XML 303 R32.htm IDEA: XBRL DOCUMENT
v3.23.3

Segment and Geographic Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of segment information | The following tables summarizes the Company's segment information and the consolidated totals reported (in thousands):
| Three Months Ended September 30,
| 2023 |  | 2022
| Equipment Leasing |  | Equipment Trading |  | Totals |  | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 383,342 |  |  | $ | 1,559 |  |  | $ | 384,901 |  |  | $ | 420,694 |  |  | $ | 3,989 |  |  | $ | 424,683 |
Trading margin | — |  |  | 4,508 |  |  | 4,508 |  |  | — |  |  | 3,680 |  |  | 3,680 |
Net gain on sale of leasing equipment | 12,318 |  |  | — |  |  | 12,318 |  |  | 26,468 |  |  | — |  |  | 26,468 |
Depreciation and amortization expense | 141,237 |  |  | 201 |  |  | 141,438 |  |  | 158,349 |  |  | 189 |  |  | 158,538 |
Interest and debt expense | 59,823 |  |  | 250 |  |  | 60,073 |  |  | 56,688 |  |  | 436 |  |  | 57,124 |
Segment income (loss) before income taxes(1) | 75,446 |  |  | 5,643 |  |  | 81,089 |  |  | 200,062 |  |  | 6,602 |  |  | 206,664 |
Purchases of leasing equipment and investments in finance leases(2) | $ | 31,847 |  |  | $ | — |  |  | $ | 31,847 |  |  | $ | 139,790 |  |  | $ | — |  |  | $ | 139,790 |
| Nine Months Ended September 30,
| 2023 |  | 2022
| Equipment Leasing |  | Equipment Trading |  | Totals |  | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,164,019 |  |  | $ | 5,144 |  |  | $ | 1,169,163 |  |  | $ | 1,252,046 |  |  | $ | 11,333 |  |  | $ | 1,263,379 |
Trading margin | — |  |  | 7,491 |  |  | 7,491 |  |  | — |  |  | 14,223 |  |  | 14,223 |
Net gain on sale of leasing equipment | 49,401 |  |  | — |  |  | 49,401 |  |  | 90,509 |  |  | — |  |  | 90,509 |
Depreciation and amortization expense | 436,174 |  |  | 579 |  |  | 436,753 |  |  | 479,617 |  |  | 559 |  |  | 480,176 |
Interest and debt expense | 175,391 |  |  | 820 |  |  | 176,211 |  |  | 164,946 |  |  | 1,347 |  |  | 166,293 |
Segment income (loss) before income taxes(1) | 388,653 |  |  | 11,263 |  |  | 399,916 |  |  | 607,751 |  |  | 21,978 |  |  | 629,729 |
Purchases of leasing equipment and investments in finance leases(2) | $ | 151,361 |  |  | $ | — |  |  | $ | 151,361 |  |  | $ | 889,811 |  |  | $ | — |  |  | $ | 889,811 |
(1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. For the three and nine months ended September 30, 2023, the Company recorded an immaterial amount of unrealized gains on derivative instruments. For the three and nine months ended September 30, 2023 the Company did not record any debt termination expenses. For the three and nine months ended September 30, 2022, the Company recorded an unrealized gain on derivative instruments for an immaterial amount and $0.3 million, respectively. For the three and nine months ended September 30, 2022, the Company recorded $0.2 million and $1.9 million of debt termination expense, 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, 2023 |  | December 31, 2022
| Equipment Leasing |  | Equipment Trading |  | Totals |  | Equipment Leasing |  | Equipment Trading |  | Totals
Equipment held for sale | $ | 160,832 |  |  | $ | 28,782 |  |  | $ | 189,614 |  |  | $ | 97,463 |  |  | $ | 41,043 |  |  | $ | 138,506 |
Goodwill | 220,864 |  |  | 15,801 |  |  | 236,665 |  |  | 220,864 |  |  | 15,801 |  |  | 236,665 |
Total assets | $ | 11,391,585 |  |  | $ | 78,613 |  |  | $ | 11,470,198 |  |  | $ | 12,010,654 |  |  | $ | 98,604 |  |  | $ | 12,109,258 |
Schedule of revenues by geographic location | The following table summarizes the geographic allocation of total leasing revenues based on customers' primary domicile (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Total leasing revenues: |  |  |  |  |  |  |
Asia | $ | 129,863 |  |  | $ | 152,012 |  |  | $ | 402,300 |  |  | $ | 453,892 |
Europe | 207,541 |  |  | 220,228 |  |  | 621,751 |  |  | 660,115 |
Americas | 32,769 |  |  | 36,720 |  |  | 100,723 |  |  | 107,479 |
Bermuda | 1,058 |  |  | 834 |  |  | 3,143 |  |  | 2,164 |
Other International | 13,670 |  |  | 14,889 |  |  | 41,246 |  |  | 39,729 |
Total | $ | 384,901 |  |  | $ | 424,683 |  |  | $ | 1,169,163 |  |  | $ | 1,263,379 |
The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Total equipment trading revenues: |  |  |  |  |  |  |
Asia | $ | 13,870 |  |  | $ | 25,659 |  |  | $ | 30,805 |  |  | $ | 68,937 |
Europe | 6,135 |  |  | 6,646 |  |  | 14,841 |  |  | 22,157 |
Americas | 5,109 |  |  | 10,864 |  |  | 19,384 |  |  | 31,715 |
Bermuda | — |  |  | — |  |  | — |  |  | — |
Other International | 9,882 |  |  | 1,617 |  |  | 15,494 |  |  | 4,205 |
Total | $ | 34,996 |  |  | $ | 44,786 |  |  | $ | 80,524 |  |  | $ | 127,014 |

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration