Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Jan. 31, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	CAI International, Inc.
Entity Filer Category	Accelerated Filer
Entity Central Index Key	0001388430
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Amendment Flag	false
Document Type	10-K
Document Fiscal Period Focus	FY
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2015
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		19,921,739
Entity Public Float			$ 280.5

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2015

Dec. 31, 2014

Current assets

Cash

$ 17,447

$ 27,810

Accounts receivable, net of allowance for doubtful accounts of $548 and $680 at December 31, 2015 and 2014, respectively

55,284

58,022

Current portion of direct finance leases

21,158

18,150

Prepaid expenses and other current assets

15,114

14,806

Total current assets

144,109

144,799

Restricted cash

7,212

8,232

Rental equipment, net of accumulated depreciation of $349,810 and $274,333 at December 31, 2015 and 2014, respectively

1,748,211

1,564,777

Net investment in direct finance leases

82,210

76,814

Goodwill

2,905

Intangible assets, net of accumulated amortization of $4,881 and $4,817 at December 31, 2015 and 2014, respectively

1,223

273

Furniture, fixtures and equipment, net of accumulated depreciation of $2,027 and $2,019 at December 31, 2015 and 2014, respectively

674

945

Total assets

^[1]

1,986,544

1,795,840

Current liabilities

Accounts payable

11,962

8,414

Accrued expenses and other current liabilities

4,808

9,029

Due to container investors

5,801

12,984

Unearned revenue

11,990

7,172

Current portion of debt

172,416

203,199

Current portion of capital lease obligations

1,015

Rental equipment payable

10,901

7,381

Total current liabilities

217,883

249,194

Debt

1,259,196

1,058,754

Deferred income tax liability

48,204

43,419

Capital lease obligations

1,568

Total liabilities

^[2]

1,525,283

1,352,935

Stockholders' equity

Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding 20,132,706 and 20,788,277 shares at December 31, 2015 and 2014, respectively

Additional paid-in capital

148,523

154,894

Accumulated other comprehensive loss

(7,922)

(5,677)

Retained earnings

319,735

292,897

Total CAI stockholders' equity

460,338

442,116

Non-controlling interest

923

789

Total stockholders' equity

461,261

442,905

Total liabilities and stockholders' equity

1,986,544

1,795,840

Variable Interest Entity, Primary Beneficiary [Member]

Current assets

Cash

35,106

26,011

Rental equipment, net of accumulated depreciation of $349,810 and $274,333 at December 31, 2015 and 2014, respectively

85,101

102,100

Net investment in direct finance leases

1,915

156

Current liabilities

Current portion of debt

60,382

Debt

$ 59,445

$ 132,419

[1]	Total assets at December 31, 2015 and December 31, 2014 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $35,106 and $26,011; Net investment in direct finance leases, $1,915 and $156; and Rental equipment net of accumulated depreciation, $85,101 and $102,100, respectively.
[2]	Total liabilities at December 31, 2015 and December 31, 2014 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $60,382 and none; Debt, $59,445 and $132,419, respectively.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash	$ 17,447	$ 27,810
Accounts receivable, allowance for doubtful accounts	548	680
Rental equipment net of accumulated depreciation	1,748,211	1,564,777
Rental equipment, accumulated depreciation	349,810	274,333
Net investment in direct finance leases	82,210	76,814
Intangible assets, accumulated amortization	4,881	4,817
Furniture, fixtures and equipment, accumulated depreciation	2,027	2,019
Current liabilities
Current portion of debt	172,416	203,199
Debt	$ 1,259,196	$ 1,058,754
Stockholders' equity
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	84,000,000	84,000,000
Common stock, shares issued	20,132,706	20,788,277
Common stock, shares outstanding	20,132,706	20,788,277
Variable Interest Entity, Primary Beneficiary [Member]
Current assets
Cash	$ 35,106	$ 26,011
Rental equipment net of accumulated depreciation	85,101	102,100
Net investment in direct finance leases	1,915	156
Current liabilities
Current portion of debt	60,382	0
Debt	$ 59,445	$ 132,419

