Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 05, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37827 | ||
Entity Registrant Name | Triton International Limited | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-1276572 | ||
Entity Address, Address Line One | Victoria Place | ||
Entity Address, Address Line Two | 5th Floor | ||
Entity Address, Address Line Three | 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,723,000,000 | ||
Entity Common Stock, Shares Outstanding | 67,251,383 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part of Form 10-K Document Incorporated by Reference Part III, Items 10, 11, 12, 13, and 14 Portion of the Registrant's proxy statement to be filed in connection with the Annual Meeting of Shareholders of the Registrant to be held on April 27, 2021. | ||
Entity Central Index Key | 0001660734 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | Common shares, $0.01 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common shares, $0.01 par value per share | ||
Trading Symbol | TRTN | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | 8.50% Series A Cumulative Redeemable Perpetual Preference Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 8.50% Series A Cumulative Redeemable Perpetual Preference Shares | ||
Trading Symbol | TRTN PRA | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | 8.00% Series B Cumulative Redeemable Perpetual Preference Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 8.00% Series B Cumulative Redeemable Perpetual Preference Shares | ||
Trading Symbol | TRTN PRB | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | 7.375% Series C Cumulative Redeemable Perpetual Preference Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.375% Series C Cumulative Redeemable Perpetual Preference Shares | ||
Trading Symbol | TRTN PRC | ||
Security Exchange Name | NYSE | ||
NEW YORK STOCK EXCHANGE, INC. [Member] | 6.875% Series D Cumulative Redeemable Perpetual Preference Shares | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.875% Series D Cumulative Redeemable Perpetual Preference Shares | ||
Trading Symbol | TRTN PRD | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS: | ||
Leasing equipment, net of accumulated depreciation of $3,370,652 and $2,933,886 | $ 8,630,696 | $ 8,392,547 |
Net investment in finance leases | 282,131 | 413,342 |
Equipment held for sale | 67,311 | 114,504 |
Revenue earning assets | 8,980,138 | 8,920,393 |
Cash and cash equivalents | 61,512 | 62,295 |
Restricted cash | 90,484 | 106,677 |
Accounts receivable, net of allowances of $2,192 and $1,276 | 226,090 | 210,697 |
Goodwill | 236,665 | 236,665 |
Lease intangibles, net of accumulated amortization of $264,791 and $242,301 | 33,666 | 56,156 |
Other assets | 83,969 | 38,902 |
Fair value of derivative instruments | 9 | 10,848 |
Total assets | 9,712,533 | 9,642,633 |
LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
Equipment purchases payable | 191,777 | 24,685 |
Fair value of derivative instruments | 128,872 | 36,087 |
Accounts payable and other accrued expenses | 95,235 | 116,782 |
Net deferred income tax liability | 327,431 | 301,317 |
Debt, net of unamortized costs of $42,747 and $39,781 | 6,403,270 | 6,631,525 |
Total liabilities | 7,146,585 | 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, 13,901,326 and 8,771,345 shares, respectively | (436,822) | (278,510) |
Additional paid-in capital | 905,323 | 902,725 |
Accumulated earnings | 1,674,670 | 1,533,845 |
Accumulated other comprehensive income (loss) | (133,035) | (31,633) |
Total shareholders' equity | 2,565,948 | 2,532,237 |
Total liabilities and shareholders' equity | 9,712,533 | 9,642,633 |
Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred shares, $0.01 par value, at liquidation preference | 555,000 | 405,000 |
Designated Common Stock [Member] | ||
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Leasing Equipment, Accumulated Depreciation and Allowances | $ 3,370,652 | $ 2,933,886 |
Accounts Receivable, Allowances | 2,192 | 1,276 |
Debt, Unamortized Deferred Financing Costs | 42,747 | 39,781 |
Lease intangibles, Accumulated Amortization | $ 264,791 | $ 242,301 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Treasury Stock, Shares (in shares) | 13,901,326 | 8,771,345 |
Undesignated Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,800,000 | 13,800,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leasing revenues: | |||
Operating leases | $ 1,276,697 | $ 1,307,218 | $ 1,328,756 |
Finance leases | 31,210 | 40,051 | 21,547 |
Total leasing revenues | 1,307,907 | 1,347,269 | 1,350,303 |
Equipment trading revenues | 85,780 | 83,993 | 83,039 |
Equipment trading expenses | (70,981) | (69,485) | (64,118) |
Trading margin | 14,799 | 14,508 | 18,921 |
Net gain (loss) on sale of leasing equipment | 37,773 | 27,041 | 35,377 |
Net gain on sale of building | 0 | 0 | 20,953 |
Operating expenses: | |||
Depreciation and amortization | 542,128 | 536,131 | 545,138 |
Direct operating expenses | 93,690 | 79,074 | 48,326 |
Administrative expenses | 80,532 | 75,867 | 80,033 |
Transaction and other costs | 0 | 0 | 88 |
Provision (reversal) for doubtful accounts | 2,768 | 590 | (231) |
Total operating expenses | 719,118 | 691,662 | 673,354 |
Operating income | 641,361 | 697,156 | 752,200 |
Other expenses: | |||
Interest and debt expense | 252,979 | 316,170 | 322,731 |
Realized loss on derivative instruments, net | (224) | (2,237) | (2,072) |
Unrealized (gain) loss on derivative instruments | 286 | 3,107 | 430 |
Write-off of debt costs | 24,734 | 2,543 | 6,090 |
Other (income) expense, net | (4,433) | (3,257) | (2,292) |
Total other expenses | 273,342 | 316,326 | 324,887 |
Income (loss) before income taxes | 368,019 | 380,830 | 427,313 |
Income tax (benefit) expense | 38,240 | 27,551 | 70,641 |
Net income (loss) | 329,779 | 353,279 | 356,672 |
Less: income attributable to non-controlling interest | 0 | 592 | 7,117 |
Redeemable Preferred Stock Dividends | 41,362 | 13,646 | 0 |
Net income (loss) attributable to shareholders | $ 288,417 | $ 339,041 | $ 349,555 |
Net income (loss) per common share—Basic | $ 4.18 | $ 4.57 | $ 4.38 |
Net income (loss) per common share—Diluted | 4.16 | 4.54 | 4.35 |
Cash dividends paid per common share | $ 2.13 | $ 2.08 | $ 2.01 |
Weighted average number of common shares and non-voting common shares outstanding—Basic | 69,051 | 74,190 | 79,782 |
Dilutive stock options and restricted stock | 294 | 510 | 582 |
Weighted average number of common shares and non-voting common shares outstanding—Diluted | 69,345 | 74,700 | 80,364 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 329,779 | $ 353,279 | $ 356,672 |
Other comprehensive income (loss): | |||
Change in derivative instruments designated as cash flow hedges | (123,357) | (42,532) | (3,933) |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges | 21,927 | (4,039) | (5,210) |
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | 0 | 432 | 0 |
Foreign currency translation adjustment | 28 | (57) | (207) |
Other comprehensive income (loss), net of tax | (101,402) | (46,196) | (9,350) |
Comprehensive income | 228,377 | 307,083 | 347,322 |
Other comprehensive income attributable to noncontrolling interest | 0 | 592 | 7,117 |
Dividend on preferred shares | 41,362 | 13,646 | 0 |
Comprehensive income attributable to shareholders | 187,015 | 292,845 | 340,205 |
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges | (10,694) | (6,121) | 1,814 |
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges | 1,144 | (2,009) | (1,570) |
Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12 | $ 0 | $ 277 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income | Noncontrolling Interest [Member] |
Cumulative effect of new accounting principle in period of adoption | Accounting Standards Update 2018-02 [Member] | $ 0 | $ 3,029 | $ (3,029) | |||||
Beginning balance, shares at Dec. 31, 2017 | 0 | 80,687,757 | 0 | |||||
Beginning balance at Dec. 31, 2017 | 2,209,826 | $ 0 | $ 807 | $ 0 | $ 889,168 | 1,159,367 | 26,942 | $ 133,542 |
Issuance of common shares (in shares) | 200,341 | |||||||
Issuance of common shares | 9,030 | $ 2 | 9,028 | |||||
Share-based compensation (in shares) | 1,853,148 | |||||||
Share-based compensation | (58,114) | $ (58,114) | ||||||
Share repurchase to settle shareholder tax obligations (in shares) | (44,626) | |||||||
Share repurchase to settle shareholder tax obligations | (1,385) | (1,385) | ||||||
Net income (loss) | 356,672 | 349,555 | 7,117 | |||||
Other comprehensive income (loss) | (9,350) | (9,350) | ||||||
Distributions to noncontrolling interests | (19,146) | (19,146) | ||||||
Common shares dividend declared | (162,324) | (162,324) | ||||||
Ending balance, shares at Dec. 31, 2018 | 0 | 80,843,472 | 1,853,148 | |||||
Ending balance at Dec. 31, 2018 | 2,325,209 | $ 0 | $ 809 | $ (58,114) | 896,811 | 1,349,627 | 14,563 | 121,513 |
Issuance of preferred shares, net of offering expenses (in shares) | 16,200,000 | |||||||
Issuance of preferred shares, net of offering expenses | 390,768 | $ 405,000 | (14,232) | |||||
Issuance of common shares | 8,963 | $ 3 | ||||||
Share-based compensation (in shares) | 311,257 | |||||||
Share-based compensation | (220,396) | 8,960 | ||||||
Treasury share acquired (in shares) | 6,918,197 | |||||||
Treasury share acquired | $ 220,396 | |||||||
Share repurchase to settle shareholder tax obligations (in shares) | (174,896) | |||||||
Share repurchase to settle shareholder tax obligations | (5,666) | $ (2) | (5,664) | |||||
Net income (loss) | 353,279 | 352,687 | 592 | |||||
Other comprehensive income (loss) | (46,628) | (432) | (46,196) | |||||
Purchase of noncontrolling interests | (103,177) | 16,850 | (120,027) | |||||
Distributions to noncontrolling interests | (2,078) | (2,078) | ||||||
Common shares dividend declared | (155,714) | (155,714) | ||||||
Preferred shares dividend declared | (12,323) | (12,323) | ||||||
Ending balance, shares at Dec. 31, 2019 | 16,200,000 | 80,979,833 | 8,771,345 | |||||
Ending balance at Dec. 31, 2019 | 2,532,237 | $ 405,000 | $ 810 | $ (278,510) | 902,725 | 1,533,845 | (31,633) | 0 |
Issuance of preferred shares, net of offering expenses (in shares) | 6,000,000 | |||||||
Issuance of preferred shares, net of offering expenses | 144,860 | $ 150,000 | (5,140) | |||||
Share-based compensation (in shares) | 225,499 | |||||||
Share-based compensation | 9,896 | $ 3 | 9,893 | |||||
Treasury share acquired (in shares) | 5,129,981 | |||||||
Treasury share acquired | (158,312) | $ (158,312) | ||||||
Share repurchase to settle shareholder tax obligations (in shares) | (53,609) | |||||||
Share repurchase to settle shareholder tax obligations | (2,156) | $ (1) | (2,155) | |||||
Net income (loss) | 329,779 | 329,779 | 0 | |||||
Other comprehensive income (loss) | (101,402) | 0 | (101,402) | |||||
Common shares dividend declared | (148,021) | (148,021) | ||||||
Preferred shares dividend declared | (40,933) | (40,933) | ||||||
Ending balance, shares at Dec. 31, 2020 | 22,200,000 | 81,151,723 | 13,901,326 | |||||
Ending balance at Dec. 31, 2020 | $ 2,565,948 | $ 555,000 | $ 812 | $ (436,822) | $ 905,323 | $ 1,674,670 | $ (133,035) | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ 329,779 | $ 353,279 | $ 356,672 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 542,128 | 536,131 | 545,138 |
Debt related amortization | 12,973 | 12,806 | 15,005 |
Lease related amortization | 23,878 | 41,926 | 70,275 |
Share-based compensation expense | 9,896 | 8,963 | 9,030 |
Net (gain) loss on sale of leasing equipment | (37,773) | (27,041) | (35,377) |
Net (gain) loss on sale of building | 0 | 0 | (20,953) |
Unrealized (gain) loss on derivative instruments | 286 | 3,107 | 430 |
Write-off of debt costs | 24,734 | 2,543 | 6,090 |
Deferred income taxes | 35,662 | 27,181 | 66,467 |
Changes in operating assets and liabilities: | |||
Accounts receivables | (11,744) | 54,171 | (65,385) |
Accounts payable and other accrued expenses | (28,360) | 3,963 | (13,829) |
Net equipment sold for resale activity | 14,503 | (3,837) | (2,341) |
Cash received (payments) on termination of derivative instruments | (5,074) | (22,330) | 187 |
Cash collections on finance lease receivables, net of income earned | 80,212 | 73,429 | 64,372 |
Other assets | (47,348) | (2,385) | (1,559) |
Net cash provided by operating activities | 943,752 | 1,061,906 | 994,222 |
Cash flows from investing activities: | |||
Purchases of leasing equipment and investments in finance leases | (744,129) | (240,170) | (1,603,507) |
Proceeds from sale of equipment, net of selling costs | 255,104 | 217,296 | 163,256 |
Proceeds from the sale of building | 0 | 0 | 27,630 |
Other | 8 | (846) | (160) |
Net cash (used in) investing activities | (489,017) | (23,720) | (1,412,781) |
Cash flows from financing activities: | |||
Issuance of preferred shares, net of underwriting discount | 145,275 | 392,242 | 0 |
Purchases of Treasury Shares | (158,312) | (222,236) | (56,274) |
Debt issuance costs | (26,814) | (8,751) | (19,575) |
Borrowings under debt facilities | 3,495,445 | 1,697,200 | 4,043,637 |
Payments under debt facilities and capital lease obligations | (3,737,150) | (2,608,960) | (3,435,041) |
Dividends paid on preferred shares | (40,933) | (12,323) | 0 |
Common stock dividends paid | (146,476) | (153,861) | (160,289) |
Distributions to noncontrolling interests | 0 | (2,078) | (19,146) |
Purchase of noncontrolling interests | 0 | (103,039) | 0 |
Other | (2,746) | (6,947) | (1,385) |
Net Cash Provided by (Used in) Financing Activities | (471,711) | (1,028,753) | 351,927 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (16,976) | 9,433 | (66,632) |
Cash, cash equivalents and restricted cash, beginning of period | 168,972 | 159,539 | 226,171 |
Cash, cash equivalents and restricted cash, end of period | 151,996 | 168,972 | 159,539 |
Supplemental disclosures: | |||
Interest paid | 244,280 | 306,827 | 308,827 |
Income taxes (refunded) paid | 2,191 | (895) | 4,484 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 543 | 7,616 | 0 |
Supplemental non-cash investing activities: | |||
Equipment purchases payable | $ 191,777 | $ 24,685 | $ 22,392 |
Description of the Business and
Description of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of the Business and Basis of Presentation | Note 1—Description of the Business and Basis of Presentation Description of the Business and Basis of Presentation Triton International Limited ("Triton" or the "Company"), through its subsidiaries, leases intermodal transportation equipment, primarily maritime containers, and provides maritime container management services through a worldwide network of service subsidiaries, third-party depots and other facilities. The majority of 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities of which the Company is the primary beneficiary. The equity method of accounting is applied when the Company does not have a controlling interest in an entity but exerts significant influence over the entity. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with 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. Segment Reporting The Company conducts its business activities in one industry, intermodal transportation equipment, and has two reporting segments, Equipment leasing and Equipment trading. The Company also segregates total equipment leasing revenues and total equipment trading revenues by geographic location based upon the primary domicile of the Company's customers. 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 largest customer accounted for 22%, 21%, and 20% of its lease billings during 2020, 2019, and 2018, respectively, and accounted for 23% and 21% of its accounts receivable as of December 31, 2020 and 2019, respectively. The Company's second largest customer accounted for 14% of its lease billings each year during 2020, 2019, and 2018, and accounted for 6% of its accounts receivable as of both December 31, 2020 and 2019. Other financial instruments that are exposed to concentration of credit risk are cash and cash equivalents, and restricted cash balances. Cash and cash equivalents, and restricted cash are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits. Fair Value Measurements Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The determination of fair value may require an entity to make significant judgments or develop assumptions about market participants to reflect risks specific to the asset being valued. The Company uses the following fair value hierarchy when selecting inputs for its valuation techniques, with the highest priority given to Level 1: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2—inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3—unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Cash and cash equivalents, restricted cash, accounts receivable, equipment purchases payable and accounts payable carrying amounts approximate fair values because of the short-term nature of these instruments. The Company's other financial and non-financial assets, which include leasing equipment, net investment in finance leases, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, and the Company determines that these other financial and non-financial assets are impaired after completing an evaluation, these assets would be written down to their fair value. For information on the fair value of equipment held for sale, debt, and the fair value of derivative instruments, please refer to Note 3 - "Equipment Held for Sale", Note 6 - "Debt" and Note 7 - "Derivative Instruments", respectively. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments having original maturities of three months or less at the time of purchase. Restricted Cash The Company's restricted cash relates to amounts held at financial institutions pursuant to certain debt arrangements. The restricted cash balances represent cash proceeds collected and required to be used to pay debt service and other related expenses. Allowance for Doubtful Accounts The Company's allowance for doubtful accounts is estimated based upon a review of the collectibility of its receivables. This review is based on the risk profile of the receivables, credit quality indicators such as the level of past-due amounts and economic conditions. Generally, the Company does not require collateral on accounts receivable balances. An account is considered past due when a payment has not been received in accordance with the contractual terms. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance for doubtful accounts is intended to provide for losses in the receivables, and requires the application of estimates and judgments as to the outcome of collection efforts, among other things. The Company believes its allowance for doubtful accounts is adequate to provide for credit losses inherent in its existing receivables. For our net investment in finance leases and accounts receivable for sales of equipment, the Company measures expected credit loss by evaluating the overall credit quality of its customers. Expected credit losses for these financial assets are estimated using historical experience which includes multiple economic cycles, customer payment history, management's assessment of the customer's financial condition, and consideration of current conditions and reasonable forecasts. Net Investment in Finance Leases The Company has entered into various lease agreements that qualify as sales-type leases. These leases are usually long-term in nature, ranging for a period of three to twelve years, and typically include an option to purchase the equipment at the end of the lease term for a nominal price that the Company deems reasonably certain to be exercised. At the inception of a sales-type lease, a net investment is recorded based on the gross investment (representing the total future minimum lease payments plus the estimated residual value), net of unearned income. Unearned income represents the excess of the gross investment over the fair value of the leased equipment at lease commencement. Any gain or loss is recognized at commencement and recorded in Net gain on sale of leasing equipment. Leasing Equipment The Company purchases new equipment from equipment manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used equipment with the intention of selling such equipment in one or more years from the date of purchase. Leasing equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful lives. Capitalized costs for new container rental equipment include the manufactured cost of the container, inspection, delivery, and associated costs incurred in moving the container from the manufacturer to the initial on-hire location of such container. Repair and maintenance costs that do not extend the lives of the container rental equipment are charged to direct operating expenses at the time the costs are incurred. The estimated useful lives and residual values of the Company's leasing equipment are based on historical disposal experience and the Company's expectations for future used container sale prices. The Company evaluates estimates used in its depreciation policy on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation estimates for useful lives or the assigned residual values of its equipment is warranted. For 2020, the Company completed its annual depreciation policy assessment during the fourth quarter and concluded no change was necessary. The estimated useful lives and residual values for each major equipment type for the periods indicated below were as follows: As of December 31, 2020 and 2019 Equipment Type Depreciable Life Residual Value Dry containers 20-foot dry container 13 years $ 1,000 40-foot dry container 13 years $ 1,200 40-foot high cube dry container 13 years $ 1,400 Refrigerated containers 20-foot refrigerated container 12 years $ 2,350 40-foot high cube refrigerated container 