Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CAI International, Inc. | |
Entity Central Index Key | 1,388,430 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,219,243 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Current assets | |||
Cash | $ 20,271 | $ 27,810 | |
Cash held by variable interest entities | 40,859 | 26,011 | |
Accounts receivable (owned fleet), net of allowance for doubtful accounts of $896 and $680 at June 30, 2015 and December 31, 2014, respectively | 48,172 | 49,524 | |
Accounts receivable (managed fleet) | 7,348 | 8,498 | |
Current portion of direct finance leases | 20,288 | 18,150 | |
Prepaid expenses | 17,404 | 14,806 | |
Total current assets | 154,342 | 144,799 | |
Restricted cash | 7,723 | 8,232 | |
Rental equipment, net of accumulated depreciation of $311,726 and $274,333 at June 30, 2015 and December 31, 2014, respectively | 1,721,187 | 1,564,777 | |
Net investment in direct finance leases | 82,288 | 76,814 | |
Furniture, fixtures and equipment, net of accumulated depreciation of $2,232 and $2,019 at June 30, 2015 and December 31, 2014, respectively | 780 | 945 | |
Intangible assets, net of accumulated amortization of $4,807 and $4,817 at June 30, 2015 and December 31, 2014, respectively | 137 | 273 | |
Total assets | [1] | 1,966,457 | 1,795,840 |
Current liabilities | |||
Accounts payable | 6,722 | 8,414 | |
Accrued expenses and other current liabilities | 8,116 | 9,029 | |
Due to container investors | 8,791 | 12,984 | |
Unearned revenue | 10,352 | 7,172 | |
Current portion of debt | 231,181 | 203,199 | |
Current portion of capital lease obligations | 92 | 1,015 | |
Rental equipment payable | 17,999 | 7,381 | |
Total current liabilities | 283,253 | 249,194 | |
Debt | 1,165,324 | 1,058,754 | |
Deferred income tax liability | 43,848 | 43,419 | |
Capital lease obligations | 1,568 | ||
Total liabilities | [2] | 1,492,425 | 1,352,935 |
Stockholders' equity | |||
Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 21,201,743 and 20,788,277 shares at June 30, 2015 and December 31, 2014, respectively | 2 | 2 | |
Additional paid-in capital | 161,481 | 154,894 | |
Accumulated other comprehensive loss | (7,638) | (5,677) | |
Retained earnings | 319,328 | 292,897 | |
Total CAI stockholders' equity | 473,173 | 442,116 | |
Non-controlling interest | 859 | 789 | |
Total stockholders' equity | 474,032 | 442,905 | |
Total liabilities and stockholders' equity | $ 1,966,457 | $ 1,795,840 | |
[1] | Total assets at June 30, 2015 and December 31, 2014 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $40,859 and $26,011; Net investment in direct finance leases, $323 and $156; and Rental equipment, net of accumulated depreciation, $98,081 and $102,100, respectively. | ||
[2] | Total liabilities at June 30, 2015 and December 31, 2014 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $80,201 and none; Debt, $64,029 and $132,419, respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Allowance for doubtful accounts (owned fleet) | $ 896 | $ 680 |
Accumulated depreciation on rental equipment | 311,726 | 274,333 |
Accumulated depreciation on furniture, fixtures and equipment | 2,232 | 2,019 |
Accumulated amortization on intangible assets | 4,807 | 4,817 |
Cash attributable to variable interest entities | 40,859 | 26,011 |
Net investment in direct financial leases | 323 | 156 |
Rental equipment attributable to variable interest entities, net of accumulated depreciation | 98,081 | 102,100 |
Liabilities and Stockholders' Equity | ||
Collateralized financing obligations, current portion | 80,201 | 0 |
Collateralized financing obligations, noncurrent portion | $ 64,029 | $ 132,419 |
Stockholders' equity | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 84,000,000 | 84,000,000 |
Common stock, shares issued (in shares) | 21,201,743 | 20,788,277 |
Common stock, shares outstanding (in shares) | 21,201,743 | 20,788,277 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | ||||
Rental revenue | $ 56,734 | $ 51,493 | $ 111,617 | $ 102,177 |
Management fee revenue | 287 | 1,595 | 1,544 | 3,120 |
Finance lease income | 2,345 | 2,224 | 4,697 | 4,279 |
Total revenue | 59,366 | 55,312 | 117,858 | 109,576 |
Operating expenses | ||||
Depreciation of rental equipment | 22,029 | 19,056 | 43,252 | 37,719 |
Amortization of intangible assets | 45 | 99 | 129 | 198 |
Loss (gain) on sale of used rental equipment | 192 | (1,534) | (165) | (3,324) |
Storage, handling and other expenses | 6,994 | 6,797 | 13,759 | 12,790 |
Marketing, general and administrative expenses | 6,972 | 6,397 | 14,099 | 13,103 |
Loss on foreign exchange | 100 | 153 | 59 | 317 |
Total operating expenses | 36,332 | 30,968 | 71,133 | 60,803 |
Operating income | 23,034 | 24,344 | 46,725 | 48,773 |
Interest expense | 9,048 | 8,883 | 17,829 | 17,678 |
Interest income | (1) | (1) | (4) | (5) |
Net interest expense | 9,047 | 8,882 | 17,825 | 17,673 |
Net income before income taxes and non-controlling interest | 13,987 | 15,462 | 28,900 | 31,100 |
Income tax expense | 1,057 | 1,968 | 2,399 | 3,375 |
Net income | 12,930 | 13,494 | 26,501 | 27,725 |
Net income attributable to non-controlling interest | (41) | (48) | (70) | (8) |
Net income attributable to CAI common stockholders | $ 12,889 | $ 13,446 | $ 26,431 | $ 27,717 |
Net income per share attributable to CAI common stockholders | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.61 | $ 1.26 | $ 1.26 |
Diluted (in dollars per share) | $ 0.60 | $ 0.60 | $ 1.24 | $ 1.23 |
Weighted average shares outstanding | ||||
Basic (in shares) | 21,095 | 21,910 | 21,000 | 22,061 |
Diluted (in shares) | 21,398 | 22,355 | 21,346 | 22,506 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract] | ||||
Net income | $ 12,930 | $ 13,494 | $ 26,501 | $ 27,725 |
Other comprehensive income, net of tax: | ||||
Foreign currency translation adjustments | 458 | (76) | (1,961) | (11) |
Comprehensive income | 13,388 | 13,418 | 24,540 | 27,714 |
Comprehensive income attributable to non-controlling interest | (41) | (48) | (70) | (8) |
Comprehensive income attributable to CAI common stockholders | $ 13,347 | $ 13,370 | $ 24,470 | $ 27,706 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net income | $ 26,501 | $ 27,725 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 43,466 | 37,973 |
Amortization of debt issuance costs | 1,338 | 1,375 |
Amortization of intangible assets | 129 | 198 |
Stock-based compensation expense | 969 | 842 |
Unrealized loss on foreign exchange | 170 | 122 |
Gain on sale of used rental equipment | (165) | (3,324) |
Deferred income taxes | 429 | 630 |
Bad debt expense (recovery) | 193 | (19) |
Changes in other operating assets and liabilities: | ||
Accounts receivable | 2,096 | (4,688) |
Prepaid expenses and other assets | (2,273) | (291) |
Accounts payable, accrued expenses and other current liabilities | (2,675) | 1,776 |
Due to container investors | (4,193) | (1,789) |
Unearned revenue | 3,216 | 1,920 |
Net cash provided by operating activities | 69,201 | 62,450 |
Cash flows from investing activities | ||
Purchase of rental equipment | (236,878) | (157,767) |
Net proceeds from disposition of used rental equipment | 28,133 | 26,496 |
Purchase of furniture, fixtures and equipment | (49) | (19) |
Receipt of principal payments from direct financing leases | 10,504 | 7,297 |
Net cash used in investing activities | (198,290) | (123,993) |
Cash flows from financing activities | ||
Proceeds from debt | 236,831 | 240,560 |
Principal payments on debt | (104,714) | (159,282) |
Debt issuance costs | (1,662) | |
Decrease in restricted cash | 509 | 510 |
Repurchase of stock | (19,387) | |
Exercise of stock options | 4,645 | 28 |
Excess tax benefit from share-based compensation awards | 1,006 | |
Net cash provided by financing activities | 136,615 | 62,429 |
Effect on cash of foreign currency translation | (217) | 358 |
Net increase in cash | 7,309 | 1,244 |
Cash at beginning of the period | 53,821 | 45,741 |
Cash at end of the period | 61,130 | 46,985 |
Cash paid during the period for: | ||
Income taxes | 1,887 | 678 |
Interest | 16,296 | 16,422 |
Supplemental disclosure of non-cash investing and financing activity | ||
Transfer of rental equipment to direct finance lease | $ 18,191 | $ 21,206 |
The Company And Nature Of Opera
The Company And Nature Of Operations | 6 Months Ended |
Jun. 30, 2015 | |
The Company And Nature Of Operations [Abstract] | |
The Company And Nature Of Operations | CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (1) The Company and Nature of Operations Organization CAI International, Inc. and its subsidiaries (collectively, CAI or the Company) is a transportation finance and logistics company. The Company purchases equipment, which it leases primarily to container shipping lines, freight forwarders and other transportation companies. The Company also manages equipment for third-party investors. In operating its fleet, the Company leases, re-leases and disposes of equipment and contracts for the repair, repositioning and storage of equipment. The Company’s equipment fleet consists primarily of intermodal marine containers. The Company also owns a fleet of railcars, which it leases in North America. The Company’s common stock is traded on the New York Stock Exchange under the symbol “CAP . ” Effective August 14, 2015, the ticker symbol of the Company’s common stock will be changed to “CAI.” The Company’s corporate headquarters are located in San Francisco, California. Basis of Presentation The accompanying unaudited consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, and its 80% - owned subsidiary, CAIJ, Inc. (CAIJ). The equity attributable to the minority interest in CAIJ is shown as a non-controlling interest on the Company’s consolidated balance sheets, and the related net income is presented as net income attributable to non-controlling interest on the Company’s consolidated statements of income. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the Company’s financial position as of June 30, 2015 and December 31, 201 4 , the Company’s results of operations for the three and six months ended June 30, 2015 and 2014 , and the Company’s cash flows for the six months ended June 30, 2015 and 2014 . The results of operations and cash flows for the periods presented are not necessarily indicative of the results of operations or cash flows which may be reported for the remainder of 201 5 or in any future period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted. The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 201 4 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 2 7 , 201 5 . |