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenue
Container lease income	$ 217,505	$ 210,756	$ 197,360
Rail lease income	17,433	10,336	7,179
Logistics revenue	11,502
Management fee revenue	3,227	6,497	7,866
Total revenue	249,667	227,589	212,405
Operating expenses
Depreciation of rental equipment	113,590	77,976	67,109
Storage, handling and other expenses	30,194	26,043	19,257
Logistics transportation costs	10,172
Loss (gain) on sale of used rental equipment	654	(6,522)	(7,356)
Administrative expenses	27,617	26,538	24,628
Total operating expenses	182,227	124,035	103,638
Operating income	67,440	103,554	108,767
Other expenses
Net interest expense	36,034	35,205	36,000
Other expense	182	773	1,190
Other expense	36,216	35,978	37,190
Net income before income taxes and non-controlling interest	31,224	67,576	71,577
Income tax expense	4,252	7,191	7,057
Net income	26,972	60,385	64,520
Net income attributable to non-controlling interest	134	111	594
Net income attributable to CAI common stockholders	$ 26,838	$ 60,274	$ 63,926
Net income per share attributable to CAI common stockholders
Basic	$ 1.29	$ 2.91	$ 2.89
Diluted	$ 1.28	$ 2.85	$ 2.82
Weighted average shares outstanding
Basic	20,773	20,732	22,157
Diluted	20,988	21,155	22,672

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 26,972	$ 60,385	$ 64,520
Other comprehensive income, net of tax:
Foreign currency translation adjustments	(2,245)	(3,321)	561
Comprehensive income	24,727	57,064	65,081
Comprehensive income attributable to non-controlling interest	134	111	594
Comprehensive income attributable to CAI common stockholders	$ 24,593	$ 56,953	$ 64,487

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Non-Controlling Interest [Member]	Total
Balances at Dec. 31, 2012	$ 2	$ 181,063	$ (2,917)	$ 168,697		$ 346,845
Balances, Shares at Dec. 31, 2012	22,052,000
Net income				63,926	$ 594	64,520
Foreign currency translation adjustment			561			561
Exercise of stock options		1,524				1,524
Exercise of stock options, Shares	160,000
Stock issuance costs		(155)				(155)
Stock based compensation - options		1,429				1,429
Stock-based compensation - restricted stock		107				107
Stock-based compensation - restricted stock, Shares	28,000
Excess tax benefit from share-based compensation awards		295				295
Balances at Dec. 31, 2013	$ 2	184,263	(2,356)	232,623	594	415,126
Balances, Shares at Dec. 31, 2013	22,240,000
Net income				60,274	111	60,385
Foreign currency translation adjustment			(3,321)			(3,321)
Repurchase of common stock		(31,395)				(31,395)
Repurchase of common stock, Shares	(1,483,000)
Exercise of stock options		114				114
Exercise of stock options, Shares	7,000
Stock based compensation - options		1,627				1,627
Stock-based compensation - restricted stock		258				258
Stock-based compensation - restricted stock, Shares	24,000
Excess tax benefit from share-based compensation awards		27				27
Contributions and other					84	84
Balances at Dec. 31, 2014	$ 2	154,894	(5,677)	292,897	789	$ 442,905
Balances, Shares at Dec. 31, 2014	20,788,000					20,788,277
Net income				26,838	134	$ 26,972
Foreign currency translation adjustment			(2,245)			(2,245)
Repurchase of common stock		(12,997)				(12,997)
Repurchase of common stock, Shares	(1,089,000)
Exercise of stock options		4,744				4,744
Exercise of stock options, Shares	415,000
Stock based compensation - options		1,542				1,542
Stock-based compensation - restricted stock		373				373
Stock-based compensation - restricted stock, Shares	21,000
Excess tax benefit from share-based compensation awards		3				3
Payment of income tax withheld on vested restricted stock		(36)				(36)
Payment of income tax withheld on vested restricted stock, Shares	(2,000)
Balances at Dec. 31, 2015	$ 2	$ 148,523	$ (7,922)	$ 319,735	$ 923	$ 461,261
Balances, Shares at Dec. 31, 2015	20,133,000					20,132,706

