Triton International Limited (TRTN-PC) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	2024
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, 2024	Dec. 31, 2023
ASSETS:
Leasing equipment, net of accumulated depreciation of $4,714,232 and $4,482,185	$ 8,747,250	$ 8,768,917
Net investment in finance leases	1,608,166	1,507,292
Equipment held for sale	112,732	185,502
Revenue earning assets	10,468,148	10,461,711
Cash and cash equivalents	85,818	57,776
Restricted cash	75,399	91,450
Accounts receivable, net of allowances of $969 and $738	234,459	243,443
Goodwill	236,665	236,665
Other assets	34,714	46,217
Fair value of derivative instruments	71,314	95,606
Total assets	11,206,517	11,232,868
LIABILITIES AND SHAREHOLDERS' EQUITY:
Equipment purchases payable	173,606	31,597
Fair value of derivative instruments	5,460	1,827
Deferred revenue	203,833	259,023
Accounts payable and other accrued expenses	137,665	116,888
Net deferred income tax liability	415,572	415,901
Debt, net of unamortized costs of $51,746 and $43,924	7,450,287	7,470,634
Total liabilities	8,386,423	8,295,870
Shareholders' equity:
Undesignated shares, $0.01 par value, 800,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital (deficit)	(305,654)	(308,114)
Accumulated earnings	2,338,095	2,428,531
Accumulated other comprehensive income (loss)	56,641	85,569
Total shareholders' equity	2,820,094	2,936,998
Total liabilities and shareholders' equity	11,206,517	11,232,868
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 shares issued and outstanding	$ 1,012	$ 1,012

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Leasing equipment, accumulated depreciation and allowances	$ 4,714,232	$ 4,482,185
Accounts receivable, allowances	969	738
Deferred financing costs	$ 51,746	$ 43,924
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
Common Shares, Shares Authorized (in shares)	270,000,000
Common Shares, Shares Issued (in shares)	101,158,891
Undesignated Common Stock
Class of Stock [Line Items]
Common Shares, Par Value (in dollars per share)	$ 0.01
Common Shares, Shares Authorized (in shares)	800,000
Common Shares, Shares Outstanding (in shares)	0
Common Shares, Shares Issued (in shares)	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leasing revenues:
Operating leases	$ 363,787	$ 358,997	$ 1,060,968	$ 1,089,349
Finance leases	27,532	25,904	80,625	79,814
Total leasing revenues	391,319	384,901	1,141,593	1,169,163
Equipment trading revenues	11,493	34,996	35,610	80,524
Equipment trading expenses	(10,440)	(30,488)	(32,258)	(73,033)
Trading margin	1,053	4,508	3,352	7,491
Net gain (loss) on sale of leasing equipment	17,435	12,318	(6,061)	49,401
Operating expenses:
Depreciation and amortization	134,952	141,438	406,569	436,753
Direct operating expenses	13,527	27,143	53,306	75,221
Administrative expenses	22,862	23,623	68,683	69,884
Transaction and other costs	5,095	68,741	26,746	71,320
Provision (reversal) for doubtful accounts	(53)	(211)	(1,543)	(2,768)
Total operating expenses	176,383	260,734	553,761	650,410
Operating income (loss)	233,424	140,993	585,123	575,645
Other (income) expenses:
Interest and debt expense	67,404	60,073	190,242	176,211
Other (income) expense, net	(56)	(173)	(134)	(490)
Total other (income) expenses	67,348	59,900	190,108	175,721
Income (loss) before income taxes	166,076	81,093	395,015	399,924
Income tax expense (benefit)	15,423	11,392	41,383	38,648
Net income (loss)	150,653	69,701	353,632	361,276
Less: dividends on preferred shares	13,028	13,028	39,084	39,084
Net income (loss) attributable to common shareholder	$ 137,625	$ 56,673	$ 314,548	$ 322,192

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 150,653	$ 69,701	$ 353,632	$ 361,276
Other comprehensive income (loss), net of tax:
Change in derivative instruments designated as cash flow hedges	(40,604)	31,564	9,901	54,692
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(12,653)	(11,760)	(38,976)	(30,676)
Foreign currency translation adjustment	241	(185)	147	(135)
Other comprehensive income (loss), net of tax	(53,016)	19,619	(28,928)	23,881
Comprehensive income	97,637	89,320	324,704	385,157
Dividends on preferred shares	13,028	13,028	39,084	39,084
Comprehensive income attributable to common shareholder	$ 84,609	$ 76,292	$ 285,620	$ 346,073

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges	$ (716)	$ 753	$ 490	$ 1,954
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(1,195)	(1,270)	(3,850)	(3,507)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	150,653	69,701	353,632	361,276
Change in derivative instruments designated as cash flow hedges	(40,604)	31,564	9,901	54,692
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges	(12,653)	(11,760)	(38,976)	(30,676)
Foreign currency translation adjustment	241	(185)	147	(135)
Other Comprehensive Income Loss, Net of Tax Including New Accounting Adoption	(53,016)	19,619	(28,928)	23,881
Dividends on preferred shares	$ 13,028	$ 13,028	$ 39,084	$ 39,084

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, 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
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				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
Beginning balance, shares at Dec. 31, 2023		29,200,000	101,158,891	0
Beginning balance at Dec. 31, 2023	2,936,998	$ 730,000	$ 1,012	$ 0	(308,114)	2,428,531	85,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	125,543					125,543
Other comprehensive income (loss)	23,518						23,518
Contributed capital from Parent	820				820
Return of capital to Parent	(200,913)					(200,913)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Mar. 31, 2024		29,200,000	101,158,891	0
Ending balance at Mar. 31, 2024	2,872,938	$ 730,000	$ 1,012	$ 0	(307,294)	2,340,133	109,087
Beginning balance, shares at Dec. 31, 2023		29,200,000	101,158,891	0
Beginning balance at Dec. 31, 2023	2,936,998	$ 730,000	$ 1,012	$ 0	(308,114)	2,428,531	85,569
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributed capital from Parent	2,500
Dividends, Common Stock, Cash	(400,000)
Ending balance, shares at Sep. 30, 2024		29,200,000	101,158,891	0
Ending balance at Sep. 30, 2024	2,820,094	$ 730,000	$ 1,012	$ 0	(305,654)	2,338,095	56,641
Beginning balance, shares at Mar. 31, 2024		29,200,000	101,158,891	0
Beginning balance at Mar. 31, 2024	2,872,938	$ 730,000	$ 1,012	$ 0	(307,294)	2,340,133	109,087
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	77,436					77,436
Other comprehensive income (loss)	570						570
Contributed capital from Parent	820				820
Return of capital to Parent	(3,992)					(3,992)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Jun. 30, 2024		29,200,000	101,158,891	0
Ending balance at Jun. 30, 2024	2,934,744	$ 730,000	$ 1,012	$ 0	(306,474)	2,400,549	109,657
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	150,653					150,653
Other comprehensive income (loss)	(53,016)						(53,016)
Contributed capital from Parent	820				820
Return of capital to Parent	(200,079)					(200,079)
Preferred shares dividend declared	(13,028)					(13,028)
Ending balance, shares at Sep. 30, 2024		29,200,000	101,158,891	0
Ending balance at Sep. 30, 2024	$ 2,820,094	$ 730,000	$ 1,012	$ 0	$ (305,654)	$ 2,338,095	$ 56,641

