Triton International Limited (TRTN-PD) 10-Q 24 Apr 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Apr. 17, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-37827
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1276572
Entity Address, Address Line One	Victoria Place, 5th Floor
Entity Address, Address Line Two	31 Victoria Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 10
Entity Address, Country	BM
City Area Code	441
Local Phone Number	294-8033
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,275,947
Entity Registrant Name	Triton International Ltd
Entity Central Index Key	0001660734
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common shares, $0.01 par value per share | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common shares, $0.01 par value per share
Trading Symbol	TRTN
Security Exchange Name	NYSE
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRA
Security Exchange Name	NYSE
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRB
Security Exchange Name	NYSE
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRC
Security Exchange Name	NYSE
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRD
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS:
Leasing equipment, net of accumulated depreciation of $3,065,931 and $2,933,886	$ 8,327,685	$ 8,392,547
Net investment in finance leases	335,208	413,342
Equipment held for sale	122,475	114,504
Revenue earning assets	8,785,368	8,920,393
Cash and cash equivalents	417,551	62,295
Restricted cash	103,031	106,677
Accounts receivable, net of allowances of $5,522 and $1,276	213,053	210,697
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $248,509 and $242,301	49,948	56,156
Other assets	68,739	38,902
Fair value of derivative instruments	35	10,848
Total assets	9,874,390	9,642,633
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	29,109	24,685
Fair value of derivative instruments	153,163	36,087
Accounts payable and other accrued expenses	103,832	116,782
Net deferred income tax liability	297,196	301,317
Debt, net of unamortized costs of $36,883 and $39,781	6,740,840	6,631,525
Total liabilities	7,324,140	7,110,396
Shareholders' equity:
Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding	0	0
Treasury shares, at cost, 10,136,965 and 8,771,345 shares, respectively	(315,998)	(278,510)
Additional paid-in capital	897,002	902,725
Accumulated earnings	1,564,059	1,533,845
Accumulated other comprehensive income (loss)	(150,624)	(31,633)
Total shareholders' equity	2,550,250	2,532,237
Total liabilities and shareholders' equity	9,874,390	9,642,633
Preferred Stock [Member]
Shareholders' equity:
Preferred shares	555,000	405,000
Designated Common Stock
Shareholders' equity:
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,110,868 and 80,979,833 shares issued, respectively	$ 811	$ 810

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 3,065,931	$ 2,933,886
Accounts receivable, allowances	5,522	1,276
Finite-Lived Intangible Assets, Accumulated Amortization	248,509	242,301
Deferred financing costs	$ 36,883	$ 39,781
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	270,000,000	270,000,000
Treasury Stock, Shares (in shares)	10,136,965	1,853,148
Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Designated Common Stock
Class of Stock [Line Items]
Common Shares, Shares Issued (in shares)	81,110,868	80,979,833
Undesignated Common Stock
Class of Stock [Line Items]
Common Shares, Shares Authorized (in shares)	7,800,000	13,800,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leasing revenues:
Operating leases	$ 312,804	$ 330,422
Finance leases	8,664	10,437
Total leasing revenues	321,468	340,859
Equipment trading revenues	15,380	17,828
Equipment trading expenses	(13,447)	(14,241)
Trading margin	1,933	3,587
Net gain on sale of leasing equipment	4,077	8,469
Operating expenses:
Depreciation and amortization	132,695	134,609
Direct operating expenses	23,248	16,802
Administrative expenses	19,225	18,187
Provision (reversal) for doubtful accounts	4,279	(142)
Total operating expenses	179,447	169,456
Operating income (loss)	148,031	183,459
Other expenses:
Interest and debt expense	69,002	83,520
Realized (gain) loss on derivative instruments, net	(235)	(704)
Unrealized (gain) loss on derivative instruments, net	297	986
Debt termination expense	31	0
Other (income) expense, net	(3,646)	(1,004)
Total other expenses	65,449	82,798
Income (loss) before income taxes	82,582	100,661
Income tax expense (benefit)	5,546	7,850
Net income (loss)	77,036	92,811
Less: income (loss) attributable to noncontrolling interest	0	592
Less: dividend on preferred shares	9,825	305
Net income (loss) attributable to common shareholders	$ 67,211	$ 91,914
Net income per common share—Basic	$ 0.94	$ 1.18
Net income per common share—Diluted	0.94	1.17
Cash dividends paid per common share	$ 0.52	$ 0.52
Weighted average number of common shares outstanding—Basic	71,596	77,721
Dilutive restricted shares	202	549
Weighted average number of common shares outstanding—Diluted	71,798	78,270

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 77,036	$ 92,811
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	(120,140)	(14,323)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	1,411	(1,749)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect	0	432
Foreign currency translation adjustment	(262)	43
Other comprehensive income (loss), net of tax	(118,991)	(15,597)
Comprehensive income	(41,955)	77,214
Other comprehensive income attributable to noncontrolling interest	0	592
Dividend on preferred shares	9,825	305
Comprehensive income	(51,780)	76,317
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	(9,474)	(2,144)
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(152)	(606)
Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12	$ 0	$ 277

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, 2018		0	80,843,472	1,853,148
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			170,231
Share-based compensation	1,818		$ 2		1,816
Treasury shares acquired, shares				2,636,534
Treasury shares acquired	(83,293)			$ (83,293)
Share repurchase to settle shareholder tax obligations, shares			(31,506)
Share repurchase to settle shareholder tax obligations	(978)				(978)
Net income (loss)	92,811					92,219		592
Other comprehensive income (loss)	(16,029)					(432)	(15,597)
Purchase of noncontrolling interests	(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	80,982,197	4,489,682
Ending balance at Mar. 31, 2019	2,288,595	$ 86,250	$ 811	$ (141,407)	906,164	1,400,491	(1,034)	37,320
Beginning balance, shares at Dec. 31, 2019		16,200,000	80,979,833	8,771,345
Beginning balance at Dec. 31, 2019	2,532,237	$ 405,000	$ 810	$ (278,510)	902,725	1,533,845	(31,633)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses, shares		6,000,000
Issuance of preferred shares, net of offering expenses	144,829	$ 150,000			(5,171)
Share-based compensation, shares			184,644
Share-based compensation	1,605		$ 2		1,603
Treasury shares acquired, shares				1,365,620
Treasury shares acquired	(37,488)			$ (37,488)
Share repurchase to settle shareholder tax obligations, shares			(53,609)
Share repurchase to settle shareholder tax obligations	(2,156)		$ (1)		(2,155)
Net income (loss)	77,036					77,036		0
Other comprehensive income (loss)	(118,991)					0	(118,991)
Common shares dividend declared	(37,427)					(37,427)
Preferred shares dividend declared	(9,395)					(9,395)
Ending balance, shares at Mar. 31, 2020		22,200,000	81,110,868	10,136,965
Ending balance at Mar. 31, 2020	$ 2,550,250	$ 555,000	$ 811	$ (315,998)	$ 897,002	$ 1,564,059	$ (150,624)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Statement of Cash Flows [Abstract]
Net income (loss)	$ 77,036	$ 92,811
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	132,695	134,609
Amortization of deferred debt cost and other debt related amortization	3,595	3,601
Lease related amortization	7,054	12,254
Share-based compensation expense	1,605	1,818
Net (gain) loss on sale of leasing equipment	(4,077)	(8,469)
Unrealized (gain) loss on derivative instruments	297	986
Debt termination expense	31	0
Deferred income taxes	5,505	7,116
Changes in operating assets and liabilities:
Accounts receivable	(3,775)	41,421
Accounts payable and other accrued expenses	(15,111)	3,019
Net equipment sold for resale activity	1,435	(8,803)
Cash collections on finance lease receivables, net of income earned	15,466	17,125
Other assets	(23,796)	(1,757)
Net cash provided by (used in) operating activities	197,960	295,731
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(62,406)	(43,981)
Proceeds from sale of equipment, net of selling costs	49,498	49,947
Other	(216)	26
Net cash provided by (used in) investing activities	(13,124)	5,992
Cash flows from financing activities:
Issuance of preferred shares, net of underwriting discount	145,275	83,058
Purchases of treasury shares	(34,357)	(82,266)
Redemption of common shares for withholding taxes	(2,156)	(978)
Debt issuance costs	0	(1,962)
Borrowings under debt facilities	530,000	125,000
Payments under debt facilities and finance lease obligations	(425,073)	(293,290)
Dividends paid on preferred shares	(9,395)	0
Dividends paid on common shares	(37,110)	(40,427)
Distributions to noncontrolling interests	0	2,078
Purchase of noncontrolling interests	0	(71,000)
Other	(410)	0
Net cash provided by (used in) financing activities	166,774	(283,943)
Net increase (decrease) in cash, cash equivalents and restricted cash	351,610	17,780
Cash, cash equivalents and restricted cash, beginning of period	168,972	159,539
Cash, cash equivalents and restricted cash, end of period	520,582	177,319
Supplemental non-cash investing activities:
Interest paid	53,795	66,106
Income taxes paid (refunded)	139	155
Right-of-use asset for leased property	0	8,289
Equipment purchases payable	$ 29,109	$ 38,463

