Segment and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2020

The following tables summarizes our segment information and the consolidated totals reported (in thousands):



	Three Months Ended June 30,
	2020						2019
	Equipment Leasing		Equipment Trading		Totals		Equipment Leasing			Equipment Trading			Totals
Total leasing revenues	$	319,620	$	1,777	$	321,397	$	337,897		$	669		$	338,566
Trading margin	—		2,020		2,020		—			4,496			4,496
Net gain on sale of leasing equipment	4,537		—		4,537		7,519			—			7,519
Depreciation and amortization expense	133,116		176		133,292		135,181			167			135,348
Interest and debt expense	66,483		391		66,874		81,883			377			82,260
Realized (gain) loss on derivative instruments, net	11		—		11		(667		)	(2		)	(669		)
Income (loss) before income taxes⁽¹⁾	74,843		2,433		77,276		92,294			3,669			95,963
Purchases of leasing equipment and investments in finance leases⁽²⁾	$	157,382	$	—	$	157,382	$	106,005		$	—		$	106,005



	Six Months Ended June 30,
	2020									2019
	Equipment Leasing			Equipment Trading			Totals			Equipment Leasing			Equipment Trading			Totals
Total leasing revenues	$	640,657		$	2,208		$	642,865		$	677,967		$	1,458		$	679,425
Trading margin	—			3,953			3,953			—			8,083			8,083
Net gain on sale of leasing equipment	8,614			—			8,614			15,988			—			15,988
Depreciation and amortization expense	265,634			353			265,987			269,603			354			269,957
Interest and debt expense	135,182			694			135,876			165,057			723			165,780
Realized (gain) loss on derivative instruments, net	(223		)	(1		)	(224		)	(1,369		)	(4		)	(1,373		)
Income (loss) before income taxes⁽¹⁾	156,360			3,826			160,186			190,760			6,850			197,610
Purchases of leasing equipment and investments in finance leases⁽²⁾	$	219,788		$	—		$	219,788		$	149,986		$	—		$	149,986

(1)

Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded an immaterial unrealized gain on derivative instruments and an unrealized loss on derivative instruments of $0.3 million for the three and six months ended June 30, 2020, respectively, and $1.3 million and $2.3 million for the three and six months ended June 30, 2019, respectively. The Company recorded an immaterial amount for debt termination expense for the three and six months ended June 30, 2020 and $0.6 million for both the three and six months ended June 30, 2019.


(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.



	June 30, 2020						December 31, 2019
	Equipment Leasing		Equipment Trading		Totals		Equipment Leasing		Equipment Trading		Totals
Equipment held for sale	$	106,035	$	38,921	$	144,956	$	89,755	$	24,749	$	114,504
Goodwill	220,864		15,801		236,665		220,864		15,801		236,665
Total assets	$	9,563,689	$	118,065	$	9,681,754	$	9,596,263	$	46,370	$	9,642,633

Schedule of revenues by geographic location

The following table summarizes the geographic allocation of equipment leasing revenues for the three and six months ended June 30, 2020 and 2019 based on customers' primary domicile (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total equipment leasing revenues:
Asia	$	117,574	$	134,355	$	238,380	$	271,805
Europe	163,214		163,436		327,477		325,993
Americas	30,352		30,908		56,613		61,690
Bermuda	438		539		881		1,217
Other International	9,819		9,328		19,514		18,720
Total	$	321,397	$	338,566	$	642,865	$	679,425

The following table summarizes the geographic allocation of equipment trading revenues for the three and six months ended June 30, 2020 and 2019 based on the location of the sale (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Total equipment trading revenues:
Asia	$	3,154	$	3,693	$	4,686	$	6,985
Europe	5,261		7,560		10,213		12,431
Americas	6,844		9,288		13,439		16,053
Bermuda	—		—		—		—
Other International	1,644		2,668		3,945		5,568
Total	$	16,903	$	23,209	$	32,283	$	41,037