Consolidated Statements of Sh_2

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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 353,632	$ 361,276
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	406,569	436,753
Amortization of deferred debt cost and other debt related amortization	7,086	6,000
Lease related amortization	2,031	4,078
Other non-cash compensation costs	2,460	7,305
Net (gain) loss on sale of leasing equipment	6,061	(49,401)
Deferred income taxes	3,031	(1,022)
Changes in operating assets and liabilities:
Accounts receivable, net	14,953	(32,179)
Deferred revenue	(55,190)	(54,327)
Change in share-based awards liability	0	18,765
Accounts payable and other accrued expenses	20,890	9,875
Equipment sold (purchased) for resale activity	8,067	15,101
Cash collections on finance lease receivables, net of income earned	89,803	143,826
Other assets	8,720	(3,096)
Net cash provided by (used in) operating activities	868,113	862,954
Cash flows from investing activities:
Purchases of leasing equipment and investments in finance leases	(666,319)	(151,361)
Proceeds from sale of equipment, net of selling costs	286,096	272,633
Other	114	(133)
Net cash provided by (used in) investing activities	(380,109)	121,139
Cash flows from financing activities:
Debt issuance costs	(18,815)	(3,008)
Borrowings under debt facilities	2,410,483	1,570,000
Payments under debt facilities and finance lease obligations	(2,423,613)	(1,888,800)
Dividends paid on preferred shares	(39,084)	(39,084)
Distributions to Parent	(404,984)	(407,632)
Dividends paid on common shares	0	(115,552)
Purchases of treasury shares	0	(129,776)
Other	0	(5,803)
Net cash provided by (used in) financing activities	(476,013)	(1,019,655)
Net increase (decrease) in cash, cash equivalents and restricted cash	11,991	(35,562)
Cash, cash equivalents and restricted cash, beginning of period	149,226	186,309
Cash, cash equivalents and restricted cash, end of period	161,217	150,747
Supplemental disclosures:
Interest paid	180,651	167,980
Income taxes paid (refunded)	13,669	39,285
Right-of-use assets obtained in exchange for new operating lease liabilities	1,441	9,102
Non-cash investing activities:
Equipment purchases payable	$ 173,606	$ 9,121

Description of the Business, Ba

Description of the Business, Basis of Presentation and Accounting Policy Updates	9 Months Ended
	Sep. 30, 2024
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 U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. 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 Consolidated Balance Sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The consolidated results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024 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, 2023 included in the Company's Annual Report on Form 10-K which was filed with the Securities and Exchange Commission on February 29, 2024. The unaudited consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities of which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the accompanying prior period financial statements and notes to conform to the current year's presentation. 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, components of 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. As a percent of its lease billings, the Company's three largest customers accounted for 20%, 19%, and 12% for the nine months ended September 30, 2024 and 19%, 17% and 11% for the nine months ended September 30, 2023. 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 7 - "Debt" and Note 8 - "Derivative Instruments" , respectively. Recently Issued Accounting Standards Not Yet Adopted Segment Reporting Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , was issued in November 2023, which requires enhancements to the disclosure requirements for operating segments, primarily disclosures about significant segment expenses, in the Company’s annual and interim consolidated financial statements. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The Company is currently evaluating the impact, if any, that the adoption of this standard will have on its segment disclosures. Income Taxes ASU No. 2023-09, Improvements to Income Tax Disclosures, was issued in December 2023, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The new guidance also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this standard will have on its income tax disclosures. Compensation Costs ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), was issued in March 2024, to clarify the scope application of profits interest and similar awards and to add incremental clarity to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718, Compensation-Stock Compensation. ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company intends to adopt ASU 2024-01 as of January 1, 2025 on a prospective basis, and does not expect this ASU to have an impact on the Company’s consolidated financial statements.

Merger

Merger	9 Months Ended
	Sep. 30, 2024
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, Merger Sub merged with and into Triton (the “Merger”), with the Company surviving the Merger as a subsidiary of Parent. The Company incurred certain costs related to the Merger that are included in Transaction and other costs in the Company’s Consolidated Statements of Operations. For the three and nine months ended September 30, 2024, transaction and other costs primarily consisted of employee incentive and retention compensation costs and legal expenses and other costs associated with the Merger. For the three and nine months ended September 30, 2023, transaction and other costs primarily consisted of employee incentive and retention compensation costs, financial advisory fees, and legal and professional expenses incurred in connection with the Merger. See Note 4 - "Other Compensation Costs - Other Compensation" for more detailed information regarding employee incentive and retention compensation.

Equipment Held for Sale

Equipment Held for Sale	9 Months Ended
	Sep. 30, 2024
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 components of Net gain (loss) on sale of leasing equipment on the Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Impairment (loss) reversal on equipment held for sale $ (947) $ (2,959) $ (3,028) $ (5,770) Gain (loss) on sale of equipment, net of selling costs 18,687 15,277 54,375 55,171 Up-front (loss) on finance lease (305) — (57,408) — Net gain (loss) on sale of leasing equipment $ 17,435 $ 12,318 $ (6,061) $ 49,401 During 2024, the Company entered into a finance lease transaction which included certain containers purchased during the COVID-19 pandemic with carrying values that were higher than current market values, resulting in an up-front loss of $57.4 million and corresponding reduction to the net book value of revenue earning assets.

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2024
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. As of September 30, 2024, the remaining $0.7 million of intangible assets will be fully amortized in 2024.

