Triton International Limited (TRTN-PB) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		64,213,200
Entity Registrant Name	Triton International Limited
Entity Central Index Key	0001660734
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common shares, $0.01 par value per share | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common shares, $0.01 par value per share
Trading Symbol	TRTN
Security Exchange Name	NYSE
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRA
Security Exchange Name	NYSE
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRB
Security Exchange Name	NYSE
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRC
Security Exchange Name	NYSE
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Trading Symbol	TRTN PRD
Security Exchange Name	NYSE
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	Mar. 31, 2022	Dec. 31, 2021
ASSETS:
Leasing equipment, net of accumulated depreciation of $4,048,194 and $3,919,181	$ 9,945,967	$ 10,201,113
Net investment in finance leases	1,696,543	1,558,290
Equipment held for sale	79,061	48,746
Revenue earning assets	11,721,571	11,808,149
Cash and cash equivalents	71,969	106,168
Restricted cash	121,431	124,370
Accounts receivable, net of allowances of $1,144 and $1,178	293,442	294,792
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $284,111 and $281,340	14,346	17,117
Other assets	38,989	50,346
Fair value of derivative instruments	36,401	6,231
Total assets	12,534,814	12,643,838
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	56,804	429,568
Fair value of derivative instruments	2,906	48,277
Deferred revenue	90,417	92,198
Accounts payable and other accrued expenses	69,490	70,557
Net deferred income tax liability	387,211	376,009
Debt, net of unamortized costs of $65,069 and $63,794	8,727,432	8,562,517
Total liabilities	9,334,260	9,579,126
Shareholders' equity:
Undesignated shares, $0.01 par value, 800,000 shares authorized, no shares issued and outstanding	$ 0	$ 0
Treasury Stock, Shares (in shares)	16,686,873	15,429,499
Treasury shares, at cost, 16,686,873 and 15,429,499 shares, respectively	$ (602,526)	$ (522,360)
Additional paid-in capital	901,150	904,224
Accumulated earnings	2,139,777	2,000,854
Accumulated other comprehensive income (loss)	31,339	(48,819)
Total shareholders' equity	3,200,554	3,064,712
Total liabilities and shareholders' equity	12,534,814	12,643,838
Preferred Shares
Shareholders' equity:
Preferred shares, $0.01 par value, at liquidation preference	730,000	730,000
Designated Common Stock
Shareholders' equity:
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,367,045 and 81,295,366 shares issued, respectively	$ 814	$ 813

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 4,048,194	$ 3,919,181
Accounts receivable, allowances	1,144	1,178
Finite-Lived Intangible Assets, Accumulated Amortization	284,111	281,340
Deferred financing costs	$ 65,069	$ 63,794
Class of Stock [Line Items]
Treasury Stock, Shares (in shares)	16,686,873	15,429,499
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)	81,367,045	81,295,366
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	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
	Mar. 31, 2022	Mar. 31, 2021
Leasing revenues:
Operating leases	$ 388,945	$ 339,794
Finance leases	28,143	6,949
Total leasing revenues	417,088	346,743
Equipment trading revenues	34,120	25,945
Equipment trading expenses	(29,979)	(17,804)
Trading margin	4,141	8,141
Net gain on sale of leasing equipment	28,969	21,967
Operating expenses:
Depreciation and amortization	160,716	143,307
Direct operating expenses	6,220	9,370
Administrative expenses	21,300	20,921
Provision (reversal) for doubtful accounts	(27)	(2,464)
Total operating expenses	188,209	171,134
Operating income (loss)	261,989	205,717
Other expenses:
Interest and debt expense	54,510	54,623
Unrealized (gain) loss on derivative instruments, net	(439)	0
Debt termination expense	36	0
Other (income) expense, net	(308)	(481)
Total other expenses	53,799	54,142
Income (loss) before income taxes	208,190	151,575
Income tax expense (benefit)	13,932	11,737
Net income (loss)	194,258	139,838
Less: dividend on preferred shares	13,028	10,513
Net income (loss) attributable to common shareholders	$ 181,230	$ 129,325
Net income per common share—Basic	$ 2.79	$ 1.93
Net income per common share—Diluted	2.78	1.92
Cash dividends paid per common share	$ 0.65	$ 0.57
Weighted average number of common shares outstanding—Basic	64,887	66,935
Dilutive restricted shares	267	282
Weighted average number of common shares outstanding—Diluted	65,154	67,217

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 194,258	$ 139,838
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	74,017	62,850
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	6,307	7,102
Foreign currency translation adjustment	(166)	21
Other comprehensive income (loss), net of tax	80,158	69,973
Comprehensive income	274,416	209,811
Dividend on preferred shares	13,028	10,513
Comprehensive income attributable to common shareholders	$ 261,388	$ 199,298

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	$ 5,546	$ 2,558
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	$ 463	$ 468

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - 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, 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)
Beginning balance, shares at Dec. 31, 2021		29,200,000	81,295,366	15,429,499
Beginning balance at Dec. 31, 2021	3,064,712	$ 730,000	$ 813	$ (522,360)	904,224	2,000,854	(48,819)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			164,932
Share-based compensation	2,556		$ 2		2,554
Treasury shares acquired, shares				1,257,374
Treasury shares acquired	(80,166)			$ (80,166)
Share repurchase to settle shareholder tax obligations, shares			(93,253)
Share repurchase to settle shareholder tax obligations	(5,629)		$ (1)		(5,628)
Net income (loss)	194,258					194,258
Other comprehensive income (loss)	80,158						80,158
Common shares dividend declared	(42,307)					(42,307)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Mar. 31, 2022		29,200,000	81,367,045	16,686,873
Ending balance at Mar. 31, 2022	$ 3,200,554	$ 730,000	$ 814	$ (602,526)	$ 901,150	$ 2,139,777	$ 31,339

