☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Bermuda | 98-1276572 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common shares, $0.01 par value per share | TRTN | New York Stock Exchange | ||||||
8.50% Series A Cumulative Redeemable Perpetual Preference Shares | TRTN PRA | New York Stock Exchange | ||||||
8.00% Series B Cumulative Redeemable Perpetual Preference Shares | TRTN PRB | New York Stock Exchange | ||||||
7.375% Series C Cumulative Redeemable Perpetual Preference Shares | TRTN PRC | New York Stock Exchange | ||||||
6.875% Series D Cumulative Redeemable Perpetual Preference Shares | TRTN PRD | New York Stock Exchange | ||||||
5.75% Series E Cumulative Redeemable Perpetual Preference Shares | TRTN PRE | New York Stock Exchange |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||
Emerging growth company | ☐ |
DOCUMENTS INCORPORATED BY REFERENCE | |||||
Part of Form 10-K | Document Incorporated by Reference | ||||
Part III, Items 10, 11, 12, 13, and 14 | Portion of the Registrant's proxy statement to be filed in connection with the Annual Meeting of Shareholders of the Registrant to be held on April |
By CEU | By Net Book Value | |||||||||||||
Lease Portfolio | December 31, 2021 | December 31, 2021 | ||||||||||||
Long-term leases | 72.4 | % | 73.6 | % | ||||||||||
Finance leases | 8.0 | 13.8 | ||||||||||||
Subtotal | 80.4 | 87.4 | ||||||||||||
Service leases | 5.0 | 3.5 | ||||||||||||
Expired long-term leases, non-sale age (units on hire) | 8.4 | 6.2 | ||||||||||||
Expired long-term leases, sale-age (units on hire) | 6.2 | 2.9 | ||||||||||||
Total | 100.0 | % | 100.0 | % |
Name | Name | Age | Current Position | Position Held Since | Name | Age | Current Position | Position Held Since | ||||||||||||||
Brian M. Sondey | Brian M. Sondey | 53 | Chairman, Chief Executive Officer | 2016 | Brian M. Sondey | 54 | Chairman, Chief Executive Officer | 2016 | ||||||||||||||
John Burns | John Burns | 60 | Senior Vice President and Chief Financial Officer | 2016 | John Burns | 61 | Senior Vice President and Chief Financial Officer | 2016 | ||||||||||||||
Carla Heiss | Carla Heiss | 51 | Senior Vice President, General Counsel and Secretary | 2019 | Carla Heiss | 52 | Senior Vice President, General Counsel and Secretary | 2019 | ||||||||||||||
John F. O'Callaghan | John F. O'Callaghan | 60 | Executive Vice President and Global Head of Marketing & Operations | 2016 | John F. O'Callaghan | 61 | Executive Vice President and Global Head of Marketing & Operations | 2016 | ||||||||||||||
Kevin Valentine | Kevin Valentine | 55 | Senior Vice President, Triton Container Sales | 2016 | Kevin Valentine | 56 | Senior Vice President, Triton Container Sales | 2016 |
Issuer Purchases of Common Shares(1) | |||||||||||
Period | Total number of shares purchased | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the plan (in thousands) | ||||||||
October 1, 2020 through October 31, 2020 | 1,306,729 | $ | 37.62 | $ | 104,055 | ||||||
November 1, 2020 through November 30, 2020 | 50,000 | $ | 39.30 | $ | 102,089 | ||||||
December 1, 2020 through December 31, 2020 | — | $ | — | $ | 102,089 | ||||||
Total | 1,356,729 | $ | 37.68 | $ | 102,089 |
Issuer Purchases of Common Shares(1) | |||||||||||
Period | Total number of shares purchased(2) | Average price paid per share | Approximate dollar value of shares that may yet be purchased under the plan (in thousands) | ||||||||
October 1, 2021 through October 31, 2021 | 244,408 | $ | 53.51 | $ | 200,000 | ||||||
November 1, 2021 through November 30, 2021 | 280,000 | $ | 60.00 | $ | 183,193 | ||||||
December 1, 2021 through December 31, 2021 | 625,000 | $ | 57.98 | $ | 146,942 | ||||||
Total | 1,149,408 | $ | 57.52 | $ | 146,942 |
Base Period as of | INDEXED RETURNS FOR THE YEARS ENDED | INDEXED RETURNS FOR THE YEARS ENDED DECEMBER 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company / Index | Company / Index | July 13, 2016 | December 31, 2016 | December 31, 2017 | December 31, 2018 | December 31, 2019 | December 31, 2020 | Company / Index | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Triton International Limited | Triton International Limited | $100.00 | $105.49 | $264.66 | $232.76 | $320.75 | $413.44 | Triton International Limited | $100.00 | $250.87 | $220.64 | $304.05 | $391.91 | $507.51 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
S&P 500 Index | S&P 500 Index | $100.00 | $105.06 | $127.99 | $122.38 | $160.91 | $190.52 | S&P 500 Index | $100.00 | $121.83 | $116.49 | $153.17 | $181.35 | $233.41 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Russell 2000 Index | Russell 2000 Index | $100.00 | $113.77 | $130.43 | $116.07 | $145.69 | $174.77 | Russell 2000 Index | $100.00 | $114.65 | $102.02 | $128.06 | $153.62 | $176.39 |
Year Ended December 31, (In thousands, except per share data) | |||||||||||||||||||||||||||||
Statements of Operations Data: | 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||
Leasing revenues: | |||||||||||||||||||||||||||||
Operating leases | $ | 1,276,697 | $ | 1,307,218 | $ | 1,328,756 | $ | 1,141,165 | $ | 813,357 | |||||||||||||||||||
Finance leases | 31,210 | 40,051 | 21,547 | 22,352 | 15,337 | ||||||||||||||||||||||||
Total leasing revenues | 1,307,907 | 1,347,269 | 1,350,303 | 1,163,517 | 828,694 | ||||||||||||||||||||||||
Equipment trading revenues(1) | 85,780 | 83,993 | 83,039 | 37,419 | 16,418 | ||||||||||||||||||||||||
Equipment trading expenses(1) | (70,981) | (69,485) | (64,118) | (33,235) | (15,800) | ||||||||||||||||||||||||
Trading margin | 14,799 | 14,508 | 18,921 | 4,184 | 618 | ||||||||||||||||||||||||
Net gain (loss) on sale of leasing equipment | 37,773 | 27,041 | 35,377 | 35,812 | (20,347) | ||||||||||||||||||||||||
Net gain (loss) on sale of building | — | — | 20,953 | — | — | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Depreciation and amortization | 542,128 | 536,131 | 545,138 | 500,720 | 392,592 | ||||||||||||||||||||||||
Direct operating expenses | 93,690 | 79,074 | 48,326 | 62,891 | 84,256 | ||||||||||||||||||||||||
Administrative expenses | 80,532 | 75,867 | 80,033 | 87,609 | 65,618 | ||||||||||||||||||||||||
Transaction and other costs(2) | — | — | 88 | 9,272 | 66,916 | ||||||||||||||||||||||||
Provision (reversal) for doubtful accounts | 2,768 | 590 | (231) | 3,347 | 23,304 | ||||||||||||||||||||||||
Insurance recovery income | — | — | — | (6,764) | — | ||||||||||||||||||||||||
Total operating expenses | 719,118 | 691,662 | 673,354 | 657,075 | 632,686 | ||||||||||||||||||||||||
Operating income | 641,361 | 697,156 | 752,200 | 546,438 | 176,279 | ||||||||||||||||||||||||
Other expenses (income): | |||||||||||||||||||||||||||||
Interest and debt expense | 252,979 | 316,170 | 322,731 | 282,347 | 184,014 | ||||||||||||||||||||||||
Realized (gain) loss on derivative instruments, net | (224) | (2,237) | (2,072) | 900 | 3,438 | ||||||||||||||||||||||||
Unrealized (gain) loss on derivative instruments, net(3) | 286 | 3,107 | 430 | (1,397) | (4,405) | ||||||||||||||||||||||||
Debt termination expense | 24,734 | 2,543 | 6,090 | 6,973 | 141 | ||||||||||||||||||||||||
Other (income) expense, net | (4,433) | (3,257) | (2,292) | (2,637) | (1,076) | ||||||||||||||||||||||||
Total other expenses | 273,342 | 316,326 | 324,887 | 286,186 | 182,112 | ||||||||||||||||||||||||
Income (loss) before income taxes | 368,019 | 380,830 | 427,313 | 260,252 | (5,833) | ||||||||||||||||||||||||
Income tax expense (benefit) | 38,240 | 27,551 | 70,641 | (93,274) | (48) | ||||||||||||||||||||||||
Net income (loss) | $ | 329,779 | $ | 353,279 | $ | 356,672 | $ | 353,526 | $ | (5,785) | |||||||||||||||||||
Less: income attributable to noncontrolling interest | — | 592 | 7,117 | 8,928 | 7,732 | ||||||||||||||||||||||||
Less: dividend on preferred shares | 41,362 | 13,646 | — | — | — | ||||||||||||||||||||||||
Net income (loss) attributable to shareholders | $ | 288,417 | $ | 339,041 | $ | 349,555 | $ | 344,598 | $ | (13,517) | |||||||||||||||||||
Earnings Per Share Data: | |||||||||||||||||||||||||||||
Net income (loss) per common share—Basic | $ | 4.18 | $ | 4.57 | $ | 4.38 | $ | 4.55 | $ | (0.24) | |||||||||||||||||||
Net income (loss) per common share—Diluted | $ | 4.16 | $ | 4.54 | $ | 4.35 | $ | 4.52 | $ | (0.24) | |||||||||||||||||||
Weighted average common shares and non-voting common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 69,051 | 74,190 | 79,782 | 75,679 | 56,032 | ||||||||||||||||||||||||
Diluted | 69,345 | 74,700 | 80,364 | 76,188 | 56,032 | ||||||||||||||||||||||||
Cash dividends paid per common share | $ | 2.13 | $ | 2.08 | $ | 2.01 | $ | 1.80 | $ | 1.35 | |||||||||||||||||||
As of December 31, (In thousands) | |||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | |||||||||||||||||||||||||
Balance Sheet Data (end of period): | |||||||||||||||||||||||||||||
Cash and cash equivalents (including restricted cash) | $ | 151,996 | $ | 168,972 | $ | 159,539 | $ | 226,171 | $ | 163,492 | |||||||||||||||||||
Accounts receivable, net | 226,090 | 210,697 | 264,382 | 199,876 | 173,585 | ||||||||||||||||||||||||
Revenue earning assets, net | 8,980,138 | 8,920,393 | 9,467,969 | 8,703,570 | 7,817,192 | ||||||||||||||||||||||||
Total assets | 9,712,533 | 9,642,633 | 10,270,013 | 9,577,625 | 8,713,571 | ||||||||||||||||||||||||
Debt, net of unamortized debt costs | 6,403,270 | 6,631,525 | 7,529,432 | 6,911,725 | 6,353,449 | ||||||||||||||||||||||||
Shareholders' equity | 2,565,948 | 2,532,237 | 2,203,696 | 2,076,284 | 1,663,233 | ||||||||||||||||||||||||
Noncontrolling interests(1) | — | — | 121,513 | 133,542 | 143,504 | ||||||||||||||||||||||||
Total equity (including noncontrolling interests) | 2,565,948 | 2,532,237 | 2,325,209 | 2,209,826 | 1,806,737 | ||||||||||||||||||||||||
Other Financial Data: | |||||||||||||||||||||||||||||
Capital expenditures | 744,129 | 240,170 | 1,603,507 | 1,562,863 | 629,332 | ||||||||||||||||||||||||
Proceeds from sale of equipment, net of selling costs | 255,104 | 217,296 | 163,256 | 190,744 | 145,572 |
Equipment Fleet in Units | Equipment Fleet in TEU | Equipment Fleet in Units | Equipment Fleet in TEU | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dry | Dry | 3,295,908 | 3,267,624 | 3,340,946 | 5,466,421 | 5,369,377 | 5,476,406 | Dry | 3,843,719 | 3,295,908 | 3,267,624 | 6,531,816 | 5,466,421 | 5,369,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Refrigerated | Refrigerated | 227,519 | 225,520 | 228,778 | 439,956 | 435,148 | 440,781 | Refrigerated | 235,338 | 227,519 | 225,520 | 457,172 | 439,956 | 435,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Special | Special | 93,885 | 94,453 | 93,900 | 170,792 | 171,437 | 169,614 | Special | 92,411 | 93,885 | 94,453 | 169,004 | 170,792 | 171,437 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tank | Tank | 11,312 | 12,485 | 12,509 | 11,312 | 12,485 | 12,509 | Tank | 11,692 | 11,312 | 12,485 | 11,692 | 11,312 | 12,485 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Chassis | Chassis | 24,781 | 24,515 | 24,832 | 45,188 | 45,154 | 45,787 | Chassis | 24,139 | 24,781 | 24,515 | 44,554 | 45,188 | 45,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment leasing fleet | Equipment leasing fleet | 3,653,405 | 3,624,597 | 3,700,965 | 6,133,669 | 6,033,601 | 6,145,097 | Equipment leasing fleet | 4,207,299 | 3,653,405 | 3,624,597 | 7,214,238 | 6,133,669 | 6,033,601 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment trading fleet | Equipment trading fleet | 64,243 | 17,906 | 13,138 | 98,991 | 27,121 | 21,361 | Equipment trading fleet | 53,204 | 64,243 | 17,906 | 83,692 | 98,991 | 27,121 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | 3,717,648 | 3,642,503 | 3,714,103 | 6,232,660 | 6,060,722 | 6,166,458 | Total | 4,260,503 | 3,717,648 | 3,642,503 | 7,297,930 | 6,232,660 | 6,060,722 |
Equipment Fleet in CEU(1) | Equipment Fleet in CEU(1) | |||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Operating Leases | 6,649,350 | 6,434,434 | 6,532,172 | |||||||||||||||||||||||||||||||
Finance Leases | 295,784 | 423,638 | 442,585 | |||||||||||||||||||||||||||||||
Operating leases | Operating leases | 7,291,769 | 6,649,350 | 6,434,434 | ||||||||||||||||||||||||||||||
Finance leases | Finance leases | 623,136 | 295,784 | 423,638 | ||||||||||||||||||||||||||||||
Equipment trading fleet | Equipment trading fleet | 98,420 | 37,232 | 39,008 | Equipment trading fleet | 81,136 | 98,420 | 37,232 | ||||||||||||||||||||||||||
Total | Total | 7,043,554 | 6,895,304 | 7,013,765 | Total | 7,996,041 | 7,043,554 | 6,895,304 |
Equipment Type | Equipment Type | Percentage of total fleet in units | Percentage of total fleet in CEU | Equipment Type | Percentage of total fleet in units | Percentage of total fleet in CEU | ||||||||||||||||
Dry | Dry | 88.7 | % | 68.2 | % | Dry | 90.1 | % | 71.4 | % | ||||||||||||
Refrigerated | Refrigerated | 6.1 | 23.9 | Refrigerated | 5.5 | 21.8 | ||||||||||||||||
Special | Special | 2.5 | 3.4 | Special | 2.2 | 3.0 | ||||||||||||||||
Tank | Tank | 0.3 | 1.3 | Tank | 0.3 | 1.2 | ||||||||||||||||
Chassis | Chassis | 0.7 | 1.8 | Chassis | 0.6 | 1.6 | ||||||||||||||||
Equipment leasing fleet | Equipment leasing fleet | 98.3 | 98.6 | Equipment leasing fleet | 98.7 | 99.0 | ||||||||||||||||
Equipment trading fleet | Equipment trading fleet | 1.7 | 1.4 | Equipment trading fleet | 1.3 | 1.0 | ||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % |
Lease Portfolio | December 31, 2020 | December 31, 2019 | December 31, 2018 | |||||||||||||||||||||||||||||||
Lease Portfolio by CEU | Lease Portfolio by CEU | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||
Long-term leases | Long-term leases | 73.8 | % | 69.5 | % | 66.7 | % | Long-term leases | 72.4 | % | 73.8 | % | 69.5 | % | ||||||||||||||||||||
Finance leases | Finance leases | 4.4 | 6.8 | 6.7 | Finance leases | 8.0 | 4.4 | 6.8 | ||||||||||||||||||||||||||
Subtotal | Subtotal | 80.4 | 78.2 | 76.3 | ||||||||||||||||||||||||||||||
Service leases | Service leases | 7.2 | 7.8 | 11.8 | Service leases | 5.0 | 7.2 | 7.8 | ||||||||||||||||||||||||||
Expired long-term leases (units on-hire) | 14.6 | 15.9 | 14.8 | |||||||||||||||||||||||||||||||
Expired long-term leases, non-sale age (units on hire) | Expired long-term leases, non-sale age (units on hire) | 8.4 | 9.8 | 10.5 | ||||||||||||||||||||||||||||||
Expired long-term leases, sale-age (units on hire) | Expired long-term leases, sale-age (units on hire) | 6.2 | 4.8 | 5.4 | ||||||||||||||||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||
Weighted average remaining contractual term in months for long-term and finance leases | Weighted average remaining contractual term in months for long-term and finance leases | 61 | 49 | 48 |
Lease Portfolio by Net Book Value | December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||
Long-term leases | 73.6 | % | 79.2 | % | 75.6 | % | |||||||||||