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income	$ 26,972	$ 60,385	$ 64,520
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	114,003	78,451	67,631
Amortization of debt issuance costs	2,706	3,165	3,780
Amortization of intangible assets	232	383	780
Stock-based compensation expense	1,915	1,885	1,536
Unrealized loss (gain) on foreign exchange	251	81	(282)
Loss (gain) on sale of used rental equipment	654	(6,522)	(7,356)
Deferred income taxes	4,967	2,170	3,205
Bad debt expense (recovery)	448	248	(227)
Changes in other operating assets and liabilities:
Accounts receivable	4,733	(6,397)	7,404
Prepaid expenses and other assets	(81)	4,256	(3,136)
Accounts payable, accrued expenses and other current liabilities	(3,654)	3,046	(8,839)
Due to container investors	(7,183)	(1,831)	(3,774)
Unearned revenue	1,406	367	(1,056)
Net cash provided by operating activities	147,369	139,687	124,186
Cash flows from investing activities
Purchase of rental equipment	(389,331)	(307,283)	(312,144)
Acquisition of ClearPointt Logistics LLC	(4,100)
Net proceeds from sale of used rental equipment	66,150	65,637	33,069
Purchase of furniture, fixtures and equipment	(83)	(28)	(60)
Receipt of principal payments from direct financing leases	22,116	16,319	12,329
Net cash used in investing activities	(305,248)	(225,355)	(266,806)
Cash flows from financing activities
Proceeds from debt	748,731	372,510	588,870
Principal payments on debt	(581,739)	(245,136)	(406,961)
Debt issuance costs	(3,226)	(1,999)	(6,595)
Decrease (increase) in restricted cash	1,020	1,021	(4,877)
Repurchase of stock	(12,997)	(31,395)
Stock issuance costs			(155)
Exercise of stock options	4,744	114	1,524
Excess tax benefit from share-based compensation awards	3	27	295
Net cash provided by financing activities	156,536	95,142	172,101
Effect on cash of foreign currency translation	75	(1,394)	(1,411)
Net (decrease) increase in cash	(1,268)	8,080	28,070
Cash at beginning of the period	53,821	45,741	17,671
Cash at end of the period	52,553	53,821	45,741
Cash paid during the period for:
Income taxes	2,340	852	5,122
Interest	33,124	32,774	32,267
Supplemental disclosure of non-cash investing and financing activity
Transfer of rental equipment to direct finance lease	$ 30,604	$ 30,178	32,001
Transfer of direct finance lease to rental equipment			$ 30,118

The Company And Nature Of Operations	12 Months Ended
The Company And Nature Of Operations	Dec. 31, 2015
The Company And Nature Of Operations [Abstract]
The Company And Nature Of Operations	(1)The Company and Nature of Operations CAI International, Inc. and its subsidiaries (collectively, CAI or the Company) is a transportation finance and logistics company. The Company purchases equipment, which it leases primarily to container shipping lines, freight forwarders and other transportation companies. The Company also manages equipment for third-party investors. In operating its fleet, the Company leases, re-leases and disposes of equipment and contracts for the repair, repositioning and storage of equipment. The Company’s equipment fleet consists primarily of intermodal marine containers. The Company also owns a fleet of railcars, which it leases in North America. On July 27, 2015, the Company purchased ClearPointt Logistics LLC (ClearPointt), a U.S.-based intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. The Company is headquartered in Everett, Washington (see Note 4). The Company’s common stock is traded on the New York Stock Exchange under the symbol “CAI”. The Company’s corporate headquarters are located in San Francisco, California.

