Triton International Limited (TRTN-PD) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Oct. 24, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		101,158,891
Entity Registrant Name	Triton International Limited
Entity Central Index Key	0001660734
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
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, 2023	Dec. 31, 2022
ASSETS:
Leasing equipment, net of accumulated depreciation of $4,418,934 and $4,289,259	$ 8,908,586	$ 9,530,396
Net investment in finance leases	1,533,559	1,639,831
Equipment held for sale	189,614	138,506
Revenue earning assets	10,631,759	11,308,733
Cash and cash equivalents	55,000	83,227
Restricted cash	95,747	103,082
Accounts receivable, net of allowances of $2,261 and $2,075	256,744	226,554
Goodwill	236,665	236,665
Lease intangibles, net of accumulated amortization of $295,618 and $291,837	2,839	6,620
Other assets	47,440	28,383
Fair value of derivative instruments	144,004	115,994
Total assets	11,470,198	12,109,258
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	9,121	11,817
Fair value of derivative instruments	1,682	2,117
Deferred revenue	278,933	333,260
Accounts payable and other accrued expenses	121,064	71,253
Net deferred income tax liability	409,052	411,628
Debt, net of unamortized costs of $47,680 and $55,863	7,764,997	8,074,820
Total liabilities	8,584,849	8,904,895
Shareholders' equity:
Undesignated shares, $0.01 par value, 800,000 shares authorized, no shares issued and outstanding	0	0
Treasury shares, at cost, 0 and 24,494,785 shares, respectively	0	(1,077,559)
Additional paid-in capital	(308,114)	909,911
Accumulated earnings	2,329,301	2,531,928
Accumulated other comprehensive income (loss)	133,150	109,269
Total shareholders' equity	2,885,349	3,204,363
Total liabilities and shareholders' equity	11,470,198	12,109,258
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, 101,158,891 and 81,383,024 shares issued, respectively	$ 1,012	$ 814

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 4,418,934	$ 4,289,259
Accounts receivable, allowances	2,261	2,075
Finite-Lived Intangible Assets, Accumulated Amortization	295,618	291,837
Deferred financing costs	$ 47,680	$ 55,863
Class of Stock [Line Items]
Treasury Stock, Shares (in shares)	0	24,494,785
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)	101,158,891	81,383,024
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 ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leasing revenues:
Operating leases	$ 358,997	$ 395,400	$ 1,089,349	$ 1,176,436
Finance leases	25,904	29,283	79,814	86,943
Total leasing revenues	384,901	424,683	1,169,163	1,263,379
Equipment trading revenues	34,996	44,786	80,524	127,014
Equipment trading expenses	(30,488)	(41,106)	(73,033)	(112,791)
Trading margin	4,508	3,680	7,491	14,223
Net gain on sale of leasing equipment	12,318	26,468	49,401	90,509
Operating expenses:
Depreciation and amortization	141,438	158,538	436,753	480,176
Direct operating expenses	27,143	10,525	75,221	24,143
Administrative expenses	23,623	22,747	69,884	69,015
Transaction and other costs	68,741	0	71,320	0
Provision (reversal) for doubtful accounts	(211)	(123)	(2,768)	(104)
Total operating expenses	260,734	191,687	650,410	573,230
Operating income (loss)	140,993	263,144	575,645	794,881
Other expenses:
Interest and debt expense	60,073	57,124	176,211	166,293
Unrealized (gain) loss on derivative instruments, net	(4)	19	(8)	(320)
Debt termination expense	0	190	0	1,853
Other (income) expense, net	(169)	(644)	(482)	(1,141)
Total other expenses	59,900	56,689	175,721	166,685
Income (loss) before income taxes	81,093	206,455	399,924	628,196
Income tax expense (benefit)	11,392	16,618	38,648	46,482
Net income (loss)	69,701	189,837	361,276	581,714
Less: dividend on preferred shares	13,028	13,028	39,084	39,084
Net income (loss) attributable to common shareholder	$ 56,673	$ 176,809	$ 322,192	$ 542,630

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 69,701	$ 189,837	$ 361,276	$ 581,714
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	31,564	51,160	54,692	159,335
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(11,760)	(1,837)	(30,676)	7,451
Foreign currency translation adjustment	(185)	(408)	(135)	(916)
Other comprehensive income (loss), net of tax	19,619	48,915	23,881	165,870
Comprehensive income	89,320	238,752	385,157	747,584
Dividend on preferred shares	13,028	13,028	39,084	39,084
Comprehensive income attributable to common shareholder	$ 76,292	$ 225,724	$ 346,073	$ 708,500

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	$ 753	$ 2,706	$ 1,954	$ 9,980
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	$ (1,270)	$ (476)	$ (3,507)	$ (48)

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 (Loss)
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 expense	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
Dividends, Common Stock, Cash	(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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			22,764
Share-based compensation expense	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
Dividends, Common Stock, Cash	(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 expense	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
Dividends, Common Stock, Cash	(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
Beginning balance, shares at Dec. 31, 2022		29,200,000	81,383,024	24,494,785
Beginning balance at Dec. 31, 2022	3,204,363	$ 730,000	$ 814	$ (1,077,559)	909,911	2,531,928	109,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			135,716
Share-based compensation expense	2,213		$ 1		2,212
Treasury shares acquired, shares				1,744,616
Treasury shares acquired	(116,960)			$ (116,960)
Share repurchase to settle shareholder tax obligations, shares			(77,326)
Share repurchase to settle shareholder tax obligations	(5,480)		$ (1)		(5,479)
Net income (loss)	149,813					149,813
Other comprehensive income (loss)	(23,947)						(23,947)
Dividends, Common Stock, Cash	(39,214)					(39,214)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Mar. 31, 2023		29,200,000	81,441,414	26,239,401
Ending balance at Mar. 31, 2023	3,157,760	$ 730,000	$ 814	$ (1,194,519)	906,644	2,629,499	85,322
Beginning balance, shares at Dec. 31, 2022		29,200,000	81,383,024	24,494,785
Beginning balance at Dec. 31, 2022	3,204,363	$ 730,000	$ 814	$ (1,077,559)	909,911	2,531,928	109,269
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury shares acquired, shares				1,884,616
Share repurchase to settle shareholder tax obligations, shares			81,190
Ending balance, shares at Sep. 30, 2023		29,200,000	101,158,891	0
Ending balance at Sep. 30, 2023	2,885,349	$ 730,000	$ 1,012	$ 0	(308,114)	2,329,301	133,150
Beginning balance, shares at Mar. 31, 2023		29,200,000	81,441,414	26,239,401
Beginning balance at Mar. 31, 2023	3,157,760	$ 730,000	$ 814	$ (1,194,519)	906,644	2,629,499	85,322
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	2,567				2,567
Treasury shares acquired, shares				140,000
Treasury shares acquired	(8,701)			$ (8,701)
Net income (loss)	141,762					141,762
Other comprehensive income (loss)	28,209						28,209
Dividends, Common Stock, Cash	(38,677)					(38,677)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Jun. 30, 2023		29,200,000	81,441,414	26,379,401
Ending balance at Jun. 30, 2023	3,269,892	$ 730,000	$ 814	$ (1,203,220)	909,211	2,719,556	113,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation, shares			3,011
Share-based compensation expense	2,525		$ 0		2,525
Share repurchase to settle shareholder tax obligations, shares			(3,864)
Share repurchase to settle shareholder tax obligations	(323)				(323)
Net income (loss)	69,701					69,701
Other comprehensive income (loss)	19,619						19,619
Reclassification of share-based awards to a liability	(16,109)				(16,109)
Return of capital to Parent	(407,632)					(407,632)
Dividends, Common Stock, Cash	(39,296)					(39,296)
Preferred shares dividend declared	(13,028)					(13,028)
Cancellation of Common Stock (in shares)			(81,440,561)
Cancellation of Common Stock	0		$ (814)		814
Cancellation of Treasury Stock (in shares)				(26,379,401)
Cancellation of Treasury Stock	0			$ 1,203,220	(1,203,220)
Issuance of Common stock to Parent (in shares)			101,158,891
Issuance of Common stock to Parent	0		$ 1,012		(1,012)
Ending balance, shares at Sep. 30, 2023		29,200,000	101,158,891	0
Ending balance at Sep. 30, 2023	$ 2,885,349	$ 730,000	$ 1,012	$ 0	$ (308,114)	$ 2,329,301	$ 133,150

