Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-33388 | |
Entity Registrant Name | CAI International, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 94-3109229 | |
Entity Address, Address Line One | Steuart Tower, 1 Market Plaza | |
Entity Address, Address Line Two | Suite 2400 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94105 | |
City Area Code | 415 | |
Local Phone Number | 788-0100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,742,443 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Amendment Flag | false | |
Entity Central Index Key | 0001388430 | |
Common Stock [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | CAI | |
Security Exchange Name | NYSE | |
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share | |
Trading Symbol | CAI-PA | |
Security Exchange Name | NYSE | |
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share | |
Trading Symbol | CAI-PB | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Current assets | |||
Current portion of restricted cash | $ 316,915 | ||
Accounts receivable, net of allowance for doubtful accounts of $418 and $7,671 at September 30, 2020 and December 31, 2019, respectively | 65,574 | $ 72,984 | |
Current portion of net investment in finance leases | 75,240 | 71,274 | |
Prepaid expenses and other current assets | 15,746 | 9,606 | |
Assets held for sale | 37,781 | ||
Total current assets | 515,775 | 238,109 | |
Restricted cash | 23,232 | 26,775 | |
Rental equipment, net of accumulated depreciation of $676,330 and $620,990 at September 30, 2020 and December 31, 2019, respectively | 2,018,142 | 2,102,839 | |
Net investment in finance leases | 455,168 | 496,094 | |
Financing receivable | [1] | 51,384 | 30,693 |
Other non-current assets | 5,493 | 7,255 | |
Total assets | [2] | 3,069,194 | 2,901,765 |
Current liabilities | |||
Accounts payable | 3,868 | 4,534 | |
Accrued expenses and other current liabilities | 26,423 | 25,206 | |
Unearned revenue | 6,851 | 6,405 | |
Current portion of debt | 502,013 | 218,094 | |
Rental equipment payable | 89,634 | 25,137 | |
Liabilities held for sale | 8,752 | ||
Total current liabilities | 628,789 | 288,128 | |
Debt | 1,706,170 | 1,880,122 | |
Derivative instruments | 1,820 | ||
Deferred income tax liability | 29,626 | 35,376 | |
Other non-current liabilities | 3,759 | 4,899 | |
Total liabilities | [3] | 2,370,164 | 2,208,525 |
Stockholders' equity | |||
Common stock, par value $0.0001 per share; authorized 84,000,000 shares; issued and outstanding 17,742,443 and 17,479,127 shares at September 30, 2020 and December 31, 2019, respectively | 2 | 2 | |
Additional paid-in capital | 106,990 | 102,709 | |
Accumulated other comprehensive loss | (7,560) | (6,630) | |
Retained earnings | 495,733 | 493,294 | |
Total stockholders' equity | 699,030 | 693,240 | |
Total liabilities and stockholders' equity | 3,069,194 | 2,901,765 | |
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Stockholders' equity | |||
Preferred stock, par value $0.0001 per share; authorized 10,000,000 | 54,990 | 54,990 | |
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Stockholders' equity | |||
Preferred stock, par value $0.0001 per share; authorized 10,000,000 | 48,875 | 48,875 | |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | |||
Current assets | |||
Cash | 15,516 | 19,870 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Current assets | |||
Cash | 26,784 | 26,594 | |
Rental equipment, net of accumulated depreciation of $676,330 and $620,990 at September 30, 2020 and December 31, 2019, respectively | 84,938 | 101,907 | |
Net investment in finance leases | 3,326 | 4,790 | |
Current liabilities | |||
Current portion of debt | 33,899 | 26,931 | |
Debt | $ 74,602 | $ 100,849 | |
[1] | Included in financing receivable in the consolidated balance sheets. | ||
[2] | Total assets at September 30, 2020 and December 31, 2019 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $ 26,784 and $ 26,594 ; Net investment in finance leases, $ 3,326 and $ 4,790 ; and Rental equipment, net of accumulated depreciation, $ 84,938 , and $ 101,907 , respectively. | ||
[3] | Total liabilities at September 30, 2020 and December 31, 2019 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $ 33,899 and $ 26,931 ; Debt, $ 74,602 and $ 100,849 , respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Current assets | ||
Accounts receivable, allowance for doubtful accounts | $ 418 | $ 7,671 |
Rental equipment net of accumulated depreciation | 2,018,142 | 2,102,839 |
Rental equipment, accumulated depreciation | 676,330 | 620,990 |
Net investment in direct finance leases | 455,168 | 496,094 |
Current liabilities | ||
Current portion of debt | 502,013 | 218,094 |
Debt | $ 1,706,170 | $ 1,880,122 |
Stockholders' equity | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 84,000,000 | 84,000,000 |
Common stock, shares issued | 17,742,443 | 17,479,127 |
Common stock, shares outstanding | 17,742,443 | 17,479,127 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Current assets | ||
Cash | $ 26,784 | $ 26,594 |
Rental equipment net of accumulated depreciation | 84,938 | 101,907 |
Net investment in direct finance leases | 3,326 | 4,790 |
Current liabilities | ||
Current portion of debt | 33,899 | 26,931 |
Debt | $ 74,602 | $ 100,849 |
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, dividend rate | 8.50% | 8.50% |
Preferred stock, shares issued | 2,199,610 | 2,199,610 |
Preferred stock, shares outstanding | 2,199,610 | 2,199,610 |
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | ||
Stockholders' equity | ||
Preferred stock, dividend rate | 8.50% | 8.50% |
Preferred stock, shares issued | 1,955,000 | 1,955,000 |
Preferred stock, shares outstanding | 1,955,000 | 1,955,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue | ||||
Total revenue | $ 79,052 | $ 81,406 | $ 229,693 | $ 245,546 |
Operating expenses | ||||
Depreciation of rental equipment | 30,428 | 28,030 | 86,322 | 89,629 |
Impairment of rental equipment | 25,632 | 19,724 | 32,955 | |
Storage, handling and other expenses | 6,686 | 8,125 | 18,908 | 18,444 |
Gain on sale of rental equipment | (2,729) | (3,168) | (6,451) | (12,265) |
Administrative expenses | 6,388 | 9,278 | 21,441 | 26,501 |
Total operating expenses | 40,773 | 67,897 | 139,944 | 155,264 |
Operating income | 38,279 | 13,509 | 89,749 | 90,282 |
Other expenses | ||||
Net interest expense | 16,630 | 23,102 | 54,604 | 70,165 |
Write-off of debt issuance costs | 3,641 | 3,641 | ||
Other (income) expense | (306) | 380 | (157) | 537 |
Total other expenses | 19,965 | 23,482 | 58,088 | 70,702 |
Income (loss) before income taxes | 18,314 | (9,973) | 31,661 | 19,580 |
Income tax expense (benefit) | 1,349 | (4,830) | (594) | (2,098) |
Income (loss) from continuing operations | 16,965 | (5,143) | 32,255 | 21,678 |
Loss from discontinued operations, net of income taxes | (1,522) | (636) | (18,768) | (3,389) |
Net income (loss) | 15,443 | (5,779) | 13,487 | 18,289 |
Preferred stock dividends | 2,207 | 2,207 | 6,621 | 6,621 |
Net income (loss) attributable to CAI common stockholders | 13,236 | (7,986) | 6,866 | 11,668 |
Amounts attributable to CAI common stockholders | ||||
Net income (loss) from continuing operations | 14,758 | (7,350) | 25,634 | 15,057 |
Net loss from discontinued operations | $ (1,522) | $ (636) | $ (18,768) | $ (3,389) |
Basic | ||||
Continuing operations | $ 0.84 | $ (0.42) | $ 1.47 | $ 0.84 |
Discontinued operations | (0.09) | (0.04) | (1.08) | (0.19) |
Total basic | 0.75 | (0.46) | 0.39 | 0.65 |
Diluted | ||||
Continuing operations | 0.83 | (0.42) | 1.45 | 0.83 |
Discontinued operations | (0.08) | (0.04) | (1.06) | (0.19) |
Total diluted | $ 0.75 | $ (0.46) | $ 0.39 | $ 0.64 |
Weighted average shares outstanding | ||||
Basic | 17,570 | 17,330 | 17,491 | 17,850 |
Diluted | 17,706 | 17,330 | 17,664 | 18,122 |
Container Lease Revenue [Member] | ||||
Revenue | ||||
Total revenue | $ 73,890 | $ 75,535 | $ 212,446 | $ 225,332 |
Rail Lease Revenue [Member] | ||||
Revenue | ||||
Total revenue | $ 5,162 | $ 5,871 | $ 17,247 | $ 20,214 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
Net income (loss) | $ 15,443 | $ (5,779) | $ 13,487 | $ 18,289 |
Other comprehensive income (loss), before tax: | ||||
Change in fair value of derivative instruments designated as cash flow hedges | (1,931) | (1,931) | ||
Reclassification of realized loss on derivative instruments designated as cash flow hedges | 111 | 111 | ||
Foreign currency translation adjustments | 514 | (256) | 478 | (332) |
Comprehensive income (loss) before tax | 14,137 | (6,035) | 12,145 | 17,957 |
Income tax benefit related to items of other comprehensive income (loss) | 412 | 412 | ||
Comprehensive income (loss) before preferred stock dividends | 14,549 | (6,035) | 12,557 | 17,957 |
Dividends on preferred stock | (2,207) | (2,207) | (6,621) | (6,621) |
Comprehensive income (loss) available to CAI common stockholders | $ 12,342 | $ (8,242) | $ 5,936 | $ 11,336 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
Balances at Dec. 31, 2018 | $ 103,865 | $ 2 | $ 132,666 | $ (6,513) | $ 471,112 | $ 701,132 |
Balances, Shares at Dec. 31, 2018 | 4,155,000 | 18,764,000 | ||||
Net income (loss) | 18,574 | 18,574 | ||||
Preferred stock dividends, $0.53125/share | (2,207) | (2,207) | ||||
Foreign currency translation adjustments | (81) | (81) | ||||
Repurchase of common stock | (13,946) | (13,946) | ||||
Repurchase of common stock, Shares | (595,000) | |||||
Exercise of stock options | 107 | 107 | ||||
Exercise of stock options, Shares | 27,000 | |||||
Stock-based compensation, net of taxes | 730 | 730 | ||||
Stock-based compensation, net of taxes, Shares | 12,000 | |||||
Balances at Mar. 31, 2019 | $ 103,865 | $ 2 | 119,557 | (6,594) | 487,479 | 704,309 |
Balances, Shares at Mar. 31, 2019 | 4,155,000 | 18,208,000 | ||||
Balances at Dec. 31, 2018 | $ 103,865 | $ 2 | 132,666 | (6,513) | 471,112 | 701,132 |
Balances, Shares at Dec. 31, 2018 | 4,155,000 | 18,764,000 | ||||
Net income (loss) | 18,289 | |||||
Preferred stock dividends, $0.53125/share | (6,621) | |||||
Balances at Sep. 30, 2019 | $ 103,865 | $ 2 | 101,317 | (6,845) | 482,780 | 681,119 |
Balances, Shares at Sep. 30, 2019 | 4,155,000 | 17,426,000 | ||||
Balances at Mar. 31, 2019 | $ 103,865 | $ 2 | 119,557 | (6,594) | 487,479 | 704,309 |
Balances, Shares at Mar. 31, 2019 | 4,155,000 | 18,208,000 | ||||
Net income (loss) | 5,494 | 5,494 | ||||
Preferred stock dividends, $0.53125/share | (2,207) | (2,207) | ||||
Foreign currency translation adjustments | 5 | 5 | ||||
Repurchase of common stock | (20,172) | (20,172) | ||||
Repurchase of common stock, Shares | (863,000) | |||||
Exercise of stock options | 228 | 228 | ||||
Exercise of stock options, Shares | 43,000 | |||||
Stock-based compensation, net of taxes | 688 | 688 | ||||
Stock-based compensation, net of taxes, Shares | 32,000 | |||||
Balances at Jun. 30, 2019 | $ 103,865 | $ 2 | 100,301 | (6,589) | 490,766 | 688,345 |
Balances, Shares at Jun. 30, 2019 | 4,155,000 | 17,420,000 | ||||
Net income (loss) | (5,779) | (5,779) | ||||
Preferred stock dividends, $0.53125/share | (2,207) | (2,207) | ||||
Foreign currency translation adjustments | (256) | (256) | ||||
Exercise of stock options | 197 | 197 | ||||
Exercise of stock options, Shares | 6,000 | |||||
Stock-based compensation, net of taxes | 819 | 819 | ||||
Balances at Sep. 30, 2019 | $ 103,865 | $ 2 | 101,317 | (6,845) | 482,780 | 681,119 |
Balances, Shares at Sep. 30, 2019 | 4,155,000 | 17,426,000 | ||||
Balances at Dec. 31, 2019 | $ 103,865 | $ 2 | 102,709 | (6,630) | 493,294 | 693,240 |
Balances, Shares at Dec. 31, 2019 | 4,155,000 | 17,479,000 | ||||
Net income (loss) | (1,330) | (1,330) | ||||
Preferred stock dividends, $0.53125/share | (2,207) | (2,207) | ||||
Foreign currency translation adjustments | (137) | (137) | ||||
Exercise of stock options | 113 | 113 | ||||
Exercise of stock options, Shares | 8,000 | |||||
Stock-based compensation, net of taxes | 468 | 468 | ||||
Stock-based compensation, net of taxes, Shares | 19,000 | |||||
Balances at Mar. 31, 2020 | $ 103,865 | $ 2 | 103,290 | (6,767) | 489,757 | 690,147 |
Balances, Shares at Mar. 31, 2020 | 4,155,000 | 17,506,000 | ||||
Balances at Dec. 31, 2019 | $ 103,865 | $ 2 | 102,709 | (6,630) | 493,294 | 693,240 |
Balances, Shares at Dec. 31, 2019 | 4,155,000 | 17,479,000 | ||||
Net income (loss) | 13,487 | |||||
Preferred stock dividends, $0.53125/share | $ (6,621) | |||||
Repurchase of common stock, Shares | 0 | |||||
Income tax benefit related to items of other comprehensive income | $ 412 | |||||
Balances at Sep. 30, 2020 | $ 103,865 | $ 2 | 106,990 | (7,560) | 495,733 | 699,030 |
Balances, Shares at Sep. 30, 2020 | 4,155,000 | 17,742,000 | ||||
Balances at Mar. 31, 2020 | $ 103,865 | $ 2 | 103,290 | (6,767) | 489,757 | 690,147 |
Balances, Shares at Mar. 31, 2020 | 4,155,000 | 17,506,000 | ||||
Net income (loss) | (626) | (626) | ||||
Preferred stock dividends, $0.53125/share | (2,207) | (2,207) | ||||
Foreign currency translation adjustments | 101 | 101 | ||||
Exercise of stock options, Shares | 3,000 | |||||
Stock-based compensation, net of taxes | 52 | 52 | ||||
Stock-based compensation, net of taxes, Shares | 44,000 | |||||
Balances at Jun. 30, 2020 | $ 103,865 | $ 2 | 103,342 | (6,666) | 486,924 | 687,467 |