12 years $ 3,350 Special containers 40-foot flat rack container 16 years $ 1,700 40-foot open top container 16 years $ 2,300 Tank containers 20 years $ 3,000 Chassis 20 years $ 1,200 Depreciation on leasing equipment commences on the date of initial on-hire. For leasing equipment purchased for resale that may be leased for a period of time, the Company adjusts its estimates for remaining useful life and residual values based on current conditions in the sales market for older containers and the Company's expectations for how long the equipment will remain on-hire to the current lessee. The net book value of the Company's leasing equipment by equipment type as of the dates indicated was (in thousands): December 31, 2020 December 31, 2019 Dry container $ 6,589,960 $ 6,308,038 Refrigerated container 1,483,820 1,520,747 Special container 307,765 321,099 Tank container 97,982 101,677 Chassis 151,169 140,986 Total $ 8,630,696 $ 8,392,547 Included in the amounts above are units not on lease at December 31, 2020 and 2019 with a total net book value of $173.2 million and $721.7 million, respectively. Depreciation on equipment purchased under finance lease obligations is included in depreciation and amortization expense on the consolidated statements of operations. Valuation of Leasing Equipment Leasing equipment is evaluated for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying value to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Key indicators of impairment on leasing equipment include, among other factors, a sustained decrease in operating profitability, a sustained decrease in utilization, or indications of technological obsolescence. When testing for impairment, leasing equipment is generally grouped by equipment type, and is tested separately from other groups of assets and liabilities. Some of the significant estimates and assumptions used to determine future undiscounted cash flows and the measurement for impairment are the remaining useful life, expected utilization, expected future lease rates and expected disposal prices of the equipment. The Company considers the assumptions on expected utilization and the remaining useful life to have the greatest impact on its estimate of future undiscounted cash flows. These estimates are principally based on the Company's historical experience and management's judgment of market conditions. The Company did not record any impairment charges related to leasing equipment for the years ended December 31, 2020, 2019, and 2018. Equipment Held for Sale When leasing equipment is returned off lease, the Company makes a determination of whether to repair and re-lease the equipment or sell the equipment. At the time the Company determines that equipment will be sold, it reclassifies the appropriate amounts previously recorded as leasing equipment to equipment held for sale. Equipment held for sale is recorded at the lower of its estimated fair value less costs to sell or carrying value at the time identified for sale. Depreciation expense on equipment held for sale is halted and disposals generally occur within 90 days. Initial write downs of equipment held for sale to fair value are recorded as an impairment charge and are included in net gain on sale of leasing equipment. Subsequent increases or decreases to the fair value of those assets are recorded as adjustments to the carrying value of the equipment held for sale, however, any such adjustments may not exceed the respective equipment's carrying value at the time it was initially classified as held for sale. Realized gains and losses resulting from the sale of equipment held for sale are recorded in Net gain on sale of leasing equipment, and cash flows associated with the disposal of equipment held for sale are classified as cash flows from investing activities. Equipment recorded within our equipment trading segment is also included in Equipment held for sale. Gains and losses resulting from the sale of this equipment is recorded in Trading margin, and cash flows associated with the sale of this equipment are classified as cash flows from operating activities. Operating Leases The Company leases office space and office equipment and evaluates whether these leases are classified as operating or financing at the inception of the lease. The classification is based on certain assumptions that require judgment, such as the asset's fair value, the asset's estimated residual value, the interest rate implicit in the lease, and the asset's economic useful life. For operating leases, the Company records a lease liability based on the present value of the remaining minimum payments and a corresponding right-of-use ("ROU") asset. The Company uses its estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. The benefits of lease incentives, including rent-free or reduced rent periods, and the cost of future rent escalations are recognized on a straight-line basis over the term of the lease. A lease liability and a corresponding ROU asset are not recognized when, at the commencement date of the lease, the term is 12 months or less. Property, Furniture and Equipment Costs of major additions of property, furniture, equipment and improvements are capitalized and are included in other assets on the consolidated balance sheets. The original cost is depreciated on a straight-line basis over the estimated useful lives of such property, furniture and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful lives of the leased assets. Other fixed assets, which consist primarily of computer software and hardware, are recorded at cost and amortized on a straight-line basis over their respective estimated useful lives, which range from three to seven years. Expenditures for maintenance and repairs are expensed as they are incurred. Goodwill Goodwill is tested for impairment at least annually on October 31st of each fiscal year or more frequently if events occur or circumstances indicate that the fair value of a reporting unit may be below its carrying value. Goodwill has been allocated to the Company's reporting units, which are the same as its reporting segments. In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among the relevant events and circumstances that affect the fair value of reporting units, the Company considers individual factors such as macroeconomic conditions, changes in its industry and the markets in which the Company operates, as well as its reporting units' historical and expected future financial performance. If, after assessing the totality of events or circumstances, the Company determines it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is unnecessary. The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The Company elected to perform the qualitative assessment for its evaluation of goodwill impairment during the year ended December 31, 2020 and concluded there was no impairment. Since inception through December 31, 2020, the Company has not recorded any goodwill impairment. Intangible Assets Intangible assets with finite useful lives such as acquired lease intangibles are initially recorded at fair value and are amortized over their respective estimated useful lives and subsequently reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company has not recorded any impairment charges related to intangible assets for the years ended December 31, 2020, 2019, and 2018. Revenue Recognition Operating Leases with Customers The Company enters into long-term leases and service leases with ocean carriers, principally as lessor in operating leases, for marine cargo equipment. Long-term leases provide customers with specified equipment for a specified term. The Company's leasing revenues are based upon the number of equipment units leased, the applicable per diem rate and the length of the lease. Long-term leases typically have initial contractual terms ranging from three to eight or more years. Revenues are recognized on a straight-line basis over the life of the respective lease. Revenue from advance billings are deferred and recognized in the period earned. Service leases do not specify the exact number of equipment units to be leased or the term that each unit will remain on-hire, but allow the lessee to pick-up and drop-off units at various locations specified in the lease agreement. Under a service lease, rental revenue is based on the number of equipment units on-hire for a given period. Revenue from customers considered to be non-performing is deferred and recognized when the amounts are received. The Company recognizes billings to customers for damages and certain other operating costs as leasing revenue when earned based on the terms of the contractual agreements with the customer. Finance Leases with Customers The Company enters into finance leases as lessor for some of the equipment in its fleet. At the inception of the lease, the Company records the total future minimum lease payments plus the estimated residual value, net of executory costs, if any. The net investment in finance leases represents the receivables due from lessees, net of unearned income and amounts previously billed, which are included in accounts receivable. Unearned income, which also includes any initial direct costs, is recognized on a constant yield basis over the lease term and is recorded as leasing revenue. The Company's finance leases are usually long-term in nature and typically include an option to purchase the equipment at the end of the lease term for a nominal price that the Company deems reasonably certain to be exercised. Equipment Trading Revenues and Expenses Equipment trading revenues represent the proceeds from the sale of equipment purchased for resale and are recognized as units are sold. The related expenses represent the cost of equipment sold as well as other selling costs that are recognized as incurred and are reflected as equipment trading expenses on the consolidated statements of operations. Direct Operating Expenses Direct operating expenses are directly related to the Company's equipment under and available for lease. These expenses primarily consist of the Company's costs to repair and maintain the equipment, to reposition the equipment and to store the equipment when it is not on lease. These costs are recognized when incurred. Certain positioning costs may be capitalized when incurred to place new equipment on an initial lease. Debt Costs Debt costs represent the fees incurred in connection with debt obligation arrangements. These costs are capitalized and amortized using the effective interest method or on a straight-line basis over the term of the related obligation, depending on the type of debt obligation to which they relate. Unamortized debt costs may be written off when the related debt obligations are refinanced or extinguished prior to maturity. Derivative Instruments The Company uses derivatives in the management of its interest rate exposure on its long-term borrowings. The Company records derivative instruments on its balance sheet at fair value and establishes criteria for both the designation and effectiveness of hedging activities. The Company has entered into interest rate swap agreements with certain financial institutions. The interest rate swap agreements require the Company to make payments to counterparties at fixed rates in return for receipts based upon variable rates indexed to the London Interbank Offered Rate ("LIBOR") or its replacement rate. Derivative instruments are designated or non-designated for hedge accounting purposes. The fair value of the derivative instruments is measured at each balance sheet date and is reflected on a gross basis on the consolidated balance sheets. The change in fair value of the derivative instruments designated as a cash flow hedge are recorded on the consolidated balance sheets in accumulated other comprehensive income (loss) and are re-classified to interest and debt expense when the hedged interest payments are recognized. The change in fair value of non-designated derivative instruments is recorded in the consolidated statements of operations as unrealized loss (gain) on derivative instruments, net and are reclassified to realized loss (gain) on derivative instruments, net when net settlement amounts required under interest rate swap agreements are paid or received. Income Taxes The Company uses the liability method of accounting for income taxes, which requires recognition of deferred tax assets and liabilities based on the expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any change in the tax rate which has an effect on deferred tax assets and liabilities is recognized as an increase or decrease to income in the period that includes the enactment date of the law that resulted in the change in tax rate. The Company recognizes the effect of income tax positions which are more-likely-than-not of being sustained. If a position does not meet the more-likely-than-not criteria, the Company records a reserve against the tax position such that a tax benefit is recognized only in the amount that has a greater than 50% likelihood of being recognized. The full impact of any change in recognition or measurement of an uncertain tax position is reflected in the period in which such change occurs. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. Noncontrolling Interests During 2019, the Company acquired all of the remaining third-party partnership interests in Triton Container Investments LLC ("TCI"), a fully consolidated entity, for an aggregate of $103.0 million in cash and recognized a benefit of $16.9 million in the consolidated statements of shareholders' equity. Foreign Currency Translation and Remeasurement The Company uses the U.S. dollar as its reporting currency. The net assets and operations that are denominated in foreign currency and are subject to foreign currency translation included in the consolidated financial statements are attributable primarily to the Company's U.K. subsidiary. The accounts of this subsidiary have been converted at rates of exchange in effect at year end as to balance sheet accounts and at the annual weighted average exchange rates for the statements of operations accounts. The effects of changes in exchange rates in translating foreign subsidiaries' financial statements are included in shareholders' equity as accumulated other comprehensive (loss) income. The Company also has certain cash accounts, certain finance lease receivables and certain obligations that are denominated in currencies other than the Company's functional currency. These assets and liabilities are generally denominated in euros or British pounds, and are remeasured at each balance sheet date at the exchange rates in effect as of those dates. The impact of changes in exchange rates on the remeasurement of assets and liabilities are included in administrative expenses on the consolidated statements of operations. Foreign currency gains or losses were immaterial for the years ended December 31, 2020, 2019, and 2018. Share-based Compensation The Company measures and recognizes share-based awards granted to employees based on the grant date fair value. Share-based awards may be subject to forfeiture if certain employment conditions are not met. The Company has elected to account for forfeitures as they occur. Time based awards are measured at the grant date and are recognized as compensation expense over the employee's requisite service period, generally the vesting period of the equity award, on a straight-line basis. Performance-based awards are recognized as compensation expense when satisfaction of the performance condition is considered probable. The Company also grants share-based awards to non-employee directors that vest immediately and are recognized as compensation expense based on the grant date fair value. Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, are excluded from the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if securities exercisable or convertible into common shares were exercised or converted into common shares, utilizing the treasury share method. The Company excluded anti-dilutive restricted common shares from its calculation of diluted earnings per share of 1,576 for the year ended December 31, 2020, 867 for the year ended December 31, 2019, and 207,991 for the year ended December 31, 2018. 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. The adoption of this standard will help ease the burden that the Company may face at the time of transition from certain reference rates, specifically LIBOR, which is the predominant reference rate in many of the Company’s debt agreements and hedging relationships. The practical expedients applicable to the Company are as follows: (1) contract modifications due to reference rate reform can be treated as continuations of the existing contract and potential changes to interest rate risk can be disregarded when asserting the probability of the forecasted hedged transactions; (2) hedge accounting can continue to be used for hedging relationships where critical terms change due to reference rate reform; and (3) effectiveness assessments can be performed in ways that disregard certain mismatches due to reference rate reform. The Company concluded that the adoption of this standard will not have a significant impact on our consolidated financial statements. |
Equipment Held for Sale
Equipment Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Equipment Held for Sale | Equipment Held for Sale The Company's equipment held for sale is recorded at the lower of fair value less cost to sell, or carrying value at the time identified for sale. Fair value is measured using Level 2 inputs and is based predominantly on recent sales prices. 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): December 31, 2020 December 31, 2019 Equipment held for sale $ 4,001 $ 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 gain on sale of leasing equipment on the consolidated statements of operations (in thousands): Year Ended December 31, 2020 2019 2018 Impairment (loss) reversal on equipment held for sale $ (3,532) $ (5,299) $ (3,933) Gain (loss) on sale of equipment, net of selling costs 41,305 32,340 39,310 Net gain on sale of leasing equipment $ 37,773 $ 27,041 $ 35,377 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [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 December 31, 2020 (in thousands): Years ending December 31, Total Intangible Assets 2021 $ 16,549 2022 10,497 2023 4,657 2024 1,963 Total $ 33,666 Amortization expense related to intangible assets was $22.5 million, $37.5 million, and $62.9 million for the year ended December 31, 2020, 2019, and 2018, respectively. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | Restricted Cash The components of restricted cash as of December 31, 2020 and December 31, 2019 were as follows (in thousands): December 31, 2020 December 31, 2019 Collection accounts $ 27,673 $ 25,580 Trust accounts 19,001 13,840 Other restricted cash accounts 43,810 67,257 Total restricted cash $ 90,484 $ 106,677 Collection accounts The Company maintains certain bank accounts for collection (collectively, the "Collection Accounts"). Cash proceeds collected from leasing and disposition are deposited into the Collection Accounts. Similarly, all expenses related to the operation of the containers are paid from the Collection Accounts. The Company is required to maintain as restricted cash the portion of the balances in the Collections Account that relate to certain units that are financed. Trust accounts Pursuant to certain debt agreements, cash is transferred from the Collection Accounts to separate accounts (the "Trust Accounts"). The Trust Accounts are maintained by the Company on behalf of certain asset-backed noteholders. The cash in the Trust Accounts is used to pay related ABS debt service and related expenses. After such payments, any remaining cash in these accounts is transferred to certain unrestricted bank accounts of the Company and is included in cash and cash equivalents on the consolidated balance sheets. Other restricted cash accounts |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 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) December 31, 2020 December 31, 2019 From To Institutional notes 4.57% Jun 2021 Jun 2029 $ 1,642,314 $ 1,957,557 Asset-backed securitization term notes 2.07% Aug 2023 May 2030 2,920,807 2,719,206 Term loan facility 1.65% Nov 2023 Nov 2023 840,000 1,200,375 Asset-backed securitization warehouse 2.00% Nov 2027 Nov 2027 264,000 370,000 Revolving credit facilities 1.74% Sep 2023 Jul 2024 760,500 410,000 Finance lease obligations 4.93% Feb 2024 Feb 2024 17,304 27,024 Total debt outstanding 6,444,925 6,684,162 Unamortized debt costs (42,747) (39,781) Unamortized debt premiums & discounts (599) (4,065) Unamortized fair value debt adjustment 1,691 (8,791) Debt, net of unamortized costs $ 6,403,270 $ 6,631,525 (1) Data as of December 31, 2020. The fair value of total debt outstanding was $6,536.5 million and $6,747.8 million as of December 31, 2020 and December 31, 2019, respectively, and was measured using Level 2 inputs. As of December 31, 2020, the maximum borrowing levels for the asset-backed securitization ("ABS") warehouse and the revolving credit facilities are $1,125.0 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 December 31, 2020, the availability under these credit facilities without adding additional container assets to the borrowing base was approximately $711.6 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 December 31, 2020 and December 31, 2019, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements. The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt by entering into interest rate swap agreements that convert a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of December 31, 2020 (in thousands): Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $3,919,200 3.19% Jun 2021 May 2030 4.2 years Floating-rate debt $2,525,725 1.73% Aug 2023 Nov 2027 3.2 years Including impact of derivative instruments: Fixed-rate debt $3,919,200 3.19% Hedged floating-rate debt 1,709,975 3.59% Total fixed and hedged debt 5,629,175 3.31% Unhedged floating-rate debt 815,750 1.73% Total $6,444,925 3.11% 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. The Company issued the following ABS fixed-rate series: 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 these ABS series, the Company called three existing ABS series that had an outstanding principal amount of $1,783.1 million. As a result, the Company paid a prepayment penalty of $1.8 million and wrote off $22.3 million of debt related costs. On November 13, 2020, the Company amended an existing $800.0 million ABS warehouse facility which increased its borrowing capacity from $800.0 million to $1,025.0 million, increased its interest rate to one-month LIBOR plus 1.85%, and extended the maturity date to November 15, 2027. As a result of this transaction, the company wrote off $0.3 million of debt related costs. On December 21, 2020, the Company exercised an option which increased the total commitment to $1,125.0 million. Institutional Notes In accordance with the Company's institutional note agreements, interest payments 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 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 $1,125.0 million that is available on a revolving basis until November 13, 2023, paying interest at LIBOR plus 1.85%, after which any borrowings will convert to term notes with a maturity date of November 15, 2027, 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. Debt Maturities At December 31, 2020, the Company's scheduled principal repayments and maturities, excluding finance lease obligations, were as follows (in thousands): Years ending December 31, 2021 $ 659,109 2022 716,152 2023 1,533,307 2024 1,384,416 2025 395,078 2026 and thereafter 1,739,559 Total $ 6,427,621 Finance Lease Obligations Certain containers are leased with a financial institution. The lease is accounted for as a finance lease, with interest expense recognized on a level yield basis over the period preceding early purchase options, which is five to seven years from the transaction date. At December 31, 2020, future lease payments under these finance leases were as follows (in thousands): Years ending December 31, 2021 $ 3,075 2022 3,075 2023 3,075 2024 9,843 2025 — 2026 and thereafter — Total future payments 19,068 Less: amount representing interest (1,764) Finance lease obligations $ 17,304 |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Interest Rate Swaps / Caps The Company enters into derivative agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to limit the Company's exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The Company also utilized forward starting interest rate swap agreements to reduce the impact of interest rate changes on anticipated future fixed-rate debt issuances. 