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common shares dividend (in usd per share)	$ 0.70	$ 0.70	$ 0.70	$ 0.65	$ 0.65	$ 0.65

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 361,276	$ 581,714
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	436,753	480,176
Amortization of deferred debt cost and other debt related amortization	6,008	9,181
Lease related amortization	4,078	8,674
Share-based compensation expense	7,305	9,414
Net (gain) loss on sale of leasing equipment	(49,401)	(90,509)
Unrealized (gain) loss on derivative instruments	(8)	(320)
Debt termination expense	0	1,853
Deferred income taxes	(1,022)	19,633
Changes in operating assets and liabilities:
Accounts receivable, net	(32,179)	(11,542)
Deferred revenue	(54,327)	274,981
Change in share-based awards liability	18,765	0
Accounts payable and other accrued expenses	9,875	812
Equipment sold (purchased) for resale activity	15,101	7,297
Cash received (paid) for settlement of interest rate swaps	0	19,026
Cash collections on finance lease receivables, net of income earned	143,826	107,633
Other assets	(3,096)	20,239
Net cash provided by (used in) operating activities	862,954	1,438,262
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(151,361)	(889,811)
Proceeds from sale of equipment, net of selling costs	272,633	217,832
Other	(133)	(716)
Net cash provided by (used in) investing activities	121,139	(672,695)
Cash flows from financing activities:
Purchases of treasury shares	(129,776)	(375,026)
Debt issuance costs	(3,008)	(8,523)
Borrowings under debt facilities	1,570,000	1,802,600
Payments under debt facilities and finance lease obligations	(1,888,800)	(2,081,274)
Dividends paid on preferred shares	(39,084)	(39,084)
Dividends paid on common shares	(115,552)	(122,151)
Return of capital to Parent	(407,632)	0
Other	(5,803)	(5,629)
Net cash provided by (used in) financing activities	(1,019,655)	(829,087)
Net increase (decrease) in cash, cash equivalents and restricted cash	(35,562)	(63,520)
Cash, cash equivalents and restricted cash, beginning of period	186,309	230,538
Cash, cash equivalents and restricted cash, end of period	150,747	167,018
Supplemental disclosures:
Interest paid	167,980	148,568
Income taxes paid (refunded)	39,285	27,579
Right-of-use assets obtained in exchange for new operating lease liabilities	9,102	210
Non-cash investing activities:
Equipment purchases payable	$ 9,121	$ 19,450

Description of the Business, Ba

Description of the Business, Basis of Presentation and Accounting Policy Updates	9 Months Ended
	Sep. 30, 2023
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 include the accounts of the Company and its subsidiaries and 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, 2023; 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, 2023 and 2022; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 are unaudited. The Consolidated Balance Sheet as of December 31, 2022, 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, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2023 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, 2022 included in the Company's Annual Report on Form 10-K which was filed with the Securities and Exchange Commission on February 14, 2023. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment, including residual values and depreciable lives, values of assets held for sale and other long lived assets, provision for income tax, allowance for doubtful accounts, share-based compensation, goodwill and intangible assets. Actual results could differ from those estimates. Concentration of Credit Risk The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's three largest customers accounted for 19%, 17%, and 11%, respectively, of the Company's lease billings for the nine months ended September 30, 2023. For information on the fair value of equipment held for sale, debt, and the fair value of derivative instruments, please refer to Note 3 - "Equipment Held for Sale", Note 8 - "Debt" and Note 9

Merger

Merger	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Merger	Merger Brookfield Infrastructure Transaction On September 28, 2023, the Company completed the transactions contemplated by the Agreement and Plan of Merger, dated as of April 11, 2023 (the “Merger Agreement”), by and among the Company, Brookfield Infrastructure Corporation (“BIPC”), Thanos Holdings Limited (“Parent”) and Thanos MergerSub Limited, a subsidiary of Parent (“Merger Sub”). Pursuant to the Merger Agreement and the Statutory Merger Agreement, dated as of September 28, 2023, by and among the Company, BIPC, Parent and Merger Sub, Merger Sub merged with and into Triton (the “Merger”), with Triton surviving the Merger as a subsidiary of Parent. Pursuant to the Merger Agreement, at the effective time of the Merger, each common share of the Company issued and outstanding immediately prior to the effective time (other than certain excluded common shares), was cancelled and automatically converted into the right to receive, at the election of each shareholder, (x) mixed consideration of $68.50 in cash and 0.3895 Class A exchangeable subordinate voting shares (“BIPC Shares”) of BIPC, (y) all-cash consideration in an amount equivalent in value to the mixed consideration, which was equal to approximately $83.16, or (z) all-BIPC Share consideration in an amount equivalent in value to the mixed consideration, which was equal to approximately 2.21 BIPC Shares (the “Merger Consideration”). The number of BIPC Shares issued in exchange for each common share was subject to a collar mechanism set forth in the Merger Agreement, which was based on the weighted average price of BIPC Shares on the New York Stock Exchange (the “NYSE”) over the 10 consecutive trading days ending on the second trading day prior to the effective time of the Merger (the “BIPC Final Share Price”). The BIPC Final Share Price was approximately $37.64. In connection with the closing of the Merger, Triton’s common shares were delisted from the NYSE on September 28, 2023. The last trading day for the common shares on the NYSE was September 27, 2023. On October 10, 2023, Triton filed a certification on Form 15 with the SEC requesting the deregistration of its common shares under the Exchange Act. As of October 24, 2023, there were 101,158,891 common shares outstanding, all of which were held by an affiliate of Brookfield Infrastructure; therefore, earnings per share data is not presented. Triton’s Series A-E cumulative redeemable perpetual preference shares remained outstanding as an obligation of the Company and continued to be listed on the NYSE following the closing of the Merger. Parent has accounted for the Merger under the acquisition method of accounting with the Company deemed to be the acquiree for accounting purposes. The Company and Parent have elected not to push down purchase accounting adjustments to reflect the assets and liabilities acquired at fair value, and therefore amounts reflected in the financial statements hereto have not been adjusted. The effective date of the Merger used for accounting purposes is September 30, 2023. Triton incurred transaction and other costs related to the Merger which are included in "Transaction and other costs" in the Company’s Consolidated Statements of Operations. Transaction and other costs for the three and nine months ended September 30, 2023, were comprised of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Employee compensation costs $ 20,204 $ 20,204 Advisory fees 39,673 41,673 Legal and professional expenses 8,222 8,597 Other 642 846 Total $ 68,741 $ 71,320 There were no transaction related costs in the prior year. Employee compensation costs include $18.8 million in costs related to share-based compensation for unvested shares granted in 2021, 2022, and 2023 pursuant to the 2016 Equity Incentive Plan which was modified as a result of the Merger. See Note 5 - "Share-based Compensation" for more detailed information regarding the modification. Employee compensation costs also include $1.4 million related to employee incentive and retention compensation related to the Merger. As of September 30, 2023, employee compensation costs of $39.2 million has been accrued and included in Accounts payable and other accrued expenses and is expected to be paid within the next year. Advisory fees include costs paid for financial advisory services directly related to the closing of the Merger. Legal and professional expenses include costs related to legal and accounting fees incurred in connection with the Merger.