Balances, Shares at Jun. 30, 2020 | 4,155,000 | 17,553,000 | ||||
Net income (loss) | 15,443 | 15,443 | ||||
Common stock dividend declared, $0.25/share | (4,427) | (4,427) | ||||
Preferred stock dividends, $0.53125/share | (2,207) | (2,207) | ||||
Change in fair value of derivative instruments designated as cash flow hedges | (1,931) | (1,931) | ||||
Reclassification of loss on derivative instruments designated as cash flow hedges | 111 | 111 | ||||
Foreign currency translation adjustments | 514 | 514 | ||||
Income tax benefit related to items of other comprehensive income | 412 | 412 | ||||
Exercise of stock options | 3,168 | 3,168 | ||||
Exercise of stock options, Shares | 180,000 | |||||
Stock-based compensation, net of taxes | 480 | 480 | ||||
Stock-based compensation, net of taxes, Shares | 9,000 | |||||
Balances at Sep. 30, 2020 | $ 103,865 | $ 2 | $ 106,990 | $ (7,560) | $ 495,733 | $ 699,030 |
Balances, Shares at Sep. 30, 2020 | 4,155,000 | 17,742,000 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | |||||
Preferred Stock, Dividends Per Share | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 | $ 0.53125 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash flows from operating activities | |||
Net income | $ 13,487 | $ 18,289 | |
Loss from discontinued operations, net of income taxes | (18,768) | (3,389) | |
Income from continuing operations | 32,255 | 21,678 | |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | |||
Depreciation | 86,919 | 89,664 | |
Impairment of rental equipment | 19,724 | 32,955 | |
Amortization and write-off of debt issuance costs | 6,839 | 3,579 | |
Stock-based compensation expense | 1,416 | 2,202 | |
Unrealized loss on foreign exchange | (229) | 345 | |
Gain on sale of rental equipment | (6,451) | (12,265) | |
Deferred income taxes | (5,021) | (4,796) | |
Bad debt (recovery) expense | (6,236) | 1,319 | |
Changes in other operating assets and liabilities: | |||
Accounts receivable | 11,774 | 4,562 | |
Prepaid expenses and other assets | (106) | (40) | |
Net investment in finance leases | 54,660 | 48,653 | |
Accounts payable, accrued expenses and other liabilities | 214 | 3,541 | |
Unearned revenue | (437) | (1,772) | |
Net cash provided by operating activities of continuing operations | 195,321 | 189,625 | |
Net cash provided by (used in) operating activities of discontinued operations | 2,883 | (1,423) | |
Net cash provided by operating activities | 198,204 | 188,202 | |
Cash flows from investing activities | |||
Purchase of rental equipment | [1] | (48,782) | (335,849) |
Purchase of financing receivable | (30,846) | (37,139) | |
Proceeds from sale of rental equipment | 87,007 | 259,002 | |
Receipt of principal payments from financing receivable | 4,052 | 1,825 | |
Purchase of furniture, fixtures and equipment | (441) | (1,416) | |
Net cash provided by (used in) investing activities of continuing operations | 10,990 | (113,577) | |
Net cash provided by (used in) investing activities of discontinued operations | 5,614 | (305) | |
Net cash provided by (used in) investing activities | 16,604 | (113,882) | |
Cash flows from financing activities | |||
Proceeds from debt | 1,025,527 | 581,582 | |
Principal payments on debt | (915,157) | (614,006) | |
Debt issuance costs | (8,304) | (768) | |
Proceeds from issuance of stock | 116 | ||
Repurchase of common stock | (34,118) | ||
Dividends paid to common stockholders | (4,427) | ||
Dividends paid to preferred stockholders | (6,621) | (6,621) | |
Exercise of stock options | 3,281 | 532 | |
Net cash provided by (used in) financing activities of continuing operations | 94,415 | (73,399) | |
Net cash used in financing activities of discontinued operations | |||
Net cash provided by (used in) financing activities | 94,415 | (73,399) | |
Effect on cash of foreign currency translation | (15) | (874) | |
Net increase in cash and restricted cash | 309,208 | 47 | |
Cash and restricted cash at beginning of the period | [2] | 73,239 | 75,983 |
Cash and restricted cash at end of the period | [3] | 382,447 | 76,030 |
Cash paid during the period for: | |||
Income taxes | 343 | 559 | |
Interest | 50,249 | 65,330 | |
Lease liabilities arising from obtaining right-of-use assets | 140 | 5,306 | |
Supplemental disclosure of non-cash investing and financing activity | |||
Transfer of rental equipment to finance lease | 18,630 | 52,895 | |
Transfer of finance lease to rental equipment | 1,130 | 14,432 | |
Rental equipment payable | $ 89,634 | $ 54,202 | |
[1] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. | ||
[2] | Includes cash of $ 19,870 and $ 20,104 , cash held by variable interest entities of $ 26,594 and $ 25,211 , and restricted cash of $ 26,775 and $ 30,668 at December 31, 2019 and 2018, respectively. | ||
[3] | Includes cash of $ 15,516 and $ 21,503 , cash held by variable interest entities of $ 26,784 and $ 26,772 , and restricted cash of $ 340,147 and $ 27,755 at September 30, 2020 and 2019, respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Restricted cash | $ 340,147 | $ 26,775 | $ 27,755 | $ 30,668 |
Consolidated Entity Excluding Variable Interest Entities (VIE) [Member] | ||||
Cash | 15,516 | 19,870 | 21,503 | 20,104 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Cash | $ 26,784 | $ 26,594 | $ 26,772 | $ 25,211 |
Description of Business and Sig
Description of Business and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Description of Business and Significant Accounting Policies [Abstract] | |
Description of Business and Significant Accounting Policies | (1) Description of Business and Significant Accounting Policies Organization CAI International, Inc., together with its subsidiaries (collectively, CAI or the Company), is a transportation finance company. The Company purchases equipment, primarily intermodal shipping containers and railcars, which it leases to its customers. 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 common stock, 8.50 % Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Stock and 8.50 % Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Stock are traded on the New York Stock Exchange under the symbols “CAI,” “CAI-PA” and “CAI-PB,” respectively. 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 CAI International, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal, recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2020 and December 31, 2019, the Company’s results of operations for the three and nine months ended September 30, 2020 and 2019, and the Company’s cash flows for the nine months ended September 30, 2020 and 2019. Certain reclassifications have been made to prior year financial statements to conform to the current presentation. 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 2020 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, 2019, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2020. Discontinued Operations During the three months ended June 30, 2020, the Company committed to a plan to sell its logistics business. As a result, the operating results of the logistics business have been classified as discontinued operations in the accompanying unaudited consolidated statements of operations and cash flows. All prior periods presented in these unaudited consolidated financial statements have been restated to reflect the classification of the logistics business as discontinued operations and assets and liabilities as held for sale. On August 14, 2020, the Company sold substantially all the assets of its logistics business to NFI, a North American logistics provider, on a debt free, cash free basis. See Note 2 – Discontinued Operations for more information. Concentration of Credit Risk The Company’s equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer’s financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed an on ongoing basis. The Company’s largest customer and second largest customer accounted for 16 % and 10 %, respectively, of the Company’s total billings during both the three and nine months ended September 30, 2020. Accounting Policy Updates Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (ASU 2016-13) and subsequently issued amendments. The guidance affects the Company’s net investment in finance leases, financing receivable and accounts receivable for sales of rental equipment and logistics operations. Topic 326 requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The Company adopted ASU 2016-13 effective January 1, 2020, using the modified retrospective method, which did not have a significant impact on the consolidated financial statements as credit losses are not expected to be significant based on historical loss trends, the financial condition of customers, and external market factors. The allowance for credit losses on net investment in finance leases and financing receivable is estimated on a collective basis by internal customer rating (see Note 5 – Leases for descriptions of ratings). Expected credit losses for these financial assets are estimated using a loss-rate methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Except as described above, there were no changes to the Company’s accounting policies during the nine months ended September 30, 2020. See Note 2 to the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 5, 2020, for a description of the Company’s significant accounting policies. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | (2) Discontinued Operations As discussed in Note 1, the Company sold substantially all of the assets of its logistics business for proceeds of $ 5.6 million during the three months ended September 30, 2020. The cash proceeds from the disposal are recorded as net cash provided by investing activities of discontinued operations in the accompanying unaudited statement of cash flows for the nine months ended September 30, 2020. A loss on classification of the logistics business as held for sale of $ 18.5 million was recognized in the three months ended June 30, 2020. No additional gain or loss was recognized on the sale in the three months ended September 30, 2020. The carrying amount of the assets and liabilities of the logistics business that were reclassified as held for sale were as follows (in thousands): September 30, December 31, 2020 2019 Assets Accounts receivable, net of allowance for doubtful accounts $ - $ 15,601 Prepaid expenses and other assets - 2,263 Goodwill - 15,794 Intangible assets - 4,123 Assets held for sale $ - $ 37,781 Liabilities Accounts payable $ - $ 2,757 Accrued expenses and other current liabilities - 5,995 Liabilities held for sale $ - $ 8,752 Net assets $ - $ 29,029 The following table summarizes the components of loss from discontinued operations in the accompanying unaudited consolidated statements of income for the three and nine months ended September 30, 2020 and 2019 (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue Logistics revenue $ 13,550 $ 30,270 $ 66,304 $ 87,788 Operating expenses Logistics transportation costs 12,092 27,037 58,440 77,647 Administrative expenses 3,433 4,045 11,702 14,586 Loss on classification as held for sale - - 18,477 - Total operating expenses 15,525 31,082 88,619 92,233 Operating loss ( 1,975 ) ( 812 ) ( 22,315 ) ( 4,445 ) Interest income ( 1 ) ( 4 ) ( 7 ) ( 12 ) Loss before income taxes ( 1,974 ) ( 808 ) ( 22,308 ) ( 4,433 ) Income tax benefit ( 452 ) ( 172 ) ( 3,540 ) ( 1,044 ) Net loss from discontinued operations $ ( 1,522 ) $ ( 636 ) $ ( 18,768 ) $ ( 3,389 ) |
Consolidation of Variable Inter
Consolidation of Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Consolidation of Variable Interest Entities [Abstract] | |