Summary Of Significant Accounting Policies

12 Months Ended

Dec. 31, 2015

Summary Of Significant Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

(2)Summary of Significant Accounting Policies

(a) Principles of Consolidation

The consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries, and its 80%-owned subsidiary, CAIJ, Inc. (CAIJ). The equity attributable to the minority interest in CAIJ is shown as a non-controlling interest on the Company’s consolidated balance sheets as of December 31, 2015 and 2014, and the related net income is presented as net income attributable to non-controlling interest on the Company’s consolidated statements of income for the years ended December 31, 2015, 2014 and 2013. All significant intercompany balances and transactions have been eliminated in consolidation.

The Company regularly performs a review of its container fund arrangements with investors to determine whether a fund is a variable interest entity (VIE) and whether the Company has a variable interest that provides it with a controlling financial interest and is the primary beneficiary of the VIE in accordance with ASC Topic 810, Consolidation. If the fund is determined to be a VIE, a further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under Paragraph 14A of ASC Topic 810:

it has power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and

it has the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE.

If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under ASC Topic 810, Consolidation. The equity attributable to the VIE is shown as a non-controlling interest on the Company’s consolidated balance sheet and the after tax result attributable to its operations is shown as a net income or loss attributable to non-controlling interest on the Company’s consolidated statements of income. (See Note 3).

(b) Use of Estimates

Certain estimates and assumptions were made by the Company’s management that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, allowances for receivables, the carrying amount of rental equipment, the residual values and lives of rental equipment, and income tax uncertainties. Actual results could differ from those estimates.

Furniture, fixtures, office equipment and software, are depreciated on a straight-line basis over estimated useful lives of five years with no salvage value. Leasehold improvements are depreciated over the shorter of their useful lives or the respective lease life.

(d) Rental equipment

In general, the Company purchases new container equipment from container manufacturers for the purpose of leasing such equipment to customers. The Company also purchases used container equipment through sale-leaseback transactions with its customers, or equipment that was previously owned by one of the Company's third party investors. Used equipment is typically purchased with an existing lease in place.

Container equipment is recorded at cost and depreciated to an estimated residual value on a straight-line basis over its estimated useful life. The estimated useful lives and residual values of the Company's container equipment are based on historical disposal experience and the Company's expectations for future used container sale prices. The Company reviews its depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in its depreciation policies, useful lives of its equipment or the assigned residual values is warranted.

The estimated useful lives and residual values for the majority of the Company's container equipment purchased new from the factory are as follows:



	Residual Value		Depreciable Life in Years
20-ft. standard dry van container	$	1,050		13.0
40-ft. standard dry van container	$	1,300		13.0
40-ft. high cube dry van container	$	1,650		13.0
20-ft. refrigerated container	$	2,750		12.0
40-ft. high cube refrigerated container	$	3,500		12.0

Other specialized equipment is depreciated to its estimated residual value, which ranges from $1,000 to $3,500, over its estimated useful life of between 12.5 years and 15 years.

For used container equipment acquired through sale-leaseback transactions, we often adjust our estimates for remaining useful life and residual values based on current conditions in the sale market for older containers and our expectations for how long the equipment will remain on-hire to the current lessee.

Railcar equipment is depreciated over its estimated useful life of 43 years, to its estimated residual value of $8,700 using the straight-line method.

(e) Impairment of Long-Lived Assets

On at least an annual basis, the Company evaluates its rental equipment fleet to determine whether there have been any events or changes in circumstances indicating that the carrying amount of all, or part, of its fleet may not be recoverable. Events which would trigger an impairment review include, among others, a significant decrease in the long-term average market value of rental equipment, a significant decrease in the utilization rate of rental equipment resulting in an inability to generate income from operations and positive cash flow in future periods, or a change in market conditions resulting in a significant decrease in lease rates.