Equipment Held for Sale

Equipment Held for Sale	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 Impairment (loss) reversal on equipment held for sale $ (2,959) $ (239) $ (5,770) $ (398) Gain (loss) on sale of equipment, net of selling costs 15,277 26,707 55,171 90,907 Net gain on sale of leasing equipment $ 12,318 $ 26,468 $ 49,401 $ 90,509

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2023
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, 2023 (in thousands): Year ending December 31, Total Intangible Assets 2023 (Remaining 3 months) $ 876 2024 $ 1,963 Total $ 2,839

Share Based Compensation

Share Based Compensation	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Share Based Compensation	Share-Based Compensation Prior to the completion of the Merger, the Company recognized share-based compensation expense for share-based payment transactions based on the grant date fair value. The expense was recognized over the employee's requisite service period, or vesting period of the equity award, approximately three years. The Company recognized share-based compensation expense in Administrative expenses of $2.5 million and $7.3 million for the three and nine months ended September 30, 2023, respectively, and $3.2 million and $9.4 million for the three and nine months ended September 30, 2022, respectively. During the nine months ended September 30, 2023, the Company issued 138,727 restricted shares, and cancelled 81,190 vested shares to settle payroll taxes on behalf of employees. In accordance with the Merger Agreement, upon closing of the Merger, Triton’s unvested restricted shares and restricted share units that were outstanding immediately prior to the closing of the Merger were converted into a contingent right to receive an amount in cash equal to the number of shares subject to such award, assuming attainment of the maximum level of performance for performance-based awards, multiplied by $83.16 per share. This amount will be paid upon the earlier of the original vesting date of the award and the twelve month anniversary of the Merger closing date subject to the participant's continued service with the Company. The modification of the unvested share-based awards changed the classification of the awards from equity to liability, as well as modified the original service period of the awards. As a result of the change in the classification of the awards , the Company reclassified $16.1 million from equity to Accounts payable and other accrued expenses. Further, the Company recorded incremental share-based compensation expense of $18.8 million to recognize the fair value of the awards based on the portion of the service period completed at the time of modification in Transaction and other costs in the Consolidated Statements of Operations. The total unrecognized compensation liability related to the share-based awards of $17.4 million is expected to be recognized to Transaction and other costs over the remaining vesting period through September 30, 2024.

Other Equity Matters

Other Equity Matters	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Other Equity Matters	Other Equity Matters In connection with the Merger, the Company suspended its share repurchase program after the close of business on April 6, 2023. Prior to the suspension of the share repurchase program, the Company repurchased a total of 1,884,616 common shares, at an average price per-share of $66.66 for a total of $125.6 million. In connection with the Merger, all previously issued and outstanding common shares of Triton were cancelled and following the closing of the Merger, 100% of the Company’s issued and outstanding common shares are privately held by an affiliate of Brookfield Infrastructure. During the third quarter of 2023, the Company paid a $407.6 million capital distribution to Parent in connection with the closing of the Merger. Preference Shares The following table summarizes the Company's preference share issuances (each, a "Series"): Preference Share Series 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 preference 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 preference 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 preference shares may have the right to convert their preference 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 preference 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. Following the closing of the Merger, Triton's preference shares remained outstanding as an obligation of the Company, entitled to the same dividends and other preferences and privileges that they previously had, and continued to be listed on the NYSE. 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, 2023 and 2022 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 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 $0.36 $2.5 $1.08 $7.6 $1.08 $7.6 Total $13.0 $13.0 $39.1 $39.1 (1) Per share payments rounded to the nearest whole cent. As of September 30, 2023, the Company had cumulative unpaid preference dividends of $2.2 million.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Lessee The Company's leases are primarily for multiple office facilities which are contracted under various cancellable and non-cancellable 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. The Company entered into an amended lease agreement in September 2022 to relocate office space in Purchase, New York (Triton's principal U.S. corporate office). The new lease commenced on August 1, 2023, with a lease term of 12 years. As of September 30, 2023, the weighted average implicit rate was 5.60% and the weighted average remaining lease term was 9.76 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, 2023 December 31, 2022 Right-of-use asset - operating Other assets $ 10,158 $ 3,145 Lease liability - operating Accounts payable and other accrued expenses $ 13,315 $ 3,465 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2023 2022 2023 2022 Operating lease cost (1) Administrative expenses $ 652 $ 797 $ 2,127 $ 2,444 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows was $2.4 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively. Lessor Operating Leases As of September 30, 2023, the Company has deferred revenue balances related to operating leases with uneven payment terms. These amounts will be amortized into revenue as follows (in thousands): Year ending December 31, 2023 (Remaining 3 months) $ 19,245 2024 76,275 2025 65,160 2026 42,870 2027 16,924 2028 and thereafter 58,459 Total $ 278,933 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2023 December 31, 2022 Future minimum lease payment receivable (1) $ 1,974,693 $ 2,161,192 Estimated residual receivable (2) 218,251 218,004 Gross finance lease receivables (3) 2,192,944 2,379,196 Unearned income (4) (659,385) (739,365) Net investment in finance leases (5) $ 1,533,559 $ 1,639,831 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2023 and December 31, 2022. (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, 2023 and December 31, 2022. (5) One major customer represented 93% and 90% as of the Company's finance lease portfolio as of September 30, 2023 and December 31, 2022, 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 large 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
Leases	Leases Lessee The Company's leases are primarily for multiple office facilities which are contracted under various cancellable and non-cancellable 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. The Company entered into an amended lease agreement in September 2022 to relocate office space in Purchase, New York (Triton's principal U.S. corporate office). The new lease commenced on August 1, 2023, with a lease term of 12 years. As of September 30, 2023, the weighted average implicit rate was 5.60% and the weighted average remaining lease term was 9.76 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, 2023 December 31, 2022 Right-of-use asset - operating Other assets $ 10,158 $ 3,145 Lease liability - operating Accounts payable and other accrued expenses $ 13,315 $ 3,465 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2023 2022 2023 2022 Operating lease cost (1) Administrative expenses $ 652 $ 797 $ 2,127 $ 2,444 (1) Includes short-term leases that are immaterial. Cash paid for amounts included in the measurement of lease liabilities included in operating cash flows was $2.4 million and $2.6 million for the nine months ended September 30, 2023 and 2022, respectively. Lessor Operating Leases As of September 30, 2023, the Company has deferred revenue balances related to operating leases with uneven payment terms. These amounts will be amortized into revenue as follows (in thousands): Year ending December 31, 2023 (Remaining 3 months) $ 19,245 2024 76,275 2025 65,160 2026 42,870 2027 16,924 2028 and thereafter 58,459 Total $ 278,933 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2023 December 31, 2022 Future minimum lease payment receivable (1) $ 1,974,693 $ 2,161,192 Estimated residual receivable (2) 218,251 218,004 Gross finance lease receivables (3) 2,192,944 2,379,196 Unearned income (4) (659,385) (739,365) Net investment in finance leases (5) $ 1,533,559 $ 1,639,831 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2023 and December 31, 2022. (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, 2023 and December 31, 2022. (5) One major customer represented 93% and 90% as of the Company's finance lease portfolio as of September 30, 2023 and December 31, 2022, 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 large 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

