Triton International Limited (TRTN-PB) 10-Q 26 Oct 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 22, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-37827
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-1276572
Entity Address, Address Line One	Victoria Place, 5th Floor
Entity Address, Address Line Two	31 Victoria Street
Entity Address, City or Town	Hamilton
Entity Address, Postal Zip Code	HM 10
Entity Address, Country	BM
City Area Code	441
Local Phone Number	294-8033
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		66,771,462
Entity Registrant Name	Triton International Limited
Entity Central Index Key	0001660734
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common shares, $0.01 par value per share | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common shares, $0.01 par value per share
Trading Symbol	TRTN
Security Exchange Name	NYSE
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRA
Security Exchange Name	NYSE
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRB
Security Exchange Name	NYSE
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRC
Security Exchange Name	NYSE
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRD
Security Exchange Name	NYSE
5.75% Series E Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRE
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
ASSETS:
Leasing equipment, net of accumulated depreciation of $3,782,025 and $3,370,652	$ 10,297,985	$ 8,630,696
Net investment in finance leases	1,016,298	282,131
Equipment held for sale	50,447	67,311
Revenue earning assets	11,364,730	8,980,138
Cash and cash equivalents	118,972	61,512
Restricted cash	90,397	90,484
Accounts receivable, net of allowances of $1,250 and $2,192	298,036	226,090
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $277,631 and $264,791	20,826	33,666
Other assets	66,343	83,969
Fair value of derivative instruments	5,631	9
Total assets	12,201,600	9,712,533
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	406,510	191,777
Fair value of derivative instruments	66,313	128,872
Accounts payable and other accrued expenses	141,677	95,235
Net deferred income tax liability	366,990	327,431
Debt, net of unamortized costs of $62,630 and $42,747	8,241,240	6,403,270
Total liabilities	9,222,730	7,146,585
Shareholders' equity:
Undesignated shares, $0.01 par value, 800,000 and 7,800,000 shares authorized, respectively, no shares issued and outstanding	$ 0	$ 0
Treasury Stock, Shares (in shares)	14,280,091	13,901,326
Treasury shares, at cost, 14,280,091 and 13,901,326 shares, respectively	$ (456,218)	$ (436,822)
Additional paid-in capital	902,265	905,323
Accumulated earnings	1,866,645	1,674,670
Accumulated other comprehensive income (loss)	(64,635)	(133,035)
Total shareholders' equity	2,978,870	2,565,948
Total liabilities and shareholders' equity	12,201,600	9,712,533
Preferred Shares
Shareholders' equity:
Preferred shares, $0.01 par value, at liquidation preference	730,000	555,000
Designated Common Stock
Shareholders' equity:
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,296,359 and 81,151,723 shares issued, respectively	$ 813	$ 812

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 3,782,025	$ 3,370,652
Accounts receivable, allowances	1,250	2,192
Finite-Lived Intangible Assets, Accumulated Amortization	277,631	264,791
Deferred financing costs	$ 62,630	$ 42,747
Class of Stock [Line Items]
Treasury Stock, Shares (in shares)	14,280,091	13,901,326
Preferred Shares
Class of Stock [Line Items]
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01	$ 0.01
Designated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	270,000,000	270,000,000
Common Shares, Shares Issued (in shares)	81,296,359	81,151,723
Undesignated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01	$ 0.01
Common Shares, Shares Authorized (in shares)	800,000	7,800,000
Common Shares, Shares Outstanding (in shares)	0	0
Common Shares, Shares Issued (in shares)	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Leasing revenues:
Operating leases	$ 385,221	$ 320,352	$ 1,085,874	$ 946,579
Finance leases	14,970	7,405	30,844	24,043
Total leasing revenues	400,191	327,757	1,116,718	970,622
Equipment trading revenues	44,418	26,094	103,546	58,377
Equipment trading expenses	(35,255)	(22,225)	(75,516)	(50,555)
Trading margin	9,163	3,869	28,030	7,822
Net gain on sale of leasing equipment	25,606	10,737	78,964	19,351
Operating expenses:
Depreciation and amortization	163,493	136,248	460,856	402,235
Direct operating expenses	5,539	25,992	21,246	78,859
Administrative expenses	21,426	21,395	65,326	61,092
Provision (reversal) for doubtful accounts	23	(45)	(2,467)	4,608
Total operating expenses	190,481	183,590	544,961	546,794
Operating income (loss)	244,479	158,773	678,751	451,001
Other expenses:
Interest and debt expense	54,728	62,776	169,355	198,652
Debt termination expense	42,660	24,345	132,523	24,376
Other (income) expense, net	(453)	(631)	(1,195)	(4,179)
Total other expenses	96,935	86,490	300,683	218,849
Income (loss) before income taxes	147,544	72,283	378,068	232,152
Income tax expense (benefit)	12,812	15,825	38,281	28,070
Net income (loss)	134,732	56,458	339,787	204,082
Less: dividend on preferred shares	11,687	10,512	32,713	30,850
Net income (loss) attributable to common shareholders	$ 123,045	$ 45,946	$ 307,074	$ 173,232
Net income per common share—Basic	$ 1.84	$ 0.67	$ 4.59	$ 2.49
Net income per common share—Diluted	1.83	0.67	4.57	2.48
Cash dividends paid per common share	$ 0.57	$ 0.52	$ 1.71	$ 1.56
Weighted average number of common shares outstanding—Basic	66,919	68,223	66,935	69,693
Dilutive restricted shares	372	359	308	289
Weighted average number of common shares outstanding—Diluted	67,291	68,582	67,243	69,982

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 134,732	$ 56,458	$ 339,787	$ 204,082
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	8,148	969	47,268	(135,283)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,096	7,351	21,156	14,616
Foreign currency translation adjustment	(87)	176	(24)	(201)
Other comprehensive income (loss), net of tax	15,157	8,496	68,400	(120,868)
Comprehensive income	149,889	64,954	408,187	83,214
Dividend on preferred shares	11,687	10,512	32,713	30,850
Comprehensive income attributable to common shareholders	138,202	54,442	375,474	52,364
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	28	(117)	2,030	(11,103)
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	$ 487	$ 483	$ 1,436	$ 666