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2020
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, Basis of Presentation and Accounting Policy Updates 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, 2020 ; 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, 2020 and 2019 are unaudited. The consolidated balance sheet as of December 31, 2019 , 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, shareholders' 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, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020 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, 2019 included in the Company's Annual Report on Form 10-K which was filed with the SEC on February 14, 2020 . 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 15% , respectively, of the Company's lease billings during the three months ended March 31, 2020 . Fair Value Measurements For information on the fair value of equipment held for sale, debt, and the fair value of derivative instruments, please refer to Note 2 - "Equipment Held for Sale", Note 7 - "Debt" and Note 8 - "Derivative Instruments", respectively. New Accounting Pronouncements Recently Adopted 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) and subsequently issued amendments. The guidance affects the Company's net investment in finance leases and accounts receivable for its Equipment trading segment. The standard 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 Company adopted the standard and its related amendments as of January 1, 2020. The Company has evaluated the impact of this ASU and concluded that the adoption of this standard did not have a significant impact on its consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The guidance provides optional practical expedients for applying U.S. GAAP to hedging relationships affected by reference rate reform. The guidance is applicable to the Company's debt agreements, hedging relationships, and other transactions that reference LIBOR. The Company adopted the standard and certain of its related amendments as of March 12, 2020. By adopting this standard, it will help ease the burden that the Company may face due to the transition away from certain reference rates, specifically LIBOR, which is the predominant reference rate in many of the Company’s debt agreements and hedging relationships. The practical expedients applicable to the Company are as follows: (1) contract modifications due to reference rate reform can be treated as continuations of the existing contract and potential changes to interest rate risk can be disregarded when asserting the probability of the forecasted hedged transactions; (2) hedge accounting can continue to be used for hedging relationships where critical terms change due to reference rate reform; and (3) effectiveness assessments can be performed in ways that disregard certain mismatches due to reference rate reform. The Company concluded that the adoption of this standard will not have a significant impact on our consolidated financial statements.

Equipment Held for Sale

Equipment Held for Sale	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Equipment Held for Sale	Equipment Held for Sale The Company's equipment held for sale is recorded at the lower of fair value less cost to sell, or carrying value at the time identified for sale. Fair value is measured using Level 2 inputs and is based on recent sales prices and other factors. The following table summarizes the portion of equipment held for sale in the consolidated balance sheet that have been impaired and written down to fair value less cost to sell (in thousands): March 31, 2020 December 31, 2019 Equipment held for sale $ 16,208 $ 11,797 An impairment charge is recorded when the carrying value of the asset exceeds its fair value less cost to sell. The following table summarizes the Company's net impairment charges recorded in net gains or losses on sale of leasing equipment held for sale on the consolidated statements of operations (in thousands): Three Months Ended March 31, 2020 2019 Impairment (loss) reversal on equipment held for sale $ (1,490 ) $ (1,407 ) Gain (loss) on sale of equipment, net of selling costs 5,567 9,876 Net gain on sale of leasing equipment $ 4,077 $ 8,469

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of lease intangibles for leases acquired with lease rates above market at the time of acquisition. The following table summarizes the amortization of intangible assets as of March 31, 2020 (in thousands): Years ending December 31, Total intangible assets 2020 $ 16,283 2021 16,549 2022 10,497 2023 4,657 2024 1,962 2025 and thereafter — Total $ 49,948 Amortization expense related to intangible assets was $6.2 million and $11.2 million for the three months ended March 31, 2020 , and 2019 , respectively.

Other Equity Matters

Other Equity Matters	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Other Equity Matters	Other Equity Matters Share Repurchase Program The Company's Board of Directors authorized repurchases of common shares up to a specified dollar amount as part of its repurchase program. 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, 2020 , the Company repurchased a total of 1,365,620 common shares at an average price per-share of $27.43 for a total of $37.5 million . As of March 31, 2020 , $46.1 million remains available under the common share repurchase program. Preferred Shares The following table summarizes the Company's preferred share issuances (the "Series"): Preferred Share Offering Issuance Liquidation Preference (in thousands) # of Shares (1) Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") March 2019 $ 86,250 3,450,000 Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") June 2019 143,750 5,750,000 Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") November 2019 175,000 7,000,000 Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") January 2020 150,000 6,000,000 $ 555,000 22,200,000 (1) Represents number of shares authorized, issued, and outstanding. In January 2020, the Company completed a public offering of the Series D shares and received $145.3 million in aggregate net proceeds after deducting underwriting discounts of $4.7 million . The net proceeds were used for general corporate purposes, including the purchase of containers, the repurchase of outstanding common shares, the payment of dividends, and the repayment or repurchase of outstanding indebtedness. Each Series of preferred shares may be redeemed at the Company's option, at any time after approximately five years from original issuance, in whole or in part at a redemption price, which is equal to the issue price, of $25.00 per share plus an amount equal to all accumulated and unpaid dividends, whether or not declared. In the event of a Change of Control Triggering Event, the Company may also redeem each Series of preferred shares. If the Company does not elect to redeem each Series, holders of preferred shares may have the right to convert their preferred shares into common shares. A Change of Control Triggering Event occurs when a Change of Control is accompanied or followed by a downgrade or a withdrawal of the rating by the rating agency within 60 days following the Change of Control to any of the Series. Holders of preferred shares generally have no voting rights. 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 Dividends on shares of each Series 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 on shares of each Series will be payable equal to the applicable stated rate per annum of the $25.00 liquidation preference per share. The Series rank senior to the Company's common shares with respect to dividend rights and rights upon the Company's liquidation, dissolution or winding up, whether voluntary or involuntary. The Company paid the following quarterly dividends during the three months ended March 31, 2020 on its issued and outstanding Series (in millions except for per-share amounts): Series A Series B Series C Series D Record Date Payment Date Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment March 9, 2020 March 16, 2020 $1.8 $0.53125 $2.9 $0.50 $3.2 $0.4609375 $1.5 $0.24349 As of March 31, 2020 , the Company had cumulative unpaid preferred dividends of $1.8 million . Common Share Dividends The Company paid the following quarterly dividends during the three months ended March 31, 2020 and 2019 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share Payment March 13, 2020 March 27, 2020 $37.1 Million $0.52 March 12, 2019 March 28, 2019 $40.4 Million $0.52 Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2019 $ (27,096 ) $ (4,537 ) $ (31,633 ) Change in derivative instruments designated as cash flow hedges (1) (120,140 ) — (120,140 ) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 1,411 — 1,411 Foreign currency translation adjustment — (262 ) (262 ) Balance as of March 31, 2020 $ (145,825 ) $ (4,799 ) $ (150,624 ) 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 (1) (14,323 ) — (14,323 ) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,749 ) — (1,749 ) Cumulative effect for the adoption of ASU 2017-12, net of income tax effect 432 — 432 Foreign currency translation adjustment — 43 43 Balance as of March 31, 2019 $ 3,403 $ (4,437 ) $ (1,034 ) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statement of Operations