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's key terms and carrying value of debt: September 30, 2023 December 31, 2022 Outstanding Borrowings (in thousands) Contractual Weighted Avg Interest Rate Maturity Range Outstanding Borrowings (in thousands) From To Secured Debt Financings Asset-backed securitization ("ABS") term instruments $ 2,657,543 2.04% February 2028 February 2031 $ 2,890,467 Asset-backed securitization warehouse 295,000 6.92% April 2029 April 2029 320,000 Total secured debt financings 2,952,543 3,210,467 Unsecured Debt Financings Senior notes 2,300,000 2.45% June 2024 March 2032 2,900,000 Term loan facility 1,504,124 6.67% May 2026 May 2026 1,080,000 Revolving credit facility 1,060,000 6.67% October 2027 October 2027 945,000 Total unsecured debt financings 4,864,124 4,925,000 Total debt financings 7,816,667 8,135,467 Unamortized debt costs (47,680) (55,863) Unamortized debt premiums & discounts (3,990) (4,784) Debt, net of unamortized costs $ 7,764,997 $ 8,074,820 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 GAAP. The Company is required to maintain restricted cash balances on deposit in designated bank accounts equal to nine months of interest expense. 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 to April 27, 2025, paying interest at term 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%. 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 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 initial maturities ranging from 3 - 10 years and interest payments due semi-annually. The senior notes are prepayable (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. On August 1, 2023, the Company’s $600.0 million, 0.80% senior notes matured. Payment at maturity was primarily funded by borrowings under Triton’s revolving credit facility. Additionally, three forward starting swaps with a total notional value of $300.0 million became effective on August 1, 2023, to offset a portion of the interest expense related to the borrowing under the revolving credit facility. Term Loan Facility The Company's term loan facility has a maturity date of May 27, 2026, which amortizes in quarterly installments and has a reference rate of term SOFR plus 1.35%. This facility is subject to covenants customary for unsecured financings of this type, including financial covenants that require us to maintain a minimum ratio of unencumbered assets to certain financial indebtedness. On September 1, 2023, the Company and its wholly-owned subsidiaries, Triton Container International Limited and TAL International Container Corporation (the "Borrowers"), amended Triton's term loan facility to increase the size of the accordion feature under the term loan agreement to allow the Borrowers to increase the aggregate commitment amount under the agreement by up to an additional $500.0 million. Concurrently with the closing of the amendment, the Borrowers exercised the accordion and increased their borrowing under the term loan facility by $500.0 million. There was no change to the maturity date or reference rate under the term loan facility as a result of the amendment and incremental borrowing. Revolving Credit Facility The revolving credit facility has a maturity date of October 26, 2027, and has a maximum borrowing capacity of $2,000.0 million. The reference rate is term SOFR plus 1.35%. This facility is subject to covenants customary for unsecured financings of this type, primarily financial covenants that require us to maintain a minimum ratio of unencumbered assets to certain financial indebtedness. 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, 2023: 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 $4,957,543 2.23% Jun 2024 Mar 2032 4.4 years Floating-rate debt $2,859,124 6.69% May 2026 Apr 2029 3.3 years Including impact of derivative instruments: Fixed-rate debt $4,957,543 2.23% Hedged floating-rate debt $1,609,000 3.87% Total fixed and hedged debt $6,566,543 2.63% Unhedged floating-rate debt $1,250,124 6.69% Total debt $7,816,667 3.27% The fair value of total debt outstanding was $7,003.8 million and $7,264.7 million as of September 30, 2023 and December 31, 2022, respectively, and was measured using Level 2 inputs. As of September 30, 2023, the maximum borrowing levels for the ABS warehouse and the revolving credit facility were $1,125.0 million and $2,000.0 million, respectively. Certain of these facilities are governed by either borrowing bases or an unencumbered asset test that limits borrowing capacity. Based on those limitations, the availability under these credit facilities at September 30, 2023 was approximately $1,045.8 million.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2023
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 Sheets and are presented in operating activities on the Consolidated Statements of Cash Flows. As of September 30, 2023, the Company had cash collateral on derivative instruments of $2.6 million. Within the next twelve months, the Company expects to reclassify $50.1 million of net unrealized and realized gains related to derivative instruments designated as cash flow hedges from accumulated other comprehensive income (loss) into earnings. As of September 30, 2023, the Company had derivative agreements in place to fix interest rates on a portion of the borrowings under its debt facilities with floating interest rates as summarized below: Derivatives Notional Amount (in millions) Weighted Average Weighted Average Interest Rate Swap (1) $1,609.0 2.49% 2.9 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 4.0 years. In the first quarter of 2023, the Company entered into forward starting swaps with a notional value of $300.0 million that commenced on August 1, 2023 and have a termination date of March 31, 2025. These swaps were designated as cash flow hedges to fix the interest rates on a portion of the Company's floating rate debt. 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 2023 2022 2023 2022 Non-Designated Derivative Instruments Unrealized (gains) losses Unrealized (gain) loss on derivative instruments, net $ (4) $ 19 $ (8) $ (320) Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ (13,030) $ (2,313) $ (34,183) $ 7,403 Unrealized (gains) losses Comprehensive (income) loss $ (32,317) $ (53,866) $ (56,646) $ (169,315) Fair Value of Derivative Instruments The Company presents the fair value of derivative financial instruments on a gross basis as a separate line item on the Consolidated Balance Sheet.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2023
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 the Company's segment information and the consolidated totals reported (in thousands): Three Months Ended September 30, 2023 2022 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 383,342 $ 1,559 $ 384,901 $ 420,694 $ 3,989 $ 424,683 Trading margin — 4,508 4,508 — 3,680 3,680 Net gain on sale of leasing equipment 12,318 — 12,318 26,468 — 26,468 Depreciation and amortization expense 141,237 201 141,438 158,349 189 158,538 Interest and debt expense 59,823 250 60,073 56,688 436 57,124 Segment income (loss) before income taxes (1) 75,446 5,643 81,089 200,062 6,602 206,664 Purchases of leasing equipment and investments in finance leases (2) $ 31,847 $ — $ 31,847 $ 139,790 $ — $ 139,790 Nine Months Ended September 30, 2023 2022 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,164,019 $ 5,144 $ 1,169,163 $ 1,252,046 $ 11,333 $ 1,263,379 Trading margin — 7,491 7,491 — 14,223 14,223 Net gain on sale of leasing equipment 49,401 — 49,401 90,509 — 90,509 Depreciation and amortization expense 436,174 579 436,753 479,617 559 480,176 Interest and debt expense 175,391 820 176,211 164,946 1,347 166,293 Segment income (loss) before income taxes (1) 388,653 11,263 399,916 607,751 21,978 629,729 Purchases of leasing equipment and investments in finance leases (2) $ 151,361 $ — $ 151,361 $ 889,811 $ — $ 889,811 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. For the three and nine months ended September 30, 2023, the Company recorded an immaterial amount of unrealized gains on derivative instruments. For the three and nine months ended September 30, 2023 the Company did not record any debt termination expenses. For the three and nine months ended September 30, 2022, the Company recorded an unrealized gain on derivative instruments for an immaterial amount and $0.3 million, respectively. For the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $1.9 million of debt termination expense, 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, 2023 December 31, 2022 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 160,832 $ 28,782 $ 189,614 $ 97,463 $ 41,043 $ 138,506 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 11,391,585 $ 78,613 $ 11,470,198 $ 12,010,654 $ 98,604 $ 12,109,258 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 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total leasing revenues: Asia $ 129,863 $ 152,012 $ 402,300 $ 453,892 Europe 207,541 220,228 621,751 660,115 Americas 32,769 36,720 100,723 107,479 Bermuda 1,058 834 3,143 2,164 Other International 13,670 14,889 41,246 39,729 Total $ 384,901 $ 424,683 $ 1,169,163 $ 1,263,379 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 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total equipment trading revenues: Asia $ 13,870 $ 25,659 $ 30,805 $ 68,937 Europe 6,135 6,646 14,841 22,157 Americas 5,109 10,864 19,384 31,715 Bermuda — — — — Other International 9,882 1,617 15,494 4,205 Total $ 34,996 $ 44,786 $ 80,524 $ 127,014