Accounting Policies And Recent
Accounting Policies And Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Accounting Policies And Recent Accounting Pronouncements | (2) Accounting Policies and Recent Accounting Pronouncements (a) Accounting Policies There were no changes to the Company’s accounting policies during the six months ended June 30 , 2015. See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 27, 2015, for a description of the Company’s significant accounting policies. (b) Recent Accounting Pronouncements In May 2014, the Financial Account in g Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate s industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to management fee revenue, sales of equipment portfolios and dispositions of used equipment. The guidance is effective for interim and annual periods beginning a fter December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. Adoption of the guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU No. 2015-02). The new guidance will change (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity (VIE) characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03) . The new guidance will require debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements. |
Consolidation Of Variable Inter
Consolidation Of Variable Interest Entities As A Non-Controlling Interest | 6 Months Ended |
Jun. 30, 2015 | |
Consolidation Of Variable Interest Entities As A Non-Controlling Interest [Abstract] | |
Consolidation Of Variable Interest Entities As A Non-Controlling Interest | (3 ) Consolidation of Variable Interest Entities as a Non-Controlling Interest The Company regularly performs a review of its container fund arrangements with investors to determine whether a fund is a VIE and whether the Company (a) has a variable interest that provides it with a controlling financial interest and (b) is the primary beneficiary of the VIE in accordance with FASB Accounting Standard Codification ( ASC ) Topic 810, Consolidation . If the fund is determined to be a VIE, further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under Paragraph 14A of ASC Topic 810: · It has power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and · It has the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under ASC Topic 810 , Consolidation . The equity attributable to the VIE is shown as a non-controlling interest on the Company’s consolidated balance sheet s and the after tax result attributable to its operations is shown as a net income or loss attributable to non-controlling interest on the Company’s consolidated statement s of income. The Company currently enters into two types of container fund arrangements with investors which are reviewed under ASC Topic 810 , Consolidation . These arrangements include container funds that the Company manages for investors and container funds that have entered into financing arrangements with investors. S everal of the funds that the Company manages, and all of the funds under financing arrangements, are Japanese container funds that were established by a related party under separate investment agreements allowed under Japanese commercial laws (see Note 11). Each of the funds is financed by unrelated Japanese third party investors. Managed Container Funds All container funds under management by the Company are considered VIEs because , as manager of the funds, the Company has the power to direct the activities that most significantly impact the entity’s economic performance including the leasing and managing of containers owned by the funds. T he fees earned for arranging, managing and establishing the funds are not significant to the expected returns of the funds , so the Company does not have a variable interest in the funds. The rights to receive benefits and obligations to absorb losses that could potentially be significant to the funds belong to the third party investors, so the Company concluded that it is not the primary beneficiary of the funds. Consequently the Company has not consolidated the managed container funds. T he Company recognizes gain on sale of containers to the unconsolidated VIEs as sales in the ordinary course of business. For the three and six months ended June 30, 2015 and 2014 , the Company sold no container portfolios to the VIEs. Collateralized Financing Obligations As of June 30, 2015 , th e Company has transferred containers with a total net book value of $150.1 million at the time of transfer to Japanese investor funds while concurrently entering into lease agreements for the same containers, under which the Company lease s the containers bac k from the Japanese investors. In accordance with ASC Topic 840, Sale-Leaseback Transactions, the Company concluded these were financing transactions under which sale-leaseback accounting was not applicable. The container funds under financing arrangements are considered VIEs under ASC Topic 810 , Consolidation because , as lessee of the funds, the Company has the power to direct the activities that most significantly impact each entity’s economic performance including the leasing and managing of containers owned by the funds. The terms of the transactions include options for the Company to purchase the containers from the funds at a fixed price. As a result of the residual interest resulting from the fixed price call option, the Company concluded that it may absorb a significant amount of the variability associated with the funds’ anticipated economic performance and, as a result, the Company has a variable interest in the funds. As the Company has the power to direct the activities that most significantly impact the economic performance of the VIEs and the variable interest provides the Company with the right to receive benefits from the entity that could potentially be significant to the funds, the Company determined that it is the primary beneficiary of these VIEs and included the VIEs ’ assets and liabilities as of June 30, 2015 and December 31, 201 4 , and the results of the VIEs ’ operations and cash flows for the three and six months ended June 30, 2015 and 2014 in the Company’s consolidated financial statements. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The containers that were transferred to the Japanese investor funds had a net book value o f $98.4 mill ion as of June 30, 2015 . The container equipment, together w ith $40.9 mi l lion of cash held by the investor funds, has been included on the Company’s consolidated balance sheet s with the offsetting liability related to the funds presented in the debt section of the Company’s consolidated balance sheets as collateralized financing obligations o f $135.3 m illion and term loan s held by VIE of $8.9 m illion . See Note 6(e) and 6(f) for additional information . No gain or loss was recognized by the Company on the initial consolidation of the VIEs. |
Net Investment In Direct Financ
Net Investment In Direct Finance Leases | 6 Months Ended |
Jun. 30, 2015 | |
Net Investment In Direct Finance Leases [Abstract] | |
