tgh-6k_20220331.htm
false 0001413159 --12-31 http://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesMember 2023-09-30 2026-12-31 2028-02-29 2028-10-31 2028-11-30 2045-08-31 2045-09-30 2045-09-30 2046-02-28 2046-04-30 2046-08-31 0001413159 2022-01-01 2022-03-31 iso4217:USD 0001413159 tgh:OwnedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:OwnedFleetMember 2021-01-01 2021-03-31 0001413159 tgh:ManagedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:ManagedFleetMember 2021-01-01 2021-03-31 0001413159 2021-01-01 2021-03-31 0001413159 us-gaap:ServiceOtherMember 2022-01-01 2022-03-31 0001413159 us-gaap:ServiceOtherMember 2021-01-01 2021-03-31 0001413159 us-gaap:ProductMember 2022-01-01 2022-03-31 0001413159 us-gaap:ProductMember 2021-01-01 2021-03-31 iso4217:USD xbrli:shares xbrli:shares 0001413159 2022-03-31 0001413159 2021-12-31 0001413159 2021-01-01 2021-12-31 0001413159 us-gaap:CommonStockMember 2020-12-31 0001413159 us-gaap:TreasuryStockMember 2020-12-31 0001413159 us-gaap:AdditionalPaidInCapitalMember 2020-12-31 0001413159 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001413159 us-gaap:RetainedEarningsMember 2020-12-31 0001413159 us-gaap:ParentMember 2020-12-31 0001413159 us-gaap:NoncontrollingInterestMember 2020-12-31 0001413159 2020-12-31 0001413159 us-gaap:CommonStockMember 2021-01-01 2021-03-31 0001413159 us-gaap:AdditionalPaidInCapitalMember 2021-01-01 2021-03-31 0001413159 us-gaap:ParentMember 2021-01-01 2021-03-31 0001413159 us-gaap:TreasuryStockMember 2021-01-01 2021-03-31 0001413159 us-gaap:NoncontrollingInterestMember 2021-01-01 2021-03-31 0001413159 us-gaap:RetainedEarningsMember 2021-01-01 2021-03-31 0001413159 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-01-01 2021-03-31 0001413159 us-gaap:CommonStockMember 2021-03-31 0001413159 us-gaap:TreasuryStockMember 2021-03-31 0001413159 us-gaap:AdditionalPaidInCapitalMember 2021-03-31 0001413159 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-31 0001413159 us-gaap:RetainedEarningsMember 2021-03-31 0001413159 us-gaap:ParentMember 2021-03-31 0001413159 2021-03-31 0001413159 us-gaap:PreferredStockMember 2021-12-31 0001413159 us-gaap:CommonStockMember 2021-12-31 0001413159 us-gaap:TreasuryStockMember 2021-12-31 0001413159 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001413159 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-12-31 0001413159 us-gaap:RetainedEarningsMember 2021-12-31 0001413159 us-gaap:ParentMember 2021-12-31 0001413159 us-gaap:CommonStockMember 2022-01-01 2022-03-31 0001413159 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-03-31 0001413159 us-gaap:ParentMember 2022-01-01 2022-03-31 0001413159 us-gaap:TreasuryStockMember 2022-01-01 2022-03-31 0001413159 us-gaap:RetainedEarningsMember 2022-01-01 2022-03-31 0001413159 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-01-01 2022-03-31 0001413159 us-gaap:PreferredStockMember 2022-03-31 0001413159 us-gaap:CommonStockMember 2022-03-31 0001413159 us-gaap:TreasuryStockMember 2022-03-31 0001413159 us-gaap:AdditionalPaidInCapitalMember 2022-03-31 0001413159 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2022-03-31 0001413159 us-gaap:RetainedEarningsMember 2022-03-31 0001413159 us-gaap:ParentMember 2022-03-31 0001413159 us-gaap:AccountsReceivableMember 2022-01-01 2022-03-31 0001413159 us-gaap:ContainersMember 2022-01-01 2022-03-31 0001413159 us-gaap:ContainersMember 2021-01-01 2021-03-31 0001413159 tgh:InsolventCustomerMember 2021-01-01 2021-03-31 0001413159 tgh:ContainersForSaleMember 2022-01-01 2022-03-31 0001413159 tgh:ContainersForSaleMember 2021-01-01 2021-03-31 0001413159 tgh:ContainersHeldForSaleMember us-gaap:FairValueInputsLevel2Member 2022-03-31 0001413159 tgh:ContainersHeldForSaleMember us-gaap:FairValueInputsLevel2Member 2020-12-31 0001413159 tgh:PreviouslyInsolventCustomerMember 2022-01-01 2022-03-31 0001413159 tgh:PreviouslyInsolventCustomerMember 2022-03-31 0001413159 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2022-03-31 0001413159 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2021-12-31 0001413159 us-gaap:GeneralAndAdministrativeExpenseMember 2022-03-31 tgh:Lessee 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember 2022-01-01 2022-03-31 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember 2021-01-01 2021-03-31 xbrli:pure 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerAMember 2022-01-01 2022-03-31 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerAMember 2021-01-01 2021-03-31 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerBMember 2022-01-01 2022-03-31 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerBMember 2021-01-01 2021-03-31 