Triton International Limited (TRTN-PD) 10-Q 1 Nov 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 26, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		58,818,753
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	Sep. 30, 2022	Dec. 31, 2021
ASSETS:
Leasing equipment, net of accumulated depreciation of $4,223,166 and $3,919,181	$ 9,742,929	$ 10,201,113
Net investment in finance leases	1,704,642	1,558,290
Equipment held for sale	88,221	48,746
Revenue earning assets	11,535,792	11,808,149
Cash and cash equivalents	63,992	106,168
Restricted cash	103,026	124,370
Accounts receivable, net of allowances of $3,144 and $1,178	283,819	294,792
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $289,334 and $281,340	9,123	17,117
Other assets	28,569	50,346
Fair value of derivative instruments	123,357	6,231
Total assets	12,384,343	12,643,838
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	19,450	429,568
Fair value of derivative instruments	3,450	48,277
Deferred revenue	320,945	92,198
Accounts payable and other accrued expenses	70,710	70,557
Net deferred income tax liability	405,574	376,009
Debt, net of unamortized costs of $58,192 and $63,794	8,290,293	8,562,517
Total liabilities	9,110,422	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)	21,719,453	15,429,499
Treasury shares, at cost, 21,719,453 and 15,429,499 shares, respectively	$ (902,118)	$ (522,360)
Additional paid-in capital	908,008	904,224
Accumulated earnings	2,420,166	2,000,854
Accumulated other comprehensive income (loss)	117,051	(48,819)
Total shareholders' equity	3,273,921	3,064,712
Total liabilities and shareholders' equity	12,384,343	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, 81,389,809 and 81,295,366 shares issued, respectively	$ 814	$ 813

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 4,223,166	$ 3,919,181
Accounts receivable, allowances	3,144	1,178
Finite-Lived Intangible Assets, Accumulated Amortization	289,334	281,340
Deferred financing costs	$ 58,192	$ 63,794
Class of Stock [Line Items]
Treasury Stock, Shares (in shares)	21,719,453	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)	81,389,809	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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leasing revenues:
Operating leases	$ 395,400	$ 385,221	$ 1,176,436	$ 1,085,874
Finance leases	29,283	14,970	86,943	30,844
Total leasing revenues	424,683	400,191	1,263,379	1,116,718
Equipment trading revenues	44,786	44,418	127,014	103,546
Equipment trading expenses	(41,106)	(35,255)	(112,791)	(75,516)
Trading margin	3,680	9,163	14,223	28,030
Net gain on sale of leasing equipment	26,468	25,606	90,509	78,964
Operating expenses:
Depreciation and amortization	158,538	163,493	480,176	460,856
Direct operating expenses	10,525	5,539	24,143	21,246
Administrative expenses	22,747	21,426	69,015	65,326
Provision (reversal) for doubtful accounts	(123)	23	(104)	(2,467)
Total operating expenses	191,687	190,481	573,230	544,961
Operating income (loss)	263,144	244,479	794,881	678,751
Other expenses:
Interest and debt expense	57,124	54,728	166,293	169,355
Unrealized (gain) loss on derivative instruments, net	19	0	(320)	0
Debt termination expense	190	42,660	1,853	132,523
Other (income) expense, net	(644)	(453)	(1,141)	(1,195)
Total other expenses	56,689	96,935	166,685	300,683
Income (loss) before income taxes	206,455	147,544	628,196	378,068
Income tax expense (benefit)	16,618	12,812	46,482	38,281
Net income (loss)	189,837	134,732	581,714	339,787
Less: dividend on preferred shares	13,028	11,687	39,084	32,713
Net income (loss) attributable to common shareholders	$ 176,809	$ 123,045	$ 542,630	$ 307,074
Net income per common share—Basic	$ 2.90	$ 1.84	$ 8.60	$ 4.59
Net income per common share—Diluted	2.88	1.83	8.56	4.57
Cash dividends paid per common share	$ 0.65	$ 0.57	$ 1.95	$ 1.71
Weighted average number of common shares outstanding—Basic	61,035	66,919	63,112	66,935
Dilutive restricted shares	329	372	295	308
Weighted average number of common shares outstanding—Diluted	61,364	67,291	63,407	67,243

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 189,837	$ 134,732	$ 581,714	$ 339,787
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	51,160	8,148	159,335	47,268
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(1,837)	7,096	7,451	21,156
Foreign currency translation adjustment	(408)	(87)	(916)	(24)
Other comprehensive income (loss), net of tax	48,915	15,157	165,870	68,400
Comprehensive income	238,752	149,889	747,584	408,187
Dividend on preferred shares	13,028	11,687	39,084	32,713
Comprehensive income attributable to common shareholders	$ 225,724	$ 138,202	$ 708,500	$ 375,474

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	$ 2,706	$ 28	$ 9,980	$ 2,030
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	$ (476)	$ 487	$ (48)	$ 1,436

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 ($0.65 per share)	(38,497)					(38,497)
Preferred shares dividend declared	(10,513)					(10,513)
Ending balance, shares at Mar. 31, 2021		22,200,000	81,273,334	13,901,326
Ending balance at Mar. 31, 2021	2,724,318	$ 555,000	$ 813	$ (436,822)	902,891	1,765,498	(63,062)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			21,568
Share-based compensation	3,295		$ 0		3,295
Net income (loss)	65,217					65,217
Other comprehensive income (loss)	(16,730)						(16,730)
Common shares dividend declared ($0.65 per share)	(38,510)					(38,510)
Preferred shares dividend declared	(10,513)					(10,513)
Ending balance, shares at Jun. 30, 2021		22,200,000	81,294,902	13,901,326
Ending balance at Jun. 30, 2021	2,727,077	$ 555,000	$ 813	$ (436,822)	906,186	1,781,692	(79,792)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			1,457
Share-based compensation	2,249		$ 0		2,249
Treasury shares acquired, shares				378,765
Treasury shares acquired	(19,396)			$ (19,396)
Net income (loss)	134,732					134,732
Other comprehensive income (loss)	15,157						15,157
Common shares dividend declared ($0.65 per share)	(38,512)					(38,512)
Preferred shares dividend declared	(11,267)					(11,267)
Ending balance, shares at Sep. 30, 2021		29,200,000	81,296,359	14,280,091
Ending balance at Sep. 30, 2021	2,978,870	$ 730,000	$ 813	$ (456,218)	902,265	1,866,645	(64,635)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares, net of offering expenses (in shares)		7,000,000
Issuance of preferred shares, net of offering expenses	168,830	$ 175,000			(6,170)
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 ($0.65 per share)	(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
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]
Treasury shares acquired, shares				6,289,954
Ending balance, shares at Sep. 30, 2022		29,200,000	81,389,809	21,719,453
Ending balance at Sep. 30, 2022	3,273,921	$ 730,000	$ 814	$ (902,118)	908,008	2,420,166	117,051
Beginning balance, shares at Mar. 31, 2022		29,200,000	81,367,045	16,686,873
Beginning balance at Mar. 31, 2022	3,200,554	$ 730,000	$ 814	$ (602,526)	901,150	2,139,777	31,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			22,764
Share-based compensation	3,691				3,691
Treasury shares acquired, shares				1,832,240
Treasury shares acquired	(110,049)			$ (110,049)
Net income (loss)	197,619					197,619
Other comprehensive income (loss)	36,797						36,797
Common shares dividend declared ($0.65 per share)	(41,284)					(41,284)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Jun. 30, 2022		29,200,000	81,389,809	18,519,113
Ending balance at Jun. 30, 2022	3,274,300	$ 730,000	$ 814	$ (712,575)	904,841	2,283,084	68,136
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			0
Share-based compensation	3,167		$ 0		3,167
Treasury shares acquired, shares				3,200,340
Treasury shares acquired	(189,543)			$ (189,543)
Net income (loss)	189,837					189,837
Other comprehensive income (loss)	48,915						48,915
Common shares dividend declared ($0.65 per share)	(39,727)					(39,727)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Sep. 30, 2022		29,200,000	81,389,809	21,719,453
Ending balance at Sep. 30, 2022	$ 3,273,921	$ 730,000	$ 814	$ (902,118)	$ 908,008	$ 2,420,166	$ 117,051