Net Investment In Direct Finance Leases | (4) Net Investment in Direct Finance Leases The following table represents the components of the Company’s net investment in direct finance leases (in thousands): June 30, December 31, 2015 2014 Gross finance lease receivables (1) $ $ Unearned income (2) Net investment in direct finance leases $ $ (1) At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at June 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2015 and December 31, 2014. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at lease inception is recorded as unearned income. Unearned income , together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of June 30, 2015 and December 31, 2014. In order to estimate the allowance for losses contained in gross finance lease receivables, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, the aging of customer receivables and general economic conditions. The categories of gross finance lease receivables based on the Company's internal customer credit ratings can be described as follows: Tier 1 — These customers are typically large international shipping lines that have been in business for many years and have world-class operating capabilities and significant financial resources. In most cases, the Company has had a long commercial relationship with these customers and currently maintains regular communication with them at several levels of management, which provides the Company with insight into the customer's current operating and financial performance. In the Company's view, these customers have the greatest ability to withstand cyclical down turns and would likely have greater access to needed capital than lower-rated customers. The Company views the risk of default for Tier 1 customers to range from minimal to moderate . Tier 2 — These customers are typically either smaller shipping lines or freight forwarders with less operating scale or with a high degree of financial leverage, and accordingly the Company views these customers as subject to higher volatility in financial performance over the business cycle. The Company generally expects these customers to have less access to capital markets or other sources of financing during cyclical down turns. The Company views the risk of default for Tier 2 customers as moderate. Tier 3 — Customers in this category exhibit volatility in payments on a regular basis. Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands): June 30, December 31, 2015 2014 Tier 1 $ $ Tier 2 Tier 3 - - $ $ CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) Contractual maturities of the Company's gross finance lease receivables subsequent to and as of June 30, 2015 for the years ending June 30 were as follows (in thousands): 2016 $ 2017 2018 2019 2020 2021 and thereafter $ |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets [Abstract] | |
Intangible Assets | (5) Intangible Assets The Company amortizes intangible assets on a straight line basis over their estimated useful lives as follows: Trademarks 1 - 10 years Contracts – owned equipment 5 - 7 years Total amortization expense was less than $0.1 million an d $0.1 m illion for the three months ended June 30 , 2015 and 2014 , respectively, and $0.1 million and $ 0.2 million for the six months ended June 30, 2015 and 2014, respectively . Intangible assets as of June 30 , 2015 and December 31, 2014 were as follows (in thousands): Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2015 Trademarks $ $ $ Contracts- owned equipment - $ $ $ December 31, 2014 Trademarks $ $ $ Contracts- owned equipment $ $ $ |
Debt And Capital Lease Obligati
Debt And Capital Lease Obligations | 6 Months Ended |
Jun. 30, 2015 | |
Debt And Capital Lease Obligations [Abstract] | |
Debt And Capital Lease Obligations | CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (6) Debt and Capital Lease Obligations Debt Details of the Company’s debt as of June 30, 2015 and December 31, 201 4 were as follows (dollars in thousands): June 30, 2015 December 31, 2014 Outstanding Average Outstanding Average Agreement Reference Current Long-term Interest Current Long-term Interest Terminates (a)(i) Revolving credit facility $ $ 1.7% $ - $ 1.9% March 2020 (a)(ii) Revolving credit facility - Rail - 1.9% - 1.9% July 2019 (b)(i) Term loan 2.3% 2.2% April 2018 (b)(ii) Term loan 1.9% 1.8% October 2019 (b)(iii) Term loan 1.9% 1.9% April 2017 (c) Senior secured notes 4.9% 4.9% September 2022 (d) Asset backed notes 3.4% 3.4% March 2028 (e) Collateralized financing obligations 0.8% 0.8% June 2019 (f) Term loans held by VIE 2.5% 2.6% June 2019 (g) Short term line of credit - 1.5% - 1.5% May 2016 Total Debt $ $ $ $ (a) Revolving Credit Facilities Revolving credit facilities consist of the following: (i) On March 15, 2013, the Company entered into the Third Amended and Restated Revolving Credit Agreement, as amended, with a consortium of banks to finance the acquisition of container rental equipment and for general working capital purposes. On January 30, 2015, the Company entered into an amendment to the Third Amended and Restated Revolving Credit Agreement, pursuant to which the revolving credit facility was amended to extend the maturity date to March 15, 2020 , reduce the interest rate, increase the commitment level from $760.0 million to $775.0 million, and revise certain of the covenants and restrictions to provide the Company with additional flexibility. As of June 30, 2015, the maximum commitment under the revolving credit facility was $775.0 million . The revolving credit facility may be increased up to a maximum of $960.0 million , in accordance with the terms of the agreement, so long as no default or event of default exists either before or immediately after giving effect to the increase. There is a commitment fee on the unused amount of the total commitment, payable quarterly in arrears. The revolving credit facility provides that swing line loans (short-term borrowings of up to $10.0 million in the aggregate that are payable within 10 business days or at maturity date, whichever comes earlier) and standby letters of credit (up to $15.0 million in the aggregate) will be available to the Company. These credit commitments are part of, and not in addition to, the total commitment provided under the revolving credit facility. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans and Base Rate for Base Rate loans. In addition to various financial and other covenants, the Company’s revolving credit facility also includes certain restrictions on the Company’s ability to incur other indebtedness or pay dividends to stockholders. As of June 30, 2015, the Company was in compliance with the terms of the revolving credit facility. As of June 30, 2015, the Company ha d $384.9 mi ll ion in availability under the revolving credit facility (net of $0.1 million in letters of credit) subject to its ability to meet the collateral requirements under the agreement governing the facility. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The Company’s revolving credit facility, including any amounts drawn on the facility, is secured by substantially all of the assets of the Company (not otherwise used as security for its other credit facilities) including equipment owned by the Company, which had a net book value of $719.9 million as of June 30, 2015, the underlying leases and the Company’s interest in any money received under such contracts. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (ii) On July 25, 2014, the Company and CAI Rail Inc. (CAI Rail), a wholly-owned subsidiary of the Company, entered into an Amended and Restated Revolving Credit Agreement, as amended, with a consortium of banks to finance the acquisition of railcars. As of June 30, 2015, the maximum credit commitment under the revolving credit facility was $250.0 million . CAI Rail’s revolving credit facility may be increased up to a maximum of $325.0 million, in accordance with the terms of the agreement, subject to certain conditions. Borrowings under this revolving credit facility bear interest at a variable rate. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans and Base Rate for Base Rate loans. As of June 30, 2015, CAI Rail h a d $132.0 m i ll ion in availability under the revolving credit facility, subject to its ability to meet the collateral requirements under the agreement governing the facility. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default. The agreement governing CAI Rail’s revolving credit facility contains various financial and other covenants. As of June 30, 2015, CAI Rail was in compliance with the terms of the revolving credit facility. CAI Rail’s revolving credit facility, including any amounts drawn on the facility, is secured by all of the assets of CAI Rail, which had a net book value of $163.3 million as of June 30, 2015, and is guaranteed by the Company. (b) Term Loans Term loans consist of the following: (i ) On March 22, 2013, the Company entered into a $30.0 million five -year term loan agreement with D evelopment B ank of J apan (DBJ) . The loan is payable in 19 quarterly installments of $0.5 million starting July 31, 2013 and a final payment of $21.5 million on April 30, 2018. The loan bea rs interest at a variable rate based on LIBOR. As of June 30, 2015 , the loan had a balance o f $26.4 mil lion. (ii) On December 20, 2010, the Company entered into a term loan agreement with a consortium of banks. Under this loan agreement, the Company was eligible to borrow up to $300.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company’s wholly-owned foreign subsidiaries. The loan agreement is an amortizing facility with a term of six years. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the term loan agreement. The loan bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for base rate loans. On March 28, 2013, the term loan was amended which reduced the principal balance of the loan from $249.4 million to $125.0 million through payment of $124.4 million from the proceeds of the $229.0 million fixed-rate asset-backed notes issued by the Company’s indirect wholly-owned subsidiary, CAL Funding II Limited (see Note 6(d) below). On October 1, 2014, the Company entered into an amended and restated term loan agreement with a consortium of banks, pursuant to which the prior loan agreement was refinanced. The amended and restated term loan agreement, which contains similar terms to the prior loan agreement, was amended to, among other things: (a) reduce borrowing rates from LIBOR plus 2.25% to LIBOR plus 1.6% (per annum) for Eurodollar loans, (b) increase the loan commitment from $115.0 million to $150.0 million, (c) extend the maturity date to October 1, 2019, and (d) revise certain of the covenants and restrictions under the prior loan agreement to provide the Company with additional flexibility. As of June 30, 2015, the term loan had a balan ce of $143.3 mi llion. (iii) On April 11, 2012, the Company entered into a term loan agreement with a consortium of banks. The agreement, as amended, provides for a five -year term loan of up to $142.