Consolidation of Variable Interest Entities | (3) Consolidation of Variable Interest Entities The Company regularly performs a review of its container fund arrangements with investors to determine whether or not it has a variable interest in the fund and if the fund is a variable interest entity (VIE). If it is determined that the Company does not have a variable interest in the fund, further analysis is not required and the Company does not consolidate the fund. If it is determined that the Company does have a variable interest in the fund and the fund is a VIE, a further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under FASB ASC Topic 810, Consolidation : it has power to direct the activities of a VIE that most significantly impact the VIE’s economic performance; and it has the obligation to absorb losses of the VIE that could be potentially significant to the VIE or the right to receive benefits from the VIE 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 FASB ASC Topic 810, Consolidation . The Company currently enters into two types of container fund arrangements with investors which are reviewed under FASB 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. All of the funds under financing arrangements are Japanese container funds that were established under separate investment agreements allowed under Japanese commercial laws. Each of the funds is financed by unrelated Japanese third-party investors. Managed Container Funds The fees earned by the Company for arranging, managing and establishing container funds are commensurate with the level of effort required to provide those services, and the arrangements include only terms and conditions that are customarily present in arrangements for similar services. As such, the Company does not have a variable interest in the managed containers funds, and does not consolidate those funds. No container portfolios were sold to the funds during the three and nine months ended September 30, 2020 and 2019. Collateralized Financing Obligations The Company has transferred containers to Japanese investor funds while concurrently entering into lease agreements for the same containers, under which the Company leases the containers back from the Japanese investors. The Company concluded these were financing transactions under which sale-leaseback accounting was not applicable. The terms of the transactions with container funds under financing arrangements 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. The funds are considered VIEs under FASB 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. 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 September 30, 2020 and December 31, 2019, and the results of the VIEs’ operations and cash flows for the three and nine months ended September 30, 2020 and 2019, in the Company’s consolidated financial statements. The containers that were transferred to the Japanese investor funds had a net book value of $ 88.3 million as of September 30, 2020. The container equipment, together with $ 26.8 million of cash held by the investor funds that can only be used to settle the liabilities of the VIEs, has been included on the Company’s consolidated balance sheets with the related liability presented in the debt section of the Company’s consolidated balance sheets as collateralized financing obligations of $ 75.9 million and term loans held by VIE of $ 32.6 million. No gain or loss was recognized by the Company on the initial consolidation of the VIEs. No containers were sold to the Japanese investor during the three and nine months ended September 30, 2020. Containers sold to the Japanese investor funds during both the three and nine months ended September 30, 2019 had a net book value of $ 65.0 million. |
Rental Equipment
Rental Equipment | 9 Months Ended |
Sep. 30, 2020 | |
Rental Equipment [Abstract] | |
Rental Equipment | (4) Rental Equipment The following table provides a summary of the Company’s rental equipment (in thousands): September 30, December 31, 2020 2019 Dry containers $ 1,906,299 $ 1,902,471 Refrigerated containers 282,239 282,155 Other specialized equipment 231,378 224,924 Total containers 2,419,916 2,409,550 Accumulated depreciation ( 649,165 ) ( 588,815 ) Total containers, net of accumulated depreciation $ 1,770,751 $ 1,820,735 Railcars $ 274,556 $ 314,279 Accumulated depreciation ( 27,165 ) ( 32,175 ) Total railcars, net of accumulated depreciation $ 247,391 $ 282,104 Rental equipment, net of accumulated depreciation $ 2,018,142 $ 2,102,839 Impairment of railcar assets During the quarter ended March 31, 2020, an impairment charge of $ 19.2 million was recognized to reduce the book value of the railcar portfolio, on an individual basis, to the lower of its net book value had the assets not been classified as held for sale, or its estimated fair value at the date when the decision was made not to sell the assets of the railcar business. To assist in the Company’s assessment of fair value, a third-party appraisal was carried out on the railcar fleet using a combination of cost and market approaches. The cost approach utilizes the current replacement cost for a particular car type and calculates an estimated depreciation based on a railcar having a 40 -year life and residual value being 10 % of the estimated purchase price. The market approach estimates value based on recent market transactions involving similar railcars. The railcars were classified within Level 3 of the fair value hierarchy. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | (5) Leases The Company leases its rental equipment on either short-term operating leases through master lease agreements, long-term non-cancelable operating leases, or finance leases. The following table summarizes the components of lease revenue (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Lease revenue - operating leases $ 62,954 $ 65,933 $ 184,083 $ 201,092 Interest income on finance leases 11,272 11,287 34,187 33,769 Other revenue 3,648 3,499 8,810 9,404 Interest income on financing receivable 1,178 687 2,613 1,281 Total lease revenue $ 79,052 $ 81,406 $ 229,693 $ 245,546 For finance leases, the net selling loss recognized at lease commencement, representing the difference between the estimated fair value of rental equipment placed on lease and net book value, in the amount of $ 0.1 million for the three months ended September 30, 2020 and $ 0.1 million and $ 2.6 million for the nine months ended September 30, 2020 and 2019, respectively, is included in “gain on sale of rental equipment” in the consolidated statement of operations. Net investment in finance leases The following table represents the components of the Company’s net investment in finance leases (in thousands): September 30, December 31, 2020 2019 Gross finance lease receivables (1) $ 745,315 $ 806,019 Unearned income (2) ( 214,865 ) ( 238,651 ) Net investment in finance leases 530,450 567,368 Allowance for credit losses ( 42 ) - Net investment in finance leases, net of allowance for credit losses $ 530,408 $ 567,368 (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 $ 76.2 million and $ 74.3 million of unguaranteed residual value at September 30, 2020 and December 31, 2019, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the 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 September 30, 2020 and December 31, 2019. (3) One major customer represented 67 % and 65 % of the Company’s finance lease portfolio as of September 30, 2020 and December 31, 2019, respectively. No other customer represented more than 10% of the Company’s finance lease portfolio in each of those periods. Contractual maturities of the Company's gross finance lease receivables subsequent to September 30, 2020 for the years ending September 30 are as follows (in thousands): 2021 $ 115,917 2022 108,321 2023 105,169 2024 69,982 2025 55,158 2026 and thereafter 290,768 $ 745,315 Financing receivable During 2020 and 2019, the Company purchased containers and leased back the containers to the seller-lessees through finance leaseback arrangements. As control of the equipment was retained by the customers, the Company concluded that sale-leaseback accounting was not applicable and treated the arrangements as financing transactions. The Company recorded a financing receivable in the amount paid for the containers. Payments made by the seller-lessee are recorded as a reduction to the financing receivable and as interest income, calculated using the effective interest method. The following table summarizes the components of the Company’s financing receivable (in thousands): September 30, December 31, 2020 2019 Gross financing receivable $ 75,224 $ 45,530 Unearned income ( 14,460 ) ( 11,111 ) 60,764 34,419 Allowance for credit losses ( 3 ) - Total financing receivable $ 60,761 $ 34,419 Amounts due within one year (1) 9,377 3,726 Amounts due beyond one year (2) 51,384 30,693 Total financing receivable $ 60,761 $ 34,419 (1) Included in prepaid expenses and other current assets in the consolidated balance sheets. (2) Included in financing receivable in the consolidated balance sheets. Credit quality information In order to estimate the allowance for losses contained in net investment in finance leases and financing receivable, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, historical credit loss activity, current market and economic conditions, and reasonable and supportable forecasts. The Company uses the following definitions for risk ratings: 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. As of September 30, 2020 and December 31, 2019, based on the most recent analysis performed, the risk category of the Company’s net investment in finance leases and financing receivable, based on year of origination is as follows (in thousands): September 30, 2020 2020 2019 2018 2017 2016 Prior Total Net investment in finance leases Tier 1 $ 11,951 $ 53,257 $ 235,653 $ 164,342 $ 6,373 $ 1,141 $ 472,717 Tier 2 5,121 28,119 13,372 4,616 1,429 5,076 57,733 Tier 3 - - - - - - - Total net investment in finance leases $ 17,072 $ 81,376 $ 249,025 $ 168,958 $ 7,802 $ 6,217 $ 530,450 Financing receivable Tier 1 $ 29,103 $ 31,032 $ - $ - $ - $ - $ 60,135 Tier 2 - 629 - - - - 629 Tier 3 - - - - - - - Total financing receivable $ 29,103 $ 31,661 $ - $ - $ - $ - $ 60,764 Net investment in Financing December 31, 2019 finance leases receivable Tier 1 $ 502,265 $ 33,694 Tier 2 65,103 725 Tier 3 - - $ 567,368 $ 34,419 |
Debt And Derivative Instruments
Debt And Derivative Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Debt And Derivative Instruments [Abstract] | |
Debt And Derivative Instruments | (6) Debt and Derivative Instruments Debt Details of the Company’s debt as of September 30, 2020 and December 31, 2019 were as follows (dollars in thousands): September 30, 2020 December 31, 2019 Outstanding Average Outstanding Average Current Long-term Interest Current Long-term Interest Maturity Revolving credit (1) $ - $ 655,000 1.6 % $ - $ 624,000 3.3 % June 2023 Revolving credit facility - Rail (2) - 137,500 1.6 % - 137,500 3.3 % October 2023 Revolving credit facility - Euro - 22,513 2.4 % 21,537 - 2.0 % September 2023 Term loan 1,800 24,150 2.3 % 1,800 25,500 3.9 % April 2023 Term loan 70,250 - 1.9 % 7,000 68,500 3.5 % June 2021 Term loan 14,325 - 3.4 % 15,284 - 3.4 % December 2020 Term loan 38,399 - 3.6 % 3,016 37,635 3.6 % August 2021 Term loan 6,000 82,000 4.6 % 6,000 86,500 4.6 % October 2023 Senior secured notes 6,110 40,555 4.9 % 6,110 46,665 4.9 % September 2022 Asset-backed notes 2012-1 (3) - - - 17,100 31,350 3.5 % - Asset-backed notes 2013-1 (3) - - - 22,900 51,525 3.4 % - Asset-backed notes 2017-1 (4) - - - 25,307 164,496 3.7 % - Asset-backed notes 2018-1 (4) - - - 34,890 250,045 4.0 % - Asset-backed notes 2018-2 (5) 274,800 - 4.4 % 34,350 266,213 4.4 % September 2043 Asset-backed notes 2020-1 62,411 680,289 2.3 % - - - September 2045 Collateralized financing obligations 28,474 47,457 1.6 % 21,681 69,615 1.5 % February 2026 Term loans held by VIE 5,425 27,145 4.2 % 5,250 31,234 4.2 % February 2026 507,994 1,716,609 222,225 1,890,778 Debt discount and debt issuance costs ( 5,981 ) ( 10,439 ) ( 4,131 ) ( 10,656 ) Total Debt $ 502,013 $ 1,706,170 $ 218,094 $ 1,880,122 (1) $ 500 million of this outstanding debt is subject to an interest rate swap at a cost of 0.29 % as described below in Derivative Instruments . (2) The maximum credit commitment under the Rail revolving credit facility was decreased on July 2, 2020 from $ 250 million to $ 150 million. (3) On April 27, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2012-1 and 2013-1. (4) On September 25, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2017-1 and 2018-1. (5) On October 26, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2018-2. The Company maintains its revolving credit facilities to finance the acquisition of rental equipment and for general working capital purposes. As of September 30, 2020 , the Company had $ 464.2 million in total availability under its revolving credit facilities (net of $ 0.1 million in letters of credit), subject to the Company’s ability to meet the collateral requirements under the agreements governing the facilities. Based on the borrowing base and collateral requirements at September 30, 2020 , the borrowing availability under the Company’s revolving credit facilities was $ 164.1 million, assuming no additional contributions of assets. On September 9, 2020, CAL Funding IV Limited (CAL Funding IV), a wholly-owned indirect subsidiary of CAI, issued $ 715.9 million of 2.2 % Class A fixed rate asset-backed notes and $ 26.8 million of 3.5 % Class B fixed rate asset-backed notes (collectively, the series 2020-1 Asset-Backed Notes). Principal and interest on the Series 2020-1 Asset-Backed Notes is payable monthly commencing on October 26, 2020 , with a scheduled maturity date of March 27, 2028 . The net proceeds from the issuance of the 2020-1 Asset-Backed Notes of $ 742.5 million were used to repay in full the outstanding debt associated with the asset-backed notes 2017-1 and 2018-1 on September 25, 2020. The balance of the net proceeds, $ 316.9 million, is included in restricted cash in the consolidated balance sheet as of September 30, 2020 and was used to repay in full the outstanding debt associated with the asset-backed notes 2018-2 on October 26, 2020, the balance being returned to the Company. The agreements relating to all of the Company’s debt contain various financial and other covenants. As of September 30, 2020 , the Company was in compliance with all of its financial and other covenants. For further information on the Company’s debt instruments, see Note 10 to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 5, 2020. Derivative Instruments The Company enters into derivative agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to limit the Company’s exposure to interest rate risk by converting a portion of its floating-rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. Interest rate