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Net income (loss)	$ 194,258	$ 139,838
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	160,716	143,307
Amortization of deferred debt cost and other debt related amortization	3,526	1,142
Lease related amortization	3,013	4,857
Share-based compensation expense	2,556	1,715
Net (gain) loss on sale of leasing equipment	(28,969)	(21,967)
Unrealized (gain) loss on derivative instruments	(439)	0
Debt termination expense	36	0
Deferred income taxes	5,193	11,615
Changes in operating assets and liabilities:
Accounts receivable	(23,835)	(20,300)
Deferred revenue	35,237	9,472
Accounts payable and other accrued expenses	4,143	1,886
Net equipment sold (purchased) for resale activity	(7,749)	1,579
Cash received (paid) for settlement of interest rate swaps	12,178	5,558
Cash collections on finance lease receivables, net of income earned	28,745	12,866
Other assets	10,061	9,420
Net cash provided by (used in) operating activities	398,670	300,988
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(511,027)	(579,211)
Proceeds from sale of equipment, net of selling costs	57,274	53,512
Other	(135)	15
Net cash provided by (used in) investing activities	(453,888)	(525,684)
Cash flows from financing activities:
Purchases of treasury shares	(81,720)	0
Debt issuance costs	(5,507)	(13,803)
Borrowings under debt facilities	932,600	1,504,850
Payments under debt facilities and finance lease obligations	(766,686)	(979,199)
Dividends paid on preferred shares	(13,028)	(10,513)
Dividends paid on common shares	(41,950)	(38,153)
Other	(5,629)	(4,146)
Net cash provided by (used in) financing activities	18,080	459,036
Net increase (decrease) in cash, cash equivalents and restricted cash	(37,138)	234,340
Cash, cash equivalents and restricted cash, beginning of period	230,538	151,996
Cash, cash equivalents and restricted cash, end of period	193,400	386,336
Supplemental disclosures:
Interest paid	39,127	42,133
Income taxes paid (refunded)	137	155
Supplemental non-cash investing activities:
Equipment purchases payable	$ 56,804	$ 342,357

Description of the Business, Ba

Description of the Business, Basis of Presentation and Accounting Policy Updates	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three months ended March 31, 2022 and 2021, and the consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on a basis consistent with the Company's annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company's financial position, results of operations, comprehensive income, shareholders' equity, and cash flows for the periods presented. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The consolidated results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2022 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, 2021 included in the Company's Annual Report on Form 10-K which was filed with the SEC on February 15, 2022. 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 19%, 19%, and 10%, respectively, of the Company's lease billings during the three months ended March 31, 2022. Fair Value Measurements For information on the fair value of equipment held for sale, debt, and the fair value of derivative instruments, please refer to Note 2 - "Equipment Held for Sale", Note 7 - "Debt" and Note 8 - "Derivative Instruments", respectively. New Accounting Pronouncements Recently Adopted Accounting Standards Updates Lessors - Certain Leases with Variable Lease Payments In July 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2021-05, Lease (Topic 842): Lessors - Certain Leases with Variable Lease Payments. This guidance amends the lease classification accounting for lessors for certain leases with variable lease payments. The Company's adoption of this standard on January 1, 2022 had no impact on its consolidated financial statements.

Equipment Held for Sale

Equipment Held for Sale	3 Months Ended
	Mar. 31, 2022
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. 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 March 31, 2022 2021 Impairment (loss) reversal on equipment held for sale $ (73) $ 5 Gain (loss) on sale of equipment, net of selling costs 29,042 21,962 Net gain on sale of leasing equipment $ 28,969 $ 21,967

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 (in thousands): Years ending December 31, Total Intangible Assets 2022 $ 7,726 2023 4,657 2024 1,963 Total $ 14,346

Share Based Compensation

Share Based Compensation	3 Months Ended
	Mar. 31, 2022
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 $2.6 million and $1.7 million for the three months ended March 31, 2022 and 2021, respectively. Share-based compensation expense includes charges for performance-based shares and units that are deemed probable to vest. As of March 31, 2022, the total unrecognized compensation expense related to non-vested restricted share awards and units was $17.6 million, which is expected to be recognized on a straight-line basis through January 2025.

Other Equity Matters

Other Equity Matters	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022, the Company repurchased a total of 1,257,374 common shares at an average price per-share of $63.74 for a total of $80.2 million. Preferred Shares The following table summarizes the Company's preferred share issuances (each, a "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. 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 instrument, 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. Specifically for Series E only, the Company may redeem the Series E Preference Shares if an a pplicable rating agency changes the methodology or criteria that were employed in assigning equity credit to securities similar to the Series E Preference Shares when originally issued, which either (a) shortens the period of time during which equity credit pertaining to the Series E Preference Shares would have been in effect had the methodology not been changed or (b) reduces the amount of equity credit as compared with the amount of equity credit that the rating agency had assigned to the Series E Preference Shares when originally issued. 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 months ended March 31, 2022 and 2021 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended March 31, 2022 2021 Series Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment A (1) $0.53 $1.8 $0.53 $1.8 B $0.50 $2.9 $0.50 $2.9 C (1) $0.46 $3.2 $0.46 $3.2 D (1) $0.43 $2.6 $0.43 $2.6 E (1) $0.36 $2.5 $— $— Total $13.0 $10.5 (1) Per share payments rounded to the nearest whole cent. As of March 31, 2022, the Company had cumulative unpaid preferred dividends of $2.2 million. Common Share Dividends The Company paid the following quarterly dividends during the three months ended March 31, 2022 and 2021 on its issued common shares (in millions except for the per-share amounts): Three Months Ended March 31, 2022 2021 Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment $0.65 $42.0 $0.57 $38.2 Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2022 and 2021 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2021 $ (44,205) $ (4,614) $ (48,819) Change in derivative instruments designated as cash flow hedges (1) 74,017 — 74,017 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 6,307 — 6,307 Foreign currency translation adjustment — (166) (166) Balance as of March 31, 2022 $ 36,119 $ (4,780) $ 31,339 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) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations

Leases

Leases	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the weighted average implicit rate was 3.52% and the weighted average remaining lease term was 1.9 years. The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption March 31, 2022 December 31, 2021 Right-of-use asset - operating Other assets $ 4,372 $ 5,099 Lease liability - operating Accounts payable and other accrued expenses $ 4,974 $ 5,790 Three Months Ended March 31, Income Statement Financial statement caption 2022 2021 Operating lease cost (1) Administrative expenses $ 824 $ 722 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $0.9 million and $0.7 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Lessor Operating Leases As of March 31, 2022, the Company has deferred revenue balances related to operating leases with uneven payment terms. These amounts will be amortized to revenue as follows (in thousands): Years ending December 31, 2022 $ 4,934 2023 9,440 2024 11,946 2025 11,610 2026 11,005 2027 and thereafter 41,482 Total $ 90,417 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): March 31, 2022 December 31, 2021 Future minimum lease payment receivable (1) $ 2,292,614 $ 2,122,165 Estimated residual receivable (2) 221,413 205,994 Gross finance lease receivables (3) 2,514,027 2,328,159 Unearned income (4) (817,484) (769,869) Net investment in finance leases (5) $ 1,696,543 $ 1,558,290 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2022 and December 31, 2021. (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 March 31, 2022 and December 31, 2021. (5) One major customer represented 91% of the Company's finance lease portfolio for both March 31, 2022 and December 31, 2021. 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 March 31, 2022, 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 March 31, 2022, the weighted average implicit rate was 3.52% and the weighted average remaining lease term was 1.9 years. The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption March 31, 2022 December 31, 2021 Right-of-use asset - operating Other assets $ 4,372 $ 5,099 Lease liability - operating Accounts payable and other accrued expenses $ 4,974 $ 5,790 Three Months Ended March 31, Income Statement Financial statement caption 2022 2021 Operating lease cost (1) Administrative expenses $ 824 $ 722 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $0.9 million and $0.7 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Lessor Operating Leases As of March 31, 2022, the Company has deferred revenue balances related to operating leases with uneven payment terms. These amounts will be amortized to revenue as follows (in thousands): Years ending December 31, 2022 $ 4,934 2023 9,440 2024 11,946 2025 11,610 2026 11,005 2027 and thereafter 41,482 Total $ 90,417 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): March 31, 2022 December 31, 2021 Future minimum lease payment receivable (1) $ 2,292,614 $ 2,122,165 Estimated residual receivable (2) 221,413 205,994 Gross finance lease receivables (3) 2,514,027 2,328,159 Unearned income (4) (817,484) (769,869) Net investment in finance leases (5) $ 1,696,543 $ 1,558,290 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2022 and December 31, 2021. (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 March 31, 2022 and December 31, 2021. (5) One major customer represented 91% of the Company's finance lease portfolio for both March 31, 2022 and December 31, 2021. 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 March 31, 2022, the Company does not have an allowance on its gross finance lease receivables and does not have any material past due balances.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's key terms and carrying value of debt (in thousands): March 31, 2022 December 31, 2021 Outstanding Borrowings Contractual Weighted Avg Interest Rate (1) Maturity Range (1) Outstanding Borrowings From To Secured Debt Financings Asset-backed securitization term notes $ 3,710,133 2.06% August 2023 February 2031 $ 3,801,777 Asset-backed securitization warehouse 202,000 2.30% November 2027 November 2027 225,000 Finance lease obligations — 4.93% February 2022 February 2022 15,042 Total secured debt financings 3,912,133 4,041,819 Unsecured Debt Financings Senior notes 2,900,000 2.11% August 2023 March 2032 2,300,000 Term loan facilities 1,152,000 1.84% May 2026 May 2026 1,176,000 Revolving credit facilities 834,000 1.82% October 2026 October 2026 1,112,000 Total unsecured debt financings 4,886,000 4,588,000 Unamortized debt costs (65,069) (63,794) Unamortized debt premiums & discounts (5,632) (3,508) Debt, net of unamortized costs $ 8,727,432 $ 8,562,517 (1) Data as of March 31, 2022. The fair value of total debt outstanding was $8,333.3 million and $8,572.9 million as of March 31, 2022 and December 31, 2021, respectively, and was measured using Level 2 inputs. As of March 31, 2022, the maximum borrowing levels for the Asset-backed Securitization ("ABS") warehouse and the revolving credit facilities are $1,125.0 million and $2,000.0 million, respectively. These facilities are governed by either borrowing bases or an unencumbered asset test that limits borrowing capacity. As of March 31, 2022, the availability under these credit facilities without adding additional assets to the borrowing base was approximately $1,095.3 million. The Company is subject to certain financial covenants under its debt agreements. As of March 31, 2022 and December 31, 2021, the Company was in compliance with all financial covenants in accordance with the terms of its debt agreements. The Company hedges the risks associated with fluctuations in interest rates on a portion of its floating-rate debt by entering into interest rate swap agreements that convert a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The following table summarizes the Company's outstanding fixed-rate and floating-rate debt as of March 31, 2022 (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 $6,021,715 2.08% Aug 2023 Mar 2032 5.1 years Floating-rate debt $2,776,418 1.93% Aug 2023 Nov 2027 3.6 years Including impact of derivative instruments: Fixed-rate debt $6,021,715 2.08% Hedged floating-rate debt $1,617,355 3.46% Total fixed and hedged debt $7,639,070 2.37% Unhedged floating-rate debt $1,159,063 1.93% Total $8,798,133 2.31% On January 19, 2022, the Company completed a $600.0 million 3.25% senior notes offering with a maturity date of March 15, 2032. On February 1, 2022, the Company exercised an early buyout option and paid $14.9 million of its remaining finance lease obligations. 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. 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 the London Interbank Offered Rate ("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. Senior Notes The Company’s senior notes are unsecured and have maturities ranging from 1 - 10 years and interest payments due semi-annually. The senior 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 senior note agreements, including the payment of a make-whole premium in respect to such prepayment. Term Loan Facility The Company's term loan facility has a maturity date of May 27, 2026, which amortizes in quarterly installments. This facility is subject to covenants customary for unsecured financings of this type, primarily financial covenants that require us to maintain a maximum ratio of unencumbered assets to certain financial indebtedness. Revolving Credit Facility