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Treasury Shares	Add'l Paid in Capital	Accumulated Earnings	Accumulated Other Comprehensive Income
Beginning balance, shares at Dec. 31, 2019		16,200,000	80,979,833	8,771,345
Beginning balance at Dec. 31, 2019	$ 2,532,237	$ 405,000	$ 810	$ (278,510)	$ 902,725	$ 1,533,845	$ (31,633)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses, shares		6,000,000
Issuance of preferred shares, net of offering expenses	144,829	$ 150,000			(5,171)
Share-based compensation, shares			184,644
Share-based compensation	1,605		$ 2		1,603
Treasury shares acquired, shares				1,365,620
Treasury shares acquired	(37,488)			$ (37,488)
Share repurchase to settle shareholder tax obligations, shares			(53,609)
Share repurchase to settle shareholder tax obligations	(2,156)		$ (1)		(2,155)
Net income (loss)	77,036					77,036
Other comprehensive income (loss)	(118,991)					0	(118,991)
Common shares dividend declared	(37,427)					(37,427)
Preferred shares dividend declared	(9,395)					(9,395)
Ending balance, shares at Mar. 31, 2020		22,200,000	81,110,868	10,136,965
Ending balance at Mar. 31, 2020	2,550,250	$ 555,000	$ 811	$ (315,998)	897,002	1,564,059	(150,624)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses	31				31
Share-based compensation, shares			38,592
Share-based compensation	4,256		$ 0		4,256
Treasury shares acquired, shares				2,050,924
Treasury shares acquired	(58,906)			$ (58,906)
Net income (loss)	70,588					70,588
Other comprehensive income (loss)	(10,373)						(10,373)
Common shares dividend declared	(36,383)					(36,383)
Preferred shares dividend declared	(10,513)					(10,513)
Ending balance, shares at Jun. 30, 2020		22,200,000	81,149,460	12,187,889
Ending balance at Jun. 30, 2020	2,508,950	$ 555,000	$ 811	$ (374,904)	901,289	1,587,751	(160,997)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			2,263
Share-based compensation	2,058		$ 1		2,057
Treasury shares acquired, shares				356,708
Treasury shares acquired	(10,792)			$ (10,792)
Net income (loss)	56,458					56,458
Other comprehensive income (loss)	8,496						8,496
Common shares dividend declared	(35,769)					(35,769)
Preferred shares dividend declared	(10,512)					(10,512)
Ending balance, shares at Sep. 30, 2020		22,200,000	81,151,723	12,544,597
Ending balance at Sep. 30, 2020	2,518,889	$ 555,000	$ 812	$ (385,696)	903,346	1,597,928	(152,501)
Beginning balance, shares at Dec. 31, 2020		22,200,000	81,151,723	13,901,326
Beginning balance at Dec. 31, 2020	2,565,948	$ 555,000	$ 812	$ (436,822)	905,323	1,674,670	(133,035)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			207,077
Share-based compensation	1,715		$ 2		1,713
Share repurchase to settle shareholder tax obligations, shares			(85,466)
Share repurchase to settle shareholder tax obligations	(4,146)		$ (1)		(4,145)
Net income (loss)	139,838					139,838
Other comprehensive income (loss)	69,973						69,973
Common shares dividend declared	(38,497)					(38,497)
Preferred shares dividend declared	(10,513)					(10,513)
Ending balance, shares at Mar. 31, 2021		22,200,000	81,273,334	13,901,326
Ending balance at Mar. 31, 2021	2,724,318	$ 555,000	$ 813	$ (436,822)	902,891	1,765,498	(63,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			21,568
Share-based compensation	3,295				3,295
Net income (loss)	65,217					65,217
Other comprehensive income (loss)	(16,730)						(16,730)
Common shares dividend declared	(38,510)					(38,510)
Preferred shares dividend declared	(10,513)					(10,513)
Ending balance, shares at Jun. 30, 2021		22,200,000	81,294,902	13,901,326
Ending balance at Jun. 30, 2021	2,727,077	$ 555,000	$ 813	$ (436,822)	906,186	1,781,692	(79,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses, shares		7,000,000
Issuance of preferred shares, net of offering expenses	168,830	$ 175,000			(6,170)
Share-based compensation, shares			1,457
Share-based compensation	2,249		$ 0		2,249
Treasury shares acquired, shares				378,765
Treasury shares acquired	(19,396)			$ (19,396)
Net income (loss)	134,732					134,732
Other comprehensive income (loss)	15,157						15,157
Common shares dividend declared	(38,512)					(38,512)
Preferred shares dividend declared	(11,267)					(11,267)
Ending balance, shares at Sep. 30, 2021		29,200,000	81,296,359	14,280,091
Ending balance at Sep. 30, 2021	$ 2,978,870	$ 730,000	$ 813	$ (456,218)	$ 902,265	$ 1,866,645	$ (64,635)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Statement of Cash Flows [Abstract]
Net income (loss)	$ 339,787	$ 204,082
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	460,856	402,235
Amortization of deferred debt cost and other debt related amortization	7,872	10,789
Lease related amortization	13,703	18,358
Share-based compensation expense	7,259	7,919
Net (gain) loss on sale of leasing equipment	(78,964)	(19,351)
Unrealized (gain) loss on derivative instruments	0	286
Debt termination expense	132,523	24,376
Deferred income taxes	36,073	28,441
Changes in operating assets and liabilities:
Accounts receivable	(63,919)	(7,325)
Deferred revenue	63,944	640
Accounts payable and other accrued expenses	(9,098)	(8,832)
Net equipment sold (purchased) for resale activity	4,938	5,185
Cash received (paid) for settlement of interest rate swaps	5,481	0
Cash collections on finance lease receivables, net of income earned	49,170	60,273
Other assets	17,294	(44,735)
Net cash provided by (used in) operating activities	986,919	682,341
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(2,791,943)	(354,425)
Proceeds from sale of equipment, net of selling costs	165,066	182,819
Other	0	(183)
Net cash provided by (used in) investing activities	(2,626,877)	(171,789)
Cash flows from financing activities:
Issuance of preferred shares, net of underwriting discount	169,488	145,275
Purchases of treasury shares	(16,757)	(107,186)
Redemption of common shares for withholding taxes	(4,146)	(2,156)
Debt issuance costs	(35,996)	(22,588)
Borrowings under debt facilities	7,713,006	3,297,445
Payments under debt facilities and finance lease obligations	(5,981,155)	(3,514,140)
Dividends paid on preferred shares	(32,293)	(30,420)
Dividends paid on common shares	(114,484)	(108,421)
Other	(332)	(590)
Net cash provided by (used in) financing activities	1,697,331	(342,781)
Net increase (decrease) in cash, cash equivalents and restricted cash	57,373	167,771
Cash, cash equivalents and restricted cash, beginning of period	151,996	168,972
Cash, cash equivalents and restricted cash, end of period	209,369	336,743
Supplemental non-cash investing activities:
Interest paid	153,812	181,576
Income taxes paid (refunded)	4,639	440
Right-of-use asset for leased property	1,598	196
Equipment purchases payable	$ 406,510	$ 96,798

Description of the Business, Ba

Description of the Business, Basis of Presentation and Accounting Policy Updates	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business, Basis of Presentation and Accounting Policy Updates	Description of the Business, Basis of Presentation and Accounting Policy Updates Description of the Business Triton International Limited ("Triton" or the "Company"), through its subsidiaries, leases intermodal transportation equipment, primarily maritime containers, and provides maritime container management services through a worldwide network of service subsidiaries, third-party depots and other facilities. The majority of the Company's business is derived from leasing its containers to shipping line customers through a variety of long-term and short-term contractual lease arrangements. The Company also sells containers from its equipment leasing fleet as well as containers specifically acquired for resale from third parties. The Company's registered office is located in Bermuda. Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of September 30, 2021; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three and nine months ended September 30, 2021 and 2020, and the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 are unaudited. The consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on a basis consistent with the Company's annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company's financial position, results of operations, comprehensive income, shareholders' equity, and cash flows for the periods presented. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The consolidated results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K which was filed with the SEC on February 16, 2021. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment, including residual values and depreciable lives, values of assets held for sale and other long lived assets, provision for income tax, allowance for doubtful accounts, share-based compensation, goodwill and intangible assets. Actual results could differ from those estimates. Concentration of Credit Risk The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's three largest customers accounted for 20%, 15%, and 10%, respectively, of the Company's lease billings during the nine months ended September 30, 2021. Fair Value Measurements For information on the fair value of equipment held for sale, debt, and the fair value of derivative instruments, please refer to Note 2 - "Equipment Held for Sale", Note 7 - "Debt" and Note 8 - "Derivative Instruments", respectively. New Accounting Pronouncements Recently Issued Accounting Standards Update Lessors - Certain Leases with Variable Lease Payments

Equipment Held for Sale

Equipment Held for Sale	9 Months Ended
	Sep. 30, 2021
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): September 30, 2021 December 31, 2020 Equipment held for sale $ 601 $ 4,001 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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Impairment (loss) reversal on equipment held for sale $ 76 $ (766) $ 39 $ (3,309) Gain (loss) on sale of equipment, net of selling costs 25,530 11,503 78,925 22,660 Net gain on sale of leasing equipment $ 25,606 $ 10,737 $ 78,964 $ 19,351

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of lease intangibles for leases acquired with lease rates above market in a business combination. The following table summarizes the amortization of intangible assets as of September 30, 2021 (in thousands): Years ending December 31, Total Intangible Assets 2021 $ 3,709 2022 $ 10,497 2023 $ 4,657 2024 $ 1,963 Total $ 20,826

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Share Based Compensation	Share-Based Compensation The Company recognizes share-based compensation expense for share-based payment transactions based on the grant date fair value. The expense is recognized over the employee's requisite service period, which is generally the vesting period of the equity award. The Company recognized share-based compensation expense in administrative expenses of $2.2 million and $7.3 million for the three and nine months ended September 30, 2021, respectively, and $2.1 million and $7.9 million for the three and nine months ended September 30, 2020, respectively. Share-based compensation expense includes charges for performance-based shares and units that are deemed probable to vest. As of September 30, 2021, the total unrecognized compensation expense related to non-vested restricted share awards and units was approximately $11.3 million, which is expected to be recognized on a straight-line basis through 2024.

