Triton International Limited (TRTN-PD) 10-Q 23 Oct 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 16, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		68,607,126
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	Q3
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	Sep. 30, 2020	Dec. 31, 2019
ASSETS:
Leasing equipment, net of accumulated depreciation of $3,247,980 and $2,933,886	$ 8,323,667	$ 8,392,547
Net investment in finance leases	296,763	413,342
Equipment held for sale	104,923	114,504
Revenue earning assets	8,725,353	8,920,393
Cash and cash equivalents	173,257	62,295
Restricted cash	163,486	106,677
Accounts receivable, net of allowances of $2,155 and $1,276	214,978	210,697
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $259,565 and $242,301	38,892	56,156
Other assets	72,044	38,902
Fair value of derivative instruments	0	10,848
Total assets	9,624,675	9,642,633
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	96,798	24,685
Fair value of derivative instruments	154,603	36,087
Accounts payable and other accrued expenses	105,631	116,782
Net deferred income tax liability	319,320	301,317
Debt, net of unamortized costs of $41,741 and $39,781	6,429,434	6,631,525
Total liabilities	7,105,786	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, 12,544,597 and 8,771,345 shares, respectively	(385,696)	(278,510)
Additional paid-in capital	903,346	902,725
Accumulated earnings	1,597,928	1,533,845
Accumulated other comprehensive income (loss)	(152,501)	(31,633)
Total shareholders' equity	2,518,889	2,532,237
Total liabilities and shareholders' equity	9,624,675	9,642,633
Preferred Shares
Shareholders' equity:
Preferred shares, $0.01 par value, at liquidation preference	555,000	405,000
Designated Common Stock
Shareholders' equity:
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively	$ 812	$ 810

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 3,247,980	$ 2,933,886
Accounts receivable, allowances	2,155	1,276
Finite-Lived Intangible Assets, Accumulated Amortization	259,565	242,301
Deferred financing costs	$ 41,741	$ 39,781
Class of Stock [Line Items]
Treasury Stock, Shares (in shares)	12,544,597	8,771,345
Preferred Shares
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, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	270,000,000,000	270,000,000,000
Common Shares, Shares Issued (in shares)	81,151,723	80,979,833
Undesignated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	7,800,000	13,800,000
Common Shares, Shares Outstanding (in shares)	0	0
Common Shares, Shares Issued (in shares)	0	0

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leasing revenues:
Operating leases	$ 320,352	$ 326,800	$ 946,579	$ 985,592
Finance leases	7,405	9,868	24,043	30,501
Total leasing revenues	327,757	336,668	970,622	1,016,093
Equipment trading revenues	26,094	25,796	58,377	66,833
Equipment trading expenses	(22,225)	(21,646)	(50,555)	(54,600)
Trading margin	3,869	4,150	7,822	12,233
Net gain on sale of leasing equipment	10,737	6,196	19,351	22,184
Operating expenses:
Depreciation and amortization	136,248	133,367	402,235	403,324
Direct operating expenses	25,992	20,457	78,859	55,356
Administrative expenses	21,395	18,496	61,092	56,671
Provision (reversal) for doubtful accounts	(45)	126	4,608	505
Total operating expenses	183,590	172,446	546,794	515,856
Operating income (loss)	158,773	174,568	451,001	534,654
Other expenses:
Interest and debt expense	62,776	77,401	198,652	243,181
Realized (gain) loss on derivative instruments, net	0	(539)	(224)	(1,912)
Unrealized (gain) loss on derivative instruments, net	0	504	286	2,757
Debt termination expense	24,345	1,870	24,376	2,428
Other (income) expense, net	(631)	(116)	(4,241)	(2,047)
Total other expenses	86,490	79,120	218,849	244,407
Income (loss) before income taxes	72,283	95,448	232,152	290,247
Income tax expense (benefit)	15,825	4,845	28,070	20,737
Net income (loss)	56,458	90,603	204,082	269,510
Less: income (loss) attributable to noncontrolling interest	0	0	0	592
Less: dividend on preferred shares	10,512	4,708	30,850	7,038
Net income (loss) attributable to common shareholders	$ 45,946	$ 85,895	$ 173,232	$ 261,880
Net income per common share—Basic	$ 0.67	$ 1.18	$ 2.49	$ 3.49
Net income per common share—Diluted	0.67	1.17	2.48	3.47
Cash dividends paid per common share	$ 0.52	$ 0.52	$ 1.56	$ 1.56
Weighted average number of common shares outstanding—Basic	68,223	72,689	69,693	74,984
Dilutive restricted shares	359	560	289	573
Weighted average number of common shares outstanding—Diluted	68,582	73,249	69,982	75,557

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 56,458	$ 90,603	$ 204,082	$ 269,510
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	969	(20,784)	(135,283)	(66,624)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,351	(1,020)	14,616	(4,485)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect	0	0	0	432
Foreign currency translation adjustment	176	(139)	(201)	(271)
Other comprehensive income (loss), net of tax	8,496	(21,943)	(120,868)	(70,948)
Comprehensive income	64,954	68,660	83,214	198,562
Other comprehensive income attributable to noncontrolling interest	0	0	0	592
Dividend on preferred shares	10,512	4,708	30,850	7,038
Comprehensive income	54,442	63,952	52,364	190,932
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	(117)	(2,146)	(11,103)	(8,103)
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	483	(510)	666	(1,707)
Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12	$ 0	$ 0	$ 0	$ 277