swaps involve the receipt of floating-rate amounts in exchange for fixed rate interest payments over the lives of the agreements without an exchange of the underlying principal amounts. The counterparties to these agreements are highly rated financial institutions. In the unlikely event that the counterparties fail to meet the terms of these agreements, the Company’s exposure is limited to the interest rate differential on the notional amount at each monthly settlement period over the life of the agreements. The Company does not anticipate any non-performance by the counterparties. During the three months ended September 30, 2020, the Company entered into an interest rate swap agreement with an effective date of July 31, 2020 and scheduled maturity date of June 30, 2025 . This contract is indexed to 1-month LIBOR, has a fixed leg interest rate of 0.29 %, and a notional amount of $ 500.0 million. As of September 30, 2020, the Company has designated interest rate swap agreements for a total notional amount of $500.0 million as cash flow hedges for accounting purposes. The change in fair value of cash flow hedging instruments during the three and nine months ended September 30, 2020 was recorded on the consolidated balance sheets in ‘Accumulated other comprehensive loss’ and reclassified to ‘Net interest expense’ when realized. The Company had no derivative instruments as of December 31, 2019. Over the next twelve months, the Company expects to reclassify an estimated net loss of $ 0.4 million related to the designated interest rate swap agreements from ‘Accumulated other comprehensive loss’ in the consolidated statements of comprehensive income to ‘Net interest expense’ in the consolidated statements of operations. The following table summarizes the impact of derivative instruments designated in cash flow hedging relationships on the consolidated statements of operations and the consolidated statements of comprehensive income (loss) on a pretax basis (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Derivative Instrument Financial Statement Caption 2020 2019 2020 2019 Interest rate swap Comprehensive loss $ 1,931 $ - $ 1,931 $ - Interest rate swap Net interest expense $ 111 $ - $ 111 $ - |
Stock-Based Compensation Plan
Stock-Based Compensation Plan | 9 Months Ended |
Sep. 30, 2020 | |
Stock-Based Compensation Plan [Abstract] | |
Stock-Based Compensation Plan | (7) Stock–Based Compensation Plan 2019 Incentive Plan In June 2019, the Company’s stockholders approved the CAI International, Inc. 2019 Incentive Plan (2019 Plan), which replaced the CAI International, Inc. Amended and Restated 2007 Equity Incentive Plan (2007 Plan). No further awards will be made under the 2007 Plan. Under the 2019 Plan, a maximum of 2,577,075 share awards may be granted. Under the 2019 Plan, the Company may grant incentive and nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other stock or cash-based awards. Stock Options Stock options granted to employees have a vesting period of four years from the grant date, with 25 % vesting after one year, and 1/48th vesting each month thereafter until fully vested. Stock options granted to independent 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 nine months ended September 30, 2020 and 2019 : Nine Months Ended September 30, 2020 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 646,946 $ 16.96 850,167 $ 16.46 Options exercised ( 197,499 ) $ 14.96 ( 138,723 ) $ 13.95 Options forfeited ( 11,814 ) $ 15.64 ( 3,000 ) $ 12.88 Options expired ( 80,310 ) $ 23.31 ( 15,000 ) $ 25.53 Options outstanding at September 30 357,323 $ 16.67 693,444 $ 16.78 Options exercisable 344,612 $ 16.70 591,842 $ 17.42 Weighted average remaining term 5.1 years 5.7 years The aggregate intrinsic value of stock options exercised during both the nine months ended September 30, 2020 and 2019 was $ 1.4 million. The aggregate intrinsic value of all options outstanding as of September 30, 2020 was $ 3.9 million based on the closing price of the Company’s common stock of $ 27.53 per share on September 30, 2020 , the last trading day of the quarter. The Company recognized stock-based compensation expense relating to stock options of $ 0.1 million and $ 0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $ 0.3 million and $ 0.6 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 , the remaining unamortized stock-based compensation cost relating to stock options granted to the Company’s employees and independent directors was approximately $ 0.1 million, which is to be recognized over the remaining weighted average vesting period of approximately 0.4 years. The Company did no t grant any stock options during the nine months ended September 30, 2020 and 2019 . Restricted Stock Awards, Time-Based Restricted Stock Units and Performance-Based Restricted Stock Units The Company grants time-based restricted stock units to certain employees and restricted stock awards to independent directors from time to time pursuant to the 2019 Plan. Time-based restricted stock units granted to employees have a vesting period of four years ; 25 % vesting on each anniversary of the grant date. Restricted stock awards granted to independent directors vest in one year . The Company recognizes the compensation cost associated with restricted stock awards and time-based restricted stock units over the vesting period based on the closing price of the Company’s common stock on the date of grant. The Company grants performance-based restricted stock units to certain executives and other key employees. The performance-based restricted stock units vest at the end of a 3 -year performance cycle if certain financial performance targets are met. The Company recognizes compensation cost associated with the performance-based restricted stock units ratably over the 3 -year term when it is considered probable that performance targets will be met. Compensation cost is based on the closing price of the Company’s common stock on the date of grant. The following table summarizes the activity of restricted stock awards, time-based restricted stock units and performance-based restricted stock units under the 2019 Plan: Weighted Average Number of Grant Date Shares Fair Value Outstanding at December 31, 2019 281,736 $ 23.18 Granted 143,957 $ 25.60 Vested ( 107,323 ) $ 22.65 Forfeited ( 105,955 ) $ 25.29 Outstanding at September 30, 2020 212,415 $ 24.04 The Company recognized stock-based compensation expense relating to restricted stock and performance stock of $ 1.0 million and $ 0.7 million for the three months ended September 30, 2020 and 2019, respectively, and $ 1.6 million and $ 1.8 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 , unamortized stock-based compensation expense relating to restricted stock and performance stock was $ 3.1 million, which will be recognized over the remaining average vesting period of 1.7 years. Stock-based compensation expense is recorded as a component of administrative expenses in the Company’s consolidated statements of operations with a corresponding credit to additional paid-in capital in the Company’s consolidated balance sheets. Employee Stock Purchase Plan In June 2019, the Company’s stockholders approved the CAI International, Inc. 2019 Employee Stock Purchase Plan (ESPP). The ESPP provides a means by which eligible employees may be given an opportunity to purchase shares of the Company’s common stock at a discount using payroll deductions. The ESPP authorizes the issuance of up to 250,000 shares of the Company’s common stock. The first offering period under the ESPP commenced in December 2019. The Company issued 7,258 shares of the Company common stock under the ESPP during the nine months ended September 30, 2020. The Company recognized stock-based compensation expense relating to the ESPP of less than $ 0.1 million for the nine months ended September 30, 2020 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Taxes [Abstract] | |
Income Taxes | (8) Income Taxes The consolidated income tax expense for the three and nine months ended September 30, 2020 and 2019 , was determined based upon estimates of the Company’s consolidated annual effective income tax rate for the years ending December 31, 2020 and 2019, respectively. The difference between the consolidated annual effective income tax rate and the U.S. federal statutory rate is primarily attributable to foreign income taxes, state income taxes and the effect of certain permanent differences. The Company’s estimated effective tax rate before discrete items was 8.1 % at September 30, 2020 , compared to an effective tax rate of 6.1 % at September 30, 2019 . Discrete items during the nine months ended September 30, 2020 primarily related to the impairment of railcar assets (Note 4) of $ 19.2 million, which resulted in a tax benefit of $ 4.5 million . |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | (9) Fair Value of Financial Instruments Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses the following fair value hierarchy when selecting inputs for its valuation techniques, with highest priority given to Level 1: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 – unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Derivative Financial Instruments The Company has entered into an interest rate swap agreement to mitigate its exposure associated with its variable rate debt. The Company has utilized the income approach to measure at each balance sheet date the fair value of its derivative instruments using observable (Level 2) market inputs. See Note 6 – Debt and Derivative Instruments for further discussions. The table below presents the Company’s derivative instruments measured at fair value on a recurring basis as of September 30, 2020 (in thousands): Total Fair Value Level 2 September 30, 2020 Derivative liabilities - interest rate swaps $ 1,820 $ 1,820 As of September 30, 2020, the Company has designated interest rate swap agreements for a total notional amount of $ 500.0 million as cash flow hedges for accounting purposes. The Company recognized a loss of $ 1.9 million on the consolidated balance sheets in ‘Accumulated other comprehensive loss’ during the three and nine months ended September 2020 for the change in fair value of the derivative instrument and a loss of $ 0.1 million was reclassified to ‘Net interest expense’ when realized for both the three and nine months ended September 30, 2020. As of December 31, 2019, the Company did no t have any interest rate swap agreements. Other Financial Instruments The carrying amounts of cash, restricted cash, accounts receivable and accounts payable reflected in the balance sheets as of September 30, 2020 and December 31, 2019, approximate their fair value due to the short-term nature of these financial assets and liabilities. The carrying value of variable-rate debt in the balance sheets as of September 30, 2020 and December 31, 2019 approximates fair value as the changes in their associated interest rates reflect the current market and credit risk is similar to when the loans were originally obtained. The principal balance of the Company’s fixed-rate term loans and collateralized financing obligations was $ 140.7 million and $ 75.9 million as of September 30, 2020, with a fair value of approximately $ 142.2 million and $ 77.8 million, respectively, 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 2 in the fair value hierarchy. The principal balance of the Company’s fixed-rate term loans, asset-backed notes and collateralized financing obligations was $ 148.4 million, $ 898.2 million and $ 91.3 million as of December 31, 2019, with a fair value of approximately $ 151.0 million, $ 911.0 million and $ 93.0 million, respectively. Management believes that the balances of the Company’s asset-backed notes of $ 1,017.5 million as of September 30, 2020, and senior secured notes of $ 46.7 million and $ 52.8 million, term loans held by VIE of $ 32.6 million and $ 36.5 million, and financing receivable of $ 60.8 million and $ 34.4 million as of September 30, 2020 and December 31, 2019, respectively, approximate their fair values. The fair value of these financial instruments would be categorized as Level 2 in the fair value hierarchy. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
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 $ 116.9 million of containers as of September 30, 2020, all in the twelve months ending September 30, 2021 . |
Stockholders_ Equity
Stockholders’ Equity | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders’ Equity [Abstract] | |
Stockholders’ Equity | (11) Stockholders’ Equity Stock Repurchase Plan In October 2018, the Company announced that the Board of Directors approved the repurchase of up to three million shares of its outstanding common stock. The number, price, structure and timing of the repurchases, if any, will be at the Company’s sole discretion and will be evaluated by the Company depending on prevailing market conditions, corporate needs, and other factors. The stock repurchases may be made in the open market, block trades or privately negotiated transactions. This stock repurchase program replaces any available prior share repurchase authorization and may be discontinued at any time. The Company did no t repurchase any shares under this repurchase plan during the nine months ended September 30, 2020. As of September 30, 2020 , approximately 1.0 million shares remained available for repurchase under this share repurchase program. For further information on the Company’s shareholders’ equity, see Note 16 to the consolidated financial statements in the Company’ Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 5, 2020. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Parties [Abstract] | |