When testing for impairment, equipment is generally grouped by rental type, year of manufacture and whether it is on or off-lease, and is tested separately from other groups of assets and liabilities. Potential impairment exists when the estimated future undiscounted cash flows generated by an asset group, comprised of lease proceeds and residual values, less operating expenses, are less than the carrying value of that asset group. If potential impairment exists, the equipment is written down to its fair value. In determining the fair value of an asset group, the Company considers market trends, published value for similar assets, recent transactions of similar assets and in certain cases, quotes from third party appraisers. During the year ended December 31, 2015, the market conditions for certain off-lease containers changed which resulted in their carrying value exceeding their fair value. The fair value was estimated based on recent gross sales proceeds for sales of similar containers and management’s judgment of market conditions. The resulting impairment charge of $24.5 million relating to the container leasing segment is included in depreciation expense in the consolidated statement of income. No impairment charges were recorded in 2014 and 2013 as a result of our annual review.

(f) Intangible Assets

Intangible assets with definite useful lives are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company amortizes intangible assets on a straight-line basis over their estimated useful lives as follows:


Trademarks and tradename	1-10 years
Contracts-owned equipment	5-7 years
Customer relationships	8 years

(g) Goodwill

In connection with the acquisition of ClearPointt Logistics LLC on July 27, 2015, the Company recorded $2.9 million of goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually, or more frequently if events or changes in circumstances indicate that impairment may exist.

The Company assesses qualitative factors such as industry and market considerations, overall financial performance and other relevant events and factors affecting a reporting unit to determine if it is more likely than not that impairment may exist and whether it is necessary to perform the two-step quantitative goodwill impairment test. The first step involves comparing the fair value to the carrying value of each reporting unit that has goodwill assigned to it. If the carrying value exceeds the fair value, a second step is performed to compute the amount of the impairment. The Company performed the annual impairment test during the fourth quarter of 2015 and concluded that there was no impairment of goodwill.

(h) Finance Leases

Interest on finance leases is recognized using the effective interest method. Lease income is recorded in decreasing amounts over the term of the contract, resulting in a level rate of return on the net investment in direct finance leases.

(i) Debt Fees

To the extent that the Company is required to pay issuance fees or direct costs relating to its credit facilities, such fees are amortized over the lives of the related debt using the effective interest method and reflected in interest expense.

(j) Foreign Currency Translation

The accounts of the Company’s foreign subsidiaries have been converted at rates of exchange in effect at year-end for balance sheet accounts and average exchange rates for the year for income statement accounts. The effects of changes in exchange rates in translating foreign subsidiaries’ financial statements are included in stockholders’ equity as accumulated other comprehensive income.

(k) Accounts Receivable

Amounts billed under operating leases for equipment owned by the Company, as well as amounts due from customers for the provision of logistics services, are recorded in accounts receivable. The Company estimates an allowance for doubtful accounts for accounts receivable it does not consider fully collectible. The allowance for doubtful accounts is developed based on two key components: (1) specific reserves for receivables for which management believes full collection is doubtful; and (2) a general reserve for estimated losses inherent in the receivables. The general reserve is estimated by applying certain percentages to receivables that have not been specifically reserved, ranging from 1.0% on accounts that are one to thirty days overdue, to 100% on accounts that are one year overdue. The allowance for doubtful accounts is reviewed regularly by management and is based on the risk profile of the receivables, credit quality indicators such as the level of past due amounts and non-performing accounts and economic conditions. Changes in economic conditions or other events may necessitate additions or deductions to the allowance for doubtful accounts. The allowance is intended to provide for losses inherent in the company’s accounts receivable, and requires the application of estimates and judgments as to the outcome of collection efforts and the realization of collateral, among other things.

Amounts billed under operating leases for equipment owned by third-party investors are also recorded in accounts receivable with a corresponding credit to due to container investors account. The credit risk on accounts receivable related to managed equipment is the responsibility of the third-party investors. Under the Company’s management agreements with investors, the third-party investors are obligated to reimburse the Company for any amounts the Company had previously paid to them in advance of receiving the amount from the equipment lessee if the Company is unable to ultimately collect any amount due from a managed equipment lessee. Accounts receivable attributable to the managed fleet included in accounts receivable as of December 31, 2015 and 2014 was $4.5 million and $8.5 million, respectively.

(l) Income Taxes

Income taxes are accounted for using the asset-and-liability method. Under this method, deferred income taxes are recognized for the future tax consequences of differences between the tax bases of assets and liabilities and their financial reporting amounts at each year-end. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that deferred tax assets will not be recovered.