Finance leases | 13.8 | 3.3 | 5.1 | ||||||||||||||
Subtotal | 87.4 | 82.5 | 80.7 | ||||||||||||||
Service leases | 3.5 | 5.9 | 6.5 | ||||||||||||||
Expired long-term leases, non-sale age (units on hire) | 6.2 | 9.0 | 9.9 | ||||||||||||||
Expired long-term leases, sale-age (units on hire) | 2.9 | 2.6 | 2.9 | ||||||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||
Weighted average remaining contractual term in months for long-term and finance leases | 78 | 54 | 54 |
Year Ended December 31, | Quarter Ended | Year Ended December 31, | Quarter Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Utilization | Average Utilization | December 31, | September 30, | June 30, | March 31, | Average Utilization | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2021 | 99.4 | % | 99.6 | % | 99.6 | % | 99.4 | % | 99.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2020 | 96.2 | % | 98.1 | % | 96.1 | % | 95.0 | % | 95.4 | % | 2020 | 96.2 | % | 98.1 | % | 96.1 | % | 95.0 | % | 95.4 | % | ||||||||||||||||||||||||||||||||||||||||||
2019 | 2019 | 96.9 | % | 95.8 | % | 96.7 | % | 97.2 | % | 97.7 | % | 2019 | 96.9 | % | 95.8 | % | 96.7 | % | 97.2 | % | 97.7 | % | ||||||||||||||||||||||||||||||||||||||||||
2018 | 98.6 | % | 98.3 | % | 98.8 | % | 98.8 | % | 98.8 | % |
Quarter Ended | ||||||||||||||||||||||||||||||||
Ending Utilization | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2020 | 98.9% | 97.4% | 94.8% | 95.3% | ||||||||||||||||||||||||||||
2019 | 95.4% | 96.4% | 97.1% | 97.4% | ||||||||||||||||||||||||||||
2018 | 97.9% | 98.7% | 98.8% | 98.8% |
Quarter Ended | ||||||||||||||||||||||||||||||||
Ending Utilization | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||||||
2021 | 99.6% | 99.6% | 99.5% | 99.3% | ||||||||||||||||||||||||||||
2020 | 98.9% | 97.4% | 94.8% | 95.3% | ||||||||||||||||||||||||||||
2019 | 95.4% | 96.4% | 97.1% | 97.4% |
Rating Agency | Long-term Debt | Corporate Rating | Outlook | Date of Last Ratings Action | ||||||||||
S&P Global Ratings | BBB- | BBB- | Stable | 10/14/2021 | ||||||||||
Fitch Ratings | BBB- | BBB- | Stable | 10/14/2021 |
December 31, 2020 | Maximum Borrowing Level | December 31, 2021 | Maximum Borrowing Level | |||||||||||||||||||
Institutional notes | $ | 1,642.3 | $ | 1,642.3 | ||||||||||||||||||
Asset-backed securitization term notes | Asset-backed securitization term notes | 2,920.8 | 2,920.8 | Asset-backed securitization term notes | $ | 3,801.8 | $ | 3,801.8 | ||||||||||||||
Term loan facility | 840.0 | 840.0 | ||||||||||||||||||||
Corporate notes | Corporate notes | 2,300.0 | 2,300.0 | |||||||||||||||||||
Term loan facilities | Term loan facilities | 1,176.0 | 1,176.0 | |||||||||||||||||||
Asset-backed securitization warehouse | Asset-backed securitization warehouse | 264.0 | 1,125.0 | Asset-backed securitization warehouse | 225.0 | 1,125.0 | ||||||||||||||||
Revolving credit facilities | Revolving credit facilities | 760.5 | 1,560.0 | Revolving credit facilities | 1,112.0 | 2,000.0 | ||||||||||||||||
Finance lease obligations | Finance lease obligations | 17.3 | 17.3 | Finance lease obligations | 15.0 | 15.0 | ||||||||||||||||
Total debt outstanding | Total debt outstanding | $ | 6,444.9 | $ | 8,105.4 | Total debt outstanding | $ | 8,629.8 | $ | 10,417.8 | ||||||||||||
Unamortized debt costs | Unamortized debt costs | (42.7) | — | Unamortized debt costs | (63.8) | — | ||||||||||||||||
Unamortized debt premiums & discounts | Unamortized debt premiums & discounts | (0.6) | — | Unamortized debt premiums & discounts | (3.5) | — | ||||||||||||||||
Unamortized fair value debt adjustment | 1.7 | — | ||||||||||||||||||||
Debt, net of unamortized costs | Debt, net of unamortized costs | $ | 6,403.3 | $ | 8,105.4 | Debt, net of unamortized costs | $ | 8,562.5 | $ | 10,417.8 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | $ | 943,752 | $ | 1,061,906 | Net cash provided by (used in) operating activities | $ | 1,405,164 | $ | 943,752 | ||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | $ | (489,017) | $ | (23,720) | Net cash provided by (used in) investing activities | $ | (3,217,386) | $ | (489,017) | ||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | $ | (471,711) | $ | (1,028,753) | Net cash provided by (used in) financing activities | $ | 1,890,764 | $ | (471,711) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Variance | 2021 | 2020 | Variance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasing revenues: | Leasing revenues: | Leasing revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases | Operating leases | $ | 1,276,697 | $ | 1,307,218 | $ | (30,521) | Operating leases | $ | 1,480,495 | $ | 1,276,697 | $ | 203,798 | ||||||||||||||||||||||||||||||||||||||||||||
Finance leases | Finance leases | 31,210 | 40,051 | (8,841) | Finance leases | 53,385 | 31,210 | 22,175 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total leasing revenues | Total leasing revenues | 1,307,907 | 1,347,269 | (39,362) | Total leasing revenues | 1,533,880 | 1,307,907 | 225,973 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment trading revenues | Equipment trading revenues | 85,780 | 83,993 | 1,787 | Equipment trading revenues | 142,969 | 85,780 | 57,189 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment trading expenses | Equipment trading expenses | (70,981) | (69,485) | (1,496) | Equipment trading expenses | (108,870) | (70,981) | (37,889) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading margin | Trading margin | 14,799 | 14,508 | 291 | Trading margin | 34,099 | 14,799 | 19,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain (loss) on sale of leasing equipment | Net gain (loss) on sale of leasing equipment | 37,773 | 27,041 | 10,732 | Net gain (loss) on sale of leasing equipment | 107,060 | 37,773 | 69,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 542,128 | 536,131 | 5,997 | Depreciation and amortization | 626,240 | 542,128 | 84,112 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Direct operating expenses | Direct operating expenses | 93,690 | 79,074 | 14,616 | Direct operating expenses | 26,860 | 93,690 | (66,830) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative expenses | Administrative expenses | 80,532 | 75,867 | 4,665 | Administrative expenses | 89,319 | 80,532 | 8,787 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Provision (reversal) for doubtful accounts | Provision (reversal) for doubtful accounts | 2,768 | 590 | 2,178 | Provision (reversal) for doubtful accounts | (2,475) | 2,768 | (5,243) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 719,118 | 691,662 | 27,456 | Total operating expenses | 739,944 | 719,118 | 20,826 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 641,361 | 697,156 | (55,795) | Operating income (loss) | 935,095 | 641,361 | 293,734 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses: | Other expenses: | Other expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 252,979 | 316,170 | (63,191) | Interest and debt expense | 222,024 | 252,979 | (30,955) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Realized (gain) loss on derivative instruments, net | (224) | (2,237) | 2,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized (gain) loss on derivative instruments, net | 286 | 3,107 | (2,821) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt termination expense | Debt termination expense | 24,734 | 2,543 | 22,191 | Debt termination expense | 133,853 | 24,734 | 109,119 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other (income) expense, net | Other (income) expense, net | (4,433) | (3,257) | (1,176) | Other (income) expense, net | (1,379) | (4,371) | 2,992 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | Total other expenses | 273,342 | 316,326 | (42,984) | Total other expenses | 354,498 | 273,342 | 81,156 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 368,019 | 380,830 | (12,811) | Income (loss) before income taxes | 580,597 | 368,019 | 212,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 38,240 | 27,551 | 10,689 | Income tax expense (benefit) | 50,357 | 38,240 | 12,117 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 329,779 | $ | 353,279 | $ | (23,500) | Net income (loss) | $ | 530,240 | $ | 329,779 | $ | 200,461 | ||||||||||||||||||||||||||||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | — | 592 | (592) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: dividend on preferred shares | Less: dividend on preferred shares | 41,362 | 13,646 | 27,716 | Less: dividend on preferred shares | 45,740 | 41,362 | 4,378 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | 288,417 | $ | 339,041 | $ | (50,624) | Net income (loss) attributable to common shareholders | $ | 484,500 | $ | 288,417 | $ | 196,083 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
Leasing revenues | Leasing revenues | 2020 | 2019 | Variance | Leasing revenues | 2021 | 2020 | Variance | ||||||||||||||||||||||||||
Operating leases: | Operating leases: | Operating leases: | ||||||||||||||||||||||||||||||||
Per diem revenues | Per diem revenues | $ | 1,217,423 | $ | 1,244,297 | $ | (26,874) | Per diem revenues | $ | 1,445,292 | $ | 1,217,423 | $ | 227,869 | ||||||||||||||||||||
Fee and ancillary revenues | Fee and ancillary revenues | 59,274 | 62,921 | (3,647) | Fee and ancillary revenues | 35,203 | 59,274 | (24,071) | ||||||||||||||||||||||||||
Total operating lease revenues | Total operating lease revenues | 1,276,697 | 1,307,218 | (30,521) | Total operating lease revenues | 1,480,495 | 1,276,697 | 203,798 | ||||||||||||||||||||||||||
Finance leases | Finance leases | 31,210 | 40,051 | (8,841) | Finance leases | 53,385 | 31,210 | 22,175 | ||||||||||||||||||||||||||
Total leasing revenues | Total leasing revenues | $ | 1,307,907 | $ | 1,347,269 | $ | (39,362) | Total leasing revenues | $ | 1,533,880 | $ | 1,307,907 | $ | 225,973 |
Contractual Obligations by Period | Contractual Obligations by Period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contractual Obligations: | Contractual Obligations: | Total | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 and thereafter | Contractual Obligations: | Total | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 and thereafter | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | (dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal debt obligations | Principal debt obligations | $ | 6,427.6 | $ | 659.1 | $ | 716.2 | $ | 1,535.5 | $ | 1,384.4 | $ | 395.1 | $ | 1,737.3 | Principal debt obligations | $ | 8,614.8 | $ | 462.6 | $ | 1,230.5 | $ | 1,254.0 | $ | 430.5 | $ | 2,838.6 | $ | 2,398.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest on debt obligations(1) | Interest on debt obligations(1) | 809.3 | 195.1 | 170.9 | 143.1 | 96.5 | 69.6 | 134.1 | Interest on debt obligations(1) | 970.0 | 193.7 | 181.0 | 154.4 | 134.6 | 106.6 | 199.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance lease obligations(2) | Finance lease obligations(2) | 19.1 | 3.1 | 3.1 | 3.1 | 9.8 | — | — | Finance lease obligations(2) | 15.2 | 15.2 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating leases (mainly facilities) | Operating leases (mainly facilities) | 7.2 | 3.1 | 2.4 | 1.6 | 0.1 | — | — | Operating leases (mainly facilities) | 6.1 | 3.5 | 2.1 | 0.4 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase obligations: | Purchase obligations: | Purchase obligations: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment purchases payable | Equipment purchases payable | 191.8 | 191.8 | — | — | — | — | — | Equipment purchases payable | 429.6 | 429.6 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment purchase commitments | Equipment purchase commitments | 1,064.8 | 1,064.8 | — | — | — | — | — | Equipment purchase commitments | 156.5 | 156.5 | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total contractual obligations | Total contractual obligations | $ | 8,519.8 | $ | 2,117.0 | $ | 892.6 | $ | 1,683.3 | $ | 1,490.8 | $ | 464.7 | $ | 1,871.4 | Total contractual obligations | $ | 10,192.2 | $ | 1,261.1 | $ | 1,413.6 | $ | 1,408.8 | $ | 565.2 | $ | 2,945.2 | $ | 2,598.3 |
As of December 31, | |||||||||||||||||||||||
Equipment Type | Depreciable Life | Residual Value | |||||||||||||||||||||
Dry containers | |||||||||||||||||||||||
20-foot dry container | 13 years | $ | 1,000 | ||||||||||||||||||||
40-foot dry container | 13 years | $ | 1,200 | ||||||||||||||||||||
40-foot high cube dry container | 13 years | $ | 1,400 | ||||||||||||||||||||
Refrigerated containers | |||||||||||||||||||||||
20-foot refrigerated container | 12 years | $ | 2,350 | ||||||||||||||||||||
40-foot high cube refrigerated container | 12 years | $ | 3,350 | ||||||||||||||||||||
Special containers | |||||||||||||||||||||||
40-foot flat rack container | 16 years | $ | 1,700 | ||||||||||||||||||||
40-foot open top container | 16 years | $ | 2,300 | ||||||||||||||||||||
Tank containers | 20 years | $ | 3,000 | ||||||||||||||||||||
Chassis | 20 years | $ | 1,200 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Dry container | Dry container | $ | 6,589,960 | $ | 6,308,038 | Dry container | $ | 8,087,346 | $ | 6,589,960 | ||||||||||||||||||
Refrigerated container | Refrigerated container | 1,483,820 | 1,520,747 | Refrigerated container | 1,556,673 | 1,483,820 | ||||||||||||||||||||||
Special container | Special container | 307,765 | 321,099 | Special container | 297,925 | 307,765 | ||||||||||||||||||||||
Tank container | Tank container | 97,982 | 101,677 | Tank container | 102,220 | 97,982 | ||||||||||||||||||||||
Chassis | Chassis | 151,169 | 140,986 | Chassis | 156,949 | 151,169 | ||||||||||||||||||||||
Total | Total | $ | 8,630,696 | $ | 8,392,547 | Total | $ | 10,201,113 | $ | 8,630,696 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||||||||||||||||||||
Impairment (loss) reversal on equipment held for sale | Impairment (loss) reversal on equipment held for sale | $ | (3,532) | $ | (5,299) | Impairment (loss) reversal on equipment held for sale | $ | 16 | $ | (3,532) | ||||||||||||||||||||||||
Gain (loss) on sale of equipment, net of selling costs | Gain (loss) on sale of equipment, net of selling costs | 41,305 | 32,340 | Gain (loss) on sale of equipment, net of selling costs | 107,044 | 41,305 | ||||||||||||||||||||||||||||
Net gain on sale of leasing equipment | Net gain on sale of leasing equipment | $ | 37,773 | $ | 27,041 | Net gain on sale of leasing equipment | $ | 107,060 | $ | 37,773 |
Derivatives | Notional Amount | Weighted Average Fixed Leg (Pay) Interest Rate | Cap Rate | Weighted Average Remaining Term | ||||||||||||||||||||||
Interest Rate Swap(1) | $ | n/a | ||||||||||||||||||||||||
Interest Rate Cap | $ | n/a | 5.5% |
Exhibit No. | Description | |||||||
Amended and Restated By-Laws of Triton International Limited, dated | ||||||||