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company. The commitment under the loan may be increased to a maximum of $200.0 million under certain conditions described in the agreement. The term loan’s outstanding principal bears interest based on LIBOR and is amortized quarterly, with quarterly payments equal to 1.75% multiplied by the outstanding principal amount at such time. The facility contains various financial and other covenants. The full $142.0 million has been drawn and was primarily used to repay outstanding amounts under the Company’s senior revolving credit facility. All unpaid amounts then outstanding are due and payable on April 11, 2017. As of June 30, 2015, the loan had a balance of $114.4 milli on. The Company’s term loans are secured by rental equipment owned by the Company, which had a net book value of $344.8 million as of June 30, 2015. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (c) Senior Secured Notes On September 13, 2012, Container Applications Limited (CAL ) , a wholly-owned subsidiary of the Company, entered into a Note Purchase Agreement with certain institutional investors, pursuant to which CAL issued $103.0 million of its 4.90% Senior Secured Notes due September 13, 2022 (the Notes) to the investors . The Notes are guaranteed by the Company and secured by certain assets of CAL and the Company. The Notes bear interest at 4.9% per annum, due and payable semiannually on March 13 and September 13 of each year, commencing on March 13, 2013. In addition, CAL is required to make certain principal payments on March 13 and September 13 of each year, commencing on March 13, 2013. Any unpaid principal and interest is due and payable on September 13, 2022. The Note Purchase Agreement provides that CAL may prepay at any time all or any part of the Notes in an amount not less than 10% of the aggregate principal amount of the Notes then outstanding. As of June 30, 2015, the Notes had a balanc e of $82.4 m illion . The Notes are secured by certain rental equipment owned by the Company, which had a net bo ok value of $105.4 m illion as of June 30, 2015. (d) Asset-Backed Notes On October 18, 2012, CAL Funding II Limited (CAL II), a wholly-owned indirect subsidiary of CAI, issued $171.0 million of 3.47% fixed rate asset-backed notes (Series 2012-1 Asset-Backed Notes). Principal and interest on the Series 2012-1 Asset-Backed Notes is payable monthly commencing on November 26, 2012, and the Series 2012-1 Asset-Backed Notes mature in October 2027. The proceeds from the Series 2012-1 Asset-Backed Notes were used to repay part of the Company’s borrowings under its senior revolving credit facility. As of June 30, 2015, the Series 2012-1 Asset-Backed Notes had a balance o f $125.4 millio n. On March 28, 2013, CAL II issued $229.0 million of 3.35% fixed rate asset-backed notes (Series 2013-1 Asset-Backed Notes). Principal and interest on the Series 2013-1 Asset-Backed Notes is payable monthly commencing on April 25, 2013, and the Series 2013-1 Asset-Backed Notes mature in March 2028. The proceeds from the Series 2013-1 Asset-Backed Notes were used partly to reduce the balance of the Company’s term loan as described in Note 6 (b)(ii) above, and to partially pay down the Company’s senior revolving credit facility. The Series 2013-1 Asset-Backed Notes had a balance of $177.5 milli on as of June 30, 2015. The Company’s asset-backed notes are secured by certain rental equipment owned by the Company, which had a net book value of $371.6 mill ion as of June 30, 2015. The agreements under each of the asset-backed notes described above require the Company to maintain a restricted cash account to cover payment of the obligations. As of June 30, 2015, the restricted cash account had a balanc e of $7.7 milli on . (e) Collateralized Financing Obligations As of June 30, 2015, the Co mpany had collateralized financing obligations of $135.3 m il lion (see Note 3). The obligations had an average interest rate of 0.8% a s of June 30, 2015 wit h maturity dates betwee n September 2015 and June 2019 . The debt is secured by a pool of containers covered under the financing arrangements. (f) Term Loans Held by VIE On June 25, 2014, one of the Japanese investor funds that is consolidated by the Company as a VIE (see Note 3) entered into a term loan agreement with a bank. Under the terms of the agreement, the Japanese investor fund entered into two loans; a five -year, amortizing loan of $9.2 million at a fixed interest rate of 2.7% , and a five -year, non-amortizing loan of $1.6 million at a variable interest rate based on LIBOR. The debt is secured by assets of the Japanese investor fund, and is subject to certain borrowing conditions s et out in the loan agreement. A s of June 30, 2015, the term loans held by the Japanese investor fund totaled $8.9 million and had an average interest rate of 2.5% . The Company’s term loans held by VIE are secured by rental equipment owned by the Company, which had a net book value of $18.5 mi llion as of June 30, 2015. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (g) Short Term Line of Credit On May 8, 2014, CAL entered into a short term uncommitted line of credit agreement. Under this credit agreement, CAL is eligible to borrow up to $75.0 million, subject to certain borrowing conditions. Loans made under the line of credit are repayable on the earlier of (a) 3 months after the loan is made, and (b) the facility termination date of May 8, 2016. Outstanding loans bear a variable interest rate based on LIBOR. The full $75.0 million has been drawn and was primarily used to repay outstanding amounts under the Company’s senior revolv ing credit facility. As of June 30, 2015, the loan had a balance of $75.0 million, which is due and paya ble on September 24, 2015. The Company intends to renew the loan prior to the maturity date. In terest is charged on the outstanding loan at an annual rate of 1.5% . The agreements relating to all of the Company’s debt contain various financial and other covenants. As of June 30, 2015, the Company was in compliance with all of its debt covenants. Capital Lease Obligations As of June 30, 2015, the Com pany had capital lease obligations of $0.1 million. The underlying obligations are denominated in Euros at floating interest rates averaging 2.8% as of June 30, 2015 with maturity dates between September 2015 and March 2016 . The loans are secured by certain containers owned by the Company , which had a net book value of less than $0.1 m illion as of June 30, 2015. |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 6 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | (7) Stock–Based Compensation Plan Stock Options The Company grants stock options to certain employees and independent directors pursuant to its 2007 Equity Incentive Plan (Plan), as amended, which was originally adopted on April 23, 2007. Under the Plan, a maximum of 1,921,980 share awards may be granted. Stock options granted to employees have a vesting period of four years from grant date, with 25% vesting after one year, and 1/48th vesting each month thereafter until fully vested. Stock options granted to independ ent directors vest in one year. All of the stock options have a contractual term of ten years. The following table summarizes the Company’s stock option activities for the six months ended June 30, 2015 and 2014: Six Months Ended June 30, 2015 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 $ $ Options granted - employees $ $ Options granted - directors $ $ Options forfeited - employees - $ - $ Options exercised - employees $ $ Options outstanding at June 30 $ $ Options exercisable $ $ Weighted average remaining term 5.3 years 5.0 years The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2015 and 2014 was $4.7 million and less than $0.1 million, respectively. The aggregate intrinsic value of all options outstanding as of June 30, 2015 was $5.0 million based on the closing price of the Company’s common stock of $20.59 per s hare on June 30, 2015 , the last trading day of the quarter. The Com pany recorded stock-based compensation expense of $0.4 million for both the three months ended June 30, 2015 and 2014, and $0.8 million for both the six months ended June 30, 2015 and 2014. As of June 30, 2015, the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $3.1 million which is to be recognized over the remaining weighted average vesting period of approximately 2.8 years. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The fair value of the stock options granted to the Company’s employees and independent directors was estimated using the Black-Scholes-Merton pricing model using the following weighted average assumptions: Six Months Ended June 30, 2015 2014 Stock price $ $ Exercise price $ $ Expected term: Employees 6.25 years 6.25 years Directors 5.5 years 5.5 years Expected volatility: Employees % % Directors % % Dividend yield - % - % Risk free rate: Employees % % Directors % % The expected option term is calculated using the simplified method in accordance with SEC guidance. The expected volatility was derived from the average volatility of the Company’s stock over a period approximating the expected term of the options. The risk-free rate is based on the daily U.S. Treasury yield curve with a term approximating the expected term of the options. No forfeiture rate was estimated on all options granted during the six months ended June 30, 2015 and 2014 as management believes that none of the grantees will leave the Company within the option vesting period. Restricted Stock The Company grants restricted stock to certain employees pursuant to the Plan. The restricted stock is valued based on the closing price of the Company’s stock on the date of grant and has a vesting period of four years. The following table summarizes the activity of restricted stock under the Company’s Plan: Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2014 $ Restricted stock granted $ Restricted stock vested $ Restricted stock forfeited - $ - Restricted stock outstanding, June 30, 2015 $ The Company recognize d $0.1 million and less than $0.1 million of stock compensation expense relating to restricted stock for the three months ended June 30, 2015 and 201 4 , respectively , and $0.2 million and $0.1 million for the six months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, unamortized stock compensation expense relating to restricted stock was $1.1 million , which will be recognized over the remaining average vesting period of 2.9 yea rs. Stock-based compensation expense is recorded as a component of marketing, general and administrative expense in the Company’s consolidated statements of income with a corresponding credit to additional paid-in capital in the Company’s consolidated balance sheets. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes The consolidated income tax expense for the three and six months ended June 30, 2015 and 2014 was determined based upon estimates of the Company’s consolidated effective income tax rates for the years ending December 31, 201 5 and 201 4 , respectively. The difference between the consolidated effective income tax rate and the U.S. federal statutory rate is primarily attributable to foreign income taxes, state inc ome taxes and the effect of certain permanent differences. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) The Company’s estimated full year effective tax rate, before certain non-recurring discrete items, was 8.0% a t June 30 , 2015 , compared to 9.0% at June 30 , 2014. The lower estimated full year effective tax rate at June 30 , 2015 was due primarily to higher pretax income from foreign operations where statutory rates are lower than the U.S. income tax rates. The Company recognizes in the financial statements a liability for tax uncertainty if it is more likely than not that the position will be sustained on audit, based on the technical merits of the position. As of June 30, 2015 , the Company had unrecognized tax benefits of $0.1 million, which if recognized, would reduce the Company’s effective tax rate. Total accrued interest relating to unrecognized tax benefits was le ss than $0.1 million as of June 30, 2015 . The Company does not believe the total amount of unrecognized tax benefits as of June 30, 2015 will change for the remainder of 2015. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (9) Fair Value of Financial Instruments The carrying amounts reported in the consolidated balance sheets for cash, accounts receivable, accounts payable and short term line of credit approximate fair value because of the immediate or short-term maturity of these financial instruments. The Company’s collateralized financing obligations of $135.3 million as of June 30, 2015 were estimated to have a fair value of approximately $134.6 million based on the fair value of estimated future payments calculated using prevailing interest rates. The fair value of these financial instruments would be categorized as Level 3 in the fair value hierarchy. Management believes that the balances of the Company’s revolving credit facilities of $508.0 million, term loans totaling $284.0 million, senior secured notes of $82.4 million, asset-backed notes of $302.9 million, term loans held by VIE of $8.9 million, net inves tment in direct finance leases of $102.6 million and capital lease obligations of $0.1 million approximate their fair values as of June 30, 2015. The fair value of these financial instruments would be categorized as Level 3 in the fair value hierarchy. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | (10) Commitments and Contingencies In addition to its debt obligations described in Note 6 above, the Company had commitments to purchase approximately $302.8 mi llion of rental equipment as of June 30, 2015; $92.3 million in the twelve months ending June 30, 2016, $118.8 million in the twelve months ending June 30, 2017, $67.7 million in the twelve months ending June30, 2018, and $24.0 million in the twelve months ending June 30, 2019 . The Company also utilizes certain office facilities and equipment under long-term non -cancellable operating lease agreements with total future minimum lease payments of approximately $3.1 mi llion as of June 30, 2015 . |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | (11) Related Party Transactions The Company has transferred legal ownership of certain containers to Japanese container funds that were established by Japan Investment Adviser Co., Ltd. (JIA) and CAIJ. CAIJ is an 80% -owned subsidiary of CAI with the remaining 20% owned by JIA. Prior to September 30, 2013, JIA was owned and controlled by the Managing Director of CAIJ. Prior to the transfer of containers from the Company, the container funds received contributions from unrelated Japanese investors, under separate Japanese investment agreements allowed under Japanese commercial laws. The contributions were used to purchase container equipment from the Company. Under the terms of the agreements, the CAI-related Japanese entities manage the activities of certain Japanese entities but may outsource the whole or part of each operation to a third party. Pursuant to its services agreements with investors, the Japanese container funds have outsourced the general management of their operations to CAIJ. The Japanese container funds have also entered into equipment management service agreements an d financing arrangements whereby the Company manages the leasing activity of containers owned by the Japanese container funds. As described in Note 3, the Japanese managed container funds and financing arrangements are considered VIEs. However, with the exception of the financing arrangements described in Note 3, the Company does not consider its interest in the managed Japanese container funds to be a variable interest. As such, the Company did not consolidate the assets and liabilities, results of operations or cash flows of these funds in its consolidated financial statements. The sale of containers to the unconsolidated Japanese VIEs has been recorded on the Company’s books as a sale in the ordinary course of business. As described in Note 3, the Company has included in its consolidated financial statements, the assets and liabilities, results of operations, and cash flows of the financing arrangements, in accordance with ASC Topic 810, Consolidation . During the six months ended June 30, 2014, the Company purchased, and subsequently cancelled, 400,000 shares of the Company’s common stock from Mr. Hiromitsu Ogawa, the Chairman of the Board of Directors, pursuant to the Company’s share repurchase plan authorized by the Board of Directors on February 27, 2014. The shares were purchased for proceeds totaling $8.8 million, at an average price of $21.92 , which represented a modest discount to the closing share price on the dates of purchase. |
Segment And Geographic Informat
Segment And Geographic Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) (12) Segment and Geographic Information The Company operates in one industry segment, equipment leasing. Prior to the year ended December 31, 2014, the Company had two reportable business segments, equipment leasing and equipment management. The Company has determined that equipment management no longer meets the requirements of a reportable segment and, as such, the Company no longer discloses two reportable segments. Geographic Data The Company earns its revenue primarily from international containers which are deployed by its customers in a wide variety of global trade routes. Virtually all of the Company’s containers are used internationally and typically no container is domiciled in one particular place for a prolonged period of time. As such, substantially all of the Company’s container assets are considered to be international with no single country of use. The Company’s railcars, with a net book value of $164.3 m illion as of June 30, 2015, are used primarily to transport cargo within North America. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (13) Earnings Per Share Basic earnings per share is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if their effect is anti-dilutive. The following table sets forth the reconciliation of basic and diluted net income per share for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ $ $ $ Denominator Weighted-average shares used in the calculation of basic earnings per share Effect of dilutive securities: Stock options and restricted stock Weighted-average shares used in the calculation of diluted earnings per share Net income per share attributable to CAI common stockholders: Basic $ $ $ $ Diluted $ $ $ $ The calculation of diluted earnings per share for the three months ended June 30, 2015 and 2014 excluded from the denominat or 572 ,050 and 438,300 shares , r espectively, of common stock options because their effect would have been anti-dilutive. The calculation of diluted earnings per share for the six months ended June 30, 2015 and 2014 excluded from the denominato r 572 ,050 a nd 441,300 shares , r espectively, of common stock options because their effect would have been anti-dilutive. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | (14) Subsequent Events On July 27, 2015 , the Company purchased ClearPointt Logistics LLC, a U.S.-based intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. |