Related Parties | (12) Related Parties The Company is responsible for settling income tax liabilities of certain employees related to stock-based compensation. The Company is then reimbursed for those amounts by the employees. At September 30, 2020 and December 31, 2019, the Company had a liability of $ 1.2 million representing tax due to the UK tax authorities in respect of an officer of the Company. The Company also included in its balance sheets at September 30, 2020 and December 31, 2019 a current asset of $ 1.2 million, representing the amount that will be reimbursed to the Company by that officer. |
Segment And Geographic Informat
Segment And Geographic Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment And Geographic Information [Abstract] | |
Segment And Geographic Information | (13) Segment and Geographic Information The Company organizes itself by the nature of the services it provides. As disclosed in Note 2, the Company sold substantially all of the assets of its logistics business during the three months ended September 30, 2020 and the operations of the logistics business have been reclassified as discontinued operations in the accompanying unaudited consolidated statements of operations. As a result, the Company will no longer report Logistics as a segment. The Company revised prior period information to conform to current period presentation. The container leasing segment is aggregated with equipment management and derives its revenue from the ownership and leasing of containers and fees earned for managing container portfolios on behalf of third-party investors. The rail leasing segment derives its revenue from the ownership and leasing of railcars. There are no material inter-segment revenues. With the exception of administrative expenses, operating expenses are directly attributable to each segment. Administrative expenses that are not directly attributable to a segment are allocated to the segments based upon relative asset values or revenue. The following tables show condensed segment information for the three and nine months ended September 30, 2020 and 2019 , reconciled to the Company’s income before income taxes as shown in its consolidated statements of operations for such periods (in thousands): Three Months Ended September 30, 2020 Container Leasing Rail Leasing Total Total revenue $ 73,890 $ 5,162 $ 79,052 Total operating expenses 35,950 4,823 40,773 Operating income 37,940 339 38,279 Net interest and other expenses 18,520 1,445 19,965 Income (loss) before income taxes $ 19,420 $ ( 1,106 ) $ 18,314 Purchase of rental equipment (1) $ 16,162 $ - $ 16,162 Three Months Ended September 30, 2019 Container Leasing Rail Leasing Total Total revenue $ 75,535 $ 5,871 $ 81,406 Total operating expenses 38,949 28,948 67,897 Operating income (loss) 36,586 ( 23,077 ) 13,509 Net interest and other expenses 20,507 2,975 23,482 Income (loss) before income taxes $ 16,079 $ ( 26,052 ) $ ( 9,973 ) Purchase of rental equipment (1) $ 89,027 $ 15,227 $ 104,254 Nine Months Ended September 30, 2020 Container Leasing Rail Leasing Total Total revenue $ 212,446 $ 17,247 $ 229,693 Total operating expenses 109,346 30,598 139,944 Operating income (loss) 103,100 ( 13,351 ) 89,749 Net interest and other expenses 53,077 5,011 58,088 Income (loss) before income taxes $ 50,023 $ ( 18,362 ) $ 31,661 Purchase of rental equipment (1) $ 48,782 - $ 48,782 Nine Months Ended September 30, 2019 Container Leasing Rail Leasing Total Total revenue $ 225,332 $ 20,214 $ 245,546 Total operating expenses 117,689 37,575 155,264 Operating income (loss) 107,643 ( 17,361 ) 90,282 Net interest and other expenses 60,598 10,104 70,702 Income (loss) before income taxes $ 47,045 $ ( 27,465 ) $ 19,580 Purchase of rental equipment (1) $ 256,469 $ 79,380 $ 335,849 (1) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. The summary below presents total assets for the Company's segments as of the dates indicated (in thousands): September 30, 2020 December 31, 2019 Container leasing $ 2,810,569 $ 2,565,828 Rail 258,625 293,459 Logistics (2) - 42,478 Total assets $ 3,069,194 $ 2,901,765 (2) Represents total assets related to discontinued operations, including assets held for sale of $ 37.8 million as of December 31, 2019. Geographic Data The Company earns its revenue primarily from intermodal 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 long-lived assets are considered to be international, with no single country of use. The following table represents the geographic allocation of revenue for the periods indicated based on customers’ primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Switzerland $ 13,045 $ 12,072 $ 38,033 $ 38,459 Singapore 10,542 10,655 30,490 31,005 Korea 11,195 10,807 30,333 31,361 France 8,078 8,768 23,438 26,582 United States 6,347 7,488 20,825 25,266 Other Europe 14,600 16,529 43,433 47,052 Other Asia 14,387 14,638 40,650 44,613 Other International 858 449 2,491 1,208 Total revenue $ 79,052 $ 81,406 $ 229,693 $ 245,546 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (14) Earnings Per Share Basic net income (loss) per share is computed based on the weighted average number of shares of common stock outstanding during each 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 nine months ended September 30, 2020 and 2019 (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator Net income (loss) from continuing operations $ 14,758 $ ( 7,350 ) $ 25,634 $ 15,057 Net loss from discontinued operations ( 1,522 ) ( 636 ) ( 18,768 ) ( 3,389 ) Net income (loss) attributable to CAI common stockholders $ 13,236 $ ( 7,986 ) $ 6,866 $ 11,668 Denominator Weighted-average shares used in per share computation - basic 17,570 17,330 17,491 17,850 Effect of dilutive securities: Stock options and restricted stock 136 - 173 272 Weighted-average shares used in per share computation - diluted 17,706 17,330 17,664 18,122 Net income (loss) per share attributable to CAI common stockholders: Basic Continuing operations $ 0.84 $ ( 0.42 ) $ 1.47 $ 0.84 Discontinued operations ( 0.09 ) ( 0.04 ) ( 1.08 ) ( 0.19 ) Total basic $ 0.75 $ ( 0.46 ) $ 0.39 $ 0.65 Diluted Continuing operations $ 0.83 $ ( 0.42 ) $ 1.45 $ 0.83 Discontinued operations ( 0.08 ) ( 0.04 ) ( 1.06 ) ( 0.19 ) Total diluted $ 0.75 $ ( 0.46 ) $ 0.39 $ 0.64 Certain options, restricted stock awards and time- and performance-based restricted stock units issued under employee benefit plans are excluded from the computation of diluted earnings per share because they were anti-dilutive. For the three and nine months ended September 30, 2020, 365,126 shares and 362,943 shares, respectively, of stock options, restricted stock awards and time- and performance-based restricted stock units were excluded. For the three months ended September 30, 2019, all outstanding shares of stock options, restricted stock awards and time- and performance-based restricted stock units were excluded. For the nine months ended September 30, 2019, 127,135 shares of stock options, restricted stock awards and time- and performance-based restricted stock units were excluded. |
Description of Business and S_2
Description of Business and Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2020 | |
Description of Business and Significant Accounting Policies [Abstract] | |
Organization | Organization CAI International, Inc., together with its subsidiaries (collectively, CAI or the Company), is a transportation finance company. The Company purchases equipment, primarily intermodal shipping containers and railcars, which it leases to its customers. 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 common stock, 8.50 % Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Stock and 8.50 % Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Stock are traded on the New York Stock Exchange under the symbols “CAI,” “CAI-PA” and “CAI-PB,” respectively. The Company’s corporate headquarters are located in San Francisco, California. |
Basis Of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements include the financial statements of CAI International, Inc. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all normal, recurring adjustments necessary to present fairly the Company’s financial position as of September 30, 2020 and December 31, 2019, the Company’s results of operations for the three and nine months ended September 30, 2020 and 2019, and the Company’s cash flows for the nine months ended September 30, 2020 and 2019. Certain reclassifications have been made to prior year financial statements to conform to the current presentation. 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 2020 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, 2019, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on March 5, 2020. |
Discontinued Operations | Discontinued Operations During the three months ended June 30, 2020, the Company committed to a plan to sell its logistics business. As a result, the operating results of the logistics business have been classified as discontinued operations in the accompanying unaudited consolidated statements of operations and cash flows. All prior periods presented in these unaudited consolidated financial statements have been restated to reflect the classification of the logistics business as discontinued operations and assets and liabilities as held for sale. On August 14, 2020, the Company sold substantially all the assets of its logistics business to NFI, a North American logistics provider, on a debt free, cash free basis. See Note 2 – Discontinued Operations for more information. |
Concentration Of Credit Risk | Concentration of Credit Risk The Company’s equipment leases and trade receivables subject it to potential credit risk. The Company extends credit to its customers based upon an evaluation of each customer’s financial condition and credit history. Evaluations of the financial condition and associated credit risk of customers are performed an on ongoing basis. The Company’s largest customer and second largest customer accounted for 16 % and 10 %, respectively, of the Company’s total billings during both the three and nine months ended September 30, 2020. |
Accounting Policy Updates | Accounting Policy Updates Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (ASU 2016-13) and subsequently issued amendments. The guidance affects the Company’s net investment in finance leases, financing receivable and accounts receivable for sales of rental equipment and logistics operations. Topic 326 requires the measurement of expected credit losses to be based on relevant information from past events, including historical experiences, current conditions and reasonable and supportable forecasts that affect collectability. The Company adopted ASU 2016-13 effective January 1, 2020, using the modified retrospective method, which did not have a significant impact on the consolidated financial statements as credit losses are not expected to be significant based on historical loss trends, the financial condition of customers, and external market factors. The allowance for credit losses on net investment in finance leases and financing receivable is estimated on a collective basis by internal customer rating (see Note 5 – Leases for descriptions of ratings). Expected credit losses for these financial assets are estimated using a loss-rate methodology which considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Except as described above, there were no changes to the Company’s accounting policies during the nine months ended September 30, 2020. See Note 2 to the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 5, 2020, for a description of the Company’s significant accounting policies. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations [Abstract] | |
Summary Of Held For Sale Assets And Liabilities | September 30, December 31, 2020 2019 Assets Accounts receivable, net of allowance for doubtful accounts $ - $ 15,601 Prepaid expenses and other assets - 2,263 Goodwill - 15,794 Intangible assets - 4,123 Assets held for sale $ - $ 37,781 Liabilities Accounts payable $ - $ 2,757 Accrued expenses and other current liabilities - 5,995 Liabilities held for sale $ - $ 8,752 Net assets $ - $ 29,029 |
Summary Of Components Of Loss From Discontinued Operations | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenue Logistics revenue $ 13,550 $ 30,270 $ 66,304 $ 87,788 Operating expenses Logistics transportation costs 12,092 27,037 58,440 77,647 Administrative expenses 3,433 4,045 11,702 14,586 Loss on classification as held for sale - - 18,477 - Total operating expenses 15,525 31,082 88,619 92,233 Operating loss ( 1,975 ) ( 812 ) ( 22,315 ) ( 4,445 ) Interest income ( 1 ) ( 4 ) ( 7 ) ( 12 ) Loss before income taxes ( 1,974 ) ( 808 ) ( 22,308 ) ( 4,433 ) Income tax benefit ( 452 ) ( 172 ) ( 3,540 ) ( 1,044 ) Net loss from discontinued operations $ ( 1,522 ) $ ( 636 ) $ ( 18,768 ) $ ( 3,389 ) |