Memorandum of Association of Triton International Limited, dated September 29, 2015 (incorporated by reference to Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, filed June 23, 2016) | ||||||||
Certificate of Designations of 8.50% Series A Cumulative Redeemable Perpetual Preference Shares (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed March 14, 2019) | ||||||||
Certificate of Designations of 8.00% Series B Cumulative Redeemable Perpetual Preference Shares (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 20, 2019) | ||||||||
Certificate of Designations of 7.375% Series C Cumulative Redeemable Perpetual Preference Shares (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed November 6, 2019) | ||||||||
Certificate of Designations of 6.875% Series D Cumulative Redeemable Perpetual Preference Shares (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed January 21, 2020) | ||||||||
Certificate of Designations of 5.75% Series E Cumulative Redeemable Perpetual Preference Shares (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed August 17, 2021) | ||||||||
Exhibit No. | Description | |||||||
Indenture, dated September 21, 2020, between Triton Container Finance VIII LLC and Wilmington Trust, National Association, as indenture trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed September 21, 2020) | ||||||||
Amendment Number 1, dated as of December 20, 2021, to the Indenture, dated as of September 21, 2020, between Triton Container Finance VIII LLC and Wilmington Trust, National Association, as indenture trustee | |||||||||
Series 2020-1 Supplement, dated September 21, 2020, between Triton Container Finance VIII LLC and Wilmington Trust, National Association, as indenture trustee (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed September 21, 2020) | |||||||||
Amendment Number 1, dated as of December 20, 2021, to Series 2020-1 Supplement to Indenture, dated as of September 21, 2020, between Triton Container Finance VIII LLC and Wilmington Trust, National Association, as indenture trustee | |||||||||
Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934 | |||||||||
As permitted by Item 601(b)(4)(iii)(A) of Regulation S-K, the Company has not filed with this Annual Report on Form 10-K certain instruments defining the rights of holders of long-term debt of the Company and its subsidiaries because such long-term debt is not being registered and the total amount of securities authorized under any of such instruments does not exceed 10% of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish a copy of any such agreements to the Securities and Exchange Commission upon request. | |||||||||
Amended and Restated Term Loan Agreement dated as of October 14, 2021 by and among Triton Container International Limited and TAL International Container Corporation, as borrowers, Triton International Limited, as guarantor, various lenders from time to time party thereto, and PNC Bank, National Association, as a lender and administrative agent (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed October 26, 2021) | |||||||||
Loan and Security Agreement (Conformed), dated as of December 13, 2018, among TIF Funding LLC, | |||||||||
Amendment Number 4, dated as ofDecember 20, 2021, to Loan and Security Agreement, dated as of December 13, 2018, among TIF Funding LLC, Borrower, Wells Fargo Bank Association, as Administrative Agent, certain lenders party thereto and Wilmington Trust, National Association, as Collateral Agent | |||||||||
Employment Offer Letter between Carla Heiss and Triton Container International, Incorporated of North America (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the | |||||||||
Exhibit No. | Description | |||||||
Employment Agreement, dated as of November 3, 2004, by and between TAL International Group, Inc. and Brian M. Sondey (incorporated by reference from exhibit number 10.13 to TAL International Group, Inc.'s Form S-1 filed on June 30, 2005, file number 333-126317) | ||||||||
Triton International Limited Amended and Restated 2016 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed April 29, 2021) | ||||||||
Form of Restricted Share Award Agreement under the Triton International Limited 2016 Equity Incentive Plan (incorporated by reference to Exhibit 10.7 to the Company's Annual Report on Form 10-K filed on February 16, 2020) | ||||||||
Form of Restricted Share Award Agreement under the Triton International Limited Amended and Restated 2016 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed April 29, 2021) | ||||||||
Form of Restricted Share Unit Award Agreement under the Triton International Limited Amended and Restated 2016 Equity Incentive Plan (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed April 29, 2021) | ||||||||
Form of Indemnification Agreement for Directors and Certain Officers (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 14, 2016) | ||||||||
List of Subsidiaries | ||||||||
Consent of Independent Registered Public Accounting Firm | ||||||||
Powers of Attorney (included on the signature page to this Annual Report on Form 10-K) | ||||||||
Certification of the Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||
Certification of the Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Securities Exchange Act of 1934, as amended | ||||||||
Certification by Chief Executive Officer pursuant to 18 U.S.C. Section 1350 | ||||||||
Certification by Chief Financial Officer pursuant to 18 U.S.C. Section 1350 | ||||||||
101.INS | Inline XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
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101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | |||||||
104 | Cover Page Inline XBRL Data (formatted as Inline XBRL and contained in Exhibit 101) |
Date: February | TRITON INTERNATIONAL LIMITED | |||||||
By: | /s/ BRIAN M. SONDEY | |||||||
Brian M. Sondey Chairman of the Board, Director and Chief Executive Officer |
Signature | Title(s) | ||||
/s/ BRIAN M. SONDEY | Chairman of the Board, Director and Chief Executive Officer | ||||
Brian M. Sondey | |||||
/s/ JOHN BURNS | Senior Vice President and Chief Financial Officer | ||||
John Burns | |||||
/s/ MICHELLE GALLAGHER | Vice President and Controller (Principal Accounting Officer) | ||||
Michelle Gallagher | |||||
/s/ ROBERT L. ROSNER | Lead Director | ||||
Robert L. Rosner | |||||
/s/ ROBERT W. ALSPAUGH | Director | ||||
Robert W. Alspaugh | |||||
/s/ MALCOLM P. BAKER | Director | ||||
Malcolm P. Baker | |||||
/s/ ANNABELLE BEXIGA | Director | ||||
Annabelle Bexiga | |||||
/s/ | |||||
Director | |||||
Claude Germain | |||||
/s/ KENNETH HANAU | Director | ||||
Kenneth Hanau | |||||
/s/ JOHN S. HEXTALL | Director | ||||
John S. Hextall | |||||
/s/ NIHARIKA RAMDEV | Director | ||||
Niharika Ramdev | |||||
/s/ SIMON R. VERNON | Director | ||||
Simon R. Vernon |
/s/ KPMG LLP |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
ASSETS: | ASSETS: | ASSETS: | |||||||||||||||||||||||
Leasing equipment, net of accumulated depreciation of $3,370,652 and $2,933,886 | $ | 8,630,696 | $ | 8,392,547 | |||||||||||||||||||||
Leasing equipment, net of accumulated depreciation of $3,919,181 and $3,370,652 | Leasing equipment, net of accumulated depreciation of $3,919,181 and $3,370,652 | $ | 10,201,113 | $ | 8,630,696 | ||||||||||||||||||||
Net investment in finance leases | Net investment in finance leases | 282,131 | 413,342 | Net investment in finance leases | 1,558,290 | 282,131 | |||||||||||||||||||
Equipment held for sale | Equipment held for sale | 67,311 | 114,504 | Equipment held for sale | 48,746 | 67,311 | |||||||||||||||||||
Revenue earning assets | Revenue earning assets | 8,980,138 | 8,920,393 | Revenue earning assets | 11,808,149 | 8,980,138 | |||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 61,512 | 62,295 | Cash and cash equivalents | 106,168 | 61,512 | |||||||||||||||||||
Restricted cash | Restricted cash | 90,484 | 106,677 | Restricted cash | 124,370 | 90,484 | |||||||||||||||||||
Accounts receivable, net of allowances of $2,192 and $1,276 | 226,090 | 210,697 | |||||||||||||||||||||||
Accounts receivable, net of allowances of $1,178 and $2,192 | Accounts receivable, net of allowances of $1,178 and $2,192 | 294,792 | 226,090 | ||||||||||||||||||||||
Goodwill | Goodwill | 236,665 | 236,665 | Goodwill | 236,665 | 236,665 | |||||||||||||||||||
Lease intangibles, net of accumulated amortization of $264,791 and $242,301 | 33,666 | 56,156 | |||||||||||||||||||||||
Lease intangibles, net of accumulated amortization of $281,340 and $264,791 | Lease intangibles, net of accumulated amortization of $281,340 and $264,791 | 17,117 | 33,666 | ||||||||||||||||||||||
Other assets | Other assets | 83,969 | 38,902 | Other assets | 50,346 | 83,969 | |||||||||||||||||||
Fair value of derivative instruments | Fair value of derivative instruments | 9 | 10,848 | Fair value of derivative instruments | 6,231 | 9 | |||||||||||||||||||
Total assets | Total assets | $ | 9,712,533 | $ | 9,642,633 | Total assets | $ | 12,643,838 | $ | 9,712,533 | |||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | LIABILITIES AND SHAREHOLDERS' EQUITY: | LIABILITIES AND SHAREHOLDERS' EQUITY: | |||||||||||||||||||||||
Equipment purchases payable | Equipment purchases payable | $ | 191,777 | $ | 24,685 | Equipment purchases payable | $ | 429,568 | $ | 191,777 | |||||||||||||||
Fair value of derivative instruments | Fair value of derivative instruments | 128,872 | 36,087 | Fair value of derivative instruments | 48,277 | 128,872 | |||||||||||||||||||
Deferred revenue | Deferred revenue | 92,198 | 26,786 | ||||||||||||||||||||||
Accounts payable and other accrued expenses | Accounts payable and other accrued expenses | 95,235 | 116,782 | Accounts payable and other accrued expenses | 70,557 | 68,449 | |||||||||||||||||||
Net deferred income tax liability | Net deferred income tax liability | 327,431 | 301,317 | Net deferred income tax liability | 376,009 | 327,431 | |||||||||||||||||||
Debt, net of unamortized costs of $42,747 and $39,781 | 6,403,270 | 6,631,525 | |||||||||||||||||||||||
Debt, net of unamortized costs of $63,794 and $42,747 | Debt, net of unamortized costs of $63,794 and $42,747 | 8,562,517 | 6,403,270 | ||||||||||||||||||||||
Total liabilities | Total liabilities | 7,146,585 | 7,110,396 | Total liabilities | 9,579,126 | 7,146,585 | |||||||||||||||||||
Shareholders' equity: | Shareholders' equity: | Shareholders' equity: | |||||||||||||||||||||||
Preferred shares, $0.01 par value, at liquidation preference | Preferred shares, $0.01 par value, at liquidation preference | 555,000 | 405,000 | Preferred shares, $0.01 par value, at liquidation preference | 730,000 | 555,000 | |||||||||||||||||||
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively | 812 | 810 | |||||||||||||||||||||||
Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding | 0 | 0 | |||||||||||||||||||||||
Treasury shares, at cost, 13,901,326 and 8,771,345 shares, respectively | (436,822) | (278,510) | |||||||||||||||||||||||
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,295,366 and 81,151,723 shares issued, respectively | Common shares, $0.01 par value, 270,000,000 shares authorized, 81,295,366 and 81,151,723 shares issued, respectively | 813 | 812 | ||||||||||||||||||||||
Undesignated shares, $0.01 par value, 800,000 and 7,800,000 shares authorized, respectively, no shares issued and outstanding | Undesignated shares, $0.01 par value, 800,000 and 7,800,000 shares authorized, respectively, no shares issued and outstanding | — | — | ||||||||||||||||||||||
Treasury shares, at cost, 15,429,499 and 13,901,326 shares, respectively | Treasury shares, at cost, 15,429,499 and 13,901,326 shares, respectively | (522,360) | (436,822) | ||||||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 905,323 | 902,725 | Additional paid-in capital | 904,224 | 905,323 | |||||||||||||||||||
Accumulated earnings | Accumulated earnings | 1,674,670 | 1,533,845 | Accumulated earnings | 2,000,854 | 1,674,670 | |||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (133,035) | (31,633) | Accumulated other comprehensive income (loss) | (48,819) | (133,035) | |||||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 2,565,948 | 2,532,237 | Total shareholders' equity | 3,064,712 | 2,565,948 | |||||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 9,712,533 | $ | 9,642,633 | Total liabilities and shareholders' equity | $ | 12,643,838 | $ | 9,712,533 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Leasing revenues: | Leasing revenues: | Leasing revenues: | ||||||||||||||||||||||||||||||||
Operating leases | Operating leases | $ | 1,276,697 | $ | 1,307,218 | $ | 1,328,756 | Operating leases | $ | 1,480,495 | $ | 1,276,697 | $ | 1,307,218 | ||||||||||||||||||||
Finance leases | Finance leases | 31,210 | 40,051 | 21,547 | Finance leases | 53,385 | 31,210 | 40,051 | ||||||||||||||||||||||||||
Total leasing revenues | Total leasing revenues | 1,307,907 | 1,347,269 | 1,350,303 | Total leasing revenues | 1,533,880 | 1,307,907 | 1,347,269 | ||||||||||||||||||||||||||
Equipment trading revenues | Equipment trading revenues | 85,780 | 83,993 | 83,039 | Equipment trading revenues | 142,969 | 85,780 | 83,993 | ||||||||||||||||||||||||||
Equipment trading expenses | Equipment trading expenses | (70,981) | (69,485) | (64,118) | Equipment trading expenses | (108,870) | (70,981) | (69,485) | ||||||||||||||||||||||||||
Trading margin | Trading margin | 14,799 | 14,508 | 18,921 | Trading margin | 34,099 | 14,799 | 14,508 | ||||||||||||||||||||||||||
Net gain on sale of leasing equipment | Net gain on sale of leasing equipment | 37,773 | 27,041 | 35,377 | Net gain on sale of leasing equipment | 107,060 | 37,773 | 27,041 | ||||||||||||||||||||||||||
Net gain on sale of building | 0 | 0 | 20,953 | |||||||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 542,128 | 536,131 | 545,138 | Depreciation and amortization | 626,240 | 542,128 | 536,131 | ||||||||||||||||||||||||||
Direct operating expenses | Direct operating expenses | 93,690 | 79,074 | 48,326 | Direct operating expenses | 26,860 | 93,690 | 79,074 | ||||||||||||||||||||||||||
Administrative expenses | Administrative expenses | 80,532 | 75,867 | 80,033 | Administrative expenses | 89,319 | 80,532 | 75,867 | ||||||||||||||||||||||||||
Transaction and other costs (income) | 0 | 0 | 88 | |||||||||||||||||||||||||||||||
Provision (reversal) for doubtful accounts | Provision (reversal) for doubtful accounts | 2,768 | 590 | (231) | Provision (reversal) for doubtful accounts | (2,475) | 2,768 | 590 | ||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 719,118 | 691,662 | 673,354 | Total operating expenses | 739,944 | 719,118 | 691,662 | ||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | 641,361 | 697,156 | 752,200 | Operating income (loss) | 935,095 | 641,361 | 697,156 | ||||||||||||||||||||||||||