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. Certain assets of the Company's subsidiaries are pledged as collateral for various credit facilities and the amounts payable under certain agreements. During the year ended December 31, 2020, the Company entered into the following hedging instruments: Derivative Instrument Date Effective Notional Amount Fixed Leg (Pay) Interest Rate Indexed To Scheduled Maturity Interest rate swap April 20, 2020 $125.0 million 0.35% 1 month LIBOR April 20, 2024 Interest rate cap November 13, 2020 $200.0 million n/a 1 month LIBOR November 13, 2023 Forward starting interest rate swap February 22, 2021 $150.0 million 0.55% 1 month LIBOR August 20, 2028 (1) Forward starting interest rate swap February 22, 2021 $150.0 million 0.55% 1 month LIBOR August 20, 2028 (1) Forward starting interest rate swap May 28, 2021 $150.0 million 0.60% 1 month LIBOR November 30, 2028 (2) Forward starting interest rate swap May 28, 2021 $150.0 million 0.59% 1 month LIBOR November 30, 2028 (2) (1) Mandatory termination date of March 22, 2021, which aligns with the forecasted transaction. (2) Mandatory termination date of June 30, 2021, which aligns with the forecasted transaction. During the year ended December 31, 2020, the Company canceled the following interest rate swap and cap: Derivative Instrument Date Canceled Notional Amount Funds Paid Interest rate swap November 13, 2020 $71.3 million $5.1 million Interest rate cap November 13, 2020 $200.0 million n/a As of December 31, 2020, the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Weighted Average Cap Rate Weighted Average Interest Rate Swap (1) $1,710.0 million 2.01% n/a 5.0 years Interest Rate Cap $200.0 million n/a 5.50% 2.9 years (1) The impact of forward starting swaps will increase total notional amount by $950.0 million and increase the weighted average remaining term to 6.0 years. Unrealized losses of $30.3 million related to interest rate swap and cap agreements included in accumulated other comprehensive income (loss) are expected to be recognized in Interest and debt expense over the next twelve months. 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): Financial statement caption Year Ended December 31, Derivative instrument 2020 2019 2018 Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ (224) $ (2,237) $ (2,072) Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net 286 3,107 430 Designated derivative instruments Interest and debt (income) expense 23,071 (6,048) (6,780) Designated derivative instruments Comprehensive loss 134,051 48,653 2,119 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. The Company presents the fair value of derivative financial instruments on a gross basis as a separate line item on the consolidated balance sheet. The fair value of non-designated derivative instruments included in asset derivatives was $0.3 million at December 31, 2019. The Company has no material non-designated instruments as of December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases, Capital [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 December 31, 2020, the weighted average implicit rate was 4.04% and the weighted average remaining lease term was 2.6 years. The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption December 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,062 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,088 $ 8,940 Income Statement Financial statement caption Year Ended Year Ended Year Ended December 31, 2018 Operating lease cost (1) Administrative expenses $ 3,005 $ 3,012 $ 2,914 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $3.1 million and $3.2 million for the years ended December 31, 2020 and 2019, respectively. The following represents our future undiscounted cash flows related to lease liabilities for each of the next five years and thereafter as of December 31, 2020 (in thousands): Years ending December 31, 2021 $ 2,628 2022 2,220 2023 1,513 2024 67 2025 — 2026 and thereafter — Total undiscounted future cash flows related to lease payments $ 6,428 Less: imputed interest (340) Total present value of lease liability $ 6,088 Lessor Operating Leases The following is the minimum future rental income as of December 31, 2020 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands): Years ending December 31, 2021 $ 950,906 2022 828,366 2023 648,571 2024 509,618 2025 390,878 2026 and thereafter 708,856 Total $ 4,037,195 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): December 31, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 355,755 $ 476,443 Estimated residual receivable (2) 53,892 102,238 Gross finance lease receivables (3) 409,647 578,681 Unearned income (4) (127,516) (165,339) Net investment in finance leases (5) $ 282,131 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of December 31, 2020 and 2019. (2) The Company's finance leases generally include a purchase option at nominal amounts 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 December 31, 2020 and 2019. (5) As of December 31, 2020, one major customer represented 75% 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 years. Maturities of the Company's gross finance lease receivables subsequent to December 31, 2020 are as follows (in thousands): Years ending December 31, 2021 $ 77,832 2022 52,863 2023 45,208 2024 44,837 2025 43,725 2026 and thereafter 145,182 Total $ 409,647 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 December 31, 2020 and December 31, 2019, the Company does not have an allowance on its gross finance lease receivables and does not have any material 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 December 31, 2020, the weighted average implicit rate was 4.04% and the weighted average remaining lease term was 2.6 years. The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption December 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,062 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,088 $ 8,940 Income Statement Financial statement caption Year Ended Year Ended Year Ended December 31, 2018 Operating lease cost (1) Administrative expenses $ 3,005 $ 3,012 $ 2,914 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $3.1 million and $3.2 million for the years ended December 31, 2020 and 2019, respectively. The following represents our future undiscounted cash flows related to lease liabilities for each of the next five years and thereafter as of December 31, 2020 (in thousands): Years ending December 31, 2021 $ 2,628 2022 2,220 2023 1,513 2024 67 2025 — 2026 and thereafter — Total undiscounted future cash flows related to lease payments $ 6,428 Less: imputed interest (340) Total present value of lease liability $ 6,088 Lessor Operating Leases The following is the minimum future rental income as of December 31, 2020 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands): Years ending December 31, 2021 $ 950,906 2022 828,366 2023 648,571 2024 509,618 2025 390,878 2026 and thereafter 708,856 Total $ 4,037,195 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): December 31, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 355,755 $ 476,443 Estimated residual receivable (2) 53,892 102,238 Gross finance lease receivables (3) 409,647 578,681 Unearned income (4) (127,516) (165,339) Net investment in finance leases (5) $ 282,131 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of December 31, 2020 and 2019. (2) The Company's finance leases generally include a purchase option at nominal amounts 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 December 31, 2020 and 2019. (5) As of December 31, 2020, one major customer represented 75% 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 years. Maturities of the Company's gross finance lease receivables subsequent to December 31, 2020 are as follows (in thousands): Years ending December 31, 2021 $ 77,832 2022 52,863 2023 45,208 2024 44,837 2025 43,725 2026 and thereafter 145,182 Total $ 409,647 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 December 31, 2020 and December 31, 2019, the Company does not have an allowance on its gross finance lease receivables and does not have any material past due balances. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Share-Based Compensation | Share-Based Compensation On July 8, 2016, the Company's 2016 Equity Incentive Plan ("2016 Equity Plan") became effective. The 2016 Equity Plan provides for the granting of service-based and performance-based restricted shares to executives, employees and directors. The maximum aggregate number of shares that may be issued under the 2016 Equity Plan is 5,000,000 common shares. Any awards issued under the 2016 Equity Plan that are forfeited by the participant, will become available for future grant under the 2016 Equity Plan. The following table summarizes the Company's restricted share activity for the year ended December 31, 2020: Number of Shares Weighted Average Fair Value Non-vested balance at December 31, 2019 561,212 $ 31.84 Shares granted 283,161 36.44 Shares vested (1) (204,497) 38.19 Shares forfeited (2,073) 35.70 Non-vested balance at December 31, 2020 637,803 $ 35.78 (1) Plan participants tendered 53,609 common shares to satisfy income tax withholding obligations. These shares were subsequently retired by the Company. Additional shares may be granted based upon the satisfaction of certain performance criteria. The share-based compensation expense for the years ended December 31, 2020, 2019 and 2018 included in administrative expenses on the consolidated statements of operations was $9.9 million, $9.0 million, and $9.0 million, respectively. Share based compensation expense includes amounts related to performance-based shares where achievement of the performance condition was deemed probable. As of December 31, 2020, the total unrecognized compensation costs related to restricted shares is approximately $7.9 million, which is expected to be recognized over the remaining weighted average vesting period of approximately 1.7 years. |
Other Equity Matters
Other Equity Matters | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Other Equity Matters | Other Equity Matters Share Repurchase Program Starting August 1, 2018, the Company's Board of Directors authorized a repurchase program for its common shares. Under the repurchase program, shares may be purchased in the open market or privately negotiated transactions, and may include transactions pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Purchases may be made from time to time at the Company's discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common shares, and the Company may suspend or discontinue the repurchase program at any time. During the year ended December 31, 2020, the Company repurchased 5,129,981 common shares at an average price per-share of $30.85 and a total cost of $158.3 million. During the year ended December 31, 2019, the Company repurchased 6,918,197 common shares at an average price per-share of $31.82 and a total cost of $220.1 million. As of December 31, 2020, $102.1 million remains available under the common share repurchase program. Preferred Shares The following table summarizes the Company's preferred share issuances (the "Series") during 2019 and 2020: 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. As a result of these offerings, the Company received $537.5 million in aggregate net proceeds after deducting underwriting discounts of $2.7 million, $4.6 million, $5.5 million, and $4.7 million for Series A, Series B, Series C, and Series D, respectively. 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 will be payable equal to the 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 years ended December 31, 2020 and 2019 on its issued and outstanding Series (in millions except for the per-share amounts): Series A Series B Series C Series D Record Date Payment Date Aggregate Payment Per Share Payment (1) Aggregate Payment Per Share Aggregate Payment Per Share Payment (1) Aggregate Payment Per Share Payment (1) December 8, 2020 December 15, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $2.6 $0.43 September 8, 2020 September 15, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $2.6 $0.43 June 8, 2020 June 15, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $2.6 $0.43 March 9, 2020 March 16, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $1.5 $0.24 December 9, 2019 December 16, 2019 $1.8 $0.53 $2.9 $0.50 $1.4 $0.19 n/a n/a September 9, 2019 September 16, 2019 $1.8 $0.53 $2.6 $0.45 n/a n/a n/a n/a June 10, 2019 June 17, 2019 $1.8 $0.53 n/a n/a n/a n/a n/a n/a (1) Rounded to the nearest whole cent. As of December 31, 2020, the Company had cumulative unpaid preferred dividends of $1.8 million. Common Share Dividends The Company paid the following quarterly dividends during the years ended December 31, 2020, 2019, and 2018 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share December 10, 2020 December 23, 2020 $38.1 Million $0.57 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 December 3, 2019 December 20, 2019 $37.3 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 December 3, 2018 December 20, 2018 $41.0 Million $0.52 September 4, 2018 September 25, 2018 $41.6 Million $0.52 June 1, 2018 June 22, 2018 $41.6 Million $0.52 March 12, 2018 March 28, 2018 $36.1 Million $0.45 Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2020, 2019, and 2018 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2018 $ 31,215 $ (4,273) $ 26,942 Change in derivative instruments designated as cash flow hedges (1) (3,933) — (3,933) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (5,210) — (5,210) Tax reclassification to accumulated earnings for the adoption of ASU 2018-02 (3,029) — (3,029) Foreign currency translation adjustment — (207) (207) Balance at December 31, 2018 $ 19,043 $ (4,480) $ 14,563 Change in derivative instruments designated as cash flow hedges (1) (42,532) — (42,532) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (4,039) — (4,039) Cumulative effect for the adoption of ASU 2017-12, net of income tax effect 432 — 432 Foreign currency translation adjustment — (57) (57) Balance at December 31, 2019 $ (27,096) $ (4,537) $ (31,633) Change in derivative instruments designated as cash flow hedges (1) (123,357) — (123,357) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 21,927 — 21,927 Foreign currency translation adjustment — 28 28 Balance at December 31, 2020 $ (128,526) $ (4,509) $ (133,035) (1) Refer to Note 7 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations. |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information Segment Information The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments: • Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet. • Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered. The following tables summarizes our segment information and the consolidated totals reported (in thousands): As of and for the Year Ended December 31, 2020 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,300,346 $ 7,561 $ 1,307,907 Trading margin — 14,799 14,799 Net gain on sale of leasing equipment 37,773 — 37,773 Depreciation and amortization expense 541,406 722 542,128 Interest and debt expense 251,145 1,834 252,979 Realized (gain) loss on derivative instruments, net (223) (1) (224) Segment income (loss) before income taxes (1) 375,957 17,082 393,039 Equipment held for sale 43,275 24,036 67,311 Goodwill 220,864 15,801 236,665 Total assets 9,612,251 100,282 9,712,533 Purchases of leasing equipment and investments in finance leases (2) $ 744,129 $ — $ 744,129 As of and for the Year Ended December 31, 2019 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,344,733 $ 2,536 $ 1,347,269 Trading margin — 14,508 14,508 Net gain on sale of leasing equipment 27,041 — 27,041 Depreciation and amortization expense 535,427 704 536,131 Interest and debt expense 314,805 1,365 316,170 Realized (gain) loss on derivative instruments, net (2,229) (8) (2,237) Segment income (loss) before income taxes (1)(3) 374,418 12,062 386,480 Equipment held for sale 89,755 24,749 114,504 Goodwill 220,864 15,801 236,665 Total assets 9,596,263 46,370 9,642,633 Purchases of leasing equipment and investments in finance leases (2) $ 240,170 $ — $ 240,170 As of and for the Year Ended December 31, 2018 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,346,031 $ 4,272 $ 1,350,303 Trading margin — 18,921 18,921 Net gain on sale of leasing equipment 35,377 — 35,377 Depreciation and amortization expense 544,167 971 545,138 Interest and debt expense 321,290 1,441 322,731 Realized (gain) loss on derivative instruments, net (2,066) (6) (2,072) Segment income (loss) before income taxes (1) 416,270 17,563 433,833 Equipment held for sale 46,968 19,485 66,453 Goodwill 220,864 15,801 236,665 Total assets 10,224,421 45,592 10,270,013 Purchases of leasing equipment and investments in finance leases (2) $ 1,603,507 $ — $ 1,603,507 (1) Segment income (loss) before income taxes excludes unrealized loss of $0.3 million, $3.1 million, and $0.4 million for the years ended December 31, 2020, 2019, and 2018 respectively, and debt termination expense of $24.7 million, $2.5 million, and $6.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. (3) Equipment leasing segment includes gain on sale of an office building of $21.0 million for the year ended December 31, 2018. 