Other Equity Matters

Other Equity Matters	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Other Equity Matters	Other Equity Matters Share Repurchase Program The Company's Board of Directors authorized repurchases of shares up to a specified dollar amount as part of its repurchase program. Purchases under the repurchase program may be made in the open market or privately negotiated transactions, and may include transactions pursuant to a repurchase plan administered in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended. Purchases may be made from time to time at the Company's discretion and the timing and amount of any share repurchases will be determined based on share price, market conditions, legal requirements, and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common shares, and the Company may suspend or discontinue the repurchase program at any time. During the nine months ended September 30, 2021, the Company repurchased a total of 378,765 common shares at an average price per-share of $51.19 for a total of $19.4 million. Preferred Shares The following table summarizes the Company's preferred share issuances (the "Series"): Preferred Share Offering Issuance Liquidation Preference (in thousands) # of Shares (1) Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") March 2019 $ 86,250 3,450,000 Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") June 2019 143,750 5,750,000 Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") November 2019 175,000 7,000,000 Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") January 2020 150,000 6,000,000 Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E") August 2021 175,000 7,000,000 $ 730,000 29,200,000 (1) Represents number of shares authorized, issued, and outstanding. In August 2021, the Company completed a public offering of the Series E shares and received $169.5 million in aggregate net proceeds after deducting underwriting discounts of $5.5 million. The net proceeds will be 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, 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 upon the occurrence of the preceding events, holders of preferred shares may have the right to convert their preferred shares into common shares. Separately, for Series E, the Company may also redeem preferred shares upon a change to the methodology used by a rating agency which causes a shortened period of the assigned rating or reduces the amount of equity credit assigned . 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 three and nine months ended September 30, 2021 and 2020 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Series Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment A (1) $0.53 $1.8 $0.53 $1.8 $1.59 $5.4 $1.59 $5.4 B $0.50 $2.9 $0.50 $2.9 $1.50 $8.7 $1.50 $8.7 C (1) $0.46 $3.2 $0.46 $3.2 $1.38 $9.6 $1.38 $9.6 D (1) $0.43 $2.6 $0.43 $2.6 $1.29 $7.8 $1.10 $6.7 E (1) $0.11 $0.8 $— $— $0.11 $0.8 $— $— Total $11.3 $10.5 $32.3 $30.4 (1) Per share payments rounded to the nearest whole cent. As of September 30, 2021, the Company had cumulative unpaid preferred dividends of $2.2 million. Common Share Dividends The Company paid the following quarterly dividends during the three and nine months ended September 30, 2021 and 2020 on its issued common shares (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment $0.57 $38.2 $0.52 $35.5 $1.71 $114.5 $1.56 $108.4 Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2021 and 2020 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2020 $ (128,526) $ (4,509) $ (133,035) Change in derivative instruments designated as cash flow hedges (1) 62,850 — 62,850 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,102 — 7,102 Foreign currency translation adjustment — 21 21 Balance as of March 31, 2021 $ (58,574) $ (4,488) $ (63,062) Change in derivative instruments designated as cash flow hedges (1) (23,730) — (23,730) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 6,958 — 6,958 Foreign currency translation adjustment — 42 42 Balance as of June 30, 2021 $ (75,346) $ (4,446) $ (79,792) Change in derivative instruments designated as cash flow hedges (1) 8,148 — 8,148 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,096 — 7,096 Foreign currency translation adjustment — (87) (87) Balance as of September 30, 2021 $ (60,102) $ (4,533) $ (64,635) Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2019 $ (27,096) $ (4,537) $ (31,633) Change in derivative instruments designated as cash flow hedges (1) (120,140) — (120,140) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 1,411 — 1,411 Foreign currency translation adjustment — (262) (262) Balance as of March 31, 2020 $ (145,825) $ (4,799) $ (150,624) Change in derivative instruments designated as cash flow hedges (1) (16,112) — (16,112) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 5,854 — 5,854 Foreign currency translation adjustment — (115) (115) Balance as of June 30, 2020 $ (156,083) $ (4,914) $ (160,997) Change in derivative instruments designated as cash flow hedges (1) 969 — 969 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,351 — 7,351 Foreign currency translation adjustment — 176 176 Balance as of September 30, 2020 $ (147,763) $ (4,738) $ (152,501) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases Lessee The Company's leases are primarily for multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of September 30, 2021, the weighted average implicit rate was 3.39% and the weighted average remaining lease term was 2.1 years. The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2021 December 31, 2020 Right-of-use asset - operating Other assets $ 4,960 $ 5,062 Lease liability - operating Accounts payable and other accrued expenses $ 5,739 $ 6,088 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2021 2020 2021 2020 Operating lease cost (1) Administrative expenses $ 829 $ 754 $ 2,408 $ 2,260 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $2.4 million for both the nine months ended September 30, 2021 and September 30, 2020. Lessor The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2021 December 31, 2020 Future minimum lease payment receivable (1) $ 1,380,331 $ 355,755 Estimated residual receivable (2) 146,428 53,892 Gross finance lease receivables (3) 1,526,759 409,647 Unearned income (4) (510,461) (127,516) Net investment in finance leases (5) $ 1,016,298 $ 282,131 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2021 and December 31, 2020. (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 by customers. (4) There were no unamortized initial direct costs as of September 30, 2021 and December 31, 2020. (5) One major customer represented 89% and 75% of the Company's finance lease portfolio as of September 30, 2021 and December 31, 2020, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods. 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 economic conditions and reasonable market forecasts. As of September 30, 2021, 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's leases are primarily for multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of September 30, 2021, the weighted average implicit rate was 3.39% and the weighted average remaining lease term was 2.1 years. The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2021 December 31, 2020 Right-of-use asset - operating Other assets $ 4,960 $ 5,062 Lease liability - operating Accounts payable and other accrued expenses $ 5,739 $ 6,088 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2021 2020 2021 2020 Operating lease cost (1) Administrative expenses $ 829 $ 754 $ 2,408 $ 2,260 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $2.4 million for both the nine months ended September 30, 2021 and September 30, 2020. Lessor The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2021 December 31, 2020 Future minimum lease payment receivable (1) $ 1,380,331 $ 355,755 Estimated residual receivable (2) 146,428 53,892 Gross finance lease receivables (3) 1,526,759 409,647 Unearned income (4) (510,461) (127,516) Net investment in finance leases (5) $ 1,016,298 $ 282,131 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2021 and December 31, 2020. (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 by customers. (4) There were no unamortized initial direct costs as of September 30, 2021 and December 31, 2020. (5) One major customer represented 89% and 75% of the Company's finance lease portfolio as of September 30, 2021 and December 31, 2020, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods. 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 economic conditions and reasonable market forecasts. As of September 30, 2021, the Company does not have an allowance on its gross finance lease receivables and does not have any material past due balances.

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's key terms and carrying value of debt (in thousands): Contractual Weighted Avg Interest Rate (1) Maturity Range (1) September 30, 2021 December 31, 2020 From To Institutional notes —% — — $ — $ 1,642,314 Asset-backed securitization term notes 1.98% August 2023 February 2031 3,893,421 2,920,807 Corporate notes 1.82% August 2023 June 2031 2,300,000 — Term loan facilities 1.58% July 2024 May 2026 1,023,600 840,000 Asset-backed securitization warehouse 1.94% November 2027 November 2027 320,000 264,000 Revolving credit facilities 1.62% May 2024 July 2026 755,000 760,500 Finance lease obligations 4.93% February 2022 February 2022 15,619 17,304 Total debt outstanding 8,307,640 6,444,925 Unamortized debt costs (62,630) (42,747) Unamortized debt premiums & discounts (3,738) (599) Unamortized fair value debt adjustment (32) 1,691 Debt, net of unamortized costs $ 8,241,240 $ 6,403,270 (1) Data as of September 30, 2021. The fair value of total debt outstanding was $8,311.1 million and $6,536.5 million as of September 30, 2021 and December 31, 2020, respectively, and was measured using Level 2 inputs. As of September 30, 2021, the maximum borrowing levels for the Asset-backed Securitization ("ABS") warehouse and the revolving credit facilities are $1,125.0 million and $1,275.0 million, respectively. These facilities are governed by borrowing bases that limit borrowing capacity to an established percentage of relevant assets. As of September 30, 2021, the availability under these credit facilities without adding additional container assets to the borrowing base was approximately $876.8 million. The Company is subject to certain financial covenants under its debt agreements. The agreements remain the obligations of the respective subsidiaries, and all related debt covenants are calculated at the subsidiary level. As of September 30, 2021 and December 31, 2020, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements. The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt by entering into interest rate swap agreements that convert a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of September 30, 2021 (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 $5,591,500 1.96% Feb 2022 Jun 2031 5.0 years Floating-rate debt $2,716,141 1.65% Aug 2023 Nov 2027 3.2 years Including impact of derivative instruments: Fixed-rate debt $5,591,500 1.96% Hedged floating-rate debt $1,654,103 3.58% Total fixed and hedged debt $7,245,603 2.33% Unhedged floating-rate debt $1,062,037 1.65% Total $8,307,640 2.24% The Company issued the following corporate notes during the nine months ended September 30, 2021: Date Total Offering Contractual Weighted Avg Interest Rate Maturity April 15, 2021 $600.0 Million 2.05% Apr 2026 June 7, 2021 $500.0 Million 1.15% Jun 2024 June 7, 2021 $600.0 Million 3.15% Jun 2031 August 6, 2021 $600.0 Million 0.80% Aug 2023 The Company issued the following ABS fixed rate series during the nine months ended September 30, 2021: Date Total Offering Contractual Weighted Avg Interest Rate Expected Maturity February 3, 2021 $502.9 Million 1.69% Feb 2031 March 17, 2021 $725.0 Million 1.89% Dec 2030 On May 27, 2021, the Company extinguished a term loan and paid the outstanding balance of $820.0 million. As a result, the Company wrote off $1.8 million of debt related costs. Concurrently, the Company entered into a delayed draw term loan facility with a maximum capacity of $1,200.0 million at an interest rate of 1-month LIBOR plus 1.375% and a maturity date of May 27, 2026. On June 28, 2021, the Company redeemed approximately $821.0 million of its outstanding institutional notes. As a result, the Company paid a make-whole premium of $84.8 million and wrote off $2.5 million of debt related costs. The cash paid for the make-whole premium is classified under financing cash flows as payments under debt facilities and finance lease obligations. On August 30, 2021, the Company redeemed the remaining $648.9 million of its outstanding institutional notes. As a result, the Company paid a make-whole premium of $43.1 million and recognized a gain of $0.6 million from the write-off of unamortized debt costs and fair value adjustments. The cash paid for the make-whole premium is classified under financing cash flows as payments under debt facilities and finance lease obligations. Institutional Notes The Company's institutional notes were fully redeemed during the nine months ended September 30, 2021. 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. Corporate Notes The Company’s corporate notes have maturities ranging from 2 - 10 years and interest payments due semi-annually. These corporate notes are initially secured by assets of the subsidiary. If the Company satisfies certain credit rating conditions outlined in the indenture, the corporate notes may become unsecured. The corporate notes are pre-payable (in whole or in part) at the Company's option at any time prior to the maturity date, subject to certain provisions in the corporate note agreements, including the payment of a make-whole premium in respect to such prepayment. Term Loan Facilities The Company's term loan facilities have a maximum borrowing capacity of $1,518.6 million which amortizes in monthly or quarterly installments. These facilities provide for an advance rate against the net book values of designated eligible equipment. One facility has a borrowing capacity of $1,200.0 million and provides a delayed draw feature which is available to the Company until November 24, 2021. Asset-Backed Securitization Warehouse Under the Company’s ABS 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 ABS 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 $1,275.0 million. These facilities provide for an advance rate against the net book values of designated eligible equipment. Finance Lease Obligations five