Rental Equipment (Tables)
Rental Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Rental Equipment [Abstract] | |
Schedule Of Rental Equipment | September 30, December 31, 2020 2019 Dry containers $ 1,906,299 $ 1,902,471 Refrigerated containers 282,239 282,155 Other specialized equipment 231,378 224,924 Total containers 2,419,916 2,409,550 Accumulated depreciation ( 649,165 ) ( 588,815 ) Total containers, net of accumulated depreciation $ 1,770,751 $ 1,820,735 Railcars $ 274,556 $ 314,279 Accumulated depreciation ( 27,165 ) ( 32,175 ) Total railcars, net of accumulated depreciation $ 247,391 $ 282,104 Rental equipment, net of accumulated depreciation $ 2,018,142 $ 2,102,839 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components Of Lease Revenue | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Lease revenue - operating leases $ 62,954 $ 65,933 $ 184,083 $ 201,092 Interest income on finance leases 11,272 11,287 34,187 33,769 Other revenue 3,648 3,499 8,810 9,404 Interest income on financing receivable 1,178 687 2,613 1,281 Total lease revenue $ 79,052 $ 81,406 $ 229,693 $ 245,546 |
Components Of Net Investment In Direct Finance Leases | September 30, December 31, 2020 2019 Gross finance lease receivables (1) $ 745,315 $ 806,019 Unearned income (2) ( 214,865 ) ( 238,651 ) Net investment in finance leases 530,450 567,368 Allowance for credit losses ( 42 ) - Net investment in finance leases, net of allowance for credit losses $ 530,408 $ 567,368 (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 $ 76.2 million and $ 74.3 million of unguaranteed residual value at September 30, 2020 and December 31, 2019, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. (2) The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the 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 September 30, 2020 and December 31, 2019. (3) One major customer represented 67 % and 65 % of the Company’s finance lease portfolio as of September 30, 2020 and December 31, 2019, respectively. No other customer represented more than 10% of the Company’s finance lease portfolio in each of those periods. |
Contractual Maturities Of Gross Finance Lease Receivables | 2021 $ 115,917 2022 108,321 2023 105,169 2024 69,982 2025 55,158 2026 and thereafter 290,768 $ 745,315 |
Summary Of Components Of Financing Receivable | September 30, December 31, 2020 2019 Gross financing receivable $ 75,224 $ 45,530 Unearned income ( 14,460 ) ( 11,111 ) 60,764 34,419 Allowance for credit losses ( 3 ) - Total financing receivable $ 60,761 $ 34,419 Amounts due within one year (1) 9,377 3,726 Amounts due beyond one year (2) 51,384 30,693 Total financing receivable $ 60,761 $ 34,419 (1) Included in prepaid expenses and other current assets in the consolidated balance sheets. (2) Included in financing receivable in the consolidated balance sheets. |
Finance Lease Receivables By Risk Categories | September 30, 2020 2020 2019 2018 2017 2016 Prior Total Net investment in finance leases Tier 1 $ 11,951 $ 53,257 $ 235,653 $ 164,342 $ 6,373 $ 1,141 $ 472,717 Tier 2 5,121 28,119 13,372 4,616 1,429 5,076 57,733 Tier 3 - - - - - - - Total net investment in finance leases $ 17,072 $ 81,376 $ 249,025 $ 168,958 $ 7,802 $ 6,217 $ 530,450 Financing receivable Tier 1 $ 29,103 $ 31,032 $ - $ - $ - $ - $ 60,135 Tier 2 - 629 - - - - 629 Tier 3 - - - - - - - Total financing receivable $ 29,103 $ 31,661 $ - $ - $ - $ - $ 60,764 Net investment in Financing December 31, 2019 finance leases receivable Tier 1 $ 502,265 $ 33,694 Tier 2 65,103 725 Tier 3 - - $ 567,368 $ 34,419 |
Debt And Derivative Instrumen_2
Debt And Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt And Derivative Instruments [Abstract] | |
Schedule Of Debt | September 30, 2020 December 31, 2019 Outstanding Average Outstanding Average Current Long-term Interest Current Long-term Interest Maturity Revolving credit (1) $ - $ 655,000 1.6 % $ - $ 624,000 3.3 % June 2023 Revolving credit facility - Rail (2) - 137,500 1.6 % - 137,500 3.3 % October 2023 Revolving credit facility - Euro - 22,513 2.4 % 21,537 - 2.0 % September 2023 Term loan 1,800 24,150 2.3 % 1,800 25,500 3.9 % April 2023 Term loan 70,250 - 1.9 % 7,000 68,500 3.5 % June 2021 Term loan 14,325 - 3.4 % 15,284 - 3.4 % December 2020 Term loan 38,399 - 3.6 % 3,016 37,635 3.6 % August 2021 Term loan 6,000 82,000 4.6 % 6,000 86,500 4.6 % October 2023 Senior secured notes 6,110 40,555 4.9 % 6,110 46,665 4.9 % September 2022 Asset-backed notes 2012-1 (3) - - - 17,100 31,350 3.5 % - Asset-backed notes 2013-1 (3) - - - 22,900 51,525 3.4 % - Asset-backed notes 2017-1 (4) - - - 25,307 164,496 3.7 % - Asset-backed notes 2018-1 (4) - - - 34,890 250,045 4.0 % - Asset-backed notes 2018-2 (5) 274,800 - 4.4 % 34,350 266,213 4.4 % September 2043 Asset-backed notes 2020-1 62,411 680,289 2.3 % - - - September 2045 Collateralized financing obligations 28,474 47,457 1.6 % 21,681 69,615 1.5 % February 2026 Term loans held by VIE 5,425 27,145 4.2 % 5,250 31,234 4.2 % February 2026 507,994 1,716,609 222,225 1,890,778 Debt discount and debt issuance costs ( 5,981 ) ( 10,439 ) ( 4,131 ) ( 10,656 ) Total Debt $ 502,013 $ 1,706,170 $ 218,094 $ 1,880,122 (1) $ 500 million of this outstanding debt is subject to an interest rate swap at a cost of 0.29 % as described below in Derivative Instruments . (2) The maximum credit commitment under the Rail revolving credit facility was decreased on July 2, 2020 from $ 250 million to $ 150 million. (3) On April 27, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2012-1 and 2013-1. (4) On September 25, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2017-1 and 2018-1. (5) On October 26, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2018-2. |
Summary Impact Of Derivative Instruments | Three Months Ended September 30, Nine Months Ended September 30, Derivative Instrument Financial Statement Caption 2020 2019 2020 2019 Interest rate swap Comprehensive loss $ 1,931 $ - $ 1,931 $ - Interest rate swap Net interest expense $ 111 $ - $ 111 $ - |
Stock-Based Compensation Plan (
Stock-Based Compensation Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stock-Based Compensation Plan [Abstract] | |
Summary Of Stock Option Activities | Nine Months Ended September 30, 2020 2019 Weighted Weighted Average Average Number of Exercise Number of Exercise Shares Price Shares Price Options outstanding at January 1 646,946 $ 16.96 850,167 $ 16.46 Options exercised ( 197,499 ) $ 14.96 ( 138,723 ) $ 13.95 Options forfeited ( 11,814 ) $ 15.64 ( 3,000 ) $ 12.88 Options expired ( 80,310 ) $ 23.31 ( 15,000 ) $ 25.53 Options outstanding at September 30 357,323 $ 16.67 693,444 $ 16.78 Options exercisable 344,612 $ 16.70 591,842 $ 17.42 Weighted average remaining term 5.1 years 5.7 years |
Summary Of Restricted Stock and Performance Stock Activity | Weighted Average Number of Grant Date Shares Fair Value Outstanding at December 31, 2019 281,736 $ 23.18 Granted 143,957 $ 25.60 Vested ( 107,323 ) $ 22.65 Forfeited ( 105,955 ) $ 25.29 Outstanding at September 30, 2020 212,415 $ 24.04 |
Fair Value Of Financial Instr_2
Fair Value Of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Of Financial Instruments [Abstract] | |
Derivative Instruments Measured On A Recurring Basis | Total Fair Value Level 2 September 30, 2020 Derivative liabilities - interest rate swaps $ 1,820 $ 1,820 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment And Geographic Information [Abstract] | |
Schedule Of Segment Information | Three Months Ended September 30, 2020 Container Leasing Rail Leasing Total Total revenue $ 73,890 $ 5,162 $ 79,052 Total operating expenses 35,950 4,823 40,773 Operating income 37,940 339 38,279 Net interest and other expenses 18,520 1,445 19,965 Income (loss) before income taxes $ 19,420 $ ( 1,106 ) $ 18,314 Purchase of rental equipment (1) $ 16,162 $ - $ 16,162 Three Months Ended September 30, 2019 Container Leasing Rail Leasing Total Total revenue $ 75,535 $ 5,871 $ 81,406 Total operating expenses 38,949 28,948 67,897 Operating income (loss) 36,586 ( 23,077 ) 13,509 Net interest and other expenses 20,507 2,975 23,482 Income (loss) before income taxes $ 16,079 $ ( 26,052 ) $ ( 9,973 ) Purchase of rental equipment (1) $ 89,027 $ 15,227 $ 104,254 Nine Months Ended September 30, 2020 Container Leasing Rail Leasing Total Total revenue $ 212,446 $ 17,247 $ 229,693 Total operating expenses 109,346 30,598 139,944 Operating income (loss) 103,100 ( 13,351 ) 89,749 Net interest and other expenses 53,077 5,011 58,088 Income (loss) before income taxes $ 50,023 $ ( 18,362 ) $ 31,661 Purchase of rental equipment (1) $ 48,782 - $ 48,782 Nine Months Ended September 30, 2019 Container Leasing Rail Leasing Total Total revenue $ 225,332 $ 20,214 $ 245,546 Total operating expenses 117,689 37,575 155,264 Operating income (loss) 107,643 ( 17,361 ) 90,282 Net interest and other expenses 60,598 10,104 70,702 Income (loss) before income taxes $ 47,045 $ ( 27,465 ) $ 19,580 Purchase of rental equipment (1) $ 256,469 $ 79,380 $ 335,849 (1) Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. |
Summary Of Total Assets For Segments | September 30, 2020 December 31, 2019 Container leasing $ 2,810,569 $ 2,565,828 Rail 258,625 293,459 Logistics (2) - 42,478 Total assets $ 3,069,194 $ 2,901,765 (2) Represents total assets related to discontinued operations, including assets held for sale of $ 37.8 million as of December 31, 2019. |
Schedule Of Geographic Allocation Of Revenue | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Switzerland $ 13,045 $ 12,072 $ 38,033 $ 38,459 Singapore 10,542 10,655 30,490 31,005 Korea 11,195 10,807 30,333 31,361 France 8,078 8,768 23,438 26,582 United States 6,347 7,488 20,825 25,266 Other Europe 14,600 16,529 43,433 47,052 Other Asia 14,387 14,638 40,650 44,613 Other International 858 449 2,491 1,208 Total revenue $ 79,052 $ 81,406 $ 229,693 $ 245,546 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Basic And Diluted Net Income Per Share | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator Net income (loss) from continuing operations $ 14,758 $ ( 7,350 ) $ 25,634 $ 15,057 Net loss from discontinued operations ( 1,522 ) ( 636 ) ( 18,768 ) ( 3,389 ) Net income (loss) attributable to CAI common stockholders $ 13,236 $ ( 7,986 ) $ 6,866 $ 11,668 Denominator Weighted-average shares used in per share computation - basic 17,570 17,330 17,491 17,850 Effect of dilutive securities: Stock options and restricted stock 136 - 173 272 Weighted-average shares used in per share computation - diluted 17,706 17,330 17,664 18,122 Net income (loss) per share attributable to CAI common stockholders: Basic Continuing operations $ 0.84 $ ( 0.42 ) $ 1.47 $ 0.84 Discontinued operations ( 0.09 ) ( 0.04 ) ( 1.08 ) ( 0.19 ) Total basic $ 0.75 $ ( 0.46 ) $ 0.39 $ 0.65 Diluted Continuing operations $ 0.83 $ ( 0.42 ) $ 1.45 $ 0.83 Discontinued operations ( 0.08 ) ( 0.04 ) ( 1.06 ) ( 0.19 ) Total diluted $ 0.75 $ ( 0.46 ) $ 0.39 $ 0.64 |
Description of Business and S_3
Description of Business and Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Total Billings [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | |||
Business Acquisition [Line Items] | |||
Concentration percentage | 16.00% | 16.00% | |
Total Billings [Member] | Customer Concentration Risk [Member] | Second Largest [Member] | |||
Business Acquisition [Line Items] | |||
Concentration percentage | 10.00% | 10.00% | |
Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate | 8.50% | 8.50% | |
Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock [Member] | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate | 8.50% | 8.50% |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of assets | $ 87,007,000 | $ 259,002,000 | ||
Discontinued Operations, Held-for-sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from sale of assets | $ 5,600,000 | |||
Loss on assets reclassified as held for sale | $ 0 | $ 18,500,000 |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Held For Sale Assets And Liabilities) (Details) - Discontinued Operations, Held-for-sale [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Accounts receivable, net of allowance for doubtful accounts | $ 15,601 |
Prepaid expenses and other assets | 2,263 |
Goodwill | 15,794 |
Intangible assets | 4,123 |
Assets held for sale | 37,781 |
Accounts payable | 2,757 |
Accrued expenses and other current liabilities | 5,995 |
Liabilities held for sale | 8,752 |
Net assets | $ 29,029 |
Discontinued Operations (Summ_2
Discontinued Operations (Summary Of Components Of Loss From Discontinued Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net loss from discontinued operations | $ (1,522) | $ (636) | $ (18,768) | $ (3,389) |
Discontinued Operations [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Logistics revenue | 13,550 | 30,270 | 66,304 | 87,788 |
Logistics transportation costs | 12,092 | 27,037 | 58,440 | 77,647 |
Administrative expenses | 3,433 | 4,045 | 11,702 | 14,586 |
Loss on classification as held for sale | 18,477 | |||
Total operating expenses | 15,525 | 31,082 | 88,619 | 92,233 |
Operating loss | (1,975) | (812) | (22,315) | (4,445) |
Interest income | (1) | (4) | (7) | (12) |
Loss before income taxes | (1,974) | (808) | (22,308) | (4,433) |
