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Segment and Geographic Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Schedule of segment information | The following tables summarizes the Company's segment information and the consolidated totals reported (in thousands):
As of and for the Year Ended December 31, 2024 | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,527,035 |  |  | $ | 7,801 |  |  | $ | 1,534,836 |
Less: |  |  |  |  |
Depreciation and amortization | 540,646 |  |  | 822 |  |  | 541,468 |
Interest and debt expense | 259,236 |  |  | 705 |  |  | 259,941 |
Storage and handling | 51,765 |  |  | — |  |  | 51,765 |
Repair costs | 9,045 |  |  | — |  |  | 9,045 |
Other operating expenses | 5,579 |  |  | — |  |  | 5,579 |
Administrative expenses(1) | 90,130 |  |  | 1,071 |  |  | 91,201 |
Other (income)expenses(2) | (1,609) |  |  | — |  |  | (1,609) |
Leasing margin | $ | 572,243 |  |  | $ | 5,203 |  |  | $ | 577,446 |
Net trading margin | — |  |  | 4,296 |  |  | 4,296 |
Net gain (loss) on sale of leasing equipment | 12,369 |  |  | — |  |  | 12,369 |
Transaction and other costs |  |  |  |  | (26,986) |
Other costs (income)(3) |  |  |  |  | (127) |
Income (loss) before income taxes |  |  |  |  | $ | 566,998 |
Total assets | 11,038,251 |  |  | 65,152 |  |  | 11,103,403 |
Purchases of leasing equipment and investments in finance leases(4) | $ | 929,449 |  |  | $ | — |  |  | $ | 929,449 |
As of and for the Year Ended December 31, 2023 | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,537,351 |  |  | $ | 6,441 |  |  | $ | 1,543,792 |
Less: |  |  |  |  |
Depreciation and amortization | 574,767 |  |  | 784 |  |  | 575,551 |
Interest and debt expense | 239,844 |  |  | 994 |  |  | 240,838 |
Storage and handling | 78,608 |  |  | — |  |  | 78,608 |
Repair costs | 14,811 |  |  | — |  |  | 14,811 |
Other operating expenses | 8,133 |  |  | — |  |  | 8,133 |
Administrative expenses(1) | 86,774 |  |  | 2,065 |  |  | 88,839 |
Other (income)expenses(2) | (4,012) |  |  | — |  |  | (4,012) |
Leasing margin | $ | 538,426 |  |  | $ | 2,598 |  |  | $ | 541,024 |
Net trading margin | — |  |  | 7,899 |  |  | 7,899 |
Net gain (loss) on sale of leasing equipment | 58,615 |  |  | — |  |  | 58,615 |
Transaction and other costs |  |  |  |  | (79,000) |
Other costs (income)(3) |  |  |  |  | 15 |
Income (loss) before income taxes |  |  |  |  | $ | 528,553 |
Total assets | 11,164,052 |  |  | 68,816 |  |  | 11,232,868 |
Purchases of leasing equipment and investments in finance leases(4) | $ | 208,242 |  |  | $ | — |  |  | $ | 208,242 |
As of and for the Year Ended December 31, 2022 | Equipment Leasing |  | Equipment Trading |  | Totals
Total leasing revenues | $ | 1,665,880 |  |  | $ | 13,806 |  |  | $ | 1,679,686 |
Less: |  |  |  |  |
Depreciation and amortization | 634,090 |  |  | 747 |  |  | 634,837 |
Interest and debt expense | 224,470 |  |  | 1,621 |  |  | 226,091 |
Storage and handling | 22,990 |  |  | — |  |  | 22,990 |
Repair costs | 13,485 |  |  | — |  |  | 13,485 |
Other operating expenses | 5,906 |  |  | — |  |  | 5,906 |
Administrative expenses(1) | 91,091 |  |  | 1,920 |  |  | 93,011 |
Other (income)expenses(2) | (4,284) |  |  | — |  |  | (4,284) |
Leasing margin | $ | 678,132 |  |  | $ | 9,518 |  |  | $ | 687,650 |
Net trading margin | — |  |  | 16,004 |  |  | 16,004 |
Net gain (loss) on sale of leasing equipment | 115,665 |  |  | — |  |  | 115,665 |
Transaction and other costs | — |  |  | — |  |  | — |
Other costs (income)(3) |  |  |  |  | (1,590) |
Income (loss) before income taxes |  |  |  |  | $ | 817,729 |
Total assets | 12,010,654 |  |  | 98,604 |  |  | 12,109,258 |
Purchases of leasing equipment and investments in finance leases(4) | $ | 943,062 |  |  | $ | — |  |  | $ | 943,062 |
(1) Certain Administrative expenses have been allocated to the equipment trading segment based on a methodology that is consistent in all the periods presented. (2) Other segment items primarily include the provision (reversal) for doubtful accounts. (3) Other non-allocated costs (income) include unrealized gains or losses on derivative instruments and debt termination expense. (4) Represents cash disbursements for purchases of leasing equipment and investments in finance leases 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.
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 total leasing revenues based on customers' primary domicile (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Total leasing revenues: |  |  |  |  |
Asia | $ | 559,938 |  |  | $ | 529,150 |  |  | $ | 602,985 |
Europe | 820,633 |  |  | 822,902 |  |  | 876,691 |
Americas | 89,075 |  |  | 132,930 |  |  | 142,822 |
Bermuda | 4,335 |  |  | 4,203 |  |  | 3,135 |
Other International | 60,855 |  |  | 54,607 |  |  | 54,053 |
Total | $ | 1,534,836 |  |  | $ | 1,543,792 |  |  | $ | 1,679,686 |
The following table summarizes the geographic allocation of equipment trading revenues based on the location of the sale (in thousands):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Total equipment trading revenues: |  |  |  |  |
Asia | $ | 14,367 |  |  | $ | 32,673 |  |  | $ | 71,739 |
Europe | 9,716 |  |  | 19,978 |  |  | 27,620 |
Americas | 15,824 |  |  | 23,897 |  |  | 43,120 |
Bermuda | — |  |  | — |  |  | — |
Other International | 8,730 |  |  | 19,450 |  |  | 5,395 |
Total | $ | 48,637 |  |  | $ | 95,998 |  |  | $ | 147,874 |

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- 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 -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 Reference 2: 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 + Details
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- 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 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: 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 3: 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
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