Other Compensation Costs

Other Compensation Costs	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Other Compensation Costs	Other Compensation Costs Long-Term Cash Incentive Plan During the first quarter of 2024, the Company adopted a Long-Term Cash Incentive Plan that allows incentive awards to be granted to certain employees and consultants of the Company. The Company granted 2024 long-term cash incentive awards with a specified cash target value (“2024 LTIP Awards”) during the first quarter of 2024. The 2024 LTIP Awards will vest in equal installments on January 15, 2026 and January 15, 2027, subject to the participant's continued service with the Company. Payouts of the awards will be based on changes in the Company’s valuation, plus cumulative cash dividends and return of capital distributions paid by the Company over the vesting period. Changes in the aggregate target value at each subsequent reporting date will be recognized as compensation expense based on the portion of vesting or service period lapsed from the grant date through the reporting date. The aggregate target value of the 2024 LTIP Awards at September 30, 2024 was $13.0 million, which will be recognized as compensation expense over the vesting period. For the three and nine months ended September 30, 2024, the Company recognized $1.4 million and $3.3 million, respectively, of compensation expense for the 2024 LTIP Awards in Administrative expenses on the Consolidated Statements of Operations. Long-Term Incentive Awards In the fourth quarter of 2023, certain senior executives of the Company were granted 750 incentive units pursuant to a long-term incentive program established by Brookfield Infrastructure. The awards (the “Incentive Units”) will vest in five equal annual installments on each of the first five anniversaries of the closing date of the Merger, subject to the participants' continued employment or service. During the second quarter of 2024, 125 additional Incentive Units were granted under this program in the form of bonus unit awards. The total number of Incentive Units granted under the long-term incentive program was 875 as of September 30, 2024. Payment obligations under the program (if any) are the responsibility of Brookfield Infrastructure. For additional information regarding the Incentive Units, please refer to the section titled "Post-Merger Long-Term Incentive Awards Granted by Brookfield Infrastructure" in Part III, Item 11. "Executive Compensation" in the 2023 Annual Report on Form 10-K. The Company will recognize compensation cost for the Incentive Units on a straight-line basis over the five-year vesting period based on the fair value of the awards. The fair value at grant date of $16.4 million relates to both units issued and additional units that are expected to be issued under this program. Changes in the fair value at each subsequent reporting date will be recognized as compensation expense based on the portion of vesting or service period lapsed from the grant date through the reporting date. Based on a review of the valuation of the Company at the first anniversary date of the Merger, the fair value of these awards at grant date of $16.4 million did not materially change. The fair value as of September 30, 2024 was calculated using a Black-Scholes pricing formula including the following significant assumptions: Underlying market price per share $ 109.70 Volatility 34.00 % Expected term 4 years Risk-free rate 3.86 % For the three and nine months ended September 30, 2024, the Company recognized $0.8 million and $2.5 million, respectively, of compensation expense for the Incentive Units in Administrative expenses on the Consolidated Statements of Operations. Other Compensation Prior to the completion of the Merger, the Company recognized share-based compensation expense for share-based awards 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. 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 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, plus accrued dividends. 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 Accrued compensation liability at September 30, 2023 included a $16.1 million reclassification from equity, plus previously accrued dividends of $2.9 million. For both the three and nine months ended September 30, 2023, Transaction and other costs included $18.8 million in incremental employee compensation costs to recognize the fair value of the awards based on the portion of the service period completed at the time of modification. The following table summarizes activity related to these awards for the nine months ended September 30, 2024 (in millions): Accrued compensation liability at December 31, 2023 $ 41.6 Compensation expense (1) 11.9 Payments (2) (18.0) Accrued compensation liability at September 30, 2024 (3) $ 35.5 (1) Included in Transaction and other costs in the Consolidated Statements of Operations. (2) Amounts paid to participants primarily related to awards granted in 2021 that vested in January 2024. ( 3) Amounts accrued to be paid during the fourth quarter of 2024. Transaction and other costs also included retention compensation expense related to the Merger of $0.6 million and $2.2 million for the three and nine months ended September 30, 2024, respectively and $1.4 million for both the three and nine months ended September 30, 2023. As of September 30, 2024, the accrued retention liability was paid out in full. See Note 2 - "Merger" for more detailed information regarding Merger costs.

Other Equity Matters

Other Equity Matters	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Other Equity Matters	Other Equity Matters 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 nine months ended September 30, 2024, the Company paid cash dividends of $400.0 million to Parent. The Company also paid $5.0 million in cash distributions to Parent for the reimbursement of or payment of transaction costs related to the Merger. In addition, the Company received a capital contribution of $1.9 million from a Brookfield affiliate in connection with the Merger that was distributed as a dividend to Parent. 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 applicable 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. 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 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 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, 2024, the Company had cumulative unpaid preference dividends of $2.2 million.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases Lessee The Company leases office facilities 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 following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2024 December 31, 2023 Right-of-use asset - operating Other assets $ 10,069 $ 10,093 Lease liability - operating Accounts payable and other accrued expenses $ 13,817 $ 13,510 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2024 2023 2024 2023 Operating lease cost (1) Administrative expenses $ 740 $ 652 $ 2,208 $ 2,127 (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 $1.8 million and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. The following table includes supplemental information related to the Company's operating leases: September 30, 2024 Weighted-Average Remaining Lease Term 9.0 years Weighted-Average Discount Rate 5.72 % Lessor Operating Leases As of September 30, 2024, 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, 2024 (Remaining 3 months) $ 19,045 2025 65,995 2026 43,231 2027 16,736 2028 15,568 2029 and thereafter 43,258 Total $ 203,833 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2024 December 31, 2023 Future minimum lease payment receivable (1) $ 2,038,178 $ 1,928,167 Estimated residual receivable (2) 269,270 218,199 Gross finance lease receivables (3) 2,307,448 2,146,366 Unearned income (4) (699,282) (636,486) Finance lease reserve (5) — (2,588) Net investment in finance leases (6) $ 1,608,166 $ 1,507,292 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2024 and December 31, 2023. (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, 2024 and December 31, 2023. (5) The Company reversed the finance lease reserve during the second quarter of 2024. (6) One major customer represented 93% of the Company's finance lease portfolio as of September 30, 2024 and December 31, 2023, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.
Leases	Leases Lessee The Company leases office facilities 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 following table summarizes the impact of the Company's leases in its financial statements (in thousands): Balance Sheet Financial statement caption September 30, 2024 December 31, 2023 Right-of-use asset - operating Other assets $ 10,069 $ 10,093 Lease liability - operating Accounts payable and other accrued expenses $ 13,817 $ 13,510 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2024 2023 2024 2023 Operating lease cost (1) Administrative expenses $ 740 $ 652 $ 2,208 $ 2,127 (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 $1.8 million and $2.4 million for the nine months ended September 30, 2024 and 2023, respectively. The following table includes supplemental information related to the Company's operating leases: September 30, 2024 Weighted-Average Remaining Lease Term 9.0 years Weighted-Average Discount Rate 5.72 % Lessor Operating Leases As of September 30, 2024, 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, 2024 (Remaining 3 months) $ 19,045 2025 65,995 2026 43,231 2027 16,736 2028 15,568 2029 and thereafter 43,258 Total $ 203,833 Finance Leases The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2024 December 31, 2023 Future minimum lease payment receivable (1) $ 2,038,178 $ 1,928,167 Estimated residual receivable (2) 269,270 218,199 Gross finance lease receivables (3) 2,307,448 2,146,366 Unearned income (4) (699,282) (636,486) Finance lease reserve (5) — (2,588) Net investment in finance leases (6) $ 1,608,166 $ 1,507,292 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2024 and December 31, 2023. (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, 2024 and December 31, 2023. (5) The Company reversed the finance lease reserve during the second quarter of 2024. (6) One major customer represented 93% of the Company's finance lease portfolio as of September 30, 2024 and December 31, 2023, respectively. No other customer represented more than 10% of the Company's finance lease portfolio in each of those periods.