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Treasury Shares	Add'l Paid in Capital	Accumulated Earnings	Accumulated Other Comprehensive Income	Non controlling Interest
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses, shares		5,750,000
Issuance of preferred shares, net of offering expenses	138,732	$ 143,750			(5,018)
Share-based compensation, shares			41,535
Share-based compensation	3,653		$ 0		3,653
Treasury shares acquired, shares				2,347,826
Treasury shares acquired	(73,942)			$ (73,942)
Net income (loss)	86,096					86,096
Other comprehensive income (loss)	(33,408)						(33,408)
Purchase of noncontrolling interests	(32,177)				5,143			(37,320)
Common shares dividend declared	(39,108)					(39,108)
Preferred shares dividend declared	(1,833)					(1,833)
Ending balance, shares at Jun. 30, 2019		9,200,000	81,023,732	6,837,508
Ending balance at Jun. 30, 2019	2,336,608	$ 230,000	$ 811	$ (215,349)	909,942	1,445,646	(34,442)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			92,997
Share-based compensation	1,767		$ 1		1,766
Treasury shares acquired, shares				1,604,803
Treasury shares acquired	(51,884)			$ (51,884)
Share repurchase to settle shareholder tax obligations, shares			(143,390)
Share repurchase to settle shareholder tax obligations	(4,688)		$ (2)		(4,686)
Net income (loss)	90,603					90,603
Other comprehensive income (loss)	(21,943)						(21,943)
Common shares dividend declared	(38,064)					(38,064)
Preferred shares dividend declared	(4,420)					(4,420)
Ending balance, shares at Sep. 30, 2019		9,200,000	80,973,339	8,442,311
Ending balance at Sep. 30, 2019	2,307,979	$ 230,000	$ 810	$ (267,233)	907,022	1,493,765	(56,385)	0
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
Other comprehensive income (loss)	(118,991)						(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
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]
Treasury shares acquired, shares				3,773,252
Ending balance, shares at Sep. 30, 2020		22,200,000	81,151,723	12,544,597
Ending balance at Sep. 30, 2020	2,518,889	$ 555,000	$ 812	$ (385,696)	903,346	1,597,928	(152,501)	0
Beginning balance, shares at Mar. 31, 2020		22,200,000	81,110,868	10,136,965
Beginning balance at Mar. 31, 2020	2,550,250	$ 555,000	$ 811	$ (315,998)	897,002	1,564,059	(150,624)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses, shares		0
Issuance of preferred shares, net of offering expenses	31	$ 0			31
Share-based compensation, shares			38,592
Share-based compensation	4,256				4,256
Treasury shares acquired, shares				2,050,924
Treasury shares acquired	(58,906)			$ (58,906)
Net income (loss)	70,588					70,588
Other comprehensive income (loss)	(10,373)						(10,373)
Common shares dividend declared	(36,383)					(36,383)
Preferred shares dividend declared	(10,513)					(10,513)
Ending balance, shares at Jun. 30, 2020		22,200,000	81,149,460	12,187,889
Ending balance at Jun. 30, 2020	2,508,950	$ 555,000	$ 811	$ (374,904)	901,289	1,587,751	(160,997)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses	0
Share-based compensation, shares			2,263
Share-based compensation	2,058		$ 1		2,057
Treasury shares acquired, shares				356,708
Treasury shares acquired	(10,792)			$ (10,792)
Net income (loss)	56,458		56,458
Other comprehensive income (loss)	8,496						8,496
Common shares dividend declared	(35,769)		(35,769)
Preferred shares dividend declared	(10,512)		$ (10,512)
Ending balance, shares at Sep. 30, 2020		22,200,000	81,151,723	12,544,597
Ending balance at Sep. 30, 2020	$ 2,518,889	$ 555,000	$ 812	$ (385,696)	$ 903,346	$ 1,597,928	$ (152,501)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ 204,082	$ 269,510
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	402,235	403,324
Amortization of deferred debt cost and other debt related amortization	10,789	9,718
Lease related amortization	18,358	32,317
Share-based compensation expense	7,919	7,238
Net (gain) loss on sale of leasing equipment	(19,351)	(22,184)
Unrealized (gain) loss on derivative instruments	286	2,757
Debt termination expense	24,376	2,428
Deferred income taxes	28,441	18,885
Changes in operating assets and liabilities:
Accounts receivable	(7,325)	22,006
Accounts payable and other accrued expenses	(8,832)	(7,202)
Net equipment sold (purchased) for resale activity	5,185	(1,798)
Cash collections on finance lease receivables, net of income earned	60,913	53,706
Other assets	(44,735)	(11,198)
Net cash provided by (used in) operating activities	682,341	779,507
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(354,425)	(160,518)
Proceeds from sale of equipment, net of selling costs	182,819	163,033
Other	(183)	(245)
Net cash provided by (used in) investing activities	(171,789)	2,270
Cash flows from financing activities:
Issuance of preferred shares, net of underwriting discount	145,275	221,790
Purchases of treasury shares	(107,186)	(209,592)
Redemption of common shares for withholding taxes	(2,156)	(5,666)
Debt issuance costs	(22,588)	(8,709)
Borrowings under debt facilities	3,297,445	1,417,200
Payments under debt facilities and finance lease obligations	(3,514,140)	(1,970,334)
Dividends paid on preferred shares	(30,420)	(6,253)
Dividends paid on common shares	(108,421)	(116,519)
Distributions to noncontrolling interests	0	2,078
Purchase of noncontrolling interests	0	(103,039)
Other	(590)	0
Net cash provided by (used in) financing activities	(342,781)	(783,200)
Net increase (decrease) in cash, cash equivalents and restricted cash	167,771	(1,423)
Cash, cash equivalents and restricted cash, beginning of period	168,972	159,539
Cash, cash equivalents and restricted cash, end of period	336,743	158,116
Supplemental non-cash investing activities:
Interest paid	181,576	224,033
Income taxes paid (refunded)	440	2,504
Right-of-use asset for leased property	196	7,206
Equipment purchases payable	$ 96,798	$ 34,922

Description of the Business, Ba

Description of the Business, Basis of Presentation and Accounting Policy Updates	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business, Basis of Presentation and Accounting Policy Updates	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 September 30, 2020; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three and nine months ended September 30, 2020 and 2019, and the consolidated statements of cash flows for the nine months ended September 30, 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 and nine months ended September 30, 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 nine months ended September 30, 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 sales of equipment. 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. Accounting Policy Update Allowance for Doubtful Accounts-Net investment in finance leases and accounts receivable for sales of equipment Upon adoption of Topic 326, the Company measures expected credit loss on net investment in finance leases and accounts receivable for sales of equipment by evaluating the overall credit quality of its customers. Expected credit losses for these financial assets are estimated using historical experience which includes economic cycles, customer payment history, management's assessment of the customer's financial condition, and consideration of current conditions and reasonable forecasts.

Equipment Held for Sale

Equipment Held for Sale	9 Months Ended
	Sep. 30, 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): September 30, 2020 December 31, 2019 Equipment held for sale $ 9,408 $ 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Impairment (loss) reversal on equipment held for sale $ (766) $ (1,364) $ (3,309) $ (4,095) Gain (loss) on sale of equipment, net of selling costs 11,503 7,560 22,660 26,279 Net gain on sale of leasing equipment $ 10,737 $ 6,196 $ 19,351 $ 22,184

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 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 September 30, 2020 (in thousands): Years ending December 31, Total Intangible Assets 2020 $ 5,227 2021 $ 16,549 2022 $ 10,497 2023 $ 4,657 2024 $ 1,962 2025 and thereafter $ — Total $ 38,892 Amortization expense related to intangible assets was $5.4 million and $17.3 million for the three and nine months ended September 30, 2020, respectively, and $8.8 million and $30.2 million for the three and nine months ended September 30, 2019, respectively.

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 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 $2.1 million and $7.9 million for the three and nine months ended September 30, 2020, respectively, and $1.8 million and $7.2 million for the three and nine months ended September 30, 2019, respectively. Share-based compensation expense includes charges for performance-based shares that are deemed probable to vest. As of September 30, 2020, the total unrecognized compensation expense related to non-vested restricted shares was approximately $9.8 million, which is expected to be recognized on a monthly basis through 2023. During the nine months ended September 30, 2020, the Company issued 185,820 restricted shares, and canceled 53,609 vested shares to settle payroll taxes on behalf of employees. Additional shares may be accrued and issued based upon the

Other Equity Matters

Other Equity Matters	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Other Equity Matters	Other Equity Matters Share Repurchase Program On April 21, 2020, the Company's Board of Directors increased the share repurchase authorization to $200.0 million. 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 nine months ended September 30, 2020, the Company repurchased a total of 3,773,252 common shares at an average price per-share of $28.39 for a total of $107.2 million. As of September 30, 2020, $153.2 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. The Company may also redeem each Series of preferred shares prior to the lapse of the five year period upon the occurrence of certain events as described in each agreement, such as transactions that either transfer ownership of substantially all assets to a single entity or establish a majority voting interest by a single entity, and cause a downgrade or withdrawal of rating by the rating agency within 60 days of the event. 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. 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 nine months ended September 30, 2020 and 2019 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 Aggregate Payment Per Share Aggregate Payment Per Share Aggregate Payment Per Share September 8, 2020 September 15, 2020 $1.8 $0.53125 $2.9 $0.50 $3.2 $0.46094 $2.6 $0.42969 June 8, 2020 June 15, 2020 $1.8 $0.53125 $2.9 $0.50 $3.2 $0.46094 $2.6 $0.42969 March 9, 2020 March 16, 2020 $1.8 $0.53125 $2.9 $0.50 $3.2 $0.46094 $1.5 $0.24 September 9, 2019 September 16, 2019 $1.8 $0.53125 $2.6 $0.45 n/a n/a n/a n/a June 10, 2019 June 17, 2019 $1.8 $0.53125 n/a n/a n/a n/a n/a n/a As of September 30, 2020, the Company had cumulative unpaid preferred dividends of $1.8 million. Common Share Dividends The Company paid the following quarterly dividends during the nine months ended September 30, 2020 and 2019 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share Payment September 10, 2020 September 24, 2020 $35.5 Million $0.52 June 11, 2020 June 25, 2020 $35.8 Million $0.52 March 13, 2020 March 27, 2020 $37.1 Million $0.52 September 5, 2019 September 26, 2019 $37.6 Million $0.52 June 6, 2019 June 27, 2019 $38.6 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 nine months ended September 30, 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) Change in derivative instruments designated as cash flow hedges (1) (16,112) — (16,112) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 5,854 — 5,854 Foreign currency translation adjustment — (115) (115) Balance as of June 30, 2020 $ (156,083) $ (4,914) $ (160,997) Change in derivative instruments designated as cash flow hedges (1) 969 — 969 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,351 — 7,351 Foreign currency translation adjustment — 176 176 Balance as of September 30, 2020 $ (147,763) $ (4,738) $ (152,501) 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) Change in derivative instruments designated as cash flow hedges (1) (31,517) — (31,517) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,716) — (1,716) Foreign currency translation adjustment — (175) (175) Balance as of June 30, 2019 $ (29,830) $ (4,612) $ (34,442) Change in derivative instruments designated as cash flow hedges (1) (20,784) — (20,784) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,020) — (1,020) Foreign currency translation adjustment — (139) (139) Balance as of September 30, 2019 $ (51,634) $ (4,751) $ (56,385) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statement of Operations

Leases

Leases	9 Months Ended
	Sep. 30, 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 September 30, 2020, the weighted average implicit rate was 4.04% and the weighted average remaining lease term was 2.7 years. The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption September 30, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,756 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,861 $ 8,940 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2020 2019 2020 2019 Operating lease cost (1) Administrative expenses $ 754 $ 764 $ 2,260 $ 2,265 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $2.4 million for both the nine months ended September 30, 2020 and September 30, 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 September 30, 2020 (in thousands): Years ending December 31, 2020 $ 771 2021 2,756 2022 2,288 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 7,261 Less: imputed interest (400) Total present value of lease liability $ 6,861 Lessor The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 371,985 $ 476,443 Estimated residual receivable (2) 59,148 102,238 Gross finance lease receivables (3) 431,133 578,681 Unearned income (4) (134,370) (165,339) Net investment in finance leases (5) $ 296,763 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. (2) The Company's finance leases generally include a purchase option that is reasonably certain to be exercised, 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 September 30, 2020 and December 31, 2019. (5) As of September 30, 2020, two major customers represented 73% and 10% 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 September 30, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 24,530 2021 76,203 2022 51,513 2023 45,149 2024 44,840 2025 and thereafter 188,898 Total $ 431,133 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 includes 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 September 30, 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 September 30, 2020, the weighted average implicit rate was 4.04% and the weighted average remaining lease term was 2.7 years. The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption September 30, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,756 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,861 $ 8,940 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2020 2019 2020 2019 Operating lease cost (1) Administrative expenses $ 754 $ 764 $ 2,260 $ 2,265 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $2.4 million for both the nine months ended September 30, 2020 and September 30, 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 September 30, 2020 (in thousands): Years ending December 31, 2020 $ 771 2021 2,756 2022 2,288 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 7,261 Less: imputed interest (400) Total present value of lease liability $ 6,861 Lessor The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 371,985 $ 476,443 Estimated residual receivable (2) 59,148 102,238 Gross finance lease receivables (3) 431,133 578,681 Unearned income (4) (134,370) (165,339) Net investment in finance leases (5) $ 296,763 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. (2) The Company's finance leases generally include a purchase option that is reasonably certain to be exercised, 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 September 30, 2020 and December 31, 2019. (5) As of September 30, 2020, two major customers represented 73% and 10% 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 September 30, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 24,530 2021 76,203 2022 51,513 2023 45,149 2024 44,840 2025 and thereafter 188,898 Total $ 431,133 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 includes 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 September 30, 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 September 30, 2020, the weighted average implicit rate was 4.04% and the weighted average remaining lease term was 2.7 years. The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption September 30, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,756 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,861 $ 8,940 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2020 2019 2020 2019 Operating lease cost (1) Administrative expenses $ 754 $ 764 $ 2,260 $ 2,265 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities under operating cash flows was $2.4 million for both the nine months ended September 30, 2020 and September 30, 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 September 30, 2020 (in thousands): Years ending December 31, 2020 $ 771 2021 2,756 2022 2,288 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 7,261 Less: imputed interest (400) Total present value of lease liability $ 6,861 Lessor The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 371,985 $ 476,443 Estimated residual receivable (2) 59,148 102,238 Gross finance lease receivables (3) 431,133 578,681 Unearned income (4) (134,370) (165,339) Net investment in finance leases (5) $ 296,763 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. (2) The Company's finance leases generally include a purchase option that is reasonably certain to be exercised, 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 September 30, 2020 and December 31, 2019. (5) As of September 30, 2020, two major customers represented 73% and 10% 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 September 30, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 24,530 2021 76,203 2022 51,513 2023 45,149 2024 44,840 2025 and thereafter 188,898 Total $ 431,133 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 includes 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 September 30, 2020, the Company does not have an allowance on its gross finance lease receivables and does not have any past due balances.

Debt

Debt	9 Months Ended
	Sep. 30, 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) September 30, 2020 December 31, 2019 From To Institutional notes 4.57% Jun 2021 Jun 2029 $ 1,694,171 $ 1,957,557 Asset-backed securitization term notes 2.07% Aug 2023 May 2030 2,986,912 2,719,206 Term loan facility 1.65% Nov 2023 Nov 2023 860,000 1,200,375 Asset-backed securitization warehouse 1.91% Dec 2025 Dec 2025 195,000 370,000 Revolving credit facilities 1.75% Sep 2023 Jul 2024 716,000 410,000 Finance lease obligations 4.93% Feb 2024 Feb 2024 17,852 27,024 Total debt outstanding 6,469,935 6,684,162 Unamortized debt costs (41,741) (39,781) Unamortized debt premiums & discounts (630) (4,065) Unamortized fair value debt adjustment 1,870 (8,791) Debt, net of unamortized costs $ 6,429,434 $ 6,631,525 (1) Data as of September 30, 2020. The fair value of total debt outstanding was $6,563.3 million and $6,747.8 million as of September 30, 2020 and December 31, 2019, respectively, and was measured using Level 2 inputs. As of September 30, 2020, the maximum borrowing levels for the Asset-backed Securitization ("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 September 30, 2020, the availability under these credit facilities without adding additional container assets to the borrowing base was approximately $724.1 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 September 30, 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 September 30, 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 $4,023,149 3.19% Jun 2021 May 2030 4.3 years Floating-rate debt $2,446,786 1.72% Aug 2023 Dec 2025 3.1 years Including impact of derivative instruments: Fixed-rate debt $4,023,149 3.19% Hedged floating-rate debt 1,805,599 3.56% Total fixed and hedged debt 5,828,748 3.31% Unhedged floating-rate debt 641,187 1.72% Total $6,469,935 3.15% On January 31, 2020, the Company paid $7.5 million to exercise the early purchase option on a finance lease obligation. On September 21, 2020, the Company extinguished a term loan and paid the outstanding balance of $264.9 million. As a result, the Company wrote off $0.3 million of debt related costs. In the third quarter of 2020, the Company completed offerings of the following Class A and Class B fixed-rate ABS notes: Date Total Offering Contractual Weighted Avg Interest Rate Expected Maturity August 26, 2020 $312.9 Million 2.17% Feb 2028 September 21, 2020 $1,365.8 Million 2.19% May 2030 September 21, 2020 $634.4 Million 2.13% May 2029 Concurrently with the issuance of the notes described above, the Company used most of the proceeds from these issuances to call three existing ABS notes that had an outstanding principal amount of $1,783.1 million. As a result of this prepayment, the Company paid a prepayment penalty of $1.8 million and wrote off $22.3 million of debt related costs. 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 ABS facilities, indirect wholly-owned subsidiaries of the Company issue ABS 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 Facility The term loan facility amortizes in quarterly installments. This facility provides 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, an indirect wholly-owned subsidiary of the Company issues ABS notes. This subsidiary is 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 five

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 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. During the nine months ended September 30, 2020, the Company entered into an interest rate swap contract with an effective date of April 20, 2020 and a scheduled maturity date of April 20, 2024. This contract is indexed to 1 month LIBOR, has a fixed leg interest rate of 0.35%, and has a notional amount of $125.0 million. As of September 30, 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) $1,805.6 Million 2.00% n/a 5.1 years Interest Rate Cap $200.0 Million n/a 5.5% 1.3 years (1) The impact of forward starting swaps with total notional amount of $350.0 million will increase the weighted average remaining term to 6.1 years. Over the next twelve months, we expect to reclassify unrealized losses of $30.5 million to income of pre-tax amounts from accumulated other comprehensive income (loss) related to interest rate swap and cap agreements. 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 Nine Months Ended Derivative Instrument Financial statement caption 2020 2019 2020 2019 Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ — $ (539) $ (224) $ (1,912) Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net $ — $ 504 $ 286 $ 2,757 Designated derivative instruments Interest and debt (income) expense $ 7,834 $ (1,530) $ 15,282 $ (6,192) Designated derivative instruments Comprehensive (income) loss $ (852) $ 22,930 $ 146,386 $ 74,727 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. Substantially all of the Company's debt agreements already include transition language, and the Company also adopted various practical expedients which will facilitate the transition.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Sep. 30, 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 September 30, 2020 2019 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 325,279 $ 2,478 $ 327,757 $ 336,088 $ 580 $ 336,668 Trading margin — 3,869 3,869 — 4,150 4,150 Net gain on sale of leasing equipment 10,737 — 10,737 6,196 — 6,196 Depreciation and amortization expense 136,058 190 136,248 133,194 173 133,367 Interest and debt expense 62,138 638 62,776 77,058 343 77,401 Realized (gain) loss on derivative instruments, net — — — (536) (3) (539) Income (loss) before income taxes (1) 91,986 4,642 96,628 94,394 3,428 97,822 Purchases of leasing equipment and investments in finance leases (2) $ 134,637 $ — $ 134,637 $ 10,532 $ — $ 10,532 Nine Months Ended September 30, 2020 2019 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 965,936 $ 4,686 $ 970,622 $ 1,014,055 $ 2,038 $ 1,016,093 Trading margin — 7,822 7,822 — 12,233 12,233 Net gain on sale of leasing equipment 19,351 — 19,351 22,184 — 22,184 Depreciation and amortization expense 401,692 543 402,235 402,797 527 403,324 Interest and debt expense 197,320 1,332 198,652 242,115 1,066 243,181 Realized (gain) loss on derivative instruments, net (223) (1) (224) (1,905) (7) (1,912) Income (loss) before income taxes (1) 248,346 8,468 256,814 285,154 10,278 295,432 Purchases of leasing equipment and investments in finance leases (2) $ 354,425 $ — $ 354,425 $ 160,518 $ — $ 160,518 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded an unrealized loss on derivative instruments of $0.3 million for the nine months ended September 30, 2020, and an unrealized loss on derivative instruments of $0.5 million and $2.8 million for the three and nine months ended September 30, 2019, respectively. The Company recorded debt termination expense of $24.3 million and $24.4 million for the three and nine months ended September 30, 2020 and $1.9 million and $2.4 million for the three and nine months ended September 30, 2019, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2020 December 31, 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 75,266 $ 29,657 $ 104,923 $ 89,755 $ 24,749 $ 114,504 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 9,516,904 $ 107,771 $ 9,624,675 $ 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 and nine months ended September 30, 2020 and 2019 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total equipment leasing revenues: Asia $ 115,084 $ 133,787 $ 353,464 $ 405,592 Europe 175,629 164,197 503,106 490,190 Americas 25,055 28,701 81,668 90,391 Bermuda 450 515 1,331 1,732 Other International 11,539 9,468 31,053 28,188 Total $ 327,757 $ 336,668 $ 970,622 $ 1,016,093 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 and nine months ended September 30, 2020 and 2019 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total equipment trading revenues: Asia $ 7,546 $ 4,814 $ 12,232 $ 11,799 Europe 6,329 9,756 16,542 22,187 Americas 8,316 8,827 21,755 24,880 Bermuda — — — — Other International 3,903 2,399 7,848 7,967 Total $ 26,094 $ 25,796 $ 58,377 $ 66,833

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments At September 30, 2020, the Company had commitments to purchase equipment in the amount of $552.8 million payable in 2020 and 2021. 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	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rates were 21.9% and 5.1% for the three months ended September 30, 2020 and 2019, respectively, and 12.1% and 7.1% for the nine months ended September 30, 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 increase in effective tax rates in 2020 was primarily due to an $8.6 million tax expense related to a U.S. entity to foreign entity intra-company asset sale that occurred during the three and nine months ended September 30, 2020.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 and $1.4 million for both the three and nine months ended September 30, 2020 and September 30, 2019. The Company has a direct finance lease balance with TriStar of $10.7 million for both September 30, 2020 and December 31, 2019.