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income (loss)	$ 581,714	$ 339,787
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	480,176	460,856
Amortization of deferred debt cost and other debt related amortization	9,181	7,872
Lease related amortization	8,674	13,703
Share-based compensation expense	9,414	7,259
Net (gain) loss on sale of leasing equipment	(90,509)	(78,964)
Unrealized (gain) loss on derivative instruments	(320)	0
Debt termination expense	1,853	132,523
Deferred income taxes	19,633	36,073
Changes in operating assets and liabilities:
Accounts receivable	(11,542)	(63,919)
Deferred revenue	274,981	63,944
Accounts payable and other accrued expenses	812	(9,098)
Net equipment sold (purchased) for resale activity	7,297	4,938
Cash received (paid) for settlement of interest rate swaps	19,026	5,481
Cash collections on finance lease receivables, net of income earned	107,633	49,170
Other assets	20,239	17,294
Net cash provided by (used in) operating activities	1,438,262	986,919
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(889,811)	(2,791,943)
Proceeds from sale of equipment, net of selling costs	217,832	165,066
Other	(716)	0
Net cash provided by (used in) investing activities	(672,695)	(2,626,877)
Cash flows from financing activities:
Issuance of preferred shares, net of underwriting discount	0	169,488
Purchases of treasury shares	(375,026)	(16,757)
Debt issuance costs	(8,523)	(35,996)
Borrowings under debt facilities	1,802,600	7,713,006
Payments under debt facilities and finance lease obligations	(2,081,274)	(5,981,155)
Dividends paid on preferred shares	(39,084)	(32,293)
Dividends paid on common shares	(122,151)	(114,484)
Other	(5,629)	(4,478)
Net cash provided by (used in) financing activities	(829,087)	1,697,331
Net increase (decrease) in cash, cash equivalents and restricted cash	(63,520)	57,373
Cash, cash equivalents and restricted cash, beginning of period	230,538	151,996
Cash, cash equivalents and restricted cash, end of period	167,018	209,369
Supplemental disclosures:
Interest paid	148,568	153,812
Income taxes paid (refunded)	27,579	4,639
Right-of-use asset for leased property	210	1,598
Supplemental non-cash investing activities:
Equipment purchases payable	$ 19,450	$ 406,510

Description of the Business, Ba

Description of the Business, Basis of Presentation and Accounting Policy Updates	9 Months Ended
	Sep. 30, 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 September 30, 2022; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three and nine months ended September 30, 2022 and 2021; and the consolidated statements of cash flows for the nine months ended September 30, 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 and nine months ended September 30, 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 Securities and Exchange Commission 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 22%, 17%, and 11%, respectively, of the Company's lease billings during the nine months ended September 30, 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 on certain leases with variable lease payments that do not depend on a reference index or a rate. The Company did not have such leases and therefore 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Impairment (loss) reversal on equipment held for sale $ (239) $ 76 $ (398) $ 39 Gain (loss) on sale of equipment, net of selling costs 26,707 25,530 90,907 78,925 Net gain on sale of leasing equipment $ 26,468 $ 25,606 $ 90,509 $ 78,964

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 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 September 30, 2022 (in thousands): Year ending December 31, Total Intangible Assets 2022 $ 2,503 2023 4,657 2024 1,963 Total $ 9,123

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Share Based Compensation	Share-Based CompensationThe 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 $3.2 million and $9.4 million for the three and nine months ended September 30, 2022, respectively, and $2.2 million and $7.3 million for the three and nine months ended September 30, 2021, respectively. Share-based compensation expense includes charges for performance-based shares and units that are deemed probable to vest.As of September 30, 2022, the total unrecognized compensation expense related to non-vested restricted share awards and units was $13.2 million, which is expected to be recognized on a straight-line basis through January 2025.During the nine months ended September 30, 2022, the Company issued 165,286 restricted shares, and canceled 93,253 shares to settle payroll taxes on behalf of employees. The Company also granted 14,243 restricted units during the period. Additional shares may be issued based upon the satisfaction of certain performance criteria. Additionally, the Company issued 22,410 shares to non-employee directors at fair value that vested immediately.

Other Equity Matters

Other Equity Matters	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 2022, the Company repurchased a total of 6,289,954 common shares at an average price per-share of $60.36 for a total of $379.8 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 and nine months ended September 30, 2022 and 2021 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Series Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment A (1) $0.53 $1.8 $0.53 $1.8 $1.59 $5.4 $1.59 $5.4 B $0.50 $2.9 $0.50 $2.9 $1.50 $8.7 $1.50 $8.7 C (1) $0.46 $3.2 $0.46 $3.2 $1.38 $9.6 $1.38 $9.6 D (1) $0.43 $2.6 $0.43 $2.6 $1.29 $7.8 $1.29 $7.8 E (1) $0.36 $2.5 $0.11 $0.8 $1.08 $7.6 $0.11 $0.8 Total $13.0 $11.3 $39.1 $32.3 (1) Per share payments rounded to the nearest whole cent. As of September 30, 2022, the Company had cumulative unpaid preferred dividends of $2.2 million. Accumulated Other Comprehensive Income The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 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 Change in derivative instruments designated as cash flow hedges (1) 34,158 — 34,158 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 2,981 — 2,981 Foreign currency translation adjustment — (342) (342) Balance as of June 30, 2022 $ 73,258 $ (5,122) $ 68,136 Change in derivative instruments designated as cash flow hedges (1) 51,160 — 51,160 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,837) — (1,837) Foreign currency translation adjustment — (408) (408) Balance as of September 30, 2022 $ 122,581 $ (5,530) $ 117,051 Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2020 $ (128,526) $ (4,509) $ (133,035) Change in derivative instruments designated as cash flow hedges (1) 62,850 — 62,850 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,102 — 7,102 Foreign currency translation adjustment — 21 21 Balance as of March 31, 2021 $ (58,574) $ (4,488) $ (63,062) Change in derivative instruments designated as cash flow hedges (1) (23,730) — (23,730) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 6,958 — 6,958 Foreign currency translation adjustment — 42 42 Balance as of June 30, 2021 $ (75,346) $ (4,446) $ (79,792) Change in derivative instruments designated as cash flow hedges (1) 8,148 — 8,148 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,096 — 7,096 Foreign currency translation adjustment — (87) (87) Balance as of September 30, 2021 $ (60,102) $ (4,533) $ (64,635) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations.