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 years ended December 31, 2020, 2019, and 2018 based on customers' primary domicile (in thousands): Year Ended December 31, 2020 2019 2018 Total equipment leasing revenues: Asia $ 471,820 $ 534,529 $ 553,928 Europe 685,906 654,683 630,031 Americas 105,643 118,259 124,885 Bermuda 1,820 2,182 2,988 Other International 42,718 37,616 38,471 Total $ 1,307,907 $ 1,347,269 $ 1,350,303 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 years ended December 31, 2020, 2019 and 2018 based on the location of the sale (in thousands): Year Ended December 31, 2020 2019 2018 Total equipment trading revenues: Asia $ 22,748 $ 13,752 $ 18,536 Europe 22,031 27,637 21,211 Americas 30,681 31,943 34,167 Bermuda — — — Other International 10,320 10,661 9,125 Total $ 85,780 $ 83,993 $ 83,039 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is a Bermuda exempted company. Bermuda does not impose a corporate income tax. The Company is subject to taxation in certain foreign jurisdictions on a portion of its income attributable to such jurisdictions. The two main subsidiaries of Triton are TCIL and TAL. TCIL is a Bermuda exempted company and therefore no income tax is imposed. However, a portion of TCIL's income is subject to taxation in the U.S. TAL is a U.S. company and therefore is subject to taxation in the U.S. The following table sets forth the total income taxes for the periods indicated (in thousands): December 31, December 31, 2019 December 31, 2018 Current taxes: Bermuda $ — $ — $ — U.S. 2,518 (637) 3,164 Foreign 60 1,166 1,072 $ 2,578 $ 529 $ 4,236 Deferred taxes: Bermuda $ — $ — $ — U.S. 35,628 26,843 67,136 Foreign 34 179 (731) 35,662 27,022 66,405 Total income taxes $ 38,240 $ 27,551 $ 70,641 The following table sets forth the components of income (loss) before income taxes (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 Bermuda sources $ 200,453 $ 241,985 $ 128,905 U.S. sources 166,031 135,758 288,386 Foreign sources 1,535 3,087 10,022 Income (loss) before income taxes $ 368,019 $ 380,830 $ 427,313 The following table sets forth the difference between the Bermuda statutory income tax rate and the effective tax rate on the consolidated statements of operations for the periods indicated below: December 31, 2020 December 31, 2019 December 31, 2018 Bermuda tax rate — % — % — % Change in enacted tax act 0.65 % — % 1.02 % U.S. income taxed at other than the statutory rate 9.80 % 7.85 % 14.67 % Effect of uncertain tax positions (0.12) % 0.17 % 0.07 % Foreign income taxed at other than the statutory rate 0.14 % 0.14 % 0.18 % Effect of permanent differences 0.19 % 0.12 % 0.28 % Other discrete items (0.27) % (1.05) % 0.31 % Effective income tax rate 10.39 % 7.23 % 16.53 % The following table sets forth the components of deferred income tax assets and liabilities (in thousands): December 31, 2020 December 31, 2019 Deferred income tax assets: Net operating loss carryforwards $ 22,924 $ 71,138 Allowance for losses 257 141 Derivative instruments 11,268 4,899 Deferred income 382 395 Accrued liabilities and other payables 5,713 3,118 Total gross deferred tax assets 40,544 79,691 Less: Valuation allowance — — Net deferred tax assets $ 40,544 $ 79,691 Deferred income tax liabilities: Accelerated depreciation $ 331,954 $ 353,991 Goodwill and other intangible amortization 3,841 3,775 Derivative instruments — 105 Deferred income 6,244 11,034 Deferred partnership income (loss) 25,856 11,786 Other 80 317 Total gross deferred tax liability 367,975 381,008 Net deferred income tax liability $ 327,431 $ 301,317 The Company has not recorded a valuation allowance for deferred tax assets as of December 31, 2020 and December 31, 2019. In assessing the potential future realization of deferred tax assets, management considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods during which the deferred tax assets are deductible, the Company believes it is more-likely-than-not that the Company will realize the benefits of these deductible differences at December 31, 2020. Certain income taxes on unremitted earnings have not been reflected on the consolidated financial statements because such earnings are intended to be permanently reinvested in those jurisdictions. Such earnings and related income taxes are estimated to be approximately $66.0 million and $19.0 million, respectively, at December 31, 2020. The Tax Cuts and Jobs Act includes a tax on "global intangible low-taxed income" ("GILTI"), which taxes U.S shareholders on certain income earned by foreign subsidiaries. The Company has made an accounting policy election to account for the tax effects of the GILTI tax in the income tax provision in future periods as the tax arises. On March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The enactment of the CARES Act does not result in any material adjustments to the Company’s provision for income taxes. Net operating loss carryforwards for U.S. federal income tax purposes of $103.0 million at year end December 31, 2020 are available to offset future U.S. taxable income. Of the total net operating loss carryforwards, $51.0 million are available to offset future U.S. taxable income from 2021 through 2037. The remaining $52.0 million are carried forward indefinitely but subject to a limitation of 80% of the year's U.S. taxable income. The Company files income tax returns in several jurisdictions including the U.S. and certain U.S. states. The following table sets forth the unrecognized tax benefit amounts (in thousands): December 31, 2020 December 31, 2019 Beginning balance at January 1 $ 958 $ 8,590 Increase (decrease) related to tax positions — (7,248) Lapse of statute of limitations (318) (333) Foreign exchange adjustment 10 (51) Ending balance at December 31 $ 650 $ 958 It is reasonably possible that the total amount of unrecognized tax benefits as of December 31, 2020 will decrease by $0.3 million within the next twelve months due to statute of limitations lapses. This reduction will impact income tax expense when recognized. The tax years 2017 through 2020 remain subject to examination by major tax jurisdictions. The Company accrues interest and penalties related to income taxes in the provision for income taxes. The following table summarizes interest and penalty expense (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 Interest expense (benefit) $ (51) $ 193 $ 98 Penalty expense (benefit) $ (93) $ (115) $ (158) The following table summarizes the components of income taxes payable included in Accounts payable and other accrued expenses on the consolidated balance sheets (in thousands): December 31, 2020 December 31, 2019 Corporate income taxes payable $ 323 $ 29 Unrecognized tax benefits 650 958 Interest accrued 164 215 Penalties 194 287 Income taxes payable $ 1,331 $ 1,489 |
Other Postemployement Benefits
Other Postemployement Benefits | 12 Months Ended |
Dec. 31, 2020 | |
Savings Plan [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Other Postemployment BenefitsThe Company's U.S. employees participate in a defined contribution plan. Under the provisions of the plan, an employee is fully vested with respect to Company contributions after four years of service. The Company matches employee contributions of 100% up to a maximum of $6,000 of qualified compensation and may, at its discretion, make voluntary contributions. The Company's contributions were $0.7 million for each of the years ended December 31, 2020, 2019, and 2018, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Container Equipment Purchase Commitments As of December 31, 2020, the Company had commitments to purchase equipment in the amount of $1,064.8 million payable in 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. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | Selected Quarterly Financial Data (Unaudited) The following table sets forth certain key interim financial information for the years ended December 31, 2020 and 2019: (In thousands, except per share amounts) First Second Third Quarter Fourth Full Year 2020 Total leasing revenues $ 321,468 $ 321,397 $ 327,757 $ 337,285 $ 1,307,907 Trading margin $ 1,933 $ 2,020 $ 3,869 $ 6,977 $ 14,799 Net gain on sale of leasing equipment $ 4,077 $ 4,537 $ 10,737 $ 18,422 $ 37,773 Net income attributable to shareholders $ 67,211 $ 60,075 $ 45,946 $ 115,185 $ 288,417 Net income per basic common share $ 0.94 $ 0.87 $ 0.67 $ 1.72 $ 4.18 Net income per diluted common share $ 0.94 $ 0.86 $ 0.67 $ 1.70 $ 4.16 2019 Total leasing revenues $ 340,859 $ 338,566 $ 336,668 $ 331,176 $ 1,347,269 Trading margin $ 3,587 $ 4,496 $ 4,150 $ 2,275 $ 14,508 Net gain on sale of leasing equipment $ 8,469 $ 7,519 $ 6,196 $ 4,857 $ 27,041 Net income attributable to shareholders $ 91,914 $ 84,071 $ 85,895 $ 77,161 $ 339,041 Net income per basic common share $ 1.18 $ 1.13 $ 1.18 $ 1.07 $ 4.57 Net income per diluted common share $ 1.17 $ 1.12 $ 1.17 $ 1.07 $ 4.54 |
Related Party
Related Party | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsThe 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 finance leases with TriStar of $2.0 million and $1.8 million for the years ended December 31, 2020 and 2019. The Company has a finance lease balance with TriStar of $10.3 million and $10.7 million for the years ended December 31, 2020 and December 31, 2019. In 2019, the Company invested an additional $0.8 million to maintain its 50% ownership. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 3, 2021, the Company completed the offering of a $502.9 million ABS fixed-rate series. The series has a contractual weighted average interest rate of 1.69% and expected maturity date of February 20, 2031. On February 10, 2021, the Company's Board of Directors approved and declared a $0.57 per share quarterly cash dividend on its issued and outstanding common shares, payable on March 26, 2021 to shareholders of record at the close of business on March 12, 2021. On February 10, 2021, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on March 15, 2021 to holders of record as the close of business on March 8, 2021 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 |
Schedule I Condensed Balance Sh
Schedule I Condensed Balance Sheet | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | TRITON INTERNATIONAL LIMITED Parent Company Condensed Balance Sheets (In thousands, except share data) December 31, 2020 December 31, 2019 ASSETS: Cash and cash equivalents $ 1 $ 1 Investment in subsidiaries 2,569,703 2,535,211 Other assets 46 49 Total assets $ 2,569,750 $ 2,535,261 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable and other accrued expenses $ 2,822 $ 2,381 Payables with affiliates, net 980 643 Total liabilities 3,802 3,024 Shareholders' equity Preferred shares, $0.01 par value, at liquidation preference 555,000 405,000 Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively 812 810 Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding — — Treasury shares, at cost, 13,901,326 and 8,771,345 shares, respectively (436,822) (278,510) Additional paid-in capital 905,323 902,725 Accumulated earnings 1,674,670 1,533,845 Accumulated other comprehensive income (133,035) (31,633) Total shareholders' equity 2,565,948 2,532,237 Total liabilities and shareholders' equity $ 2,569,750 $ 2,535,261 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Operations (In thousands) Year Ended December 31, 2020 2019 2018 Revenues: Revenues $ — $ — $ — Total revenues — — — Operating expenses: Administrative expenses 7,298 5,865 5,343 Operating income (loss) (7,298) (5,865) (5,343) Other income (expenses): Interest and debt expense — (956) (57) Net income from subsidiaries 337,077 359,508 354,955 Total other income (expenses) 337,077 358,552 354,898 Income (loss) before income taxes 329,779 352,687 349,555 Income tax expense (benefit) — — — Net income (loss) $ 329,779 $ 352,687 $ 349,555 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Cash Flows (In thousands) Year Ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income (loss) $ 329,779 $ 352,687 $ 349,555 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Net (income) loss from subsidiaries (337,077) (359,508) (354,955) Dividends received from subsidiaries 352,903 338,569 220,304 Share-based compensation expense 1,177 1,403 1,252 Changes in operating assets and liabilities: Other (589) (3,696) 409 Net cash provided by (used in) operating activities 346,193 329,455 216,565 Cash flows from investing activities: Investment in subsidiary (145,157) (291,997) (40,000) Net cash provided by (used in) investing activities (145,157) (291,997) (40,000) Cash flows from financing activities: Issuance of preferred shares, net of underwriting discount 145,275 392,242 — Purchases of treasury shares (158,312) (222,236) (56,274) Loan with affiliate — (40,000) 40,000 Dividends paid on preferred shares (40,933) (12,323) — Dividends paid on common shares (146,476) (153,861) (160,289) Other (590) (1,281) — Net cash provided by (used in) financing activities (201,036) (37,459) (176,563) Net increase (decrease) in cash and cash equivalents $ — $ (1) $ 2 Cash, cash equivalents and restricted cash, beginning of period 1 2 — Cash, cash equivalents and restricted cash, end of period $ 1 $ 1 $ 2 |
Schedule I Condensed Income Sta
Schedule I Condensed Income Statement | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | TRITON INTERNATIONAL LIMITED Parent Company Condensed Balance Sheets (In thousands, except share data) December 31, 2020 December 31, 2019 ASSETS: Cash and cash equivalents $ 1 $ 1 Investment in subsidiaries 2,569,703 2,535,211 Other assets 46 49 Total assets $ 2,569,750 $ 2,535,261 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable and other accrued expenses $ 2,822 $ 2,381 Payables with affiliates, net 980 643 Total liabilities 3,802 3,024 Shareholders' equity Preferred shares, $0.01 par value, at liquidation preference 555,000 405,000 Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively 812 810 Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding — — Treasury shares, at cost, 13,901,326 and 8,771,345 shares, respectively (436,822) (278,510) Additional paid-in capital 905,323 902,725 Accumulated earnings 1,674,670 1,533,845 Accumulated other comprehensive income (133,035) (31,633) Total shareholders' equity 2,565,948 2,532,237 Total liabilities and shareholders' equity $ 2,569,750 $ 2,535,261 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Operations (In thousands) Year Ended December 31, 2020 2019 2018 Revenues: Revenues $ — $ — $ — Total revenues — — — Operating expenses: Administrative expenses 7,298 5,865 5,343 Operating income (loss) (7,298) (5,865) (5,343) Other income (expenses): Interest and debt expense — (956) (57) Net income from subsidiaries 337,077 359,508 354,955 Total other income (expenses) 337,077 358,552 354,898 Income (loss) before income taxes 329,779 352,687 349,555 Income tax expense (benefit) — — — Net income (loss) $ 329,779 $ 352,687 $ 349,555 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Cash Flows (In thousands) Year Ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income (loss) $ 329,779 $ 352,687 $ 349,555 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Net (income) loss from subsidiaries (337,077) (359,508) (354,955) Dividends received from subsidiaries 352,903 338,569 220,304 Share-based compensation expense 1,177 1,403 1,252 Changes in operating assets and liabilities: Other (589) (3,696) 409 Net cash provided by (used in) operating activities 346,193 329,455 216,565 Cash flows from investing activities: Investment in subsidiary (145,157) (291,997) (40,000) Net cash provided by (used in) investing activities (145,157) (291,997) (40,000) Cash flows from financing activities: Issuance of preferred shares, net of underwriting discount 145,275 392,242 — Purchases of treasury shares (158,312) (222,236) (56,274) Loan with affiliate — (40,000) 40,000 Dividends paid on preferred shares (40,933) (12,323) — Dividends paid on common shares (146,476) (153,861) (160,289) Other (590) (1,281) — Net cash provided by (used in) financing activities (201,036) (37,459) (176,563) Net increase (decrease) in cash and cash equivalents $ — $ (1) $ 2 Cash, cash equivalents and restricted cash, beginning of period 1 2 — Cash, cash equivalents and restricted cash, end of period $ 1 $ 1 $ 2 |
Schedule I Condensed Statement
Schedule I Condensed Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed financial information of registrant | TRITON INTERNATIONAL LIMITED Parent Company Condensed Balance Sheets (In thousands, except share data) December 31, 2020 December 31, 2019 ASSETS: Cash and cash equivalents $ 1 $ 1 Investment in subsidiaries 2,569,703 2,535,211 Other assets 46 49 Total assets $ 2,569,750 $ 2,535,261 LIABILITIES AND SHAREHOLDERS' EQUITY: Accounts payable and other accrued expenses $ 2,822 $ 2,381 Payables with affiliates, net 980 643 Total liabilities 3,802 3,024 Shareholders' equity Preferred shares, $0.01 par value, at liquidation preference 555,000 405,000 Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively 812 810 Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding — — Treasury shares, at cost, 13,901,326 and 8,771,345 shares, respectively (436,822) (278,510) Additional paid-in capital 905,323 902,725 Accumulated earnings 1,674,670 1,533,845 Accumulated other comprehensive income (133,035) (31,633) Total shareholders' equity 2,565,948 2,532,237 Total liabilities and shareholders' equity $ 2,569,750 $ 2,535,261 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Operations (In thousands) Year Ended December 31, 2020 2019 2018 Revenues: Revenues $ — $ — $ — Total revenues — — — Operating expenses: Administrative expenses 7,298 5,865 5,343 Operating income (loss) (7,298) (5,865) (5,343) Other income (expenses): Interest and debt expense — (956) (57) Net income from subsidiaries 337,077 359,508 354,955 Total other income (expenses) 337,077 358,552 354,898 Income (loss) before income taxes 329,779 352,687 349,555 Income tax expense (benefit) — — — Net income (loss) $ 329,779 $ 352,687 $ 349,555 TRITON INTERNATIONAL LIMITED Parent Company Condensed Statements of Cash Flows (In thousands) Year Ended December 31, 2020 2019 2018 Cash flows from operating activities: Net income (loss) $ 329,779 $ 352,687 $ 349,555 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Net (income) loss from subsidiaries (337,077) (359,508) (354,955) Dividends received from subsidiaries 352,903 338,569 220,304 Share-based compensation expense 1,177 1,403 1,252 Changes in operating assets and liabilities: Other (589) (3,696) 409 Net cash provided by (used in) operating activities 346,193 329,455 216,565 Cash flows from investing activities: Investment in subsidiary (145,157) (291,997) (40,000) Net cash provided by (used in) investing activities (145,157) (291,997) (40,000) Cash flows from financing activities: Issuance of preferred shares, net of underwriting discount 145,275 392,242 — Purchases of treasury shares (158,312) (222,236) (56,274) Loan with affiliate — (40,000) 40,000 Dividends paid on preferred shares (40,933) (12,323) — Dividends paid on common shares (146,476) (153,861) (160,289) Other (590) (1,281) — Net cash provided by (used in) financing activities (201,036) (37,459) (176,563) Net increase (decrease) in cash and cash equivalents $ — $ (1) $ 2 Cash, cash equivalents and restricted cash, beginning of period 1 2 — Cash, cash equivalents and restricted cash, end of period $ 1 $ 1 $ 2 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | SCHEDULE II TRITON INTERNATIONAL LIMITED Valuation and Qualifying Accounts (In thousands) For the year ended December 31, Accounts Receivable-Allowance for doubtful accounts: 2020 2019 2018 Beginning Balance $ 1,276 $ 1,240 $ 3,002 Additions / (Reversals) 1,082 114 (568) (Write-offs) / Reversals (166) (78) (1,194) Ending Balance $ 2,192 $ 1,276 $ 1,240 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities of which the Company is the primary beneficiary. The equity method of accounting is applied when the Company does not have a controlling interest in an entity but exerts significant influence over the entity. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | 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. |
Segment Reporting | Segment ReportingThe Company conducts its business activities in one industry, intermodal transportation equipment, and has two reporting segments, Equipment leasing and Equipment trading. The Company also segregates total equipment leasing revenues and total equipment trading revenues by geographic location based upon the primary domicile of the Company's customers. |
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 basisOther financial instruments that are exposed to concentration of credit risk are cash and cash equivalents, and restricted cash balances. Cash and cash equivalents, and restricted cash are held with financial institutions of high quality. Balances may exceed the amount of insurance provided on such deposits. |
Fair Value Measurements | Fair Value Measurements Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The determination of fair value may require an entity to make significant judgments or develop assumptions about market participants to reflect risks specific to the asset being valued. The Company uses the following fair value hierarchy when selecting inputs for its valuation techniques, with the highest priority given to Level 1: • Level 1—quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2—inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3—unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Cash and cash equivalents, restricted cash, accounts receivable, equipment purchases payable and accounts payable carrying amounts approximate fair values because of the short-term nature of these instruments. The Company's other financial and non-financial assets, which include leasing equipment, net investment in finance leases, intangible assets and goodwill, are not required to be measured at fair value on a recurring basis. However, if certain triggering events occur, or if an annual impairment test is required, and the Company determines that these other financial and non-financial assets are impaired after completing an evaluation, these assets would be written down to their fair value. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments having original maturities of three months or less at the time of purchase. |
Restricted Cash | Restricted Cash The Company's restricted cash relates to amounts held at financial institutions pursuant to certain debt arrangements. The restricted cash balances represent cash proceeds collected and required to be used to pay debt service and other related expenses. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company's allowance for doubtful accounts is estimated based upon a review of the collectibility of its receivables. This review is based on the risk profile of the receivables, credit quality indicators such as the level of past-due amounts and economic conditions. Generally, the Company does not require collateral on accounts receivable balances. An account is considered past due when a payment has not been received in accordance with the contractual terms. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance for doubtful accounts is intended to provide for losses in the receivables, and requires the application of estimates and judgments as to the outcome of collection efforts, among other things. The Company believes its allowance for doubtful accounts is adequate to provide for credit losses inherent in its existing receivables. For our net investment in finance leases and accounts receivable for sales of equipment, the Company measures expected credit loss by evaluating the overall credit quality of its customers. Expected credit losses for these financial assets are estimated using historical experience which includes multiple economic cycles, customer payment history, management's assessment of the customer's financial condition, and consideration of current conditions and reasonable forecasts. |
Net Investment in Finance Leases | Net Investment in Finance Leases The Company has entered into various lease agreements that qualify as sales-type leases. These leases are usually long-term in nature, ranging for a period of three to twelve years, and typically include an option to purchase the equipment at the end of the lease term for a nominal price that the Company deems reasonably certain to be exercised. At the inception of a sales-type lease, a net investment is recorded based on the gross investment (representing the total future minimum lease payments plus the estimated residual value), net of unearned income. Unearned income represents the excess of the gross investment over the fair value of the leased equipment at lease commencement. Any gain or loss is recognized at commencement and recorded in Net gain on sale of leasing equipment. |
Leasing Equipment | Leasing Equipment The Company purchases new equipment from equipment manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used equipment with the intention of selling such equipment in one or more years from the date of purchase. Leasing equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over the estimated useful lives. Capitalized costs for new container rental equipment include the manufactured cost of the container, inspection, delivery, and associated costs incurred in moving the container from the manufacturer to the initial on-hire location of such container. Repair and maintenance costs that do not extend the lives of the container rental equipment are charged to direct operating expenses at the time the costs are incurred. The estimated useful lives and residual values of the Company's leasing equipment are based on historical disposal experience and the Company's expectations for future used container sale prices. The Company evaluates estimates used in its depreciation policy on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation estimates for useful lives or the assigned residual values of its equipment is warranted. For 2020, the Company completed its annual depreciation policy assessment during the fourth quarter and concluded no change was necessary. The estimated useful lives and residual values for each major equipment type for the periods indicated below were as follows: As of December 31, 2020 and 2019 Equipment Type Depreciable Life Residual Value Dry containers 20-foot dry container 13 years $ 1,000 40-foot dry container 13 years $ 1,200 40-foot high cube dry container 13 years $ 1,400 Refrigerated containers 20-foot refrigerated container 12 years $ 2,350 40-foot high cube refrigerated container 12 years $ 3,350 Special containers 40-foot flat rack container 16 years $ 1,700 40-foot open top container 16 years $ 2,300 Tank containers 20 years $ 3,000 Chassis 20 years $ 1,200 Depreciation on leasing equipment commences on the date of initial on-hire. For leasing equipment purchased for resale that may be leased for a period of time, the Company adjusts its estimates for remaining useful life and residual values based on current conditions in the sales market for older containers and the Company's expectations for how long the equipment will remain on-hire to the current lessee. The net book value of the Company's leasing equipment by equipment type as of the dates indicated was (in thousands): December 31, 2020 December 31, 2019 Dry container $ 6,589,960 $ 6,308,038 Refrigerated container 1,483,820 1,520,747 Special container 307,765 321,099 Tank container 97,982 101,677 Chassis 151,169 140,986 Total $ 8,630,696 $ 8,392,547 |
Valuation of Leasing Equipment | Valuation of Leasing Equipment Leasing equipment is evaluated for impairment whenever events or changes in circumstances indicate that its carrying value may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying value to its estimated undiscounted future cash flows expected to be generated by the asset. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying value of the asset exceeds the fair value of the asset. Key indicators of impairment on leasing equipment include, among other factors, a sustained decrease in operating profitability, a sustained decrease in utilization, or indications of technological obsolescence. When testing for impairment, leasing equipment is generally grouped by equipment type, and is tested separately from other groups of assets and liabilities. Some of the significant estimates and assumptions used to determine future undiscounted cash flows and the measurement for impairment are the remaining useful life, expected utilization, expected future lease rates and expected disposal prices of the equipment. The Company considers the assumptions on expected utilization and the remaining useful life to have the greatest impact on its estimate of future undiscounted cash flows. These estimates are principally based on the Company's historical experience and management's judgment of market conditions. The Company did not record any impairment charges related to leasing equipment for the years ended December 31, 2020, 2019, and 2018. |
Equipment Held for Sale | Equipment Held for Sale When leasing equipment is returned off lease, the Company makes a determination of whether to repair and re-lease the equipment or sell the equipment. At the time the Company determines that equipment will be sold, it reclassifies the appropriate amounts previously recorded as leasing equipment to equipment held for sale. Equipment held for sale is recorded at the lower of its estimated fair value less costs to sell or carrying value at the time identified for sale. Depreciation expense on equipment held for sale is halted and disposals generally occur within 90 days. Initial write downs of equipment held for sale to fair value are recorded as an impairment charge and are included in net gain on sale of leasing equipment. Subsequent increases or decreases to the fair value of those assets are recorded as adjustments to the carrying value of the equipment held for sale, however, any such adjustments may not exceed the respective equipment's carrying value at the time it was initially classified as held for sale. Realized gains and losses resulting from the sale of equipment held for sale are recorded in Net gain on sale of leasing equipment, and cash flows associated with the disposal of equipment held for sale are classified as cash flows from investing activities. |
Operating Leases | Operating Leases The Company leases office space and office equipment and evaluates whether these leases are classified as operating or financing at the inception of the lease. The classification is based on certain assumptions that require judgment, such as the asset's fair value, the asset's estimated residual value, the interest rate implicit in the lease, and the asset's economic useful life. For operating leases, the Company records a lease liability based on the present value of the remaining minimum payments and a corresponding right-of-use ("ROU") asset. The Company uses its estimated incremental borrowing rate at the commencement date to determine the present value of lease payments. The benefits of lease incentives, including rent-free or reduced rent periods, and the cost of future rent escalations are recognized on a straight-line basis over the term of the lease. A lease liability and a corresponding ROU asset are not recognized when, at the commencement date of the lease, the term is 12 months or less. |
Property, Plant and Equipment | Property, Furniture and Equipment Costs of major additions of property, furniture, equipment and improvements are capitalized and are included in other assets on the consolidated balance sheets. The original cost is depreciated on a straight-line basis over the estimated useful lives of such property, furniture and equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or the estimated useful lives of the leased assets. Other fixed assets, which consist primarily of computer software and hardware, are recorded at cost and amortized on a straight-line basis over their respective estimated useful lives, which range from three to seven years. Expenditures for maintenance and repairs are expensed as they are incurred. |
Goodwill | Goodwill Goodwill is tested for impairment at least annually on October 31st of each fiscal year or more frequently if events occur or circumstances indicate that the fair value of a reporting unit may be below its carrying value. Goodwill has been allocated to the Company's reporting units, which are the same as its reporting segments. In evaluating goodwill for impairment, the Company has the option to first assess qualitative factors to determine whether further impairment testing is necessary. Among the relevant events and circumstances that affect the fair value of reporting units, the Company considers individual factors such as macroeconomic conditions, changes in its industry and the markets in which the Company operates, as well as its reporting units' historical and expected future financial performance. If, after assessing the totality of events or circumstances, the Company determines it is more-likely-than-not that the fair value of a reporting unit is greater than its carrying amount, then the quantitative goodwill impairment test is unnecessary. The quantitative goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit is less than its fair value, no impairment exists. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. |
Intangible Assets | Intangible Assets Intangible assets with finite useful lives such as acquired lease intangibles are initially recorded at fair value and are amortized over their respective estimated useful lives and subsequently reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company has not recorded any impairment charges related to intangible assets for the years ended December 31, 2020, 2019, and 2018. |
Revenue Recognition | Revenue Recognition Operating Leases with Customers The Company enters into long-term leases and service leases with ocean carriers, principally as lessor in operating leases, for marine cargo equipment. Long-term leases provide customers with specified equipment for a specified term. The Company's leasing revenues are based upon the number of equipment units leased, the applicable per diem rate and the length of the lease. Long-term leases typically have initial contractual terms ranging from three to eight or more years. Revenues are recognized on a straight-line basis over the life of the respective lease. Revenue from advance billings are deferred and recognized in the period earned. Service leases do not specify the exact number of equipment units to be leased or the term that each unit will remain on-hire, but allow the lessee to pick-up and drop-off units at various locations specified in the lease agreement. Under a service lease, rental revenue is based on the number of equipment units on-hire for a given period. Revenue from customers considered to be non-performing is deferred and recognized when the amounts are received. The Company recognizes billings to customers for damages and certain other operating costs as leasing revenue when earned based on the terms of the contractual agreements with the customer. Finance Leases with Customers The Company enters into finance leases as lessor for some of the equipment in its fleet. At the inception of the lease, the Company records the total future minimum lease payments plus the estimated residual value, net of executory costs, if any. The net investment in finance leases represents the receivables due from lessees, net of unearned income and amounts previously billed, which are included in accounts receivable. Unearned income, which also includes any initial direct costs, is recognized on a constant yield basis over the lease term and is recorded as leasing revenue. The Company's finance leases are usually long-term in nature and typically include an option to purchase the equipment at the end of the lease term for a nominal price that the Company deems reasonably certain to be exercised. Equipment Trading Revenues and Expenses |
Direct Operating Expenses | Direct Operating Expenses Direct operating expenses are directly related to the Company's equipment under and available for lease. These expenses primarily consist of the Company's costs to repair and maintain the equipment, to reposition the equipment and to store the equipment when it is not on lease. These costs are recognized when incurred. Certain positioning costs may be capitalized when incurred to place new equipment on an initial lease. |
Debt Costs | Debt CostsDebt costs represent the fees incurred in connection with debt obligation arrangements. These costs are capitalized and amortized using the effective interest method or on a straight-line basis over the term of the related obligation, depending on the type of debt obligation to which they relate. Unamortized debt costs may be written off when the related debt obligations are refinanced or extinguished prior to maturity. |
Derivative Instruments | Derivative Instruments The Company uses derivatives in the management of its interest rate exposure on its long-term borrowings. The Company records derivative instruments on its balance sheet at fair value and establishes criteria for both the designation and effectiveness of hedging activities. The Company has entered into interest rate swap agreements with certain financial institutions. The interest rate swap agreements require the Company to make payments to counterparties at fixed rates in return for receipts based upon variable rates indexed to the London Interbank Offered Rate ("LIBOR") or its replacement rate. Derivative instruments are designated or non-designated for hedge accounting purposes. The fair value of the derivative instruments is measured at each balance sheet date and is reflected on a gross basis on the consolidated balance sheets. The change in fair value of the derivative instruments designated as a cash flow hedge are recorded on the consolidated balance sheets in accumulated other comprehensive income (loss) and are re-classified to interest and debt expense when the hedged interest payments are recognized. The change in fair value of non-designated derivative instruments is recorded in the consolidated statements of operations as unrealized loss (gain) on derivative instruments, net and are reclassified to realized loss |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes, which requires recognition of deferred tax assets and liabilities based on the expected future tax consequences of temporary differences that currently exist between the tax basis and financial reporting basis of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any change in the tax rate which has an effect on deferred tax assets and liabilities is recognized as an increase or decrease to income in the period that includes the enactment date of the law that resulted in the change in tax rate. The Company recognizes the effect of income tax positions which are more-likely-than-not of being sustained. If a position does not meet the more-likely-than-not criteria, the Company records a reserve against the tax position such that a tax benefit is recognized only in the amount that has a greater than 50% likelihood of being recognized. The full impact of any change in recognition or measurement of an uncertain tax position is reflected in the period in which such change occurs. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. |
Foreign Currency Translation and Remeasurement | Foreign Currency Translation and Remeasurement The Company uses the U.S. dollar as its reporting currency. The net assets and operations that are denominated in foreign currency and are subject to foreign currency translation included in the consolidated financial statements are attributable primarily to the Company's U.K. subsidiary. The accounts of this subsidiary have been converted at rates of exchange in effect at year end as to balance sheet accounts and at the annual weighted average exchange rates for the statements of operations accounts. The effects of changes in exchange rates in translating foreign subsidiaries' financial statements are included in shareholders' equity as accumulated other comprehensive (loss) income. |
Stock-Based Compensation | Share-based Compensation The Company measures and recognizes share-based awards granted to employees based on the grant date fair value. Share-based awards may be subject to forfeiture if certain employment conditions are not met. The Company has elected to account for forfeitures as they occur. Time based awards are measured at the grant date and are recognized as compensation expense over the employee's requisite service period, generally the vesting period of the equity award, on a straight-line basis. Performance-based awards are recognized as compensation expense when satisfaction of the performance condition is considered probable. The Company also grants share-based awards to non-employee directors that vest immediately and are recognized as compensation expense based on the grant date fair value. |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. Any potential issuance of common shares, including those that are contingent and do not participate in dividends, are excluded from the weighted average number of common shares outstanding. Diluted earnings per share reflect the potential dilution that would occur if securities exercisable or convertible into common shares were exercised or converted into common shares, utilizing the treasury share method. |
Recently Adopted 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. The adoption of this standard will help ease the burden that the Company may face at the time of transition 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives and residual values for the majority of the Company's leasing equipment | The estimated useful lives and residual values for each major equipment type for the periods indicated below were as follows: As of December 31, 2020 and 2019 Equipment Type Depreciable Life Residual Value Dry containers 20-foot dry container 13 years $ 1,000 40-foot dry container 13 years $ 1,200 40-foot high cube dry container 13 years $ 1,400 Refrigerated containers 20-foot refrigerated container 12 years $ 2,350 40-foot high cube refrigerated container 12 years $ 3,350 Special containers 40-foot flat rack container 16 years $ 1,700 40-foot open top container 16 years $ 2,300 Tank containers 20 years $ 3,000 Chassis 20 years $ 1,200 |
Schedule of net book value of the Company's leasing equipment by equipment type | The net book value of the Company's leasing equipment by equipment type as of the dates indicated was (in thousands): December 31, 2020 December 31, 2019 Dry container $ 6,589,960 $ 6,308,038 Refrigerated container 1,483,820 1,520,747 Special container 307,765 321,099 Tank container 97,982 101,677 Chassis 151,169 140,986 Total $ 8,630,696 $ 8,392,547 |
Equipment Held for Sale (Tables
Equipment Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Fair value is measured using Level 2 inputs and is based predominantly on recent sales prices. 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): December 31, 2020 December 31, 2019 Equipment held for sale $ 4,001 $ 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 gain on sale of leasing equipment on the consolidated statements of operations (in thousands): Year Ended December 31, 2020 2019 2018 Impairment (loss) reversal on equipment held for sale $ (3,532) $ (5,299) $ (3,933) Gain (loss) on sale of equipment, net of selling costs 41,305 32,340 39,310 Net gain on sale of leasing equipment $ 37,773 $ 27,041 $ 35,377 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | December 31, 2020 (in thousands): Years ending December 31, Total Intangible Assets 2021 $ 16,549 2022 10,497 2023 4,657 2024 1,963 Total $ 33,666 |
Restricted Cash (Tables)
Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | The components of restricted cash as of December 31, 2020 and December 31, 2019 were as follows (in thousands): December 31, 2020 December 31, 2019 Collection accounts $ 27,673 $ 25,580 Trust accounts 19,001 13,840 Other restricted cash accounts 43,810 67,257 Total restricted cash $ 90,484 $ 106,677 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | 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) December 31, 2020 December 31, 2019 From To Institutional notes 4.57% Jun 2021 Jun 2029 $ 1,642,314 $ 1,957,557 Asset-backed securitization term notes 2.07% Aug 2023 May 2030 2,920,807 2,719,206 Term loan facility 1.65% Nov 2023 Nov 2023 840,000 1,200,375 Asset-backed securitization warehouse 2.00% Nov 2027 Nov 2027 264,000 370,000 Revolving credit facilities 1.74% Sep 2023 Jul 2024 760,500 410,000 Finance lease obligations 4.93% Feb 2024 Feb 2024 17,304 27,024 Total debt outstanding 6,444,925 6,684,162 Unamortized debt costs (42,747) (39,781) Unamortized debt premiums & discounts (599) (4,065) Unamortized fair value debt adjustment 1,691 (8,791) Debt, net of unamortized costs $ 6,403,270 $ 6,631,525 (1) Data as of December 31, 2020. Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $3,919,200 3.19% Jun 2021 May 2030 4.2 years Floating-rate debt $2,525,725 1.73% Aug 2023 Nov 2027 3.2 years Including impact of derivative instruments: Fixed-rate debt $3,919,200 3.19% Hedged floating-rate debt 1,709,975 3.59% Total fixed and hedged debt 5,629,175 3.31% Unhedged floating-rate debt 815,750 1.73% Total $6,444,925 3.11% |