Non-Controlling Interest

Non-Controlling Interest	9 Months Ended
	Sep. 30, 2020
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Noncontrolling InterestDuring 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	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 21, 2020, the Company's Board of Directors approved and declared a quarterly cash dividend of $0.57 per share on its issued and outstanding common shares, payable on December 23, 2020 to holders of record at the close of business on December 10, 2020. On October 21, 2020, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2020 to holders of record at the close of business on December 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, _2

Description of the Business, Basis of Presentation and Accounting Policy Updates (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2020; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three and nine months ended September 30, 2020 and 2019, and the consolidated statements of cash flows for the nine months ended September 30, 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 and nine months ended September 30, 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 EstimatesThe 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 nine months ended September 30, 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 sales of equipment. 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. Accounting Policy Update Allowance for Doubtful Accounts-Net investment in finance leases and accounts receivable for sales of equipment Upon adoption of Topic 326, the Company measures expected credit loss on net investment in finance leases and accounts receivable for sales of equipment by evaluating the overall credit quality of its customers. Expected credit losses for these financial assets are estimated using historical experience which includes economic cycles, customer payment history, management's assessment of the customer's financial condition, and consideration of current conditions and reasonable forecasts.

Equipment Held for Sale (Tables

Equipment Held for Sale (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2020 December 31, 2019 Equipment held for sale $ 9,408 $ 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 September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Impairment (loss) reversal on equipment held for sale $ (766) $ (1,364) $ (3,309) $ (4,095) Gain (loss) on sale of equipment, net of selling costs 11,503 7,560 22,660 26,279 Net gain on sale of leasing equipment $ 10,737 $ 6,196 $ 19,351 $ 22,184

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 (in thousands): Years ending December 31, Total Intangible Assets 2020 $ 5,227 2021 $ 16,549 2022 $ 10,497 2023 $ 4,657 2024 $ 1,962 2025 and thereafter $ — Total $ 38,892

Other Equity Matters (Table)

Other Equity Matters (Table)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2020 and 2019 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share Payment September 10, 2020 September 24, 2020 $35.5 Million $0.52 June 11, 2020 June 25, 2020 $35.8 Million $0.52 March 13, 2020 March 27, 2020 $37.1 Million $0.52 September 5, 2019 September 26, 2019 $37.6 Million $0.52 June 6, 2019 June 27, 2019 $38.6 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 nine months ended September 30, 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) Change in derivative instruments designated as cash flow hedges (1) (16,112) — (16,112) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 5,854 — 5,854 Foreign currency translation adjustment — (115) (115) Balance as of June 30, 2020 $ (156,083) $ (4,914) $ (160,997) Change in derivative instruments designated as cash flow hedges (1) 969 — 969 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,351 — 7,351 Foreign currency translation adjustment — 176 176 Balance as of September 30, 2020 $ (147,763) $ (4,738) $ (152,501) 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) Change in derivative instruments designated as cash flow hedges (1) (31,517) — (31,517) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,716) — (1,716) Foreign currency translation adjustment — (175) (175) Balance as of June 30, 2019 $ (29,830) $ (4,612) $ (34,442) Change in derivative instruments designated as cash flow hedges (1) (20,784) — (20,784) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,020) — (1,020) Foreign currency translation adjustment — (139) (139) Balance as of September 30, 2019 $ (51,634) $ (4,751) $ (56,385) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statement of Operations

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,756 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,861 $ 8,940 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2020 2019 2020 2019 Operating lease cost (1) Administrative expenses $ 754 $ 764 $ 2,260 $ 2,265 (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 September 30, 2020 (in thousands): Years ending December 31, 2020 $ 771 2021 2,756 2022 2,288 2023 1,379 2024 67 2025 and thereafter — Total undiscounted future cash flows related to lease payments $ 7,261 Less: imputed interest (400) Total present value of lease liability $ 6,861
Schedule of Components of Leveraged Lease Investments	The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 371,985 $ 476,443 Estimated residual receivable (2) 59,148 102,238 Gross finance lease receivables (3) 431,133 578,681 Unearned income (4) (134,370) (165,339) Net investment in finance leases (5) $ 296,763 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. (2) The Company's finance leases generally include a purchase option that is reasonably certain to be exercised, 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 September 30, 2020 and December 31, 2019. (5) As of September 30, 2020, two major customers represented 73% and 10% 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	Maturities of the Company's gross finance lease receivables subsequent to September 30, 2020 are as follows (in thousands): Years ending December 31, 2020 $ 24,530 2021 76,203 2022 51,513 2023 45,149 2024 44,840 2025 and thereafter 188,898 Total $ 431,133

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 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) September 30, 2020 December 31, 2019 From To Institutional notes 4.57% Jun 2021 Jun 2029 $ 1,694,171 $ 1,957,557 Asset-backed securitization term notes 2.07% Aug 2023 May 2030 2,986,912 2,719,206 Term loan facility 1.65% Nov 2023 Nov 2023 860,000 1,200,375 Asset-backed securitization warehouse 1.91% Dec 2025 Dec 2025 195,000 370,000 Revolving credit facilities 1.75% Sep 2023 Jul 2024 716,000 410,000 Finance lease obligations 4.93% Feb 2024 Feb 2024 17,852 27,024 Total debt outstanding 6,469,935 6,684,162 Unamortized debt costs (41,741) (39,781) Unamortized debt premiums & discounts (630) (4,065) Unamortized fair value debt adjustment 1,870 (8,791) Debt, net of unamortized costs $ 6,429,434 $ 6,631,525 (1) Data as of September 30, 2020. Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $4,023,149 3.19% Jun 2021 May 2030 4.3 years Floating-rate debt $2,446,786 1.72% Aug 2023 Dec 2025 3.1 years Including impact of derivative instruments: Fixed-rate debt $4,023,149 3.19% Hedged floating-rate debt 1,805,599 3.56% Total fixed and hedged debt 5,828,748 3.31% Unhedged floating-rate debt 641,187 1.72% Total $6,469,935 3.15%
Schedule of debt offerings	In the third quarter of 2020, the Company completed offerings of the following Class A and Class B fixed-rate ABS notes: Date Total Offering Contractual Weighted Avg Interest Rate Expected Maturity August 26, 2020 $312.9 Million 2.17% Feb 2028 September 21, 2020 $1,365.8 Million 2.19% May 2030 September 21, 2020 $634.4 Million 2.13% May 2029

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	As of September 30, 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) $1,805.6 Million 2.00% n/a 5.1 years Interest Rate Cap $200.0 Million n/a 5.5% 1.3 years (1) The impact of forward starting swaps with total notional amount of $350.0 million will increase the weighted average remaining term to 6.1 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 Nine Months Ended Derivative Instrument Financial statement caption 2020 2019 2020 2019 Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ — $ (539) $ (224) $ (1,912) Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net $ — $ 504 $ 286 $ 2,757 Designated derivative instruments Interest and debt (income) expense $ 7,834 $ (1,530) $ 15,282 $ (6,192) Designated derivative instruments Comprehensive (income) loss $ (852) $ 22,930 $ 146,386 $ 74,727