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerCMember 2022-01-01 2022-03-31 0001413159 tgh:FleetLeaseRentalIncomeMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerCMember 2021-01-01 2021-03-31 0001413159 tgh:FleetAccountsReceivableMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerAMember 2022-01-01 2022-03-31 0001413159 tgh:FleetAccountsReceivableMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerAMember 2021-01-01 2021-12-31 0001413159 tgh:FleetAccountsReceivableMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerBMember 2022-01-01 2022-03-31 0001413159 tgh:FleetAccountsReceivableMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerBMember 2021-01-01 2021-12-31 0001413159 tgh:FleetAccountsReceivableMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerCMember 2022-01-01 2022-03-31 0001413159 tgh:FleetAccountsReceivableMember us-gaap:CustomerConcentrationRiskMember tgh:CustomerCMember 2021-01-01 2021-12-31 0001413159 tgh:ManagedContainersMember 2022-03-31 0001413159 tgh:ManagedContainersMember 2021-12-31 0001413159 tgh:OwnedFleetContainersMember 2022-03-31 0001413159 tgh:ManagedFleetContainersMember 2022-03-31 0001413159 tgh:OwnedFleetContainersMember 2021-12-31 0001413159 tgh:ManagedFleetContainersMember 2021-12-31 0001413159 tgh:LeasingMember 2022-01-01 2022-03-31 0001413159 tgh:LeasingMember 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember 2022-01-01 2022-03-31 0001413159 us-gaap:ManagementServiceMember 2021-01-01 2021-03-31 0001413159 tgh:OwnedFleetMember 2022-03-31 0001413159 tgh:OwnedFleetMember 2021-12-31 0001413159 tgh:ManagedFleetMember 2022-03-31 0001413159 tgh:ManagedFleetMember 2021-12-31 0001413159 tgh:ManagedFleetMember 2022-03-31 0001413159 tgh:ManagedFleetMember 2021-12-31 0001413159 tgh:OwnedFleetMember 2022-03-31 0001413159 tgh:ManagedFleetMember 2022-03-31 tgh:Customer 0001413159 tgh:CustomerOneMember 2022-03-31 0001413159 tgh:CustomerOneMember 2021-12-31 0001413159 us-gaap:OtherLiabilitiesMember 2022-03-31 0001413159 us-gaap:OtherLiabilitiesMember 2021-12-31 0001413159 us-gaap:BilledRevenuesMember 2022-03-31 0001413159 us-gaap:BilledRevenuesMember 2021-12-31 0001413159 tgh:FinanceLeasesMember us-gaap:BilledRevenuesMember 2022-03-31 0001413159 tgh:FinanceLeasesMember us-gaap:BilledRevenuesMember 2021-12-31 0001413159 tgh:FinanceLeasesMember us-gaap:UnbilledRevenuesMember 2022-03-31 0001413159 tgh:FinanceLeasesMember us-gaap:UnbilledRevenuesMember 2021-12-31 0001413159 tgh:ContainerLeasebackFinancingReceivableMember us-gaap:UnbilledRevenuesMember 2022-03-31 0001413159 tgh:ContainerLeasebackFinancingReceivableMember us-gaap:UnbilledRevenuesMember 2021-12-31 0001413159 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember tgh:FinanceLeasesMember 2022-01-01 2022-03-31 0001413159 us-gaap:AccountsReceivableMember us-gaap:CreditConcentrationRiskMember tgh:ContainerLeasebackFinancingReceivableMember 2022-01-01 2022-03-31 0001413159 tgh:TierOneMember tgh:FinanceLeasesMember 2022-03-31 0001413159 tgh:TierTwoMember tgh:FinanceLeasesMember 2022-03-31 0001413159 tgh:TierThreeMember tgh:FinanceLeasesMember 2022-03-31 0001413159 tgh:FinanceLeasesMember 2022-03-31 0001413159 tgh:TierOneMember tgh:ContainerLeasebackFinancingReceivableMember 2022-03-31 0001413159 tgh:ContainerLeasebackFinancingReceivableMember 2022-03-31 0001413159 tgh:TierTwoMember tgh:ContainerLeasebackFinancingReceivableMember 2022-03-31 0001413159 tgh:RevolvingCreditFacilityOneMember 2022-03-31 0001413159 tgh:SyndicatedTwentyNineteenTermLoanMember 2022-03-31 0001413159 tgh:SyndicatedTwentyTwentyOneTermLoanDashOneMember 2022-03-31 0001413159 tgh:SyndicatedTwentyTwentyOneTermLoanDashTwoMember 2022-03-31 0001413159 tgh:TmclTwoSecuredDebtFacilityMember 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashOneMember 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashTwoMember 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashThreeMember 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyOneDashOneMember 2022-03-31 0001413159 tgh:TMCLSevenBondsTwentyTwentyOneDashTwoMember 2022-03-31 0001413159 tgh:TMCLSevenBondsTwentyTwentyOneDashThreeMember 2022-03-31 0001413159 tgh:RevolvingCreditFacilityOneMember 2021-12-31 0001413159 tgh:SyndicatedTwentyNineteenTermLoanMember 2021-12-31 0001413159 tgh:SyndicatedTwentyTwentyOneTermLoanDashOneMember 2021-12-31 0001413159 tgh:SyndicatedTwentyTwentyOneTermLoanDashTwoMember 2021-12-31 0001413159 tgh:TmclTwoSecuredDebtFacilityMember 2021-12-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashOneMember 2021-12-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashTwoMember 2021-12-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashThreeMember 2021-12-31 0001413159 