Income tax benefit | (452) | (172) | (3,540) | (1,044) |
Net loss from discontinued operations | $ (1,522) | $ (636) | $ (18,768) | $ (3,389) |
Consolidation of Variable Int_2
Consolidation of Variable Interest Entities (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($)item | Sep. 30, 2020USD ($)item | Sep. 30, 2019USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | ||||||
Net book value | $ 2,018,142,000 | $ 2,018,142,000 | $ 2,102,839,000 | |||
Collateralized Financing Obligations [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Long-term debt | 75,900,000 | 75,900,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Net book value | 84,938,000 | 84,938,000 | 101,907,000 | |||
Cash | 26,784,000 | $ 26,772,000 | 26,784,000 | $ 26,772,000 | $ 26,594,000 | $ 25,211,000 |
Variable Interest Entity, Primary Beneficiary [Member] | Term Loan [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Long-term debt | $ 32,600,000 | $ 32,600,000 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | Containers [Member] | ||||||
Variable Interest Entity [Line Items] | ||||||
Number of types of container fund arrangements | item | 2 | |||||
Number of container portfolios sold | item | 0 | 0 | 0 | 0 | ||
Net book value | $ 88,300,000 | $ 88,300,000 | ||||
Cash | $ 26,800,000 | 26,800,000 | ||||
Gain (loss) recognized on initial consolidation of VIEs | $ 0 | |||||
Book value of containers sold | $ 65,000,000 | $ 65,000,000 | ||||
Number of containers sold | item | 0 | 0 |
Rental Equipment (Narrative) (D
Rental Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment of rental equipment | $ 19,200 | $ 25,632 | $ 19,724 | $ 32,955 |
Railcar [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Estimated useful life | 40 years | |||
Residual Value, Percentage | 10.00% |
Rental Equipment (Schedule Of R
Rental Equipment (Schedule Of Rental Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (676,330) | $ (620,990) |
Rental equipment, net of accumulated depreciation | 2,018,142 | 2,102,839 |
Dry Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 1,906,299 | 1,902,471 |
Refrigerated Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 282,239 | 282,155 |
Other Specialized Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 231,378 | 224,924 |
Total Containers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 2,419,916 | 2,409,550 |
Accumulated depreciation | (649,165) | (588,815) |
Rental equipment, net of accumulated depreciation | 1,770,751 | 1,820,735 |
Railcar [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Rental equipment, gross | 274,556 | 314,279 |
Accumulated depreciation | (27,165) | (32,175) |
Rental equipment, net of accumulated depreciation | $ 247,391 | $ 282,104 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | |||
Finance leases, net selling loss recognized | $ 0.1 | $ 0.1 | $ 2.6 |
Leases (Components Of Lease Rev
Leases (Components Of Lease Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||||
Lease revenue - operating leases | $ 62,954 | $ 65,933 | $ 184,083 | $ 201,092 |
Interest income on financing leases | 11,272 | 11,287 | 34,187 | 33,769 |
Other revenue | 3,648 | 3,499 | 8,810 | 9,404 |
Interest income on financing receivable | 1,178 | 687 | 2,613 | 1,281 |
Total lease revenue | $ 79,052 | $ 81,406 | $ 229,693 | $ 245,546 |
Leases (Components Of Net Inves
Leases (Components Of Net Investment In Direct Finance Leases) (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($)customer | Dec. 31, 2019USD ($)customer | ||
Gross finance lease receivables | [1] | $ 745,315 | $ 806,019 |
Unearned income | [2] | (214,865) | (238,651) |
Net investment in finance leases | 530,450 | 567,368 | |
Allowance for credit losses | (42) | ||
Net investment in finance leases, net of allowance for credit losses | 530,408 | 567,368 | |
Unguaranteed residual value | 76,200 | 74,300 | |
Executory costs | 0 | 0 | |
Unamortized initial direct costs | $ 0 | $ 0 | |
Finance Lease [Member] | Customer Concentration Risk [Member] | |||
Number of major customers | customer | 1 | 1 | |
Concentration percentage | 67.00% | 65.00% | |
[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 $ 76.2 million and $ 74.3 million of unguaranteed residual value at September 30, 2020 and December 31, 2019, respectively, included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of September 30, 2020 and December 31, 2019. | ||
[2] | The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the 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 September 30, 2020 and December 31, 2019. |
Leases (Contractual Maturities
Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 115,917 |
2022 | 108,321 |
2023 | 105,169 |
2024 | 69,982 |
2025 | 55,158 |
2026 and thereafter | 290,768 |
Gross finance lease receivables | $ 745,315 |
Leases (Summary Of Components O
Leases (Summary Of Components Of Financing Receivable) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable [Abstract] | |||
Gross financing receivable | $ 75,224 | $ 45,530 | |
Unearned Income | (14,460) | (11,111) | |
Financing receivable | 60,764 | 34,419 | |
Allowance for credit losses | (3) | ||
Total financing receivable | 60,761 | 34,419 | |
Amounts due within one year | [1] | 9,377 | 3,726 |
Amounts due beyond one year | [2] | $ 51,384 | $ 30,693 |
[1] | Included in prepaid expenses and other current assets in the consolidated balance sheets. | ||
[2] | Included in financing receivable in the consolidated balance sheets. |
Leases (Finance Lease Receivabl
Leases (Finance Lease Receivables By Risk Categories) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in finance leases, 2020 | $ 17,072 | |
Net investment in finance leases, 2019 | 81,376 | |
Net investment in finance leases, 2018 | 249,025 | |
Net investment in finance leases, 2017 | 168,958 | |
Net investment in finance leases, 2016 | 7,802 | |
Net investment in finance leases, Prior | 6,217 | |
Total net investment in finance leases | 530,450 | $ 567,368 |
Financing receivable, 2020 | 29,103 | |
Financing receivable, 2019 | 31,661 | |
Total financing receivable | 60,764 | 34,419 |
Tier 1 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in finance leases, 2020 | 11,951 | |
Net investment in finance leases, 2019 | 53,257 | |
Net investment in finance leases, 2018 | 235,653 | |
Net investment in finance leases, 2017 | 164,342 | |
Net investment in finance leases, 2016 | 6,373 | |
Net investment in finance leases, Prior | 1,141 | |
Total net investment in finance leases | 472,717 | 502,265 |
Financing receivable, 2020 | 29,103 | |
Financing receivable, 2019 | 31,032 | |
Total financing receivable | 60,135 | 33,694 |
Tier 2 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net investment in finance leases, 2020 | 5,121 | |
Net investment in finance leases, 2019 | 28,119 | |
Net investment in finance leases, 2018 | 13,372 | |
Net investment in finance leases, 2017 | 4,616 | |
Net investment in finance leases, 2016 | 1,429 | |
Net investment in finance leases, Prior | 5,076 | |
Total net investment in finance leases | 57,733 | 65,103 |
Financing receivable, 2019 | 629 | |
Total financing receivable | $ 629 | 725 |
Tier 3 [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total net investment in finance leases | ||
Total financing receivable |
Debt And Derivative Instrumen_3
Debt And Derivative Instruments (Narrative) (Details) - USD ($) | Sep. 25, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 09, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | ||||||
Restricted cash | $ 316,915,000 | $ 316,915,000 | ||||
Derivative, Maturity Date | Jun. 30, 2025 | |||||
Amount expected to be reclassified in the next twelve months | $ 400,000 | 400,000 | ||||
Interest Rate Swap [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative, Maturity Date | Jun. 30, 2025 | |||||
Derivative amount | $ 500,000,000 | $ 500,000,000 | $ 0 | |||
Derivative, Fixed Interest Rate | 0.29% | 0.29% | ||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum credit commitment | $ 464,200,000 | $ 464,200,000 | ||||
Available borrowing capacity | 164,100,000 | $ 164,100,000 | ||||
Debt instrument maturity date | [1] | Jun. 1, 2023 | ||||
Revolving Credit Facility [Member] | Consortium of Banks [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit outstanding | $ 100,000 | $ 100,000 | ||||
Asset Backed Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding balance repaid | $ 742,500,000 | |||||
Asset Backed Notes [Member] | CAL Funding IV Limited [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Date of first required payment | Oct. 26, 2020 | |||||
Debt instrument maturity date | Mar. 27, 2028 | |||||
Asset Backed Notes [Member] | Class A Asset-Backed Notes [Member] | CAL Funding IV Limited [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of loan | $ 715,900,000 | |||||
Fixed interest rate | 2.20% | |||||
Asset Backed Notes [Member] | Class B Asset-Backed Notes [Member] | CAL Funding IV Limited [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount of loan | $ 26,800,000 | |||||
Fixed interest rate | 3.50% | |||||
[1] | $ 500 million of this outstanding debt is subject to an interest rate swap at a cost of 0.29 % as described below in Derivative Instruments . |
Debt And Derivative Instrumen_4
Debt And Derivative Instruments (Schedule Of Debt) (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2020 | Jul. 02, 2020 | Dec. 31, 2019 | ||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 507,994 | $ 222,225 | ||
Gross Debt, Long-term Outstanding | 1,716,609 | 1,890,778 | ||
Debt discount and debt issuance costs, Current Outstanding | (5,981) | (4,131) | ||
Debt discount and debt issuance costs, Long-term Outstanding | (10,439) | (10,656) | ||
Total Debt, Current Outstanding | 502,013 | 218,094 | ||
Total Debt, Long-term Outstanding | 1,706,170 | 1,880,122 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt Instrument [Line Items] | ||||
Total Debt, Current Outstanding | 33,899 | 26,931 | ||
Total Debt, Long-term Outstanding | 74,602 | 100,849 | ||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Long-term Outstanding | [1] | $ 655,000 | $ 624,000 | |
Average Interest | [1] | 1.60% | 3.30% | |
Maturity | [1] | Jun. 1, 2023 | ||
Maximum credit commitment | $ 464,200 | |||
Revolving Credit Facility [Member] | CAI Rail [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Long-term Outstanding | [2] | $ 137,500 | $ 137,500 | |
Average Interest | [2] | 1.60% | 3.30% | |
Maturity | [2] | Oct. 1, 2023 | ||
Maximum credit commitment | $ 250,000 | $ 150,000 | ||
Revolving Credit Facility [Member] | CAI Euro [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 21,537 | |||
Gross Debt, Long-term Outstanding | $ 22,513 | |||
Average Interest | 2.40% | 2.00% | ||
Maturity | Sep. 1, 2023 | |||
Term Loan [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 5,425 | $ 5,250 | ||
Gross Debt, Long-term Outstanding | $ 27,145 | $ 31,234 | ||
Average Interest | 4.20% | 4.20% | ||
Maturity | Feb. 1, 2026 | |||
Term Loan [Member] | Term Loan Due April 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 1,800 | $ 1,800 | ||
Gross Debt, Long-term Outstanding | $ 24,150 | $ 25,500 | ||
Average Interest | 2.30% | 3.90% | ||
Maturity | Apr. 1, 2023 | |||
Term Loan [Member] | Term Loan Due June 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 70,250 | $ 7,000 | ||
Gross Debt, Long-term Outstanding | $ 68,500 | |||
Average Interest | 1.90% | 3.50% | ||
Maturity | Jun. 1, 2021 | |||
Term Loan [Member] | Term Loan Due December 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 14,325 | $ 15,284 | ||
Average Interest | 3.40% | 3.40% | ||
Maturity | Dec. 1, 2020 | |||
Term Loan [Member] | Term Loan Due August 2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 38,399 | $ 3,016 | ||
Gross Debt, Long-term Outstanding | $ 37,635 | |||
Average Interest | 3.60% | 3.60% | ||
Maturity | Aug. 1, 2021 | |||
Term Loan [Member] | Term Loan Due October 2023 [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 6,000 | $ 6,000 | ||
Gross Debt, Long-term Outstanding | $ 82,000 | $ 86,500 | ||
Average Interest | 4.60% | 4.60% | ||
Maturity | Oct. 1, 2023 | |||
Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 6,110 | $ 6,110 | ||
Gross Debt, Long-term Outstanding | $ 40,555 | $ 46,665 | ||
Average Interest | 4.90% | 4.90% | ||
Maturity | Sep. 1, 2022 | |||
Collateralized Financing Obligations [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 28,474 | $ 21,681 | ||
Gross Debt, Long-term Outstanding | $ 47,457 | $ 69,615 | ||
Average Interest | 1.60% | 1.50% | ||
Maturity | Feb. 1, 2026 | |||
Series 2012-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [3] | $ 17,100 | ||
Gross Debt, Long-term Outstanding | [3] | $ 31,350 | ||
Average Interest | [3] | 3.50% | ||
Series 2013-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [3] | $ 22,900 | ||
Gross Debt, Long-term Outstanding | [3] | $ 51,525 | ||
Average Interest | [3] | 3.40% | ||
Series 2017-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [4] | $ 25,307 | ||
Gross Debt, Long-term Outstanding | [4] | $ 164,496 | ||
Average Interest | [4] | 3.70% | ||
Series 2018-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [4] | $ 34,890 | ||
Gross Debt, Long-term Outstanding | [4] | $ 250,045 | ||
Average Interest | [4] | 4.00% | ||
Series 2018-2 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | [5] | $ 274,800 | $ 34,350 | |
