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Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Schedule of segment information | (in thousands):
As of and for the Year Ended December 31, 2019 | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,344,733 |  |  | $ | 2,536 |  |  | $ | 1,347,269 |
Trading margin | — |  |  | 14,508 |  |  | 14,508 |
Net gain on sale of leasing equipment | 27,041 |  |  | — |  |  | 27,041 |
Depreciation and amortization expense | 535,427 |  |  | 704 |  |  | 536,131 |
Interest and debt expense | 314,805 |  |  | 1,365 |  |  | 316,170 |
Realized (gain) loss on derivative instruments, net | (2,229 | ) |  | (8 | ) |  | (2,237 | )
Income (loss) before income taxes(1) | 374,418 |  |  | 12,062 |  |  | 386,480 |
Equipment held for sale | 89,755 |  |  | 24,749 |  |  | 114,504 |
Goodwill | 220,864 |  |  | 15,801 |  |  | 236,665 |
Total assets | 9,596,263 |  |  | 46,370 |  |  | 9,642,633 |
Purchases of leasing equipment and investments in finance leases(2) | $ | 240,170 |  |  | $ | — |  |  | $ | 240,170 |
As of and for the Year Ended December 31, 2018 | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,346,031 |  |  | $ | 4,272 |  |  | $ | 1,350,303 |
Trading margin | — |  |  | 18,921 |  |  | 18,921 |
Net gain on sale of leasing equipment | 35,377 |  |  | — |  |  | 35,377 |
Depreciation and amortization expense | 544,167 |  |  | 971 |  |  | 545,138 |
Interest and debt expense | 321,290 |  |  | 1,441 |  |  | 322,731 |
Realized (gain) loss on derivative instruments, net | (2,066 | ) |  | (6 | ) |  | (2,072 | )
Income (loss) before income taxes(1)(3) | 416,270 |  |  | 17,563 |  |  | 433,833 |
Equipment held for sale | 46,968 |  |  | 19,485 |  |  | 66,453 |
Goodwill | 220,864 |  |  | 15,801 |  |  | 236,665 |
Total assets | 10,224,421 |  |  | 45,592 |  |  | 10,270,013 |
Purchases of leasing equipment and investments in finance leases(2) | $ | 1,603,507 |  |  | $ | — |  |  | $ | 1,603,507 |
As of and for the Year Ended December 31, 2017 | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,160,196 |  |  | $ | 3,321 |  |  | $ | 1,163,517 |
Trading margin | — |  |  | 4,184 |  |  | 4,184 |
Net gain on sale of leasing equipment | 35,812 |  |  | — |  |  | 35,812 |
Depreciation and amortization expense | 500,099 |  |  | 621 |  |  | 500,720 |
Interest and debt expense | 280,909 |  |  | 1,438 |  |  | 282,347 |
Realized (gain) loss on derivative instruments, net | 900 |  |  | — |  |  | 900 |
Income (loss) before income taxes(1) | 262,574 |  |  | 3,254 |  |  | 265,828 |
Equipment held for sale | 31,534 |  |  | 11,661 |  |  | 43,195 |
Goodwill | 220,864 |  |  | 15,801 |  |  | 236,665 |
Total assets | 9,534,330 |  |  | 43,295 |  |  | 9,577,625 |
Purchases of leasing equipment and investments in finance leases(2) | $ | 1,562,863 |  |  | $ | — |  |  | $ | 1,562,863 |
(1) | Segment income (loss) before income taxes excludes unrealized loss of $3.1 million and $0.4 million for the years ended December 31, 2019 and 2018, respectively, and unrealized gain of $1.4 million for the year ended December 31, 2017, and debt termination expense of $2.5 million, $6.1 million, and $7.0 million for the years ended December 31, 2019, 2018, and 2017, respectively.
(2) | Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale.
(3) | Equipment leasing segment includes gain on sale of an office building of $21.0 million for the year ended December 31, 2018.
Geographic allocation of revenues for the periods indicated based on the customers primary domicile and allocates equipment trading revenue based on the location of sale | The following table summarizes the geographic allocation of equipment trading revenues for the years ended December 31, 2019, 2018 and 2017 based on the location of the sale (in thousands):
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Total equipment trading revenues: |  |  |  |  |
Asia | $ | 13,752 |  |  | $ | 18,536 |  |  | $ | 17,342 |
Europe | 27,637 |  |  | 21,211 |  |  | 8,383 |
Americas | 31,943 |  |  | 34,167 |  |  | 7,747 |
Bermuda | — |  |  | — |  |  | 22 |
Other International | 10,661 |  |  | 9,125 |  |  | 3,925 |
Total | $ | 83,993 |  |  | $ | 83,039 |  |  | $ | 37,419 |
The following table summarizes the geographic allocation of equipment leasing revenues for the years ended December 31, 2019, 2018, and 2017 based on customers' primary domicile (in thousands):
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Total equipment leasing revenues: |  |  |  |  |
Asia | $ | 534,529 |  |  | $ | 553,928 |  |  | $ | 491,996 |
Europe | 654,683 |  |  | 630,031 |  |  | 518,598 |
Americas | 118,259 |  |  | 124,885 |  |  | 111,558 |
Bermuda | 2,182 |  |  | 2,988 |  |  | 1,745 |
Other International | 37,616 |  |  | 38,471 |  |  | 39,620 |
Total | $ | 1,347,269 |  |  | $ | 1,350,303 |  |  | $ | 1,163,517 |

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