tgh:TmclSevenBondsTwentyTwentyOneDashOneMember 2021-12-31 0001413159 tgh:TMCLSevenBondsTwentyTwentyOneDashTwoMember 2021-12-31 0001413159 tgh:TMCLSevenBondsTwentyTwentyOneDashThreeMember 2021-12-31 0001413159 tgh:RevolvingCreditFacilityOneMember 2022-01-01 2022-03-31 0001413159 tgh:SyndicatedTwentyNineteenTermLoanMember 2022-01-01 2022-03-31 0001413159 tgh:SyndicatedTwentyTwentyOneTermLoanDashOneMember 2022-01-01 2022-03-31 0001413159 tgh:SyndicatedTwentyTwentyOneTermLoanDashTwoMember 2022-01-01 2022-03-31 0001413159 tgh:TmclTwoSecuredDebtFacilityMember 2022-01-01 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashOneMember 2022-01-01 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashTwoMember 2022-01-01 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyDashThreeMember 2022-01-01 2022-03-31 0001413159 tgh:TmclSevenBondsTwentyTwentyOneDashOneMember 2022-01-01 2022-03-31 0001413159 tgh:TMCLSevenBondsTwentyTwentyOneDashTwoMember 2022-01-01 2022-03-31 0001413159 tgh:TMCLSevenBondsTwentyTwentyOneDashThreeMember 2022-01-01 2022-03-31 0001413159 tgh:TMCLSevenTwentyTwentyDashOneBondsMember 2022-03-31 0001413159 tgh:TMCLSevenTwentyTwentyDashTwoBondsMember 2022-03-31 0001413159 tgh:TMCLSevenTwentyTwentyDashThreeBondsMember 2022-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember tgh:AmortizingMember us-gaap:LondonInterbankOfferedRateLIBORMember 2022-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember tgh:AmortizingMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember srt:MinimumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember srt:MaximumMember us-gaap:LondonInterbankOfferedRateLIBORMember 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LondonInterbankOfferedRateLIBORMember 2022-01-01 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember srt:MinimumMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember srt:MaximumMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember 2022-01-01 2022-03-31 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:ForwardContractsMember 2022-02-28 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LondonInterbankOfferedRateLIBORMember 2022-02-28 0001413159 us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:LondonInterbankOfferedRateLIBORMember us-gaap:ForwardContractsMember 2022-02-01 2022-02-28 0001413159 us-gaap:InterestRateCapMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-03-31 0001413159 us-gaap:InterestRateCapMember us-gaap:DesignatedAsHedgingInstrumentMember 2022-01-01 2022-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestRateSwapMember 2022-01-01 2022-03-31 0001413159 us-gaap:NondesignatedMember tgh:RealizedGainLossOnFinancialInstrumentsMember 2021-01-01 2021-03-31 0001413159 us-gaap:NondesignatedMember tgh:UnrealizedLossGainOnFinancialInstrumentsNetMember 2021-01-01 2021-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember tgh:OtherComprehensiveIncomeLossTaxMember 2022-01-01 2022-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember tgh:OtherComprehensiveIncomeLossTaxMember 2021-01-01 2021-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2022-01-01 2022-03-31 0001413159 us-gaap:DesignatedAsHedgingInstrumentMember us-gaap:InterestExpenseMember 2021-01-01 2021-03-31 tgh:Segment 0001413159 tgh:ContainerOwnershipMember tgh:OwnedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerManagementMember tgh:OwnedFleetMember 2022-01-01 2022-03-31 0001413159 us-gaap:IntersegmentEliminationMember tgh:OwnedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:OwnedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerManagementMember tgh:ManagedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:ManagedFleetMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerOwnershipMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerManagementMember 2022-01-01 2022-03-31 0001413159 us-gaap:IntersegmentEliminationMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerManagementMember us-gaap:ServiceOtherMember tgh:ExternalCustomersMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerResaleMember us-gaap:ServiceOtherMember tgh:ExternalCustomersMember 2022-01-01 2022-03-31 0001413159 us-gaap:ServiceOtherMember tgh:ExternalCustomersMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerManagementMember us-gaap:ServiceOtherMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerResaleMember us-gaap:ServiceOtherMember 2022-01-01 2022-03-31 0001413159 us-gaap:IntersegmentEliminationMember us-gaap:ServiceOtherMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerResaleMember 2022-01-01 2022-03-31 0001413159 us-gaap:AllOtherSegmentsMember 2022-01-01 2022-03-31 0001413159 tgh:ContainerOwnershipMember 