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments As of September 30, 2023, the Company had commitments to purchase equipment in the amount of $12.1 million to be paid in 2023. Contingencies Legal Proceedings The Company is party to various pending or threatened legal or regulatory proceedings arising in the ordinary course of its business. The ability to predict the ultimate outcome of such matters involves judgments, estimates and inherent uncertainties. Triton records liabilities related to legal matters when the exposure item becomes probable and can be reasonably estimated. Management does not expect these matters to have a material adverse effect on Triton’s financial condition, results of operations, or liquidity. However, these matters are subject to inherent uncertainties and it is possible that a liability arising from these matters could have a material adverse impact in the period in which the uncertainties are resolved, depending in part on the operating results for such period. In connection with the Merger, a putative Triton shareholder filed two petitions demanding an appraisal of its shares under Bermuda law in the Supreme Court of Bermuda. The actions, captioned Oasis Core Investments Fund Ltd. v. Triton International Limited, 2023: Nos. 263 and 265, purport to demand appraisal in respect of 1,184,300 common shares of the Company (approximately 2.15% of the outstanding Triton common shares prior to the closing of the Merger). If a Bermuda court were to find that the fair value of the Triton common shares exceeded the value of the Merger Consideration, under the terms of the Merger Agreement, the Company would have to pay the additional amount for each Triton common share for

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 Effective Income Tax Rate 14.0 % 8.0 % 9.7 % 7.4 %

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
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 Sheets. The Company received payments on finance leases with Tristar of $0.5 million and $1.5 million for both the three and nine months ended September 30, 2023 and 2022, respectively. The Company has a direct finance lease receivable balance with Tristar of $6.2 million and $7.4 million as of September 30, 2023 and December 31, 2022, respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On October 29, 2023, the Company's Board of Directors approved and declared a cash dividend on its issued and outstanding preference shares, payable on December 15, 2023 to holders of record at the close of business on December 8, 2023 as follows: Preference Share Series 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, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The unaudited consolidated financial statements and accompanying notes include the accounts of the Company and its subsidiaries and 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, 2023; 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, 2023 and 2022; and the Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 are unaudited. The Consolidated Balance Sheet as of December 31, 2022, 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, 2023 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2023 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, 2022 included in the Company's Annual Report on Form 10-K which was filed with the Securities and Exchange Commission on February 14, 2023. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain changes in presentation have been made to conform the prior period presentation to current period reporting.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities in the financial statements. Such estimates include, but are not limited to, the Company's estimates in connection with leasing equipment, including residual values and depreciable lives, values of assets held for sale and other long lived assets, provision for income tax, allowance for doubtful accounts, share-based compensation, goodwill and intangible assets. Actual results could differ from those estimates.
Concentration of Credit Risk	Concentration of Credit Risk The Company's equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer's financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed on an ongoing basis. The Company's three largest customers accounted for 19%, 17%, and 11%, respectively, of the Company's lease billings for the nine months ended September 30, 2023.
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 3 - "Equipment Held for Sale", Note 8 - "Debt" and Note 9

Merger (Tables)

Merger (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	Transaction and other costs for the three and nine months ended September 30, 2023, were comprised of the following (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2023 Employee compensation costs $ 20,204 $ 20,204 Advisory fees 39,673 41,673 Legal and professional expenses 8,222 8,597 Other 642 846 Total $ 68,741 $ 71,320

Equipment Held for Sale (Tables

Equipment Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 Impairment (loss) reversal on equipment held for sale $ (2,959) $ (239) $ (5,770) $ (398) Gain (loss) on sale of equipment, net of selling costs 15,277 26,707 55,171 90,907 Net gain on sale of leasing equipment $ 12,318 $ 26,468 $ 49,401 $ 90,509

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 (in thousands): Year ending December 31, Total Intangible Assets 2023 (Remaining 3 months) $ 876 2024 $ 1,963 Total $ 2,839

Other Equity Matters (Table)

Other Equity Matters (Table)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Stock by Class	The following table summarizes the Company's preference share issuances (each, a "Series"): Preference Share Series 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.
Dividends	The Company paid the following quarterly dividends during the three and nine months ended September 30, 2023 and 2022 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 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 $0.36 $2.5 $1.08 $7.6 $1.08 $7.6 Total $13.0 $13.0 $39.1 $39.1 (1) Per share payments rounded to the nearest whole cent.

