XML 24 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 309,424 $ 284,288 $ 73,673
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization [1] 292,828 284,115 264,237
Bad debt expense (recovery), net 740 (1,285) (1,668)
Container write-off (recovery) from lessee default, net 1,910 (4,868) (260)
Unrealized loss (gain) on financial instruments, net 502 (4,409) 6,044
Amortization of unamortized debt issuance costs and accretion of bond discounts 10,129 9,845 8,112
Debt termination expense   15,209 8,750
Gain on sale of owned fleet containers, net (76,947) (67,229) (27,230)
Share-based compensation expense 7,728 6,699 4,723
Changes in operating assets and liabilities:      
Accounts receivable, net 2,804 (6,686) 11,539
Trading containers, net 8,848 (1,911) 7,211
Receipt of payments on finance leases, net of income earned 193,157 104,770 44,569
Interest portion of container leaseback financing receivable (1,713) 122 (933)
Prepaid expenses and other current assets (2,519) (2,577) 1,103
Due from affiliates, net (382) (867) 371
Receipt of marketable securities from a lessee   (5,789)  
Proceeds from sale of marketable securities 953 2,112  
Other assets 2,885 1,139 502
Accounts payable and accrued expenses 2,049 (2,350) 981
Other liabilities (4,547) 14,823 (1,354)
Due to container investors, net (1,853) (712) (3,281)
Settlement of interest rate swaps   (14,350)  
Long-term income tax payable 2,449 700 138
Deferred taxes, net 4,074 994 (972)
Total adjustments 443,095 327,495 322,582
Net cash provided by operating activities 752,519 611,783 396,255
Cash flows from investing activities:      
Purchase of containers (403,738) (2,082,577) (745,951)
Payments on container leaseback financing receivable (533,867) (18,705) (116,263)
Proceeds from sale of containers 199,158 142,276 151,021
Receipt of principal payments on container leaseback financing receivable 59,719 30,119 21,485
Other (2,583) (1,242) (194)
Net cash used in investing activities (681,311) (1,930,129) (689,902)
Cash flows from financing activities:      
Proceeds from debt 989,650 4,863,756 2,114,260
Payments on debt (831,010) (3,635,663) (1,799,870)
Payment of debt issuance costs (4,370) (27,895) (13,637)
Proceeds from container leaseback financing liability, net   16,305  
Principal repayments on container leaseback financing liability, net (799) (3,314) (12,825)
Issuance of preferred shares, net of underwriting discount   290,550  
Purchase of treasury shares (179,092) (72,220) (68,493)
Issuance of common shares upon exercise of share options 5,485 9,043 1,295
Dividends paid on common shares (46,235) (12,285)  
Dividends paid on preferred shares (19,875) (9,975)  
Purchase of noncontrolling interest   (21,500)  
Other   (970)  
Net cash (used in) provided by financing activities (86,246) 1,395,832 220,730
Effect of exchange rate changes (125) (79) 177
Net change in cash, cash equivalents and restricted cash (15,163) 77,407 (72,740)
Cash, cash equivalents and restricted cash, beginning of the year 282,572 205,165 277,905
Cash, cash equivalents and restricted cash, end of the year 267,409 282,572 205,165
Supplemental disclosures of cash flow information:      
Cash paid for interest expense and realized loss and settlement of derivative instruments 144,637 145,711 126,958
Income taxes paid 815 1,567 34
Supplemental disclosures of noncash operating activities:      
Right-of-use asset for leased properties   272 574
Supplemental disclosures of noncash investing activities:      
(Decrease) increase in accrued container purchases (134,320) (90,679) 222,253
Containers placed in finance leases $ 219,813 $ 1,043,323 $ 635,004
[1] Amounts for the years ended December 31, 2021 and 2020 have been reclassified to conform with the 2022 presentation (see Note 1 (u) “Reclassifications and Changes in Presentation”).