Leases

Leases	9 Months Ended
	Sep. 30, 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 September 30, 2022, the weighted average implicit rate was 3.63% and the weighted average remaining lease term was 1.5 years. The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2022 December 31, 2021 Right-of-use asset - operating Other assets $ 3,101 $ 5,099 Lease liability - operating Accounts payable and other accrued expenses $ 3,518 $ 5,790 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2022 2021 2022 2021 Operating lease cost (1) Administrative expenses $ 797 $ 829 $ 2,444 $ 2,408 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $2.6 million and $2.4 million for the nine months ended September 30, 2022 and 2021, respectively. Lessor Operating Leases As of September 30, 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): Year ending December 31, 2022 $ 16,880 2023 70,281 2024 72,803 2025 62,215 2026 39,022 2027 and thereafter 59,744 Total $ 320,945 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2022 December 31, 2021 Future minimum lease payment receivable (1) $ 2,259,896 $ 2,122,165 Estimated residual receivable (2) 217,795 205,994 Gross finance lease receivables (3) 2,477,691 2,328,159 Unearned income (4) (773,049) (769,869) Net investment in finance leases (5) $ 1,704,642 $ 1,558,290 (1) There were no executory costs included in gross finance lease receivables as of September 30, 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 September 30, 2022 and December 31, 2021. (5) One major customer represented 88% and 91% of the Company's finance lease portfolio as of September 30, 2022 and December 31, 2021, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods. The Company’s finance lease portfolio lessees are primarily comprised of the largest international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and maintains allowances, if necessary, for doubtful accounts. These allowances are based on, but not limited to, historical experience which includes stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current economic conditions and reasonable market forecasts. During the third quarter of 2022, there was a default on certain finance leases in our portfolio for which the full amount is not expected to be recovered, and the Company recognized an impairment charge of $8.1 million which is recorded in the provision for doubtful accounts in the consolidated statements of operations. At the time of default, the net investment in finance lease was re-classified to leasing equipment on the consolidated balance sheet. The Company has reviewed the remaining finance lease portfolio for expected credit losses considering the factors noted above for each lessee, and based on its assessment as of September 30, 2022, further credit losses are not expected in the portfolio. As of September 30, 2022, the Company does not have an allowance on its gross finance lease receivables and does not have any material past due balances. Also included in the provision for doubtful accounts is a benefit of $8.2 million related to a recovery in the third quarter of 2022, from the estate of a customer that had defaulted a number of years ago.
Leases	Leases Lessee The Company's leases are primarily for multiple office facilities which are contracted under various cancelable and non-cancelable operating leases, most of which provide extension or early termination options. The Company's lease agreements do not contain any residual value guarantees or material restrictive covenants. As of September 30, 2022, the weighted average implicit rate was 3.63% and the weighted average remaining lease term was 1.5 years. The following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2022 December 31, 2021 Right-of-use asset - operating Other assets $ 3,101 $ 5,099 Lease liability - operating Accounts payable and other accrued expenses $ 3,518 $ 5,790 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2022 2021 2022 2021 Operating lease cost (1) Administrative expenses $ 797 $ 829 $ 2,444 $ 2,408 (1) Includes short-term leases that are immaterial. Cash paid for amounts of lease liabilities included in operating cash flows was $2.6 million and $2.4 million for the nine months ended September 30, 2022 and 2021, respectively. Lessor Operating Leases As of September 30, 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): Year ending December 31, 2022 $ 16,880 2023 70,281 2024 72,803 2025 62,215 2026 39,022 2027 and thereafter 59,744 Total $ 320,945 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2022 December 31, 2021 Future minimum lease payment receivable (1) $ 2,259,896 $ 2,122,165 Estimated residual receivable (2) 217,795 205,994 Gross finance lease receivables (3) 2,477,691 2,328,159 Unearned income (4) (773,049) (769,869) Net investment in finance leases (5) $ 1,704,642 $ 1,558,290 (1) There were no executory costs included in gross finance lease receivables as of September 30, 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 September 30, 2022 and December 31, 2021. (5) One major customer represented 88% and 91% of the Company's finance lease portfolio as of September 30, 2022 and December 31, 2021, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods. The Company’s finance lease portfolio lessees are primarily comprised of the largest international shipping lines. In its estimate of expected credit losses, the Company evaluates the overall credit quality of its finance lease portfolio. The Company considers an account past due when a payment has not been received in accordance with the terms of the related lease agreement and maintains allowances, if necessary, for doubtful accounts. These allowances are based on, but not limited to, historical experience which includes stronger and weaker economic cycles, each lessee's payment history, management's current assessment of each lessee's financial condition, consideration of current economic conditions and reasonable market forecasts. During the third quarter of 2022, there was a default on certain finance leases in our portfolio for which the full amount is not expected to be recovered, and the Company recognized an impairment charge of $8.1 million which is recorded in the provision for doubtful accounts in the consolidated statements of operations. At the time of default, the net investment in finance lease was re-classified to leasing equipment on the consolidated balance sheet. The Company has reviewed the remaining finance lease portfolio for expected credit losses considering the factors noted above for each lessee, and based on its assessment as of September 30, 2022, further credit losses are not expected in the portfolio. As of September 30, 2022, the Company does not have an allowance on its gross finance lease receivables and does not have any material past due balances. Also included in the provision for doubtful accounts is a benefit of $8.2 million related to a recovery in the third quarter of 2022, from the estate of a customer that had defaulted a number of years ago.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's key terms and carrying value of debt: September 30, 2022 December 31, 2021 Outstanding Borrowings (in thousands) Contractual Weighted Avg Interest Rate (1) Maturity Range (1) Outstanding Borrowings (in thousands) From To Secured Debt Financings Asset-backed securitization term instruments $ 2,967,550 2.04% February 2028 February 2031 $ 3,801,777 Asset-backed securitization warehouse 452,000 4.68% April 2029 April 2029 225,000 Finance lease obligations — — — 15,042 Total secured debt financings 3,419,550 4,041,819 Unsecured Debt Financings Senior notes 2,900,000 2.11% August 2023 March 2032 2,300,000 Term loan facilities 1,104,000 4.50% May 2026 May 2026 1,176,000 Revolving credit facilities 930,000 4.49% October 2026 October 2026 1,112,000 Total unsecured debt financings 4,934,000 4,588,000 Unamortized debt costs (58,192) (63,794) Unamortized debt premiums & discounts (5,065) (3,508) Debt, net of unamortized costs $ 8,290,293 $ 8,562,517 (1) Data as of September 30, 2022. The fair value of total debt outstanding was $7,396.6 million and $8,572.9 million as of September 30, 2022 and December 31, 2021, respectively, and was measured using Level 2 inputs. As of September 30, 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 September 30, 2022, the availability under these credit facilities without adding additional assets to the borrowing base was approximately $1,146.2 million. The Company is subject to certain financial covenants under its debt agreements. As of September 30, 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 September 30, 2022: Balance Outstanding (in thousands) Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $5,867,550 2.08% Aug 2023 Mar 2032 4.7 years Floating-rate debt $2,486,000 4.53% May 2026 Apr 2029 4.0 years Including impact of derivative instruments: Fixed-rate debt $5,867,550 2.08% Hedged floating-rate debt $1,339,750 3.62% Total fixed and hedged debt $7,207,300 2.36% Unhedged floating-rate debt $1,146,250 4.53% Total $8,353,550 2.67% 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. On April 27, 2022, the Company amended its existing ABS warehouse facility with $1,125.0 million borrowing capacity to extend the revolving period to April 27, 2025 and change 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%. As part of this transaction, the Company wrote off $0.3 million of debt related costs. On April 29, 2022, the Company extinguished an ABS term note and paid the outstanding balance of $391.3 million. As a result, the Company wrote off $1.3 million of debt related costs. On September 20, 2022, the Company extinguished an ABS term loan facility and paid the outstanding balance of $186.1 million. As a result, the Company wrote off $0.2 million of debt related costs. Asset-Backed Securitization Term Instruments Under the Company's ABS facilities, indirect wholly-owned subsidiaries of the Company enter into debt agreements for ABS term instruments, including 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 April 27, 2025, paying interest at the SOFR plus 1.60% after which any borrowings will convert to term notes with a maturity date of April 27, 2029, paying interest at SOFR plus 2.60%. 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	9 Months Ended
	Sep. 30, 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. These swaps are designated as cash flow hedges for accounting purposes and accordingly, changes in the fair value are recorded in accumulated other comprehensive income (loss) and reclassified to interest and debt expense when they are realized. The Company has entered into offsetting $500.0 million notional interest rate cap agreements with substantially similar economic terms related to certain debt facility requirements. These derivatives are not designated as hedging instruments, and because they offset, changes in fair value have an immaterial impact on the financial statements. 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 September 30, 2022, the Company posted cash collateral on derivative instruments of $3.7 million. During the nine months ended September 30, 2022, the company terminated the following derivative instruments (in millions): Derivative Instrument Date Terminated Notional Amount Funds Received (Paid) (1) Interest rate swap January 11, 2022 $150.0 $6.0 Interest rate swap January 11, 2022 $150.0 $6.1 Interest rate cap April 27, 2022 $200.0 $0.3 Interest rate cap April 27, 2022 $200.0 $0.2 Interest rate swap April 29, 2022 $62.5 $1.4 Interest rate swap April 29, 2022 $100.0 $1.6 Interest rate swap April 29, 2022 $100.0 $0.9 Interest rate swap September 20, 2022 $186.1 $2.5 (1) For interest rate swaps that were originally designated as cash flow hedges, the amounts in accumulated other comprehensive income (loss) will be amortized to debt and interest expense in the consolidated statements of operations over the remaining term of the derivative instruments at time of termination. Within the next twelve months, we expect to reclassify $35.6 million of net unrealized and realized gains related to derivative instruments designated as cash flow hedges from accumulated other comprehensive income (loss) into earnings. On September 30, 2022, the Company entered into an interest rate swap agreement with a scheduled maturity date of September 30, 2025. This contract is indexed to 1 month term SOFR, has a fixed rate of 3.82%, and has a notional amount of $200.0 million. As of September 30, 2022, the Company had derivative instruments in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities as summarized below: Derivatives Notional Amount (in millions) Weighted Average Weighted Average Interest Rate Swap (1) $1,339.8 2.22% 4.2 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 5.5 years. The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement caption 2022 2021 2022 2021 Non-Designated Derivative Instruments Realized (gains) losses Debt termination expense $ — $ — $ — $ 883 Unrealized (gains) losses Unrealized (gain) loss on derivative instruments, net $ 19 $ — $ (320) $ — Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ (2,313) $ 7,583 $ 7,403 $ 22,592 Unrealized (gains) losses Comprehensive (income) loss $ (53,866) $ (8,176) $ (169,315) $ (49,298) Fair Value of Derivative Instruments The Company has elected to use the income approach to value its interest rate swap and cap agreements, using Level 2 market expectations at the measurement date and standard valuation techniques to convert future values to a single discounted present value. The Level 2 inputs for the interest rate swap and cap valuations are inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR and swap rates and credit risk at commonly quoted intervals). In