Debt

Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated: September 30, 2024 December 31, 2023 Outstanding Borrowings (in thousands) Contractual Weighted Avg Interest Rate Maturity Range Outstanding Borrowings (in thousands) From To Secured Debt Financings Securitization ("ABS") term instruments $ 3,125,447 2.92% February 2028 February 2035 $ 2,579,832 Securitization warehouse 60,000 6.85% January 2031 January 2031 240,000 Total secured debt financings 3,185,447 2,819,832 Unsecured Debt Financings Senior notes 1,800,000 2.82% April 2026 March 2032 2,300,000 Credit facility: Revolving credit tranche 805,000 6.13% July 2029 July 2029 930,000 Term loan tranche 1,715,000 6.13% July 2029 July 2029 1,468,496 Total unsecured debt financings 4,320,000 4,698,496 Total debt financings $ 7,505,447 $ 7,518,328 Unamortized debt costs (51,746) (43,924) Unamortized debt premiums & discounts (3,414) (3,770) Debt, net of unamortized costs $ 7,450,287 $ 7,470,634 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 on certain securitized term instruments. In the second and third quarters of 2024, the Company issued a series of ABS fixed-rate notes in the amounts of $450.0 million and $351.9 million at weighted average interest rates of 5.55% and 5.63% and expected maturity dates of May 2034 and February 2035, respectively. The proceeds from these issuances were primarily used to pay down borrowings under the Company's revolving credit facilities. In the first quarter of 2024, the Company obtained $57.0 million in irrevocable standby letters of credit to satisfy the restricted cash balance requirements equal to nine months of interest expense on the ABS facilities, inclusive of a $18.7 million irrevocable standby letter of credit related to the ABS fixed-rate notes issued in the second quarter of 2024. The restricted cash balance held by the Trustee in designated bank accounts of $38.3 million was released to the Company subsequent to the issuance of the letters of credit. 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, paying interest at term Secured Overnight Financing Rate ("SOFR") plus 1.60%. In the first quarter of 2024, the Company amended its ABS warehouse facility to extend the conversion date from April 27, 2025 to January 22, 2027. After the revolving period, borrowings will convert to term notes with a final maturity date of January 22, 2031 and pay interest at daily compound SOFR plus 2.60%. The interest rate benchmark was amended from term SOFR to daily compounded SOFR. The margin over the benchmark rate was unchanged as a result of the amendment. 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 five In the second quarter of 2024, the Company’s $500.0 million 1.15% senior notes matured. Payment at maturity was primarily funded by borrowings under Triton’s revolving credit facility. Credit Facility In the third quarter of 2024, the Company amended and restated its existing $2,000.0 million revolving credit facility to add a new $1,750.0 million term loan tranche under the credit facility. Term loan borrowings under the credit facility amortize in quarterly installments. The amendment and restatement also transitioned the reference rate from term to daily SOFR, increased the accordion feature available under the credit facility from $500.0 million to $1,000.0 million (or more in certain instances) and extended the maturity date of the credit facility to July 9, 2029. The interest rate under the credit facility is daily SOFR plus 1.30%. The credit facility is subject to covenants customary for financings of this type, including financial covenants that require the Company to maintain a minimum ratio of unencumbered assets to certain financial indebtedness. Proceeds from the credit facility were used in part to prepay the Company’s former term loan facility, which was then terminated. The termination of the former term loan facility and addition of the term loan tranche under the credit facility were accounted for as a debt modification and, accordingly, financing fees paid were deferred and $0.1 million of the unamortized fees from the existing term loan facility were written off and included in Other (income) expense, net on the Consolidated Statement of Operations. Derivative Impact on Debt 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, 2024: 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 $ 4,925,447 2.88% Apr 2026 Feb 2035 4.4 years Floating-rate debt $ 2,580,000 6.15% Jul 2029 Jan 2031 4.2 years Including impact of derivative instruments: Fixed-rate debt $ 4,925,447 2.88% Hedged floating-rate debt $ 1,878,250 3.84% Total fixed and hedged debt $ 6,803,697 3.15% Unhedged floating-rate debt $ 701,750 6.15% Total debt $ 7,505,447 3.35% The fair value of total debt outstanding was $7,155.9 million and $6,905.9 million as of September 30, 2024 and December 31, 2023, respectively, and was measured using Level 1 and Level 2 inputs. As of September 30, 2024, the maximum borrowing levels for the ABS warehouse and the revolving credit tranche under the credit facility were $1,125.0 million and $2,000.0 million, respectively. These facilities are governed by either borrowing bases or an unencumbered asset test that limits borrowing capacity. Based on those limitations, the availability under these revolving credit facilities at September 30, 2024 was approximately $995.0 million.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
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. In the first quarter of 2024, the Company 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. 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, 2024, the Company had cash collateral on derivative instruments of $0.7 million. Within the next twelve months, the Company expects to reclassify $22.6 million of net unrealized and realized gains related to derivative instruments designated as cash flow hedges from accumulated other comprehensive income (loss) into earnings. As of September 30, 2024, 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 $1,878.3 2.53% 3.8 years The following table summarizes the impact of derivative instruments on the Consolidated Statements of Operations and the Consolidated Statements of Comprehensive Income on a pretax basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Financial statement caption 2024 2023 2024 2023 Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ (13,848) $ (13,030) $ (42,826) $ (34,183) Unrealized (gains) losses Comprehensive (income) loss $ 41,320 $ (32,317) $ (10,391) $ (56,646) Fair Value of Derivative Instruments The Company presents the fair value of derivative instruments on a gross basis as a separate line item on the Consolidated Balance Sheets.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 389,297 $ 2,022 $ 391,319 $ 383,342 $ 1,559 $ 384,901 Trading margin — 1,053 1,053 — 4,508 4,508 Net gain (loss) on sale of leasing equipment 17,435 — 17,435 12,318 — 12,318 Depreciation and amortization 134,744 208 134,952 141,237 201 141,438 Interest and debt expense 67,232 172 67,404 59,823 250 60,073 Segment income (loss) before income taxes (1) 163,518 2,638 166,156 75,446 5,643 81,089 Purchases of leasing equipment and investments in finance leases (2) $ 298,159 $ — $ 298,159 $ 31,847 $ — $ 31,847 Nine Months Ended September 30, 2024 2023 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,135,851 $ 5,742 $ 1,141,593 $ 1,164,019 $ 5,144 $ 1,169,163 Trading margin — 3,352 3,352 — 7,491 7,491 Net gain (loss) on sale of leasing equipment (6,061) — (6,061) 49,401 — 49,401 Depreciation and amortization 405,949 620 406,569 436,174 579 436,753 Interest and debt expense 189,737 505 190,242 175,391 820 176,211 Segment income (loss) before income taxes (1) 387,230 7,912 395,142 388,653 11,263 399,916 Purchases of leasing equipment and investments in finance leases (2) $ 666,319 $ — $ 666,319 $ 151,361 $ — $ 151,361 (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, 2024 , the Company recorded an immaterial amount of unrealized gains or losses on derivative instruments and debt termination expenses. For the three and nine months ended September 30, 2023, the Company recorded an immaterial amount of unrealized gains or losses on derivative instruments and did not record any debt termination expense. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance leases 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, 2024 December 31, 2023 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 92,183 $ 20,549 $ 112,732 $ 165,184 $ 20,318 $ 185,502 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 11,141,059 $ 65,458 $ 11,206,517 $ 11,164,052 $ 68,816 $ 11,232,868 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, 2024 2023 2024 2023 Total leasing revenues: Asia $ 148,562 $ 129,863 $ 407,915 $ 402,300 Europe 208,620 207,541 612,491 621,751 Americas 17,340 32,769 72,885 100,723 Bermuda 1,081 1,058 3,203 3,143 Other International 15,716 13,670 45,099 41,246 Total $ 391,319 $ 384,901 $ 1,141,593 $ 1,169,163 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, 2024 2023 2024 2023 Total equipment trading revenues: Asia $ 3,840 $ 13,870 $ 12,313 $ 30,805 Europe 2,620 6,135 7,159 14,841 Americas 3,153 5,109 9,850 19,384 Bermuda — — — — Other International 1,880 9,882 6,288 15,494 Total $ 11,493 $ 34,996 $ 35,610 $ 80,524