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2022
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 ABS facilities and the amounts payable under certain derivative agreements. Additionally, the Company may be required to post cash collateral on certain derivative agreements if the fair value of these contracts represents a liability. 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 March 31, 2022, the Company posted cash collateral of $9.4 million related to interest rate swap contracts. During the first quarter of 2022, the company terminated the following interest rate swaps: Derivative Instrument Date Terminated Notional Amount Funds Received (Paid) Interest rate swap January 11, 2022 $150.0 million $6.0 million Interest rate swap January 11, 2022 $150.0 million $6.1 million As of March 31, 2022, 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) $1,617.4 Million 2.04% n/a 4.0 years Interest Rate Cap $400.0 Million n/a 5.5% 1.7 years (1) Excludes certain interest rate swaps with an effective date in a future period ("forward starting swaps"). Including these instruments will increase total notional amount by $350.0 million and increase the weighted average remaining term to 5.0 years. Within the next twelve months, we expect to reclassify $0.2 million of net unrealized gains related to interest rate swap and cap agreements from accumulated other comprehensive income (loss) into earnings. 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 March 31, Financial statement caption 2022 2021 Non-Designated Derivative Instruments Unrealized (gains) losses Unrealized (gain) loss on derivative instruments, net $ (439) $ — Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ 6,770 $ 7,570 Unrealized (gains) losses Comprehensive (income) loss $ (79,563) $ (65,408) 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

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment and Geographic Information	Segment and Geographic Information Segment Information The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments: • Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet. • Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered. The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended March 31, 2022 2021 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 413,691 $ 3,397 $ 417,088 $ 343,805 $ 2,938 $ 346,743 Trading margin — 4,141 4,141 — 8,141 8,141 Net gain on sale of leasing equipment 28,969 — 28,969 21,967 — 21,967 Depreciation and amortization expense 160,532 184 160,716 143,137 170 143,307 Interest and debt expense 54,251 259 54,510 54,221 402 54,623 Segment income (loss) before income taxes (1) 201,141 6,646 207,787 142,189 9,386 151,575 Purchases of leasing equipment and investments in finance leases (2) $ 511,027 $ — $ 511,027 $ 579,211 $ — $ 579,211 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. For the three months ended March 31, 2022, the Company recorded an unrealized gain of $0.4 million and an immaterial amount of debt termination expense. For the three months ended March 31, 2021, the Company did not record any unrealized gain or debt termination expense. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. March 31, 2022 December 31, 2021 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 26,014 $ 53,047 $ 79,061 $ 16,936 $ 31,810 $ 48,746 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 12,416,317 $ 118,497 $ 12,534,814 $ 12,543,270 $ 100,568 $ 12,643,838 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 total leasing revenues for the three months ended March 31, 2022 and 2021 based on customers' primary domicile (in thousands): Three Months Ended March 31, 2022 2021 Total leasing revenues: Asia $ 149,986 $ 123,894 Europe 220,106 186,373 Americas 34,209 24,713 Bermuda 630 575 Other International 12,157 11,188 Total $ 417,088 $ 346,743 Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international. The following table summarizes the geographic allocation of equipment trading revenues for the three months ended March 31, 2022 and 2021 based on the location of the sale (in thousands): Three Months Ended March 31, 2022 2021 Total equipment trading revenues: Asia $ 13,908 $ 7,459 Europe 8,962 7,122 Americas 10,187 8,541 Bermuda — — Other International 1,063 2,823 Total $ 34,120 $ 25,945

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments At March 31, 2022, the Company had commitments to purchase equipment in the amount of $259.5 million to be paid in 2022. Contingencies The Company is party to various pending or threatened legal or regulatory proceedings arising in the ordinary course of its business. Based upon information presently available, the Company does not expect any liabilities arising from these matters to have a material effect on the consolidated financial position, results of operations or cash flows of the Company.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company's effective tax rates were 6.7% and 7.7% for the three months ended March 31, 2022 and 2021, 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 for the three months ended March 31, 2022 compared to the same period in 2021 was primarily due to an increased portion of the Company's income generated in lower tax jurisdictions.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2022
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 for both the three months ended March 31, 2022 and March 31, 2021. The Company has a direct finance lease balance with TriStar of $8.5 million and $8.9 million as of March 31, 2022 and December 31, 2021, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 26, 2022, 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 June 23, 2022 to holders of record at the close of business on June 9, 2022. On April 26, 2022, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on June 15, 2022 to holders of record at the close of business on June 8, 2022 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 April 26, 2022, 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. On April 27, 2022, the Company amended its existing ABS warehouse facility with $1,125.0 million borrowing capacity which extended the revolving period to April 27, 2025 and changed the interest rate to the secured overnight financing rate ("SOFR") plus 1.60%. After the revolving period, borrowings will convert to term notes with a maturity date of April 27, 2029, paying interest at SOFR plus 2.60%.

