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