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Interest Rate Swaps / Caps The Company enters into derivative agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to limit the Company's exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. Interest rate swaps involve the receipt of floating-rate amounts in exchange for fixed-rate interest payments over the lives of the agreements without an exchange of the underlying principal amounts. The Company also utilizes interest rate cap agreements to manage the Company's exposure to rising interest rates by placing a ceiling on the rate that will be paid under certain floating-rate debt agreements. 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 derivative agreements. Additionally, the Company may be required to post cash collateral on these agreements. Any amounts of cash collateral posted are included in Other assets on the consolidated balance sheet and are presented in operating activities of the consolidated statements of cash flows. As of September 30, 2021, the Company has cash collateral of $23.5 million related to interest rate swap contracts. In conjunction with the issuance of ABS notes, the Company canceled the following interest rate swaps that were in place to hedge the impact of interest rate changes on fixed-rate debt issuances: Derivative Instrument Date Canceled Notional Amount Funds Received Interest rate swap January 25, 2021 $150.0 million $0.3 million Interest rate swap January 27, 2021 $150.0 million $0.3 million Interest rate swap February 19, 2021 $150.0 million $2.4 million Interest rate swap February 19, 2021 $150.0 million $2.4 million On April 15, 2021, the Company cancelled and simultaneously entered into an interest rate swap with a notional amount of $93.8 million. The Company paid $0.1 million for the cancellation of the existing contract. The new contract has a scheduled maturity date of April 20, 2024 and is indexed to 1 month LIBOR with a fixed leg interest rate of 0.25%. In conjunction with the redemption of the institutional notes, the Company entered into and subsequently canceled the following interest rate swaps that were in place to hedge the impact of interest rate changes related to the make-whole premium payment during the notification period. The settlement of these swaps is presented in debt termination expense on the consolidated statement of operations and in payments under debt facilities and finance lease obligations within the financing section of the consolidated statement of cash flows. Derivative Instrument Date Canceled Notional Amount Funds Received (Paid) Interest rate swap June 25, 2021 $72.5 million $— million Interest rate swap June 25, 2021 $195.9 million $(0.9) million During the nine months ended September 30, 2021, 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 cap May 24, 2021 $200.0 million n/a 1 month LIBOR November 13, 2023 Forward starting interest rate swap October 29, 2021 $150.0 million 1.21% 1 month LIBOR October 29, 2031 (1) Forward starting interest rate swap October 29, 2021 $150.0 million 1.21% 1 month LIBOR October 29, 2031 (1) (1) Mandatory termination date of July 29, 2022. As of September 30, 2021, the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Amount Weighted Average Cap Rate Weighted Average Interest Rate Swap (1) $1,654.1 Million 2.02% n/a 4.4 years Interest Rate Cap $400.0 Million n/a 5.5% 2.2 years (1) The impact of forward starting swaps will increase total notional amount by $650.0 million and increase the weighted average remaining term to 7.2 years. Unrealized losses of $31.3 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): Three Months Ended September 30, Nine Months Ended September 30, Financial statement caption 2021 2020 2021 2020 Non-Designated Derivative Instruments Realized (gains) losses Other (income) expense, net $ — $ — $ — $ (224) Realized (gains) losses Debt termination expense $ — $ — $ 883 $ — Unrealized (gains) losses Other (income) expense, net $ — $ — $ — $ 286 Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ 7,583 $ 7,834 $ 22,592 $ 15,282 Unrealized (gains) losses Comprehensive (income) loss $ (8,176) $ (852) $ (49,298) $ 146,386 Fair Value of Derivative Instruments The Company has elected to use the income approach to value its interest rate swap and cap agreements, using Level 2 market expectations at the measurement date and standard valuation techniques to convert future values to a single discounted present value. The Level 2 inputs for the interest rate swap and cap valuations are inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and swap rates and credit risk at commonly quoted intervals). In response to the expected phase out of LIBOR, the Company continues to work with its counterparties to identify an alternative reference rate. Substantially all of the Company's debt agreements already include transition language, and the Company also adopted various practical expedients which will facilitate the transition.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information Segment Information The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments: • Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet. • Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered. The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended September 30, 2021 2020 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 396,100 $ 4,091 $ 400,191 $ 325,279 $ 2,478 $ 327,757 Trading margin — 9,163 9,163 — 3,869 3,869 Net gain on sale of leasing equipment 25,606 — 25,606 10,737 — 10,737 Depreciation and amortization expense 163,308 185 163,493 136,058 190 136,248 Interest and debt expense 54,238 490 54,728 62,138 638 62,776 Segment income (loss) before income taxes (1) 178,660 11,544 190,204 91,986 4,642 96,628 Purchases of leasing equipment and investments in finance leases (2) $ 1,074,100 $ — $ 1,074,100 $ 134,637 $ — $ 134,637 Nine Months Ended September 30, 2021 2020 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,106,894 $ 9,824 $ 1,116,718 $ 965,936 $ 4,686 $ 970,622 Trading margin — 28,030 28,030 — 7,822 7,822 Net gain on sale of leasing equipment 78,964 — 78,964 19,351 — 19,351 Depreciation and amortization expense 460,326 530 460,856 401,692 543 402,235 Interest and debt expense 168,053 1,302 169,355 197,320 1,332 198,652 Segment income (loss) before income taxes (1) 478,173 32,418 510,591 248,346 8,468 256,814 Purchases of leasing equipment and investments in finance leases (2) $ 2,791,943 $ — $ 2,791,943 $ 354,425 $ — $ 354,425 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded $42.7 million and $132.5 million of debt termination expense for the three and nine months ended September 30, 2021, respectively, and $24.3 million and $24.4 million of debt termination expense for the three and nine months ended September 30, 2020, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2021 December 31, 2020 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 10,202 $ 40,245 $ 50,447 $ 43,275 $ 24,036 $ 67,311 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 12,092,222 $ 109,378 $ 12,201,600 $ 9,612,251 $ 100,282 $ 9,712,533 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 in the equipment trading segment may be leased for a period of time and is reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's consolidated statements of cash flows. Geographic Segment Information The Company generates the majority of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. The majority of the Company's leasing related revenue is denominated in U.S. dollars. The following table summarizes the geographic allocation of equipment leasing revenues for the three and nine months ended September 30, 2021 and 2020 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total equipment leasing revenues: Asia $ 146,661 $ 115,084 $ 406,407 $ 353,464 Europe 208,231 175,629 588,674 503,106 Americas 32,017 25,055 84,066 81,668 Bermuda 625 450 1,798 1,331 Other International 12,657 11,539 35,773 31,053 Total $ 400,191 $ 327,757 $ 1,116,718 $ 970,622 Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international. The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2021 and 2020 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total equipment trading revenues: Asia $ 22,918 $ 7,546 $ 44,687 $ 12,232 Europe 6,247 6,329 18,409 16,542 Americas 13,588 8,316 32,963 21,755 Bermuda — — — — Other International 1,665 3,903 7,487 7,848 Total $ 44,418 $ 26,094 $ 103,546 $ 58,377

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments At September 30, 2021, the Company had commitments to purchase equipment in the amount of $463.9 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rates were 8.7% and 21.9% for the three months ended September 30, 2021 and 2020, respectively, and 10.1% and 12.1% for the nine months ended September 30, 2021 and 2020, respectively. The Company has computed the provision for income taxes based on the estimated annual effective tax rate and the application of discrete items, if any, in the applicable period. The decrease in the effective tax rates in 2021 compared to the same period in 2020 was primarily due to an $8.6 million tax expense related to a U.S. entity to foreign entity intra-company asset sale recorded in the third quarter of 2020 that did not reoccur in 2021. This decrease was partially offset by an increased proportion of the Company's income generated in higher tax jurisdictions as a result of the payment of make-whole premiums related to the termination of certain institutional notes in the second and third quarters of 2021.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company holds a 50% interest in TriStar Container Services (Asia) Private Limited ("TriStar"), which is primarily engaged in the selling and leasing of container equipment in the domestic and short sea markets in India.  The Company's equity investment in TriStar is included in Other assets on the consolidated balance sheet. The Company received payments on finance leases with TriStar of $0.5 million and $1.5 million for the three and nine months ended September 30, 2021, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2020, respectively. The Company has a direct finance lease balance with TriStar of $9.3 million and $10.3 million as of September 30, 2021 and December 31, 2020, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 14, 2021, the Company announced the completion of its debt capital structure transition to primarily investment grade unsecured borrowings. In conjunction with this planned transition, the Company amended and restated its revolving credit facility and its $1.2 billion term loan facility to represent unsecured financings. In addition, the Company's $2.3 billion outstanding senior notes became unsecured under the terms of the relevant governing indentures. The Company also increased the borrowing limit on its revolving facility to $2.0 billion and extended the maturity to 2026. On October 20, 2021, the Company's Board of Directors approved and declared a quarterly cash dividend of $0.65 per share on its issued and outstanding common shares, payable on December 23, 2021 to holders of record at the close of business on December 9, 2021. On October 20, 2021, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2021 to holders of record at the close of business on December 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 Series E 5.750% $0.3593750 On October 20, 2021, the Company's Board of Directors increased the share repurchase authorization to $200.0 million. The revised authorization may be used by the Company to repurchase common or preferred shares.