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Right-of-use asset - operating Other assets $ 10,158 $ 3,145 Lease liability - operating Accounts payable and other accrued expenses $ 13,315 $ 3,465 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2023 2022 2023 2022 Operating lease cost (1) Administrative expenses $ 652 $ 797 $ 2,127 $ 2,444 (1) Includes short-term leases that are immaterial.
Schedule of deferred revenue	These amounts will be amortized into revenue as follows (in thousands): Year ending December 31, 2023 (Remaining 3 months) $ 19,245 2024 76,275 2025 65,160 2026 42,870 2027 16,924 2028 and thereafter 58,459 Total $ 278,933
Schedule of Components of Leveraged Lease Investments	The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2023 December 31, 2022 Future minimum lease payment receivable (1) $ 1,974,693 $ 2,161,192 Estimated residual receivable (2) 218,251 218,004 Gross finance lease receivables (3) 2,192,944 2,379,196 Unearned income (4) (659,385) (739,365) Net investment in finance leases (5) $ 1,533,559 $ 1,639,831 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2023 and December 31, 2022. (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, 2023 and December 31, 2022. (5) One major customer represented 93% and 90% as of the Company's finance lease portfolio as of September 30, 2023 and December 31, 2022, 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, 2023
Debt Disclosure [Abstract]
Schedule of debt	The table below summarizes the Company's key terms and carrying value of debt: September 30, 2023 December 31, 2022 Outstanding Borrowings (in thousands) Contractual Weighted Avg Interest Rate Maturity Range Outstanding Borrowings (in thousands) From To Secured Debt Financings Asset-backed securitization ("ABS") term instruments $ 2,657,543 2.04% February 2028 February 2031 $ 2,890,467 Asset-backed securitization warehouse 295,000 6.92% April 2029 April 2029 320,000 Total secured debt financings 2,952,543 3,210,467 Unsecured Debt Financings Senior notes 2,300,000 2.45% June 2024 March 2032 2,900,000 Term loan facility 1,504,124 6.67% May 2026 May 2026 1,080,000 Revolving credit facility 1,060,000 6.67% October 2027 October 2027 945,000 Total unsecured debt financings 4,864,124 4,925,000 Total debt financings 7,816,667 8,135,467 Unamortized debt costs (47,680) (55,863) Unamortized debt premiums & discounts (3,990) (4,784) Debt, net of unamortized costs $ 7,764,997 $ 8,074,820 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 $4,957,543 2.23% Jun 2024 Mar 2032 4.4 years Floating-rate debt $2,859,124 6.69% May 2026 Apr 2029 3.3 years Including impact of derivative instruments: Fixed-rate debt $4,957,543 2.23% Hedged floating-rate debt $1,609,000 3.87% Total fixed and hedged debt $6,566,543 2.63% Unhedged floating-rate debt $1,250,124 6.69% Total debt $7,816,667 3.27%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	As of September 30, 2023, the Company had derivative agreements in place to fix interest rates on a portion of the borrowings under its debt facilities with floating interest rates as summarized below: Derivatives Notional Amount (in millions) Weighted Average Weighted Average Interest Rate Swap (1) $1,609.0 2.49% 2.9 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 4.0 years.
Schedule of derivatives instruments and their effect on consolidated statements of operations and consolidated statements of comprehensive income	The following table summarizes the impact of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on a pretax basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement caption 2023 2022 2023 2022 Non-Designated Derivative Instruments Unrealized (gains) losses Unrealized (gain) loss on derivative instruments, net $ (4) $ 19 $ (8) $ (320) Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ (13,030) $ (2,313) $ (34,183) $ 7,403 Unrealized (gains) losses Comprehensive (income) loss $ (32,317) $ (53,866) $ (56,646) $ (169,315)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of segment information	The following tables summarizes the Company's segment information and the consolidated totals reported (in thousands): Three Months Ended September 30, 2023 2022 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 383,342 $ 1,559 $ 384,901 $ 420,694 $ 3,989 $ 424,683 Trading margin — 4,508 4,508 — 3,680 3,680 Net gain on sale of leasing equipment 12,318 — 12,318 26,468 — 26,468 Depreciation and amortization expense 141,237 201 141,438 158,349 189 158,538 Interest and debt expense 59,823 250 60,073 56,688 436 57,124 Segment income (loss) before income taxes (1) 75,446 5,643 81,089 200,062 6,602 206,664 Purchases of leasing equipment and investments in finance leases (2) $ 31,847 $ — $ 31,847 $ 139,790 $ — $ 139,790 Nine Months Ended September 30, 2023 2022 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,164,019 $ 5,144 $ 1,169,163 $ 1,252,046 $ 11,333 $ 1,263,379 Trading margin — 7,491 7,491 — 14,223 14,223 Net gain on sale of leasing equipment 49,401 — 49,401 90,509 — 90,509 Depreciation and amortization expense 436,174 579 436,753 479,617 559 480,176 Interest and debt expense 175,391 820 176,211 164,946 1,347 166,293 Segment income (loss) before income taxes (1) 388,653 11,263 399,916 607,751 21,978 629,729 Purchases of leasing equipment and investments in finance leases (2) $ 151,361 $ — $ 151,361 $ 889,811 $ — $ 889,811 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. For the three and nine months ended September 30, 2023, the Company recorded an immaterial amount of unrealized gains on derivative instruments. For the three and nine months ended September 30, 2023 the Company did not record any debt termination expenses. For the three and nine months ended September 30, 2022, the Company recorded an unrealized gain on derivative instruments for an immaterial amount and $0.3 million, respectively. For the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $1.9 million of debt termination expense, 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, 2023 December 31, 2022 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 160,832 $ 28,782 $ 189,614 $ 97,463 $ 41,043 $ 138,506 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 11,391,585 $ 78,613 $ 11,470,198 $ 12,010,654 $ 98,604 $ 12,109,258
Schedule of revenues by geographic location	The following table summarizes the geographic allocation of total leasing revenues based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total leasing revenues: Asia $ 129,863 $ 152,012 $ 402,300 $ 453,892 Europe 207,541 220,228 621,751 660,115 Americas 32,769 36,720 100,723 107,479 Bermuda 1,058 834 3,143 2,164 Other International 13,670 14,889 41,246 39,729 Total $ 384,901 $ 424,683 $ 1,169,163 $ 1,263,379 The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total equipment trading revenues: Asia $ 13,870 $ 25,659 $ 30,805 $ 68,937 Europe 6,135 6,646 14,841 22,157 Americas 5,109 10,864 19,384 31,715 Bermuda — — — — Other International 9,882 1,617 15,494 4,205 Total $ 34,996 $ 44,786 $ 80,524 $ 127,014

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Dividends	On October 29, 2023, the Company's Board of Directors approved and declared a cash dividend on its issued and outstanding preference shares, payable on December 15, 2023 to holders of record at the close of business on December 8, 2023 as follows: Preference Share Series 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, 2023
Customer One
Concentration Risk [Line Items]
Concentration Risk, Percentage	19%
Customer Two
Concentration Risk [Line Items]
Concentration Risk, Percentage	17%
Customer Three
Concentration Risk [Line Items]
Concentration Risk, Percentage	11%

Merger - Additional Information

Merger - Additional Information (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Sep. 28, 2023 tradingDays $ / shares shares	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Business Acquisition [Line Items]
Share-based compensation expense | $		$ 7,305	$ 9,414
Brookfield Infrastructure
Business Acquisition [Line Items]
Trading days | tradingDays	10
Share price	$ 37.64
Common shares, shares outstanding (in shares) | shares	101,158,891
Share-based compensation expense | $		18,800
Employee compensation costs | $		1,400
Accrued employee benefits | $		$ 39,200
Brookfield Infrastructure | Mixed Consideration
Business Acquisition [Line Items]
Cash consideration per acquiree share (in usd per share)	$ 68.50
Brookfield Infrastructure | All-Cash Consideration
Business Acquisition [Line Items]
Equity interests issued and issuable per acquiree share (in usd per share)	0.3895
Brookfield Infrastructure | All Share Consideration
Business Acquisition [Line Items]
Cash consideration per acquiree share (in usd per share)	83.16
Equity interests issued and issuable per acquiree share (in usd per share)	$ 2.21

Merger - Schedule of Business A

Merger - Schedule of Business Acquisition, by Acquisition (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Transaction and other costs	$ 68,741	$ 0	$ 71,320	$ 0
Brookfield Infrastructure
Business Acquisition [Line Items]
Share-based compensation expense	20,204		20,204
Advisory fees	39,673		41,673
Legal and professional expenses	8,222		8,597
Other	642		846
Transaction and other costs	$ 68,741		$ 71,320

Equipment Held for Sale - Fair

Equipment Held for Sale - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value
Net gain on sale of leasing equipment	$ 12,318	$ 26,468	$ 49,401	$ 90,509
Equipment, net of selling costs
Fair Value
Net gain on sale of leasing equipment	15,277	26,707	55,171	90,907
Equipment held for sale
Fair Value
Net gain on sale of leasing equipment	$ (2,959)	$ (239)	$ (5,770)	$ (398)