Gross Debt, Long-term Outstanding | [5] | $ 266,213 | ||
Average Interest | [5] | 4.40% | 4.40% | |
Maturity | [5] | Sep. 1, 2043 | ||
Series 2020-1 Asset-Backed Notes [Member] | Asset Backed Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Gross Debt, Current Outstanding | $ 62,411 | |||
Gross Debt, Long-term Outstanding | $ 680,289 | |||
Average Interest | 2.30% | |||
Maturity | Sep. 1, 2045 | |||
[1] | $ 500 million of this outstanding debt is subject to an interest rate swap at a cost of 0.29 % as described below in Derivative Instruments . | |||
[2] | The maximum credit commitment under the Rail revolving credit facility was decreased on July 2, 2020 from $ 250 million to $ 150 million. | |||
[3] | On April 27, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2012-1 and 2013-1. | |||
[4] | On September 25, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2017-1 and 2018-1. | |||
[5] | On October 26, 2020, the Company repaid in full the outstanding debt associated with the asset-backed notes 2018-2. |
Debt And Derivative Instrumen_5
Debt And Derivative Instruments (Summary Impact Of Derivative Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Comprehensive Loss [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate swap | $ 1,931 | $ 1,931 |
Net Interest Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Interest rate swap | $ 111 | $ 111 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plan (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | |
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options available for grant | 2,577,075 | 2,577,075 | ||||
Vesting period of awards | 4 years | |||||
Contractual term | 10 years | |||||
Aggregate intrinsic value of options exercised | $ 1.4 | $ 1.4 | ||||
Closing price per share | $ 27.53 | $ 27.53 | ||||
Stock-based compensation expense recorded | $ 0.1 | $ 0.2 | $ 0.3 | $ 0.6 | ||
Remaining unamortized stock-based compensation cost | 0.1 | $ 0.1 | ||||
Stock-based compensation cost recognition period | 4 months 24 days | |||||
Options granted, Number of Shares | 0 | 0 | ||||
Aggregate intrinsic value of options outstanding | 3.9 | $ 3.9 | ||||
Stock Options [Member] | Tranche One [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25.00% | |||||
Stock Options [Member] | Tranche Two [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 2.083% | |||||
Stock Options [Member] | Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period of awards | 1 year | |||||
Restricted Stock [Member] | Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period of awards | 4 years | |||||
Restricted Stock [Member] | Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period of awards | 1 year | |||||
Restricted Stock and Performance Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense recorded | 1 | $ 0.7 | $ 1.6 | $ 1.8 | ||
Remaining unamortized stock-based compensation cost | $ 3.1 | $ 3.1 | ||||
Stock-based compensation cost recognition period | 1 year 8 months 12 days | |||||
Restricted Stock and Performance Stock [Member] | Employees [Member] | Each Anniversary Of Grant Date [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting percentage | 25.00% | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period of awards | 3 years | |||||
Stock-based compensation cost recognition period | 3 years | |||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share authorized for issuance | 250,000 | |||||
Issuance of common stock | 7,258 | 7,258 | ||||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense recorded | $ 0.1 | $ 0.1 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details) - Stock Options [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at beginning of period, Number of Shares | 646,946 | 850,167 |
Options exercised, Number of Shares | (197,499) | (138,723) |
Options forfeited, Number of Shares | (11,814) | (3,000) |
Options expired, Number of Shares | (80,310) | (15,000) |
Options outstanding at end of period, Number of Shares | 357,323 | 693,444 |
Options exercisable, Number of Shares | 344,612 | 591,842 |
Options outstanding at beginning of period, Weighted Average Exercise Price | $ 16.96 | $ 16.46 |
Options exercised, Weighted Average Exercise Price | 14.96 | 13.95 |
Options forfeited, Weighted Average Exercise Price | 15.64 | 12.88 |
Options expired, Weighted Average Exercise Price | 23.31 | 25.53 |
Options outstanding at end of period, Weighted Average Exercise Price | 16.67 | 16.78 |
Options exercisable, Weighted Average Exercise Price | $ 16.70 | $ 17.42 |
Weighted average remaining term | 5 years 1 month 6 days | 5 years 8 months 12 days |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plan (Summary Of Restricted Stock and Performance Stock Activity) (Details) - Restricted Stock and Performance Stock [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding at beginning of period | shares | 281,736 |
Number of Shares, Granted | shares | 143,957 |
Number of Shares, Vested | shares | (107,323) |
Number of Shares, Forfeited | shares | (105,955) |
Number of Shares, Outstanding at end of period | shares | 212,415 |
Weighted Average Grant Date Fair Value, Outstanding at beginning of period | $ / shares | $ 23.18 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 25.60 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 22.65 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 25.29 |
Weighted Average Grant Date Fair Value, Outstanding at end of period | $ / shares | $ 24.04 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Taxes [Abstract] | ||
Effective tax rate | 8.10% | 6.10% |
Discrete items impairment charge | $ 19.2 | |
Income tax benefit as a result from discrete items | $ 4.5 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and Leases Receivable, Net Amount | $ 60,761,000 | $ 60,761,000 | $ 34,419,000 | |
Carrying Amount [Member] | Fixed-Rate Term Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 140,700,000 | 140,700,000 | 148,400,000 | |
Carrying Amount [Member] | Asset Backed Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 1,017,500,000 | 1,017,500,000 | 898,200,000 | |
Carrying Amount [Member] | Collateralized Financing Obligations [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 75,900,000 | 75,900,000 | 91,300,000 | |
Carrying Amount [Member] | Senior Secured Notes [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 46,700,000 | 46,700,000 | 52,800,000 | |
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Financing receivable | 60,800,000 | 60,800,000 | 34,400,000 | |
Fair Value [Member] | Fixed-Rate Term Loans [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 142,200,000 | 142,200,000 | 151,000,000 | |
Fair Value [Member] | Asset Backed Notes [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 911,000,000 | |||
Fair Value [Member] | Collateralized Financing Obligations [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 77,800,000 | 77,800,000 | 93,000,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | Carrying Amount [Member] | Term Loan [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Long-term debt | 32,600,000 | 32,600,000 | $ 36,500,000 | |
Interest Rate Swap [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative amount | 500,000,000 | 500,000,000 | $ 0 | |
Net Interest Expense [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative recognized loss | 111,000 | 111,000 | ||
Comprehensive Loss [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative recognized loss | $ 1,931,000 | $ 1,931,000 |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Derivative Instruments Measured On A Recurring Basis) (Details) - Fair Value, Recurring [Member] $ in Thousands | Sep. 30, 2020USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liabilities - interest rate swaps | $ 1,820 |
Level 2 [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Derivative liabilities - interest rate swaps | $ 1,820 |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | Sep. 30, 2020USD ($) |
Containers [Member] | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |
Commitments to purchase rental equipment | $ 116.9 |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2018 | |
Stockholders’ Equity [Abstract] | ||
Shares authorized for repurchase | 3,000,000 | |
Shares repurchased | 0 | |
Shares remained available for repurchase | $ 1 |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Related Parties [Abstract] | ||
Income tax liabilities related to stock-based compensation | $ 1.2 | $ 1.2 |
Current asset, reimbursement from officer | $ 1.2 | $ 1.2 |
Segment And Geographic Inform_3
Segment And Geographic Information (Schedule Of Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Segment Reporting Information [Line Items] | |||||
Total revenue | $ 79,052 | $ 81,406 | $ 229,693 | $ 245,546 | |
Total operating expenses | 40,773 | 67,897 | 139,944 | 155,264 | |
Operating income | 38,279 | 13,509 | 89,749 | 90,282 | |
Net interest and other expenses | 19,965 | 23,482 | 58,088 | 70,702 | |
Income (loss) before income taxes | 18,314 | (9,973) | 31,661 | 19,580 | |
Purchase of rental equipment | [1] | 16,162 | 104,254 | 48,782 | 335,849 |
Operating Segments [Member] | Container Leasing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 73,890 | 75,535 | 212,446 | 225,332 | |
Total operating expenses | 35,950 | 38,949 | 109,346 | 117,689 | |
Operating income | 37,940 | 36,586 | 103,100 | 107,643 | |
Net interest and other expenses | 18,520 | 20,507 | 53,077 | 60,598 | |
Income (loss) before income taxes | 19,420 | 16,079 | 50,023 | 47,045 | |
Purchase of rental equipment | [1] | 16,162 | 89,027 | 48,782 | 256,469 |
Operating Segments [Member] | Rail Leasing [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 5,162 | 5,871 | 17,247 | 20,214 | |
Total operating expenses | 4,823 | 28,948 | 30,598 | 37,575 | |
Operating income | 339 | (23,077) | (13,351) | (17,361) | |
Net interest and other expenses | 1,445 | 2,975 | 5,011 | 10,104 | |
Income (loss) before income taxes | $ (1,106) | (26,052) | $ (18,362) | (27,465) | |
Purchase of rental equipment | [1] | $ 15,227 | $ 79,380 | ||
[1] | Represents cash disbursements for purchasing of rental equipment as reflected in the consolidated statements of cash flows for the periods indicated. |
Segment And Geographic Inform_4
Segment And Geographic Information (Summary Of Total Assets For Segments) (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | [1] | $ 3,069,194 | $ 2,901,765 |
Assets held for sale | 37,781 | ||
Operating Segments [Member] | Container Leasing [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 2,810,569 | 2,565,828 | |
Operating Segments [Member] | Logistics [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | [2] | 42,478 | |
Assets held for sale | 37,800 | ||
Operating Segments [Member] | Rail [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 258,625 | $ 293,459 | |
[1] | Total assets at September 30, 2020 and December 31, 2019 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $ 26,784 and $ 26,594 ; Net investment in finance leases, $ 3,326 and $ 4,790 ; and Rental equipment, net of accumulated depreciation, $ 84,938 , and $ 101,907 , respectively. | ||
[2] | Represents total assets related to discontinued operations, including assets held for sale of $ 37.8 million as of December 31, 2019. |
Segment And Geographic Inform_5
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 79,052 | $ 81,406 | $ 229,693 | $ 245,546 |
Switzerland [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 13,045 | 12,072 | 38,033 | 38,459 |
Singapore [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 10,542 | 10,655 | 30,490 | 31,005 |
Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 11,195 | 10,807 | 30,333 | 31,361 |
France [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 8,078 | 8,768 | 23,438 | 26,582 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 6,347 | 7,488 | 20,825 | 25,266 |
Other Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 14,600 | 16,529 | 43,433 | 47,052 |
Other Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | 14,387 | 14,638 | 40,650 | 44,613 |
Other International [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenue | $ 858 | $ 449 | $ 2,491 | $ 1,208 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |||
Securities having antidilutive effect | 365,126 | 362,943 | 127,135 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) from continuing operations | $ 14,758 | $ (7,350) | $ 25,634 | $ 15,057 |
Net loss from discontinued operations | (1,522) | (636) | (18,768) | (3,389) |
Net income (loss) attributable to CAI common stockholders | $ 13,236 | $ (7,986) | $ 6,866 | $ 11,668 |
Weighted-average shares used in per share computation - basic | 17,570 | 17,330 | 17,491 | 17,850 |
Effect of dilutive securities: Stock options and restricted stock | 136 | 173 | 272 | |
Weighted-average shares used in per share computation - diluted | 17,706 | 17,330 | 17,664 | 18,122 |
Continuing operations | $ 0.84 | $ (0.42) | $ 1.47 | $ 0.84 |
Discontinued operations | (0.09) | (0.04) | (1.08) | (0.19) |
Total basic | 0.75 | (0.46) | 0.39 | 0.65 |
Continuing operations | 0.83 | (0.42) | 1.45 | 0.83 |
Discontinued operations | (0.08) | (0.04) | (1.06) | (0.19) |
Total diluted | $ 0.75 | $ (0.46) | $ 0.39 | $ 0.64 |