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 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 September 30, 2022 2021 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 420,694 $ 3,989 $ 424,683 $ 396,100 $ 4,091 $ 400,191 Trading margin — 3,680 3,680 — 9,163 9,163 Net gain on sale of leasing equipment 26,468 — 26,468 25,606 — 25,606 Depreciation and amortization expense 158,349 189 158,538 163,308 185 163,493 Interest and debt expense 56,688 436 57,124 54,238 490 54,728 Segment income (loss) before income taxes (1) 200,062 6,602 206,664 178,660 11,544 190,204 Purchases of leasing equipment and investments in finance leases (2) $ 139,790 $ — $ 139,790 $ 1,074,100 $ — $ 1,074,100 Nine Months Ended September 30, 2022 2021 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,252,046 $ 11,333 $ 1,263,379 $ 1,106,894 $ 9,824 $ 1,116,718 Trading margin — 14,223 14,223 — 28,030 28,030 Net gain on sale of leasing equipment 90,509 — 90,509 78,964 — 78,964 Depreciation and amortization expense 479,617 559 480,176 460,326 530 460,856 Interest and debt expense 164,946 1,347 166,293 168,053 1,302 169,355 Segment income (loss) before income taxes (1) 607,751 21,978 629,729 478,173 32,418 510,591 Purchases of leasing equipment and investments in finance leases (2) $ 889,811 $ — $ 889,811 $ 2,791,943 $ — $ 2,791,943 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded an unrealized gain on derivative instruments for an immaterial amount and $0.3 million for the three and nine months ended September 30, 2022, respectively. For the three and nine months ended September 30, 2021, the Company did not record an unrealized gain on derivative instruments. The Company recorded $0.2 million and $1.9 million of debt termination expense for the three and nine months ended September 30, 2022, respectively, and $42.7 million and $132.5 million of debt termination expense for the three and nine months ended September 30, 2021, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2022 December 31, 2021 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 53,549 $ 34,672 $ 88,221 $ 16,936 $ 31,810 $ 48,746 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 12,289,159 $ 95,184 $ 12,384,343 $ 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 and nine months ended September 30, 2022 and 2021 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total leasing revenues: Asia $ 152,012 $ 146,661 $ 453,892 $ 406,407 Europe 220,228 208,231 660,115 588,674 Americas 36,720 32,017 107,479 84,066 Bermuda 834 625 2,164 1,798 Other International 14,889 12,657 39,729 35,773 Total $ 424,683 $ 400,191 $ 1,263,379 $ 1,116,718 Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international. The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2022 and 2021 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total equipment trading revenues: Asia $ 25,659 $ 22,918 $ 68,937 $ 44,687 Europe 6,646 6,247 22,157 18,409 Americas 10,864 13,588 31,715 32,963 Bermuda — — — — Other International 1,617 1,665 4,205 7,487 Total $ 44,786 $ 44,418 $ 127,014 $ 103,546

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments At September 30, 2022, the Company had commitments to purchase equipment in the amount of $44.3 million to be paid in 2022. Contingencies

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The following table summarizes the Company's effective tax rate: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Effective Income Tax Rate 8.0 % 8.7 % 7.4 % 10.1 %