Other expenses: | Other expenses: | Other expenses: | ||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 252,979 | 316,170 | 322,731 | Interest and debt expense | 222,024 | 252,979 | 316,170 | ||||||||||||||||||||||||||
Realized (gain) loss on derivative instruments, net | (224) | (2,237) | (2,072) | |||||||||||||||||||||||||||||||
Unrealized (gain) loss on derivative instruments, net | 286 | 3,107 | 430 | |||||||||||||||||||||||||||||||
Debt termination expense | Debt termination expense | 24,734 | 2,543 | 6,090 | Debt termination expense | 133,853 | 24,734 | 2,543 | ||||||||||||||||||||||||||
Other (income) expense, net | Other (income) expense, net | (4,433) | (3,257) | (2,292) | Other (income) expense, net | (1,379) | (4,371) | (2,387) | ||||||||||||||||||||||||||
Total other expenses | Total other expenses | 273,342 | 316,326 | 324,887 | Total other expenses | 354,498 | 273,342 | 316,326 | ||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 368,019 | 380,830 | 427,313 | Income (loss) before income taxes | 580,597 | 368,019 | 380,830 | ||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 38,240 | 27,551 | 70,641 | Income tax expense (benefit) | 50,357 | 38,240 | 27,551 | ||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 329,779 | $ | 353,279 | $ | 356,672 | Net income (loss) | $ | 530,240 | $ | 329,779 | $ | 353,279 | ||||||||||||||||||||
Less: income (loss) attributable to noncontrolling interest | Less: income (loss) attributable to noncontrolling interest | 0 | 592 | 7,117 | Less: income (loss) attributable to noncontrolling interest | — | — | 592 | ||||||||||||||||||||||||||
Less: dividend on preferred shares | Less: dividend on preferred shares | 41,362 | 13,646 | 0 | Less: dividend on preferred shares | 45,740 | 41,362 | 13,646 | ||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | 288,417 | $ | 339,041 | $ | 349,555 | Net income (loss) attributable to common shareholders | $ | 484,500 | $ | 288,417 | $ | 339,041 | ||||||||||||||||||||
Net income per common share—Basic | Net income per common share—Basic | $ | 4.18 | $ | 4.57 | $ | 4.38 | Net income per common share—Basic | $ | 7.26 | $ | 4.18 | $ | 4.57 | ||||||||||||||||||||
Net income per common share—Diluted | Net income per common share—Diluted | $ | 4.16 | $ | 4.54 | $ | 4.35 | Net income per common share—Diluted | $ | 7.22 | $ | 4.16 | $ | 4.54 | ||||||||||||||||||||
Cash dividends paid per common share | Cash dividends paid per common share | $ | 2.13 | $ | 2.08 | $ | 2.01 | Cash dividends paid per common share | $ | 2.36 | $ | 2.13 | $ | 2.08 | ||||||||||||||||||||
Weighted average number of common shares outstanding—Basic | Weighted average number of common shares outstanding—Basic | 69,051 | 74,190 | 79,782 | Weighted average number of common shares outstanding—Basic | 66,728 | 69,051 | 74,190 | ||||||||||||||||||||||||||
Dilutive restricted shares | Dilutive restricted shares | 294 | 510 | 582 | Dilutive restricted shares | 340 | 294 | 510 | ||||||||||||||||||||||||||
Weighted average number of common shares outstanding—Diluted | Weighted average number of common shares outstanding—Diluted | 69,345 | 74,700 | 80,364 | Weighted average number of common shares outstanding—Diluted | 67,068 | 69,345 | 74,700 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 329,779 | $ | 353,279 | $ | 356,672 | Net income (loss) | $ | 530,240 | $ | 329,779 | $ | 353,279 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||||||||||
Change in derivative instruments designated as cash flow hedges | Change in derivative instruments designated as cash flow hedges | (123,357) | (42,532) | (3,933) | Change in derivative instruments designated as cash flow hedges | 55,599 | (123,357) | (42,532) | ||||||||||||||||||||||||||
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges | 21,927 | (4,039) | (5,210) | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges | 28,722 | 21,927 | (4,039) | ||||||||||||||||||||||||||
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | 0 | 432 | 0 | Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | — | — | 432 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | 28 | (57) | (207) | Foreign currency translation adjustment | (105) | 28 | (57) | ||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | Other comprehensive income (loss), net of tax | (101,402) | (46,196) | (9,350) | Other comprehensive income (loss), net of tax | 84,216 | (101,402) | (46,196) | ||||||||||||||||||||||||||
Comprehensive income | Comprehensive income | 228,377 | 307,083 | 347,322 | Comprehensive income | 614,456 | 228,377 | 307,083 | ||||||||||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||||||||
Other comprehensive income attributable to noncontrolling interest | Other comprehensive income attributable to noncontrolling interest | $ | 0 | $ | 592 | $ | 7,117 | Other comprehensive income attributable to noncontrolling interest | $ | — | $ | — | $ | 592 | ||||||||||||||||||||
Dividend on preferred shares | Dividend on preferred shares | 41,362 | 13,646 | 0 | Dividend on preferred shares | 45,740 | 41,362 | 13,646 | ||||||||||||||||||||||||||
Comprehensive income attributable to common shareholders | Comprehensive income attributable to common shareholders | $ | 187,015 | $ | 292,845 | $ | 340,205 | Comprehensive income attributable to common shareholders | $ | 568,716 | $ | 187,015 | $ | 292,845 | ||||||||||||||||||||
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges | Tax (benefit) provision on change in derivative instruments designated as cash flow hedges | $ | (10,694) | $ | (6,121) | $ | 1,814 | Tax (benefit) provision on change in derivative instruments designated as cash flow hedges | $ | 3,586 | $ | (10,694) | $ | (6,121) | ||||||||||||||||||||
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges | Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges | $ | 1,144 | $ | (2,009) | $ | (1,570) | Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges | $ | 1,916 | $ | 1,144 | $ | (2,009) | ||||||||||||||||||||
Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12 | Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12 | $ | 0 | $ | 277 | $ | 0 | Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12 | $ | — | $ | — | $ | 277 |
Preferred Shares | Common Shares | Treasury Shares | Add'l Paid in Capital | Accumulated Earnings | Accumulated Other Comprehensive Income | Non controlling Interest | Total Equity | Preferred Shares | Common Shares | Treasury Shares | Add'l Paid in Capital | Accumulated Earnings | Accumulated Other Comprehensive Income | Non controlling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2017 | 0 | $ | 0 | 80,687,757 | $ | 807 | 0 | $ | 0 | $ | 889,168 | $ | 1,159,367 | $ | 26,942 | $ | 133,542 | $ | 2,209,826 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common shares | — | — | 200,341 | 2 | — | — | 9,028 | — | — | — | 9,030 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | 1,853,148 | (58,114) | — | — | — | — | (58,114) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase to settle shareholder tax obligations | — | — | (44,626) | — | — | — | (1,385) | — | — | — | (1,385) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | — | 349,555 | — | 7,117 | 356,672 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tax reclassification to accumulated earnings for the adoption of ASU 2018-02 | — | — | — | — | — | — | — | 3,029 | (3,029) | — | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | — | — | (9,350) | — | (9,350) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | — | (19,146) | (19,146) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares dividend declared | — | — | — | — | — | — | — | (162,324) | — | — | (162,324) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2018 | Balance as of December 31, 2018 | 0 | $ | 0 | 80,843,472 | $ | 809 | 1,853,148 | $ | (58,114) | $ | 896,811 | $ | 1,349,627 | $ | 14,563 | $ | 121,513 | $ | 2,325,209 | Balance as of December 31, 2018 | — | $ | — | 80,843,472 | $ | 809 | 1,853,148 | $ | (58,114) | $ | 896,811 | $ | 1,349,627 | $ | 14,563 | $ | 121,513 | $ | 2,325,209 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net of offering expenses | Issuance of preferred shares, net of offering expenses | 16,200,000 | 405,000 | (14,232) | 390,768 | Issuance of preferred shares, net of offering expenses | 16,200,000 | 405,000 | — | — | — | — | (14,232) | — | — | — | 390,768 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 311,257 | 3 | — | — | 8,960 | — | — | — | 8,963 | Share-based compensation | — | — | 311,257 | 3 | — | — | 8,960 | — | — | — | 8,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares acquired | Treasury shares acquired | — | — | — | — | 6,918,197 | (220,396) | — | — | — | — | (220,396) | Treasury shares acquired | — | — | — | — | 6,918,197 | (220,396) | — | — | — | — | (220,396) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase to settle shareholder tax obligations | Share repurchase to settle shareholder tax obligations | — | — | (174,896) | (2) | — | — | (5,664) | — | — | — | (5,666) | Share repurchase to settle shareholder tax obligations | — | — | (174.896) | (2) | — | — | (5,664) | — | — | — | (5,666) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | — | — | — | — | 352,687 | — | 592 | 353,279 | Net income (loss) | — | — | — | — | — | — | — | 352,687 | — | 592 | 353,279 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | (432) | (46,196) | — | (46,628) | Other comprehensive income (loss) | — | — | — | — | — | — | — | (432) | (46,196) | — | (46,628) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of noncontrolling interests | Purchase of noncontrolling interests | — | — | — | — | — | — | 16,850 | — | — | (120,027) | (103,177) | Purchase of noncontrolling interests | — | — | — | — | — | — | 16,850 | — | — | (120,027) | (103,177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | — | (2,078) | (2,078) | Distributions to noncontrolling interests | — | — | — | — | — | — | — | — | — | (2,078) | (2,078) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares dividend declared | Common shares dividend declared | — | — | — | — | — | — | — | (155,714) | — | — | (155,714) | Common shares dividend declared | — | — | — | — | — | — | — | (155,714) | — | — | (155,714) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares dividend declared | Preferred shares dividend declared | — | — | — | — | — | — | — | (12,323) | — | — | (12,323) | Preferred shares dividend declared | — | — | — | — | — | — | — | (12,323) | — | — | (12,323) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | Balance as of December 31, 2019 | 16,200,000 | $ | 405,000 | 80,979,833 | $ | 810 | 8,771,345 | $ | (278,510) | $ | 902,725 | $ | 1,533,845 | $ | (31,633) | $ | 0 | $ | 2,532,237 | Balance as of December 31, 2019 | 16,200,000 | $ | 405,000 | 80,979,833 | $ | 810 | 8,771,345 | $ | (278,510) | $ | 902,725 | $ | 1,533,845 | $ | (31,633) | $ | — | $ | 2,532,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net of offering expenses | Issuance of preferred shares, net of offering expenses | 6,000,000 | 150,000 | — | — | — | — | (5,140) | — | — | — | 144,860 | Issuance of preferred shares, net of offering expenses | 6,000,000 | 150,000 | — | — | — | — | (5,140) | — | — | — | 144,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 225,499 | 3 | — | — | 9,893 | — | — | — | 9,896 | Share-based compensation | — | — | 225,499 | 3 | — | — | 9,893 | — | — | — | 9,896 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares acquired | Treasury shares acquired | — | — | — | — | 5,129,981 | (158,312) | — | — | — | — | (158,312) | Treasury shares acquired | — | — | — | — | 5,129,981 | (158,312) | — | — | — | — | (158,312) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase to settle shareholder tax obligations | Share repurchase to settle shareholder tax obligations | — | — | (53,609) | (1) | — | — | (2,155) | — | — | — | (2,156) | Share repurchase to settle shareholder tax obligations | — | — | (53,609) | (1) | — | — | (2,155) | — | — | — | (2,156) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | — | — | — | — | 329,779 | — | 0 | 329,779 | Net income (loss) | — | — | — | — | — | — | — | 329,779 | — | — | 329,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | 0 | (101,402) | — | (101,402) | Other comprehensive income (loss) | — | — | — | — | — | — | — | — | (101,402) | — | (101,402) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares dividend declared | Common shares dividend declared | — | — | — | — | — | — | — | (148,021) | — | — | (148,021) | Common shares dividend declared | — | — | — | — | — | — | — | (148,021) | — | — | (148,021) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares dividend declared | Preferred shares dividend declared | — | — | — | — | — | — | — | (40,933) | — | — | (40,933) | Preferred shares dividend declared | — | — | — | — | — | — | — | (40,933) | — | — | (40,933) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | Balance as of December 31, 2020 | 22,200,000 | $ | 555,000 | 81,151,723 | $ | 812 | 13,901,326 | $ | (436,822) | $ | 905,323 | $ | 1,674,670 | $ | (133,035) | $ | 0 | $ | 2,565,948 | Balance as of December 31, 2020 | 22,200,000 | $ | 555,000 | 81,151,723 | $ | 812 | 13,901,326 | $ | (436,822) | $ | 905,323 | $ | 1,674,670 | $ | (133,035) | $ | — | $ | 2,565,948 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred shares, net of offering expenses | Issuance of preferred shares, net of offering expenses | 7,000,000 | 175,000 | — | — | — | — | (6,177) | — | — | — | 168,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | Share-based compensation | — | — | 231,383 | 2 | — | — | 9,363 | — | — | — | 9,365 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Treasury shares acquired | Treasury shares acquired | — | — | — | — | 1,528,173 | (85,538) | — | — | — | — | (85,538) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchase to settle shareholder tax obligations | Share repurchase to settle shareholder tax obligations | — | — | (87,740) | (1) | — | — | (4,285) | — | — | — | (4,286) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | — | — | — | — | — | — | — | 530,240 | — | — | 530,240 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | — | — | — | — | — | 84,216 | — | 84,216 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common shares dividend declared | Common shares dividend declared | — | — | — | — | — | — | — | (158,735) | — | — | (158,735) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred shares dividend declared | Preferred shares dividend declared | — | — | — | — | — | — | — | (45,321) | — | — | (45,321) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | Balance as of December 31, 2021 | 29,200,000 | $ | 730,000 | 81,295,366 | $ | 813 | 15,429,499 | $ | (522,360) | $ | 904,224 | $ | 2,000,854 | $ | (48,819) | $ | — | $ | 3,064,712 |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 329,779 | $ | 353,279 | $ | 356,672 | Net income (loss) | $ | 530,240 | $ | 329,779 | $ | 353,279 | ||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 542,128 | 536,131 | 545,138 | Depreciation and amortization | 626,240 | 542,128 | 536,131 | ||||||||||||||||||||||||||