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2020
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 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 share-based compensation expense in administrative expenses of $1.6 million and $1.8 million for the three months ended March 31, 2020 and 2019 , respectively. Share-based compensation expense includes charges for performance-based shares that are deemed probable to vest. As of March 31, 2020 , the total unrecognized compensation expense related to non-vested restricted shares was approximately $13.5 million , which is expected to be recognized through 2023 . During the three months ended March 31, 2020 , the Company issued 184,644 time-based and performance-based restricted shares, and canceled 53,609

Leases

Leases	3 Months Ended
	Mar. 31, 2020
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 lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2020 , the weighted average implicit rate was 4.10% and the weighted average remaining lease term was 3.1 years . The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption March 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 6,833 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 8,086 $ 8,940 Three Months Ended March 31, Income Statement 2020 2019 Operating lease cost (1) Administrative expenses $ 759 $ 734 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $0.8 million for both the three month periods ended March 31, 2020 and March 31, 2019 . The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of March 31, 2020 (in thousands): Years ending December 31, 2020 $ 2,290 2021 2,655 2022 2,247 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 8,638 Less: imputed interest (552 ) Total present value of lease liability $ 8,086 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) $ 424,836 $ 476,443 Estimated residual receivable (2) 59,059 102,238 Gross finance lease receivables (3) 483,895 578,681 Unearned income (4) (148,687 ) (165,339 ) Net investment in finance leases (5) $ 335,208 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2020 and December 31, 2019 . (2) The Company's finance leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets. (3) The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid. (4) There were no unamortized initial direct costs as of March 31, 2020 and December 31, 2019 . (5) As of March 31, 2020 , two major customers represented 66% and 12% of the Company's finance lease portfolio. As of December 31, 2019 , three major customers represented 55% , 24% and 11% 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 periods. Maturities of the Company's gross finance lease receivables subsequent to March 31, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 82,373 2021 74,295 2022 50,246 2023 44,802 2024 44,591 2025 and thereafter 187,588 Total $ 483,895 The Company’s finance lease portfolio lessees are primarily comprised of the largest international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. 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. These allowances are based on, but not limited to, historical experience which included stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current conditions and reasonable forecasts. As of March 31, 2020 , the Company does not have an allowance on its gross finance lease receivables and does not have any past due balances.
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 lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2020 , the weighted average implicit rate was 4.10% and the weighted average remaining lease term was 3.1 years . The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption March 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 6,833 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 8,086 $ 8,940 Three Months Ended March 31, Income Statement 2020 2019 Operating lease cost (1) Administrative expenses $ 759 $ 734 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $0.8 million for both the three month periods ended March 31, 2020 and March 31, 2019 . The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of March 31, 2020 (in thousands): Years ending December 31, 2020 $ 2,290 2021 2,655 2022 2,247 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 8,638 Less: imputed interest (552 ) Total present value of lease liability $ 8,086 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) $ 424,836 $ 476,443 Estimated residual receivable (2) 59,059 102,238 Gross finance lease receivables (3) 483,895 578,681 Unearned income (4) (148,687 ) (165,339 ) Net investment in finance leases (5) $ 335,208 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2020 and December 31, 2019 . (2) The Company's finance leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets. (3) The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid. (4) There were no unamortized initial direct costs as of March 31, 2020 and December 31, 2019 . (5) As of March 31, 2020 , two major customers represented 66% and 12% of the Company's finance lease portfolio. As of December 31, 2019 , three major customers represented 55% , 24% and 11% 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 periods. Maturities of the Company's gross finance lease receivables subsequent to March 31, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 82,373 2021 74,295 2022 50,246 2023 44,802 2024 44,591 2025 and thereafter 187,588 Total $ 483,895 The Company’s finance lease portfolio lessees are primarily comprised of the largest international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. 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. These allowances are based on, but not limited to, historical experience which included stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current conditions and reasonable forecasts. As of March 31, 2020 , the Company does not have an allowance on its gross finance lease receivables and does not have any past due balances.
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 lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2020 , the weighted average implicit rate was 4.10% and the weighted average remaining lease term was 3.1 years . The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption March 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 6,833 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 8,086 $ 8,940 Three Months Ended March 31, Income Statement 2020 2019 Operating lease cost (1) Administrative expenses $ 759 $ 734 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $0.8 million for both the three month periods ended March 31, 2020 and March 31, 2019 . The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of March 31, 2020 (in thousands): Years ending December 31, 2020 $ 2,290 2021 2,655 2022 2,247 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 8,638 Less: imputed interest (552 ) Total present value of lease liability $ 8,086 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) $ 424,836 $ 476,443 Estimated residual receivable (2) 59,059 102,238 Gross finance lease receivables (3) 483,895 578,681 Unearned income (4) (148,687 ) (165,339 ) Net investment in finance leases (5) $ 335,208 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2020 and December 31, 2019 . (2) The Company's finance leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets. (3) The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid. (4) There were no unamortized initial direct costs as of March 31, 2020 and December 31, 2019 . (5) As of March 31, 2020 , two major customers represented 66% and 12% of the Company's finance lease portfolio. As of December 31, 2019 , three major customers represented 55% , 24% and 11% 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 periods. Maturities of the Company's gross finance lease receivables subsequent to March 31, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 82,373 2021 74,295 2022 50,246 2023 44,802 2024 44,591 2025 and thereafter 187,588 Total $ 483,895 The Company’s finance lease portfolio lessees are primarily comprised of the largest international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. 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. These allowances are based on, but not limited to, historical experience which included stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current conditions and reasonable forecasts. As of March 31, 2020 , the Company does not have an allowance on its gross finance lease receivables and does not have any past due balances.