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 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 and $1.5 million for the three and nine months ended September 30, 2022, respectively, and $0.5 million and $1.5 million for the three and nine months ended September 30, 2021, respectively. The Company has a direct finance lease balance with Tristar of $7.8 million and $8.9 million as of September 30, 2022 and December 31, 2021, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 26, 2022, the Company amended its revolving credit facility to extend the maturity date to October 26, 2027, and change the reference rate from LIBOR to term SOFR. Additionally, the Company concurrently amended its term loan facility to change the reference rate from LIBOR to term SOFR. There was no change to the margin over the reference rate as a result of these amendments. On October 26, 2022, the Company's Board of Directors approved an increase in the remaining share repurchase authorization under the Company's share repurchase program to $200.0 million. The authorization may be used by the Company to repurchase common or preferred shares. On October 26, 2022, the Company's Board of Directors approved and declared a quarterly cash dividend of $0.70 per share on its issued and outstanding common shares, payable on December 22, 2022 to holders of record at the close of business on December 8, 2022. On October 26, 2022, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2022 to holders of record at the close of business on December 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, _2

Description of the Business, Basis of Presentation and Accounting Policy Updates (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 2022; the consolidated statements of operations, the consolidated statements of comprehensive income, and the consolidated statements of shareholders' equity for the three and nine months ended September 30, 2022 and 2021; and the consolidated statements of cash flows for the nine months ended September 30, 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 and nine months ended September 30, 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 Securities and Exchange Commission 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 22%, 17%, and 11%, respectively, of the Company's lease billings during the nine months ended September 30, 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 on certain leases with variable lease payments that do not depend on a reference index or a rate. The Company did not have such leases and therefore 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Impairment (loss) reversal on equipment held for sale $ (239) $ 76 $ (398) $ 39 Gain (loss) on sale of equipment, net of selling costs 26,707 25,530 90,907 78,925 Net gain on sale of leasing equipment $ 26,468 $ 25,606 $ 90,509 $ 78,964

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 (in thousands): Year ending December 31, Total Intangible Assets 2022 $ 2,503 2023 4,657 2024 1,963 Total $ 9,123

Other Equity Matters (Table)

Other Equity Matters (Table)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2022 and 2021 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Series Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment Per Share Payment Aggregate Payment A (1) $0.53 $1.8 $0.53 $1.8 $1.59 $5.4 $1.59 $5.4 B $0.50 $2.9 $0.50 $2.9 $1.50 $8.7 $1.50 $8.7 C (1) $0.46 $3.2 $0.46 $3.2 $1.38 $9.6 $1.38 $9.6 D (1) $0.43 $2.6 $0.43 $2.6 $1.29 $7.8 $1.29 $7.8 E (1) $0.36 $2.5 $0.11 $0.8 $1.08 $7.6 $0.11 $0.8 Total $13.0 $11.3 $39.1 $32.3 (1) Per share payments rounded to the nearest whole cent.
Schedule of accumulated other comprehensive (loss)	The following table summarizes the components of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 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 Change in derivative instruments designated as cash flow hedges (1) 34,158 — 34,158 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 2,981 — 2,981 Foreign currency translation adjustment — (342) (342) Balance as of June 30, 2022 $ 73,258 $ (5,122) $ 68,136 Change in derivative instruments designated as cash flow hedges (1) 51,160 — 51,160 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) (1,837) — (1,837) Foreign currency translation adjustment — (408) (408) Balance as of September 30, 2022 $ 122,581 $ (5,530) $ 117,051 Cash Flow Foreign Accumulated Other Comprehensive (Loss) Income Balance as of December 31, 2020 $ (128,526) $ (4,509) $ (133,035) Change in derivative instruments designated as cash flow hedges (1) 62,850 — 62,850 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,102 — 7,102 Foreign currency translation adjustment — 21 21 Balance as of March 31, 2021 $ (58,574) $ (4,488) $ (63,062) Change in derivative instruments designated as cash flow hedges (1) (23,730) — (23,730) Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 6,958 — 6,958 Foreign currency translation adjustment — 42 42 Balance as of June 30, 2021 $ (75,346) $ (4,446) $ (79,792) Change in derivative instruments designated as cash flow hedges (1) 8,148 — 8,148 Reclassification of (gain) loss on derivative instruments designated as cash flow hedges (1) 7,096 — 7,096 Foreign currency translation adjustment — (87) (87) Balance as of September 30, 2021 $ (60,102) $ (4,533) $ (64,635) (1) Refer to Note 8 - "Derivative Instruments" for reclassification impact on the Consolidated Statements of Operations.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 December 31, 2021 Right-of-use asset - operating Other assets $ 3,101 $ 5,099 Lease liability - operating Accounts payable and other accrued expenses $ 3,518 $ 5,790 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2022 2021 2022 2021 Operating lease cost (1) Administrative expenses $ 797 $ 829 $ 2,444 $ 2,408 (1) Includes short-term leases that are immaterial.
Schedule of deferred revenue	These amounts will be amortized to revenue as follows (in thousands): Year ending December 31, 2022 $ 16,880 2023 70,281 2024 72,803 2025 62,215 2026 39,022 2027 and thereafter 59,744 Total $ 320,945
Schedule of Components of Leveraged Lease Investments	The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2022 December 31, 2021 Future minimum lease payment receivable (1) $ 2,259,896 $ 2,122,165 Estimated residual receivable (2) 217,795 205,994 Gross finance lease receivables (3) 2,477,691 2,328,159 Unearned income (4) (773,049) (769,869) Net investment in finance leases (5) $ 1,704,642 $ 1,558,290 (1) There were no executory costs included in gross finance lease receivables as of September 30, 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 September 30, 2022 and December 31, 2021. (5) One major customer represented 88% and 91% of the Company's finance lease portfolio as of September 30, 2022 and December 31, 2021, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt	The table below summarizes the Company's key terms and carrying value of debt: September 30, 2022 December 31, 2021 Outstanding Borrowings (in thousands) Contractual Weighted Avg Interest Rate (1) Maturity Range (1) Outstanding Borrowings (in thousands) From To Secured Debt Financings Asset-backed securitization term instruments $ 2,967,550 2.04% February 2028 February 2031 $ 3,801,777 Asset-backed securitization warehouse 452,000 4.68% April 2029 April 2029 225,000 Finance lease obligations — — — 15,042 Total secured debt financings 3,419,550 4,041,819 Unsecured Debt Financings Senior notes 2,900,000 2.11% August 2023 March 2032 2,300,000 Term loan facilities 1,104,000 4.50% May 2026 May 2026 1,176,000 Revolving credit facilities 930,000 4.49% October 2026 October 2026 1,112,000 Total unsecured debt financings 4,934,000 4,588,000 Unamortized debt costs (58,192) (63,794) Unamortized debt premiums & discounts (5,065) (3,508) Debt, net of unamortized costs $ 8,290,293 $ 8,562,517 (1) Data as of September 30, 2022. Balance Outstanding (in thousands) Contractual Weighted Avg Interest Rate Maturity Range Weighted Avg Remaining Term From To Excluding impact of derivative instruments: Fixed-rate debt $5,867,550 2.08% Aug 2023 Mar 2032 4.7 years Floating-rate debt $2,486,000 4.53% May 2026 Apr 2029 4.0 years Including impact of derivative instruments: Fixed-rate debt $5,867,550 2.08% Hedged floating-rate debt $1,339,750 3.62% Total fixed and hedged debt $7,207,300 2.36% Unhedged floating-rate debt $1,146,250 4.53% Total $8,353,550 2.67%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	During the nine months ended September 30, 2022, the company terminated the following derivative instruments (in millions): Derivative Instrument Date Terminated Notional Amount Funds Received (Paid) (1) Interest rate swap January 11, 2022 $150.0 $6.0 Interest rate swap January 11, 2022 $150.0 $6.1 Interest rate cap April 27, 2022 $200.0 $0.3 Interest rate cap April 27, 2022 $200.0 $0.2 Interest rate swap April 29, 2022 $62.5 $1.4 Interest rate swap April 29, 2022 $100.0 $1.6 Interest rate swap April 29, 2022 $100.0 $0.9 Interest rate swap September 20, 2022 $186.1 $2.5 (1) For interest rate swaps that were originally designated as cash flow hedges, the amounts in accumulated other comprehensive income (loss) will be amortized to debt and interest expense in the consolidated statements of operations over the remaining term of the derivative instruments at time of termination. Within the next twelve months, we expect to reclassify $35.6 million of net unrealized and realized gains related to derivative instruments designated as cash flow hedges from accumulated other comprehensive income (loss) into earnings. On September 30, 2022, the Company entered into an interest rate swap agreement with a scheduled maturity date of September 30, 2025. This contract is indexed to 1 month term SOFR, has a fixed rate of 3.82%, and has a notional amount of $200.0 million. As of September 30, 2022, the Company had derivative instruments in place to fix or limit the floating interest rates on a portion of the borrowings under its debt facilities as summarized below: Derivatives Notional Amount (in millions) Weighted Average Weighted Average Interest Rate Swap (1) $1,339.8 2.22% 4.2 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 5.5 years.
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement caption 2022 2021 2022 2021 Non-Designated Derivative Instruments Realized (gains) losses Debt termination expense $ — $ — $ — $ 883 Unrealized (gains) losses Unrealized (gain) loss on derivative instruments, net $ 19 $ — $ (320) $ — Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ (2,313) $ 7,583 $ 7,403 $ 22,592 Unrealized (gains) losses Comprehensive (income) loss $ (53,866) $ (8,176) $ (169,315) $ (49,298)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2022 2021 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 420,694 $ 3,989 $ 424,683 $ 396,100 $ 4,091 $ 400,191 Trading margin — 3,680 3,680 — 9,163 9,163 Net gain on sale of leasing equipment 26,468 — 26,468 25,606 — 25,606 Depreciation and amortization expense 158,349 189 158,538 163,308 185 163,493 Interest and debt expense 56,688 436 57,124 54,238 490 54,728 Segment income (loss) before income taxes (1) 200,062 6,602 206,664 178,660 11,544 190,204 Purchases of leasing equipment and investments in finance leases (2) $ 139,790 $ — $ 139,790 $ 1,074,100 $ — $ 1,074,100 Nine Months Ended September 30, 2022 2021 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,252,046 $ 11,333 $ 1,263,379 $ 1,106,894 $ 9,824 $ 1,116,718 Trading margin — 14,223 14,223 — 28,030 28,030 Net gain on sale of leasing equipment 90,509 — 90,509 78,964 — 78,964 Depreciation and amortization expense 479,617 559 480,176 460,326 530 460,856 Interest and debt expense 164,946 1,347 166,293 168,053 1,302 169,355 Segment income (loss) before income taxes (1) 607,751 21,978 629,729 478,173 32,418 510,591 Purchases of leasing equipment and investments in finance leases (2) $ 889,811 $ — $ 889,811 $ 2,791,943 $ — $ 2,791,943 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded an unrealized gain on derivative instruments for an immaterial amount and $0.3 million for the three and nine months ended September 30, 2022, respectively. For the three and nine months ended September 30, 2021, the Company did not record an unrealized gain on derivative instruments. The Company recorded $0.2 million and $1.9 million of debt termination expense for the three and nine months ended September 30, 2022, respectively, and $42.7 million and $132.5 million of debt termination expense for the three and nine months ended September 30, 2021, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2022 December 31, 2021 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 53,549 $ 34,672 $ 88,221 $ 16,936 $ 31,810 $ 48,746 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 12,289,159 $ 95,184 $ 12,384,343 $ 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 and nine months ended September 30, 2022 and 2021 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total leasing revenues: Asia $ 152,012 $ 146,661 $ 453,892 $ 406,407 Europe 220,228 208,231 660,115 588,674 Americas 36,720 32,017 107,479 84,066 Bermuda 834 625 2,164 1,798 Other International 14,889 12,657 39,729 35,773 Total $ 424,683 $ 400,191 $ 1,263,379 $ 1,116,718 The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2022 and 2021 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Total equipment trading revenues: Asia $ 25,659 $ 22,918 $ 68,937 $ 44,687 Europe 6,646 6,247 22,157 18,409 Americas 10,864 13,588 31,715 32,963 Bermuda — — — — Other International 1,617 1,665 4,205 7,487 Total $ 44,786 $ 44,418 $ 127,014 $ 103,546

