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Segment and Geographic Information (Tables)

12 Months Ended

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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Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries.

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