Amortization of deferred debt cost and other debt related amortization | Amortization of deferred debt cost and other debt related amortization | 12,973 | 12,806 | 15,005 | Amortization of deferred debt cost and other debt related amortization | 11,603 | 12,973 | 12,806 | ||||||||||||||||||||||||||
Lease related amortization | Lease related amortization | 23,878 | 41,926 | 70,275 | Lease related amortization | 17,654 | 23,878 | 41,926 | ||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 9,896 | 8,963 | 9,030 | Share-based compensation expense | 9,365 | 9,896 | 8,963 | ||||||||||||||||||||||||||
Net (gain) loss on sale of leasing equipment | Net (gain) loss on sale of leasing equipment | (37,773) | (27,041) | (35,377) | Net (gain) loss on sale of leasing equipment | (107,060) | (37,773) | (27,041) | ||||||||||||||||||||||||||
Net (gain) loss on sale of building | 0 | 0 | (20,953) | |||||||||||||||||||||||||||||||
Unrealized (gain) loss on derivative instruments | Unrealized (gain) loss on derivative instruments | 286 | 3,107 | 430 | Unrealized (gain) loss on derivative instruments | — | 286 | 3,107 | ||||||||||||||||||||||||||
Debt termination expense | Debt termination expense | 24,734 | 2,543 | 6,090 | Debt termination expense | 133,853 | 24,734 | 2,543 | ||||||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 35,662 | 27,181 | 66,467 | Deferred income taxes | 43,077 | 35,662 | 27,181 | ||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (11,744) | 54,171 | (65,385) | Accounts receivable | (50,336) | (9,955) | 51,242 | ||||||||||||||||||||||||||
Deferred revenue | Deferred revenue | 83,600 | 90 | 3,637 | ||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (28,360) | 3,963 | (13,829) | Accounts payable and accrued expenses | (6,860) | (28,360) | 3,963 | ||||||||||||||||||||||||||
Net equipment sold (purchased) for resale activity | Net equipment sold (purchased) for resale activity | 14,503 | (3,837) | (2,341) | Net equipment sold (purchased) for resale activity | 7,606 | 14,503 | (3,837) | ||||||||||||||||||||||||||
Cash received (paid) for settlement of interest rate swaps | Cash received (paid) for settlement of interest rate swaps | (5,074) | (22,330) | 187 | Cash received (paid) for settlement of interest rate swaps | 5,497 | (5,074) | (22,330) | ||||||||||||||||||||||||||
Cash collections on finance lease receivables, net of income earned | Cash collections on finance lease receivables, net of income earned | 80,212 | 73,429 | 64,372 | Cash collections on finance lease receivables, net of income earned | 74,117 | 78,333 | 72,721 | ||||||||||||||||||||||||||
Other assets | Other assets | (47,348) | (2,385) | (1,559) | Other assets | 26,568 | (47,348) | (2,385) | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 943,752 | 1,061,906 | 994,222 | Net cash provided by (used in) operating activities | 1,405,164 | 943,752 | 1,061,906 | ||||||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Purchases of leasing equipment and investments in finance leases | Purchases of leasing equipment and investments in finance leases | (744,129) | (240,170) | (1,603,507) | Purchases of leasing equipment and investments in finance leases | (3,434,394) | (744,129) | (240,170) | ||||||||||||||||||||||||||
Proceeds from sale of equipment, net of selling costs | Proceeds from sale of equipment, net of selling costs | 255,104 | 217,296 | 163,256 | Proceeds from sale of equipment, net of selling costs | 217,078 | 255,104 | 217,296 | ||||||||||||||||||||||||||
Proceeds from the sale of building | 0 | 0 | 27,630 | |||||||||||||||||||||||||||||||
Other | Other | 8 | (846) | (160) | Other | (70) | 8 | (846) | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (489,017) | (23,720) | (1,412,781) | Net cash provided by (used in) investing activities | (3,217,386) | (489,017) | (23,720) | ||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Issuance of preferred shares, net of underwriting discount | Issuance of preferred shares, net of underwriting discount | 145,275 | 392,242 | 0 | Issuance of preferred shares, net of underwriting discount | 169,488 | 145,275 | 392,242 | ||||||||||||||||||||||||||
Purchases of treasury shares | Purchases of treasury shares | (158,312) | (222,236) | (56,274) | Purchases of treasury shares | (82,528) | (158,312) | (222,236) | ||||||||||||||||||||||||||
Debt issuance costs | Debt issuance costs | (26,814) | (8,751) | (19,575) | Debt issuance costs | (42,631) | (26,814) | (8,751) | ||||||||||||||||||||||||||
Borrowings under debt facilities | Borrowings under debt facilities | 3,495,445 | 1,697,200 | 4,043,637 | Borrowings under debt facilities | 8,690,006 | 3,495,445 | 1,697,200 | ||||||||||||||||||||||||||
Payments under debt facilities and finance lease obligations | Payments under debt facilities and finance lease obligations | (3,737,150) | (2,608,960) | (3,435,041) | Payments under debt facilities and finance lease obligations | (6,635,987) | (3,737,150) | (2,608,960) | ||||||||||||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (40,933) | (12,323) | 0 | Dividends paid on preferred shares | (45,321) | (40,933) | (12,323) | ||||||||||||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (146,476) | (153,861) | (160,289) | Dividends paid on common shares | (157,312) | (146,476) | (153,861) | ||||||||||||||||||||||||||
Distributions to noncontrolling interests | Distributions to noncontrolling interests | 0 | (2,078) | (19,146) | Distributions to noncontrolling interests | — | — | (2,078) | ||||||||||||||||||||||||||
Purchase of noncontrolling interests | Purchase of noncontrolling interests | 0 | (103,039) | 0 | Purchase of noncontrolling interests | — | — | (103,039) | ||||||||||||||||||||||||||
Other | Other | (2,746) | (6,947) | (1,385) | Other | (4,951) | (2,746) | (6,947) | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (471,711) | (1,028,753) | 351,927 | Net cash provided by (used in) financing activities | 1,890,764 | (471,711) | (1,028,753) | ||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (16,976) | $ | 9,433 | $ | (66,632) | Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 78,542 | $ | (16,976) | $ | 9,433 | ||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | Cash, cash equivalents and restricted cash, beginning of period | 168,972 | 159,539 | 226,171 | Cash, cash equivalents and restricted cash, beginning of period | 151,996 | 168,972 | 159,539 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | Cash, cash equivalents and restricted cash, end of period | $ | 151,996 | $ | 168,972 | $ | 159,539 | Cash, cash equivalents and restricted cash, end of period | $ | 230,538 | $ | 151,996 | $ | 168,972 | ||||||||||||||||||||
Supplemental disclosures: | Supplemental disclosures: | Supplemental disclosures: | ||||||||||||||||||||||||||||||||
Interest paid | Interest paid | $ | 244,280 | $ | 306,827 | $ | 308,827 | Interest paid | $ | 211,412 | $ | 244,280 | $ | 306,827 | ||||||||||||||||||||
Income taxes paid (refunded) | Income taxes paid (refunded) | $ | 2,191 | $ | (895) | $ | 4,484 | Income taxes paid (refunded) | $ | 7,933 | $ | 2,191 | $ | (895) | ||||||||||||||||||||
Right-of-use asset for leased property | Right-of-use asset for leased property | $ | 543 | $ | 7,616 | $ | 0 | Right-of-use asset for leased property | $ | 2,517 | $ | 543 | $ | 7,616 | ||||||||||||||||||||
Supplemental non-cash investing activities: | Supplemental non-cash investing activities: | Supplemental non-cash investing activities: | ||||||||||||||||||||||||||||||||
Equipment purchases payable | Equipment purchases payable | $ | 191,777 | $ | 24,685 | $ | 22,392 | Equipment purchases payable | $ | 429,568 | $ | 191,777 | $ | 24,685 |
As of December 31, | |||||||||||||||||||||||
Equipment Type | Depreciable Life | Residual Value | |||||||||||||||||||||
Dry containers | |||||||||||||||||||||||
20-foot dry container | 13 years | $ | 1,000 | ||||||||||||||||||||
40-foot dry container | 13 years | $ | 1,200 | ||||||||||||||||||||
40-foot high cube dry container | 13 years | $ | 1,400 | ||||||||||||||||||||
Refrigerated containers | |||||||||||||||||||||||
20-foot refrigerated container | 12 years | $ | 2,350 | ||||||||||||||||||||
40-foot high cube refrigerated container | 12 years | $ | 3,350 | ||||||||||||||||||||
Special containers | |||||||||||||||||||||||
40-foot flat rack container | 16 years | $ | 1,700 | ||||||||||||||||||||
40-foot open top container | 16 years | $ | 2,300 | ||||||||||||||||||||
Tank containers | 20 years | $ | 3,000 | ||||||||||||||||||||
Chassis | 20 years | $ | 1,200 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Dry container | Dry container | $ | 6,589,960 | $ | 6,308,038 | Dry container | $ | 8,087,346 | $ | 6,589,960 | ||||||||||||||||||
Refrigerated container | Refrigerated container | 1,483,820 | 1,520,747 | Refrigerated container | 1,556,673 | 1,483,820 | ||||||||||||||||||||||
Special container | Special container | 307,765 | 321,099 | Special container | 297,925 | 307,765 | ||||||||||||||||||||||
Tank container | Tank container | 97,982 | 101,677 | Tank container | 102,220 | 97,982 | ||||||||||||||||||||||
Chassis | Chassis | 151,169 | 140,986 | Chassis | 156,949 | 151,169 | ||||||||||||||||||||||
Total | Total | $ | 8,630,696 | $ | 8,392,547 | Total | $ | 10,201,113 | $ | 8,630,696 |
December 31, 2020 | December 31, 2019 | |||||||
Equipment held for sale | $ | 4,001 | $ | 11,797 |
December 31, 2021 | December 31, 2020 | |||||||
Equipment held for sale | $ | 239 | $ | 4,001 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Impairment (loss) reversal on equipment held for sale | Impairment (loss) reversal on equipment held for sale | $ | (3,532) | $ | (5,299) | $ | (3,933) | Impairment (loss) reversal on equipment held for sale | $ | 16 | $ | (3,532) | $ | (5,299) | ||||||||||||||||||||
Gain (loss) on sale of equipment, net of selling costs | Gain (loss) on sale of equipment, net of selling costs | 41,305 | 32,340 | 39,310 | Gain (loss) on sale of equipment, net of selling costs | 107,044 | 41,305 | 32,340 | ||||||||||||||||||||||||||
Net gain on sale of leasing equipment | Net gain on sale of leasing equipment | $ | 37,773 | $ | 27,041 | $ | 35,377 | Net gain on sale of leasing equipment | $ | 107,060 | $ | 37,773 | $ | 27,041 |
Years ending December 31, | Total Intangible Assets | ||||
2022 | $ | 10,497 | |||
2023 | 4,657 | ||||
2024 | 1,963 | ||||
Total | $ | 17,117 |
Years ending December 31, | Total Intangible Assets | ||||
2021 | $ | 16,549 | |||
2022 | 10,497 | ||||
2023 | 4,657 | ||||
2024 | 1,963 | ||||
Total | $ | 33,666 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Collection accounts | Collection accounts | $ | 27,673 | $ | 25,580 | Collection accounts | $ | 37,372 | $ | 27,673 | ||||||||||||
Trust accounts | Trust accounts | 19,001 | 13,840 | Trust accounts | 31,628 | 19,001 | ||||||||||||||||
Other restricted cash accounts | Other restricted cash accounts | 43,810 | 67,257 | Other restricted cash accounts | 55,370 | 43,810 | ||||||||||||||||
Total restricted cash | Total restricted cash | $ | 90,484 | $ | 106,677 | Total restricted cash | $ | 124,370 | $ | 90,484 |
Contractual Weighted Avg Interest Rate(1) | Maturity Range(1) | December 31, 2020 | December 31, 2019 | Contractual Weighted Avg Interest Rate(1) | Maturity Range(1) | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
From | To | From | To | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securitization term notes | Asset-backed securitization term notes | 1.98% | Aug 2023 | Feb 2031 | $ | 3,801,777 | $ | 2,920,807 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Institutional notes | Institutional notes | 4.57% | Jun 2021 | Jun 2029 | $ | 1,642,314 | $ | 1,957,557 | Institutional notes | —% | — | — | — | 1,642,314 | ||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securitization term notes | 2.07% | Aug 2023 | May 2030 | 2,920,807 | 2,719,206 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan facility | 1.65% | Nov 2023 | Nov 2023 | 840,000 | 1,200,375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate notes | Corporate notes | 1.82% | Aug 2023 | Jun 2031 | 2,300,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Term loan facilities | Term loan facilities | 1.49% | May 2026 | May 2026 | 1,176,000 | 840,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed securitization warehouse | Asset-backed securitization warehouse | 2.00% | Nov 2027 | Nov 2027 | 264,000 | 370,000 | Asset-backed securitization warehouse | 1.95% | Nov 2027 | Nov 2027 | 225,000 | 264,000 | ||||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facilities | Revolving credit facilities | 1.74% | Sep 2023 | Jul 2024 | 760,500 | 410,000 | Revolving credit facilities | 1.48% | Oct 2026 | Oct 2026 | 1,112,000 | 760,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Finance lease obligations | Finance lease obligations | 4.93% | Feb 2024 | Feb 2024 | 17,304 | 27,024 | Finance lease obligations | 4.93% | Feb 2022 | Feb 2022 | 15,042 | 17,304 | ||||||||||||||||||||||||||||||||||||||||||||||
Total debt outstanding | Total debt outstanding | 6,444,925 | 6,684,162 | Total debt outstanding | 8,629,819 | 6,444,925 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt costs | Unamortized debt costs | (42,747) | (39,781) | Unamortized debt costs | (63,794) | (42,747) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized debt premiums & discounts | Unamortized debt premiums & discounts | (599) | (4,065) | Unamortized debt premiums & discounts | (3,508) | (599) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unamortized fair value debt adjustment | Unamortized fair value debt adjustment | 1,691 | (8,791) | Unamortized fair value debt adjustment | — | 1,691 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt, net of unamortized costs | Debt, net of unamortized costs | $ | 6,403,270 | $ | 6,631,525 | Debt, net of unamortized costs | $ | 8,562,517 | $ | 6,403,270 |
Balance Outstanding | Contractual Weighted Avg Interest Rate | Maturity Range | Weighted Avg Remaining Term | Balance Outstanding | Contractual Weighted Avg Interest Rate | Maturity Range | Weighted Avg Remaining Term | |||||||||||||||||||||||||||||||||||||||||||||||||||
From | To | From | To | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Excluding impact of derivative instruments: | Excluding impact of derivative instruments: | Excluding impact of derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | Fixed-rate debt | $3,919,200 | 3.19% | Jun 2021 | May 2030 | 4.2 years | Fixed-rate debt | $5,513,840 | 1.95% | Feb 2022 | Jun 2031 | 4.7 years | ||||||||||||||||||||||||||||||||||||||||||||||