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2020 2019 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 325,279 $ 2,478 $ 327,757 $ 336,088 $ 580 $ 336,668 Trading margin — 3,869 3,869 — 4,150 4,150 Net gain on sale of leasing equipment 10,737 — 10,737 6,196 — 6,196 Depreciation and amortization expense 136,058 190 136,248 133,194 173 133,367 Interest and debt expense 62,138 638 62,776 77,058 343 77,401 Realized (gain) loss on derivative instruments, net — — — (536) (3) (539) Income (loss) before income taxes (1) 91,986 4,642 96,628 94,394 3,428 97,822 Purchases of leasing equipment and investments in finance leases (2) $ 134,637 $ — $ 134,637 $ 10,532 $ — $ 10,532 Nine Months Ended September 30, 2020 2019 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 965,936 $ 4,686 $ 970,622 $ 1,014,055 $ 2,038 $ 1,016,093 Trading margin — 7,822 7,822 — 12,233 12,233 Net gain on sale of leasing equipment 19,351 — 19,351 22,184 — 22,184 Depreciation and amortization expense 401,692 543 402,235 402,797 527 403,324 Interest and debt expense 197,320 1,332 198,652 242,115 1,066 243,181 Realized (gain) loss on derivative instruments, net (223) (1) (224) (1,905) (7) (1,912) Income (loss) before income taxes (1) 248,346 8,468 256,814 285,154 10,278 295,432 Purchases of leasing equipment and investments in finance leases (2) $ 354,425 $ — $ 354,425 $ 160,518 $ — $ 160,518 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded an unrealized loss on derivative instruments of $0.3 million for the nine months ended September 30, 2020, and an unrealized loss on derivative instruments of $0.5 million and $2.8 million for the three and nine months ended September 30, 2019, respectively. The Company recorded debt termination expense of $24.3 million and $24.4 million for the three and nine months ended September 30, 2020 and $1.9 million and $2.4 million for the three and nine months ended September 30, 2019, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2020 December 31, 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 75,266 $ 29,657 $ 104,923 $ 89,755 $ 24,749 $ 114,504 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 9,516,904 $ 107,771 $ 9,624,675 $ 9,596,263 $ 46,370 $ 9,642,633
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of equipment leasing revenues for the three and nine months ended September 30, 2020 and 2019 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total equipment leasing revenues: Asia $ 115,084 $ 133,787 $ 353,464 $ 405,592 Europe 175,629 164,197 503,106 490,190 Americas 25,055 28,701 81,668 90,391 Bermuda 450 515 1,331 1,732 Other International 11,539 9,468 31,053 28,188 Total $ 327,757 $ 336,668 $ 970,622 $ 1,016,093 The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2020 and 2019 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total equipment trading revenues: Asia $ 7,546 $ 4,814 $ 12,232 $ 11,799 Europe 6,329 9,756 16,542 22,187 Americas 8,316 8,827 21,755 24,880 Bermuda — — — — Other International 3,903 2,399 7,848 7,967 Total $ 26,094 $ 25,796 $ 58,377 $ 66,833

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Dividends	On October 21, 2020, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2020 to holders of record at the close of business on December 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, _3

Description of the Business, Basis of Presentation and Accounting Policy Updates - Concentration of Credit Risk (Details) - Operating and Capital Leases Billing - Credit Concentration Risk	9 Months Ended
	Sep. 30, 2020
CMA CGM S.A
Concentration Risk [Line Items]
Concentration Risk, Percentage	21.00%
Mediterranean Shipping Company
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%

Equipment Held for Sale - Fair

Equipment Held for Sale - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Fair Value
Net gain on sale of leasing equipment	$ 10,737	$ 6,196	$ 19,351	$ 22,184
Equipment, net of selling costs
Fair Value
Net gain on sale of leasing equipment	11,503	7,560	22,660	26,279
Equipment held for sale
Fair Value
Net gain on sale of leasing equipment	(766)	$ (1,364)	(3,309)	$ (4,095)
Carrying value containers impaired to fair value | Level 2
Fair Value
Equipment held for sale	$ 9,408		$ 9,408		$ 11,797

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 5,400	$ 8,800	$ 17,300	$ 30,200
Above Market Lease Intangibles [Domain]
Finite-Lived Intangible Assets [Line Items]
2020	5,227		5,227
2021	16,549		16,549
2022	10,497		10,497
2023	4,657		4,657
2024	1,962		1,962
2025 and thereafter	0		0
Total	$ 38,892		$ 38,892

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock based compensation plans
Share-based Payment Arrangement, Noncash Expense	$ 2.1	$ 1.8	$ 7.9	$ 7.2
Employee Service Share-based Compensation Not yet Recognized	$ 9.8		$ 9.8
Employees | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			185,820
Shares withheld for tax withholding obligation			53,609
Employees, Non-Directors | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			41,235

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 10, 2020	Sep. 08, 2020	Jun. 11, 2020	Jun. 08, 2020	Mar. 12, 2020	Mar. 09, 2020	Sep. 09, 2019	Sep. 05, 2019	Jun. 10, 2019	Jun. 06, 2019	Mar. 12, 2019	Jan. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Apr. 21, 2020
Class of Stock [Line Items]
Stock Repurchase Program, Authorized Amount																					$ 200
Treasury Stock, Value, Acquired, Including Commissions																			$ 107.2
Preferred Stock, Redemption Price Per Share													$ 25						$ 25
Dividends	$ 35.5		$ 35.8		$ 37.1			$ 37.6		$ 38.6	$ 40.4
Cash dividends paid per share	$ 0.52		$ 0.52		$ 0.52			$ 0.52		$ 0.52	$ 0.52		$ 0.52			$ 0.52			1.56	$ 1.56
Common Shares
Class of Stock [Line Items]
Treasury Stock Acquired, Average Cost Per Share																			$ 28.39
Stock Repurchase Program, Remaining Authorized Repurchase Amount													$ 153.2						$ 153.2
Preferred Shares
Class of Stock [Line Items]
Cumulative unpaid preferred dividends													$ 1.8						$ 1.8
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Dividends		$ 1.8		$ 1.8		$ 1.8	$ 1.8		$ 1.8
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0.53125		$ 0.53125		$ 0.53125	$ 0.53125		$ 0.53125
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Dividends		$ 2.9		$ 2.9		$ 2.9	$ 2.6
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0.50		$ 0.50		$ 0.50	$ 0.45
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Dividends		$ 3.2		$ 3.2		$ 3.2
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0.46094		$ 0.46094		$ 0.46094
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants												$ 145.3
Preferred Units, Offering Costs												$ 4.7
Dividends		$ 2.6		$ 2.6		$ 1.5
Preferred Stock, Dividends, Per Share, Cash Paid		$ 0.42969		$ 0.42969		$ 0.24
Treasury Shares
Class of Stock [Line Items]
Treasury shares acquired, shares													356,708	2,050,924	1,365,620	1,604,803	2,347,826	2,636,534	3,773,252

Other Equity Matters - Preferre

Other Equity Matters - Preferred Share (Details) - USD ($)	Sep. 30, 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 - Componen