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Container Equipment Purchase Commitments As of September 30, 2024, the Company had commitments to purchase equipment in the amount of $133.5 million to be paid in 2024. 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is a Bermuda exempted company. Bermuda does not currently impose a corporate income tax. The Company is subject to taxation in certain foreign jurisdictions on a portion of its income attributable to such jurisdictions. The two main subsidiaries of Triton are Triton Container International Limited ("TCIL") and TAL International Group ("TAL"). TCIL is a Bermuda exempted company and therefore no income tax is imposed. However, a portion of TCIL’s income is subject to taxation in the U.S. TAL is a U.S. company and therefore is subject to taxation in the U.S. The following table summarizes the Company's effective tax rate: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Effective Income Tax Rate 9.3 % 14.0 % 10.5 % 9.7 % The Company has computed the provision for income taxes based on the estimated annual effective tax rate and the application of discrete items, if any, in the applicable period. The decrease in the effective tax rate for the three months ended September 30, 2024, compared to the same period in 2023 was primarily due to a lower portion of the Company's income generated in lower tax rate jurisdictions during 2023 as a result of transaction costs incurred in connection with the Merger which did not re-occur in 2024. The increase in the effective tax rate for the nine months ended September 30, 2024, compared to the same period in 2023 was primarily due to the up-front loss on a finance lease transaction recorded in low tax jurisdictions during the second quarter of 2024 which resulted in a disproportionate increase to pre-tax income in higher tax jurisdictions.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On November 3, 2024, the Company's Board of Directors approved and declared a cash dividend of $100.0 million on its issued and outstanding common shares to Parent, payable on November 15, 2024. On November 3, 2024, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preference shares, payable on December 13, 2024 to holders of record at the close of business on December 6, 2024 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, 2024
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 U.S. generally accepted accounting principles ("GAAP") for interim financial information. Accordingly, these financial statements do not include all information and footnotes required by GAAP for complete financial statements. 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 Consolidated Balance Sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The consolidated results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024 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, 2023 included in the Company's Annual Report on Form 10-K which was filed with the Securities and Exchange Commission on February 29, 2024. The unaudited consolidated financial statements include the accounts of the Company and subsidiaries in which it has a controlling interest, and variable interest entities of which the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the accompanying prior period financial statements and notes to conform to the current year's presentation.
Use of Estimates	Use of 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. As a percent of its lease billings, the Company's three largest customers accounted for 20%, 19%, and 12% for the nine months ended September 30, 2024 and 19%, 17% and 11% 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 7 - "Debt" and Note 8 - "Derivative Instruments"
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted Segment Reporting Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
Income Taxes	Income Taxes ASU No. 2023-09, Improvements to Income Tax Disclosures, was issued in December 2023, which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). The new guidance also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual reporting periods beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of this standard will have on its income tax disclosures. Compensation Costs ASU No. 2024-01, Compensation - Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), was issued in March 2024, to clarify the scope application of profits interest and similar awards and to add incremental clarity to help entities determine whether profits interest and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718, Compensation-Stock Compensation. ASU 2024-01 is effective for annual periods beginning after December 15, 2024 and interim periods within those annual periods with early adoption permitted. The Company intends to adopt ASU 2024-01 as of January 1, 2025 on a prospective basis, and does not expect this ASU to have an impact on the Company’s consolidated financial statements.

Equipment Held for Sale (Tables

Equipment Held for Sale (Tables)	9 Months Ended
	Sep. 30, 2024
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 components of Net gain (loss) on sale of leasing equipment on the Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Impairment (loss) reversal on equipment held for sale $ (947) $ (2,959) $ (3,028) $ (5,770) Gain (loss) on sale of equipment, net of selling costs 18,687 15,277 54,375 55,171 Up-front (loss) on finance lease (305) — (57,408) — Net gain (loss) on sale of leasing equipment $ 17,435 $ 12,318 $ (6,061) $ 49,401 During 2024, the Company entered into a finance lease transaction which included certain containers purchased during the COVID-19 pandemic with carrying values that were higher than current market values, resulting in an up-front loss of $57.4 million and corresponding reduction to the net book value of revenue earning assets.

Other Compensation Costs (Table

Other Compensation Costs (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The fair value as of September 30, 2024 was calculated using a Black-Scholes pricing formula including the following significant assumptions: Underlying market price per share $ 109.70 Volatility 34.00 % Expected term 4 years Risk-free rate 3.86 %
Share-Based Payment Arrangement, Expensed and Capitalized, Amount	The following table summarizes activity related to these awards for the nine months ended September 30, 2024 (in millions): Accrued compensation liability at December 31, 2023 $ 41.6 Compensation expense (1) 11.9 Payments (2) (18.0) Accrued compensation liability at September 30, 2024 (3) $ 35.5 (1) Included in Transaction and other costs in the Consolidated Statements of Operations. (2) Amounts paid to participants primarily related to awards granted in 2021 that vested in January 2024. ( 3) Amounts accrued to be paid during the fourth quarter of 2024.

Other Equity Matters (Table)