Description of the Business, _2

Description of the Business, Basis of Presentation and Accounting Policy Updates (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of September 30, 2021; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three and nine months ended September 30, 2021 and 2020, and the consolidated statements of cash flows for the nine months ended September 30, 2021 and 2020 are unaudited. The consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on a basis consistent with the Company's annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company's financial position, results of operations, comprehensive income, shareholders' equity, and cash flows for the periods presented. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The consolidated results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021 or for any other future annual or interim period. These financial statements should be read in conjunction with the Company's audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2020 included in the Company's Annual Report on Form 10-K which was filed with the SEC on February 16, 2021. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment, including residual values and depreciable lives, values of assets held for sale and other long lived assets, provision for income tax, allowance for doubtful accounts, share-based compensation, goodwill and intangible assets. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's three largest customers accounted for 20%, 15%, and 10%, respectively, of the Company's lease billings during the nine months ended September 30, 2021.
Fair Value Measurements	Fair Value Measurements For information on the fair value of equipment held for sale, debt, and the fair value of derivative instruments, please refer to Note 2 - "Equipment Held for Sale", Note 7 - "Debt" and Note 8 - "Derivative Instruments", respectively.
New Accounting Pronouncements	New Accounting Pronouncements Recently Issued Accounting Standards Update Lessors - Certain Leases with Variable Lease Payments

Equipment Held for Sale (Tables

Equipment Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Disclosure of Long Lived Assets Held-for-sale	The Company's equipment held for sale is recorded at the lower of fair value less cost to sell, or carrying value at the time identified for sale. Fair value is measured using Level 2 inputs and is based 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): September 30, 2021 December 31, 2020 Equipment held for sale $ 601 $ 4,001 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): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Impairment (loss) reversal on equipment held for sale $ 76 $ (766) $ 39 $ (3,309) Gain (loss) on sale of equipment, net of selling costs 25,530 11,503 78,925 22,660 Net gain on sale of leasing equipment $ 25,606 $ 10,737 $ 78,964 $ 19,351

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	Intangible assets consist of lease intangibles for leases acquired with lease rates above market in a business combination. The following table summarizes the amortization of intangible assets as of September 30, 2021 (in thousands): Years ending December 31, Total Intangible Assets 2021 $ 3,709 2022 $ 10,497 2023 $ 4,657 2024 $ 1,963 Total $ 20,826

Other Equity Matters (Table)

Other Equity Matters (Table)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Preferred Stock	The following table summarizes the Company's preferred share issuances (the "Series"): Preferred Share Offering Issuance Liquidation Preference (in thousands) # of Shares (1) Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") March 2019 $ 86,250 3,450,000 Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") June 2019 143,750 5,750,000 Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") November 2019 175,000 7,000,000 Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") January 2020 150,000 6,000,000 Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E") August 2021 175,000 7,000,000 $ 730,000 29,200,000 (1) Represents number of shares authorized, issued, and outstanding. The Company paid the following quarterly dividends during the three and nine months ended September 30, 2021 and 2020 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Series Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment A (1) $0.53 $1.8 $0.53 $1.8 $1.59 $5.4 $1.59 $5.4 B $0.50 $2.9 $0.50 $2.9 $1.50 $8.7 $1.50 $8.7 C (1) $0.46 $3.2 $0.46 $3.2 $1.38 $9.6 $1.38 $9.6 D (1) $0.43 $2.6 $0.43 $2.6 $1.29 $7.8 $1.10 $6.7 E (1) $0.11 $0.8 $— $— $0.11 $0.8 $— $— Total $11.3 $10.5 $32.3 $30.4 (1) Per share payments rounded to the nearest whole cent.
Dividends	The Company paid the following quarterly dividends during the three and nine months ended September 30, 2021 and 2020 on its issued common shares (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment $0.57 $38.2 $0.52 $35.5 $1.71 $114.5 $1.56 $108.4
Schedule of accumulated other comprehensive (loss)	The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2021 and 2020 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2020 $ (128,526) $ (4,509) $ (133,035) Change in derivative instruments designated as cash flow hedges (1) 62,850 — 62,850 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,102 — 7,102 Foreign currency translation adjustment — 21 21 Balance as of March 31, 2021 $ (58,574) $ (4,488) $ (63,062) Change in derivative instruments designated as cash flow hedges (1) (23,730) — (23,730) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 6,958 — 6,958 Foreign currency translation adjustment — 42 42 Balance as of June 30, 2021 $ (75,346) $ (4,446) $ (79,792) Change in derivative instruments designated as cash flow hedges (1) 8,148 — 8,148 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,096 — 7,096 Foreign currency translation adjustment — (87) (87) Balance as of September 30, 2021 $ (60,102) $ (4,533) $ (64,635) Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2019 $ (27,096) $ (4,537) $ (31,633) Change in derivative instruments designated as cash flow hedges (1) (120,140) — (120,140) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 1,411 — 1,411 Foreign currency translation adjustment — (262) (262) Balance as of March 31, 2020 $ (145,825) $ (4,799) $ (150,624) Change in derivative instruments designated as cash flow hedges (1) (16,112) — (16,112) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 5,854 — 5,854 Foreign currency translation adjustment — (115) (115) Balance as of June 30, 2020 $ (156,083) $ (4,914) $ (160,997) Change in derivative instruments designated as cash flow hedges (1) 969 — 969 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,351 — 7,351 Foreign currency translation adjustment — 176 176 Balance as of September 30, 2020 $ (147,763) $ (4,738) $ (152,501) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Lessee, Balance Sheet and Income Statement Effect	The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2021 December 31, 2020 Right-of-use asset - operating Other assets $ 4,960 $ 5,062 Lease liability - operating Accounts payable and other accrued expenses $ 5,739 $ 6,088 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2021 2020 2021 2020 Operating lease cost (1) Administrative expenses $ 829 $ 754 $ 2,408 $ 2,260 (1) Includes short-term leases that are immaterial.
Schedule of Components of Leveraged Lease Investments	The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2021 December 31, 2020 Future minimum lease payment receivable (1) $ 1,380,331 $ 355,755 Estimated residual receivable (2) 146,428 53,892 Gross finance lease receivables (3) 1,526,759 409,647 Unearned income (4) (510,461) (127,516) Net investment in finance leases (5) $ 1,016,298 $ 282,131 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2021 and December 31, 2020. (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 by customers. (4) There were no unamortized initial direct costs as of September 30, 2021 and December 31, 2020. (5) One major customer represented 89% and 75% of the Company's finance lease portfolio as of September 30, 2021 and December 31, 2020, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of debt	The table below summarizes the Company's key terms and carrying value of debt (in thousands): Contractual Weighted Avg Interest Rate (1) Maturity Range (1) September 30, 2021 December 31, 2020 From To Institutional notes —% — — $ — $ 1,642,314 Asset-backed securitization term notes 1.98% August 2023 February 2031 3,893,421 2,920,807 Corporate notes 1.82% August 2023 June 2031 2,300,000 — Term loan facilities 1.58% July 2024 May 2026 1,023,600 840,000 Asset-backed securitization warehouse 1.94% November 2027 November 2027 320,000 264,000 Revolving credit facilities 1.62% May 2024 July 2026 755,000 760,500 Finance lease obligations 4.93% February 2022 February 2022 15,619 17,304 Total debt outstanding 8,307,640 6,444,925 Unamortized debt costs (62,630) (42,747) Unamortized debt premiums & discounts (3,738) (599) Unamortized fair value debt adjustment (32) 1,691 Debt, net of unamortized costs $ 8,241,240 $ 6,403,270 (1) Data as of September 30, 2021. Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $5,591,500 1.96% Feb 2022 Jun 2031 5.0 years Floating-rate debt $2,716,141 1.65% Aug 2023 Nov 2027 3.2 years Including impact of derivative instruments: Fixed-rate debt $5,591,500 1.96% Hedged floating-rate debt $1,654,103 3.58% Total fixed and hedged debt $7,245,603 2.33% Unhedged floating-rate debt $1,062,037 1.65% Total $8,307,640 2.24%
Schedule of debt offerings	The Company issued the following corporate notes during the nine months ended September 30, 2021: Date Total Offering Contractual Weighted Avg Interest Rate Maturity April 15, 2021 $600.0 Million 2.05% Apr 2026 June 7, 2021 $500.0 Million 1.15% Jun 2024 June 7, 2021 $600.0 Million 3.15% Jun 2031 August 6, 2021 $600.0 Million 0.80% Aug 2023 Date Total Offering Contractual Weighted Avg Interest Rate Expected Maturity February 3, 2021 $502.9 Million 1.69% Feb 2031 March 17, 2021 $725.0 Million 1.89% Dec 2030