Other Equity Matters - Components Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	$ (152,501)						$ (152,501)		$ (31,633)
Change in derivative instruments designated as cash flow hedges	969			$ (20,784)			(135,283)	$ (66,624)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,351			(1,020)			14,616	(4,485)
Foreign currency translation adjustment	176			(139)			(201)	(271)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(147,763)	$ (156,083)	$ (145,825)	(51,634)	$ (29,830)	$ 3,403	(147,763)	(51,634)	(27,096)		$ 19,043
Change in derivative instruments designated as cash flow hedges	969	(16,112)	(120,140)	(20,784)	(31,517)	(14,323)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,351	5,854	1,411	(1,020)	(1,716)	(1,749)
Foreign currency translation adjustment	0	0	0	0	0	0
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(4,738)	(4,914)	(4,799)	(4,751)	(4,612)	(4,437)	(4,738)	(4,751)	(4,537)		(4,480)
Change in derivative instruments designated as cash flow hedges	0	0	0	0	0	0
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	0	0	0	0	0	0
Foreign currency translation adjustment	176	(115)	(262)	(139)	(175)	43
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Accumulated other comprehensive income (loss)	(152,501)	(160,997)	(150,624)	(56,385)	(34,442)	(1,034)	$ (152,501)	$ (56,385)	$ (31,633)		$ 14,563
Change in derivative instruments designated as cash flow hedges	969	(16,112)	(120,140)	(20,784)	(31,517)	(14,323)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,351	5,854	1,411	(1,020)	(1,716)	(1,749)
Foreign currency translation adjustment	$ 176	$ (115)	$ (262)	$ (139)	$ (175)	$ 43
Accounting Standards Update 2017-12 | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption										$ 432
Accounting Standards Update 2017-12 | Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption										0
Accounting Standards Update 2017-12 | Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Cumulative effect in period of adoption										$ 432

Leases (Details)

Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	4.04%
Lessee, operating lease, remaining term of contract	2 years 8 months 12 days
Operating lease, payments	$ 2.4	$ 2.4

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability - operating	$ 6,861		$ 6,861
Administrative expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease cost	754	$ 764	2,260	$ 2,265
Other assets
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset - operating	5,756		5,756		$ 7,616
Accounts payable and other accrued expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease liability - operating	$ 6,861		$ 6,861		$ 8,940

Leases - Operating Leases Lesse

Leases - Operating Leases Lessee Maturities (Details) $ in Thousands	Sep. 30, 2020USD ($)
Leases [Abstract]
2020	$ 771
2021	2,756
2022	2,288
2023	1,379
2024	67
2025 and thereafter	0
Total undiscounted future cash flows related to lease payments	7,261
Less: imputed interest	(400)
Lease liability - operating	$ 6,861

Leases - Net Investment in Fina

Leases - Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Future minimum lease payment receivable	$ 371,985	$ 476,443
Estimated residual receivable	59,148	102,238
Gross finance lease receivables(3)	431,133	578,681
Unearned income	(134,370)	(165,339)
Net investment in finance leases	$ 296,763	$ 413,342
Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	73.00%	55.00%
Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	10.00%	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	Sep. 30, 2020USD ($)
Leases [Abstract]
2020	$ 24,530
2021	76,203
2022	51,513
2023	45,149
2024	44,840
2025 and thereafter	188,898
Total	$ 431,133

Debt - Key Term and Carrying Va

Debt - Key Term and Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt outstanding	$ 6,469,935	$ 6,684,162
Deferred financing costs	41,741	39,781
Unamortized purchase price debt adjustments	630	4,065
Unamortized debt premiums & discounts	(1,870)	8,791
Debt, net of unamortized debt costs	$ 6,429,434	6,631,525
Institutional notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	4.57%
Debt outstanding	$ 1,694,171	1,957,557
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	2.07%
Debt outstanding	$ 2,986,912	2,719,206
Term loan facility
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.65%
Debt outstanding	$ 860,000	1,200,375
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.91%
Debt outstanding	$ 195,000	370,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.75%
Debt outstanding	$ 716,000	410,000
Capital lease obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	4.93%
Debt outstanding	$ 17,852	27,024
Level 2
Debt Instrument [Line Items]
Debt outstanding	$ 6,563,300	$ 6,747,800

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020USD ($)
Excluding Impact | Variable Rate Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 2,446,786
Debt, Percentage Interest Rate Remaining Term	3 years 1 month 6 days
Excluding Impact | Fixed Rate Debt
Debt Instrument [Line Items]
Debt, Percentage Interest Rate Remaining Term	4 years 3 months 18 days
Including Impact
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 6,469,935
Contractual Weighted Avg Interest Rate	3.15%
Including Impact | Variable Rate Debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate	1.72%
Including Impact | Fixed Rate Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 4,023,149
Contractual Weighted Avg Interest Rate	3.19%
Including Impact | Hedged Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 1,805,599
Designated as Hedging Instrument | Including Impact | Fixed and Hedged Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 5,828,748
Contractual Weighted Avg Interest Rate	3.31%
Designated as Hedging Instrument | Including Impact | Hedged Debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate	3.56%
Not Designated as Hedging Instrument | Including Impact | Unhedged Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 641,187

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Thousands	Sep. 21, 2020USD ($)	Jan. 31, 2020USD ($)	Sep. 30, 2020USD ($)asset-backed_warehouse_facilitiy	Dec. 31, 2019USD ($)	Feb. 08, 2019USD ($)
Debt Instrument [Line Items]
Debt and Lease Obligation			$ 6,469,935	$ 6,684,162
Level 2
Debt Instrument [Line Items]
Debt and Lease Obligation			6,563,300	6,747,800
Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			800,000		$ 800,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt and Lease Obligation			716,000	410,000
Maximum borrowing capacity			1,560,000
Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity			724,100
Capital lease obligations
Debt Instrument [Line Items]
Debt and Lease Obligation			17,852	27,024
Repayments of debt		$ 7,500
Term Loan
Debt Instrument [Line Items]
Repayments of debt	$ 264,900
Debt related costs	$ 300
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt and Lease Obligation			195,000	370,000
Debt related costs			$ 22,300
Number of Existing Notes Called | asset-backed_warehouse_facilitiy			3
Total Offering			$ 1,783,100
Payment for prepayment debt penalty			1,800
Institutional notes
Debt Instrument [Line Items]
Debt and Lease Obligation			1,694,171	1,957,557
Term loan facility
Debt Instrument [Line Items]
Debt and Lease Obligation			$ 860,000	$ 1,200,375
Minimum
Debt Instrument [Line Items]
Finance Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option			5 years
Minimum | Institutional notes
Debt Instrument [Line Items]
Debt Instrument, Term			7 years
Maximum
Debt Instrument [Line Items]
Finance Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option			7 years
Maximum | Institutional notes
Debt Instrument [Line Items]
Debt Instrument, Term			12 years
London Interbank Offered Rate (LIBOR) | Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			1.75%
London Interbank Offered Rate (LIBOR) | Term loan facility
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate			2.85%

Debt - Offering (Details)