Other Equity Matters (Table)	9 Months Ended
	Sep. 30, 2024
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 on its issued and outstanding Series (in millions except for the per-share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 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, 2024
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, 2024 December 31, 2023 Right-of-use asset - operating Other assets $ 10,069 $ 10,093 Lease liability - operating Accounts payable and other accrued expenses $ 13,817 $ 13,510 Three Months Ended September 30, Nine Months Ended September 30, Income Statement Financial statement caption 2024 2023 2024 2023 Operating lease cost (1) Administrative expenses $ 740 $ 652 $ 2,208 $ 2,127 (1) Includes short-term leases that are immaterial.
Schedule of Weighted-Average Operating Lease	The following table includes supplemental information related to the Company's operating leases: September 30, 2024 Weighted-Average Remaining Lease Term 9.0 years Weighted-Average Discount Rate 5.72 %
Schedule of deferred revenue	These amounts will be amortized into revenue as follows (in thousands): Year ending December 31, 2024 (Remaining 3 months) $ 19,045 2025 65,995 2026 43,231 2027 16,736 2028 15,568 2029 and thereafter 43,258 Total $ 203,833
Schedule of Components of Leveraged Lease Investments	The following table summarizes the components of the net investment in finance leases (in thousands): September 30, 2024 December 31, 2023 Future minimum lease payment receivable (1) $ 2,038,178 $ 1,928,167 Estimated residual receivable (2) 269,270 218,199 Gross finance lease receivables (3) 2,307,448 2,146,366 Unearned income (4) (699,282) (636,486) Finance lease reserve (5) — (2,588) Net investment in finance leases (6) $ 1,608,166 $ 1,507,292 (1) There were no executory costs included in gross finance lease receivables as of September 30, 2024 and December 31, 2023. (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, 2024 and December 31, 2023. (5) The Company reversed the finance lease reserve during the second quarter of 2024. (6) One major customer represented 93% of the Company's finance lease portfolio as of September 30, 2024 and December 31, 2023, 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, 2024
Debt Disclosure [Abstract]
Schedule of debt	The table below summarizes the Company's key terms and carrying value of debt as of the periods indicated: September 30, 2024 December 31, 2023 Outstanding Borrowings (in thousands) Contractual Weighted Avg Interest Rate Maturity Range Outstanding Borrowings (in thousands) From To Secured Debt Financings Securitization ("ABS") term instruments $ 3,125,447 2.92% February 2028 February 2035 $ 2,579,832 Securitization warehouse 60,000 6.85% January 2031 January 2031 240,000 Total secured debt financings 3,185,447 2,819,832 Unsecured Debt Financings Senior notes 1,800,000 2.82% April 2026 March 2032 2,300,000 Credit facility: Revolving credit tranche 805,000 6.13% July 2029 July 2029 930,000 Term loan tranche 1,715,000 6.13% July 2029 July 2029 1,468,496 Total unsecured debt financings 4,320,000 4,698,496 Total debt financings $ 7,505,447 $ 7,518,328 Unamortized debt costs (51,746) (43,924) Unamortized debt premiums & discounts (3,414) (3,770) Debt, net of unamortized costs $ 7,450,287 $ 7,470,634 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 $ 4,925,447 2.88% Apr 2026 Feb 2035 4.4 years Floating-rate debt $ 2,580,000 6.15% Jul 2029 Jan 2031 4.2 years Including impact of derivative instruments: Fixed-rate debt $ 4,925,447 2.88% Hedged floating-rate debt $ 1,878,250 3.84% Total fixed and hedged debt $ 6,803,697 3.15% Unhedged floating-rate debt $ 701,750 6.15% Total debt $ 7,505,447 3.35%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives	As of September 30, 2024, 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 $1,878.3 2.53% 3.8 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 2024 2023 2024 2023 Designated Derivative Instruments Realized (gains) losses Interest and debt (income) expense $ (13,848) $ (13,030) $ (42,826) $ (34,183) Unrealized (gains) losses Comprehensive (income) loss $ 41,320 $ (32,317) $ (10,391) $ (56,646)

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 2023 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 389,297 $ 2,022 $ 391,319 $ 383,342 $ 1,559 $ 384,901 Trading margin — 1,053 1,053 — 4,508 4,508 Net gain (loss) on sale of leasing equipment 17,435 — 17,435 12,318 — 12,318 Depreciation and amortization 134,744 208 134,952 141,237 201 141,438 Interest and debt expense 67,232 172 67,404 59,823 250 60,073 Segment income (loss) before income taxes (1) 163,518 2,638 166,156 75,446 5,643 81,089 Purchases of leasing equipment and investments in finance leases (2) $ 298,159 $ — $ 298,159 $ 31,847 $ — $ 31,847 Nine Months Ended September 30, 2024 2023 Equipment Equipment Totals Equipment Equipment Totals Total leasing revenues $ 1,135,851 $ 5,742 $ 1,141,593 $ 1,164,019 $ 5,144 $ 1,169,163 Trading margin — 3,352 3,352 — 7,491 7,491 Net gain (loss) on sale of leasing equipment (6,061) — (6,061) 49,401 — 49,401 Depreciation and amortization 405,949 620 406,569 436,174 579 436,753 Interest and debt expense 189,737 505 190,242 175,391 820 176,211 Segment income (loss) before income taxes (1) 387,230 7,912 395,142 388,653 11,263 399,916 Purchases of leasing equipment and investments in finance leases (2) $ 666,319 $ — $ 666,319 $ 151,361 $ — $ 151,361 (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, 2024 , the Company recorded an immaterial amount of unrealized gains or losses on derivative instruments and debt termination expenses. For the three and nine months ended September 30, 2023, the Company recorded an immaterial amount of unrealized gains or losses on derivative instruments and did not record any debt termination expense. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance leases 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, 2024 December 31, 2023 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 92,183 $ 20,549 $ 112,732 $ 165,184 $ 20,318 $ 185,502 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 11,141,059 $ 65,458 $ 11,206,517 $ 11,164,052 $ 68,816 $ 11,232,868
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, 2024 2023 2024 2023 Total leasing revenues: Asia $ 148,562 $ 129,863 $ 407,915 $ 402,300 Europe 208,620 207,541 612,491 621,751 Americas 17,340 32,769 72,885 100,723 Bermuda 1,081 1,058 3,203 3,143 Other International 15,716 13,670 45,099 41,246 Total $ 391,319 $ 384,901 $ 1,141,593 $ 1,169,163 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, 2024 2023 2024 2023 Total equipment trading revenues: Asia $ 3,840 $ 13,870 $ 12,313 $ 30,805 Europe 2,620 6,135 7,159 14,841 Americas 3,153 5,109 9,850 19,384 Bermuda — — — — Other International 1,880 9,882 6,288 15,494 Total $ 11,493 $ 34,996 $ 35,610 $ 80,524

Subsequent Events (Tables)

Subsequent Events (Tables)	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Dividends	On November 3, 2024, the Company's Board of Directors also approved and declared a cash dividend on its issued and outstanding preference shares, payable on December 13, 2024 to holders of record at the close of business on December 6, 2024 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, 2024	Sep. 30, 2023
Customer One
Concentration Risk [Line Items]
Concentration Risk, Percentage	20%	19%
Customer Two
Concentration Risk [Line Items]
Concentration Risk, Percentage	19%	17%
Customer Three
Concentration Risk [Line Items]
Concentration Risk, Percentage	12%	11%

Equipment Held for Sale - Fair

Equipment Held for Sale - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 29, 2023
Fair Value
Net gain (loss) on sale of leasing equipment	$ (17,435)	$ (12,318)			$ 6,061	$ (49,401)
Payments for merger related costs					5,000
Dividend, common stock, cash		39,296	$ 38,677	$ 39,214	400,000
Dividend distributed to parent					$ 1,900
Employee Stock Option | Brookfield Infrastructure
Fair Value
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	875				875		750
Above Market Lease Intangibles
Fair Value
Finite-lived intangible assets, amortization expense, next rolling 12 months	$ 700				$ 700
Equipment, net of selling costs
Fair Value
Net gain (loss) on sale of leasing equipment	(18,687)	(15,277)			(54,375)	(55,171)
Finance Lease
Fair Value
Net gain (loss) on sale of leasing equipment	305	0			57,408	0
Equipment held for sale
Fair Value
Net gain (loss) on sale of leasing equipment	$ 947	$ 2,959			$ 3,028	$ 5,770

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense of intangible assets	$ 700	$ 1,200	$ 2,000	$ 3,800
Above Market Lease Intangibles
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, amortization expense, next rolling 12 months	$ 700		$ 700