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	In conjunction with the issuance of ABS notes, the Company canceled the following interest rate swaps that were in place to hedge the impact of interest rate changes on fixed-rate debt issuances: Derivative Instrument Date Canceled Notional Amount Funds Received Interest rate swap January 25, 2021 $150.0 million $0.3 million Interest rate swap January 27, 2021 $150.0 million $0.3 million Interest rate swap February 19, 2021 $150.0 million $2.4 million Interest rate swap February 19, 2021 $150.0 million $2.4 million In conjunction with the redemption of the institutional notes, the Company entered into and subsequently canceled the following interest rate swaps that were in place to hedge the impact of interest rate changes related to the make-whole premium payment during the notification period. The settlement of these swaps is presented in debt termination expense on the consolidated statement of operations and in payments under debt facilities and finance lease obligations within the financing section of the consolidated statement of cash flows. Derivative Instrument Date Canceled Notional Amount Funds Received (Paid) Interest rate swap June 25, 2021 $72.5 million $— million Interest rate swap June 25, 2021 $195.9 million $(0.9) million During the nine months ended September 30, 2021, 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 cap May 24, 2021 $200.0 million n/a 1 month LIBOR November 13, 2023 Forward starting interest rate swap October 29, 2021 $150.0 million 1.21% 1 month LIBOR October 29, 2031 (1) Forward starting interest rate swap October 29, 2021 $150.0 million 1.21% 1 month LIBOR October 29, 2031 (1) (1) Mandatory termination date of July 29, 2022. As of September 30, 2021, the Company had interest rate swap and cap agreements in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities summarized below: Derivatives Notional Amount Weighted Average Cap Rate Weighted Average Interest Rate Swap (1) $1,654.1 Million 2.02% n/a 4.4 years Interest Rate Cap $400.0 Million n/a 5.5% 2.2 years (1) The impact of forward starting swaps will increase total notional amount by $650.0 million and increase the weighted average remaining term to 7.2 years.
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement caption 2021 2020 2021 2020 Non-Designated Derivative Instruments Realized (gains) losses Other (income) expense, net $ — $ — $ — $ (224) Realized (gains) losses Debt termination expense $ — $ — $ 883 $ — Unrealized (gains) losses Other (income) expense, net $ — $ — $ — $ 286 Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ 7,583 $ 7,834 $ 22,592 $ 15,282 Unrealized (gains) losses Comprehensive (income) loss $ (8,176) $ (852) $ (49,298) $ 146,386

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of segment information	The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended September 30, 2021 2020 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 396,100 $ 4,091 $ 400,191 $ 325,279 $ 2,478 $ 327,757 Trading margin — 9,163 9,163 — 3,869 3,869 Net gain on sale of leasing equipment 25,606 — 25,606 10,737 — 10,737 Depreciation and amortization expense 163,308 185 163,493 136,058 190 136,248 Interest and debt expense 54,238 490 54,728 62,138 638 62,776 Segment income (loss) before income taxes (1) 178,660 11,544 190,204 91,986 4,642 96,628 Purchases of leasing equipment and investments in finance leases (2) $ 1,074,100 $ — $ 1,074,100 $ 134,637 $ — $ 134,637 Nine Months Ended September 30, 2021 2020 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,106,894 $ 9,824 $ 1,116,718 $ 965,936 $ 4,686 $ 970,622 Trading margin — 28,030 28,030 — 7,822 7,822 Net gain on sale of leasing equipment 78,964 — 78,964 19,351 — 19,351 Depreciation and amortization expense 460,326 530 460,856 401,692 543 402,235 Interest and debt expense 168,053 1,302 169,355 197,320 1,332 198,652 Segment income (loss) before income taxes (1) 478,173 32,418 510,591 248,346 8,468 256,814 Purchases of leasing equipment and investments in finance leases (2) $ 2,791,943 $ — $ 2,791,943 $ 354,425 $ — $ 354,425 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded $42.7 million and $132.5 million of debt termination expense for the three and nine months ended September 30, 2021, respectively, and $24.3 million and $24.4 million of debt termination expense for the three and nine months ended September 30, 2020, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2021 December 31, 2020 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 10,202 $ 40,245 $ 50,447 $ 43,275 $ 24,036 $ 67,311 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 12,092,222 $ 109,378 $ 12,201,600 $ 9,612,251 $ 100,282 $ 9,712,533
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of equipment leasing revenues for the three and nine months ended September 30, 2021 and 2020 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total equipment leasing revenues: Asia $ 146,661 $ 115,084 $ 406,407 $ 353,464 Europe 208,231 175,629 588,674 503,106 Americas 32,017 25,055 84,066 81,668 Bermuda 625 450 1,798 1,331 Other International 12,657 11,539 35,773 31,053 Total $ 400,191 $ 327,757 $ 1,116,718 $ 970,622 The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2021 and 2020 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total equipment trading revenues: Asia $ 22,918 $ 7,546 $ 44,687 $ 12,232 Europe 6,247 6,329 18,409 16,542 Americas 13,588 8,316 32,963 21,755 Bermuda — — — — Other International 1,665 3,903 7,487 7,848 Total $ 44,418 $ 26,094 $ 103,546 $ 58,377

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Dividends	On October 20, 2021, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2021 to holders of record at the close of business on December 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 Series E 5.750% $0.3593750

Description of the Business, _3

Description of the Business, Basis of Presentation and Accounting Policy Updates - Concentration of Credit Risk (Details) - Operating and Capital Leases Billing - Credit Concentration Risk	9 Months Ended
	Sep. 30, 2021
Customer One
Concentration Risk [Line Items]
Concentration Risk, Percentage	20.00%
Customer Two
Concentration Risk [Line Items]
Concentration Risk, Percentage	15.00%
Customer Three
Concentration Risk [Line Items]
Concentration Risk, Percentage	10.00%

Equipment Held for Sale - Fair

Equipment Held for Sale - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Fair Value
Net gain on sale of leasing equipment	$ 25,606	$ 10,737	$ 78,964	$ 19,351
Equipment, net of selling costs
Fair Value
Net gain on sale of leasing equipment	25,530	11,503	78,925	22,660
Equipment held for sale
Fair Value
Net gain on sale of leasing equipment	76	$ (766)	39	$ (3,309)
Carrying value containers impaired to fair value | Level 2
Fair Value
Equipment held for sale	$ 601		$ 601		$ 4,001

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 3,900	$ 5,400	$ 12,800	$ 17,300
Above Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2021	3,709		3,709
2022	10,497		10,497
2023	4,657		4,657
2024	1,963		1,963
Total	$ 20,826		$ 20,826

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Stock based compensation plans
Share-based Payment Arrangement, Noncash Expense	$ 2.2	$ 2.1	$ 7.3	$ 7.9
Employee Service Share-based Compensation Not yet Recognized	$ 11.3		$ 11.3
Employees | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			207,077
Shares withheld for tax withholding obligation			85,466
Non-employees, Directors | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			23,025

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Aug. 31, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
Treasury stock, value		$ 456,218				$ 456,218		$ 436,822
Preferred stock, redemption price per share (in dollars per share)		$ 25				$ 25
Cash dividends paid per share		$ 0.57	$ 0.52			$ 1.71	$ 1.56
Common Shares
Class of Stock [Line Items]
Aggregate Payment		$ 38,200	$ 35,500			$ 114,500	$ 108,400
Preferred Shares
Class of Stock [Line Items]
Aggregate Payment		11,300	$ 10,500			32,300	$ 30,400
Cumulative unpaid preferred dividends		$ 2,200				$ 2,200
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)		$ 0.53	$ 0.53			$ 1.59	$ 1.59
Aggregate Payment		$ 1,800	$ 1,800			$ 5,400	$ 5,400
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)		$ 0.50	$ 0.50			$ 1.50	$ 1.50
Aggregate Payment		$ 2,900	$ 2,900			$ 8,700	$ 8,700
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)		$ 0.46	$ 0.46			$ 1.38	$ 1.38
Aggregate Payment		$ 3,200	$ 3,200			$ 9,600	$ 9,600
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)		$ 0.43	$ 0.43			$ 1.29	$ 1.10
Aggregate Payment		$ 2,600	$ 2,600			$ 7,800	$ 6,700
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Proceeds from issuance of equity	$ 169,500
Underwriting discount	$ 5,500
Per Share Payment (in dollars per share)		$ 0.11	$ 0			$ 0.11	$ 0
Aggregate Payment		$ 800	$ 0			$ 800	$ 0
Treasury Shares
Class of Stock [Line Items]
Treasury shares acquired, shares		378,765	356,708	2,050,924	1,365,620
Share price (in dollars per share)		$ 51.19				$ 51.19
Treasury stock, value		$ 19,400				$ 19,400