Description of the Business, _2

Description of the Business, Basis of Presentation and Accounting Policy Updates (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. The interim consolidated balance sheet as of March 31, 2022; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three months ended March 31, 2022 and 2021, and the consolidated statements of cash flows for the three months ended March 31, 2022 and 2021 are unaudited. The consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on a basis consistent with the Company's annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to state fairly the Company's financial position, results of operations, comprehensive income, shareholders' equity, and cash flows for the periods presented. The financial data and the other financial information disclosed in the notes to the financial statements related to these periods are also unaudited. The consolidated results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2022 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, 2021 included in the Company's Annual Report on Form 10-K which was filed with the SEC on February 15, 2022. 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 19%, 19%, and 10%, respectively, of the Company's lease billings during the three months ended March 31, 2022.
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 Adopted Accounting Standards Updates Lessors - Certain Leases with Variable Lease Payments In July 2021, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2021-05, Lease (Topic 842): Lessors - Certain Leases with Variable Lease Payments. This guidance amends the lease classification accounting for lessors for certain leases with variable lease payments. The Company's adoption of this standard on January 1, 2022 had no impact on its consolidated financial statements.

Equipment Held for Sale (Tables

Equipment Held for Sale (Tables)	3 Months Ended
	Mar. 31, 2022
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. 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 March 31, 2022 2021 Impairment (loss) reversal on equipment held for sale $ (73) $ 5 Gain (loss) on sale of equipment, net of selling costs 29,042 21,962 Net gain on sale of leasing equipment $ 28,969 $ 21,967

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 (in thousands): Years ending December 31, Total Intangible Assets 2022 $ 7,726 2023 4,657 2024 1,963 Total $ 14,346

Other Equity Matters (Table)

Other Equity Matters (Table)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Preferred Stock	The following table summarizes the Company's preferred share issuances (each, a "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 months ended March 31, 2022 and 2021 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended March 31, 2022 2021 Series Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment A (1) $0.53 $1.8 $0.53 $1.8 B $0.50 $2.9 $0.50 $2.9 C (1) $0.46 $3.2 $0.46 $3.2 D (1) $0.43 $2.6 $0.43 $2.6 E (1) $0.36 $2.5 $— $— Total $13.0 $10.5 (1) Per share payments rounded to the nearest whole cent.
Dividends	The Company paid the following quarterly dividends during the three months ended March 31, 2022 and 2021 on its issued common shares (in millions except for the per-share amounts): Three Months Ended March 31, 2022 2021 Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment $0.65 $42.0 $0.57 $38.2
Schedule of accumulated other comprehensive (loss)	The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the three months ended March 31, 2022 and 2021 (in thousands): Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2021 $ (44,205) $ (4,614) $ (48,819) Change in derivative instruments designated as cash flow hedges (1) 74,017 — 74,017 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 6,307 — 6,307 Foreign currency translation adjustment — (166) (166) Balance as of March 31, 2022 $ 36,119 $ (4,780) $ 31,339 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) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021 Right-of-use asset - operating Other assets $ 4,372 $ 5,099 Lease liability - operating Accounts payable and other accrued expenses $ 4,974 $ 5,790 Three Months Ended March 31, Income Statement Financial statement caption 2022 2021 Operating lease cost (1) Administrative expenses $ 824 $ 722 (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): March 31, 2022 December 31, 2021 Future minimum lease payment receivable (1) $ 2,292,614 $ 2,122,165 Estimated residual receivable (2) 221,413 205,994 Gross finance lease receivables (3) 2,514,027 2,328,159 Unearned income (4) (817,484) (769,869) Net investment in finance leases (5) $ 1,696,543 $ 1,558,290 (1) There were no executory costs included in gross finance lease receivables as of March 31, 2022 and December 31, 2021. (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 March 31, 2022 and December 31, 2021. (5) One major customer represented 91% of the Company's finance lease portfolio for both March 31, 2022 and December 31, 2021. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
Schedule of deferred revenue	These amounts will be amortized to revenue as follows (in thousands): Years ending December 31, 2022 $ 4,934 2023 9,440 2024 11,946 2025 11,610 2026 11,005 2027 and thereafter 41,482 Total $ 90,417