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records penalties and interest related to unrecognized tax benefits within income tax expense. (See Note 11).

(m) Revenue Recognition

The Company provides a range of services to its customers incorporating rental, sale and management of equipment and the provision of logistics services. Revenue for all forms of service is recognized when earned following the guidelines under FASB ASC Topic 605, Revenue Recognition and FASB ASC Topic 840, Leases. Revenue is reported net of any related sales tax.

Container and Rail Lease Revenue

Lease revenue arises from renting equipment owned by the Company to various lessees. Rental agreements are typically leases with a fixed term of between one and eight years or short-term master lease agreements where there is no term and the equipment can be returned at any time without penalty. Revenue is recorded on an accrual basis for master lease agreements as these agreements have no fixed term. For long-term leases, revenue is recorded on a straight-line basis when earned according to the terms of the rental contracts. These contracts are classified as operating leases. Early termination of the rental contracts subjects the lessee to a penalty, which is included in lease revenue upon such termination.

Included in lease revenue is revenue consisting primarily of fees charged to the lessee for handling, delivery, repairs, and fees relating to the Company’s damage protection plan, which are recognized as earned.

Management Fee Revenue

The Company recognizes revenue from management fees earned under equipment management agreements as earned on a monthly basis. Management fees are typically a percentage of net operating income of each investor group’s fleet calculated on an accrual basis. Included in the Company’s balance sheet are accounts receivable from the managed fleet which are uncollected lease billings related to managed equipment. All direct costs (storage, repairs, repositioning etc.) are charged to investors on a specific-identification basis or allocated basis. The Company’s financial statements include accounts payable and accruals of expenses related to managed equipment. The net amount of rentals billed less expenses payable, less management fees, is recorded in amounts due to container investors on the balance sheet.

Logistics Revenue

The Company recognizes logistics revenue for transportation services provided to customers. For transportation services not completed at the end of a reporting period, a percentage of completion method is used to allocate the appropriate revenue to each separate reporting period using relative transit time. The Company reports logistics revenue on a gross basis as it is the primary obligor and responsible for providing the services desired by the customer. The Company is responsible for fulfillment, including the acceptability of the service, and has discretion in setting sales prices and as a result, its earnings may vary. The Company also has discretion in selecting vendors from multiple suppliers for the services ordered by the customers. Lastly, the Company has credit risk for the related receivables.

(n) Stock-Based Compensation

The Company has granted stock options and restricted stock to certain directors and employees under its 2007 Equity Incentive Plan. The Company accounts for stock-based compensation in accordance with FASB ASC Topic 718, Compensation – Stock Compensation, which requires that compensation cost related to stock-based compensation be recognized in the financial statements. The cost is measured at the date the award is granted based on the fair value of the award. The fair value of stock options is calculated using the Black-Scholes-Merton option pricing model. The stock-based compensation expense is recognized over the vesting period of the grant on a straight-line basis. (See Note 10).

(o) Repairs and Maintenance

The Company’s leases generally require the lessee to pay for any damage to the equipment beyond normal wear and tear at the end of the lease term. The Company accounts for repairs and maintenance expense on an accrual basis when an obligation to pay has been incurred.

(p) Recent Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (ASU No. 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminates industry-specific guidance. Leasing revenue recognition is specifically excluded from this ASU, and therefore, the new standard will only apply to management fee revenue, sales of equipment portfolios, dispositions of used equipment and the provision of logistics services. The guidance is effective for interim and annual periods beginning after December 15, 2017, with early adoption permitted for interim and annual periods beginning after December 31, 2016. Adoption of the guidance is not expected to have a material impact on the Company’s consolidated financial statements.

In February 2015, the FASB issued Accounting Standards Update No. 2015-02, Consolidation (Topic 810): Amendment to the Consolidation Analysis (ASU No. 2015-02). The new guidance will change (1) the identification of variable interests (fees paid to a decision maker or service provider), (2) the variable interest entity (VIE) characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. The guidance is effective for annual and interim periods beginning after December 15, 2015, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements.

In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU No. 2015-03). The new guidance will require debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The guidance is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The new guidance will be applied on a retrospective basis and is not expected to have a material impact on the Company’s consolidated financial statements.

In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU No. 2015-17). The new guidance requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. The guidance is effective for fiscal years beginning after December 15, 2016, including interim periods within those years, with early adoption permitted. The new guidance may be applied either prospectively, for all deferred tax assets and liabilities, or retrospectively. The Company early adopted ASU 2015-17 effective December 31, 2015 on a prospective basis. No prior periods were retrospectively adjusted, and adoption had no impact on our results of operations.

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (ASU No. 222016-02). The new standard will replace all current U.S. GAAP guidance on this topic. The new guidance will require lessees to recognize a right-of-use asset and a lease liability for virtually all of their leases, with the exception of leases that meet the definition of a short-term lease. Lessor accounting will remain similar to the current model. The guidance is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted. The new guidance must be adopted using a modified retrospective transition and is not expected to have a material impact on the Company’s consolidated financial statements.

Consolidation Of Variable Interest Entities As A Non-Controlling Interest	12 Months Ended
	Dec. 31, 2015
Consolidation Of Variable Interest Entities As A Non-Controlling Interest [Abstract]
Consolidation Of Variable Interest Entities As A Non-Controlling Interest	(3)Consolidation of Variable Interest Entities as a Non-Controlling Interest The Company regularly performs a review of its container fund arrangements with investors to determine whether a fund is a variable interest entity (VIE) and whether the Company (a) has a variable interest that provides it with a controlling financial interest and (b) is the primary beneficiary of the VIE in accordance with ASC Topic 810, Consolidation. If the fund is determined to be a VIE, a further analysis is performed to determine if the Company is a primary beneficiary of the VIE and meets both of the following criteria under Paragraph 14A of ASC Topic 810: It has power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and It has the obligation to absorb losses of the entity that could be potentially significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. If in the Company’s judgment both of the above criteria are met, the VIE’s financial statements are included in the Company’s consolidated financial statements as required under ASC Topic 810, Consolidation. The equity attributable to the VIE is shown as a non-controlling interest on the Company’s consolidated balance sheet and the after tax result attributable to its operations is shown as a net income or loss attributable to non-controlling interest on the Company’s consolidated statement of income. The Company currently enters into two types of container fund arrangements with investors which are reviewed under ASC Topic 810, Consolidation. These arrangements include container funds that the Company manages for investors and container funds that have entered into financing arrangements with investors. Several of the funds that the Company manages, and all of the funds under financing arrangements, are Japanese container funds that were established by a related party under separate investment agreements allowed under Japanese commercial laws (see Note 14). Each of the funds is financed by unrelated Japanese third party investors. Managed Container Funds All container funds under management by the Company are considered VIEs because as manager of the funds, the Company has the power to direct the activities that most significantly impact the entity’s economic performance including the leasing and managing of containers owned by the funds. The fees earned for arranging, managing and establishing the funds are not significant to the expected returns of the funds so the Company does not have a variable interest in the funds. The rights to receive benefits and obligations to absorb losses that could potentially be significant to the funds belong to the third party investors, so the Company concluded that it is not the primary beneficiary of the funds. Consequently the Company has not consolidated the managed container funds. The Company recognizes gain on sale of containers to the unconsolidated VIEs as sales in the ordinary course of business. No container portfolios were sold to the Japanese VIEs in the years ended December 31, 2015, 2014 and 2013. Collateralized Financing Obligations As of December 31, 2015, the Company has transferred containers with a total net book value of $165.7 million at the time of transfer to Japanese investor funds while concurrently entering into lease agreements for the same containers, under which the Company leases the containers back from the Japanese investors. In accordance with ASC Topic 840, Sale-Leaseback Transactions, the Company concluded these were financing transactions under which sale-leaseback accounting was not applicable. The container funds under financing arrangements are considered VIEs under ASC Topic 810, Consolidation because, as lessee of the funds, the Company has the power to direct the activities that most significantly impact each entity’s economic performance including the leasing and managing of containers owned by the funds. The terms of the transactions include options for the Company to purchase the containers from the funds at a fixed price. As a result of the residual interest resulting from the fixed price call option, the Company concluded that it may absorb a significant amount of the variability associated with the funds’ anticipated economic performance and, as a result, the Company has a variable interest in the funds. As the Company has the power to direct the activities that most significantly impact the economic performance of the VIEs and the variable interest provides the Company with the right to receive benefits from the entity that could potentially be significant to the funds, the Company determined that it is the primary beneficiary of these VIEs and included the VIEs’ assets and liabilities as of December 31, 2015 and 2014, and the results of the VIEs’ operations and cash flows for the years ended December 31, 2015, 2014 and 2013 in the Company’s consolidated financial statements. The containers that were transferred to the Japanese investor funds had a net book value of $87.0 million as of December 31, 2015. The container equipment, together with $35.1 million of cash held by the investor funds, has been included on the Company’s consolidated balance sheet with the offsetting liability related to the funds presented in the debt section of the Company’s consolidated balance sheet as collateralized financing obligations of $112.3 million and term loan held by VIE of $7.6 million. See Note 9(e) and Note 9(f) for additional information. No gain or loss was recognized by the Company on the initial consolidation of the VIEs.