2022-03-31 0001413159 tgh:ContainerManagementMember 2022-03-31 0001413159 tgh:ContainerResaleMember 2022-03-31 0001413159 us-gaap:AllOtherSegmentsMember 2022-03-31 0001413159 us-gaap:IntersegmentEliminationMember 2022-03-31 0001413159 tgh:ContainerOwnershipMember tgh:OwnedFleetMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerManagementMember tgh:OwnedFleetMember 2021-01-01 2021-03-31 0001413159 tgh:OwnedFleetMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerManagementMember tgh:ManagedFleetMember 2021-01-01 2021-03-31 0001413159 tgh:ManagedFleetMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerOwnershipMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerManagementMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerManagementMember us-gaap:ServiceOtherMember tgh:ExternalCustomersMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerResaleMember us-gaap:ServiceOtherMember tgh:ExternalCustomersMember 2021-01-01 2021-03-31 0001413159 us-gaap:ServiceOtherMember tgh:ExternalCustomersMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerManagementMember us-gaap:ServiceOtherMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerResaleMember us-gaap:ServiceOtherMember 2021-01-01 2021-03-31 0001413159 us-gaap:IntersegmentEliminationMember us-gaap:ServiceOtherMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerResaleMember 2021-01-01 2021-03-31 0001413159 us-gaap:IntersegmentEliminationMember 2021-01-01 2021-03-31 0001413159 us-gaap:AllOtherSegmentsMember 2021-01-01 2021-03-31 0001413159 tgh:ContainerOwnershipMember 2021-03-31 0001413159 tgh:ContainerManagementMember 2021-03-31 0001413159 tgh:ContainerResaleMember 2021-03-31 0001413159 us-gaap:AllOtherSegmentsMember 2021-03-31 0001413159 us-gaap:IntersegmentEliminationMember 2021-03-31 0001413159 srt:AsiaMember 2022-01-01 2022-03-31 0001413159 srt:AsiaMember 2021-01-01 2021-03-31 0001413159 srt:EuropeMember 2022-01-01 2022-03-31 0001413159 srt:EuropeMember 2021-01-01 2021-03-31 0001413159 srt:AmericasMember 2022-01-01 2022-03-31 0001413159 srt:AmericasMember 2021-01-01 2021-03-31 0001413159 tgh:AllOtherInternationalMember 2022-01-01 2022-03-31 0001413159 tgh:AllOtherInternationalMember 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember srt:EuropeMember 2022-01-01 2022-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember srt:EuropeMember 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember country:BM 2022-01-01 2022-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember country:BM 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember srt:AsiaMember 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember srt:AmericasMember 2022-01-01 2022-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember srt:AmericasMember 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember tgh:AllOtherInternationalMember 2022-01-01 2022-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember tgh:AllOtherInternationalMember 2021-01-01 2021-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember 2022-01-01 2022-03-31 0001413159 us-gaap:ManagementServiceMember tgh:NonLeasingExternalCustomersMember 2021-01-01 2021-03-31 0001413159 srt:AsiaMember us-gaap:ProductMember 2022-01-01 2022-03-31 0001413159 srt:AsiaMember us-gaap:ProductMember 2021-01-01 2021-03-31 0001413159 srt:AmericasMember us-gaap:ProductMember 2022-01-01 2022-03-31 0001413159 srt:AmericasMember us-gaap:ProductMember 2021-01-01 2021-03-31 0001413159 srt:EuropeMember us-gaap:ProductMember 2022-01-01 2022-03-31 0001413159 srt:EuropeMember us-gaap:ProductMember 2021-01-01 2021-03-31 0001413159 tgh:SalesTypeLeasebackFinancingArrangementMember us-gaap:SubsequentEventMember 2022-04-30 0001413159 tgh:FleetManagementAgreementsMember 2022-03-31 0001413159 srt:MaximumMember 2019-12-31 0001413159 us-gaap:SeriesAPreferredStockMember 2021-04-01 2021-04-30 0001413159 us-gaap:SeriesBPreferredStockMember 2021-08-01 2021-08-31 0001413159 us-gaap:SeriesAPreferredStockMember 2021-04-30 0001413159 us-gaap:SeriesBPreferredStockMember 2021-08-31 0001413159 2022-03-04 2022-03-04 0001413159 us-gaap:SeriesAPreferredStockMember 2022-03-04 0001413159 us-gaap:SeriesBPreferredStockMember 2022-03-04 0001413159 us-gaap:SubsequentEventMember 2022-04-30 0001413159 us-gaap:SubsequentEventMember srt:MinimumMember 2022-04-30 0001413159 us-gaap:SubsequentEventMember srt:MaximumMember 2022-04-30 0001413159 us-gaap:SubsequentEventMember us-gaap:SeriesAPreferredStockMember 2022-04-30 0001413159 us-gaap:SubsequentEventMember us-gaap:SeriesBPreferredStockMember 2022-04-30 0001413159 us-gaap:SubsequentEventMember 2022-04-01 2022-04-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

Commission File Number 001-33725

 

Textainer Group Holdings Limited

(Translation of Registrant’s name into English)

 

Century House

16 Par-La-Ville Road

Hamilton HM 08

Bermuda

(441) 296-2500

(Address of principal executive office)

 

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbols

Name of each exchange on which registered

Common Shares, $0.01 par value

TGH

New York Stock Exchange

7.00% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preference Shares, $0.01 par value

TGH PRA

New York Stock Exchange

6.25% Series B Fixed Rate Cumulative Redeemable Perpetual Preference Shares, $0.01 par value

TGH PRB

New York Stock Exchange

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  Yes      No  

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable

 

 

1


 

 

TEXTAINER GROUP HOLDINGS LIMITED

Quarterly Report on Form 6-K for the Three Months Ended March 31, 2022

Table of Contents

 

 

 

Page

 

 

 

Information Regarding Forward-Looking Statements; Cautionary Language

 

3

 

 

 

Item 1. Condensed Consolidated Financial Statements (Unaudited):

 

4

 

 

 

 

 

Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2022 and 2021

 

4

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021

 

5

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

 

6

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021

 

7

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

 

8

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market and Credit Risk

 

35

 

 

 

Item 4. Risk Factors

 

35

 

 

 

Signature

 

37

 

 

2


 

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS; CAUTIONARY LANGUAGE

This Quarterly Report on Form 6-K, including the section entitled Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contains forward-looking statements within the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not statements of historical facts and may relate to, but are not limited to, expectations or estimates of future operating results or financial performance, capital expenditures, regulatory compliance, plans for growth and future operations, as well as assumptions relating to the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue” or the negative of these terms or other similar terminology. The forward-looking statements contained in this Quarterly Report on Form 6-K include, but are not limited to, statements regarding  (i) factors that are likely to continue to affect our performance and (ii) our belief that, assuming that our lenders remain solvent that our cash flow from operations, proceeds from the sale of containers and borrowing availability under our debt facilities are sufficient to meet our liquidity needs, including for the payment of dividends, for the next twelve months.

Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy, and actual results may differ materially from those we anticipated due to a number of uncertainties, many of which cannot be foreseen. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, among others, the risk described in Item 4, “Risk Factors” of this Quarterly Report on Form 6-K and the risks we face that are described in the section entitled Item 3, “Key Information -- Risk Factors” included in our Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 17, 2022 (our “2021 Form 20-F”).

We believe that it is important to communicate our expectations about the future to potential investors, shareholders and other readers. However, there may be events in the future that we are not able to accurately predict or control and that may cause actual events or results to differ materially from the expectations expressed in or implied by our forward-looking statements. The risk factors listed in Item 3, “Key Information -- Risk Factors” included in our 2021 Form 20-F, as well as any cautionary language in this Quarterly Report on Form 6-K, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Before you decide to buy, hold or sell our common shares, you should be aware that the occurrence of the events described in Item 3, “Key Information -- Risk Factors” included in our 2021 Form 20-F and elsewhere in this Quarterly Report on Form 6-K could negatively impact our business, cash flows, results of operations, financial condition and share price. Potential investors, shareholders and other readers are cautioned not to place undue reliance on our forward-looking statements.

Forward-looking statements regarding our present plans or expectations for fleet size, management contracts, container purchases, sources and availability of financing, and growth involve risks and uncertainties relative to return expectations and related allocation of resources, and changing economic or competitive conditions, as well as the negotiation of agreements with container investors, which could cause actual results to differ from present plans or expectations, and such differences could be material. Similarly, forward-looking statements regarding our present expectations for operating results and cash flow involve risks and uncertainties related to factors such as utilization rates, per diem rates, container prices, demand for containers by container shipping lines, supply, the magnitude and duration of the ongoing COVID-19 pandemic and other factors discussed under Item 3, “Key Information -- Risk Factors” included in our 2021 Form 20-F or elsewhere in this Quarterly Report on Form 6-K, which could also cause actual results to differ from present plans. Such differences could be material.

All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. The forward-looking statements contained in this Quarterly Report on Form 6-K speak only as of, and are based on information available to us on, the date of the filing of this Quarterly Report on Form 6-K. We assume no obligation to, and do not plan to, update any forward-looking statements after the date of this Quarterly Report on Form 6-K as a result of new information, future events or developments, except as expressly required by U.S. federal securities laws. You should read this Quarterly Report on Form 6-K and the documents that we reference and have furnished as exhibits with the understanding that we cannot guarantee future results, levels of activity, performance or achievements and that actual results may differ materially from what we expect.  

In this Quarterly Report on Form 6-K, unless otherwise specified, all monetary amounts are in U.S. dollars. To the extent that any monetary amounts are not denominated in U.S. dollars, they have been translated into U.S. dollars in accordance with our accounting policies as described in Item 18, “Financial Statements” included in our 2021 Form 20-F.

 

 

3


 

ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

(All currency expressed in United States dollars in thousands, except per share amounts)

 

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

 

 

Lease rental income - owned fleet

 

$

186,077

 

 

$

154,423

 

Lease rental income - managed fleet

 

 

12,641

 

 

 

14,821

 

Lease rental income

 

 

198,718

 

 

 

169,244

 

 

 

 

 

 

 

 

 

 

Management fees - non-leasing

 

 

532

 

 

 

1,036

 

 

 

 

 

 

 

 

 

 

Trading container sales proceeds

 

 

7,618

 

 

 

7,611

 

Cost of trading containers sold

 

 

(6,756

)

 

 

(5,445

)

Trading container margin

 

 

862

 

 

 

2,166

 

 

 

 

 

 

 

 

 

 

Gain on sale of owned fleet containers, net

 

 

15,913

 

 

 

12,358

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Direct container expense - owned fleet

 

 

5,519

 

 

 

6,797

 

Distribution expense to managed fleet container investors

 

 

11,173

 

 

 

13,495

 

Depreciation expense

 

 

72,444

 

 

 

65,806

 

Amortization expense

 

 

49

 

 

 

800

 

General and administrative expense

 

 

11,527

 

 

 

10,900

 

Bad debt expense (recovery), net

 

 

477

 

 

 

(1,127

)

Container lessee default expense (recovery), net

 

 

120

 

 

 

(3,968

)

Total operating expenses

 

 

101,309

 

 

 

92,703

 

Income from operations

 

 

114,716

 

 

 

92,101

 

Other (expense) income:

 

 

 

 

 

 

 

 

Interest expense

 

 

(35,309

)

 

 

(29,106

)

Debt termination expense

 

 

 

 

 

(267

)

Realized loss on financial instruments, net

 

 

 

 

 

(2,956

)

Unrealized (loss) gain on financial instruments, net

 

 

(207

)

 

 

3,192

 

Other, net

 

 

113

 

 

 

152

 

Net other expense

 

 

(35,403

)

 

 

(28,985

)

Income before income taxes

 

 

79,313

 

 

 

63,116

 

Income tax expense

 

 

(1,639

)

 

 

(1,066

)

Net income

 

 

77,674

 

 

 

62,050

 

Less: Dividends on preferred shares

 

 

4,969

 

 

 

 

Net income attributable to common shareholders

 

$

72,705

 

 

$

62,050

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders per share:

 

 

 

 

 

 

 

 

Basic

 

$

1.50

 

 

$

1.24

 

Diluted

 

$

1.47

 

 

$

1.22

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

Basic

 

 

48,403

 

 

 

50,150

 

Diluted

 

 

49,303

 

 

 

50,865

 

 

 

 

See accompanying notes to condensed consolidated financial statements.


