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Segment and Geographic Information
 3 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
Segment Information

The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments:
•Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet.
•Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off.

These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered.
The following tables summarizes our segment information and the consolidated totals reported (in thousands):
 Three Months Ended September 30,
 20212020
 Equipment
Leasing		Equipment
Trading		TotalsEquipment
Leasing		Equipment
Trading		Totals
Total leasing revenues$396,100 $4,091 $400,191 $325,279 $2,478 $327,757 
Trading margin— 9,163 9,163 — 3,869 3,869 
Net gain on sale of leasing equipment25,606 — 25,606 10,737 — 10,737 
Depreciation and amortization expense163,308 185 163,493 136,058 190 136,248 
Interest and debt expense54,238 490 54,728 62,138 638 62,776 
Segment income (loss) before income taxes(1)
178,660 11,544 190,204 91,986 4,642 96,628 
Purchases of leasing equipment and investments in finance leases(2)
$1,074,100 $— $1,074,100 $134,637 $— $134,637 
Nine Months Ended September 30,
20212020
Equipment
Leasing		Equipment
Trading		TotalsEquipment
Leasing		Equipment
Trading		Totals
Total leasing revenues$1,106,894 $9,824 $1,116,718 $965,936 $4,686 $970,622 
Trading margin— 28,030 28,030 — 7,822 7,822 
Net gain on sale of leasing equipment78,964 — 78,964 19,351 — 19,351 
Depreciation and amortization expense460,326 530 460,856 401,692 543 402,235 
Interest and debt expense168,053 1,302 169,355 197,320 1,332 198,652 
Segment income (loss) before income taxes(1)
478,173 32,418 510,591 248,346 8,468 256,814 
Purchases of leasing equipment and investments in finance leases(2)
$2,791,943 $— $2,791,943 $354,425 $— $354,425 

(1)    Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded $42.7 million and $132.5 million of debt termination expense for the three and nine months ended September 30, 2021, respectively, and $24.3 million and $24.4 million of debt termination expense for the three and nine months ended September 30, 2020, 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.
September 30, 2021December 31, 2020
Equipment LeasingEquipment TradingTotalsEquipment LeasingEquipment TradingTotals
Equipment held for sale$10,202 $40,245 $50,447 $43,275 $24,036 $67,311 
Goodwill220,864 15,801 236,665 220,864 15,801 236,665 
Total assets$12,092,222 $109,378 $12,201,600 $9,612,251 $100,282 $9,712,533 

There are no intercompany revenues or expenses between segments. Certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale in the equipment trading segment may be leased for a period of time and is reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's consolidated statements of cash flows.

Geographic Segment Information

The Company generates the majority of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. The majority of the Company's leasing related revenue is denominated in U.S. dollars.

The following table summarizes the geographic allocation of equipment leasing revenues for the three and nine months ended September 30, 2021 and 2020 based on customers' primary domicile (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Total equipment leasing revenues:  
Asia$146,661 $115,084 $406,407 $353,464 
Europe208,231 175,629 588,674 503,106 
Americas32,017 25,055 84,066 81,668 
Bermuda625 450 1,798 1,331 
Other International12,657 11,539 35,773 31,053 
Total$400,191 $327,757 $1,116,718 $970,622 

Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international.

The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2021 and 2020 based on the location of the sale (in thousands):
 Three Months Ended September 30,Nine Months Ended September 30,
 2021202020212020
Total equipment trading revenues:  
Asia$22,918 $7,546 $44,687 $12,232 
Europe6,247 6,329 18,409 16,542 
Americas13,588 8,316 32,963 21,755 
Bermuda— — — — 
Other International1,665 3,903 7,487 7,848 
Total$44,418 $26,094 $103,546 $58,377