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Segment and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of segment information

The following tables summarizes our segment information and the consolidated totals reported (in thousands):

			Three Months Ended September 30,
			2021																		2020
			Equipment Leasing						Equipment Trading						Totals						Equipment 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 equipment			25,606						—						25,606						10,737						—						10,737
Depreciation and amortization expense			163,308						185						163,493						136,058						190						136,248
Interest and debt expense			54,238						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,
			2021																		2020
			Equipment Leasing						Equipment Trading						Totals						Equipment 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 equipment			78,964						—						78,964						19,351						—						19,351
Depreciation and amortization expense			460,326						530						460,856						401,692						543						402,235
Interest and debt expense			168,053						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, 2021																		December 31, 2020
			Equipment Leasing						Equipment Trading						Totals						Equipment Leasing						Equipment Trading						Totals
Equipment held for sale			$	10,202					$	40,245					$	50,447					$	43,275					$	24,036					$	67,311
Goodwill			220,864						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

Schedule of revenues by geographic location

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,
			2021						2020						2021						2020
Total equipment leasing revenues:
Asia			$	146,661					$	115,084					$	406,407					$	353,464
Europe			208,231						175,629						588,674						503,106
Americas			32,017						25,055						84,066						81,668
Bermuda			625						450						1,798						1,331
Other International			12,657						11,539						35,773						31,053
Total			$	400,191					$	327,757					$	1,116,718					$	970,622

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,
			2021						2020						2021						2020
Total equipment trading revenues:
Asia			$	22,918					$	7,546					$	44,687					$	12,232
Europe			6,247						6,329						18,409						16,542
Americas			13,588						8,316						32,963						21,755
Bermuda			—						—						—						—
Other International			1,665						3,903						7,487						7,848
Total			$	44,418					$	26,094					$	103,546					$	58,377

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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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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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