Debt

Debt	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's key terms and carrying value of debt (in thousands): Contractual Weighted Avg Interest Rate (1) Maturity Range (1) March 31, 2020 December 31, 2019 From To Institutional notes 4.68% Apr 2020 Jun 2029 $ 1,926,614 $ 1,957,557 Asset-backed securitization term notes 3.45% May 2022 Jun 2028 2,623,676 2,719,206 Term loan facilities 2.47% Apr 2022 Nov 2023 1,172,375 1,200,375 Asset-backed securitization warehouse 2.59% Dec 2025 Dec 2025 270,000 370,000 Revolving credit facilities 2.47% Sep 2023 Jul 2024 777,500 410,000 Finance lease obligations 4.93% Feb 2024 Feb 2024 18,924 27,024 Total debt outstanding 6,789,089 6,684,162 Unamortized debt costs (36,883 ) (39,781 ) Unamortized debt premiums & discounts (3,785 ) (4,065 ) Unamortized fair value debt adjustment (7,581 ) (8,791 ) Debt, net of unamortized costs $ 6,740,840 $ 6,631,525 (1) Data as of March 31, 2020 . The fair value of total debt outstanding was $6,458.9 million and $6,747.8 million as of March 31, 2020 and December 31, 2019 , respectively, and was measured using Level 2 inputs. As of March 31, 2020 , the maximum borrowing levels for the ABS warehouse and the revolving credit facility are $800.0 million and $1,560.0 million , respectively. These facilities are governed by borrowing bases that limit borrowing capacity to an established percentage of relevant assets. As of March 31, 2020 , the availability under these credit facilities without adding additional container assets to the borrowing base was approximately $515.8 million . 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, 2020 and December 31, 2019 , the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements. The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt 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. The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of March 31, 2020 (in thousands): Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $3,864,305 4.25% Apr 2020 Jun 2029 3.3 years Floating-rate debt $2,924,784 2.47% Apr 2022 Dec 2025 3.4 years Including impact of derivative instruments: Fixed-rate debt $3,864,305 4.25% Hedged floating-rate debt 1,786,843 3.59% Total fixed and hedged debt 5,651,148 4.04% Unhedged floating-rate debt 1,137,941 2.47% Total $6,789,089 3.78% On January 31, 2020 , the Company paid $7.5 million to exercise the early purchase option on a finance lease obligation. To provide additional liquidity and enhance its financial flexibility in response to recent global economic uncertainty and financial market volatility caused by the COVID-19 pandemic, the Company drew down $350.0 million from a revolving credit facility as a precautionary measure in March 2020. 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. 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. These subsidiaries 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. 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. 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. Asset-Backed Securitization Warehouse Under the Company’s asset-backed warehouse facility, indirect wholly-owned subsidiaries of the Company issue asset-backed notes. These subsidiaries 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 facility has a borrowing capacity of $800.0 million that 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 this facility is determined by applying an advance rate against the net book values of designated eligible equipment. The net book values for purposes of calculating eligible equipment are 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. Revolving Credit Facilities The revolving credit facilities have a maximum borrowing capacity of $1,560.0 million . These facilities provide for an advance rate against the net book values of designated eligible equipment. Finance Lease Obligations The Company has one finance lease contract with a financial institution for some of our containers. Each lease is accounted for as a finance lease, with interest expense recognized on a level yield basis over the period preceding early purchase options, if any, which is five to seven

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Swaps / Caps The Company enters into derivative 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. Interest rate swaps 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 Company also utilizes interest rate cap agreements to manage interest rate risk exposure. Interest rate cap agreements place a ceiling on the Company's exposure to rising interest rates. The counterparties to these agreements are highly rated financial institutions. In the unlikely event that the counterparties fail to meet the terms of these 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 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 agreements. As of March 31, 2020 , the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Amount Weighted Average Cap Rate Weighted Average Interest Rate Swap (1) $1,786.8 million 2.02% n/a 4.9 years Interest Rate Cap $200.0 million n/a 5.5% 1.8 years (1) The impact of forward starting swaps with total notional amount of $550.0 million will increase the weighted average remaining term to 6.5 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 2020 2019 Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ (235 ) $ (704 ) Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net $ 297 $ 986 Designated derivative instruments Interest and debt (income) expense $ 1,259 $ (2,355 ) Designated derivative instruments Comprehensive loss $ 129,614 $ 16,467 Fair Value of Derivative Instruments The Company has elected to use the income approach to value its interest rate swap and cap agreements, using Level 2 market expectations at the measurement date and standard valuation techniques to convert future values to a single discounted present value. 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 and credit risk at commonly quoted intervals). In response to the expected phase out of LIBOR, the Company continues to work with its counterparties to identify an alternative reference rate. Many of the Company's debt agreements already include transition language, and the Company also adopted various practical expedients which will facilitate the transition. The Company presents its derivative financial instruments on a gross basis 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, 2020 , there was cash collateral of $35.8 million related to interest rate swap contracts. The fair value of derivative instruments on the Company's consolidated balance sheets as of March 31, 2020 and December 31, 2019 was as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate hedges, designated $ 35 $ 10,562 $ 153,152 $ 36,087 Interest rate hedges, non-designated — 286 11 — Total derivatives $ 35 $ 10,848 $ 153,163 $ 36,087

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information Segment Information The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments: • Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet. • Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered. The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended March 31, 2020 2019 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 321,037 $ 431 $ 321,468 $ 340,070 $ 789 $ 340,859 Trading margin — 1,933 1,933 — 3,587 3,587 Net gain on sale of leasing equipment 4,077 — 4,077 8,469 — 8,469 Depreciation and amortization expense 132,518 177 132,695 134,422 187 134,609 Interest and debt expense 68,699 303 69,002 83,174 346 83,520 Realized (gain) loss on derivative instruments, net (234 ) (1 ) (235 ) (702 ) (2 ) (704 ) Income (loss) before income taxes (1) 81,517 1,393 82,910 98,466 3,181 101,647 Purchases of leasing equipment and investments in finance leases (2) $ 62,406 $ — $ 62,406 $ 43,981 $ — $ 43,981 (1) Segment income (loss) before income taxes excludes unrealized loss on derivative instruments of $0.3 million and $1.0 million for the three months ended March 31, 2020 and March 31, 2019 , respectively, and an immaterial amount for debt termination expense for the three months ended March 31, 2020 . (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. March 31, 2020 December 31, 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 97,403 $ 25,072 $ 122,475 $ 89,755 $ 24,749 $ 114,504 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 9,828,479 $ 45,911 $ 9,874,390 $ 9,596,263 $ 46,370 $ 9,642,633 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 may be leased for a period of time and is 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, 2020 and 2019 based on customers' primary domicile (in thousands): Three Months Ended March 31, 2020 2019 Total equipment leasing revenues: Asia $ 120,806 $ 137,450 Europe 164,263 162,557 Americas 26,261 30,782 Bermuda 443 678 Other International 9,695 9,392 Total $ 321,468 $ 340,859 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, 2020 and 2019 based on the location of the sale (in thousands): Three Months Ended March 31, 2020 2019 Total equipment trading revenues: Asia $ 1,532 $ 3,292 Europe 4,952 4,871 Americas 6,595 6,765 Bermuda — — Other International 2,301 2,900 Total $ 15,380 $ 17,828

