XML 29 R22.htm IDEA: XBRL DOCUMENT v3.21.2
Accounting Policy Updates and Recent Accounting Pronouncements (Tables)
 9 Months Ended
Sep. 30, 2021
Schedule of Cost, Accumulated Depreciation and Net Book Value of the Company's Leasing Equipment by Equipment Type

The cost, accumulated depreciation and net book value of the Company’s container leasing equipment by equipment type as of September 30, 2021 and December 31, 2020 were as follows:

 

 

 

September 30, 2021

 

 

December 31, 2020

 

 

 

Cost

 

 

Accumulated

Depreciation

 

 

Net Book

Value

 

 

Cost

 

 

Accumulated

Depreciation

 

 

Net Book

Value

 

Dry containers other than

   open top and flat rack

   containers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20'

 

$

1,542,819

 

 

$

(461,938

)

 

$

1,080,881

 

 

$

1,532,753

 

 

$

(428,913

)

 

$

1,103,840

 

40'

 

 

143,250

 

 

 

(55,252

)

 

 

87,998

 

 

 

144,881

 

 

 

(55,154

)

 

 

89,727

 

40' high cube

 

 

3,379,715

 

 

 

(756,551

)

 

 

2,623,164

 

 

 

2,717,384

 

 

 

(672,416

)

 

 

2,044,968

 

45' high cube

 

 

27,902

 

 

 

(13,730

)

 

 

14,172

 

 

 

27,880

 

 

 

(12,747

)

 

 

15,133

 

Refrigerated containers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20'

 

 

19,738

 

 

 

(9,313

)

 

 

10,425

 

 

 

20,164

 

 

 

(8,493

)

 

 

11,671

 

20' high cube

 

 

1,006

 

 

 

(777

)

 

 

229

 

 

 

2,605

 

 

 

(1,742

)

 

 

863

 

40' high cube

 

 

1,166,053

 

 

 

(446,240

)

 

 

719,813

 

 

 

1,103,817

 

 

 

(398,721

)

 

 

705,096

 

Open top and flat rack containers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20' folding flat

 

 

16,355

 

 

 

(5,166

)

 

 

11,189

 

 

 

17,228

 

 

 

(5,132

)

 

 

12,096

 

40' folding flat

 

 

48,487

 

 

 

(18,976

)

 

 

29,511

 

 

 

49,167

 

 

 

(18,275

)

 

 

30,892

 

20' open top

 

 

13,128

 

 

 

(2,022

)

 

 

11,106

 

 

 

13,253

 

 

 

(1,790

)

 

 

11,463

 

40' open top

 

 

21,673

 

 

 

(4,839

)

 

 

16,834

 

 

 

22,271

 

 

 

(4,738

)

 

 

17,533

 

Tank containers

 

 

103,125

 

 

 

(14,914

)

 

 

88,211

 

 

 

93,240

 

 

 

(11,470

)

 

 

81,770

 

Total containers

 

$

6,483,251

 

 

$

(1,789,718

)

 

$

4,693,533

 

 

$

5,744,643

 

 

$

(1,619,591

)

 

$

4,125,052

 

 
Schedule of Concentration Risk of Lease Rental Income/Gross Accounts Receivable Company’s lease rental income from its owned fleet for the three and nine months ended September 30, 2021 and 2020 and more than 10% of the Company’s gross accounts receivable from its owned fleet as of September 30, 2021 and December 31, 2020:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Lease Rental Income - owned fleet

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Customer A

 

22.5%

 

 

18.6%

 

 

21.1%

 

 

17.7%

 

Customer B

 

11.4%

 

 

9.3%

 

 

13.9%

 

 

8.3%

 

Customer C

 

11.4%

 

 

12.5%

 

 

11.5%

 

 

13.0%

 

 
Schedule of Concentration Risk of Total Fleet Lease Rental Income/Gross Accounts Receivable Except for the lessees noted in the tables below, no other single lessee accounted for more than 10% of the Company’s total fleet lease rental income for the three and nine months ended September 30, 2021 and 2020 and more than 10% of the Company’s gross accounts receivable from its total fleet as of September 30, 2021 and December 31, 2020:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Lease Rental Income - total fleet

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Customer A

 

21.6%

 

 

18.0%

 

 

20.3%

 

 

17.1%

 

Customer C

 

11.8%

 

 

12.7%

 

 

11.7%

 

 

13.6%

 

Customer B

 

11.7%

 

 

9.8%

 

 

13.9%

 

 

8.7%

 

 
Reconciliation of Numerator and Denominator of Basic Earnings Per Share ("EPS") With That of Diluted EPS A reconciliation of the numerator and denominator of basic EPS with that of diluted EPS is reported as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

Share amounts in thousands

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

 

$

64,729

 

 

$

16,952

 

 

$

200,574

 

 

$

28,562

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - basic

 

 

49,414

 

 

 

52,514

 

 

 

49,804

 

 

 

54,221

 

Dilutive share options, RSU and PSU

 

 

1,003

 

 

 

199

 

 

 

904

 

 

 

96

 

Weighted average common shares outstanding - diluted

 

 

50,417

 

 

 

52,713

 

 

 

50,708

 

 

 

54,317

 

Net income attributable to common shareholders per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.31

 

 

$

0.32

 

 

$

4.03

 

 

$

0.53

 

Diluted

 

$

1.28

 

 

$

0.32

 

 

$

3.96

 

 

$

0.53

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share options, RSU and PSU excluded from the computation of diluted EPS because they were anti-dilutive

 

 

281

 

 

 

1,553

 

 

 

288

 

 

 

2,009

 

 
Accounts Receivable  
Schedule of Concentration Risk of Lease Rental Income/Gross Accounts Receivable

Gross Accounts Receivable- owned fleet

 

September 30, 2021

 

 

December 31, 2020

 

Customer A

 

35.3%

 

 

30.3%

 

Customer C

 

17.8%

 

 

12.9%

 

Customer B

 

7.7%

 

 

10.3%

 

 

 
Schedule of Concentration Risk of Total Fleet Lease Rental Income/Gross Accounts Receivable

Gross Accounts Receivable- total fleet

 

September 30, 2021

 

 

December 31, 2020

 

Customer A

 

45.9%

 

 

37.7%

 

Customer C

 

17.5%

 

 

11.6%

 

Customer B

 

6.3%

 

 

16.7%