Schedule of debt instruments | Years ending December 31, 2021 $ 659,109 2022 716,152 2023 1,533,307 2024 1,384,416 2025 395,078 2026 and thereafter 1,739,559 Total $ 6,427,621 Years ending December 31, 2021 $ 3,075 2022 3,075 2023 3,075 2024 9,843 2025 — 2026 and thereafter — Total future payments 19,068 Less: amount representing interest (1,764) Finance lease obligations $ 17,304 |
Schedule of Debt Offerings | The Company issued the following ABS fixed-rate series: 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) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swap contracts | During the year ended December 31, 2020, the Company entered into the following hedging instruments: Derivative Instrument Date Effective Notional Amount Fixed Leg (Pay) Interest Rate Indexed To Scheduled Maturity Interest rate swap April 20, 2020 $125.0 million 0.35% 1 month LIBOR April 20, 2024 Interest rate cap November 13, 2020 $200.0 million n/a 1 month LIBOR November 13, 2023 Forward starting interest rate swap February 22, 2021 $150.0 million 0.55% 1 month LIBOR August 20, 2028 (1) Forward starting interest rate swap February 22, 2021 $150.0 million 0.55% 1 month LIBOR August 20, 2028 (1) Forward starting interest rate swap May 28, 2021 $150.0 million 0.60% 1 month LIBOR November 30, 2028 (2) Forward starting interest rate swap May 28, 2021 $150.0 million 0.59% 1 month LIBOR November 30, 2028 (2) (1) Mandatory termination date of March 22, 2021, which aligns with the forecasted transaction. (2) Mandatory termination date of June 30, 2021, which aligns with the forecasted transaction. During the year ended December 31, 2020, the Company canceled the following interest rate swap and cap: Derivative Instrument Date Canceled Notional Amount Funds Paid Interest rate swap November 13, 2020 $71.3 million $5.1 million Interest rate cap November 13, 2020 $200.0 million n/a As of December 31, 2020, the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Weighted Average Cap Rate Weighted Average Interest Rate Swap (1) $1,710.0 million 2.01% n/a 5.0 years Interest Rate Cap $200.0 million n/a 5.50% 2.9 years (1) The impact of forward starting swaps will increase total notional amount by $950.0 million and increase the weighted average remaining term to 6.0 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): Financial statement caption Year Ended December 31, Derivative instrument 2020 2019 2018 Non-designated derivative instruments Realized (gain) loss on derivative instruments, net $ (224) $ (2,237) $ (2,072) Non-designated derivative instruments Unrealized (gain) loss on derivative instruments, net 286 3,107 430 Designated derivative instruments Interest and debt (income) expense 23,071 (6,048) (6,780) Designated derivative instruments Comprehensive loss 134,051 48,653 2,119 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases, Capital [Abstract] | |
Lessee, Balance Sheet and Income Statement Effect [Table Text Block] | The following table summarizes the components of the Company's leases (in thousands): Balance Sheet Financial statement caption December 31, 2020 December 31, 2019 Right-of-use asset - operating Other assets $ 5,062 $ 7,616 Lease liability - operating Accounts payable and other accrued expenses $ 6,088 $ 8,940 Income Statement Financial statement caption Year Ended Year Ended Year Ended December 31, 2018 Operating lease cost (1) Administrative expenses $ 3,005 $ 3,012 $ 2,914 (1) Includes short-term leases that are immaterial. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following represents our future undiscounted cash flows related to lease liabilities for each of the next five years and thereafter as of December 31, 2020 (in thousands): Years ending December 31, 2021 $ 2,628 2022 2,220 2023 1,513 2024 67 2025 — 2026 and thereafter — Total undiscounted future cash flows related to lease payments $ 6,428 Less: imputed interest (340) Total present value of lease liability $ 6,088 |
Operating Lease, Lease Income [Table Text Block] | Operating Leases The following is the minimum future rental income as of December 31, 2020 under non-cancelable operating leases, assuming the minimum contractual lease term (in thousands): Years ending December 31, 2021 $ 950,906 2022 828,366 2023 648,571 2024 509,618 2025 390,878 2026 and thereafter 708,856 Total $ 4,037,195 |
Schedule of components of the net investment in finance leases | The following table summarizes the components of the net investment in finance leases (in thousands): December 31, 2020 December 31, 2019 Future minimum lease payment receivable (1) $ 355,755 $ 476,443 Estimated residual receivable (2) 53,892 102,238 Gross finance lease receivables (3) 409,647 578,681 Unearned income (4) (127,516) (165,339) Net investment in finance leases (5) $ 282,131 $ 413,342 (1) There were no executory costs included in gross finance lease receivables as of December 31, 2020 and 2019. (2) The Company's finance leases generally include a purchase option at nominal amounts 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 December 31, 2020 and 2019. (5) As of December 31, 2020, one major customer represented 75% 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 years. |
Schedule of contractual maturities of the Company’s gross finance lease receivables | Maturities of the Company's gross finance lease receivables subsequent to December 31, 2020 are as follows (in thousands): Years ending December 31, 2021 $ 77,832 2022 52,863 2023 45,208 2024 44,837 2025 43,725 2026 and thereafter 145,182 Total $ 409,647 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table summarizes the Company's restricted share activity for the year ended December 31, 2020: Number of Shares Weighted Average Fair Value Non-vested balance at December 31, 2019 561,212 $ 31.84 Shares granted 283,161 36.44 Shares vested (1) (204,497) 38.19 Shares forfeited (2,073) 35.70 Non-vested balance at December 31, 2020 637,803 $ 35.78 |
Other Equity Matters (Tables)
Other Equity Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stock by Class | Preferred Shares The following table summarizes the Company's preferred share issuances (the "Series") during 2019 and 2020: 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 Declared | The Company paid the following quarterly dividends during the years ended December 31, 2020 and 2019 on its issued and outstanding Series (in millions except for the per-share amounts): Series A Series B Series C Series D Record Date Payment Date Aggregate Payment Per Share Payment (1) Aggregate Payment Per Share Aggregate Payment Per Share Payment (1) Aggregate Payment Per Share Payment (1) December 8, 2020 December 15, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $2.6 $0.43 September 8, 2020 September 15, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $2.6 $0.43 June 8, 2020 June 15, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $2.6 $0.43 March 9, 2020 March 16, 2020 $1.8 $0.53 $2.9 $0.50 $3.2 $0.46 $1.5 $0.24 December 9, 2019 December 16, 2019 $1.8 $0.53 $2.9 $0.50 $1.4 $0.19 n/a n/a September 9, 2019 September 16, 2019 $1.8 $0.53 $2.6 $0.45 n/a n/a n/a n/a June 10, 2019 June 17, 2019 $1.8 $0.53 n/a n/a n/a n/a n/a n/a (1) Rounded to the nearest whole cent. The Company paid the following quarterly dividends during the years ended December 31, 2020, 2019, and 2018 on its issued and outstanding common shares: Record Date Payment Date Aggregate Payment Per Share December 10, 2020 December 23, 2020 $38.1 Million $0.57 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 December 3, 2019 December 20, 2019 $37.3 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 December 3, 2018 December 20, 2018 $41.0 Million $0.52 September 4, 2018 September 25, 2018 $41.6 Million $0.52 June 1, 2018 June 22, 2018 $41.6 Million $0.52 March 12, 2018 March 28, 2018 $36.1 Million $0.45 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2020, 2019, and 2018 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance at January 1, 2018 $ 31,215 $ (4,273) $ 26,942 Change in derivative instruments designated as cash flow hedges (1) (3,933) — (3,933) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (5,210) — (5,210) Tax reclassification to accumulated earnings for the adoption of ASU 2018-02 (3,029) — (3,029) Foreign currency translation adjustment — (207) (207) Balance at December 31, 2018 $ 19,043 $ (4,480) $ 14,563 Change in derivative instruments designated as cash flow hedges (1) (42,532) — (42,532) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (4,039) — (4,039) Cumulative effect for the adoption of ASU 2017-12, net of income tax effect 432 — 432 Foreign currency translation adjustment — (57) (57) Balance at December 31, 2019 $ (27,096) $ (4,537) $ (31,633) Change in derivative instruments designated as cash flow hedges (1) (123,357) — (123,357) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 21,927 — 21,927 Foreign currency translation adjustment — 28 28 Balance at December 31, 2020 $ (128,526) $ (4,509) $ (133,035) (1) Refer to Note 7 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations. |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of segment information | The following tables summarizes our segment information and the consolidated totals reported (in thousands): As of and for the Year Ended December 31, 2020 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,300,346 $ 7,561 $ 1,307,907 Trading margin — 14,799 14,799 Net gain on sale of leasing equipment 37,773 — 37,773 Depreciation and amortization expense 541,406 722 542,128 Interest and debt expense 251,145 1,834 252,979 Realized (gain) loss on derivative instruments, net (223) (1) (224) Segment income (loss) before income taxes (1) 375,957 17,082 393,039 Equipment held for sale 43,275 24,036 67,311 Goodwill 220,864 15,801 236,665 Total assets 9,612,251 100,282 9,712,533 Purchases of leasing equipment and investments in finance leases (2) $ 744,129 $ — $ 744,129 As of and for the Year Ended December 31, 2019 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,344,733 $ 2,536 $ 1,347,269 Trading margin — 14,508 14,508 Net gain on sale of leasing equipment 27,041 — 27,041 Depreciation and amortization expense 535,427 704 536,131 Interest and debt expense 314,805 1,365 316,170 Realized (gain) loss on derivative instruments, net (2,229) (8) (2,237) Segment income (loss) before income taxes (1)(3) 374,418 12,062 386,480 Equipment held for sale 89,755 24,749 114,504 Goodwill 220,864 15,801 236,665 Total assets 9,596,263 46,370 9,642,633 Purchases of leasing equipment and investments in finance leases (2) $ 240,170 $ — $ 240,170 As of and for the Year Ended December 31, 2018 Equipment Leasing Equipment Trading Totals Total leasing revenues $ 1,346,031 $ 4,272 $ 1,350,303 Trading margin — 18,921 18,921 Net gain on sale of leasing equipment 35,377 — 35,377 Depreciation and amortization expense 544,167 971 545,138 Interest and debt expense 321,290 1,441 322,731 Realized (gain) loss on derivative instruments, net (2,066) (6) (2,072) Segment income (loss) before income taxes (1) 416,270 17,563 433,833 Equipment held for sale 46,968 19,485 66,453 Goodwill 220,864 15,801 236,665 Total assets 10,224,421 45,592 10,270,013 Purchases of leasing equipment and investments in finance leases (2) $ 1,603,507 $ — $ 1,603,507 (1) Segment income (loss) before income taxes excludes unrealized loss of $0.3 million, $3.1 million, and $0.4 million for the years ended December 31, 2020, 2019, and 2018 respectively, and debt termination expense of $24.7 million, $2.5 million, and $6.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. (3) Equipment leasing segment includes gain on sale of an office building of $21.0 million for the year ended December 31, 2018. |
Geographic allocation of revenues for the periods indicated based on the customers primary domicile and allocates equipment trading revenue based on the location of sale | The following table summarizes the geographic allocation of equipment leasing revenues for the years ended December 31, 2020, 2019, and 2018 based on customers' primary domicile (in thousands): Year Ended December 31, 2020 2019 2018 Total equipment leasing revenues: Asia $ 471,820 $ 534,529 $ 553,928 Europe 685,906 654,683 630,031 Americas 105,643 118,259 124,885 Bermuda 1,820 2,182 2,988 Other International 42,718 37,616 38,471 Total $ 1,307,907 $ 1,347,269 $ 1,350,303 Year Ended December 31, 2020 2019 2018 Total equipment trading revenues: Asia $ 22,748 $ 13,752 $ 18,536 Europe 22,031 27,637 21,211 Americas 30,681 31,943 34,167 Bermuda — — — Other International 10,320 10,661 9,125 Total $ 85,780 $ 83,993 $ 83,039 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | December 31, December 31, 2019 December 31, 2018 Current taxes: Bermuda $ — $ — $ — U.S. 2,518 (637) 3,164 Foreign 60 1,166 1,072 $ 2,578 $ 529 $ 4,236 Deferred taxes: Bermuda $ — $ — $ — U.S. 35,628 26,843 67,136 Foreign 34 179 (731) 35,662 27,022 66,405 Total income taxes $ 38,240 $ 27,551 $ 70,641 December 31, 2020 December 31, 2019 Corporate income taxes payable $ 323 $ 29 Unrecognized tax benefits 650 958 Interest accrued 164 215 Penalties 194 287 Income taxes payable $ 1,331 $ 1,489 |
Schedule of Income before Income Tax, Domestic and Foreign | December 31, 2020 December 31, 2019 December 31, 2018 Bermuda sources $ 200,453 $ 241,985 $ 128,905 U.S. sources 166,031 135,758 288,386 Foreign sources 1,535 3,087 10,022 Income (loss) before income taxes $ 368,019 $ 380,830 $ 427,313 |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth the difference between the Bermuda statutory income tax rate and the effective tax rate on the consolidated statements of operations for the periods indicated below: December 31, 2020 December 31, 2019 December 31, 2018 Bermuda tax rate — % — % — % Change in enacted tax act 0.65 % — % 1.02 % U.S. income taxed at other than the statutory rate 9.80 % 7.85 % 14.67 % Effect of uncertain tax positions (0.12) % 0.17 % 0.07 % Foreign income taxed at other than the statutory rate 0.14 % 0.14 % 0.18 % Effect of permanent differences 0.19 % 0.12 % 0.28 % Other discrete items (0.27) % (1.05) % 0.31 % Effective income tax rate 10.39 % 7.23 % 16.53 % |
Summary of Unrecognized Tax Benefits | The following table sets forth the unrecognized tax benefit amounts (in thousands): December 31, 2020 December 31, 2019 Beginning balance at January 1 $ 958 $ 8,590 Increase (decrease) related to tax positions — (7,248) Lapse of statute of limitations (318) (333) Foreign exchange adjustment 10 (51) Ending balance at December 31 $ 650 $ 958 |
Schedule of Deferred Tax Assets and Liabilities | The following table sets forth the components of deferred income tax assets and liabilities (in thousands): December 31, 2020 December 31, 2019 Deferred income tax assets: Net operating loss carryforwards $ 22,924 $ 71,138 Allowance for losses 257 141 Derivative instruments 11,268 4,899 Deferred income 382 395 Accrued liabilities and other payables 5,713 3,118 Total gross deferred tax assets 40,544 79,691 Less: Valuation allowance — — Net deferred tax assets $ 40,544 $ 79,691 Deferred income tax liabilities: Accelerated depreciation $ 331,954 $ 353,991 Goodwill and other intangible amortization 3,841 3,775 Derivative instruments — 105 Deferred income 6,244 11,034 Deferred partnership income (loss) 25,856 11,786 Other 80 317 Total gross deferred tax liability 367,975 381,008 Net deferred income tax liability $ 327,431 $ 301,317 |
Summary of Income Tax Interest and Penalties | The following table summarizes interest and penalty expense (in thousands): December 31, 2020 December 31, 2019 December 31, 2018 Interest expense (benefit) $ (51) $ 193 $ 98 Penalty expense (benefit) $ (93) $ (115) $ (158) |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | The following table sets forth certain key interim financial information for the years ended December 31, 2020 and 2019: (In thousands, except per share amounts) First Second Third Quarter Fourth Full Year 2020 Total leasing revenues $ 321,468 $ 321,397 $ 327,757 $ 337,285 $ 1,307,907 Trading margin $ 1,933 $ 2,020 $ 3,869 $ 6,977 $ 14,799 Net gain on sale of leasing equipment $ 4,077 $ 4,537 $ 10,737 $ 18,422 $ 37,773 Net income attributable to shareholders $ 67,211 $ 60,075 $ 45,946 $ 115,185 $ 288,417 Net income per basic common share $ 0.94 $ 0.87 $ 0.67 $ 1.72 $ 4.18 Net income per diluted common share $ 0.94 $ 0.86 $ 0.67 $ 1.70 $ 4.16 2019 Total leasing revenues $ 340,859 $ 338,566 $ 336,668 $ 331,176 $ 1,347,269 Trading margin $ 3,587 $ 4,496 $ 4,150 $ 2,275 $ 14,508 Net gain on sale of leasing equipment $ 8,469 $ 7,519 $ 6,196 $ 4,857 $ 27,041 Net income attributable to shareholders $ 91,914 $ 84,071 $ 85,895 $ 77,161 $ 339,041 Net income per basic common share $ 1.18 $ 1.13 $ 1.18 $ 1.07 $ 4.57 Net income per diluted common share $ 1.17 $ 1.12 $ 1.17 $ 1.07 $ 4.54 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Schedule of Dividends Payable | On February 10, 2021, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on March 15, 2021 to holders of record as the close of business on March 8, 2021 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% $0.4296875 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Other Nonoperating Income (Expense) | $ 4,433 | $ 3,257 | $ 2,292 |
Provision (reversal) for doubtful accounts | $ 2,768 | $ 590 | $ (231) |
CMA CGM S.A | Operating and Capital Leases Billing [Member] [Domain] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 22.00% | 21.00% | 20.00% |
Mediterranean Shipping Company [Member] | Operating and Capital Leases Billing [Member] [Domain] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 14.00% | 14.00% | 14.00% |
Mediterranean Shipping Company [Member] | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 6.00% | 6.00% | |
CMACGN | Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 21.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Leasing Equipment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ 18,422,000 | $ 10,737,000 | $ 4,537,000 | $ 4,077,000 | $ 4,857,000 | $ 6,196,000 | $ 7,519,000 | $ 8,469,000 | $ 37,773,000 | $ 27,041,000 | $ 35,377,000 |
Property Subject to or Available for Operating Lease, Net | 8,630,696,000 | 8,392,547,000 | 8,630,696,000 | 8,392,547,000 | |||||||
Property Available for Operating Lease, Net | 173,200,000 | 721,700,000 | $ 173,200,000 | $ 721,700,000 | |||||||
Dry Container Units 20 Foot | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 13 years | 13 years | |||||||||
Residual values from date of manufacture | 1,000 | 1,000 | $ 1,000 | $ 1,000 | |||||||
Dry Container Units 40 Foot [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 13 years | 13 years | |||||||||
Residual values from date of manufacture | 1,200 | 1,200 | $ 1,200 | $ 1,200 | |||||||
Dry Container Units 40 Foot High Cube [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 13 years | 13 years | |||||||||
Residual values from date of manufacture | 1,400 | 1,400 | $ 1,400 | $ 1,400 | |||||||
Refrigerated Container Units 20 Foot [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 12 years | 12 years | |||||||||
Residual values from date of manufacture | 2,350 | 2,350 | $ 2,350 | $ 2,350 | |||||||
Refrigerated Container Units 40 Foot High Cube [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 12 years | 12 years | |||||||||
Residual values from date of manufacture | 3,350 | 3,350 | $ 3,350 | $ 3,350 | |||||||
Special Container Units 40 Foot Flat Rack [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 16 years | 16 years | |||||||||
Residual values from date of manufacture | 1,700 | 1,700 | $ 1,700 | $ 1,700 | |||||||
Special Container Units 40 Foot Open Top [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 16 years | 16 years | |||||||||
Residual values from date of manufacture | 2,300 | 2,300 | $ 2,300 | $ 2,300 | |||||||
Dry container units | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Subject to or Available for Operating Lease, Net | 6,589,960,000 | 6,308,038,000 | 6,589,960,000 | 6,308,038,000 | |||||||
Refrigerated container units | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Subject to or Available for Operating Lease, Net | 1,483,820,000 | 1,520,747,000 | 1,483,820,000 | 1,520,747,000 | |||||||
Special container units | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property Subject to or Available for Operating Lease, Net | 307,765,000 | 321,099,000 | $ 307,765,000 | $ 321,099,000 | |||||||
Tank Container Units [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 20 years | 20 years | |||||||||
Residual values from date of manufacture | 3,000 | 3,000 | $ 3,000 | $ 3,000 | |||||||
Property Subject to or Available for Operating Lease, Net | 97,982,000 | 101,677,000 | $ 97,982,000 | $ 101,677,000 | |||||||
Chassis [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Useful Lives | 20 years | 20 years | |||||||||
Residual values from date of manufacture | 1,200 | 1,200 | $ 1,200 | $ 1,200 | |||||||
Property Subject to or Available for Operating Lease, Net | $ 151,169,000 | $ 140,986,000 | 151,169,000 | 140,986,000 | |||||||
Long Lived Assets Held-for-sale, Name [Domain] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | (3,532,000) | (5,299,000) | (3,933,000) | ||||||||