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments At March 31, 2020 , the Company had commitments to purchase equipment in the amount of $133.9 million payable in 2020 . 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company's effective tax rates were 6.7% and 7.8% for the three months ended March 31, 2020 and 2019 , respectively. The Company has computed the provision for income taxes based on the estimated annual effective tax rate and the application of discrete items, if any, in the applicable period. The decrease in effective tax rates in 2020 was primarily the result of an increased proportion of the Company's income generated in lower tax jurisdictions. In addition, there were tax expenses related to uncertain tax positions recorded in 2019 that did not reoccur in 2020.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2020
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 Company received payments on direct finance leases with TriStar of $0.5 million for both of the three month periods ended March 31, 2020 and March 31, 2019 . The Company has a direct finance lease balance with TriStar of $11.1 million and $10.7 million as of March 31, 2020 and December 31, 2019

Non-Controlling Interest

Non-Controlling Interest	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Noncontrolling Interest During 2019, the Company acquired all of the remaining third-party partnership interests in Triton Container Investments LLC for an aggregate of $103.0 million in cash.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 21, 2020, the Company's Board of Directors approved and declared a quarterly cash dividend of $0.52 per share on its issued and outstanding common shares, payable on June 25, 2020 to holders of record at the close of business on June 11, 2020 . On April 21, 2020, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on June 15, 2020 to holders of record at the close of business on June 8, 2020 as follows: Preferred Share Offering Dividend Rate Dividend Per Share Series A 8.500% $0.5312500 Series B 8.000% $0.5000000 Series C 7.375% $0.4609375 Series D 6.875% $0.4296875 On April 21, 2020, the Company's Board of Directors increased the share repurchase authorization to $200.0 million . The revised authorization may be used by the Company to repurchase common or preferred shares.

Description of the Business (Po

Description of the Business (Policies)	3 Months Ended
	Mar. 31, 2020
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, 2020 ; 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, 2020 and 2019 are unaudited. The consolidated balance sheet as of December 31, 2019 , 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, shareholders' 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, 2020 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2020 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, 2019 included in the Company's Annual Report on Form 10-K which was filed with the SEC on February 14, 2020 . 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	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 15% , respectively, of the Company's lease billings during the three months ended March 31, 2020 .
Accounting Policy Updates & Recently Adopted Accounting Pronouncements	New Accounting Pronouncements Recently Adopted 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) and subsequently issued amendments. The guidance affects the Company's net investment in finance leases and accounts receivable for its Equipment trading segment. The standard 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 Company adopted the standard and its related amendments as of January 1, 2020. The Company has evaluated the impact of this ASU and concluded that the adoption of this standard did not have a significant impact on its consolidated financial statements. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The guidance provides optional practical expedients for applying U.S. GAAP to hedging relationships affected by reference rate reform. The guidance is applicable to the Company's debt agreements, hedging relationships, and other transactions that reference LIBOR. The Company adopted the standard and certain of its related amendments as of March 12, 2020. By adopting this standard, it will help ease the burden that the Company may face due to the transition away from certain reference rates, specifically LIBOR, which is the predominant reference rate in many of the Company’s debt agreements and hedging relationships. The practical expedients applicable to the Company are as follows: (1) contract modifications due to reference rate reform can be treated as continuations of the existing contract and potential changes to interest rate risk can be disregarded when asserting the probability of the forecasted hedged transactions; (2) hedge accounting can continue to be used for hedging relationships where critical terms change due to reference rate reform; and (3) effectiveness assessments can be performed in ways that disregard certain mismatches due to reference rate reform. The Company concluded that the adoption of this standard will not have a significant impact on our consolidated financial statements.

Equipment Held for Sale (Tables

Equipment Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The Company's equipment held for sale is recorded at the lower of fair value less cost to sell, or carrying value at the time identified for sale. Fair value is measured using Level 2 inputs and is based on recent sales prices and other factors. The following table summarizes the portion of equipment held for sale in the consolidated balance sheet that have been impaired and written down to fair value less cost to sell (in thousands): March 31, 2020 December 31, 2019 Equipment held for sale $ 16,208 $ 11,797 An impairment charge is recorded when the carrying value of the asset exceeds its fair value less cost to sell. The following table summarizes the Company's net impairment charges recorded in net gains or losses on sale of leasing equipment held for sale on the consolidated statements of operations (in thousands): Three Months Ended March 31, 2020 2019 Impairment (loss) reversal on equipment held for sale $ (1,490 ) $ (1,407 ) Gain (loss) on sale of equipment, net of selling costs 5,567 9,876 Net gain on sale of leasing equipment $ 4,077 $ 8,469

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	Intangible assets consist of lease intangibles for leases acquired with lease rates above market at the time of acquisition. The following table summarizes the amortization of intangible assets as of March 31, 2020 (in thousands): Years ending December 31, Total intangible assets 2020 $ 16,283 2021 16,549 2022 10,497 2023 4,657 2024 1,962 2025 and thereafter — Total $ 49,948

Other Equity Matters (Table)

Other Equity Matters (Table)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Preferred Stock	The following table summarizes the Company's preferred share issuances (the "Series"): Preferred Share Offering Issuance Liquidation Preference (in thousands) # of Shares (1) Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") March 2019 $ 86,250 3,450,000 Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") June 2019 143,750 5,750,000 Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") November 2019 175,000 7,000,000 Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") January 2020 150,000 6,000,000 $ 555,000 22,200,000 (1) Represents number of shares authorized, issued, and outstanding.
Dividends	The Company paid the following quarterly dividends during the three months ended March 31, 2020 and 2019 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share Payment March 13, 2020 March 27, 2020 $37.1 Million $0.52 March 12, 2019 March 28, 2019 $40.4 Million $0.52
Schedule of accumulated other comprehensive (loss)	The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2020 and 2019 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2019 $ (27,096 ) $ (4,537 ) $ (31,633 ) Change in derivative instruments designated as cash flow hedges (1) (120,140 ) — (120,140 ) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 1,411 — 1,411 Foreign currency translation adjustment — (262 ) (262 ) Balance as of March 31, 2020 $ (145,825 ) $ (4,799 ) $ (150,624 ) 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 (1) (14,323 ) — (14,323 ) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,749 ) — (1,749 ) Cumulative effect for the adoption of ASU 2017-12, net of income tax effect 432 — 432 Foreign currency translation adjustment — 43 43 Balance as of March 31, 2019 $ 3,403 $ (4,437 ) $ (1,034 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lessee, Balance Sheet and Income Statement Effect	The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption March 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 6,833 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 8,086 $ 8,940 Three Months Ended March 31, Income Statement 2020 2019 Operating lease cost (1) Administrative expenses $ 759 $ 734 (1) Includes short-term leases that are immaterial.
Lessee, Operating Lease, Liability, Maturity	The following represents our future undiscounted cash flows for each of the next five years and thereafter and reconciliation to the lease liabilities as of March 31, 2020 (in thousands): Years ending December 31, 2020 $ 2,290 2021 2,655 2022 2,247 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 8,638 Less: imputed interest (552 ) Total present value of lease liability $ 8,086
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) $ 424,836 $ 476,443 Estimated residual receivable (2) 59,059 102,238 Gross finance lease receivables (3) 483,895 578,681 Unearned income (4) (148,687 ) (165,339 ) Net investment in finance leases (5) $ 335,208 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2020 and December 31, 2019 . (2) The Company's finance leases generally include a bargain purchase option and therefore, the Company has immaterial residual value risk for assets. (3) The gross finance lease receivable is reduced as billed to customers and reclassified to accounts receivable until paid. (4) There were no unamortized initial direct costs as of March 31, 2020 and December 31, 2019 . (5) As of March 31, 2020 , two major customers represented 66% and 12% of the Company's finance lease portfolio. As of December 31, 2019 , three major customers represented 55% , 24% and 11% 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 periods.
Lessor, Operating Lease, Payments to be Received, Maturity	aturities of the Company's gross finance lease receivables subsequent to March 31, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 82,373 2021 74,295 2022 50,246 2023 44,802 2024 44,591 2025 and thereafter 187,588 Total $ 483,895
Net Investment in Lease, Origination Year	.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of debt	The table below summarizes the Company's key terms and carrying value of debt (in thousands): Contractual Weighted Avg Interest Rate (1) Maturity Range (1) March 31, 2020 December 31, 2019 From To Institutional notes 4.68% Apr 2020 Jun 2029 $ 1,926,614 $ 1,957,557 Asset-backed securitization term notes 3.45% May 2022 Jun 2028 2,623,676 2,719,206 Term loan facilities 2.47% Apr 2022 Nov 2023 1,172,375 1,200,375 Asset-backed securitization warehouse 2.59% Dec 2025 Dec 2025 270,000 370,000 Revolving credit facilities 2.47% Sep 2023 Jul 2024 777,500 410,000 Finance lease obligations 4.93% Feb 2024 Feb 2024 18,924 27,024 Total debt outstanding 6,789,089 6,684,162 Unamortized debt costs (36,883 ) (39,781 ) Unamortized debt premiums & discounts (3,785 ) (4,065 ) Unamortized fair value debt adjustment (7,581 ) (8,791 ) Debt, net of unamortized costs $ 6,740,840 $ 6,631,525 (1) Data as of March 31, 2020 . March 31, 2020 (in thousands): Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $3,864,305 4.25% Apr 2020 Jun 2029 3.3 years Floating-rate debt $2,924,784 2.47% Apr 2022 Dec 2025 3.4 years Including impact of derivative instruments: Fixed-rate debt $3,864,305 4.25% Hedged floating-rate debt 1,786,843 3.59% Total fixed and hedged debt 5,651,148 4.04% Unhedged floating-rate debt 1,137,941 2.47% Total $6,789,089 3.78%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	As of March 31, 2020 , the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Amount Weighted Average Cap Rate Weighted Average Interest Rate Swap (1) $1,786.8 million 2.02% n/a 4.9 years Interest Rate Cap $200.0 million n/a 5.5% 1.8 years (1) The impact of forward starting swaps with total notional amount of $550.0 million will increase the weighted average remaining term to 6.5 years .
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands): Three Months Ended Derivative Instrument Financial statement caption 2020 2019 Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ (235 ) $ (704 ) Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net $ 297 $ 986 Designated derivative instruments Interest and debt (income) expense $ 1,259 $ (2,355 ) Designated derivative instruments Comprehensive loss $ 129,614 $ 16,467
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, 2020 and December 31, 2019 was as follows (in thousands): Asset Derivatives Liability Derivatives Derivative Instrument March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Interest rate hedges, designated $ 35 $ 10,562 $ 153,152 $ 36,087 Interest rate hedges, non-designated — 286 11 — Total derivatives $ 35 $ 10,848 $ 153,163 $ 36,087

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of segment information	The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended March 31, 2020 2019 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 321,037 $ 431 $ 321,468 $ 340,070 $ 789 $ 340,859 Trading margin — 1,933 1,933 — 3,587 3,587 Net gain on sale of leasing equipment 4,077 — 4,077 8,469 — 8,469 Depreciation and amortization expense 132,518 177 132,695 134,422 187 134,609 Interest and debt expense 68,699 303 69,002 83,174 346 83,520 Realized (gain) loss on derivative instruments, net (234 ) (1 ) (235 ) (702 ) (2 ) (704 ) Income (loss) before income taxes (1) 81,517 1,393 82,910 98,466 3,181 101,647 Purchases of leasing equipment and investments in finance leases (2) $ 62,406 $ — $ 62,406 $ 43,981 $ — $ 43,981 (1) Segment income (loss) before income taxes excludes unrealized loss on derivative instruments of $0.3 million and $1.0 million for the three months ended March 31, 2020 and March 31, 2019 , respectively, and an immaterial amount for debt termination expense for the three months ended March 31, 2020 . (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. March 31, 2020 December 31, 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 97,403 $ 25,072 $ 122,475 $ 89,755 $ 24,749 $ 114,504 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 9,828,479 $ 45,911 $ 9,874,390 $ 9,596,263 $ 46,370 $ 9,642,633
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of equipment trading revenues for the three months ended March 31, 2020 and 2019 based on the location of the sale (in thousands): Three Months Ended March 31, 2020 2019 Total equipment trading revenues: Asia $ 1,532 $ 3,292 Europe 4,952 4,871 Americas 6,595 6,765 Bermuda — — Other International 2,301 2,900 Total $ 15,380 $ 17,828 The following table summarizes the geographic allocation of equipment leasing revenues for the three months ended March 31, 2020 and 2019 based on customers' primary domicile (in thousands): Three Months Ended March 31, 2020 2019 Total equipment leasing revenues: Asia $ 120,806 $ 137,450 Europe 164,263 162,557 Americas 26,261 30,782 Bermuda 443 678 Other International 9,695 9,392 Total $ 321,468 $ 340,859

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Dividends	he Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on June 15, 2020 to holders of record at the close of business on June 8, 2020 as follows: Preferred Share Offering Dividend Rate Dividend Per Share Series A 8.500% $0.5312500 Series B 8.000% $0.5000000 Series C 7.375% $0.4609375 Series D 6.875% $0.4296875

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, 2020
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	15.00%

Fair Value of Financial Instrum

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Fair Value
Net gain on sale of leasing equipment	$ 4,077	$ 8,469
Carrying value containers impaired to fair value | Level 2
Fair Value
Equipment held for sale	16,208		$ 11,797
Equipment held for sale
Fair Value
Net gain on sale of leasing equipment	(1,490)	(1,407)
Equipment, net of selling costs
Fair Value
Net gain on sale of leasing equipment	$ 5,567	$ 9,876

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 6,200	$ 11,200
Above Market Lease Intangibles [Domain]
Finite-Lived Intangible Assets [Line Items]
2019	16,283
2020	16,549
2021	10,497
2022	4,657
2023	1,962
2025 and thereafter	0
Total	$ 49,948

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock based compensation plans
Share-based Payment Arrangement, Noncash Expense	$ 1.6	$ 1.8
2016 Triton Plan [Member]
Stock based compensation plans
Employee Service Share-based Compensation Not yet Recognized	$ 13.5
Restricted Stock [Member]
Stock based compensation plans
Shares withheld for tax withholding obligation	53,609
Restricted Stock [Member] | Common Stock [Member] | 2016 Triton Plan [Member]
Stock based compensation plans
Grants of restricted shares (in shares)	184,644