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Dividends	On October 26, 2022, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preferred shares, payable on December 15, 2022 to holders of record at the close of business on December 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	9 Months Ended
	Sep. 30, 2022
Customer One
Concentration Risk [Line Items]
Concentration Risk, Percentage	22%
Customer Two
Concentration Risk [Line Items]
Concentration Risk, Percentage	17%
Customer Three
Concentration Risk [Line Items]
Concentration Risk, Percentage	11%

Equipment Held for Sale - Fair

Equipment Held for Sale - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value
Net gain on sale of leasing equipment	$ 26,468	$ 25,606	$ 90,509	$ 78,964
Equipment, net of selling costs
Fair Value
Net gain on sale of leasing equipment	26,707	25,530	90,907	78,925
Equipment held for sale
Fair Value
Net gain on sale of leasing equipment	$ (239)	$ 76	$ (398)	$ 39

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 2,600	$ 3,900	$ 8,000	$ 12,800
Above Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2022	2,503		2,503
2023	4,657		4,657
2024	1,963		1,963
Total	$ 9,123		$ 9,123

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock based compensation plans
Share-based Payment Arrangement, Noncash Expense	$ 3.2	$ 2.2	$ 9.4	$ 7.3
Employee Service Share-based Compensation Not yet Recognized	$ 13.2		$ 13.2
Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			14,243
Employees | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			165,286
Non-Employees | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)			22,410

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Treasury stock, value	$ 902,118				$ 902,118		$ 522,360
Preferred stock, redemption price per share (in dollars per share)	$ 25				$ 25
Cash dividends paid per share	$ 0.65			$ 0.57	$ 1.95	$ 1.71
Preferred Shares
Class of Stock [Line Items]
Aggregate Payment	$ 13,000			$ 11,300	$ 39,100	$ 32,300
Cumulative unpaid preferred dividends	$ 2,200				$ 2,200
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)	$ 0.53			$ 0.53	$ 1.59	$ 1.59
Aggregate Payment	$ 1,800			$ 1,800	$ 5,400	$ 5,400
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)	$ 0.50			$ 0.50	$ 1.50	$ 1.50
Aggregate Payment	$ 2,900			$ 2,900	$ 8,700	$ 8,700
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)	$ 0.46			$ 0.46	$ 1.38	$ 1.38
Aggregate Payment	$ 3,200			$ 3,200	$ 9,600	$ 9,600
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)	$ 0.43			$ 0.43	$ 1.29	$ 1.29
Aggregate Payment	$ 2,600			$ 2,600	$ 7,800	$ 7,800
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Per Share Payment (in dollars per share)	$ 0.36			$ 0.11	$ 1.08	$ 0.11
Aggregate Payment	$ 2,500			$ 800	$ 7,600	$ 800
Treasury Shares
Class of Stock [Line Items]
Treasury shares acquired, shares	3,200,340	1,832,240	1,257,374	378,765	6,289,954
Share price (in dollars per share)	$ 60.36				$ 60.36
Treasury stock, value	$ 379,800				$ 379,800