Other Equity Matters - Preferre

Other Equity Matters - Preferred Share (Details) - USD ($) $ in Thousands	Aug. 30, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2021	Aug. 31, 2021	Jan. 31, 2020
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value					$ 730,000
Preferred Stock, Liquidation Preference (in shares)					29,200,000
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value				$ 86,250
Preferred Stock, Liquidation Preference (in shares)				3,450,000
Preferred stock, dividend rate, percentage				8.50%
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value			$ 143,750
Preferred Stock, Liquidation Preference (in shares)			5,750,000
Preferred stock, dividend rate, percentage			8.00%
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value		$ 175,000
Preferred Stock, Liquidation Preference (in shares)		7,000,000
Preferred stock, dividend rate, percentage		7.375%
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value							$ 150,000
Preferred Stock, Liquidation Preference (in shares)							6,000,000
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value						$ 175,000
Preferred Stock, Liquidation Preference (in shares)						7,000,000
Preferred stock, dividend rate, percentage	5.75%

Other Equity Matters - Componen

Other Equity Matters - Components Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 2,727,077	$ 2,724,318	$ 2,565,948	$ 2,508,950	$ 2,550,250	$ 2,532,237	$ 2,565,948	$ 2,532,237
Change in derivative instruments designated as cash flow hedges	8,148			969			47,268	(135,283)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,096			7,351			21,156	14,616
Foreign currency translation adjustment	(87)			176			(24)	(201)
Ending balance	2,978,870	2,727,077	2,724,318	2,518,889	2,508,950	2,550,250	2,978,870	2,518,889
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(75,346)	(58,574)	(128,526)	(156,083)	(145,825)	(27,096)	(128,526)	(27,096)
Change in derivative instruments designated as cash flow hedges	8,148	(23,730)	62,850	969	(16,112)	(120,140)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,096	6,958	7,102	7,351	5,854	1,411
Foreign currency translation adjustment	0	0	0	0	0	0
Ending balance	(60,102)	(75,346)	(58,574)	(147,763)	(156,083)	(145,825)	(60,102)	(147,763)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(4,446)	(4,488)	(4,509)	(4,914)	(4,799)	(4,537)	(4,509)	(4,537)
Change in derivative instruments designated as cash flow hedges	0	0	0	0	0	0
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	0	0	0	0	0	0
Foreign currency translation adjustment	(87)	42	21	176	(115)	(262)
Ending balance	(4,533)	(4,446)	(4,488)	(4,738)	(4,914)	(4,799)	(4,533)	(4,738)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(79,792)	(63,062)	(133,035)	(160,997)	(150,624)	(31,633)	(133,035)	(31,633)
Change in derivative instruments designated as cash flow hedges	8,148	(23,730)	62,850	969	(16,112)	(120,140)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	7,096	6,958	7,102	7,351	5,854	1,411
Foreign currency translation adjustment	(87)	42	21	176	(115)	(262)
Ending balance	$ (64,635)	$ (79,792)	$ (63,062)	$ (152,501)	$ (160,997)	$ (150,624)	$ (64,635)	$ (152,501)

Leases (Details)

Leases (Details) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	3.39%	3.39%
Lessee, operating lease, remaining term of contract	2 years 1 month 6 days	2 years 1 month 6 days
Operating lease, payments	$ 2.4	$ 2.4

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 829	$ 754	$ 2,408	$ 2,260
Other assets
Lessee, Lease, Description [Line Items]
Right-of-use asset - operating	4,960		4,960		$ 5,062
Accounts payable and other accrued expenses
Lessee, Lease, Description [Line Items]
Lease liability - operating	$ 5,739		$ 5,739		$ 6,088

Leases - Net Investment in Fina

Leases - Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Future minimum lease payment receivable	$ 1,380,331	$ 355,755
Estimated residual receivable	146,428	53,892
Gross finance lease receivables	1,526,759	409,647
Unearned income	(510,461)	(127,516)
Net investment in finance leases	$ 1,016,298	$ 282,131
Customer One | Customer Concentration Risk | Lease Finance Portfolio Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	89.00%	75.00%

Debt - Key Term and Carrying Va

Debt - Key Term and Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt outstanding	$ 8,307,640	$ 6,444,925
Unamortized debt costs	(62,630)	(42,747)
Unamortized debt premiums & discounts	(3,738)	(599)
Unamortized fair value debt adjustment	(32)	1,691
Debt, net of unamortized debt costs	$ 8,241,240	6,403,270
Institutional notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	0.00%
Debt outstanding	$ 0	1,642,314
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.98%
Debt outstanding	$ 3,893,421	2,920,807
Corporate notes
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.82%
Debt outstanding	$ 2,300,000	0
Term loan facilities
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.58%
Debt outstanding	$ 1,023,600	840,000
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.94%
Debt outstanding	$ 320,000	264,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	1.62%
Debt outstanding	$ 755,000	760,500
Capital lease obligations
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	4.93%
Debt outstanding	$ 15,619	17,304
Level 2
Debt Instrument [Line Items]
Debt outstanding	$ 8,311,100	$ 6,536,500

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Excluding Impact | Variable Rate Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 2,716,141
Debt, Percentage Interest Rate Remaining Term	3 years 2 months 12 days
Excluding Impact | Fixed Rate Debt
Debt Instrument [Line Items]
Debt, Percentage Interest Rate Remaining Term	5 years
Including Impact
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 8,307,640
Contractual Weighted Avg Interest Rate	2.24%
Including Impact | Variable Rate Debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate	1.65%
Including Impact | Fixed Rate Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 5,591,500
Contractual Weighted Avg Interest Rate	1.96%
Including Impact | Hedged Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 1,654,103
Designated as Hedging Instrument | Including Impact | Fixed and Hedged Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 7,245,603
Contractual Weighted Avg Interest Rate	2.33%
Designated as Hedging Instrument | Including Impact | Hedged Debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate	3.58%
Not Designated as Hedging Instrument | Including Impact | Unhedged Debt
Debt Instrument [Line Items]
Debt Instrument, Carrying Value	$ 1,062,037

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	Aug. 30, 2021	Jun. 28, 2021	May 27, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Debt and Lease Obligation				$ 8,307,640		$ 8,307,640		$ 6,444,925
Debt termination expense				42,660	$ 24,345	132,523	$ 24,376
Level 2
Debt Instrument [Line Items]
Debt and Lease Obligation				8,311,100		8,311,100		6,536,500
Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				1,125,000		1,125,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt and Lease Obligation				755,000		755,000		760,500
Maximum borrowing capacity				1,275,000		1,275,000
Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				876,800		876,800
Capital lease obligations
Debt Instrument [Line Items]
Debt and Lease Obligation				15,619		15,619		17,304
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt and Lease Obligation				320,000		320,000		264,000
Institutional notes
Debt Instrument [Line Items]
Debt and Lease Obligation				0		0		1,642,314
Repayments of debt	$ 648,900	$ 821,000
Debt termination expense		2,500
Redemption Premium	43,100	$ 84,800
Gain on write off unamortized debt costs and fair value adjustment	$ 600
Term loan facilities
Debt Instrument [Line Items]
Debt and Lease Obligation				1,023,600		1,023,600		840,000
Maximum borrowing capacity				1,518,600		1,518,600
Extinguishment of debt, amount			$ 820,000
Repayments of debt			820,000
Debt termination expense			1,800
Term loan, delayed drawing
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 1,200,000	1,200,000		1,200,000
Corporate notes
Debt Instrument [Line Items]
Debt and Lease Obligation				$ 2,300,000		$ 2,300,000		$ 0
Minimum
Debt Instrument [Line Items]
Finance Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option						5 years
Minimum | Corporate notes
Debt Instrument [Line Items]
Debt Instrument, Term						2 years
Maximum
Debt Instrument [Line Items]
Finance Lease Period Over Which Interest Expense Recognized Preceding Early Purchase Option						7 years
Maximum | Corporate notes
Debt Instrument [Line Items]
Debt Instrument, Term						10 years
London Interbank Offered Rate (LIBOR) | Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						1.85%
London Interbank Offered Rate (LIBOR) | Term loan facilities
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate						2.85%
London Interbank Offered Rate (LIBOR) | Term loan, delayed drawing
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			1.375%

Debt - Offering (Details)