Other Compensation Costs (Detai

Other Compensation Costs (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 28, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 29, 2023
Stock based compensation plans
Share-based compensation arrangement by share-based payment award, equity instruments other than options, aggregate intrinsic value, outstanding		$ 13,000,000		$ 13,000,000
Share-based payment arrangement, noncash expense		1,400,000	$ 2,500,000	3,300,000	$ 7,300,000
Other non-cash compensation costs				2,460,000	7,305,000
Brookfield Infrastructure
Stock based compensation plans
Other non-cash compensation costs				11,900
Business combination, accrued compensation reclassified			16,100,000		16,100,000
Dividends Payable			2,900,000		2,900,000
Business combination, integration related costs		18,800,000		18,800,000
Merger related costs		$ 600,000	$ 1,400,000	$ 2,200,000	$ 1,400,000
Brookfield Infrastructure | All Share Consideration
Stock based compensation plans
Cash consideration per acquiree share (in usd per share)	$ 83.16
Employee Stock Option | Brookfield Infrastructure
Stock based compensation plans
Share-based compensation arrangement by share-based payment award, award vesting period		5 years
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)		875		875		750
Shares-based compensation arrangement by share-based payment award. number of additional shares authorized (in shares)		125
Share-based compensation arrangement by share-based payment award equity other than options, vested in period, fair value		$ 16,400,000

Other Compensation Costs - Disc

Other Compensation Costs - Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award (Details) - Brookfield Infrastructure	3 Months Ended
	Sep. 30, 2024 $ / shares
Stock based compensation plans
Underlying market price (usd per share)	$ 109.70
Employee Stock Option
Stock based compensation plans
Volatility	34%
Expected term	4 years
Risk-free rate	3.86%

Other Compensation Costs - Shar

Other Compensation Costs - Share-Based Payment Arrangement, Expensed and Capitalized, Amount (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Accrued Compensation [Roll Forward]
Compensation expense	$ 2,460,000	$ 7,305,000
Brookfield Infrastructure
Accrued Compensation [Roll Forward]
Accrued compensation liability beginning	41,600
Compensation expense	11,900
Payments	(18,000)
Accrued compensation liability ending	$ 35,500

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, 2024
Class of Stock [Line Items]
Dividend, common stock, cash	$ 39,296	$ 38,677	$ 39,214	$ 400,000
Payments for merger related costs				5,000
Dividend distributed to parent				$ 1,900
Preferred stock, redemption price per share (in dollars per share)				$ 25
Preferred Shares
Class of Stock [Line Items]
Cumulative unpaid preferred dividends				$ 2,200
Treasury Shares
Class of Stock [Line Items]
Percentage acquired				100%

Other Equity Matters - Preferre

Other Equity Matters - Preferred Share (Details) - USD ($) $ in Thousands					1 Months Ended
	Aug. 31, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 31, 2020	Sep. 30, 2024
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
Dividend Rate					6.875%
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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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 - Financial Statement Im

Leases - Financial Statement Impact (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Right-of-use asset - operating	$ 10,069		$ 10,069		$ 10,093
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	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	$ 13,817		$ 13,817		$ 13,510
Administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 740	$ 652	$ 2,208	$ 2,127

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease, payments	$ 1.8	$ 2.4

Leases - Schedule of Weighted A

Leases - Schedule of Weighted Average Operating Lease (Details)	Sep. 30, 2024
Leases [Abstract]
Weighted-Average Remaining Lease Term	9 years
Weighted-Average Discount Rate	5.72%

Leases - Operating Leases Lesso

Leases - Operating Leases Lessor Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
Lessor, Operating Lease, Payment to be Received, Recognized, Year One	$ 19,045
2025	65,995
2026	43,231
2027	16,736
2028	15,568
2029 and thereafter	43,258
Total	$ 203,833

Leases - Net Investment in Fina

Leases - Net Investment in Finance Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Future minimum lease payment receivable	$ 2,038,178	$ 1,928,167
Estimated residual receivable	269,270	218,199
Gross finance lease receivables	2,307,448	2,146,366
Lessor, Unearned Income	(699,282)	(636,486)
Net investment in finance leases	1,608,166	1,507,292
Lessor, Finance Lease Reserve	$ 0	$ (2,588)
Customer Concentration Risk | Lease Finance Portfolio Benchmark | Customer One
Lessee, Lease, Description [Line Items]
Concentration Risk, Percentage	93%

Debt - Key Term and Carrying Va

Debt - Key Term and Carrying Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt outstanding	$ 7,505,447	$ 7,518,328
Unamortized debt costs	(51,746)	(43,924)
Unamortized debt premiums & discounts	(3,414)	(3,770)
Debt, net of unamortized debt costs	7,450,287	7,470,634
Secured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	3,185,447	2,819,832
Securitization ("ABS") term instruments
Debt Instrument [Line Items]
Debt outstanding	$ 3,125,447	2,579,832
Debt instrument, interest rate, effective percentage	2.92%
Securitization warehouse
Debt Instrument [Line Items]
Debt outstanding	$ 60,000	240,000
Debt instrument, interest rate, effective percentage	6.85%
Unsecured Debt Financings
Debt Instrument [Line Items]
Debt outstanding	$ 4,320,000	4,698,496
Senior notes
Debt Instrument [Line Items]
Debt outstanding	$ 1,800,000	2,300,000
Debt instrument, interest rate, effective percentage	2.82%
Term loan tranche
Debt Instrument [Line Items]
Debt outstanding	$ 1,715,000	1,468,496
Debt instrument, interest rate, effective percentage	6.13%
Revolving credit tranche
Debt Instrument [Line Items]
Debt outstanding	$ 805,000	$ 930,000
Debt instrument, interest rate, effective percentage	6.13%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)			9 Months Ended
	Jul. 09, 2024	Jan. 22, 2024	Sep. 30, 2024	Jul. 08, 2024	Jun. 30, 2024	Mar. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt termination expense			$ 100,000
Letter of credit outstanding, amount						$ 18,700,000
Restricted cash					$ 38,300,000
Debt and lease obligation			7,505,447,000				$ 7,518,328,000
ABS Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 351,900,000		$ 450,000,000
Contractual Weighted Avg Interest Rate			5.63%		5.55%
Excluding impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			2.88%
Weighted Avg Remaining Term			4 years 4 months 24 days
Balance Outstanding (in thousands)			$ 4,925,447,000,000
Excluding impact of derivative instruments: | Floating-rate debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			6.15%
Weighted Avg Remaining Term			4 years 2 months 12 days
Balance Outstanding (in thousands)			$ 2,580,000,000,000
Including impact of derivative instruments:
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			3.35%
Balance Outstanding (in thousands)			$ 7,505,447,000,000
Including impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			2.88%
Balance Outstanding (in thousands)			$ 4,925,447,000,000
Including impact of derivative instruments: | Total fixed and hedged debt | Designated as Hedging Instrument
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			3.15%
Balance Outstanding (in thousands)			$ 6,803,697,000,000
Including impact of derivative instruments: | Hedged floating-rate debt | Designated as Hedging Instrument
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			3.84%
Balance Outstanding (in thousands)			$ 1,878,250,000,000
Including impact of derivative instruments: | Unhedged floating-rate debt | Not Designated as Hedging Instrument
Debt Instrument [Line Items]
Contractual Weighted Avg Interest Rate			6.15%
Balance Outstanding (in thousands)			$ 701,750,000,000
Standby Letters of Credit
Debt Instrument [Line Items]
Debt instrument, collateral amount					$ 57,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			1,125,000,000
Senior notes
Debt Instrument [Line Items]
Debt instrument, face amount					$ 500,000,000
Debt instrument, interest rate, stated percentage					1.15%
Debt and lease obligation			$ 1,800,000,000				2,300,000,000
Senior notes | Maximum
Debt Instrument [Line Items]
Debt instrument, term			10 years
Senior notes | Minimum
Debt Instrument [Line Items]
Debt instrument, term			5 years
Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Debt instrument, basis spread on variable rate	1.30%
Debt instrument, face amount	$ 1,750,000,000
Line of credit facility, accordion feature, increase limit	$ 1,000,000,000			$ 500,000,000
Revolving credit tranche
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 2,000,000,000
Debt and lease obligation			805,000,000				930,000,000
Line of Credit and Second Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity			$ 995,000,000
Secured Overnight Financing Rate (SOFR) | Revolving credit tranche | Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.60%	1.60%
Level 2
Debt Instrument [Line Items]
Debt and lease obligation			$ 7,155,900,000				$ 6,905,900,000