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	Sep. 30, 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%
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value		$ 175,000
Preferred Stock, Liquidation Preference (in shares)		7,000,000
Preferred stock, dividend rate, percentage		7.375%
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value						$ 150,000
Preferred Stock, Liquidation Preference (in shares)						6,000,000
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference, Value	$ 175,000
Preferred Stock, Liquidation Preference (in shares)	7,000,000
Preferred stock, dividend rate, percentage	5.75%

Other Equity Matters - Componen

Other Equity Matters - Components Of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 3,274,300	$ 3,200,554	$ 3,064,712	$ 2,727,077	$ 2,724,318	$ 2,565,948	$ 3,064,712	$ 2,565,948
Change in derivative instruments designated as cash flow hedges	51,160			8,148			159,335	47,268
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(1,837)			7,096			7,451	21,156
Foreign currency translation adjustment	(408)			(87)			(916)	(24)
Ending balance	3,273,921	3,274,300	3,200,554	2,978,870	2,727,077	2,724,318	3,273,921	2,978,870
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	73,258	36,119	(44,205)	(75,346)	(58,574)	(128,526)	(44,205)	(128,526)
Change in derivative instruments designated as cash flow hedges	51,160	34,158	74,017	8,148	(23,730)	62,850
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(1,837)	2,981	6,307	7,096	6,958	7,102
Foreign currency translation adjustment	0	0	0	0	0	0
Ending balance	122,581	73,258	36,119	(60,102)	(75,346)	(58,574)	122,581	(60,102)
Accumulated Foreign Currency Adjustment Attributable to Parent
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(5,122)	(4,780)	(4,614)	(4,446)	(4,488)	(4,509)	(4,614)	(4,509)
Change in derivative instruments designated as cash flow hedges	0	0	0	0	0	0
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	0	0	0	0	0	0
Foreign currency translation adjustment	(408)	(342)	(166)	(87)	42	21
Ending balance	(5,530)	(5,122)	(4,780)	(4,533)	(4,446)	(4,488)	(5,530)	(4,533)
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	68,136	31,339	(48,819)	(79,792)	(63,062)	(133,035)	(48,819)	(133,035)
Change in derivative instruments designated as cash flow hedges	51,160	34,158	74,017	8,148	(23,730)	62,850
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(1,837)	2,981	6,307	7,096	6,958	7,102
Foreign currency translation adjustment	(408)	(342)	(166)	(87)	42	21
Ending balance	$ 117,051	$ 68,136	$ 31,339	$ (64,635)	$ (79,792)	$ (63,062)	$ 117,051	$ (64,635)

Leases (Details)

Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	3.63%
Lessee, operating lease, remaining term of contract	1 year 6 months
Operating lease, payments	$ 2.6	$ 2.4
Bad debt reserve, tax purpose of qualified lender	8.1
Allowance for doubtful accounts, premiums and other receivables	$ 8.2

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Right-of-use asset - operating	$ 3,101		$ 3,101		$ 5,099
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets		Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other accrued expenses		Accounts payable and other accrued expenses		Accounts payable and other accrued expenses
Lease liability - operating	$ 3,518		$ 3,518		$ 5,790
Administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 797	$ 829	$ 2,444	$ 2,408

Leases - Operating Leases Lesso

Leases - Operating Leases Lessor Maturities (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases [Abstract]
2022	$ 16,880
2023	70,281
2024	72,803
2025	62,215
2026	39,022
2027 and thereafter	59,744
Total	$ 320,945

Leases - Net Investment in Fina

Leases - Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Future minimum lease payment receivable	$ 2,259,896	$ 2,122,165
Estimated residual receivable	217,795	205,994
Gross finance lease receivables	2,477,691	2,328,159
Lessor, Unearned Income	(773,049)	(769,869)
Net investment in finance leases	$ 1,704,642	$ 1,558,290
Customer Concentration Risk | Lease Finance Portfolio Benchmark | Customer One
Lessee, Lease, Description [Line Items]
Concentration Risk, Percentage	88%	91%

Debt - Key Term and Carrying Va

Debt - Key Term and Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Unamortized debt costs	$ (58,192)	$ (63,794)
Unamortized debt premiums & discounts	(5,065)	(3,508)
Debt, net of unamortized debt costs	8,290,293	8,562,517
Secured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	3,419,550	4,041,819
Asset-backed securitization term instruments
Debt Instrument [Line Items]
Debt outstanding	$ 2,967,550	3,801,777
Debt instrument, interest rate, effective percentage	2.04%
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt outstanding	$ 452,000	225,000
Debt instrument, interest rate, effective percentage	4.68%
Finance lease obligations
Debt Instrument [Line Items]
Debt outstanding	$ 0	15,042
Unsecured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	4,934,000	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	$ 1,104,000	1,176,000
Debt instrument, interest rate, effective percentage	4.50%
Revolving credit facilities
Debt Instrument [Line Items]
Debt outstanding	$ 930,000	$ 1,112,000
Debt instrument, interest rate, effective percentage	4.49%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)				3 Months Ended			6 Months Ended	9 Months Ended
	Apr. 29, 2022	Apr. 27, 2022	Feb. 01, 2022	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jan. 19, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease, principal payments			$ 14,900,000
Debt related commitment fees and debt issuance costs	$ 1,300,000	$ 300,000		$ 200,000
Debt conversion, original debt, type of debt					391.3 million
Extinguishment of debt, amount				186,100,000
Debt termination expense				190,000		$ 42,660,000		$ 1,853,000	$ 132,523,000
Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,125,000,000		1,125,000,000				1,125,000,000
Revolving credit facilities
Debt Instrument [Line Items]
Debt and lease obligation				930,000,000				930,000,000			$ 1,112,000,000
Maximum borrowing capacity				2,000,000,000				2,000,000,000
Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity				1,146,200,000				1,146,200,000
Senior notes
Debt Instrument [Line Items]
Debt and lease obligation				2,900,000,000				$ 2,900,000,000			2,300,000,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount										$ 600,000,000
Debt instrument, interest rate, stated percentage										3.25%
Secured Overnight Financing Rate (SOFR) | Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							1.60%	1.60%
Secured Overnight Financing Rate (SOFR) | Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate							2.60%	2.60%
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				$ 7,396,600,000				$ 7,396,600,000			$ 8,572,900,000

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details)	9 Months Ended
	Sep. 30, 2022 USD ($)
Excluding impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 5,867,550
Contractual Weighted Avg Interest Rate	2.08%
Weighted Avg Remaining Term	4 years 8 months 12 days
Excluding impact of derivative instruments: | Floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 2,486,000
Contractual Weighted Avg Interest Rate	4.53%
Weighted Avg Remaining Term	4 years
Including impact of derivative instruments:
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 8,353,550,000
Contractual Weighted Avg Interest Rate	2.67%
Including impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 5,867,550,000
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 (in thousands)	$ 1,339,750,000
Contractual Weighted Avg Interest Rate	3.62%
Including impact of derivative instruments: | Designated as Hedging Instrument | Total fixed and hedged debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 7,207,300,000
Contractual Weighted Avg Interest Rate	2.36%
Including impact of derivative instruments: | Not Designated as Hedging Instrument | Unhedged Debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 1,146,250,000
Contractual Weighted Avg Interest Rate	4.53%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Derivative [Line Items]
Notional Amount	$ 200
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 35.6
Secured Overnight Financing Rate (SOFR)
Derivative [Line Items]
Derivative, Basis Spread on Variable Rate	3.82%
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Cash Collateral for Interest Rate Swap Contracts	$ 3.7
Not Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Notional Amount	$ 500

Derivative Instruments - Termin

Derivative Instruments - Termination of Interest Rate Swaps (Details)	Sep. 30, 2022 USD ($)
Fair Value of Derivative Instruments
Notional Amount	$ 200,000,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On January 11, 2022a
Fair Value of Derivative Instruments
Notional Amount	150,000,000
Funds Received (Paid)(1)	6,000,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On January 11, 2022b
Fair Value of Derivative Instruments
Notional Amount	150,000,000
Funds Received (Paid)(1)	6,100,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On April 27, 2022a
Fair Value of Derivative Instruments
Notional Amount	200,000,000
Funds Received (Paid)(1)	300,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On April 27, 2022b
Fair Value of Derivative Instruments
Notional Amount	200,000,000
Funds Received (Paid)(1)	200,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On April 29, 2022a
Fair Value of Derivative Instruments
Notional Amount	62,500,000
Funds Received (Paid)(1)	1,400,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On April 29, 2022b
Fair Value of Derivative Instruments
Notional Amount	100,000,000
Funds Received (Paid)(1)	1,600,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On April 29, 2022c
Fair Value of Derivative Instruments
Notional Amount	100,000,000
Funds Received (Paid)(1)	900,000
Designated as Hedging Instrument | Interest Rate Swap, Terminated On September 20, 2022
Fair Value of Derivative Instruments
Notional Amount	186,100,000
Funds Received (Paid)(1)	$ 2,500,000

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap/Caps (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate During Period	2.22%
Weighted Average Remaining Term	4 years 2 months 12 days
Designated as Hedging Instrument | Interest Rate Swap
Fair Value of Derivative Instruments
Net Notional Amount of Interest Rate Agreements	$ 1,339.8
Designated as Hedging Instrument | Forward Starting Swaps
Fair Value of Derivative Instruments
Weighted Average Remaining Term	5 years 6 months
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Fair Value of Derivative Instruments
Unrealized (gains) losses	$ (238,752)	$ (149,889)	$ (747,584)	$ (408,187)
Comprehensive (income) loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	(53,866)	(8,176)	(169,315)	(49,298)
Other (income) expense, net | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	19	0	(320)	0
Interest and debt (income) expense | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	(2,313)	7,583	7,403	22,592
Debt termination expense | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	$ 0	$ 0	$ 0	$ 883

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segment and Geographic Inform_4

Segment and Geographic Information - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Industry Segment Information
Total leasing revenues	$ 424,683	$ 400,191	$ 1,263,379	$ 1,116,718
Trading margin	3,680	9,163	14,223	28,030
Net gain on sale of leasing equipment	26,468	25,606	90,509	78,964
Depreciation and amortization expense	158,538	163,493	480,176	460,856
Interest and debt expense	57,124	54,728	166,293	169,355
Income before income taxes	206,664	190,204	(629,729)	510,591
Payments to acquire productive assets	139,790	1,074,100	889,811	2,791,943
Unrealized gain (loss) on investments	(19)	0	320	0
Gain (loss) on extinguishment of debt	200	42,700	1,900	132,500
Equipment held for sale	88,221		88,221		$ 48,746
Goodwill at the end of the period	236,665		236,665		236,665
Total assets at the end of the period	12,384,343		12,384,343		12,643,838
Equipment Leasing
Industry Segment Information
Total leasing revenues	420,694	396,100	1,252,046	1,106,894
Trading margin	0	0	0	0
Net gain on sale of leasing equipment	26,468		90,509	78,964
Depreciation and amortization expense	158,349	163,308	479,617	460,326
Interest and debt expense	56,688	54,238	164,946	168,053
Income before income taxes	200,062	178,660	607,751	478,173
Payments to acquire productive assets	139,790	1,074,100	889,811	2,791,943
Equipment held for sale	53,549		53,549		16,936
Goodwill at the end of the period	220,864		220,864		220,864
Total assets at the end of the period	12,289,159		12,289,159		12,543,270
Equipment Trading
Industry Segment Information
Total leasing revenues	3,989	4,091	11,333	9,824
Trading margin	3,680	9,163	14,223	28,030
Net gain on sale of leasing equipment	0	0	0	0
Depreciation and amortization expense	189	185	559	530
Interest and debt expense	436	490	1,347	1,302
Income before income taxes	6,602	11,544	21,978	32,418
Payments to acquire productive assets	0	$ 0	0	$ 0
Equipment held for sale	34,672		34,672		31,810
Goodwill at the end of the period	15,801		15,801		15,801
Total assets at the end of the period	$ 95,184		$ 95,184		$ 100,568

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Geographic Segment Information
Total leasing revenues	$ 424,683	$ 400,191	$ 1,263,379	$ 1,116,718
Equipment trading revenues	44,786	44,418	127,014	103,546
Asia
Geographic Segment Information
Total leasing revenues	152,012	146,661	453,892	406,407
Equipment trading revenues	25,659	22,918	68,937	44,687
Europe
Geographic Segment Information
Total leasing revenues	220,228	208,231	660,115	588,674
Equipment trading revenues	6,646	6,247	22,157	18,409
Americas
Geographic Segment Information
Total leasing revenues	36,720	32,017	107,479	84,066
Equipment trading revenues	10,864	13,588	31,715	32,963
Bermuda
Geographic Segment Information
Total leasing revenues	834	625	2,164	1,798
Equipment trading revenues	0	0	0	0
Other international
Geographic Segment Information
Total leasing revenues	14,889	12,657	39,729	35,773
Equipment trading revenues	$ 1,617	$ 1,665	$ 4,205	$ 7,487

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 44.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	8%	8.70%	7.40%	10.10%
Debt termination expense	$ 190	$ 42,660	$ 1,853	$ 132,523

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Percentage Of Ownership	50%		50%
Direct Financing Lease Receivable
Related Party Transaction [Line Items]
Proceeds from (Repayments of) Related Party Debt	$ 0.5	$ 0.5	$ 1.5	$ 1.5
Loans and Leases Receivable, Related Parties	$ 7.8		$ 7.8		$ 8.9

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Oct. 26, 2022	Aug. 31, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Subsequent Event
Subsequent Event [Line Items]
Dividend approved and declared (in dollars per share)	$ 0.70
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%
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%
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%