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of debt	The table below summarizes the Company's key terms and carrying value of debt (in thousands): March 31, 2022 December 31, 2021 Outstanding Borrowings Contractual Weighted Avg Interest Rate (1) Maturity Range (1) Outstanding Borrowings From To Secured Debt Financings Asset-backed securitization term notes $ 3,710,133 2.06% August 2023 February 2031 $ 3,801,777 Asset-backed securitization warehouse 202,000 2.30% November 2027 November 2027 225,000 Finance lease obligations — 4.93% February 2022 February 2022 15,042 Total secured debt financings 3,912,133 4,041,819 Unsecured Debt Financings Senior notes 2,900,000 2.11% August 2023 March 2032 2,300,000 Term loan facilities 1,152,000 1.84% May 2026 May 2026 1,176,000 Revolving credit facilities 834,000 1.82% October 2026 October 2026 1,112,000 Total unsecured debt financings 4,886,000 4,588,000 Unamortized debt costs (65,069) (63,794) Unamortized debt premiums & discounts (5,632) (3,508) Debt, net of unamortized costs $ 8,727,432 $ 8,562,517 (1) Data as of March 31, 2022. Balance Outstanding Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $6,021,715 2.08% Aug 2023 Mar 2032 5.1 years Floating-rate debt $2,776,418 1.93% Aug 2023 Nov 2027 3.6 years Including impact of derivative instruments: Fixed-rate debt $6,021,715 2.08% Hedged floating-rate debt $1,617,355 3.46% Total fixed and hedged debt $7,639,070 2.37% Unhedged floating-rate debt $1,159,063 1.93% Total $8,798,133 2.31%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	During the first quarter of 2022, the company terminated the following interest rate swaps: Derivative Instrument Date Terminated Notional Amount Funds Received (Paid) Interest rate swap January 11, 2022 $150.0 million $6.0 million Interest rate swap January 11, 2022 $150.0 million $6.1 million As of March 31, 2022, 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) $1,617.4 Million 2.04% n/a 4.0 years Interest Rate Cap $400.0 Million n/a 5.5% 1.7 years (1) Excludes certain interest rate swaps with an effective date in a future period ("forward starting swaps"). Including these instruments will increase total notional amount by $350.0 million and increase the weighted average remaining term to 5.0 years.
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands): Three Months Ended March 31, Financial statement caption 2022 2021 Non-Designated Derivative Instruments Unrealized (gains) losses Unrealized (gain) loss on derivative instruments, net $ (439) $ — Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ 6,770 $ 7,570 Unrealized (gains) losses Comprehensive (income) loss $ (79,563) $ (65,408)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of segment information	The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended March 31, 2022 2021 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 413,691 $ 3,397 $ 417,088 $ 343,805 $ 2,938 $ 346,743 Trading margin — 4,141 4,141 — 8,141 8,141 Net gain on sale of leasing equipment 28,969 — 28,969 21,967 — 21,967 Depreciation and amortization expense 160,532 184 160,716 143,137 170 143,307 Interest and debt expense 54,251 259 54,510 54,221 402 54,623 Segment income (loss) before income taxes (1) 201,141 6,646 207,787 142,189 9,386 151,575 Purchases of leasing equipment and investments in finance leases (2) $ 511,027 $ — $ 511,027 $ 579,211 $ — $ 579,211 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. For the three months ended March 31, 2022, the Company recorded an unrealized gain of $0.4 million and an immaterial amount of debt termination expense. For the three months ended March 31, 2021, the Company did not record any unrealized gain or debt termination expense. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. March 31, 2022 December 31, 2021 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 26,014 $ 53,047 $ 79,061 $ 16,936 $ 31,810 $ 48,746 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 12,416,317 $ 118,497 $ 12,534,814 $ 12,543,270 $ 100,568 $ 12,643,838
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of total leasing revenues for the three months ended March 31, 2022 and 2021 based on customers' primary domicile (in thousands): Three Months Ended March 31, 2022 2021 Total leasing revenues: Asia $ 149,986 $ 123,894 Europe 220,106 186,373 Americas 34,209 24,713 Bermuda 630 575 Other International 12,157 11,188 Total $ 417,088 $ 346,743 The following table summarizes the geographic allocation of equipment trading revenues for the three months ended March 31, 2022 and 2021 based on the location of the sale (in thousands): Three Months Ended March 31, 2022 2021 Total equipment trading revenues: Asia $ 13,908 $ 7,459 Europe 8,962 7,122 Americas 10,187 8,541 Bermuda — — Other International 1,063 2,823 Total $ 34,120 $ 25,945

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Dividends	On April 26, 2022, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on June 15, 2022 to holders of record at the close of business on June 8, 2022 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	3 Months Ended
	Mar. 31, 2022
Customer One
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.00%
Customer Two
Concentration Risk [Line Items]
Concentration Risk, Percentage	19.00%
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
	Mar. 31, 2022	Mar. 31, 2021
Fair Value
Net gain on sale of leasing equipment	$ 28,969	$ 21,967
Equipment, net of selling costs
Fair Value
Net gain on sale of leasing equipment	29,042	21,962
Equipment held for sale
Fair Value
Net gain on sale of leasing equipment	$ (73)	$ 5

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 2,800	$ 4,600
Above Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2022	7,726
2023	4,657
2024	1,963
Total	$ 14,346

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock based compensation plans
Share-based Payment Arrangement, Noncash Expense	$ 2.6	$ 1.7
Employee Service Share-based Compensation Not yet Recognized	$ 17.6
Employees
Stock based compensation plans
Grants of restricted shares (in shares)	9,527,000
Shares withheld for tax withholding obligation	3,543,000
Employees | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)	212,062
Shares withheld for tax withholding obligation	89,710

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Treasury stock, value	$ 602,526		$ 522,360
Preferred stock, redemption price per share (in dollars per share)	$ 25
Cash dividends paid per share	$ 0.65	$ 0.57
Common Shares
Class of Stock [Line Items]
Aggregate Payment	$ 42,000	$ 38,200
Preferred Shares
Class of Stock [Line Items]
Aggregate Payment	13,000	$ 10,500
Cumulative unpaid preferred dividends	$ 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
Aggregate Payment	$ 1,800	$ 1,800
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
Aggregate Payment	$ 2,900	$ 2,900
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
Aggregate Payment	$ 3,200	$ 3,200
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
Aggregate Payment	$ 2,600	$ 2,600
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)	$ 0.36	$ 0
Aggregate Payment	$ 2,500	$ 0
Treasury Shares
Class of Stock [Line Items]
Treasury shares acquired, shares	1,257,374
Share price (in dollars per share)	$ 63.74
Treasury stock, value	$ 80,200

Other Equity Matters - Preferre

Other Equity Matters - Preferred Share (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2022	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
	Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 3,064,712	$ 2,565,948
Change in derivative instruments designated as cash flow hedges	74,017	62,850
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	6,307	7,102
Foreign currency translation adjustment	(166)	21
Ending balance	3,200,554	2,724,318
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(44,205)	(128,526)
Change in derivative instruments designated as cash flow hedges	74,017	62,850
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	6,307	7,102
Foreign currency translation adjustment	0	0
Ending balance	36,119	(58,574)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(4,614)	(4,509)
Change in derivative instruments designated as cash flow hedges	0	0
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	0	0
Foreign currency translation adjustment	(166)	21
Ending balance	(4,780)	(4,488)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(48,819)	(133,035)
Change in derivative instruments designated as cash flow hedges	74,017	62,850
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	6,307	7,102
Foreign currency translation adjustment	(166)	21
Ending balance	$ 31,339	$ (63,062)

Leases (Details)

Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	3.52%
Lessee, operating lease, remaining term of contract	1 year 10 months 24 days
Operating lease, payments	$ 0.9	$ 0.7

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 824	$ 722
Other assets
Lessee, Lease, Description [Line Items]
Right-of-use asset - operating	4,372		$ 5,099
Accounts payable and other accrued expenses
Lessee, Lease, Description [Line Items]
Lease liability - operating	$ 4,974		$ 5,790

Leases - Net Investment in Fina

Leases - Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Components of the net investment in finance leases
Future minimum lease payment receivable	$ 2,292,614	$ 2,122,165
Estimated residual receivable	221,413	205,994
Gross finance lease receivables	2,514,027	2,328,159
Unearned income	(817,484)	(769,869)
Net investment in finance leases	$ 1,696,543	$ 1,558,290
Customer One | Customer Concentration Risk | Lease Finance Portfolio Benchmark
Concentration Risk [Line Items]
Concentration risk, percentage	91.00%	91.00%

Leases - Operating Leases Lesso

Leases - Operating Leases Lessor Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 4,934
2023	9,440
2024	11,946
2025	11,610
2026	11,005
2027 and thereafter	41,482
Total	$ 90,417

Debt - Key Term and Carrying Va

Debt - Key Term and Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized debt costs	$ (65,069)	$ (63,794)
Unamortized debt premiums & discounts	(5,632)	(3,508)
Debt, net of unamortized debt costs	8,727,432	8,562,517
Secured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	3,912,133	4,041,819
Asset-backed securitization term notes
Debt Instrument [Line Items]
Debt outstanding	$ 3,710,133	3,801,777
Debt instrument, interest rate, effective percentage	2.06%
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt outstanding	$ 202,000	225,000
Debt instrument, interest rate, effective percentage	2.30%
Finance lease obligations
Debt Instrument [Line Items]
Debt outstanding	$ 0	15,042
Debt instrument, interest rate, effective percentage	4.93%
Unsecured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	$ 4,886,000	4,588,000
Senior notes
Debt Instrument [Line Items]
Debt outstanding	$ 2,900,000	2,300,000
Debt instrument, interest rate, effective percentage	2.11%
Term loan facilities
Debt Instrument [Line Items]
Debt outstanding	$ 1,152,000	1,176,000
Debt instrument, interest rate, effective percentage	1.84%
Revolving credit facilities
Debt Instrument [Line Items]
Debt outstanding	$ 834,000	$ 1,112,000
Debt instrument, interest rate, effective percentage	1.82%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Jan. 19, 2022	Mar. 31, 2022	Feb. 01, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance Lease, Early Buyout Option Payment			$ 14,900,000
Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,125,000,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt and Lease Obligation		834,000,000		$ 1,112,000,000
Maximum borrowing capacity		2,000,000,000
Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity		1,095,300,000
Senior notes
Debt Instrument [Line Items]
Debt and Lease Obligation		$ 2,900,000,000		2,300,000,000
Senior notes | Senior Note, 3.25%
Debt Instrument [Line Items]
Proceeds from issuance of bond	$ 600,000,000
Debt instrument, interest rate, stated percentage	3.25%
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
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.85%
Minimum | Senior notes
Debt Instrument [Line Items]
Debt Instrument, Term		1 year
Maximum | Senior notes
Debt Instrument [Line Items]
Debt Instrument, Term		10 years
Level 2
Debt Instrument [Line Items]
Debt and Lease Obligation		$ 8,333,300,000		$ 8,572,900,000