Debt - Outstanding Debt (Detail

Debt - Outstanding Debt (Details)	9 Months Ended
	Sep. 30, 2024 USD ($)
Excluding impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 4,925,447,000,000
Contractual Weighted Avg Interest Rate	2.88%
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)	$ 2,580,000,000,000
Contractual Weighted Avg Interest Rate	6.15%
Weighted Avg Remaining Term	4 years 2 months 12 days
Including impact of derivative instruments:
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 7,505,447,000,000
Contractual Weighted Avg Interest Rate	3.35%
Including impact of derivative instruments: | Fixed-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 4,925,447,000,000
Contractual Weighted Avg Interest Rate	2.88%
Designated as Hedging Instrument | Including impact of derivative instruments: | Hedged floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 1,878,250,000,000
Contractual Weighted Avg Interest Rate	3.84%
Designated as Hedging Instrument | Including impact of derivative instruments: | Total fixed and hedged debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 6,803,697,000,000
Contractual Weighted Avg Interest Rate	3.15%
Not Designated as Hedging Instrument | Including impact of derivative instruments: | Unhedged floating-rate debt
Debt Instrument [Line Items]
Balance Outstanding (in thousands)	$ 701,750,000,000
Contractual Weighted Avg Interest Rate	6.15%

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Derivative [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 22.6
Not Designated as Hedging Instrument | Interest Rate Swap
Derivative [Line Items]
Cash collateral for interest rate swap contracts	0.7
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) - Interest Rate Swap $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value of Derivative Instruments
Weighted Average Fixed Leg (Pay) Interest Rate	2.53%
Weighted Average Remaining Term	3 years 9 months 18 days
Designated as Hedging Instrument
Fair Value of Derivative Instruments
Notional Amount (in millions)	$ 1,878.3

Derivative Instruments - Summar

Derivative Instruments - Summary of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	$ (97,637)	$ (89,320)	$ (324,704)	$ (385,157)
Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Realized (gains) losses	(13,848)	(13,030)	(42,826)	(34,183)
Comprehensive (income) loss | Interest Rate Swap | Designated as Hedging Instrument
Fair Value of Derivative Instruments
Unrealized (gains) losses	$ 41,320	$ (32,317)	$ (10,391)	$ (56,646)

Segment and Geographic Inform_3

Segment and Geographic Information (Details)	9 Months Ended
	Sep. 30, 2024 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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Industry Segment Information
Total leasing revenues	$ 391,319	$ 384,901	$ 1,141,593	$ 1,169,163
Trading margin	1,053	4,508	3,352	7,491
Net gain (loss) on sale of leasing equipment	17,435	12,318	(6,061)	49,401
Depreciation and amortization expense	134,952	141,438	406,569	436,753
Interest and debt expense	67,404	60,073	190,242	176,211
Income before income taxes	166,156	81,089	(395,142)	399,916
Payments to acquire productive assets	298,159	31,847	666,319	151,361
Equipment held for sale	112,732		112,732		$ 185,502
Goodwill at the end of the period	236,665		236,665		236,665
Total assets at the end of the period	11,206,517		11,206,517		11,232,868
Equipment Leasing
Industry Segment Information
Total leasing revenues	389,297	383,342	1,135,851	1,164,019
Trading margin	0	0	0	0
Net gain (loss) on sale of leasing equipment	17,435		(6,061)
Depreciation and amortization expense	134,744	141,237	405,949	436,174
Interest and debt expense	67,232	59,823	189,737	175,391
Income before income taxes	163,518	75,446	387,230	388,653
Payments to acquire productive assets	298,159	31,847	666,319	151,361
Equipment held for sale	92,183		92,183		165,184
Goodwill at the end of the period	220,864		220,864		220,864
Total assets at the end of the period	11,141,059		11,141,059		11,164,052
Equipment Trading
Industry Segment Information
Total leasing revenues	2,022	1,559	5,742	5,144
Trading margin	1,053	4,508	3,352	7,491
Net gain (loss) on sale of leasing equipment	0	0	0	0
Depreciation and amortization expense	208	201	620	579
Interest and debt expense	172	250	505	820
Income before income taxes	2,638	5,643	7,912	11,263
Payments to acquire productive assets	0	$ 0	0	$ 0
Equipment held for sale	20,549		20,549		20,318
Goodwill at the end of the period	15,801		15,801		15,801
Total assets at the end of the period	$ 65,458		$ 65,458		$ 68,816

Segment and Geographic Inform_5

Segment and Geographic Information - Geographic Allocation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Geographic Segment Information
Total leasing revenues	$ 391,319	$ 384,901	$ 1,141,593	$ 1,169,163
Equipment trading revenues	11,493	34,996	35,610	80,524
Asia
Geographic Segment Information
Total leasing revenues	148,562	129,863	407,915	402,300
Equipment trading revenues	3,840	13,870	12,313	30,805
Europe
Geographic Segment Information
Total leasing revenues	208,620	207,541	612,491	621,751
Equipment trading revenues	2,620	6,135	7,159	14,841
Americas
Geographic Segment Information
Total leasing revenues	17,340	32,769	72,885	100,723
Equipment trading revenues	3,153	5,109	9,850	19,384
Bermuda
Geographic Segment Information
Total leasing revenues	1,081	1,058	3,203	3,143
Equipment trading revenues	0	0	0	0
Other international
Geographic Segment Information
Total leasing revenues	15,716	13,670	45,099	41,246
Equipment trading revenues	$ 1,880	$ 9,882	$ 6,288	$ 15,494

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase commitment payable	$ 133.5

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate	9.30%	14%	10.50%	9.70%

Related Party Transactions (Det

Related Party Transactions (Details) - TriStar - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
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	$ 4.4	$ 4.4	$ 5.7

Subsequent Events - Dividends (

Subsequent Events - Dividends (Details) - $ / shares						1 Months Ended
	Oct. 31, 2024	Aug. 31, 2021	Nov. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jan. 31, 2020
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 [Line Items]
Dividend Rate						6.875%
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

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Nov. 03, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Dividends, Cash	$ 100