Floating-rate debt | Floating-rate debt | $2,525,725 | 1.73% | Aug 2023 | Nov 2027 | 3.2 years | Floating-rate debt | $3,115,979 | 1.56% | Aug 2023 | Nov 2027 | 3.9 years | ||||||||||||||||||||||||||||||||||||||||||||||
Including impact of derivative instruments: | Including impact of derivative instruments: | Including impact of derivative instruments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed-rate debt | Fixed-rate debt | $3,919,200 | 3.19% | Fixed-rate debt | $5,513,840 | 1.95% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedged floating-rate debt | Hedged floating-rate debt | 1,709,975 | 3.59% | Hedged floating-rate debt | 1,929,729 | 3.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed and hedged debt | Total fixed and hedged debt | 5,629,175 | 3.31% | Total fixed and hedged debt | 7,443,569 | 2.31% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Unhedged floating-rate debt | Unhedged floating-rate debt | 815,750 | 1.73% | Unhedged floating-rate debt | 1,186,250 | 1.56% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $6,444,925 | 3.11% | Total | $8,629,819 | 2.21% |
Date | Total Offering | Contractual Interest Rate | Maturity | ||||||||||||||||||||
April 15, 2021 | $600.0 Million | 2.05% | Apr 2026 | ||||||||||||||||||||
June 7, 2021 | $500.0 Million | 1.15% | Jun 2024 | ||||||||||||||||||||
June 7, 2021 | $600.0 Million | 3.15% | Jun 2031 | ||||||||||||||||||||
August 6, 2021 | $600.0 Million | 0.80% | Aug 2023 | ||||||||||||||||||||
Date | Total Offering | Contractual Weighted Avg Interest Rate | Expected Maturity | ||||||||||||||||||||||||||
$ | Feb | ||||||||||||||||||||||||||||
$ | |||||||||||||||||||||||||||||
Years ending December 31, | |||||
2021 | $ | 659,109 | |||
2022 | 716,152 | ||||
2023 | 1,533,307 | ||||
2024 | 1,384,416 | ||||
2025 | 395,078 | ||||
2026 and thereafter | 1,739,559 | ||||
Total | $ | 6,427,621 |
Years ending December 31, | Years ending December 31, | Years ending December 31, | ||||||||
2021 | $ | 3,075 | ||||||||
2022 | 2022 | 3,075 | 2022 | $ | 477,618 | |||||
2023 | 2023 | 3,075 | 2023 | 1,230,460 | ||||||
2024 | 2024 | 9,843 | 2024 | 1,254,012 | ||||||
2025 | 2025 | 0 | 2025 | 430,497 | ||||||
2026 and thereafter | 0 | |||||||||
Total future payments | 19,068 | |||||||||
Less: amount representing interest | (1,764) | |||||||||
Finance lease obligations | $ | 17,304 | ||||||||
2026 | 2026 | 2,838,602 | ||||||||
2027 and thereafter | 2027 and thereafter | 2,398,630 | ||||||||
Total | Total | $ | 8,629,819 |
Derivative Instrument | Date Effective | Notional Amount | Fixed Leg (Pay) Interest Rate | Indexed To | Scheduled Maturity | |||||||||||||||||||||||||||
Interest rate cap | $200.0 million | n/a | 1 month LIBOR | November 13, 2023 | ||||||||||||||||||||||||||||
$ | 1 month LIBOR | |||||||||||||||||||||||||||||||
Derivative Instrument | Date Canceled | Notional Amount | Funds | |||||||||||||||||
Interest rate swap | $ | $ | ||||||||||||||||||
Interest rate | $ | |||||||||||||||||||
Interest rate swap | February 19, 2021 | $150.0 million | $2.4 million | |||||||||||||||||
Interest rate swap | February 19, 2021 | $150.0 million | $2.4 million | |||||||||||||||||
Derivative Instrument | Date Canceled | Notional Amount | Funds Received (Paid) | |||||||||||||||||
Interest rate swap | June 25, 2021 | $72.5 million | $— million | |||||||||||||||||
Interest rate swap | June 25, 2021 | $195.9 million | $(0.9) million |
Derivatives | Notional | Weighted Average Fixed Leg (Pay) Interest Rate | Cap Rate | Weighted Average Remaining Term | ||||||||||||||||||||||
Interest Rate Swap(1) | $ | n/a | ||||||||||||||||||||||||
Interest Rate Cap | $ | n/a |
Financial statement caption | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
Derivative instrument | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Non-designated derivative instruments | Realized (gain) loss on derivative instruments, net | $ | (224) | $ | (2,237) | $ | (2,072) | ||||||||||||||||||||||||||||
Non-designated derivative instruments | Unrealized (gain) loss on derivative instruments, net | 286 | 3,107 | 430 | |||||||||||||||||||||||||||||||
Designated derivative instruments | Interest and debt (income) expense | 23,071 | (6,048) | (6,780) | |||||||||||||||||||||||||||||||
Designated derivative instruments | Comprehensive loss | 134,051 | 48,653 | 2,119 | |||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||
Financial statement caption | 2021 | 2020 | 2019 | |||||||||||||||||||||||
Non-Designated Derivative Instruments | ||||||||||||||||||||||||||
Realized (gains) losses | Other (income) expense, net | $ | — | $ | (224) | $ | (2,237) | |||||||||||||||||||
Realized (gains) losses | Debt termination expense | $ | 883 | $ | — | $ | — | |||||||||||||||||||
Unrealized (gains) losses | Other (income) expense, net | $ | — | $ | 286 | $ | 3,107 | |||||||||||||||||||
Designated Derivative Instruments | ||||||||||||||||||||||||||
Realized (gains) losses | Interest and debt (income) expense | $ | 30,638 | $ | 23,071 | $ | (6,048) | |||||||||||||||||||
Unrealized (gains) losses | Comprehensive (income) loss | $ | (59,185) | $ | 134,051 | $ | 48,653 | |||||||||||||||||||
Balance Sheet | Balance Sheet | Financial statement caption | December 31, 2020 | December 31, 2019 | Balance Sheet | Financial statement caption | December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Right-of-use asset - operating | Right-of-use asset - operating | Other assets | $ | 5,062 | $ | 7,616 | Right-of-use asset - operating | Other assets | $ | 5,099 | $ | 5,062 | ||||||||||||||||||||||||||||
Lease liability - operating | Lease liability - operating | Accounts payable and other accrued expenses | $ | 6,088 | $ | 8,940 | Lease liability - operating | Accounts payable and other accrued expenses | $ | 5,790 | $ | 6,088 | ||||||||||||||||||||||||||||
Income Statement | Income Statement | Financial statement caption | Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Income Statement | Financial statement caption | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||
Operating lease cost(1) | Operating lease cost(1) | Administrative expenses | $ | 3,005 | $ | 3,012 | $ | 2,914 | Operating lease cost(1) | Administrative expenses | $ | 3,183 | $ | 3,005 | $ | 3,012 |
Years ending December 31, | |||||
2022 | $ | 3,257 | |||
2023 | 2,132 | ||||
2024 | 450 | ||||
2025 | 134 | ||||
2026 | — | ||||
2027 and thereafter | — | ||||
Total undiscounted future cash flows related to lease payments | $ | 5,973 | |||
Less: imputed interest | (183) | ||||
Total present value of lease liability | $ | 5,790 | |||
Years ending December 31, | |||||
2021 | $ | 2,628 | |||
2022 | 2,220 | ||||
2023 | 1,513 | ||||
2024 | 67 | ||||
2025 | 0 | ||||
2026 and thereafter | 0 | ||||
Total undiscounted future cash flows related to lease payments | $ | 6,428 | |||
Less: imputed interest | (340) | ||||
Total present value of lease liability | $ | 6,088 | |||
Years ending December 31, | Years ending December 31, | Years ending December 31, | ||||||||
2021 | $ | 950,906 | ||||||||
2022 | 2022 | 828,366 | 2022 | $ | 1,133,267 | |||||
2023 | 2023 | 648,571 | 2023 | 948,074 | ||||||
2024 | 2024 | 509,618 | 2024 | 796,752 | ||||||
2025 | 2025 | 390,878 | 2025 | 663,274 | ||||||
2026 and thereafter | 708,856 | |||||||||
2026 | 2026 | 504,396 | ||||||||
2027 and thereafter | 2027 and thereafter | 1,581,217 | ||||||||
Total | Total | $ | 4,037,195 | Total | $ | 5,626,980 |
Years ending December 31, | |||||
2022 | $ | 6,677 | |||
2023 | 9,432 | ||||
2024 | 11,938 | ||||
2025 | 11,611 | ||||
2026 | 11,013 | ||||
2027 and thereafter | 41,527 | ||||
Total | $ | 92,198 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Future minimum lease payment receivable(1) | Future minimum lease payment receivable(1) | $ | 355,755 | $ | 476,443 | Future minimum lease payment receivable(1) | $ | 2,122,165 | $ | 355,755 | ||||||||||||
Estimated residual receivable(2) | Estimated residual receivable(2) | 53,892 | 102,238 | Estimated residual receivable(2) | 205,994 | 53,892 | ||||||||||||||||
Gross finance lease receivables(3) | Gross finance lease receivables(3) | 409,647 | 578,681 | Gross finance lease receivables(3) | 2,328,159 | 409,647 | ||||||||||||||||
Unearned income(4) | Unearned income(4) | (127,516) | (165,339) | Unearned income(4) | (769,869) | (127,516) | ||||||||||||||||
Net investment in finance leases(5) | Net investment in finance leases(5) | $ | 282,131 | $ | 413,342 | Net investment in finance leases(5) | $ | 1,558,290 | $ | 282,131 |
Years ending December 31, | Years ending December 31, | Years ending December 31, | ||||||||
2021 | $ | 77,832 | ||||||||
2022 | 2022 | 52,863 | 2022 | $ | 202,217 | |||||
2023 | 2023 | 45,208 | 2023 | 188,577 | ||||||
2024 | 2024 | 44,837 | 2024 | 185,251 | ||||||
2025 | 2025 | 43,725 | 2025 | 184,123 | ||||||
2026 and thereafter | 145,182 | |||||||||
2026 | 2026 | 181,847 | ||||||||
2027 and thereafter | 2027 and thereafter | 1,386,144 | ||||||||
Total | Total | $ | 409,647 | Total | $ | 2,328,159 |
Number of Shares | Weighted Average Fair Value | ||||||||||
Non-vested balance at December 31, 2019 | 561,212 | $ | 31.84 | ||||||||
Shares granted | 283,161 | 36.44 | |||||||||
Shares vested(1) | (204,497) | 38.19 | |||||||||
Shares forfeited | (2,073) | 35.70 | |||||||||
Non-vested balance at December 31, 2020 | 637,803 | $ | 35.78 |
Number of Shares | Weighted Average Fair Value | ||||||||||
Non-vested balance at December 31, 2020 | 637,803 | $ | 35.78 | ||||||||
Shares/units granted(1) | 206,792 | 51.70 | |||||||||
Shares/units vested(2) | (245,768) | 49.32 | |||||||||
Shares/units forfeited | (398) | 51.27 | |||||||||
Non-vested balance at December 31, 2021 | 598,429 | $ | 40.15 |
Preferred Share Offering | Preferred Share Offering | Issuance | Liquidation Preference (in thousands) | # of Shares(1) | Preferred Share Offering | Issuance | Liquidation Preference (in thousands) | # of Shares(1) | Underwriting Discounts (in thousands) | ||||||||||||||||||||||
Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") | Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") | March 2019 | $ | 86,250 | 3,450,000 | Series A 8.50% Cumulative Redeemable Perpetual Preference Shares ("Series A") | March 2019 | $ | 86,250 | 3,450,000 | $ | 2,717 | |||||||||||||||||||
Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") | Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") | June 2019 | 143,750 | 5,750,000 | Series B 8.00% Cumulative Redeemable Perpetual Preference Shares ("Series B") | June 2019 | 143,750 | 5,750,000 | $ | 4,528 | |||||||||||||||||||||
Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") | Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") | November 2019 | 175,000 | 7,000,000 | Series C 7.375% Cumulative Redeemable Perpetual Preference Shares ("Series C") | November 2019 | 175,000 | 7,000,000 | $ | 5,513 | |||||||||||||||||||||
Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") | Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") | January 2020 | 150,000 | 6,000,000 | Series D 6.875% Cumulative Redeemable Perpetual Preference Shares ("Series D") | January 2020 | 150,000 | 6,000,000 | $ | 4,725 | |||||||||||||||||||||
Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E") | Series E 5.75% Cumulative Redeemable Perpetual Preference Shares ("Series E") | August 2021 | 175,000 | 7,000,000 | $ | 5,513 | |||||||||||||||||||||||||
$ | 555,000 | 22,200,000 | $ | 730,000 | 29,200,000 | $ | 22,996 |
Series A | Series B | Series C | Series D | ||||||||||||||||||||||||||||||||||||||||||||||||||
Record Date | Payment Date | Aggregate Payment | Per Share Payment(1) | Aggregate Payment | Per Share Payment | Aggregate Payment | Per Share Payment(1) | Aggregate Payment | Per Share Payment(1) | ||||||||||||||||||||||||||||||||||||||||||||
December 8, 2020 | December 15, 2020 | $1.8 | $0.53 | $2.9 | $0.50 | $3.2 | $0.46 | $2.6 | $0.43 | ||||||||||||||||||||||||||||||||||||||||||||
September 8, 2020 | September 15, 2020 | $1.8 | $0.53 | $2.9 | $0.50 | $3.2 | $0.46 | $2.6 | $0.43 | ||||||||||||||||||||||||||||||||||||||||||||
June 8, 2020 | June 15, 2020 | $1.8 | $0.53 | $2.9 | $0.50 | $3.2 | $0.46 | $2.6 | $0.43 | ||||||||||||||||||||||||||||||||||||||||||||
March 9, 2020 | March 16, 2020 | $1.8 | $0.53 | $2.9 | $0.50 | $3.2 | $0.46 | $1.5 | $0.24 | ||||||||||||||||||||||||||||||||||||||||||||
December 9, 2019 | December 16, 2019 | $1.8 | $0.53 | $2.9 | $0.50 | $1.4 | $0.19 | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||
September 9, 2019 | September 16, 2019 | $1.8 | $0.53 | $2.6 | $0.45 | n/a | n/a | n/a | n/a | ||||||||||||||||||||||||||||||||||||||||||||
June 10, 2019 | June 17, 2019 | $1.8 | $0.53 | n/a | n/a | n/a | n/a | n/a | n/a |
Year ended December 31, | |||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||
Series | Per Share Payment | Aggregate Payment | Per Share Payment | Aggregate Payment | Per Share Payment | Aggregate Payment | |||||||||||||||||||||||||||||||||||
A(1) | $2.12 | $ | 7.2 | $2.12 | $ | 7.2 | $1.59 | $ | 5.5 | ||||||||||||||||||||||||||||||||
B | $2.00 | $ | 11.6 | $2.00 | $ | 11.6 | $0.95 | $ | 5.5 | ||||||||||||||||||||||||||||||||
C(1) | $1.84 | $ | 12.8 | $1.84 | $ | 12.8 | $0.19 | $ | 1.3 | ||||||||||||||||||||||||||||||||
D(1) | $1.72 | $ | 10.4 | $1.53 | $ | 9.3 | $— | $ | — | ||||||||||||||||||||||||||||||||
E(1) | $0.47 | $ | 3.3 | $— | $ | — | $— | $ | — | ||||||||||||||||||||||||||||||||
Total | $ | 45.3 | $ | 40.9 | $ | 12.3 |
Payment | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Per Share Payment | Aggregate Payment | Per Share Payment | Aggregate Payment | Per Share Payment | Aggregate Payment | ||||||||||||||||||||||||||||||
$2.36 | $ | 157.3 | $2.13 | $ | 146.5 | $2.08 | $ | 153.9 |
Cash Flow Hedges | Foreign Currency Translation | Accumulated Other Comprehensive (Loss) Income | Cash Flow Hedges | Foreign Currency Translation | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
Balance at January 1, 2018 | $ | 31,215 | $ | (4,273) | $ | 26,942 | ||||||||||||||||||||||||||||
Change in derivative instruments designated as cash flow hedges(1) | (3,933) | 0 | (3,933) | |||||||||||||||||||||||||||||||
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | (5,210) | 0 | (5,210) | |||||||||||||||||||||||||||||||
Tax reclassification to accumulated earnings for the adoption of ASU 2018-02 | (3,029) | 0 | (3,029) | |||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 0 | (207) | (207) | |||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | 19,043 | $ | (4,480) | $ | 14,563 | ||||||||||||||||||||||||||||
Balance at January 1, 2019 | Balance at January 1, 2019 | $ | 19,043 | $ | (4,480) | $ | 14,563 | |||||||||||||||||||||||||||