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 1,200	$ 2,600	$ 3,800	$ 8,000
Above Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
2023 (Remaining 3 months)	876,000		876,000
2024	1,963,000		1,963,000
Total	$ 2,839,000		$ 2,839,000

Share Based Compensation (Detai

Share Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended
	Sep. 28, 2023	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Stock based compensation plans
Share-based Payment Arrangement, Noncash Expense		$ 2,500		$ 3,200		$ 7,300	$ 9,400
Reclassification of share-based awards to a liability		(16,109)
Share-based compensation expense						7,305	$ 9,414
Brookfield Infrastructure
Stock based compensation plans
Reclassification of share-based awards to a liability						16,100
Share-based compensation expense						18,800
Share-based award unrecognized		$ 17,400				$ 17,400
Brookfield Infrastructure | All Share Consideration
Stock based compensation plans
Cash consideration per acquiree share (in usd per share)	$ 83.16
Common Shares
Stock based compensation plans
Share repurchase to settle shareholder tax obligations, shares		(3,864)	(77,326)		(93,253)	81,190
Employees | Restricted Stock
Stock based compensation plans
Grants of restricted shares (in shares)						138,727

Other Equity Matters (Details)

Other Equity Matters (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Treasury stock, value	$ 0						$ 0		$ 1,077,559
Preferred stock, redemption price per share (in dollars per share)	$ 25						$ 25
Payment of capital distribution	$ 407,600
Preferred Shares
Class of Stock [Line Items]
Aggregate Payment	13,000			$ 13,000			$ 39,100	$ 39,100
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			$ 0.36			$ 1.08	$ 1.08
Aggregate Payment	$ 2,500			$ 2,500			$ 7,600	$ 7,600
Treasury Shares
Class of Stock [Line Items]
Treasury shares acquired, shares		140,000	1,744,616	3,200,340	1,832,240	1,257,374	1,884,616
Share price (in dollars per share)	$ 66.66						$ 66.66
Treasury stock, value	$ 125,600						$ 125,600
Percentage acquired	100%						100%

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, 2023	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
Dividend Rate				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
Dividend Rate			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
Dividend Rate		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
Dividend Rate	5.75%

Other Equity Matters Dividends

Other Equity Matters Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Dividends Payable [Line Items]
Per Share Payment (in dollars per share)	$ 0.53	$ 0.53	$ 1.59	$ 1.59
Dividends	$ 1.8	$ 1.8	$ 5.4	$ 5.4
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Dividends Payable [Line Items]
Per Share Payment (in dollars per share)	$ 0.50	$ 0.50	$ 1.50	$ 1.50
Dividends	$ 2.9	$ 2.9	$ 8.7	$ 8.7
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Dividends Payable [Line Items]
Per Share Payment (in dollars per share)	$ 0.46	$ 0.46	$ 1.38	$ 1.38
Dividends	$ 3.2	$ 3.2	$ 9.6	$ 9.6
6.875% Series D Cumulative Redeemable Perpetual Preference Shares
Dividends Payable [Line Items]
Per Share Payment (in dollars per share)	$ 0.43	$ 0.43	$ 1.29	$ 1.29
Dividends	$ 2.6	$ 2.6	$ 7.8	$ 7.8
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Dividends Payable [Line Items]
Per Share Payment (in dollars per share)	$ 0.36	$ 0.36	$ 1.08	$ 1.08
Dividends	$ 2.5	$ 2.5	$ 7.6	$ 7.6
Preferred Shares
Dividends Payable [Line Items]
Dividends	$ 13	$ 13	$ 39.1	$ 39.1

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease, weighted average implicit rate, percent	5.60%	5.60%
Lessee, operating lease, remaining term of contract	9 years 9 months 3 days	9 years 9 months 3 days
Operating lease, payments		$ 2.4	$ 2.6
Credit loss, reversal of reserve	$ 0.4	$ 2.9

Leases - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Right-of-use asset - operating	$ 10,158		$ 10,158		$ 3,145
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	$ 13,315		$ 13,315		$ 3,465
Administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 652	$ 797	$ 2,127	$ 2,444

Leases - Operating Leases Lesso

Leases - Operating Leases Lessor Maturities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
2023 (Remaining 3 months)	$ 19,245
2024	76,275
2025	65,160
2026	42,870
2027	16,924
2028 and thereafter	58,459
Total	$ 278,933

Leases - Net Investment in Fina

Leases - Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Future minimum lease payment receivable	$ 1,974,693	$ 2,161,192
Estimated residual receivable	218,251	218,004
Gross finance lease receivables	2,192,944	2,379,196
Lessor, Unearned Income	(659,385)	(739,365)
Net investment in finance leases	$ 1,533,559	$ 1,639,831
Customer Concentration Risk | Lease Finance Portfolio Benchmark | Customer One
Lessee, Lease, Description [Line Items]
Concentration Risk, Percentage	93%	90%

Debt - Key Term and Carrying Va

Debt - Key Term and Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt outstanding	$ 7,816,667	$ 8,135,467
Unamortized debt costs	(47,680)	(55,863)
Unamortized debt premiums & discounts	(3,990)	(4,784)
Debt, net of unamortized debt costs	7,764,997	8,074,820
Secured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	2,952,543	3,210,467
Asset-backed securitization ("ABS") term instruments
Debt Instrument [Line Items]
Debt outstanding	$ 2,657,543	2,890,467
Debt instrument, interest rate, effective percentage	2.04%
Asset-backed securitization warehouse
Debt Instrument [Line Items]
Debt outstanding	$ 295,000	320,000
Debt instrument, interest rate, effective percentage	6.92%
Unsecured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	$ 4,864,124	4,925,000
Senior notes
Debt Instrument [Line Items]
Debt outstanding	$ 2,300,000	2,900,000
Debt instrument, interest rate, effective percentage	2.45%
Term loan facility
Debt Instrument [Line Items]
Debt outstanding	$ 1,504,124	1,080,000
Debt instrument, interest rate, effective percentage	6.67%
Revolving credit facility
Debt Instrument [Line Items]
Debt outstanding	$ 1,060,000	$ 945,000
Debt instrument, interest rate, effective percentage	6.67%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended	9 Months Ended
	Jun. 30, 2023	Sep. 30, 2023	Sep. 01, 2023	Aug. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Derivative, notional amount		$ 300,000
Debt and lease obligation		$ 7,816,667			$ 8,135,467
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, notional amount				$ 300,000
Excluding impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Weighted Avg Remaining Term		4 years 4 months 24 days
Excluding impact of derivative instruments: | Floating-rate debt
Debt Instrument [Line Items]
Weighted Avg Remaining Term		3 years 3 months 18 days
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,125,000
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount				$ 600,000
Debt instrument, interest rate, stated percentage				0.80%
Debt and lease obligation		2,300,000			2,900,000
Term Loan Facility
Debt Instrument [Line Items]
Line of Credit Facility, Accordion Feature, Increase Limit			$ 500,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity		2,000,000
Debt and lease obligation		1,060,000			945,000
Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity		1,045,800
Asset-Backed Securitization Warehouse Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,125,000
Secured Overnight Financing Rate (SOFR) | Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.60%
Secured Overnight Financing Rate (SOFR) | Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.35%
Secured Overnight Financing Rate (SOFR) | Revolving credit facility | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.60%
Secured Overnight Financing Rate (SOFR) | Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		135%
Minimum | Senior notes
Debt Instrument [Line Items]
Debt instrument, term	3 years
Maximum | Senior notes
Debt Instrument [Line Items]
Debt instrument, term		10 years
Level 2
Debt Instrument [Line Items]
Debt and lease obligation		$ 7,003,800			$ 7,264,700