Debt - Offering (Details) - USD ($) $ in Millions	Aug. 06, 2021	Jun. 07, 2021	Apr. 15, 2021	Mar. 17, 2021	Feb. 03, 2021
Corporate Notes, Maturity Apr 2026
Debt Instrument [Line Items]
Total Offering			$ 600
Contractual Weighted Avg Interest Rate			2.05%
Corporate Notes, Maturity Jun 2024
Debt Instrument [Line Items]
Total Offering		$ 500
Contractual Weighted Avg Interest Rate		1.15%
Corporate Notes, Maturity Jun 2031
Debt Instrument [Line Items]
Total Offering		$ 600
Contractual Weighted Avg Interest Rate		3.15%
Corporate Notes, Maturity Aug 2023
Debt Instrument [Line Items]
Total Offering	$ 600
Contractual Weighted Avg Interest Rate	0.80%
ABS, Maturity Feb 2031
Debt Instrument [Line Items]
Total Offering					$ 502.9
Contractual Weighted Avg Interest Rate					1.69%
ABS, Maturity Dec 2030
Debt Instrument [Line Items]
Total Offering				$ 725
Contractual Weighted Avg Interest Rate				1.89%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($)	Apr. 15, 2021	Sep. 30, 2021
Derivative [Line Items]
Payment for Termination of Derivative	$ 100,000
Interest Rate Swap | London Interbank Offered Rate (LIBOR)
Derivative [Line Items]
Fixed Leg (Pay) Interest Rate	0.25%
Interest rate cap
Derivative [Line Items]
Derivative, Cap Interest Rate		5.50%
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Cash Collateral for Interest Rate Swap Contracts		$ 23,500,000
Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Notional Amount		93,800,000
Designated as Hedging Instrument | Interest rate cap
Derivative [Line Items]
Notional Amount		$ 200,000,000

Derivative Instruments - Termin

Derivative Instruments - Termination of Interest Rate Swaps (Details) - Designated as Hedging Instrument	Sep. 30, 2021USD ($)
Interest rate swap, terminated on January 25, 2021
Fair Value of Derivative Instruments
Notional Amount	$ 150,000,000
Funds Received	300,000
Interest rate swap, terminated on January 27, 2021
Fair Value of Derivative Instruments
Notional Amount	150,000,000
Funds Received	300,000
Interest rate swap, terminated on February 19, 2021
Fair Value of Derivative Instruments
Notional Amount	150,000,000
Funds Received	2,400,000
Interest rate swap, terminated on February 19 2021
Fair Value of Derivative Instruments
Notional Amount	150,000,000
Funds Received	2,400,000
Interest rate swap, terminated on June 25, 2021
Fair Value of Derivative Instruments
Notional Amount	72,500,000
Funds Received	0
Interest rate swap, terminated on June 25, 2021
Fair Value of Derivative Instruments
Notional Amount	195,900,000
Funds Received	$ (900,000)

Derivative Instruments - Hedgin

Derivative Instruments - Hedging Instruments (Details) - Designated as Hedging Instrument	Sep. 30, 2021USD ($)
Interest rate cap
Fair Value of Derivative Instruments
Notional Amount	$ 200,000,000
Forward starting interest rate swap, effective on October 29, 2021
Fair Value of Derivative Instruments
Notional Amount	$ 150,000,000
Fixed Leg (Pay) Interest Rate	1.21%
Forward starting interest rate swap, effective on October 29, 2021
Fair Value of Derivative Instruments
Notional Amount	$ 150,000,000
Fixed Leg (Pay) Interest Rate	1.21%

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap/Caps (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value of Derivative Instruments
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 31.3
Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate During Period	2.02%
Weighted Average Remaining Term	4 years 4 months 24 days
Interest rate cap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 400
Derivative, Cap Interest Rate	5.50%
Weighted Average Remaining Term	2 years 2 months 12 days
Designated as Hedging Instrument | Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 1,654.1
Designated as Hedging Instrument | Forward Starting Swaps
Fair Value of Derivative Instruments
Weighted Average Remaining Term	7 years 2 months 12 days
Total Notional Amount Forward Starting Interest Rate Swap	$ 650

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Fair Value of Derivative Instruments
Unrealized (gains) losses	$ (149,889)	$ (64,954)	$ (408,187)	$ (83,214)
Comprehensive (income) loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	(8,176)	(852)	(49,298)	146,386
Other (income) expense, net | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	0	0	0	(224)
Unrealized (gains) losses	0	0	0	286
Debt termination expense | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	0	0	883	0
Interest and debt (income) expense | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	$ 7,583	$ 7,834	$ 22,592	$ 15,282

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	9 Months Ended
	Sep. 30, 2021segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment and Geographic Inform_4

Segment and Geographic Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Industry Segment Information
Total leasing revenues	$ 400,191	$ 327,757	$ 1,116,718	$ 970,622
Trading margin	9,163	3,869	28,030	7,822
Net gain on sale of leasing equipment	25,606	10,737	78,964	19,351
Depreciation and amortization expense	163,493	136,248	460,856	402,235
Interest and debt expense	54,728	62,776	169,355	198,652
Income before income taxes	190,204	96,628	(510,591)	256,814
Payments to Acquire Productive Assets	1,074,100	134,637	2,791,943	354,425
Unrealized loss on derivative instruments, net			0	286
Debt termination expense	42,660	24,345	132,523	24,376
Equipment held for sale	50,447		50,447		$ 67,311
Goodwill at the end of the period	236,665		236,665		236,665
Total assets at the end of the period	12,201,600		12,201,600		9,712,533
Equipment Leasing
Industry Segment Information
Total leasing revenues	396,100	325,279	1,106,894	965,936
Trading margin	0	0	0	0
Net gain on sale of leasing equipment	25,606		78,964	19,351
Depreciation and amortization expense	163,308	136,058	460,326	401,692
Interest and debt expense	54,238	62,138	168,053	197,320
Income before income taxes	178,660	91,986	478,173	248,346
Payments to Acquire Productive Assets	1,074,100	134,637	2,791,943	354,425
Equipment held for sale	10,202		10,202		43,275
Goodwill at the end of the period	220,864		220,864		220,864
Total assets at the end of the period	12,092,222		12,092,222		9,612,251
Equipment Trading
Industry Segment Information
Total leasing revenues	4,091	2,478	9,824	4,686
Trading margin	9,163	3,869	28,030	7,822
Net gain on sale of leasing equipment	0	0	0	0
Depreciation and amortization expense	185	190	530	543
Interest and debt expense	490	638	1,302	1,332
Income before income taxes	11,544	4,642	32,418	8,468
Payments to Acquire Productive Assets	0	$ 0	0	$ 0
Equipment held for sale	40,245		40,245		24,036
Goodwill at the end of the period	15,801		15,801		15,801
Total assets at the end of the period	$ 109,378		$ 109,378		$ 100,282

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Geographic Segment Information
Total leasing revenues	$ 400,191	$ 327,757	$ 1,116,718	$ 970,622
Equipment trading revenues	44,418	26,094	103,546	58,377
Asia
Geographic Segment Information
Total leasing revenues	146,661	115,084	406,407	353,464
Equipment trading revenues	22,918	7,546	44,687	12,232
Europe
Geographic Segment Information
Total leasing revenues	208,231	175,629	588,674	503,106
Equipment trading revenues	6,247	6,329	18,409	16,542
Americas
Geographic Segment Information
Total leasing revenues	32,017	25,055	84,066	81,668
Equipment trading revenues	13,588	8,316	32,963	21,755
Bermuda
Geographic Segment Information
Total leasing revenues	625	450	1,798	1,331
Equipment trading revenues	0	0	0	0
Other international
Geographic Segment Information
Total leasing revenues	12,657	11,539	35,773	31,053
Equipment trading revenues	$ 1,665	$ 3,903	$ 7,487	$ 7,848

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 463.9

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	8.70%	21.90%	10.10%	12.10%
Income Tax Expense (Benefit), Intra-Company Asset Sale		$ 8.6

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Related Party Transaction [Line Items]
Percentage Of Ownership	50.00%		50.00%
Direct Financing Lease Receivable
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	$ 0.5	$ 0.5	$ 1.5	$ 1.4
Loans and Leases Receivable, Related Parties	$ 9.3		$ 9.3		$ 10.3

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 20, 2021	Aug. 30, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Oct. 14, 2021	Sep. 30, 2021
Term loan facilities
Subsequent Event [Line Items]
Maximum borrowing capacity							$ 1,518.6
Revolving credit facilities
Subsequent Event [Line Items]
Maximum borrowing capacity							$ 1,275
Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)	$ 0.65
Stock repurchase program, authorized amount	$ 200
Subsequent Event | Term loan facilities
Subsequent Event [Line Items]
Debt, restructuring						$ (1,200)
Subsequent Event | Unsecured Financing
Subsequent Event [Line Items]
Debt, restructuring						1,200
Subsequent Event | Senior Notes
Subsequent Event [Line Items]
Debt, restructuring						(2,300)
Subsequent Event | Unsecured
Subsequent Event [Line Items]
Debt, restructuring						2,300
Subsequent Event | Revolving credit facilities
Subsequent Event [Line Items]
Maximum borrowing capacity						$ 2,000
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage					8.50%
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	8.50%
Dividend approved and declared (in dollars per share)	$ 0.5312500
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage				8.00%
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	8.00%
Dividend approved and declared (in dollars per share)	$ 0.5000000
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage			7.375%
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	7.375%
Dividend approved and declared (in dollars per share)	$ 0.4609375
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	6.875%
Dividend approved and declared (in dollars per share)	$ 0.4296875
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage		5.75%
5.75% Series E Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage	5.75%
Dividend approved and declared (in dollars per share)	$ 0.3593750