4


 

 

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(All currency expressed in United States dollars in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Net income

 

$

77,674

 

 

$

62,050

 

Other comprehensive income (loss), before tax:

 

 

 

 

 

 

 

 

Change in derivative instruments designated as cash flow

    hedges

 

 

59,380

 

 

 

4,442

 

Reclassification of realized loss on derivative instruments

    designated as cash flow hedges

 

 

3,291

 

 

 

1,194

 

Foreign currency translation adjustments

 

 

(56

)

 

 

(46

)

Comprehensive income, before tax

 

 

140,289

 

 

 

67,640

 

Income tax (expense) benefit related to items of other

    comprehensive income

 

 

(567

)

 

 

36

 

Comprehensive income, after tax

 

 

139,722

 

 

 

67,676

 

Less: Dividends on preferred shares

 

 

4,969

 

 

 

 

Comprehensive income attributable to common shareholders

 

$

134,753

 

 

$

67,676

 

 

See accompanying notes to condensed consolidated financial statements.

 

 

5


 

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

(All currency expressed in United States dollars in thousands, except share data)

 

 

 

March 31, 2022

 

 

December 31, 2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

198,022

 

 

$

206,210

 

Accounts receivable, net of allowance of $1,523 and $1,290, respectively

 

 

131,375

 

 

 

125,746

 

Net investment in finance leases, net of allowance of $126 and $100, respectively

 

 

115,849

 

 

 

113,048

 

Container leaseback financing receivable, net of allowance of $45 and $38, respectively

 

 

50,239

 

 

 

30,317

 

Trading containers

 

 

7,292

 

 

 

12,740

 

Containers held for sale

 

 

11,178

 

 

 

7,007

 

Prepaid expenses and other current assets

 

 

15,267

 

 

 

14,184

 

Due from affiliates, net

 

 

2,639

 

 

 

2,376

 

Total current assets

 

 

531,861

 

 

 

511,628

 

Restricted cash

 

 

82,295

 

 

 

76,362

 

Marketable securities

 

 

2,660

 

 

 

2,866

 

Containers, net of accumulated depreciation of $1,913,327 and $1,851,664, respectively

 

 

4,707,731

 

 

 

4,731,878

 

Net investment in finance leases, net of allowance of $761 and $643, respectively

 

 

1,683,450

 

 

 

1,693,042

 

Container leaseback financing receivable, net of allowance of $76 and $75, respectively

 

 

682,200

 

 

 

323,830

 

Derivative instruments

 

 

72,817

 

 

 

12,278

 

Deferred taxes

 

 

1,070

 

 

 

1,073

 

Other assets

 

 

15,634

 

 

 

14,487

 

Total assets

 

$

7,779,718

 

 

$

7,367,444

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

18,285

 

 

$

22,111

 

Container contracts payable

 

 

130,055

 

 

 

140,968

 

Other liabilities

 

 

4,915

 

 

 

4,895

 

Due to container investors, net

 

 

19,097

 

 

 

17,985

 

Debt, net of unamortized costs of $10,129 and $8,624, respectively

 

 

389,303

 

 

 

380,207

 

Total current liabilities

 

 

561,655

 

 

 

566,166

 

Debt, net of unamortized costs of $27,899 and $32,019, respectively

 

 

5,286,670

 

 

 

4,960,313

 

Derivative instruments

 

 

7

 

 

 

2,139

 

Income tax payable

 

 

10,990

 

 

 

10,747

 

Deferred taxes

 

 

9,249

 

 

 

7,589

 

Other liabilities

 

 

37,970

 

 

 

39,236

 

Total liabilities

 

 

5,906,541

 

 

 

5,586,190

 

Shareholders' Equity:

 

 

 

 

 

 

 

 

Cumulative redeemable perpetual preferred shares, $0.01 par value, $25,000 liquidation preference per share. Authorized 10,000,000 shares; 12,000 shares issued and outstanding (equivalent to 12,000,000 depositary shares at $25.00 liquidation preference per depositary share)

 

 

300,000

 

 

 

300,000

 

Common shares, $0.01 par value. Authorized 140,000,000 shares; 59,647,685 shares issued

   and 48,018,141 shares outstanding at 2022; 59,503,710 shares issued

   and 48,831,855 shares outstanding at 2021

 

 

596

 

 

 

595

 

Treasury shares, at cost, 11,629,544 and 10,671,855 shares, respectively

 

 

(194,868

)

 

 

(158,459

)

Additional paid-in capital

 

 

434,577

 

 

 

428,945

 

Accumulated other comprehensive income

 

 

71,798

 

 

 

9,750

 

Retained earnings

 

 

1,261,074

 

 

 

1,200,423

 

Total shareholders’ equity

 

 

1,873,177

 

 

 

1,781,254

 

Total liabilities and shareholders' equity

 

$

7,779,718

 

 

$

7,367,444

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

6


TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(Unaudited)

(All currency expressed in United States dollars in thousands, except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Textainer Group

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

Accumulated other

 

 

 

Holdings Limited

 

 

 

 

 

 

Preferred shares

 