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details)	9 Months Ended
	Sep. 30, 2023 USD ($)
Excluding impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 4,957,543,000
Contractual Weighted Avg Interest Rate	2.23%
Weighted Avg Remaining Term	4 years 4 months 24 days
Excluding impact of derivative instruments: | Floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 2,859,124,000
Contractual Weighted Avg Interest Rate	6.69%
Weighted Avg Remaining Term	3 years 3 months 18 days
Including impact of derivative instruments:
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 7,816,667,000
Contractual Weighted Avg Interest Rate	3.27%
Including impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 4,957,543,000
Contractual Weighted Avg Interest Rate	2.23%
Designated as Hedging Instrument | Including impact of derivative instruments: | Hedged floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 1,609,000,000
Contractual Weighted Avg Interest Rate	3.87%
Designated as Hedging Instrument | Including impact of derivative instruments: | Total fixed and hedged debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 6,566,543,000
Contractual Weighted Avg Interest Rate	2.63%
Not Designated as Hedging Instrument | Including impact of derivative instruments: | Unhedged floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 1,250,124,000
Contractual Weighted Avg Interest Rate	6.69%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Aug. 01, 2023
Derivative [Line Items]
Derivative, notional amount	$ 300
Cash flow hedge gain (loss) to be reclassified within twelve months	50.1
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount		$ 300
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Cash collateral for interest rate swap contracts	2.6
Not Designated as Hedging Instrument | Interest Rate Cap
Derivative [Line Items]
Derivative, notional amount	$ 500

Derivative Instruments - Intere

Derivative Instruments - Interest Rate Swap/Caps (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Interest Rate Swap
Fair Value of Derivative Instruments
Weighted Average Fixed Leg (Pay) Interest Rate	2.49%
Weighted Average Remaining Term	2 years 10 months 24 days
Designated as Hedging Instrument | Interest Rate Swap
Fair Value of Derivative Instruments
Notional Amount (in millions)	$ 1,609
Designated as Hedging Instrument | Forward Starting Swaps
Fair Value of Derivative Instruments
Weighted Average Remaining Term	4 years
Total Notional amount forward starting interest rate swap	$ 350

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value of Derivative Instruments
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]			Interest and debt expense
Unrealized (gains) losses	$ (89,320)	$ (238,752)	$ (385,157)	$ (747,584)
Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	(13,030)	(2,313)	(34,183)	7,403
Comprehensive (income) loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	(32,317)	(53,866)	(56,646)	(169,315)
Other (income) expense, net | Interest Rate Swap | Not Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	$ (4)	$ 19	$ (8)	$ (320)

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	9 Months Ended
	Sep. 30, 2023 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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Industry Segment Information
Total leasing revenues	$ 384,901	$ 424,683	$ 1,169,163	$ 1,263,379
Trading margin	4,508	3,680	7,491	14,223
Net gain on sale of leasing equipment	12,318	26,468	49,401	90,509
Depreciation and amortization expense	141,438	158,538	436,753	480,176
Interest and debt expense	60,073	57,124	176,211	166,293
Income before income taxes	81,089	206,664	(399,916)	629,729
Payments to acquire productive assets	31,847	139,790	151,361	889,811
Unrealized gain (loss) on investments	4	(19)	8	320
Equipment held for sale	189,614		189,614		$ 138,506
Goodwill at the end of the period	236,665		236,665		236,665
Total assets at the end of the period	11,470,198		11,470,198		12,109,258
Equipment Leasing
Industry Segment Information
Total leasing revenues	383,342	420,694	1,164,019	1,252,046
Trading margin	0	0	0	0
Net gain on sale of leasing equipment	12,318		49,401	90,509
Depreciation and amortization expense	141,237	158,349	436,174	479,617
Interest and debt expense	59,823	56,688	175,391	164,946
Income before income taxes	75,446	200,062	388,653	607,751
Payments to acquire productive assets	31,847	139,790	151,361	889,811
Equipment held for sale	160,832		160,832		97,463
Goodwill at the end of the period	220,864		220,864		220,864
Total assets at the end of the period	11,391,585		11,391,585		12,010,654
Equipment Trading
Industry Segment Information
Total leasing revenues	1,559	3,989	5,144	11,333
Trading margin	4,508	3,680	7,491	14,223
Net gain on sale of leasing equipment	0	0	0	0
Depreciation and amortization expense	201	189	579	559
Interest and debt expense	250	436	820	1,347
Income before income taxes	5,643	6,602	11,263	21,978
Payments to acquire productive assets	0	$ 0	0	$ 0
Equipment held for sale	28,782		28,782		41,043
Goodwill at the end of the period	15,801		15,801		15,801
Total assets at the end of the period	$ 78,613		$ 78,613		$ 98,604

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Geographic Segment Information
Total leasing revenues	$ 384,901	$ 424,683	$ 1,169,163	$ 1,263,379
Equipment trading revenues	34,996	44,786	80,524	127,014
Asia
Geographic Segment Information
Total leasing revenues	129,863	152,012	402,300	453,892
Equipment trading revenues	13,870	25,659	30,805	68,937
Europe
Geographic Segment Information
Total leasing revenues	207,541	220,228	621,751	660,115
Equipment trading revenues	6,135	6,646	14,841	22,157
Americas
Geographic Segment Information
Total leasing revenues	32,769	36,720	100,723	107,479
Equipment trading revenues	5,109	10,864	19,384	31,715
Bermuda
Geographic Segment Information
Total leasing revenues	1,058	834	3,143	2,164
Equipment trading revenues	0	0	0	0
Other international
Geographic Segment Information
Total leasing revenues	13,670	14,889	41,246	39,729
Equipment trading revenues	$ 9,882	$ 1,617	$ 15,494	$ 4,205

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($) petition shares
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable | $	$ 12.1
Number of Petitions | petition	2
Common shares appraised (in shares) | shares	1,184,300
Percentage of common shares appraised	2.15%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	14%	8%	9.70%	7.40%

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
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	$ 1.5
Loans and Leases Receivable, Related Parties	$ 6.2	$ 6.2	$ 7.4

Subsequent Events - Dividends (

Subsequent Events - Dividends (Details) - $ / shares	Oct. 29, 2023	Aug. 31, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Dividend Rate					8.50%
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	8.50%
Dividend Per Share (in dollars per share)	$ 0.5312500
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Dividend Rate				8%
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	8%
Dividend Per Share (in dollars per share)	$ 0.5000000
7.375% Series C Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Dividend Rate			7.375%
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	7.375%
Dividend Per Share (in dollars per share)	$ 0.4609375
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	6.875%
Dividend Per Share (in dollars per share)	$ 0.4296875
5.75% Series E Cumulative Redeemable Perpetual Preference Shares
Subsequent Event [Line Items]
Dividend Rate		5.75%
5.75% Series E Cumulative Redeemable Perpetual Preference Shares | Subsequent Event
Subsequent Event [Line Items]
Dividend Rate	5.75%
Dividend Per Share (in dollars per share)	$ 0.3593750