| | | | | | | | | | | | | | | | | |
| Year Ended December 31, 2024 | | Year Ended December 31, 2023 | | Year Ended December 31, 2022 |
| Cash flows from operating activities: | | | | | |
| Net income (loss) | $ | 518,195 | | | $ | 474,089 | | | $ | 746,922 | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | |
| Depreciation and amortization | 541,468 | | | 575,551 | | | 634,837 | |
| Amortization of deferred debt cost and other debt related amortization | 10,495 | | | 8,572 | | | 11,112 | |
| Lease related amortization | 2,031 | | | 4,979 | | | 11,285 | |
| | | | | |
| Other non-cash compensation costs | 3,840 | | | 7,305 | | | 12,512 | |
| Net (gain) loss on sale of leasing equipment | (12,369) | | | (58,615) | | | (115,665) | |
| | | | | |
| Unrealized (gain) loss on derivative instruments | 40 | | | (15) | | | (343) | |
| Debt termination expense | 87 | | | — | | | 1,933 | |
| Deferred income taxes | (2,363) | | | 8,024 | | | 26,018 | |
| Changes in operating assets and liabilities: | | | | | |
| Accounts receivable, net | 16,485 | | | (19,459) | | | 44,119 | |
| Deferred revenue | (74,263) | | | (74,237) | | | 287,328 | |
| | | | | |
| Accounts payable and other accrued expenses | (29,654) | | | 25,056 | | | 4,620 | |
| Equipment sold (purchased) for resale activity | 7,486 | | | 26,428 | | | (93) | |
| Cash received (paid) for settlement of interest rate swaps | — | | | — | | | 19,026 | |
| Cash collections on finance lease receivables, net of income earned | 122,202 | | | 172,717 | | | 180,075 | |
| Other assets | 9,688 | | | (187) | | | 21,182 | |
| Net cash provided by (used in) operating activities | 1,113,368 | | | 1,150,208 | | | 1,884,868 | |
| | | | | |
| Cash flows from investing activities: | | | | | |
| Purchases of leasing equipment and investments in finance leases | (929,449) | | | (208,242) | | | (943,062) | |
| Proceeds from sale of equipment, net of selling costs | 374,632 | | | 352,549 | | | 296,737 | |
| | | | | |
| | | | | |
| Other | (291) | | | (16) | | | (638) | |
| Net cash provided by (used in) investing activities | (555,108) | | | 144,291 | | | (646,963) | |
| | | | | |
| Cash flows from financing activities: | | | | | |
| | | | | |
| | | | | |
| Debt issuance costs | (19,239) | | | (3,008) | | | (10,162) | |
| Borrowings under debt facilities | 2,780,483 | | | 1,610,000 | | | 1,952,600 | |
| Payments under debt facilities and finance lease obligations | (2,641,360) | | | (2,227,139) | | | (2,449,367) | |
| Dividends paid on preferred shares | (52,112) | | | (52,112) | | | (52,112) | |
| Distributions to Parent | (605,542) | | | (408,190) | | | — | |
| | | | | |
| Dividends paid on common shares | — | | | (115,554) | | | (162,174) | |
| Purchases of treasury shares | — | | | (129,776) | | | (554,095) | |
| Other | — | | | (5,803) | | | (6,824) | |
| Net cash provided by (used in) financing activities | (537,770) | | | (1,331,582) | | | (1,282,134) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | 20,490 | | | $ | (37,083) | | | $ | (44,229) | |
| Cash, cash equivalents and restricted cash, beginning of period | 149,226 | | | 186,309 | | | 230,538 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 169,716 | | | $ | 149,226 | | | $ | 186,309 | |
| Supplemental disclosures: | | | | | |
| Interest paid | $ | 249,754 | | | $ | 234,945 | | | $ | 208,714 | |
| Income taxes paid (refunded) | $ | 51,139 | | | $ | 46,407 | | | $ | 47,010 | |
| Non-cash operating activities: | | | | | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 2,525 | | | $ | 9,564 | | | $ | 907 | |
| Non-cash investing activities: | | | | | |
| Equipment purchases payable | $ | 4,855 | | | $ | 31,597 | | | $ | 11,817 | |