Change in derivative instruments designated as cash flow hedges(1) | Change in derivative instruments designated as cash flow hedges(1) | (42,532) | 0 | (42,532) | Change in derivative instruments designated as cash flow hedges(1) | (42,532) | — | (42,532) | ||||||||||||||||||||||||||
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | (4,039) | 0 | (4,039) | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | (4,039) | — | (4,039) | ||||||||||||||||||||||||||
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | 432 | 0 | 432 | Cumulative effect for the adoption of ASU 2017-12, net of income tax effect | 432 | — | 432 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | 0 | (57) | (57) | Foreign currency translation adjustment | — | (57) | (57) | ||||||||||||||||||||||||||
Balance at December 31, 2019 | Balance at December 31, 2019 | $ | (27,096) | $ | (4,537) | $ | (31,633) | Balance at December 31, 2019 | $ | (27,096) | $ | (4,537) | $ | (31,633) | ||||||||||||||||||||
Change in derivative instruments designated as cash flow hedges(1) | Change in derivative instruments designated as cash flow hedges(1) | (123,357) | 0 | (123,357) | Change in derivative instruments designated as cash flow hedges(1) | (123,357) | — | (123,357) | ||||||||||||||||||||||||||
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 21,927 | 0 | 21,927 | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 21,927 | — | 21,927 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | 0 | 28 | 28 | Foreign currency translation adjustment | — | 28 | 28 | ||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | (128,526) | $ | (4,509) | $ | (133,035) | Balance at December 31, 2020 | $ | (128,526) | $ | (4,509) | $ | (133,035) | ||||||||||||||||||||
Change in derivative instruments designated as cash flow hedges(1) | Change in derivative instruments designated as cash flow hedges(1) | 55,599 | — | 55,599 | ||||||||||||||||||||||||||||||
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | Reclassification of (gain) loss on derivative instruments designated as cash flow hedges(1) | 28,722 | — | 28,722 | ||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Foreign currency translation adjustment | — | (105) | (105) | ||||||||||||||||||||||||||||||
Balance at December 31, 2021 | Balance at December 31, 2021 | $ | (44,205) | $ | (4,614) | $ | (48,819) |
As of and for the Year Ended December 31, 2020 | Equipment Leasing | Equipment Trading | Totals | |||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2021 | As of and for the Year Ended December 31, 2021 | Equipment Leasing | Equipment Trading | Totals | ||||||||||||||||||||||||||||||
Total leasing revenues | Total leasing revenues | $ | 1,300,346 | $ | 7,561 | $ | 1,307,907 | Total leasing revenues | $ | 1,519,434 | $ | 14,446 | $ | 1,533,880 | ||||||||||||||||||||
Trading margin | Trading margin | 0 | 14,799 | 14,799 | Trading margin | — | 34,099 | 34,099 | ||||||||||||||||||||||||||
Net gain on sale of leasing equipment | Net gain on sale of leasing equipment | 37,773 | 0 | 37,773 | Net gain on sale of leasing equipment | 107,060 | — | 107,060 | ||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 541,406 | 722 | 542,128 | Depreciation and amortization expense | 625,519 | 721 | 626,240 | ||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 251,145 | 1,834 | 252,979 | Interest and debt expense | 220,292 | 1,732 | 222,024 | ||||||||||||||||||||||||||
Realized (gain) loss on derivative instruments, net | (223) | (1) | (224) | |||||||||||||||||||||||||||||||
Segment income (loss) before income taxes(1) | Segment income (loss) before income taxes(1) | 375,957 | 17,082 | 393,039 | Segment income (loss) before income taxes(1) | 673,477 | 40,973 | 714,450 | ||||||||||||||||||||||||||
Equipment held for sale | Equipment held for sale | 43,275 | 24,036 | 67,311 | Equipment held for sale | 16,936 | 31,810 | 48,746 | ||||||||||||||||||||||||||
Goodwill | Goodwill | 220,864 | 15,801 | 236,665 | Goodwill | 220,864 | 15,801 | 236,665 | ||||||||||||||||||||||||||
Total assets | Total assets | 9,612,251 | 100,282 | 9,712,533 | Total assets | 12,543,270 | 100,568 | 12,643,838 | ||||||||||||||||||||||||||
Purchases of leasing equipment and investments in finance leases(2) | Purchases of leasing equipment and investments in finance leases(2) | $ | 744,129 | $ | 0 | $ | 744,129 | Purchases of leasing equipment and investments in finance leases(2) | $ | 3,434,394 | $ | — | $ | 3,434,394 |
As of and for the Year Ended December 31, 2019 | Equipment Leasing | Equipment Trading | Totals | |||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2020 | As of and for the Year Ended December 31, 2020 | Equipment Leasing | Equipment Trading | Totals | ||||||||||||||||||||||||||||||
Total leasing revenues | Total leasing revenues | $ | 1,344,733 | $ | 2,536 | $ | 1,347,269 | Total leasing revenues | $ | 1,300,346 | $ | 7,561 | $ | 1,307,907 | ||||||||||||||||||||
Trading margin | Trading margin | 0 | 14,508 | 14,508 | Trading margin | — | 14,799 | 14,799 | ||||||||||||||||||||||||||
Net gain on sale of leasing equipment | Net gain on sale of leasing equipment | 27,041 | 0 | 27,041 | Net gain on sale of leasing equipment | 37,773 | — | 37,773 | ||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 535,427 | 704 | 536,131 | Depreciation and amortization expense | 541,406 | 722 | 542,128 | ||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 314,805 | 1,365 | 316,170 | Interest and debt expense | 251,145 | 1,834 | 252,979 | ||||||||||||||||||||||||||
Realized (gain) loss on derivative instruments, net | (2,229) | (8) | (2,237) | |||||||||||||||||||||||||||||||
Segment income (loss) before income taxes(1)(3) | Segment income (loss) before income taxes(1)(3) | 374,418 | 12,062 | 386,480 | Segment income (loss) before income taxes(1)(3) | 375,957 | 17,082 | 393,039 | ||||||||||||||||||||||||||
Equipment held for sale | Equipment held for sale | 89,755 | 24,749 | 114,504 | Equipment held for sale | 43,275 | 24,036 | 67,311 | ||||||||||||||||||||||||||
Goodwill | Goodwill | 220,864 | 15,801 | 236,665 | Goodwill | 220,864 | 15,801 | 236,665 | ||||||||||||||||||||||||||
Total assets | Total assets | 9,596,263 | 46,370 | 9,642,633 | Total assets | 9,612,251 | 100,282 | 9,712,533 | ||||||||||||||||||||||||||
Purchases of leasing equipment and investments in finance leases(2) | Purchases of leasing equipment and investments in finance leases(2) | $ | 240,170 | $ | 0 | $ | 240,170 | Purchases of leasing equipment and investments in finance leases(2) | $ | 744,129 | $ | — | $ | 744,129 |
As of and for the Year Ended December 31, 2018 | Equipment Leasing | Equipment Trading | Totals | |||||||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2019 | As of and for the Year Ended December 31, 2019 | Equipment Leasing | Equipment Trading | Totals | ||||||||||||||||||||||||||||||
Total leasing revenues | Total leasing revenues | $ | 1,346,031 | $ | 4,272 | $ | 1,350,303 | Total leasing revenues | $ | 1,344,733 | $ | 2,536 | $ | 1,347,269 | ||||||||||||||||||||
Trading margin | Trading margin | 0 | 18,921 | 18,921 | Trading margin | — | 14,508 | 14,508 | ||||||||||||||||||||||||||
Net gain on sale of leasing equipment | Net gain on sale of leasing equipment | 35,377 | 0 | 35,377 | Net gain on sale of leasing equipment | 27,041 | — | 27,041 | ||||||||||||||||||||||||||
Depreciation and amortization expense | Depreciation and amortization expense | 544,167 | 971 | 545,138 | Depreciation and amortization expense | 535,427 | 704 | 536,131 | ||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 321,290 | 1,441 | 322,731 | Interest and debt expense | 314,805 | 1,365 | 316,170 | ||||||||||||||||||||||||||
Realized (gain) loss on derivative instruments, net | (2,066) | (6) | (2,072) | |||||||||||||||||||||||||||||||
Segment income (loss) before income taxes(1) | Segment income (loss) before income taxes(1) | 416,270 | 17,563 | 433,833 | Segment income (loss) before income taxes(1) | 374,418 | 12,062 | 386,480 | ||||||||||||||||||||||||||
Equipment held for sale | Equipment held for sale | 46,968 | 19,485 | 66,453 | Equipment held for sale | 89,755 | 24,749 | 114,504 | ||||||||||||||||||||||||||
Goodwill | Goodwill | 220,864 | 15,801 | 236,665 | Goodwill | 220,864 | 15,801 | 236,665 | ||||||||||||||||||||||||||
Total assets | Total assets | 10,224,421 | 45,592 | 10,270,013 | Total assets | 9,596,263 | 46,370 | 9,642,633 | ||||||||||||||||||||||||||
Purchases of leasing equipment and investments in finance leases(2) | Purchases of leasing equipment and investments in finance leases(2) | $ | 1,603,507 | $ | 0 | $ | 1,603,507 | Purchases of leasing equipment and investments in finance leases(2) | $ | 240,170 | $ | — | $ | 240,170 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Total equipment leasing revenues: | Total equipment leasing revenues: | Total equipment leasing revenues: | ||||||||||||||||||||||||||||||||
Asia | Asia | $ | 471,820 | $ | 534,529 | $ | 553,928 | Asia | $ | 556,837 | $ | 471,820 | $ | 534,529 | ||||||||||||||||||||
Europe | Europe | 685,906 | 654,683 | 630,031 | Europe | 807,735 | 685,906 | 654,683 | ||||||||||||||||||||||||||
Americas | Americas | 105,643 | 118,259 | 124,885 | Americas | 118,430 | 105,643 | 118,259 | ||||||||||||||||||||||||||
Bermuda | Bermuda | 1,820 | 2,182 | 2,988 | Bermuda | 2,424 | 1,820 | 2,182 | ||||||||||||||||||||||||||
Other International | Other International | 42,718 | 37,616 | 38,471 | Other International | 48,454 | 42,718 | 37,616 | ||||||||||||||||||||||||||
Total | Total | $ | 1,307,907 | $ | 1,347,269 | $ | 1,350,303 | Total | $ | 1,533,880 | $ | 1,307,907 | $ | 1,347,269 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Total equipment trading revenues: | Total equipment trading revenues: | Total equipment trading revenues: | ||||||||||||||||||||||||||||||||
Asia | Asia | $ | 22,748 | $ | 13,752 | $ | 18,536 | Asia | $ | 64,588 | $ | 22,748 | $ | 13,752 | ||||||||||||||||||||
Europe | Europe | 22,031 | 27,637 | 21,211 | Europe | 22,167 | 22,031 | 27,637 | ||||||||||||||||||||||||||
Americas | Americas | 30,681 | 31,943 | 34,167 | Americas | 47,644 | 30,681 | 31,943 | ||||||||||||||||||||||||||
Bermuda | Bermuda | 0 | 0 | 0 | Bermuda | — | — | — | ||||||||||||||||||||||||||
Other International | Other International | 10,320 | 10,661 | 9,125 | Other International | 8,570 | 10,320 | 10,661 | ||||||||||||||||||||||||||
Total | Total | $ | 85,780 | $ | 83,993 | $ | 83,039 | Total | $ | 142,969 | $ | 85,780 | $ | 83,993 |
December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Current taxes: | Current taxes: | Current taxes: | ||||||||||||||||||||||||||||||||
Bermuda | Bermuda | $ | 0 | $ | 0 | $ | 0 | Bermuda | $ | — | $ | — | $ | — | ||||||||||||||||||||
U.S. | U.S. | 2,518 | (637) | 3,164 | U.S. | 6,528 | 2,518 | (637) | ||||||||||||||||||||||||||
Foreign | Foreign | 60 | 1,166 | 1,072 | Foreign | 230 | 60 | 1,166 | ||||||||||||||||||||||||||
$ | 2,578 | $ | 529 | $ | 4,236 | $ | 6,758 | $ | 2,578 | $ | 529 | |||||||||||||||||||||||
Deferred taxes: | Deferred taxes: | Deferred taxes: | ||||||||||||||||||||||||||||||||
Bermuda | Bermuda | $ | 0 | $ | 0 | $ | 0 | Bermuda | $ | — | $ | — | $ | — | ||||||||||||||||||||
U.S. | U.S. | 35,628 | 26,843 | 67,136 | U.S. | 43,604 | 35,628 | 26,843 | ||||||||||||||||||||||||||
Foreign | Foreign | 34 | 179 | (731) | Foreign | (5) | 34 | 179 | ||||||||||||||||||||||||||
35,662 | 27,022 | 66,405 | 43,599 | 35,662 | 27,022 | |||||||||||||||||||||||||||||
Total income taxes | Total income taxes | $ | 38,240 | $ | 27,551 | $ | 70,641 | Total income taxes | $ | 50,357 | $ | 38,240 | $ | 27,551 |
December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Bermuda sources | Bermuda sources | $ | 200,453 | $ | 241,985 | $ | 128,905 | Bermuda sources | $ | 346,023 | $ | 200,453 | $ | 241,985 | ||||||||||||||||||||
U.S. sources | U.S. sources | 166,031 | 135,758 | 288,386 | U.S. sources | 233,518 | 166,031 | 135,758 | ||||||||||||||||||||||||||
Foreign sources | Foreign sources | 1,535 | 3,087 | 10,022 | Foreign sources | 1,056 | 1,535 | 3,087 | ||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | $ | 368,019 | $ | 380,830 | $ | 427,313 | Income (loss) before income taxes | $ | 580,597 | $ | 368,019 | $ | 380,830 |
December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Bermuda tax rate | Bermuda tax rate | 0 | % | 0 | % | 0 | % | Bermuda tax rate | — | % | — | % | — | % | ||||||||||||||||||||
Change in enacted tax act | Change in enacted tax act | 0.65 | % | 0 | % | 1.02 | % | Change in enacted tax act | — | % | 0.65 | % | — | % | ||||||||||||||||||||
U.S. income taxed at other than the statutory rate | U.S. income taxed at other than the statutory rate | 9.80 | % | 7.85 | % | 14.67 | % | U.S. income taxed at other than the statutory rate | 8.75 | % | 9.80 | % | 7.85 | % | ||||||||||||||||||||
Effect of uncertain tax positions | Effect of uncertain tax positions | (0.12) | % | 0.17 | % | 0.07 | % | Effect of uncertain tax positions | (0.09) | % | (0.12) | % | 0.17 | % | ||||||||||||||||||||
Foreign income taxed at other than the statutory rate | Foreign income taxed at other than the statutory rate | 0.14 | % | 0.14 | % | 0.18 | % | Foreign income taxed at other than the statutory rate | 0.11 | % | 0.14 | % | 0.14 | % | ||||||||||||||||||||
Effect of permanent differences | Effect of permanent differences | 0.19 | % | 0.12 | % | 0.28 | % | Effect of permanent differences | 0.21 | % | 0.19 | % | 0.12 | % | ||||||||||||||||||||
Other discrete items | Other discrete items | (0.27) | % | (1.05) | % | 0.31 | % | Other discrete items | (0.31) | % | (0.27) | % | (1.05) | % | ||||||||||||||||||||
Effective income tax rate | Effective income tax rate | 10.39 | % | 7.23 | % | 16.53 | % | Effective income tax rate | 8.67 | % | 10.39 | % | 7.23 | % |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Deferred income tax assets: | Deferred income tax assets: | Deferred income tax assets: | ||||||||||||||||||||
Net operating loss carryforwards | Net operating loss carryforwards | $ | 22,924 | $ | 71,138 | Net operating loss carryforwards | $ | 1,237 | $ | 22,924 | ||||||||||||
Allowance for losses | Allowance for losses | 257 | 141 | Allowance for losses | 13 | 257 | ||||||||||||||||
Derivative instruments | Derivative instruments | 11,268 | 4,899 | Derivative instruments | 4,810 | 11,268 | ||||||||||||||||
Deferred income | Deferred income | 382 | 395 | Deferred income | 366 | 382 | ||||||||||||||||
Accrued liabilities and other payables | Accrued liabilities and other payables | 5,713 | 3,118 | Accrued liabilities and other payables | 5,138 | 5,713 | ||||||||||||||||
Total gross deferred tax assets | Total gross deferred tax assets | 40,544 | 79,691 | Total gross deferred tax assets | 11,564 | 40,544 | ||||||||||||||||
