period	220,864,000		220,864,000
Total assets at the end of the period	10,057,643,000		10,224,421,000
Payments to Acquire Productive Assets	43,981,000	258,668,000
Equipment Trading
Industry Segment Information
Total leasing revenues	789,000	668,000
Trading margin	3,587,000	2,991,000
Net gain on sale of leasing equipment	0	0
Depreciation and amortization expense	187,000	579,000
Interest and debt expense	346,000	324,000
Realized (gain) loss on derivative instruments, net	(2,000)	0
Income before income taxes	3,181,000	2,216,000
Equipment held for sale	27,872,000		19,485,000
Goodwill at the end of the period	15,801,000		15,801,000
Total assets at the end of the period	52,479,000		$ 45,592,000
Payments to Acquire Productive Assets	0	0
Intersegment Eliminations
Industry Segment Information
Equipment trading revenues	0	0
Costs and Expenses	$ 0	$ 0

Segment and Geographic Inform_4

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Geographic Segment Information
Total leasing revenues	$ 340,859	$ 315,097
Equipment trading revenues	17,828	13,375
Asia
Geographic Segment Information
Total leasing revenues	137,450	130,190
Equipment trading revenues	3,292	2,454
Europe
Geographic Segment Information
Total leasing revenues	162,557	143,649
Equipment trading revenues	4,871	4,289
Americas [Member]
Geographic Segment Information
Total leasing revenues	30,782	31,050
Equipment trading revenues	6,765	4,984
BERMUDA
Geographic Segment Information
Total leasing revenues	678	613
Equipment trading revenues	0	0
Other international
Geographic Segment Information
Total leasing revenues	9,392	9,595
Equipment trading revenues	$ 2,900	$ 1,648

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 75.8

Income Taxes Tax Detail (Detail

Income Taxes Tax Detail (Details)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	7.80%	11.20%

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Related Party Transaction [Line Items]
Percentage Of Ownership	50.00%
Direct Financing Lease Receivable [Member]
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	$ 460	$ 512
Loans and Leases Receivable, Related Parties	$ 11,580		$ 10,710

Non-Controlling Interest (Detai

Non-Controlling Interest (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Noncontrolling Interest [Line Items]
Additional ownership percentage by parent	30.00%
Aggregate investment	$ 71
Triton Container Investments LLC [Member]
Noncontrolling Interest [Line Items]
Equity Method Investment, Ownership Percentage	86.00%

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 27, 2019	Apr. 25, 2019	Mar. 31, 2019	Aug. 01, 2018
Subsequent Event [Line Items]
Cash Dividends, Approved			$ 0.53125
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)	$ 0.52
Series A Cumulative Redeemable Perpetual Preferred Shares [Member]
Subsequent Event [Line Items]
Debt Instrument, Interest Rate, Stated Percentage			8.50%
Common Stock [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount				$ 200
Common Stock [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount		$ 200

Uncategorized Items - trtn-2019

Label	Element	Value
Accounting Standards Update 2017-12 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (432,000)
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 3,029,000