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Excluding impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding	$ 6,021,715
Contractual Weighted Avg Interest Rate	2.08%
Weighted Avg Remaining Term	5 years 1 month 6 days
Excluding impact of derivative instruments: | Floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding	$ 2,776,418
Contractual Weighted Avg Interest Rate	1.93%
Weighted Avg Remaining Term	3 years 7 months 6 days
Including impact of derivative instruments:
Debt Instrument [Line Items]
Balance Outstanding	$ 8,798,133
Contractual Weighted Avg Interest Rate	2.31%
Including impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding	$ 6,021,715
Contractual Weighted Avg Interest Rate	2.08%
Including impact of derivative instruments: | Designated as Hedging Instrument | Hedged floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding	$ 1,617,355
Contractual Weighted Avg Interest Rate	3.46%
Including impact of derivative instruments: | Designated as Hedging Instrument | Total fixed and hedged debt
Debt Instrument [Line Items]
Balance Outstanding	$ 7,639,070
Contractual Weighted Avg Interest Rate	2.37%
Including impact of derivative instruments: | Not Designated as Hedging Instrument | Unhedged Debt
Debt Instrument [Line Items]
Balance Outstanding	$ 1,159,063
Contractual Weighted Avg Interest Rate	1.93%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 0.2
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Cash Collateral for Interest Rate Swap Contracts	$ 9.4

Derivative Instruments - Termin

Derivative Instruments - Termination of Interest Rate Swaps (Details) - Designated as Hedging Instrument - Interest rate swap, terminated on June 25, 2021	Mar. 31, 2022USD ($)
Fair Value of Derivative Instruments
Notional Amount	$ 150,000,000
Funds Received (Paid)	6,000,000
Notional Amount	150,000,000
Funds Received (Paid)	$ 6,100,000

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap/Caps (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate During Period	2.04%
Weighted Average Remaining Term	4 years
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	1 year 8 months 12 days
Designated as Hedging Instrument | Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 1,617.4
Designated as Hedging Instrument | Forward Starting Swaps
Fair Value of Derivative Instruments
Weighted Average Remaining Term	5 years
Total Notional Amount Forward Starting Interest Rate Swap	$ 350

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value of Derivative Instruments
Unrealized (gains) losses	$ (274,416)	$ (209,811)
Comprehensive (income) loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	(79,563)	(65,408)
Other (income) expense, net | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	(439)	0
Interest and debt (income) expense | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	$ 6,770	$ 7,570

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	3 Months Ended
	Mar. 31, 2022segment
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
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Industry Segment Information
Total leasing revenues	$ 417,088	$ 346,743
Trading margin	4,141	8,141
Net gain on sale of leasing equipment	28,969	21,967
Depreciation and amortization expense	160,716	143,307
Interest and debt expense	54,510	54,623
Income before income taxes	207,787	151,575
Payments to Acquire Productive Assets	511,027	579,211
Unrealized gain	439	0
Debt termination expense	36	0
Equipment held for sale	79,061		$ 48,746
Goodwill at the end of the period	236,665		236,665
Total assets at the end of the period	12,534,814		12,643,838
Equipment Leasing
Industry Segment Information
Total leasing revenues	413,691	343,805
Trading margin	0	0
Net gain on sale of leasing equipment	28,969
Depreciation and amortization expense	160,532	143,137
Interest and debt expense	54,251	54,221
Income before income taxes	201,141	142,189
Payments to Acquire Productive Assets	511,027	579,211
Equipment held for sale	26,014		16,936
Goodwill at the end of the period	220,864		220,864
Total assets at the end of the period	12,416,317		12,543,270
Equipment Trading
Industry Segment Information
Total leasing revenues	3,397	2,938
Trading margin	4,141	8,141
Net gain on sale of leasing equipment	0	0
Depreciation and amortization expense	184	170
Interest and debt expense	259	402
Income before income taxes	6,646	9,386
Payments to Acquire Productive Assets	0	$ 0
Equipment held for sale	53,047		31,810
Goodwill at the end of the period	15,801		15,801
Total assets at the end of the period	$ 118,497		$ 100,568

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Allocation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Geographic Segment Information
Total leasing revenues	$ 417,088	$ 346,743
Equipment trading revenues	34,120	25,945
Asia
Geographic Segment Information
Total leasing revenues	149,986	123,894
Equipment trading revenues	13,908	7,459
Europe
Geographic Segment Information
Total leasing revenues	220,106	186,373
Equipment trading revenues	8,962	7,122
Americas
Geographic Segment Information
Total leasing revenues	34,209	24,713
Equipment trading revenues	10,187	8,541
Bermuda
Geographic Segment Information
Total leasing revenues	630	575
Equipment trading revenues	0	0
Other international
Geographic Segment Information
Total leasing revenues	12,157	11,188
Equipment trading revenues	$ 1,063	$ 2,823

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 259.5

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	6.70%	7.70%

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Percentage Of Ownership	50.00%
Direct Financing Lease Receivable
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	$ 0.5	$ 0.5
Loans and Leases Receivable, Related Parties	$ 8.5		$ 8.9

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 27, 2029	Apr. 27, 2025	Apr. 26, 2022	Aug. 31, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Mar. 31, 2022
Asset-Backed Securitization Warehouse Facility
Subsequent Event [Line Items]
Maximum borrowing capacity								$ 1,125
Asset-Backed Securitization Warehouse Facility | Secured Overnight Financing Rate (SOFR) | Forecast
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	2.60%	1.60%
Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)			$ 0.65
Stock repurchase program, authorized amount			$ 200
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]
Dividend approved and declared (in dollars per share)			$ 0.5312500
Preferred stock, dividend rate, percentage			8.50%
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage						8.00%
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)			$ 0.5000000
Preferred stock, dividend rate, percentage			8.00%
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Preferred stock, dividend rate, percentage					7.375%
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)			$ 0.4609375
Preferred stock, dividend rate, percentage			7.375%
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)			$ 0.4296875
Preferred stock, dividend rate, percentage			6.875%
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]
Dividend approved and declared (in dollars per share)			$ 0.3593750
Preferred stock, dividend rate, percentage			5.75%