Equipment, net of selling costs [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ 41,305,000 | $ 32,340,000 | $ 39,310,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ 18,422 | $ 10,737 | $ 4,537 | $ 4,077 | $ 4,857 | $ 6,196 | $ 7,519 | $ 8,469 | $ 37,773 | $ 27,041 | $ 35,377 |
Long Lived Assets Held-for-sale, Name [Domain] | |||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ (3,532) | $ (5,299) | $ (3,933) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Other Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Impairment [Line Items] | |||||||||||
Net Cash Provided by (Used in) Financing Activities | $ (471,711,000) | $ (1,028,753,000) | $ 351,927,000 | ||||||||
Net gain (loss) on sale of leasing equipment | $ 18,422,000 | $ 10,737,000 | $ 4,537,000 | $ 4,077,000 | $ 4,857,000 | $ 6,196,000 | $ 7,519,000 | $ 8,469,000 | $ 37,773,000 | $ 27,041,000 | $ 35,377,000 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,576 | 867 | 207,991 | ||||||||
Provision (reversal) for doubtful accounts | $ 2,768,000 | $ 590,000 | $ (231,000) | ||||||||
Operating Lease, Liability | 6,088,000 | 8,940,000 | 6,088,000 | 8,940,000 | |||||||
Operating Lease, Right-of-Use Asset | 5,062,000 | 7,616,000 | 5,062,000 | 7,616,000 | |||||||
Long Lived Assets Held-for-sale, Name [Domain] | |||||||||||
Impairment [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | (3,532,000) | (5,299,000) | (3,933,000) | ||||||||
Equipment, net of selling costs [Member] | |||||||||||
Impairment [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | 41,305,000 | 32,340,000 | $ 39,310,000 | ||||||||
Refrigerated Container Units 20 Foot [Member] | |||||||||||
Impairment [Line Items] | |||||||||||
Property Subject to or Available for Operating Lease Net Salvage Value | 2,350 | 2,350 | 2,350 | 2,350 | |||||||
Dry Container Units 40 Foot [Member] | |||||||||||
Impairment [Line Items] | |||||||||||
Property Subject to or Available for Operating Lease Net Salvage Value | 1,200 | 1,200 | 1,200 | 1,200 | |||||||
Dry Container Units 40 Foot High Cube [Member] | |||||||||||
Impairment [Line Items] | |||||||||||
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,400 | 1,400 | $ 1,400 | 1,400 | |||||||
Triton Container Investments LLC [Member] | |||||||||||
Impairment [Line Items] | |||||||||||
Noncontrolling Interest in Operating Partnerships | $ 103,000,000 | 103,000,000 | |||||||||
Proceeds from Noncontrolling Interests | $ 16,900,000 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies Residual Values (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 8,630,696,000 | $ 8,392,547,000 |
Special Container Units [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 307,765,000 | $ 321,099,000 |
Dry Container Units 20 Foot [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 13 years | 13 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,000 | $ 1,000 |
Dry Container Units 40 Foot [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 13 years | 13 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,200 | $ 1,200 |
Dry Container Units 40 Foot High Cube [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 13 years | 13 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,400 | $ 1,400 |
Refrigerated Container Units 20 Foot [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 12 years | 12 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 2,350 | $ 2,350 |
Refrigerated Container Units 40 Foot High Cube [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 12 years | 12 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,350 | $ 3,350 |
Special Container Units 40 Foot Flat Rack [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 16 years | 16 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,700 | $ 1,700 |
Special Container Units 40 Foot Open Top [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease Net Useful Life Average | 16 years | 16 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 2,300 | $ 2,300 |
Tank Container Units [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 97,982,000 | $ 101,677,000 |
Property Subject to or Available for Operating Lease Net Useful Life Average | 20 years | 20 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 3,000 | $ 3,000 |
Chassis [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 151,169,000 | $ 140,986,000 |
Property Subject to or Available for Operating Lease Net Useful Life Average | 20 years | 20 years |
Property Subject to or Available for Operating Lease Net Salvage Value | $ 1,200 | $ 1,200 |
Dry Container Units [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | 6,589,960,000 | 6,308,038,000 |
Refrigerated Container Units [Member] | ||
Property Subject to or Available for Operating Lease [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 1,483,820,000 | $ 1,520,747,000 |
Equipment Held for Sale (Detail
Equipment Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ 18,422 | $ 10,737 | $ 4,537 | $ 4,077 | $ 4,857 | $ 6,196 | $ 7,519 | $ 8,469 | $ 37,773 | $ 27,041 | $ 35,377 |
Carrying value containers impaired to fair value [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Assets Held-for-sale, Long Lived, Fair Value Disclosure | $ 4,001 | $ 11,797 | 4,001 | 11,797 | |||||||
Long Lived Assets Held-for-sale, Name [Domain] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | (3,532) | (5,299) | (3,933) | ||||||||
Equipment, net of selling costs [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Net gain (loss) on sale of leasing equipment | $ 41,305 | $ 32,340 | $ 39,310 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | |||
Lease related amortization | $ 22,500 | $ 37,500 | $ 62,900 |
2021 | 16,549 | ||
2022 | 10,497 | ||
2023 | 4,657 | ||
2024 | 1,963 | ||
Total | $ 33,666 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 90,484,000 | $ 106,677,000 |
Restricted Stock [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 27,673,000 | 25,580,000 |
Restricted Stock [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 19,001,000 | 13,840,000 |
Restricted Stock [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 43,810,000 | $ 67,257,000 |
Debt (Details)
Debt (Details) $ in Thousands | Nov. 13, 2020USD ($) | Sep. 21, 2020USD ($) | Jan. 31, 2020USD ($) | Mar. 31, 2020 | Sep. 30, 2020USD ($)asset-backed_warehouse_facilitiy | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 21, 2020USD ($) | Nov. 12, 2020USD ($) | Aug. 26, 2020USD ($) |
Debt | |||||||||||
Debt and Lease Obligation | $ 6,444,925 | $ 6,684,162 | |||||||||
Debt, Unamortized Deferred Financing Costs | (42,747) | (39,781) | |||||||||
Debt Instrument, Unamortized Discount (Premium), Net | 1,691 | (8,791) | |||||||||
Adjustment to Purchase Price of Debt | (599) | (4,065) | |||||||||
Debt and Capital Lease Obligations, net of deferred financing costs | 6,403,270 | 6,631,525 | |||||||||
Debt Instrument, Fair Value Disclosure | 6,536,500 | 6,747,800 | |||||||||
Write-off of debt costs | 24,734 | 2,543 | $ 6,090 | ||||||||
Less: amount representing interest | (1,764) | ||||||||||
Capital lease obligations | 17,304 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
2019 | 659,109 | ||||||||||
2020 | 716,152 | ||||||||||
2021 | 1,533,307 | ||||||||||
2022 | 1,384,416 | ||||||||||
2023 | 395,078 | ||||||||||
2026 and thereafter | 1,739,559 | ||||||||||
Total | 6,427,621 | ||||||||||
Future lease payments under these capital leases | |||||||||||
2019 | 3,075 | ||||||||||
2020 | 3,075 | ||||||||||
2021 | 3,075 | ||||||||||
2022 | 9,843 | ||||||||||
2023 | 0 | ||||||||||
2023 and thereafter | 0 | ||||||||||
Total future payments | 19,068 | ||||||||||
Revolving Credit Facility and Second Revolving Credit Facility [Member] | |||||||||||
Future lease payments under these capital leases | |||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 711,600 | ||||||||||
Second Revolving Credit Facility [Member] | |||||||||||
Debt | |||||||||||
Borrowing capacity | 1,125,000 | ||||||||||
Term Notes [Member] | |||||||||||
Debt | |||||||||||
Debt and Lease Obligation | $ 840,000 | 1,200,375 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.65% | ||||||||||
Institutional Notes [Domain] | |||||||||||
Debt | |||||||||||
Debt and Lease Obligation | $ 1,642,314 | 1,957,557 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.57% | ||||||||||
Asset-backed securitization term notes | |||||||||||
Debt | |||||||||||
Debt and Lease Obligation | $ 2,920,807 | 2,719,206 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.07% | ||||||||||
Asset-backed securitization warehouse | |||||||||||
Debt | |||||||||||
Debt and Lease Obligation | $ 264,000 | 370,000 | |||||||||
Write-off of debt costs | $ 300 | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | ||||||||||
Borrowing capacity | $ 1,025,000 | $ 1,125,000 | $ 800,000 | ||||||||
Debt Instrument, Face Amount | $ 1,783,100 | ||||||||||
Future lease payments under these capital leases | |||||||||||
Number of Existing Notes Called | asset-backed_warehouse_facilitiy | 3 | ||||||||||
Debt Related Costs, Extinguishment | $ 22,300 | ||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 1,800 | ||||||||||
Revolving credit facilities | |||||||||||
Debt | |||||||||||
Debt and Lease Obligation | $ 760,500 | 410,000 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 1.74% | ||||||||||
Borrowing capacity | $ 1,560,000 | ||||||||||
Capital lease obligations | |||||||||||
Debt | |||||||||||
Debt and Lease Obligation | $ 17,304 | $ 27,024 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.93% | ||||||||||
Repayments of Debt | $ 7,500 | ||||||||||
Term Loan [Member] | |||||||||||
Debt | |||||||||||
Repayments of Debt | $ 264,900 | ||||||||||
Future lease payments under these capital leases | |||||||||||
Debt Related Costs, Extinguishment | 300 | ||||||||||
Minimum [Member] | Institutional Notes [Domain] | |||||||||||
Debt | |||||||||||
Debt Instrument, Term | 7 years | ||||||||||
Maximum [Member] | Institutional Notes [Domain] | |||||||||||
Debt | |||||||||||
Debt Instrument, Term | 12 years | ||||||||||
Offering, Maturity Feb 2028, 2.17% [Member] | |||||||||||
Debt | |||||||||||
Debt Instrument, Face Amount | $ 312,900 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 2.17% | ||||||||||
Offering, Maturity May 2030, 2.19% [Member] | |||||||||||
Debt | |||||||||||
Debt Instrument, Face Amount | $ 1,365,800 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 2.19% | ||||||||||
Offering, Maturity May 2029, 2.13% [Member] | |||||||||||
Debt | |||||||||||
Debt Instrument, Face Amount | $ 634,400 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 2.13% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Second Revolving Credit Facility [Member] | |||||||||||
Debt | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Term Notes [Member] | |||||||||||
Debt | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% | ||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Asset-backed securitization warehouse | |||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.85% | ||||||||||
Excluding Impact [Member] | Fixed Rate Debt [Member] | |||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Percentage Interest Rate Remaining Term | 4 years 2 months 12 days | ||||||||||
Excluding Impact [Member] | Variable Rate Debt [Member] | |||||||||||
Debt | |||||||||||
Long-term Debt, Gross | $ 2,525,725 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Percentage Interest Rate Remaining Term | 3 years 2 months 12 days | ||||||||||
Including Impact [Member] | |||||||||||
Debt | |||||||||||
Long-term Debt, Gross | $ 6,444,925 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 3.11% | ||||||||||
Including Impact [Member] | Fixed Rate Debt [Member] | |||||||||||
Debt | |||||||||||
Long-term Debt, Gross | $ 3,919,200 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 3.19% | ||||||||||
Including Impact [Member] | Hedged Debt [Member] | |||||||||||
Debt | |||||||||||
Long-term Debt, Gross | $ 1,709,975 | ||||||||||
Including Impact [Member] | Variable Rate Debt [Member] | |||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 1.73% | ||||||||||
Designated as Hedging Instrument [Member] | Including Impact [Member] | Fixed and Hedged Debt [Member] | |||||||||||
Debt | |||||||||||
Long-term Debt, Gross | $ 5,629,175 | ||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 3.31% | ||||||||||
Designated as Hedging Instrument [Member] | Including Impact [Member] | Hedged Debt [Member] | |||||||||||
Debt maturities (excluding capital lease obligations) | |||||||||||
Debt, Weighted Average Interest Rate | 3.59% | ||||||||||
Not Designated as Hedging Instrument [Member] | Including Impact [Member] | Unhedged Debt [Member] | |||||||||||
Debt | |||||||||||
Long-term Debt, Gross | $ 815,750 |
Derivative Instruments (Details
Derivative Instruments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Nov. 13, 2020 | Dec. 31, 2019 | |
Derivative Instruments | |||
Derivative Asset | $ 9,000 | $ 10,848,000 | |
Unrealized gain on derivatives | 30,300,000 | ||
Interest Rate Swap, 0.35% Maturing on April, 20, 2024 | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount Forward Starting Interest Rate Swap | $ 125,000,000 | ||
Derivative, Fixed Interest Rate | 0.35% | ||
Interest Rate Cap, Maturing on November 13, 2023 | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount Forward Starting Interest Rate Swap | $ 200,000,000 | ||
Forward Starting Interest Rate Swap, 0.55% Maturing on August 20, 2028 | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount Forward Starting Interest Rate Swap | $ 150,000,000 | ||
Derivative, Fixed Interest Rate | 0.55% | ||
Forward Starting Interest Rate Swap, 0.55% Maturing on August 20, 2028 | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount Forward Starting Interest Rate Swap | $ 150,000,000 | ||
Derivative, Fixed Interest Rate | 0.55% | ||
Forward Starting Interest Rate Swap, 0.60% Maturing on November 30, 2028 | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount Forward Starting Interest Rate Swap | $ 150,000,000 | ||
Derivative, Fixed Interest Rate | 0.60% | ||
Forward Starting Interest Rate Swap, 0.59% Maturing on November 30, 2028 | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount Forward Starting Interest Rate Swap | $ 150,000,000 | ||
Derivative, Fixed Interest Rate | 0.59% | ||
Interest Rate Swap, November 31, 2020 [Member] | |||
Derivative Instruments | |||
Derivative, Funds Received | $ 5,100,000 | ||
Derivative, Notional Amount | 71,300,000 | ||
Interest Rate Cap, November 31, 2020 | |||
Derivative Instruments | |||
Derivative, Notional Amount | $ 200,000,000 | ||
Interest Rate Swap [Member] | |||
Derivative Instruments | |||
Net Notional Amount of Interest Rate During Period | 2.01% | ||
Interest Rate Swaps Average Remaining Maturity | 5 years | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Net Notional Amount of Interest Rate Agreements | $ 1,710,000,000 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Derivative Asset | $ 300,000 | ||
Cash Collateral for Interest Rate Swap Contracts | 35,400,000 | ||
Interest Rate Cap [Member] | |||
Derivative Instruments | |||
Net Notional Amount of Interest Rate Agreements | $ 200,000,000 | ||
Derivative, Cap Interest Rate | 5.50% | ||
Interest Rate Swaps Average Remaining Maturity | 2 years 10 months 24 days | ||
Forward Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments | |||
Total Notional Amount Forward Starting Interest Rate Swap | $ 950,000,000 | ||
Interest Rate Swaps Average Remaining Maturity | 6 years |
Derivative Instruments (Detai_2
Derivative Instruments (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Realized loss on derivative instruments, net | $ (224) | $ (2,237) | $ (2,072) |
Unrealized (gain) loss on derivative instruments | 286 | 3,107 | 430 |
Comprehensive loss | Interest rate swap agreements | Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Designated derivative instruments | 134,051 | 48,653 | 2,119 |
Interest expense | Interest rate swap agreements | Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 23,071 | (6,048) | (6,780) |
Gain (Loss) on Derivative Instruments [Member] | Interest rate swap agreements | Not Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Realized loss on derivative instruments, net | (224) | (2,237) | (2,072) |
Unrealized (Gain) Loss On Derivative Instruments [Member] | Interest rate swap agreements | Not Designated as Hedging Instrument [Member] | |||
Effect of Derivative Instruments on Consolidated Statements of Income and Consolidated Statements of Comprehensive Income | |||
Unrealized (gain) loss on derivative instruments | $ 286 | $ 3,107 | $ 430 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases, Capital [Abstract] | ||
Operating Lease, Weighted Average Implicit Rate, Percent | 4.04% | |
Lessee, Operating Lease, Term of Contract | 2 years 7 months 6 days | |
Operating Lease, Payments | $ 3,100 | $ 3,200 |
Components of the net investment in finance leases | ||
Future minimum lease payment receivable | 355,755 | 476,443 |
Estimated residual receivable | 53,892 | 102,238 |
Gross finance lease receivables | 409,647 | 578,681 |
Unearned income | (127,516) | (165,339) |
Net investment in finance leases | $ 282,131 | $ 413,342 |
Customer One [Member] | ||
Components of the net investment in finance leases | ||
Concentration Risk, Percentage | 75.00% | 55.00% |
Customer Two [Member] | ||
Components of the net investment in finance leases | ||
Concentration Risk, Percentage | 24.00% | |
Customer Three [Member] | ||
Components of the net investment in finance leases | ||
Concentration Risk, Percentage | 11.00% |
Leases - Financial Statement Im
Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | us-gaap:OtherAssets | |
Operating Lease, Right-of-Use Asset | $ 5,062 | $ 7,616 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | |
Operating Lease, Liability | $ 6,088 | $ 8,940 | |
General and Administrative Expense [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Operating Lease, Cost | $ 3,005 | $ 3,012 | $ 2,914 |
Leases - Operating Leases Lesse
Leases - Operating Leases Lessee Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases, Capital [Abstract] | ||
2020 | $ 2,628 | |
2021 | 2,220 | |
2022 | 1,513 | |
2023 | 67 | |
2024 | 0 | |
2025 and thereafter | 0 | |
Total undiscounted future cash flows related to lease payments | 6,428 | |
Less: imputed interest | (340) | |
Total present value of lease liability | 6,088 | $ 8,940 |
Leases, Operating [Abstract] | ||
2020 | 950,906 | |
2021 | 828,366 | |
2022 | 648,571 | |
2023 | 509,618 | |
2024 | 390,878 | |
2025 | 708,856 | |
Total | $ 4,037,195 |
Leases - Maturities Of Gross Fi
Leases - Maturities Of Gross Finance Lease Receivables (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 77,832 |
2021 | 52,863 |
2022 | 45,208 |
2023 | 44,837 |
2024 | 43,725 |
2025 and thereafter | 145,182 |
Total | $ 409,647 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ in Thousands | Jul. 08, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock based compensation plans | ||||
Share-based compensation expense | $ 9,896 | $ 8,963 | $ 9,030 | |
Total unrecognized compensation cost | $ 7,900 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 8 months 12 days | |||
Restricted stock | Common Stock [Member] | 2016 Triton Plan [Member] | ||||
Stock based compensation plans | ||||
Number of Shares Tendered by Plan Participants in Connection with Option Exercises | 5,000,000 |
Share-Based Compensation Restri
Share-Based Compensation Restricted Share Activity (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Number of Shares Outstanding | |
Starting balance (in shares) | 561,212 |
Granted | 283,161 |
Vested | (204,497) |
Forfeited | (2,073) |
Ending balance (in shares) | 637,803 |
Weighted-Average Exercise Price | |
Weighted Average Grant Date Fair Value - Outstanding, starting balance (in dollars per share) | $ / shares | $ 31.84 |
Weighted Average Grant Date Fair Value - granted (in dollars per share) | $ / shares | 36.44 |
Weighted Average Grant Date Fair Value - vested (in dollars per share) | $ / shares | 38.19 |
Weighted Average Grant Date Fair Value - forfeitures (in dollars per share) | $ / shares | 35.70 |
Weighted Average Grant Date Fair Value - Outstanding, ending balance (in dollars per share) | $ / shares | $ 35.78 |
Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (53,609) |
Other Equity Matters (Details)
Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Treasury Stock, Carrying Basis | $ 158.3 | $ 220.1 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 102.1 | |
Treasury Stock Acquired, Average Cost Per Share | $ 30.85 | $ 31.82 |
Treasury Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Treasury share acquired (in shares) | 5,129,981 | 6,918,197 |
Other Equity Matters - Preferre
Other Equity Matters - Preferred Shares (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Class of Stock [Line Items] | |||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||
Preferred Stock, Liquidation Preference, Value | $ 555,000,000 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 22,200,000,000 | ||||||
Issuance of preferred shares, net of underwriting discount | $ 145,275,000 | $ 392,242,000 | $ 0 | ||||
Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Issuance of preferred shares, net of underwriting discount | 537,500,000 | ||||||
Cumulative Dividends | 1,800,000 | ||||||
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | |||||||
Class of Stock [Line Items] | |||||||
Preferred Units, Offering Costs | 2,700,000 | ||||||
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 Units, Offering Costs | 4,600,000 | ||||||
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 Units, Offering Costs | 5,500,000 | ||||||
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 Units, Offering Costs | $ 4,700,000 | ||||||
Preferred Stock, Liquidation Preference, Value | $ 150,000,000 | ||||||
Preferred Stock, Liquidation Preference Per Share | $ 6,000,000,000 |