Less: Valuation allowance | Less: Valuation allowance | 0 | 0 | Less: Valuation allowance | (200) | — | ||||||||||||||||
Net deferred tax assets | Net deferred tax assets | $ | 40,544 | $ | 79,691 | Net deferred tax assets | $ | 11,364 | $ | 40,544 | ||||||||||||
Deferred income tax liabilities: | Deferred income tax liabilities: | Deferred income tax liabilities: | ||||||||||||||||||||
Accelerated depreciation | Accelerated depreciation | $ | 331,954 | $ | 353,991 | Accelerated depreciation | $ | 333,610 | $ | 331,954 | ||||||||||||
Goodwill and other intangible amortization | Goodwill and other intangible amortization | 3,841 | 3,775 | Goodwill and other intangible amortization | 3,879 | 3,841 | ||||||||||||||||
Derivative instruments | Derivative instruments | 0 | 105 | Derivative instruments | 121 | — | ||||||||||||||||
Deferred income | Deferred income | 6,244 | 11,034 | Deferred income | 2,613 | 6,244 | ||||||||||||||||
Deferred partnership income (loss) | Deferred partnership income (loss) | 25,856 | 11,786 | Deferred partnership income (loss) | 47,150 | 25,856 | ||||||||||||||||
Other | Other | 80 | 317 | Other | — | 80 | ||||||||||||||||
Total gross deferred tax liability | Total gross deferred tax liability | 367,975 | 381,008 | Total gross deferred tax liability | 387,373 | 367,975 | ||||||||||||||||
Net deferred income tax liability | Net deferred income tax liability | $ | 327,431 | $ | 301,317 | Net deferred income tax liability | $ | 376,009 | $ | 327,431 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Beginning balance at January 1 | Beginning balance at January 1 | $ | 958 | $ | 8,590 | Beginning balance at January 1 | $ | 650 | $ | 958 | ||||||||||||
Increase (decrease) related to tax positions | Increase (decrease) related to tax positions | 0 | (7,248) | Increase (decrease) related to tax positions | — | — | ||||||||||||||||
Lapse of statute of limitations | Lapse of statute of limitations | (318) | (333) | Lapse of statute of limitations | (337) | (318) | ||||||||||||||||
Foreign exchange adjustment | Foreign exchange adjustment | 10 | (51) | Foreign exchange adjustment | 14 | 10 | ||||||||||||||||
Ending balance at December 31 | Ending balance at December 31 | $ | 650 | $ | 958 | Ending balance at December 31 | $ | 327 | $ | 650 |
December 31, 2020 | December 31, 2019 | December 31, 2018 | December 31, 2021 | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Interest expense (benefit) | Interest expense (benefit) | $ | (51) | $ | 193 | $ | 98 | Interest expense (benefit) | $ | (78) | $ | (51) | $ | 193 | ||||||||||||||||||||
Penalty expense (benefit) | Penalty expense (benefit) | $ | (93) | $ | (115) | $ | (158) | Penalty expense (benefit) | $ | (97) | $ | (93) | $ | (115) |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
Corporate income taxes payable | Corporate income taxes payable | $ | 323 | $ | 29 | Corporate income taxes payable | $ | 108 | $ | 323 | ||||||||||||
Unrecognized tax benefits | Unrecognized tax benefits | 650 | 958 | Unrecognized tax benefits | 327 | 650 | ||||||||||||||||
Interest accrued | Interest accrued | 164 | 215 | Interest accrued | 86 | 164 | ||||||||||||||||
Penalties | Penalties | 194 | 287 | Penalties | 98 | 194 | ||||||||||||||||
Income taxes payable | Income taxes payable | $ | 1,331 | $ | 1,489 | Income taxes payable | $ | 619 | $ | 1,331 |
(In thousands, except per share amounts) | |||||||||||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Full Year | |||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
Total leasing revenues | $ | 321,468 | $ | 321,397 | $ | 327,757 | $ | 337,285 | $ | 1,307,907 | |||||||||||||||||||
Trading margin | $ | 1,933 | $ | 2,020 | $ | 3,869 | $ | 6,977 | $ | 14,799 | |||||||||||||||||||
Net gain on sale of leasing equipment | $ | 4,077 | $ | 4,537 | $ | 10,737 | $ | 18,422 | $ | 37,773 | |||||||||||||||||||
Net income attributable to shareholders | $ | 67,211 | $ | 60,075 | $ | 45,946 | $ | 115,185 | $ | 288,417 | |||||||||||||||||||
Net income per basic common share | $ | 0.94 | $ | 0.87 | $ | 0.67 | $ | 1.72 | $ | 4.18 | |||||||||||||||||||
Net income per diluted common share | $ | 0.94 | $ | 0.86 | $ | 0.67 | $ | 1.70 | $ | 4.16 | |||||||||||||||||||
2019 | |||||||||||||||||||||||||||||
Total leasing revenues | $ | 340,859 | $ | 338,566 | $ | 336,668 | $ | 331,176 | $ | 1,347,269 | |||||||||||||||||||
Trading margin | $ | 3,587 | $ | 4,496 | $ | 4,150 | $ | 2,275 | $ | 14,508 | |||||||||||||||||||
Net gain on sale of leasing equipment | $ | 8,469 | $ | 7,519 | $ | 6,196 | $ | 4,857 | $ | 27,041 | |||||||||||||||||||
Net income attributable to shareholders | $ | 91,914 | $ | 84,071 | $ | 85,895 | $ | 77,161 | $ | 339,041 | |||||||||||||||||||
Net income per basic common share | $ | 1.18 | $ | 1.13 | $ | 1.18 | $ | 1.07 | $ | 4.57 | |||||||||||||||||||
Net income per diluted common share | $ | 1.17 | $ | 1.12 | $ | 1.17 | $ | 1.07 | $ | 4.54 |
Preferred Share Offering | Preferred Share Offering | Dividend Rate | Dividend Per Share | Preferred Share Offering | Dividend Rate | Dividend Per Share | ||||||||||||||||||||||
Series A | Series A | 8.500% | $0.5312500 | Series A | 8.500% | $0.5312500 | ||||||||||||||||||||||
Series B | Series B | 8.000% | $0.5000000 | Series B | 8.000% | $0.5000000 | ||||||||||||||||||||||
Series C | Series C | 7.375% | $0.4609375 | Series C | 7.375% | $0.4609375 | ||||||||||||||||||||||
Series D | Series D | 6.875% | $0.4296875 | Series D | 6.875% | $0.4296875 | ||||||||||||||||||||||
Series E | Series E | 5.750% | $0.3593750 |
December 31, 2020 | December 31, 2019 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||
ASSETS: | ASSETS: | ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 1 | $ | 1 | Cash and cash equivalents | $ | 13 | $ | 1 | ||||||||||||
Investment in subsidiaries | Investment in subsidiaries | 2,569,703 | 2,535,211 | Investment in subsidiaries | 3,071,654 | 2,569,703 | ||||||||||||||||
Other assets | Other assets | 46 | 49 | Other assets | 35 | 46 | ||||||||||||||||
Total assets | Total assets | $ | 2,569,750 | $ | 2,535,261 | Total assets | $ | 3,071,702 | $ | 2,569,750 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY: | LIABILITIES AND SHAREHOLDERS' EQUITY: | LIABILITIES AND SHAREHOLDERS' EQUITY: | ||||||||||||||||||||
Accounts payable and other accrued expenses | Accounts payable and other accrued expenses | $ | 2,822 | $ | 2,381 | Accounts payable and other accrued expenses | $ | 5,936 | $ | 2,822 | ||||||||||||
Payables with affiliates, net | Payables with affiliates, net | 980 | 643 | Payables with affiliates, net | 1,054 | 980 | ||||||||||||||||
Total liabilities | Total liabilities | 3,802 | 3,024 | Total liabilities | 6,990 | 3,802 | ||||||||||||||||
Shareholders' equity | Shareholders' equity | Shareholders' equity | ||||||||||||||||||||
Preferred shares, $0.01 par value, at liquidation preference | Preferred shares, $0.01 par value, at liquidation preference | 555,000 | 405,000 | Preferred shares, $0.01 par value, at liquidation preference | 730,000 | 555,000 | ||||||||||||||||
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively | 812 | 810 | ||||||||||||||||||||
Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding | 0 | 0 | ||||||||||||||||||||
Treasury shares, at cost, 13,901,326 and 8,771,345 shares, respectively | (436,822) | (278,510) | ||||||||||||||||||||
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,295,366 and 81,151,723 shares issued, respectively | Common shares, $0.01 par value, 270,000,000 shares authorized, 81,295,366 and 81,151,723 shares issued, respectively | 813 | 812 | |||||||||||||||||||
Undesignated shares, $0.01 par value, 800,000 and 7,800,000 shares authorized, respectively, no shares issued and outstanding | Undesignated shares, $0.01 par value, 800,000 and 7,800,000 shares authorized, respectively, no shares issued and outstanding | — | — | |||||||||||||||||||
Treasury shares, at cost, 15,429,499 and 13,901,326 shares, respectively | Treasury shares, at cost, 15,429,499 and 13,901,326 shares, respectively | (522,360) | (436,822) | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 905,323 | 902,725 | Additional paid-in capital | 904,224 | 905,323 | ||||||||||||||||
Accumulated earnings | Accumulated earnings | 1,674,670 | 1,533,845 | Accumulated earnings | 2,000,854 | 1,674,670 | ||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | (133,035) | (31,633) | Accumulated other comprehensive income | (48,819) | (133,035) | ||||||||||||||||
Total shareholders' equity | Total shareholders' equity | 2,565,948 | 2,532,237 | Total shareholders' equity | 3,064,712 | 2,565,948 | ||||||||||||||||
Total liabilities and shareholders' equity | Total liabilities and shareholders' equity | $ | 2,569,750 | $ | 2,535,261 | Total liabilities and shareholders' equity | $ | 3,071,702 | $ | 2,569,750 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Revenues: | Revenues: | Revenues: | ||||||||||||||||||||||||||||||||
Revenues | Revenues | $ | 0 | $ | 0 | $ | 0 | Revenues | $ | — | $ | — | $ | — | ||||||||||||||||||||
Total revenues | Total revenues | 0 | 0 | 0 | Total revenues | — | — | — | ||||||||||||||||||||||||||
Operating expenses: | Operating expenses: | Operating expenses: | ||||||||||||||||||||||||||||||||
Administrative expenses | Administrative expenses | 7,298 | 5,865 | 5,343 | Administrative expenses | 8,061 | 7,298 | 5,865 | ||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | (7,298) | (5,865) | (5,343) | Operating income (loss) | (8,061) | (7,298) | (5,865) | ||||||||||||||||||||||||||
Other income (expenses): | Other income (expenses): | Other income (expenses): | ||||||||||||||||||||||||||||||||
Interest and debt expense | Interest and debt expense | 0 | (956) | (57) | Interest and debt expense | — | — | (956) | ||||||||||||||||||||||||||
Net income from subsidiaries | Net income from subsidiaries | 337,077 | 359,508 | 354,955 | Net income from subsidiaries | 538,301 | 337,077 | 359,508 | ||||||||||||||||||||||||||
Total other income (expenses) | Total other income (expenses) | 337,077 | 358,552 | 354,898 | Total other income (expenses) | 538,301 | 337,077 | 358,552 | ||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 329,779 | 352,687 | 349,555 | Income (loss) before income taxes | 530,240 | 329,779 | 352,687 | ||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 0 | 0 | 0 | Income tax expense (benefit) | — | — | — | ||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 329,779 | $ | 352,687 | $ | 349,555 | Net income (loss) | $ | 530,240 | $ | 329,779 | $ | 352,687 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | 329,779 | $ | 352,687 | $ | 349,555 | Net income (loss) | $ | 530,240 | $ | 329,779 | $ | 352,687 | ||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||||||||||||||||||||
Net (income) loss from subsidiaries | Net (income) loss from subsidiaries | (337,077) | (359,508) | (354,955) | Net (income) loss from subsidiaries | (538,301) | (337,077) | (359,508) | ||||||||||||||||||||||||||
Dividends received from subsidiaries | Dividends received from subsidiaries | 352,903 | 338,569 | 220,304 | Dividends received from subsidiaries | 293,866 | 352,903 | 338,569 | ||||||||||||||||||||||||||
Share-based compensation expense | Share-based compensation expense | 1,177 | 1,403 | 1,252 | Share-based compensation expense | 1,268 | 1,177 | 1,403 | ||||||||||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||||||||
Other | Other | (589) | (3,696) | 409 | Other | (1,236) | (589) | (3,696) | ||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 346,193 | 329,455 | 216,565 | Net cash provided by (used in) operating activities | 285,837 | 346,193 | 329,455 | ||||||||||||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Investment in subsidiary | Investment in subsidiary | (145,157) | (291,997) | (40,000) | Investment in subsidiary | (169,488) | (145,157) | (291,997) | ||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | (145,157) | (291,997) | (40,000) | Net cash provided by (used in) investing activities | (169,488) | (145,157) | (291,997) | ||||||||||||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Issuance of preferred shares, net of underwriting discount | Issuance of preferred shares, net of underwriting discount | 145,275 | 392,242 | 0 | Issuance of preferred shares, net of underwriting discount | 169,488 | 145,275 | 392,242 | ||||||||||||||||||||||||||
Purchases of treasury shares | Purchases of treasury shares | (158,312) | (222,236) | (56,274) | Purchases of treasury shares | (82,528) | (158,312) | (222,236) | ||||||||||||||||||||||||||
Loan with affiliate | Loan with affiliate | 0 | (40,000) | 40,000 | Loan with affiliate | — | — | (40,000) | ||||||||||||||||||||||||||
Dividends paid on preferred shares | Dividends paid on preferred shares | (40,933) | (12,323) | 0 | Dividends paid on preferred shares | (45,321) | (40,933) | (12,323) | ||||||||||||||||||||||||||
Dividends paid on common shares | Dividends paid on common shares | (146,476) | (153,861) | (160,289) | Dividends paid on common shares | (157,312) | (146,476) | (153,861) | ||||||||||||||||||||||||||
Other | Other | (590) | (1,281) | 0 | Other | (664) | (590) | (1,281) | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (201,036) | (37,459) | (176,563) | Net cash provided by (used in) financing activities | (116,337) | (201,036) | (37,459) | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | $ | 0 | $ | (1) | $ | 2 | Net increase (decrease) in cash and cash equivalents | $ | 12 | $ | — | $ | (1) | ||||||||||||||||||||
Cash, cash equivalents and restricted cash, beginning of period | Cash, cash equivalents and restricted cash, beginning of period | 1 | 2 | 0 | Cash, cash equivalents and restricted cash, beginning of period | 1 | 1 | 2 | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash, end of period | Cash, cash equivalents and restricted cash, end of period | $ | 1 | $ | 1 | $ | 2 | Cash, cash equivalents and restricted cash, end of period | $ | 13 | $ | 1 | $ | 1 |
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||||||||||||
Accounts Receivable-Allowance for doubtful accounts: | Accounts Receivable-Allowance for doubtful accounts: | 2020 | 2019 | 2018 | Accounts Receivable-Allowance for doubtful accounts: | 2021 | 2020 | 2019 | ||||||||||||||||||||||||||
Beginning Balance | Beginning Balance | $ | 1,276 | $ | 1,240 | $ | 3,002 | Beginning Balance | $ | 2,192 | $ | 1,276 | $ | 1,240 | ||||||||||||||||||||
Additions / (Reversals) | Additions / (Reversals) | 1,082 | 114 | (568) | Additions / (Reversals) | (910) | 1,082 | 114 | ||||||||||||||||||||||||||
(Write-offs) / Reversals | (166) | (78) | (1,194) | |||||||||||||||||||||||||||||||
Write-offs | Write-offs | (104) | (166) | (78) | ||||||||||||||||||||||||||||||
Ending Balance | Ending Balance | $ | 2,192 | $ | 1,276 | $ | 1,240 | Ending Balance | $ | 1,178 | $ | 2,192 | $ | 1,276 |