Common shares

 

Treasury shares

 

paid-in

 

comprehensive

 

Retained

 

shareholders'

 

Noncontrolling

 

Total

 

 

Shares

 

Amount

 

Shares

 

Amount

 

Shares

 

Amount

 

capital

 

(loss) income

 

earnings

 

equity

 

interest

 

equity

Balances, December 31, 2020

 

 

$ —

 

58,740,919

 

$587

 

(8,245,130)

 

$(86,239)

 

$416,609

 

$(9,744)

 

$938,395

 

$1,259,608

 

$27,110

 

$1,286,718

Exercise of share options

 

 

 

143,342

 

3

 

 

 

1,839

 

 

 

1,842

 

 

1,842

Purchase of treasury shares

 

 

 

 

 

(546,220)

 

(10,778)

 

 

 

 

(10,778)

 

 

(10,778)

Share-based compensation expense

 

 

 

 

 

 

 

1,334

 

 

 

1,334

 

 

1,334

Purchase of noncontrolling interest

 

 

 

 

 

 

 

7,022

 

 

 

7,022

 

(27,110)

 

(20,088)

Net income

 

 

 

 

 

 

 

 

 

62,050

 

62,050

 

 

62,050

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in derivative instruments designated as cash flow hedges

 

 

 

 

 

 

 

 

4,442

 

 

4,442

 

 

4,442

Reclassification of realized loss on derivative instruments designated

    as cash flow hedges

 

 

 

 

 

 

 

 

1,194

 

 

1,194

 

 

1,194

Foreign currency translation

   adjustments

 

 

 

 

 

 

 

 

(46)

 

 

(46)

 

 

(46)

Income tax benefit related to items of other comprehensive income

 

 

 

 

 

 

 

 

36

 

 

36

 

 

36

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,626

Balances, March 31, 2021

 

 

$ —

 

58,884,261

 

$590

 

(8,791,350)

 

$(97,017)

 

$426,804

 

$(4,118)

 

$1,000,445

 

$1,326,704

 

$  —

 

$1,326,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2021

 

12,000

 

$300,000

 

59,503,710

 

$595

 

(10,671,855)

 

$(158,459)

 

$428,945

 

$9,750

 

$1,200,423

 

$1,781,254

 

$ —

 

$1,781,254

Exercise of share options

 

 

 

143,975

 

1

 

 

 

3,905

 

 

 

3,906

 

 

3,906

Purchase of treasury shares

 

 

 

 

 

(957,689)

 

(36,409)

 

 

 

 

(36,409)

 

 

(36,409)

Share-based compensation expense

 

 

 

 

 

 

 

1,727

 

 

 

1,727

 

 

1,727

Preferred shares dividends declared

 

 

 

 

 

 

 

 

 

(4,969)

 

(4,969)

 

 

(4,969)

Dividends declared to common

    shareholders ($0.25/share)

 

 

 

 

 

 

 

 

 

(12,054)

 

(12,054)

 

 

(12,054)

Net income

 

 

 

 

 

 

 

 

 

77,674

 

77,674

 

 

 

77,674

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in derivative instruments designated as cash flow hedges

 

 

 

 

 

 

 

 

59,380

 

 

59,380

 

 

59,380

Reclassification of realized loss on derivative instruments designated

   as cash flow hedges

 

 

 

 

 

 

 

 

3,291

 

 

3,291

 

 

3,291

Foreign currency translation

   adjustments

 

 

 

 

 

 

 

 

(56)

 

 

(56)

 

 

 

(56)

Income tax expense related to items of other comprehensive income

 

 

 

 

 

 

 

 

(567)

 

 

(567)

 

 

(567)

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

62,048

Balances, March 31, 2022

 

12,000

 

$300,000

 

59,647,685

 

$596

 

(11,629,544)

 

$(194,868)

 

$434,577

 

$71,798

 

$1,261,074

 

$1,873,177

 

$ —

 

$1,873,177

 

See accompanying notes to condensed consolidated financial statements.

 

 

7


 

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(All currency expressed in United States dollars in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

77,674

 

 

$

62,050

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation expense

 

 

72,444

 

 

 

65,806

 

Bad debt expense (recovery), net

 

 

477

 

 

 

(1,127

)

Container recovery from lessee default, net

 

 

 

 

 

(5,712

)

Unrealized loss (gain) on financial instruments, net

 

 

207

 

 

 

(3,192

)

Amortization of unamortized debt issuance costs and

   accretion of bond discounts (1)

 

 

2,615

 

 

 

2,162

 

Debt termination expense (1)

 

 

 

 

 

267

 

Amortization of intangible assets

 

 

49

 

 

 

800

 

Gain on sale of owned fleet containers, net

 

 

(15,913

)