Other Equity Matters - Dividend
Other Equity Matters - Dividend Payment (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Dividends Payable [Line Items] | ||||||||||||
Dividends | $ 38.1 | $ 35.5 | $ 35.8 | $ 37.1 | $ 37.3 | $ 37.6 | $ 38.6 | $ 40.4 | $ 41 | $ 41.6 | $ 41.6 | $ 36.1 |
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends | $ 1.8 | $ 1.8 | $ 1.8 | $ 1.8 | $ 1.8 | $ 1.8 | $ 1.8 | |||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.53 | $ 0.53 | $ 0.53 | $ 0.53 | $ 0.53 | $ 0.53 | $ 0.53 | |||||
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends | $ 2.9 | $ 2.9 | $ 2.9 | $ 2.9 | $ 2.9 | $ 2.6 | ||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.45 | ||||||
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends | $ 3.2 | $ 3.2 | $ 3.2 | $ 3.2 | $ 1.4 | |||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.46 | $ 0.19 | |||||||
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends | $ 2.6 | $ 2.6 | $ 2.6 | $ 1.5 | ||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.43 | $ 0.43 | $ 0.43 | $ 0.24 |
Other Equity Matters - Divide_2
Other Equity Matters - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||||||||||
Dividends | $ 38.1 | $ 35.5 | $ 35.8 | $ 37.1 | $ 37.3 | $ 37.6 | $ 38.6 | $ 40.4 | $ 41 | $ 41.6 | $ 41.6 | $ 36.1 | |||
Cash dividends paid per common share | $ 0.57 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.52 | $ 0.45 | $ 2.13 | $ 2.08 | $ 2.01 |
Other Equity Matters - AOCI (De
Other Equity Matters - AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ (31,633) | ||
Change in derivative instruments designated as cash flow hedges(1) | (123,357) | $ (42,532) | $ (3,933) |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 21,927 | (4,039) | (5,210) |
Cumulative effect of new ASU | 0 | 432 | 0 |
Foreign currency translation adjustment | 28 | (57) | (207) |
Ending balance | (133,035) | (31,633) | |
Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (27,096) | 19,043 | 31,215 |
Change in derivative instruments designated as cash flow hedges(1) | (123,357) | (42,532) | (3,933) |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 21,927 | (4,039) | (5,210) |
Foreign currency translation adjustment | 0 | 0 | 0 |
Ending balance | (128,526) | (27,096) | 19,043 |
Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (4,537) | (4,480) | (4,273) |
Change in derivative instruments designated as cash flow hedges(1) | 0 | 0 | 0 |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 0 | 0 | 0 |
Foreign currency translation adjustment | 28 | (57) | (207) |
Ending balance | (4,509) | (4,537) | (4,480) |
Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (31,633) | 14,563 | 26,942 |
Change in derivative instruments designated as cash flow hedges(1) | (123,357) | (42,532) | (3,933) |
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 21,927 | (4,039) | (5,210) |
Foreign currency translation adjustment | 28 | (57) | (207) |
Ending balance | $ (133,035) | (31,633) | 14,563 |
Accounting Standards Update 2018-02 [Member] | Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative effect of new ASU | (3,029) | ||
Accounting Standards Update 2018-02 [Member] | Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative effect of new ASU | 0 | ||
Accounting Standards Update 2018-02 [Member] | Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative effect of new ASU | $ (3,029) | ||
Accounting Standards Update 2017-12 [Member] | Cash Flow Hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative effect of new ASU | 432 | ||
Accounting Standards Update 2017-12 [Member] | Foreign Currency Translation | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative effect of new ASU | 0 | ||
Accounting Standards Update 2017-12 [Member] | Accumulated Other Comprehensive (Loss) Income | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Cumulative effect of new ASU | $ 432 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Operating Segments | segment | 2 | ||||||||||
Number of Reportable Segments | segment | 2 | ||||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 337,285 | $ 327,757 | $ 321,397 | $ 321,468 | $ 331,176 | $ 336,668 | $ 338,566 | $ 340,859 | $ 1,307,907 | $ 1,347,269 | $ 1,350,303 |
Gross Profit | 6,977 | 3,869 | 2,020 | 1,933 | 2,275 | 4,150 | 4,496 | 3,587 | 14,799 | 14,508 | 18,921 |
Net (gain) loss on sale of leasing equipment | (18,422) | $ (10,737) | $ (4,537) | $ (4,077) | (4,857) | $ (6,196) | $ (7,519) | $ (8,469) | (37,773) | (27,041) | (35,377) |
Depreciation and amortization expense | 542,128 | 536,131 | 545,138 | ||||||||
Interest and debt expense | 252,979 | 316,170 | 322,731 | ||||||||
Realized loss on derivative instruments, net | (224) | (2,237) | (2,072) | ||||||||
Income before income taxes | 393,039 | 386,480 | 433,833 | ||||||||
Equipment held for sale | 67,311 | 114,504 | 67,311 | 114,504 | 66,453 | ||||||
Goodwill at the end of the period | 236,665 | 236,665 | 236,665 | 236,665 | 236,665 | ||||||
Total assets at the end of the period | 9,712,533 | 9,642,633 | 9,712,533 | 9,642,633 | 10,270,013 | ||||||
Purchases of leasing equipment and investments in finance leases | 744,129 | 240,170 | 1,603,507 | ||||||||
Unrealized (gain) loss on derivative instruments | 286 | 3,107 | 430 | ||||||||
Write-off of debt costs | 24,734 | 2,543 | 6,090 | ||||||||
Net gain on sale of building | 0 | 0 | 20,953 | ||||||||
Equipment leasing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 1,300,346 | 1,344,733 | 1,346,031 | ||||||||
Gross Profit | 0 | 0 | 0 | ||||||||
Net (gain) loss on sale of leasing equipment | (37,773) | (27,041) | (35,377) | ||||||||
Depreciation and amortization expense | 541,406 | 535,427 | 544,167 | ||||||||
Interest and debt expense | 251,145 | 314,805 | 321,290 | ||||||||
Realized loss on derivative instruments, net | (223) | (2,229) | (2,066) | ||||||||
Income before income taxes | 375,957 | 374,418 | 416,270 | ||||||||
Equipment held for sale | 43,275 | 89,755 | 43,275 | 89,755 | 46,968 | ||||||
Goodwill at the end of the period | 220,864 | 220,864 | 220,864 | 220,864 | 220,864 | ||||||
Total assets at the end of the period | 9,612,251 | 9,596,263 | 9,612,251 | 9,596,263 | 10,224,421 | ||||||
Purchases of leasing equipment and investments in finance leases | 744,129 | 240,170 | 1,603,507 | ||||||||
Equipment trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 7,561 | 2,536 | 4,272 | ||||||||
Gross Profit | 14,799 | 14,508 | 18,921 | ||||||||
Net (gain) loss on sale of leasing equipment | 0 | 0 | 0 | ||||||||
Depreciation and amortization expense | 722 | 704 | 971 | ||||||||
Interest and debt expense | 1,834 | 1,365 | 1,441 | ||||||||
Realized loss on derivative instruments, net | (1) | (8) | (6) | ||||||||
Income before income taxes | 17,082 | 12,062 | 17,563 | ||||||||
Equipment held for sale | 24,036 | 24,749 | 24,036 | 24,749 | 19,485 | ||||||
Goodwill at the end of the period | 15,801 | 15,801 | 15,801 | 15,801 | 15,801 | ||||||
Total assets at the end of the period | $ 100,282 | $ 46,370 | 100,282 | 46,370 | 45,592 | ||||||
Purchases of leasing equipment and investments in finance leases | $ 0 | $ 0 | $ 0 |
Segment and Geographic Inform_4
Segment and Geographic Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 337,285 | $ 327,757 | $ 321,397 | $ 321,468 | $ 331,176 | $ 336,668 | $ 338,566 | $ 340,859 | $ 1,307,907 | $ 1,347,269 | $ 1,350,303 |
Total revenues | 85,780 | 83,993 | 83,039 | ||||||||
Asia | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 471,820 | 534,529 | 553,928 | ||||||||
Total revenues | 22,748 | 13,752 | 18,536 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 685,906 | 654,683 | 630,031 | ||||||||
Total revenues | 22,031 | 27,637 | 21,211 | ||||||||
BERMUDA | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 1,820 | 2,182 | 2,988 | ||||||||
Total revenues | 0 | 0 | 0 | ||||||||
Americas [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 105,643 | 118,259 | 124,885 | ||||||||
Total revenues | 30,681 | 31,943 | 34,167 | ||||||||
Other international | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | 42,718 | 37,616 | 38,471 | ||||||||
Total revenues | $ 10,320 | $ 10,661 | $ 9,125 |
Income Taxes - Components of Cu
Income Taxes - Components of Current and Deferred (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign [Line Items] | |||
Current foreign tax expense | $ 2,578,000 | $ 529,000 | $ 4,236,000 |
Deferred foreign tax expense | 35,662,000 | 27,022,000 | 66,405,000 |
Total foreign income taxes | 38,240,000 | 27,551,000 | 70,641,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 368,019,000 | 380,830,000 | 427,313,000 |
BERMUDA | |||
Foreign [Line Items] | |||
Current foreign tax expense | 0 | 0 | 0 |
Deferred foreign tax expense | 0 | 0 | 0 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 200,453,000 | 241,985,000 | 128,905,000 |
UNITED STATES | |||
Foreign [Line Items] | |||
Current Income Tax Expense (Benefit) | 2,518,000 | (637,000) | 3,164,000 |
Deferred Federal Income Tax Expense (Benefit) | 35,628,000 | 26,843,000 | 67,136,000 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 166,031,000 | 135,758,000 | 288,386,000 |
Foreign | |||
Foreign [Line Items] | |||
Current foreign tax expense | 60,000 | 1,166,000 | 1,072,000 |
Deferred foreign tax expense | 34,000 | 179,000 | (731,000) |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | $ 1,535,000 | $ 3,087,000 | $ 10,022,000 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effective Tax Rate [Line Items] | |||
Income Tax Reconciliation, Permanent Differences and Other Adjustments | 0.19% | 0.12% | 0.28% |
Income Tax Reconciliation, Discrete Items | (0.27%) | (1.05%) | 0.31% |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 0.65% | 0.00% | 1.02% |
Effective income tax rate | 10.39% | 7.23% | 16.53% |
BERMUDA | |||
Effective Tax Rate [Line Items] | |||
Foreign income taxed at other than the statutory rate | 0.00% | 0.00% | 0.00% |
UNITED STATES | |||
Effective Tax Rate [Line Items] | |||
Effective income tax rate | 9.80% | 7.85% | 14.67% |
Uncertain tax position [Member] | |||
Effective Tax Rate [Line Items] | |||
Effective income tax rate | (0.12%) | 0.17% | 0.07% |
Foreign Tax Authority [Member] | |||
Effective Tax Rate [Line Items] | |||
Foreign income taxed at other than the statutory rate | 0.14% | 0.14% | 0.18% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Derivative Instruments | $ 11,268 | $ 4,899 |
Deferred income tax assets: | ||
Net operating loss carryforwards | 22,924 | 71,138 |
Allowance for losses | 257 | 141 |
Deferred income | 382 | 395 |
Accrued liabilities and other payables | 5,713 | 3,118 |
Total gross deferred tax assets | 40,544 | 79,691 |
Less: Valuation allowance | 0 | 0 |
Net deferred tax assets | 40,544 | 79,691 |
Deferred income tax liabilities: | ||
Accelerated depreciation | 331,954 | 353,991 |
Derivative instruments | 0 | 105 |
Deferred income | 6,244 | 11,034 |
Deferred partnership income (loss) | 25,856 | 11,786 |
Other | 80 | 317 |
Total gross deferred tax liability | 367,975 | 381,008 |
Deferred Tax Assets, Net | 327,431 | 301,317 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | $ 3,841 | $ 3,775 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating Loss Carryforwards [Line Items] | |
Unremitted earnings | $ 66 |
Taxes withhelld on unremitted earnings | 19 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 103 |
Operating Loss Carryforwards, Offset Future Taxable Income, Near Future | 51 |
Operating Loss Carryforwards, Offset Future Taxable Income, Indefinitely | $ 52 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Unrecognized Tax Benefits [Roll Forward] | ||
Beginning balance at January 1 | $ 958 | $ 8,590 |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | (7,248) | |
Increase (decrease) related to tax positions | 0 | |
Lapse of statute of limitations | (318) | (333) |
Foreign exchange adjustment, increase | 10 | |
Unrecognized Tax Benefits, Decrease Resulting from Foreign Currency Translation | (51) | |
Ending balance at December 31 | $ 650 | $ 958 |
Income Taxes - Interest and Pen
Income Taxes - Interest and Penalty Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Interest expense (benefit) | $ (51) | $ 193 | $ 98 |
Penalty expense (benefit) | $ (93) | $ (115) | $ (158) |
Income Taxes - Components of In
Income Taxes - Components of Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | |||
Corporate income taxes payable | $ 323 | $ 29 | |
Unrecognized tax benefits | 650 | 958 | $ 8,590 |
Interest accrued | 164 | 215 | |
Penalties | 194 | 287 | |
Income taxes payable | $ 1,331 | $ 1,489 |
Other Postemployement Benefits
Other Postemployement Benefits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum contribution match | $ 6,000 | ||
Defined Contribution Plan, Cost | $ 700,000 | $ 700,000 | $ 700,000 |
Minimum [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Dec. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase commitment payable | $ 1,064.8 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Selected Quarterly Financial Data [Line Items] | |||||||||||
Operating and Capital Leases Income Statement Lease Revenue | $ 337,285 | $ 327,757 | $ 321,397 | $ 321,468 | $ 331,176 | $ 336,668 | $ 338,566 | $ 340,859 | $ 1,307,907 | $ 1,347,269 | $ 1,350,303 |
Gross Profit | 6,977 | 3,869 | 2,020 | 1,933 | 2,275 | 4,150 | 4,496 | 3,587 | 14,799 | 14,508 | 18,921 |
Net gain (loss) on sale of leasing equipment | 18,422 | 10,737 | 4,537 | 4,077 | 4,857 | 6,196 | 7,519 | 8,469 | 37,773 | 27,041 | 35,377 |
Net (loss) income | $ 115,185 | $ 45,946 | $ 60,075 | $ 67,211 | $ 77,161 | $ 85,895 | $ 84,071 | $ 91,914 | $ 288,417 | $ 339,041 | $ 349,555 |
Net income (loss) per common share—Basic | $ 1.72 | $ 0.67 | $ 0.87 | $ 0.94 | $ 1.07 | $ 1.18 | $ 1.13 | $ 1.18 | $ 4.18 | $ 4.57 | $ 4.38 |
Net income (loss) per common share—Diluted | $ 1.70 | $ 0.67 | $ 0.86 | $ 0.94 | $ 1.07 | $ 1.17 | $ 1.12 | $ 1.17 | $ 4.16 | $ 4.54 | $ 4.35 |
Related Party (Details)
Related Party (Details) - Tristar [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Percentage Of Ownership | 50.00% | |
Investment in joint venture | $ (0.8) | |
Direct Financing Lease Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Proceeds from (Repayments of) Related Party Debt | 2 | $ 1.8 |
Loans and Leases Receivable, Related Parties | $ 10.3 | $ 10.7 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions | Feb. 10, 2021 | Feb. 03, 2021 |
Subsequent Event [Line Items] | ||
Dividend approved and declared (in dollars per share) | $ 0.57 | |
ABS Fixed Rate Series [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from public offering | $ 502.9 | |
Debt Instrument, Interest Rate, Stated Percentage | 1.69% | |
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | ||
Subsequent Event [Line Items] | ||
Dividend approved and declared (in dollars per share) | $ 0.5312500 | |
Preferred stock, dividend rate, percentage | 8.50% | |
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | ||
Subsequent Event [Line Items] | ||
Dividend approved and declared (in dollars per share) | $ 0.5000000 | |
Preferred stock, dividend rate, percentage | 8.00% | |
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | ||
Subsequent Event [Line Items] | ||
Dividend approved and declared (in dollars per share) | $ 0.4609375 | |
Preferred stock, dividend rate, percentage | 7.375% | |
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | ||
Subsequent Event [Line Items] | ||
Dividend approved and declared (in dollars per share) | $ 0.4296875 | |
Preferred stock, dividend rate, percentage | 6.875% |
Schedule I Condensed Balance _2
Schedule I Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Financial Statements, Captions [Line Items] | |||
Cash and cash equivalents | $ 61,512 | $ 62,295 | |
Other assets | 83,969 | 38,902 | |
Assets | 9,712,533 | 9,642,633 | $ 10,270,013 |
Accounts payable and other accrued expenses | 95,235 | 116,782 | |
Liabilities | 7,146,585 | 7,110,396 | |
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, 13,901,326 and 8,771,345 shares, respectively | (436,822) | (278,510) | |
Additional paid-in capital | 905,323 | 902,725 | |
Accumulated earnings | 1,674,670 | 1,533,845 | |
Accumulated other comprehensive income (loss) | (133,035) | (31,633) | |
Total shareholders' equity | 2,565,948 | 2,532,237 | |
Liabilities and Equity | 9,712,533 | 9,642,633 | |
Triton International Limited Holdings [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Cash and cash equivalents | 1 | 1 | |
Investment in subsidiaries | 2,569,703 | 2,535,211 | |
Other assets | 46 | 49 | |
Assets | 2,569,750 | 2,535,261 | |
Accounts payable and other accrued expenses | 2,822 | 2,381 | |
Payables with affiliates, net | 980 | 643 | |
Liabilities | 3,802 | 3,024 | |
Preferred shares, $0.01 par value, at liquidation preference | 555,000 | 405,000 | |
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively | 812 | 810 | |
Treasury shares, at cost, 13,901,326 and 8,771,345 shares, respectively | (436,822) | (278,510) | |
Additional paid-in capital | 905,323 | 902,725 | |
Accumulated earnings | 1,674,670 | 1,533,845 | |
Accumulated other comprehensive income (loss) | (133,035) | (31,633) | |
Total shareholders' equity | 2,565,948 | 2,532,237 | |
Liabilities and Equity | 2,569,750 | 2,535,261 | |
Undesignated Common Stock [Member] | Triton International Limited Holdings [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding | $ 0 | $ 0 |
Schedule I Condensed Balance _3
Schedule I Condensed Balance Sheet (Parenthetical) (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Treasury Stock, Shares (in shares) | 13,901,326 | 8,771,345 |
Undesignated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,800,000 | 13,800,000 |
Triton International Limited Holdings [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Treasury Stock, Shares (in shares) | 13,901,326 | 8,771,345 |
Triton International Limited Holdings [Member] | Designated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 81,151,723 | 80,979,833 |
Common stock, shares authorized (in shares) | 270,000,000,000 | 270,000,000,000 |
Triton International Limited Holdings [Member] | Undesignated Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 7,800,000 | 13,800,000 |
Schedule I Condensed Income S_2
Schedule I Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Statements, Captions [Line Items] | |||
Equipment trading revenues | $ 85,780 | $ 83,993 | $ 83,039 |
Administrative expenses | 80,532 | 75,867 | 80,033 |
Transaction and other costs | 0 | 0 | 88 |
Other Nonoperating Income (Expense) | 4,433 | 3,257 | 2,292 |
Income tax (benefit) expense | 38,240 | 27,551 | 70,641 |
Net Income (Loss) Attributable to Parent | 329,779 | 353,279 | 356,672 |
Triton International Limited Holdings [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Equipment trading revenues | 0 | 0 | 0 |
Administrative expenses | 7,298 | 5,865 | 5,343 |
Operating Expenses | (7,298) | (5,865) | (5,343) |
Interest and Debt Expense | 0 | (956) | (57) |
Income (Loss) from Subsidiaries, before Tax | 337,077 | 359,508 | 354,955 |
Other Nonoperating Income (Expense) | 337,077 | 358,552 | 354,898 |
Amounts reclassified from Accumulated other comprehensive (loss) before income tax | 329,779 | 352,687 | 349,555 |
Income tax (benefit) expense | 0 | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ 329,779 | $ 352,687 | $ 349,555 |
Schedule I Condensed Statemen_2
Schedule I Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ (40,933) | $ (12,323) | ||
Net Income (Loss) Attributable to Parent | 329,779 | 353,279 | $ 356,672 | |
Other assets | 47,348 | 2,385 | 1,559 | |
Net cash provided by operating activities | 943,752 | 1,061,906 | 994,222 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (489,017) | (23,720) | (1,412,781) | |
Purchases of Treasury Shares | 158,312 | 222,236 | 56,274 | |
Payments of Ordinary Dividends, Common Stock | (146,476) | (153,861) | (160,289) | |
Other | (2,746) | (6,947) | (1,385) | |
Net Cash Provided by (Used in) Financing Activities | (471,711) | (1,028,753) | 351,927 | |
Cash and Cash Equivalents, Period Increase (Decrease) | (16,976) | 9,433 | (66,632) | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 151,996 | 168,972 | 159,539 | $ 226,171 |
Triton International Limited Holdings [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Preferred Stock, Dividends, Per Share, Cash Paid | (40,933) | (12,323) | 0 | |
Net Income (Loss) Attributable to Parent | 329,779 | 352,687 | 349,555 | |
Income (Loss) from Subsidiaries, before Tax | (337,077) | (359,508) | (354,955) | |
Proceeds from Dividends Received | 352,903 | 338,569 | 220,304 | |
Share-based compensation | 1,177 | 1,403 | 1,252 | |
Other assets | (589) | (3,696) | 409 | |
Net cash provided by operating activities | 346,193 | 329,455 | 216,565 | |
Payments to Acquire Interest in Subsidiaries and Affiliates | (145,157) | (291,997) | (40,000) | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (145,157) | (291,997) | (40,000) | |
Issuance (redemption) of preferred shares | 145,275 | 392,242 | 0 | |
Purchases of Treasury Shares | (158,312) | (222,236) | (56,274) | |
Intercompany Loan Transfer | 0 | (40,000) | 40,000 | |
Payments of Ordinary Dividends, Common Stock | (146,476) | (153,861) | (160,289) | |
Other | (590) | (1,281) | 0 | |
Net Cash Provided by (Used in) Financing Activities | (201,036) | (37,459) | (176,563) | |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | (1) | 2 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 1 | $ 1 | $ 2 | $ 0 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - Accounts Receivable-Allowance for doubtful accounts: - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 1,276 | $ 1,240 | $ 3,002 |
Additions | 1,082 | 114 | |
(Reversals) | (568) | ||
(Write-offs)/ Reversals | (166) | (78) | (1,194) |
Ending Balance | $ 2,192 | $ 1,276 | $ 1,240 |