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 13, 2020	Mar. 12, 2019	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Apr. 21, 2020
Class of Stock [Line Items]
Treasury Stock, Value				$ 37,488	$ 83,293
Preferred Stock, Redemption Price Per Share				$ 25
Dividends	$ 37,100	$ 40,400
Cash dividends paid per share	$ 0.52	$ 0.52		0.52	$ 0.52
Common Stock [Member]
Class of Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share				$ 27.43
Treasury Stock, Carrying Basis				$ 37,500
Stock Repurchase Program, Remaining Authorized Repurchase Amount				46,100
Preferred Stock [Member]
Class of Stock [Line Items]
Cumulative unpaid preferred dividends				1,800
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Dividends				$ 1,800
Preferred Stock, Dividends, Per Share, Cash Paid				$ 0.53125
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Dividends				$ 3,200
Preferred Stock, Dividends, Per Share, Cash Paid				$ 0.4609375
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants			$ 145,300
Preferred Units, Offering Costs			$ 4,700
Dividends				$ 1,500
Preferred Stock, Dividends, Per Share, Cash Paid				$ 0.24349
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Dividends				$ 2,900
Preferred Stock, Dividends, Per Share, Cash Paid				$ 0.50
Subsequent Event [Member]
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount						$ 200,000

Other Equity Matters Preferred

Other Equity Matters Preferred Share (Details) - USD ($)	Mar. 31, 2020	Jan. 31, 2020	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 555,000,000
Preferred Stock, Liquidation Preference Per Share	$ 22,200,000,000
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value					$ 86,250,000
Preferred Stock, Liquidation Preference Per Share					$ 3,450,000,000
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value				$ 143,750,000
Preferred Stock, Liquidation Preference Per Share				$ 5,750,000,000
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value			$ 175,000,000
Preferred Stock, Liquidation Preference Per Share			$ 7,000,000,000
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value		$ 150,000,000
Preferred Stock, Liquidation Preference Per Share		$ 6,000,000,000

Other Equity Matters Dividends

Other Equity Matters Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 13, 2020	Mar. 12, 2019	Mar. 31, 2020	Mar. 31, 2019
Dividends Payable [Line Items]
Dividends	$ 37.1	$ 40.4
Cash dividends paid per share	$ 0.52	$ 0.52	$ 0.52	$ 0.52

Components Of Accumulated Other

Components Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	$ (150,624)		$ (31,633)
Change in derivative instruments designated as cash flow hedges	(120,140)	$ (14,323)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	1,411	(1,749)
Foreign currency translation adjustment	(262)	43
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(145,825)	3,403	(27,096)		$ 19,043
Change in derivative instruments designated as cash flow hedges	(120,140)	(14,323)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	1,411	(1,749)
Foreign currency translation adjustment	0	0
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(4,799)	(4,437)	(4,537)		(4,480)
Change in derivative instruments designated as cash flow hedges	0	0
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	0	0
Foreign currency translation adjustment	(262)	43
AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(150,624)	(1,034)	$ (31,633)		$ 14,563
Change in derivative instruments designated as cash flow hedges	(120,140)	(14,323)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	1,411	(1,749)
Foreign currency translation adjustment	$ (262)	$ 43
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] | AOCI Attributable to Parent [Member]
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption				$ 432

Leases (Details)

Leases (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	4.10%
Lessee, operating lease, remaining term of contract	3 years 1 month 6 days
Operating lease, payments	$ 0.8

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability - operating	$ 8,086
Administrative expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease cost	759	$ 734
Other assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset - operating	6,833		$ 7,616
Accounts payable and other accrued expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability - operating	$ 8,086		$ 8,940

Leases - Operating Leases Lesse

Leases - Operating Leases Lessee Maturities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020	$ 2,290
2021	2,655
2022	2,247
2023	1,379
2024	67
2025 and thereafter	0
Total undiscounted future cash flows related to lease payments	8,638
Less: imputed interest	(552)
Lease liability - operating	$ 8,086

- Net Investment in Finance Lea

- Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Future minimum lease payment receivable	$ 424,836	$ 476,443
Estimated residual receivable	59,059	102,238
Gross finance lease receivables(3)	483,895	578,681
Unearned income	(148,687)	(165,339)
Net investment in finance leases	$ 335,208	$ 413,342
Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	66.00%	55.00%
Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%	24.00%
Customer Three
Concentration Risk [Line Items]
Concentration risk, percentage		11.00%

Leases - Finance Leases Lessor

Leases - Finance Leases Lessor Maturities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2020	$ 82,373
2021	74,295
2022	50,246
2023	44,802
2024	44,591
2025 and thereafter	187,588
Total	$ 483,895

Leases - Origination Year of Fi

Leases - Origination Year of Finance Lease (Details) $ in Thousands	Mar. 31, 2020USD ($)
Net Investment in Lease, Finance Lease [Line Items]
2020	$ 4,512
2019	7,911
2018	44,704
2017	5,179
2016	23,623
Years Prior	249,279
Total	335,208
Tier 1 [Member]
Net Investment in Lease, Finance Lease [Line Items]
2020	4,512
2019	7,572
2018	44,590
2017	5,133
2016	23,623
Years Prior	249,272
Total	334,702
Tier 2 [Member]
Net Investment in Lease, Finance Lease [Line Items]
2020	0
2019	339
2018	114
2017	46
2016	0
Years Prior	7
Total	506
Tier 3 [Member]
Net Investment in Lease, Finance Lease [Line Items]
2020	0
2019	0
2018	0
2017	0
2016	0
Years Prior	0
Total	$ 0

Debt Items (Details)

Debt Items (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt outstanding	$ 6,789,089	$ 6,684,162
Deferred financing costs	36,883	39,781
Unamortized purchase price debt adjustments	3,785	4,065
Unamortized debt premiums & discounts	7,581	8,791
Debt, net of unamortized debt costs	$ 6,740,840	6,631,525
Institutional notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	4.68%
Debt outstanding	$ 1,926,614	1,957,557
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	3.45%
Debt outstanding	$ 2,623,676	2,719,206
Term loan facilities
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.47%
Debt outstanding	$ 1,172,375	1,200,375
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.59%
Debt outstanding	$ 270,000	370,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.47%
Debt outstanding	$ 777,500	410,000
Capital lease obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	4.93%
Debt outstanding	$ 18,924	27,024
Level 2
Debt Instrument [Line Items]
Debt outstanding	$ 6,458,900	$ 6,747,800

Debt Debt Items 2 (Details)

Debt Debt Items 2 (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Excluding Impact [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 2,924,784
Debt, Percentage Interest Rate Remaining Term	3 years 4 months 24 days
Excluding Impact [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Debt, Percentage Interest Rate Remaining Term	3 years 3 months 18 days
Including Impact [Member]
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 6,789,089
Debt, Weighted Average Interest Rate	3.78%
Including Impact [Member] | Variable Rate Debt [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	2.47%
Including Impact [Member] | Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 3,864,305
Debt, Weighted Average Interest Rate	4.25%
Designated as Hedging Instrument [Member] | Including Impact [Member] | Fixed and Hedged Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 5,651,148
Debt, Weighted Average Interest Rate	4.04%
Designated as Hedging Instrument [Member] | Including Impact [Member] | Hedged Debt [Member]
Debt Instrument [Line Items]
Debt, Weighted Average Interest Rate	3.59%
Not Designated as Hedging Instrument [Member] | Including Impact [Member] | Unhedged Debt [Member]
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 1,137,941
Line of Credit and Second Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity	$ 515,800

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jan. 31, 2020	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Feb. 08, 2019
Debt Instrument [Line Items]
Unamortized purchase price debt adjustments		$ 3,785	$ 3,785		$ 4,065
Debt termination expense			31	$ 0
Borrowings under debt facilities			$ 530,000	$ 125,000
Capital lease obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		4.93%	4.93%
Repayments of Debt	$ 7,500
Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 800,000	$ 800,000			$ 800,000
Term loan facilities
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		2.47%	2.47%
Institutional notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		4.68%	4.68%
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		2.59%	2.59%
Bank Account Maintenance Required Amount Balance, Interest Expense			3 months
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage		3.45%	3.45%
Revolving credit facilities
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,560,000	$ 1,560,000
Debt instrument, interest rate, effective percentage		2.47%	2.47%
Borrowings under debt facilities		$ 350,000
Minimum [Member]
Debt Instrument [Line Items]
Capital Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option			3 years
Minimum [Member] | Institutional notes
Debt Instrument [Line Items]
Debt Instrument, Term			7 years
Minimum [Member] | Asset-backed securitization term notes
Debt Instrument [Line Items]
Bank Account Maintenance Required Amount Balance, Interest Expense			3 months
Maximum [Member]
Debt Instrument [Line Items]
Capital Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option			10 years
Maximum [Member] | Institutional notes
Debt Instrument [Line Items]
Debt Instrument, Term			12 years
Maximum [Member] | Asset-backed securitization term notes
Debt Instrument [Line Items]
Bank Account Maintenance Required Amount Balance, Interest Expense			9 months
London Interbank Offered Rate (LIBOR) [Member] | Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.75%
London Interbank Offered Rate (LIBOR) [Member] | Term loan facilities
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.85%

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value of Derivative Instruments
Total Notional Amount Forward Starting Interest Rate Swap	$ 550,000
Interest Rate Swap [Member]
Fair Value of Derivative Instruments
Weighted Average Remaining Term	4 years 10 months 24 days
Interest Rate Cap [Member]
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 200,000
Derivative, Cap Interest Rate	5.50%
Weighted Average Remaining Term	1 year 9 months 18 days
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 1,786,843
Net Notional Amount of Interest Rate During Period	2.02%
Designated as Hedging Instrument [Member] | Forward Starting Swaps [Member]
Fair Value of Derivative Instruments
Weighted Average Remaining Term	6 years 6 months

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Fair Value of Derivative Instruments
Realized (gain) loss on derivative instruments, net	$ (235)	$ (704)
Comprehensive loss | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Designated derivative instruments	129,614
Gain (Loss) on Derivative Instruments [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Realized (gain) loss on derivative instruments, net	(235)	(704)
Unrealized (Gain) Loss On Derivative Instruments [Member] | Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Non-designated derivative instruments	(297)	(986)
Interest and Debt Expense | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (1,259)	2,355
Comprehensive loss | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Fair Value of Derivative Instruments
Designated derivative instruments		$ 16,467

Derivative Instruments Fair Val

Derivative Instruments Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Cash Collateral for Interest Rate Swap Contracts	$ 35,800
Asset Derivatives	35	$ 10,848
Liability Derivatives	153,163	36,087
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Asset Derivatives	35	10,562
Liability Derivatives	153,152	36,087
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Asset Derivatives	0	286
Liability Derivatives	$ 11	$ 0

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segment	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Industry Segment Information
Number of operating segments | segment	2
Number of reportable segments | segment	2
Total leasing revenues	$ 321,468,000	$ 340,859,000
Trading margin	1,933,000	3,587,000
Net gain on sale of leasing equipment	4,077,000	8,469,000
Depreciation and amortization expense	132,695,000	134,609,000
Interest and debt expense	69,002,000	83,520,000
Realized (gain) loss on derivative instruments, net	(235,000)	(704,000)
Income before income taxes	82,910,000	101,647,000
Payments to Acquire Productive Assets	62,406,000	43,981,000
Equipment held for sale	122,475,000		$ 114,504,000
Goodwill at the end of the period	236,665,000		236,665,000
Total assets at the end of the period	9,874,390,000		9,642,633,000
Equipment trading revenues	15,380,000	17,828,000
Expenses	179,447,000	169,456,000
Unrealized (gain) loss on derivative instruments, net	297,000	986,000
Debt termination expense	31,000	0
Equipment Leasing
Industry Segment Information
Total leasing revenues	321,037,000	340,070,000
Trading margin	0	0
Net gain on sale of leasing equipment	4,077,000
Depreciation and amortization expense	132,518,000	134,422,000
Interest and debt expense	68,699,000	83,174,000
Realized (gain) loss on derivative instruments, net	(234,000)	(702,000)
Income before income taxes	81,517,000	98,466,000
Payments to Acquire Productive Assets	62,406,000	43,981,000
Equipment held for sale	97,403,000		89,755,000
Goodwill at the end of the period	220,864,000		220,864,000
Total assets at the end of the period	9,828,479,000		9,596,263,000
Equipment Trading
Industry Segment Information
Total leasing revenues	431,000	789,000
Trading margin	1,933,000	3,587,000
Net gain on sale of leasing equipment	0	0
Depreciation and amortization expense	177,000	187,000
Interest and debt expense	303,000	346,000
Realized (gain) loss on derivative instruments, net	(1,000)	(2,000)
Income before income taxes	1,393,000	3,181,000
Payments to Acquire Productive Assets	0	0
Equipment held for sale	25,072,000		24,749,000
Goodwill at the end of the period	15,801,000		15,801,000
Total assets at the end of the period	45,911,000		$ 46,370,000
Intersegment Eliminations
Industry Segment Information
Equipment trading revenues	0	0
Expenses	$ 0	0
Continuing Operations [Member] | Equipment Leasing
Industry Segment Information
Net gain on sale of leasing equipment		$ 21,000,000

Segment and Geographic Inform_4

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Geographic Segment Information
Total leasing revenues	$ 321,468	$ 340,859
Equipment trading revenues	15,380	17,828
Asia
Geographic Segment Information
Total leasing revenues	120,806	137,450
Equipment trading revenues	1,532	3,292
Europe
Geographic Segment Information
Total leasing revenues	164,263	162,557
Equipment trading revenues	4,952	4,871
Americas
Geographic Segment Information
Total leasing revenues	26,261	30,782
Equipment trading revenues	6,595	6,765
Bermuda
Geographic Segment Information
Total leasing revenues	443	678
Equipment trading revenues	0	0
Other international
Geographic Segment Information
Total leasing revenues	9,695	9,392
Equipment trading revenues	$ 2,301	$ 2,900

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 133.9

Income Taxes Tax Detail (Detail

Income Taxes Tax Detail (Details)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	6.70%	7.80%

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
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	$ 0.5	$ 0.5
Loans and Leases Receivable, Related Parties	$ 11.1		$ 10.7

Non-Controlling Interest (Detai

Non-Controlling Interest (Details) $ in Millions	Dec. 31, 2019USD ($)
Noncontrolling Interest [Abstract]
Aggregate investment	$ 103

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Apr. 21, 2020
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)	$ 0.52
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount		$ 200
Series A Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	8.50%
Dividend approved and declared (in dollars per share)	$ 0.5312500
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	8.00%
Dividend approved and declared (in dollars per share)	$ 0.5000000
Series C Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	7.375%
Dividend approved and declared (in dollars per share)	$ 0.4609375
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	6.875%
Dividend approved and declared (in dollars per share)	$ 0.4296875