Accounting Policies And Recen21
Accounting Policies And Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies And Recent Accounting Pronouncements [Abstract] | |
Accounting Policies | (a) Accounting Policies There were no changes to the Company’s accounting policies during the six months ended June 30 , 2015. See Note 2 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, filed with the SEC on February 27, 2015, for a description of the Company’s significant accounting policies. |
Recent Accounting Pronouncements | (b) Recent Accounting Pronouncements In May 2014, the Financial Account in g Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate s industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to management fee revenue, sales of equipment portfolios and dispositions of used equipment. The guidance is effective for interim and annual periods beginning a fter December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 15, 2016. Adoption of the guidance is not expected to have a material impact on the Company’s consolidated financial statements. In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU No. 2015-02). The new guidance will change (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity (VIE) characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements. CAI INTERNATIONAL, INC. NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03) . The new guidance will require debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements. |
Net Investment In Direct Fina22
Net Investment In Direct Finance Leases (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Investment In Direct Finance Leases [Abstract] | |
Components Of Net Investment In Direct Finance Leases | June 30, December 31, 2015 2014 Gross finance lease receivables (1) $ $ Unearned income (2) Net investment in direct finance leases $ $ (1) At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at June 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2015 and December 31, 2014. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at lease inception is recorded as unearned income. Unearned income , together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of June 30, 2015 and December 31, 2014. |
Gross Finance Lease Receivables By Categories Of Customers | June 30, December 31, 2015 2014 Tier 1 $ $ Tier 2 Tier 3 - - $ $ |
Contractual Maturities Of Gross Finance Lease Receivables | 2016 $ 2017 2018 2019 2020 2021 and thereafter $ |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets [Abstract] | |
Estimated Useful Lives Of Intangible Assets | Trademarks 1 - 10 years Contracts – owned equipment 5 - 7 years |
Intangible Assets | Gross Carrying Amount Accumulated Amortization Net Carrying Amount June 30, 2015 Trademarks $ $ $ Contracts- owned equipment - $ $ $ December 31, 2014 Trademarks $ $ $ Contracts- owned equipment $ $ $ |
Debt And Capital Lease Obliga24
Debt And Capital Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt And Capital Lease Obligations [Abstract] | |
Details Of Debt | June 30, 2015 December 31, 2014 Outstanding Average Outstanding Average Agreement Reference Current Long-term Interest Current Long-term Interest Terminates (a)(i) Revolving credit facility $ $ 1.7% $ - $ 1.9% March 2020 (a)(ii) Revolving credit facility - Rail - 1.9% - 1.9% July 2019 (b)(i) Term loan 2.3% 2.2% April 2018 (b)(ii) Term loan 1.9% 1.8% October 2019 (b)(iii) Term loan 1.9% 1.9% April 2017 (c) Senior secured notes 4.9% 4.9% September 2022 (d) Asset backed notes 3.4% 3.4% March 2028 (e) Collateralized financing obligations 0.8% 0.8% June 2019 (f) Term loans held by VIE 2.5% 2.6% June 2019 (g) Short term line of credit - 1.5% - 1.5% May 2016 Total Debt $ $ $ $ |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Fair Value Weighted Average Assumptions | Six Months Ended June 30, 2015 2014 Stock price $ $ Exercise price $ $ Expected term: Employees 6.25 years 6.25 years Directors 5.5 years 5.5 years Expected volatility: Employees % % Directors % % Dividend yield - % - % Risk free rate: Employees % % Directors % % |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Activity | Six Months Ended June 30, 2015 2014 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 $ $ Options granted - employees $ $ Options granted - directors $ $ Options forfeited - employees - $ - $ Options exercised - employees $ $ Options outstanding at June 30 $ $ Options exercisable $ $ Weighted average remaining term 5.3 years 5.0 years |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary Of Stock Activity | Number of Weighted Shares of Average Restricted Grant Date Stock Fair Value Restricted stock outstanding, December 31, 2014 $ Restricted stock granted $ Restricted stock vested $ Restricted stock forfeited - $ - Restricted stock outstanding, June 30, 2015 $ |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Net Income Per Share | Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share $ $ $ $ Denominator Weighted-average shares used in the calculation of basic earnings per share Effect of dilutive securities: Stock options and restricted stock Weighted-average shares used in the calculation of diluted earnings per share Net income per share attributable to CAI common stockholders: Basic $ $ $ $ Diluted $ $ $ $ |
The Company And Nature Of Ope27
The Company And Nature Of Operations (Details) | 6 Months Ended |
Jun. 30, 2015 | |
The Company And Nature Of Operations [Abstract] | |
Ownership interest in subsidiary (in percentage) | 80.00% |
Consolidation Of Variable Int28
Consolidation Of Variable Interest Entities As A Non-Controlling Interest (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Variable Interest Entity [Line Items] | ||
Net book value of containers transferred | $ 780,000 | $ 945,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Variable Interest Entity [Line Items] | ||
Net book value of equipment transfered | 150,100,000 | |
Net book value of containers transferred | 98,400,000 | |
Cash held by investor funds | 40,900,000 | |
Gain (loss) recognized on initial consolidation of VIEs | 0 | |
Variable Interest Entity, Primary Beneficiary [Member] | Collateralized Financing Obligations [Member] | ||
Variable Interest Entity [Line Items] | ||
Long-term debt | 135,300,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||
Variable Interest Entity [Line Items] | ||
Long-term debt | $ 8,900,000 |
Net Investment In Direct Fina29
Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | |
Net Investment In Direct Finance Leases [Abstract] | |||
Gross finance lease receivables | [1] | $ 125,315,000 | $ 116,992,000 |
Unearned income | [2] | (22,739,000) | (22,028,000) |
Net investment in finance leases | 102,576,000 | 94,964,000 | |
Unguaranteed residual value | 0 | 0 | |
Executory costs | 0 | 0 | |
Unamortized initial direct costs | $ 0 | $ 0 | |
[1] | At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at June 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2015 and December 31, 2014. | ||
[2] | The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of June 30, 2015 and December 31, 2014. |
Net Investment In Direct Fina30
Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Categories Of Customers) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | [1] | $ 125,315 | $ 116,992 |
Tier 1 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | 89,868 | 89,960 | |
Tier 2 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | $ 35,447 | $ 27,032 | |
Tier 3 [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Gross finance lease receivables | |||
[1] | At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at June 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2015 and December 31, 2014. |
Net Investment In Direct Fina31
Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Net Investment In Direct Finance Leases [Abstract] | |||
2,016 | $ 28,808 | ||
2,017 | 28,425 | ||
2,018 | 34,978 | ||
2,019 | 15,996 | ||
2,020 | 8,312 | ||
2021 and thereafter | 8,796 | ||
Gross finance lease receivables | [1] | $ 125,315 | $ 116,992 |
[1] | At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at June 30, 2015 and December 31, 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of June 30, 2015 and December 31, 2014. |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Intangible Assets [Abstract] | ||||
Amortization expense | $ 45 | $ 99 | $ 129 | $ 198 |
Intangible Assets (Estimated Us
Intangible Assets (Estimated Useful Lives Of Intangible Assets) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Trademarks [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 1 year |
Trademarks [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 10 years |
Contracts-Owned Equipment [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 5 years |
Contracts-Owned Equipment [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life of intangible assets | 7 years |
Intangible Assets (Intangible A
Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,944 | $ 5,090 |
Accumulated Amortization | (4,807) | (4,817) |
Net Carrying Amount | 137 | 273 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,272 | 1,278 |
Accumulated Amortization | (1,135) | (1,084) |
Net Carrying Amount | 137 | 194 |
Contracts-Owned Equipment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,672 | 3,812 |
Accumulated Amortization | $ (3,672) | (3,733) |
Net Carrying Amount | $ 79 |
Debt And Capital Lease Obliga35
Debt And Capital Lease Obligations (Narrative) (Details) | Sep. 30, 2014USD ($) | Mar. 28, 2013USD ($) | Jun. 30, 2015USD ($)itemloan | Jan. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 27, 2013USD ($) |
Credit Facilities [Abstract] | ||||||
Short term line of credit | $ 75,000,000 | |||||
Notes [Abstract] | ||||||
Restricted cash | 7,723,000 | $ 8,232,000 | ||||
Short Term Line Of Credit [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | $ 75,000,000 | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 1.50% | 1.50% | ||||
Fixed interest rate | 1.50% | |||||
Series 2012-1 Asset-Backed Notes [Member] | ||||||
Term Loans [Abstract] | ||||||
Principal amount of loan | $ 171,000,000 | |||||
Amount outstanding under the facility | $ 125,400,000 | |||||
Notes [Abstract] | ||||||
Fixed interest rate | 3.47% | |||||
Series 2013-1 Asset-Backed Notes [Member] | ||||||
Term Loans [Abstract] | ||||||
Principal amount of loan | $ 229,000,000 | |||||
Amount outstanding under the facility | $ 177,500,000 | |||||
Notes [Abstract] | ||||||
Fixed interest rate | 3.35% | |||||
Revolving Credit Facility [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum amount credit facility might be increased | $ 960,000,000 | |||||
Availability borrowing capacity | $ 384,900,000 | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 1.70% | 1.90% | ||||
Revolving Credit Facility [Member] | Equipment [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | $ 719,900,000 | |||||
Revolving Credit Facility [Member] | CAI Rail Inc [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | 250,000,000 | |||||
Maximum amount credit facility might be increased | 325,000,000 | |||||
Availability borrowing capacity | $ 132,000,000 | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 1.90% | 1.90% | ||||
Revolving Credit Facility [Member] | CAI Rail Inc [Member] | CAI Rail Assets [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | $ 163,300,000 | |||||
Revolving Credit Facility [Member] | Consortium of Banks [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Revolving credit facility, maturity date | Mar. 15, 2020 | |||||
Maximum credit commitment | $ 775,000,000 | $ 760,000,000 | ||||
Swing Line Loans [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | $ 10,000,000 | |||||
Number of business days short term borrowings payable, Maximum | 10 days | |||||
Standby Letters of Credit [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | $ 15,000,000 | |||||
Letter of Credit [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Letters of credit outstanding | 100,000 | |||||
Term Loan [Member] | Rental Equipment [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | 344,800,000 | |||||
Term Loan [Member] | Development Bank of Japan [Member] | ||||||
Term Loans [Abstract] | ||||||
Principal amount of loan | $ 30,000,000 | |||||
Term of loan | 5 years | |||||
Number of quarterly installments | item | 19 | |||||
Quarterly payments of principal | $ 500,000 | |||||
Debt instrument final payment | 21,500,000 | |||||
Amount outstanding under the facility | $ 26,400,000 | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 2.30% | 2.20% | ||||
Term Loan [Member] | Consortium of Banks [Member] | ||||||
Term Loans [Abstract] | ||||||
Amount outstanding under the facility | $ 125,000,000 | $ 249,400,000 | ||||
Proceeds used to repay credit facility | 124,400,000 | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 1.90% | 1.80% | ||||
Term Loan [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | $ 115,000,000 | $ 150,000,000 | ||||
Term Loans [Abstract] | ||||||
Amount outstanding under the facility | 143,300,000 | |||||
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | 142,000,000 | |||||
Maximum amount credit facility might be increased | $ 200,000,000 | |||||
Term Loans [Abstract] | ||||||
Term of loan | 5 years | |||||
Amount outstanding under the facility | $ 114,400,000 | |||||
Periodic payments specified as percentage of drawn amount (in hundredths) | 1.75% | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 1.90% | 1.90% | ||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Consortium of Banks, Note Dated October 1, 2014 [Member] | ||||||
Term Loans [Abstract] | ||||||
Basis spread on variable rate (in hundredths) | 2.25% | 1.60% | ||||
Senior Secured Notes [Member] | ||||||
Term Loans [Abstract] | ||||||
Amount outstanding under the facility | $ 82,400,000 | |||||
Notes [Abstract] | ||||||
Long-term debt | $ 103,000,000 | |||||
Average Interest (in hundredths) | 4.90% | 4.90% | ||||
Percentage of aggregate principal to prepay, minimum (in hundredths) | 10.00% | |||||
Senior Secured Notes [Member] | Rental Equipment [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | $ 105,400,000 | |||||
Asset-Backed Notes [Member] | ||||||
Term Loans [Abstract] | ||||||
Proceeds used for working capital purposes | $ 229,000,000 | |||||
Notes [Abstract] | ||||||
Average Interest (in hundredths) | 3.40% | 3.40% | ||||
Asset-Backed Notes [Member] | Rental Equipment [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | $ 371,600,000 | |||||
Collateralized Financing Obligations [Member] | ||||||
Notes [Abstract] | ||||||
Long-term debt | $ 135,300,000 | |||||
Average Interest (in hundredths) | 0.80% | 0.80% | ||||
Obligations [Abstract] | ||||||
Average fixed and floating interest rates | 0.80% | |||||
Maturity date range start | Sep. 1, 2015 | |||||
Maturity date range end | Jun. 1, 2019 | |||||
Amortizing Term Loan [Member] | Consortium of Banks [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Maximum credit commitment | $ 300,000,000 | |||||
Term Loans [Abstract] | ||||||
Term of loan | 6 years | |||||
Capital Lease Obligations [Member] | ||||||
Obligations [Abstract] | ||||||
Average fixed and floating interest rates | 2.80% | |||||
Maturity date range start | Sep. 1, 2015 | |||||
Maturity date range end | Mar. 1, 2016 | |||||
Capital lease obligations | $ 100,000 | |||||
Capital Lease Obligations [Member] | Containers [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | $ 100,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||||||
Term Loans [Abstract] | ||||||
Number of loans | loan | 2 | |||||
Notes [Abstract] | ||||||
Long-term debt | $ 8,900,000 | |||||
Average Interest (in hundredths) | 2.50% | 2.60% | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | Rental Equipment [Member] | ||||||
Credit Facilities [Abstract] | ||||||
Net book value | $ 18,500,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Amortizing Term Loan [Member] | ||||||
Term Loans [Abstract] | ||||||
Term of loan | 5 years | |||||
Notes [Abstract] | ||||||
Long-term debt | $ 9,200,000 | |||||
Fixed interest rate | 2.70% | |||||
Variable Interest Entity, Primary Beneficiary [Member] | Non-Amortizing Term Loan [Member] | ||||||
Term Loans [Abstract] | ||||||
Term of loan | 5 years | |||||
Notes [Abstract] | ||||||
Long-term debt | $ 1,600,000 |
Debt And Capital Lease Obliga36
Debt And Capital Lease Obligations (Details Of Debt) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Current Outstanding | $ 231,181 | $ 203,199 |
Long-term Outstanding | 1,165,324 | 1,058,754 |
Short Term Line Of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 75,000 | $ 75,000 |
Average Interest (in hundredths) | 1.50% | 1.50% |
Agreement Terminates | May 1, 2016 | |
Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 7,000 | |
Long-term Outstanding | $ 383,000 | $ 289,000 |
Average Interest (in hundredths) | 1.70% | 1.90% |
Agreement Terminates | Mar. 1, 2020 | |
Revolving Credit Facility [Member] | CAI Rail Inc [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Outstanding | $ 118,000 | $ 61,769 |
Average Interest (in hundredths) | 1.90% | 1.90% |
Agreement Terminates | Jul. 1, 2019 | |
Term Loan [Member] | Development Bank of Japan [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 1,800 | $ 1,800 |
Long-term Outstanding | $ 24,600 | $ 25,500 |
Average Interest (in hundredths) | 2.30% | 2.20% |
Agreement Terminates | Apr. 1, 2018 | |
Term Loan [Member] | Consortium of Banks [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 9,000 | $ 9,000 |
Long-term Outstanding | $ 134,250 | $ 138,750 |
Average Interest (in hundredths) | 1.90% | 1.80% |
Agreement Terminates | Oct. 1, 2019 | |
Term Loan [Member] | Consortium of Banks, Note Dated April 11, 2012 [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 9,940 | $ 9,940 |
Long-term Outstanding | $ 104,410 | $ 109,380 |
Average Interest (in hundredths) | 1.90% | 1.90% |
Agreement Terminates | Apr. 1, 2017 | |
Senior Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 8,240 | $ 8,240 |
Long-term Outstanding | $ 74,160 | $ 78,280 |
Average Interest (in hundredths) | 4.90% | 4.90% |
Agreement Terminates | Sep. 1, 2022 | |
Asset-Backed Notes [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 40,000 | $ 40,000 |
Long-term Outstanding | $ 262,875 | $ 282,875 |
Average Interest (in hundredths) | 3.40% | 3.40% |
Agreement Terminates | Mar. 1, 2028 | |