Debt - Offering (Details) - USD ($) $ in Millions	Sep. 21, 2020	Aug. 26, 2020
Offering, Maturity Feb 2028, 2.17%
Debt Instrument [Line Items]
Total Offering		$ 312.9
Contractual Weighted Avg Interest Rate		2.17%
Offering, Maturity May 2030, 2.19%
Debt Instrument [Line Items]
Total Offering	$ 1,365.8
Contractual Weighted Avg Interest Rate	2.19%
Offering, Maturity May 2029, 2.13%
Debt Instrument [Line Items]
Total Offering	$ 634.4
Contractual Weighted Avg Interest Rate	2.13%

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap/Caps (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate During Period		2.00%
Weighted Average Remaining Term		5 years 1 month 6 days
Interest Rate Cap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 200	$ 200
Derivative, Cap Interest Rate	5.50%	5.50%
Weighted Average Remaining Term		1 year 3 months 18 days
Designated as Hedging Instrument | Interest Rate Swap and Cap
Fair Value of Derivative Instruments
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		$ 30.5
Designated as Hedging Instrument | Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 1,805.6	$ 1,805.6
Designated as Hedging Instrument | Forward Starting Swaps
Fair Value of Derivative Instruments
Weighted Average Remaining Term		6 years 1 month 6 days
Total Notional Amount Forward Starting Interest Rate Swap	$ 350	$ 350
London Interbank Offered Rate (LIBOR) | Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate During Period	0.35%
London Interbank Offered Rate (LIBOR) | Designated as Hedging Instrument | Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 125	$ 125

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value of Derivative Instruments
Realized (gain) loss on derivative instruments, net	$ 0	$ (539)	$ (224)	$ (1,912)
Comprehensive loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Designated derivative instruments	(852)	22,930	146,386
Gain (Loss) on Derivative Instruments | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gain) loss on derivative instruments, net	0	(539)	(224)	(1,912)
Unrealized (Gain) Loss On Derivative Instruments | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Non-designated derivative instruments	0	(504)	(286)	(2,757)
Interest and Debt Expense | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ (7,834)	$ 1,530	$ (15,282)	6,192
Comprehensive loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Designated derivative instruments				$ 74,727

Derivative Instruments - Fair V

Derivative Instruments - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Asset Derivatives	$ 0	$ 10,848
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Cash Collateral for Interest Rate Swap Contracts	$ 38,900
Asset Derivatives		$ 300

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)segment	Sep. 30, 2019USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			2
Number of reportable segments | segment			2
Industry Segment Information
Equipment trading revenues	$ 26,094,000	$ 25,796,000	$ 58,377,000	$ 66,833,000
Expenses	$ 183,590,000	$ 172,446,000	546,794,000	515,856,000
Intersegment Eliminations
Industry Segment Information
Equipment trading revenues			0	0
Expenses			$ 0	$ 0

Segment and Geographic Inform_4

Segment and Geographic Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Industry Segment Information
Total leasing revenues	$ 327,757	$ 336,668	$ 970,622	$ 1,016,093
Trading margin	3,869	4,150	7,822	12,233
Net gain on sale of leasing equipment	10,737	6,196	19,351	22,184
Depreciation and amortization expense	136,248	133,367	402,235	403,324
Interest and debt expense	62,776	77,401	198,652	243,181
Realized (gain) loss on derivative instruments, net	0	(539)	(224)	(1,912)
Income before income taxes	96,628	97,822	256,814	295,432
Payments to Acquire Productive Assets	134,637	10,532	354,425	160,518
Unrealized (gain) loss on derivative instruments, net	300	500	286	2,757
Debt termination expense	24,345	1,870	24,376	2,428
Equipment held for sale	104,923		104,923		$ 114,504
Goodwill at the end of the period	236,665		236,665		236,665
Total assets at the end of the period	9,624,675		9,624,675		9,642,633
Equipment Leasing
Industry Segment Information
Total leasing revenues	325,279	336,088	965,936	1,014,055
Trading margin	0	0	0	0
Net gain on sale of leasing equipment	10,737		19,351
Depreciation and amortization expense	136,058	133,194	401,692	402,797
Interest and debt expense	62,138	77,058	197,320	242,115
Realized (gain) loss on derivative instruments, net	0	(536)	(223)	(1,905)
Income before income taxes	91,986	94,394	248,346	285,154
Payments to Acquire Productive Assets	134,637	10,532	354,425	160,518
Equipment held for sale	75,266		75,266		89,755
Goodwill at the end of the period	220,864		220,864		220,864
Total assets at the end of the period	9,516,904		9,516,904		9,596,263
Equipment Trading
Industry Segment Information
Total leasing revenues	2,478	580	4,686	2,038
Trading margin	3,869	4,150	7,822	12,233
Net gain on sale of leasing equipment	0	0	0	0
Depreciation and amortization expense	190	173	543	527
Interest and debt expense	638	343	1,332	1,066
Realized (gain) loss on derivative instruments, net	0	(3)	(1)	(7)
Income before income taxes	4,642	3,428	8,468	10,278
Payments to Acquire Productive Assets	0	$ 0	0	$ 0
Equipment held for sale	29,657		29,657		24,749
Goodwill at the end of the period	15,801		15,801		15,801
Total assets at the end of the period	$ 107,771		$ 107,771		$ 46,370

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Geographic Segment Information
Total leasing revenues	$ 327,757	$ 336,668	$ 970,622	$ 1,016,093
Equipment trading revenues	26,094	25,796	58,377	66,833
Asia
Geographic Segment Information
Total leasing revenues	115,084	133,787	353,464	405,592
Equipment trading revenues	7,546	4,814	12,232	11,799
Europe
Geographic Segment Information
Total leasing revenues	175,629	164,197	503,106	490,190
Equipment trading revenues	6,329	9,756	16,542	22,187
Americas
Geographic Segment Information
Total leasing revenues	25,055	28,701	81,668	90,391
Equipment trading revenues	8,316	8,827	21,755	24,880
Bermuda
Geographic Segment Information
Total leasing revenues	450	515	1,331	1,732
Equipment trading revenues	0	0	0	0
Other international
Geographic Segment Information
Total leasing revenues	11,539	9,468	31,053	28,188
Equipment trading revenues	$ 3,903	$ 2,399	$ 7,848	$ 7,967

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 552.8

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	21.90%	5.10%	12.10%	7.10%
Income Tax Expense (Benefit), Intra-Company Asset Sale	$ 8.6		$ 8.6

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2020USD ($)
Related Party Transaction [Line Items]
Percentage Of Ownership	50.00%	50.00%
Direct Financing Lease Receivable
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	$ 0.5	$ 1.4
Loans and Leases Receivable, Related Parties	$ 10.7	$ 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	Oct. 21, 2020	Apr. 21, 2020
Subsequent Event [Line Items]
Stock Repurchase Program, Authorized Amount		$ 200
Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)	$ 0.57
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	8.50%
Dividend approved and declared (in dollars per share)	$ 0.5312500
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	8.00%
Dividend approved and declared (in dollars per share)	$ 0.5000000
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	7.375%
Dividend approved and declared (in dollars per share)	$ 0.4609375
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	6.875%
Dividend approved and declared (in dollars per share)	$ 0.4296875