Collateralized Financing Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 78,372 | $ 57,390 |
Long-term Outstanding | $ 56,927 | $ 65,184 |
Average Interest (in hundredths) | 0.80% | 0.80% |
Agreement Terminates | Jun. 1, 2019 | |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Current Outstanding | $ 1,829 | $ 1,829 |
Long-term Outstanding | $ 7,102 | $ 8,016 |
Average Interest (in hundredths) | 2.50% | 2.60% |
Agreement Terminates | Jun. 1, 2019 |
Stock-Based Compensation Plan37
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Closing stock price (in dollars per share) | $ 20.59 | $ 20.59 | $ 20.59 | ||
2007 Equity Incentive Plan [Member] | Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of stock options (in years) | 4 years | ||||
Percentage of stock options vesting after one year (in hundredths) | 25.00% | ||||
Percentage of stock options vesting each month following first year (in hundredths) | 2.083% | ||||
2007 Equity Incentive Plan [Member] | Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of stock options (in years) | 1 year | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate intrinsic value of options exercised | $ 4.7 | $ 0.1 | $ 4.7 | $ 0.1 | $ 4.7 |
Aggregate intrinsic value of options outstanding | 5 | 5 | 5 | ||
Stock-based compensation expense recorded | 0.4 | 0.4 | 0.8 | ||
Remaining unamortized stock-based compensation cost | $ 3.1 | $ 3.1 | $ 3.1 | ||
Stock-based compensation cost recognition period | 2 years 9 months 18 days | ||||
Employee Stock Option [Member] | 2007 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options available for grant | 1,921,980 | 1,921,980 | 1,921,980 | ||
Share Based Compensation Arrangement By Share Based Payment Award Contractual Term | 10 years | ||||
Contractual term | 10 years | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period of stock options (in years) | 4 years | ||||
Stock-based compensation expense recorded | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.1 | |
Remaining unamortized stock-based compensation cost | $ 1.1 | $ 1.1 | $ 1.1 | ||
Stock-based compensation cost recognition period | 2 years 10 months 24 days |
Stock-Based Compensation Plan38
Stock-Based Compensation Plan (Summary Of Stock Option Plan Activity) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Options Activity [Roll Forward] | ||
Options outstanding at beginning of period (in shares) | 1,420,749 | 1,263,485 |
Options outstanding at end of period (in shares) | 1,200,755 | 1,426,485 |
Options exercisable at end of period (in shares) | 885,855 | 1,134,635 |
Weighted Average Exercise Price [Roll Forward] | ||
Options outstanding at beginning of period (in dollars per share) | $ 15.67 | $ 14.84 |
Options outstanding at end of period (in dollars per share) | 17.90 | 15.67 |
Options exercisable at end of period (in dollars per share) | $ 16.45 | $ 13.97 |
Weighted Average Remaining Contractual Term [Abstract] | ||
Weighted average remaining term (in years) | 5 years 3 months 18 days | 5 years |
Employees [Member] | ||
Stock Options Activity [Roll Forward] | ||
Options granted - employees and directors (in shares) | 127,000 | 120,000 |
Options forfeited - employees (in shares) | (5,417) | |
Options exercised - employees (in shares) | (396,994) | (1,583) |
Weighted Average Exercise Price [Roll Forward] | ||
Options granted - employees and directors (in dollars per share) | $ 21.89 | $ 22.09 |
Options forfeited - employees (in dollars per share) | 22.55 | |
Options exercised - employees (in dollars per share) | $ 11.70 | $ 17.77 |
Directors [Member] | ||
Stock Options Activity [Roll Forward] | ||
Options granted - employees and directors (in shares) | 50,000 | 50,000 |
Weighted Average Exercise Price [Roll Forward] | ||
Options granted - employees and directors (in dollars per share) | $ 21.89 | $ 22.09 |
Stock-Based Compensation Plan39
Stock-Based Compensation Plan (Summary Of Fair Value Weighted Average Assumptions) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock price (in dollars per share) | $ 21.89 | $ 22.09 |
Exercise price (in dollars per share) | $ 21.89 | $ 22.09 |
Dividend yield (in hundredths) | ||
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 years 3 months | 6 years 3 months |
Expected Volatility (in hundredths) | 41.80% | 53.50% |
Rrisk free rate (in hundredths) | 2.01% | 1.98% |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 5 years 6 months | 5 years 6 months |
Expected Volatility (in hundredths) | 39.50% | 44.80% |
Rrisk free rate (in hundredths) | 1.85% | 1.79% |
Stock-Based Compensation Plan40
Stock-Based Compensation Plan (Summary Of Restricted Stock Activity) (Details) - 6 months ended Jun. 30, 2015 - Restricted Stock [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock outstanding, beginning balance | 42,502 |
Restricted stock granted | 18,000 |
Restricted stock vested | (11,693) |
Restricted stock forfeited | |
Restricted stock outstanding, ending balance | 48,809 |
Weighted Average Grant Date Fair Value, Beginning balance | $ 23.87 |
Weighted Average Grant Date Fair Value, Share units granted | 21.89 |
Weighted Average Grant Date Fair Value, Share units vested | $ 24.06 |
Weighted Average Grant Date Fair Value, Share units forfeited | |
Weighted Average Grant Date Fair Value, Ending balance | $ 23.10 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||
Effective tax rate (in hundredths) | 8.00% | 9.00% |
Unrecognized tax benefits | $ 0.1 | |
Accrued interest relating to unrecognized tax benefits, maximum | $ 0.1 |
Fair Value Of Financial Instr42
Fair Value Of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net investment in direct finance leases | $ 323 | $ 156 |
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net investment in direct finance leases | 102,600 | |
Capital lease obligations | 100 | |
Collateralized Financing Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateralized financing obligations | 135,300 | |
Collateralized Financing Obligations [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of collateralized financing obligations | 134,600 | |
Revolving Credit Facility [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of revolving credit facility | 508,000 | |
Term Loan [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of term loan | 284,000 | |
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateralized financing obligations | 8,900 | |
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of term loan | 8,900 | |
Senior Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of notes | 82,400 | |
Asset-Backed Notes [Member] | Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of notes | $ 302,900 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Commitments to purchase container rental equipment | $ 302.8 | ||||
Future minimum lease payments under operating lease agreements | $ 3.1 | ||||
Forecast [Member] | |||||
Commitments to purchase container rental equipment | $ 24 | $ 67.7 | $ 118.8 | $ 92.3 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | |
Ownership percentage by JIA in CAIJ (in hundredths) | 20.00% | |
Chairman Of The Board Of Directors [Member] | ||
Common stock repurchased and subsequently cancelled, shares | 400,000 | |
Common stock repurchased and subsequently cancelled, amount | $ 8.8 | |
Average price per share | $ 21.92 | |
CAIJ [Member] | ||
Ownership percentage by parent in CAIJ (in hundredths) | 80.00% |
Segment And Geographic Inform45
Segment And Geographic Information (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015USD ($)segment | Dec. 31, 2014USD ($)segment | |
Property, Plant and Equipment [Line Items] | ||
Number of operating industry segments | segment | 1 | |
Number of reportable segments | segment | 1 | 2 |
Net book value | $ 780 | $ 945 |
Railcar Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Net book value | $ 164,300 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities having antidilutive effect (in shares) | 572,050 | 438,300 | 572,050 | 441,300 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Basic And Diluted Net Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator [Abstract] | ||||
Net income attributable to CAI common stockholders used in the calculation of basic and diluted earnings per share | $ 12,889 | $ 13,446 | $ 26,431 | $ 27,717 |
Denominator [Abstract] | ||||
Weighted average shares used in the calculation of basic earnings per share (in shares) | 21,095 | 21,910 | 21,000 | 22,061 |
Effect of dilutive securities: Stock options and restricted stock (in shares) | 303 | 445 | 346 | 445 |
Weighted average shares used in the calculation of diluted earnings per share (in shares) | 21,398 | 22,355 | 21,346 | 22,506 |
Net income per share attributable to CAI common stockholders [Abstract] | ||||
Basic (in dollars per share) | $ 0.61 | $ 0.61 | $ 1.26 | $ 1.26 |
Diluted (in dollars per share) | $ 0.60 | $ 0.60 | $ 1.24 | $ 1.23 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - ClearPointt Logistics LLC [Member] - USD ($) $ in Millions | Jul. 27, 2015 | Jun. 30, 2015 |
Subsequent Event [Line Items] | ||
Date of business acquisition | Jul. 27, 2015 | |
Purchase price of business acquisition | $ 4.1 |
Uncategorized Items - c430-2015
Label | Element | Value |
Gain (Loss) on Disposition of Property | us-gaap_GainLossOnDispositionOfAssets | $ (192) |
Gain (Loss) on Disposition of Property | us-gaap_GainLossOnDispositionOfAssets | 1,534 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | 12,930 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ 13,494 |