Acquisition Of ClearPointt Logistics LLC

12 Months Ended

Dec. 31, 2015

Acquisition Of ClearPointt Logistics LLC [Abstract]

Acquisition Of ClearPointt Logistics LLC

(4)Acquisition of ClearPointt Logistics LLC

On July 27, 2015, the Company purchased ClearPointt, a U.S.-based intermodal logistics company focused on the domestic intermodal market, for approximately $4.1 million. The Company is headquartered in Everett, Washington. ClearPointt has 22 employees and agents and over 280 customers.

The acquisition was recorded during the third quarter of 2015 using the purchase method of accounting as prescribed under ASC 805, Business Combinations. Accordingly, assets acquired and liabilities assumed were recorded at their fair value estimated by management as of July 27, 2015. The purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed as follows (in thousands):



Accounts receivable, net	$	2,683
Property and equipment, net		56
Goodwill		2,905
Intangible assets		1,188
Other assets		72
Total assets		6,904

Accounts payable		2,620
Other liabilities		184
Total liabilities		2,804

Purchase price	$	4,100

Adjustments to record the assets acquired and liabilities assumed at fair value include the recognition of $1.2 million of intangible assets as follows:

The Company’s results for the year ended December 31, 2015 include the results of ClearPointt for the period since the date of acquisition. Pro forma financial statements are not presented as they are not material to the Company’s overall financial statements.

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1497-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1490-128463

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7008-128479

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6927-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1500-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1524-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e7000-128479

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4922-128472

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
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-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4934-128472

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4926-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1383-128463

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35744584&loc=d3e6996-128479

+ Details

Rental Equipment

12 Months Ended

Dec. 31, 2015

Rental Equipment [Abstract]

Rental Equipment

(5)Rental Equipment

The following table provides a summary of the Company’s rental equipment (in thousands):


	December 31,		December 31,
	2015		2014
Dry containers	$	1,392,825	$	1,364,331
Refrigerated containers		308,374		254,788
Other specialized equipment		152,310		130,697
Railcars		244,512		89,294
		2,098,021		1,839,110
Accumulated depreciation		(349,810)		(274,333)
Rental equipment, net of accumulated depreciation	$	1,748,211	$	1,564,777

Net Investment In Direct Finance Leases

12 Months Ended

Dec. 31, 2015

Net Investment In Direct Finance Leases [Abstract]

Net Investment In Direct Finance Leases

(6)Net Investment in Direct Finance Leases

The following table represents the components of the Company’s net investment in direct finance leases (in thousands):



	December 31,		December 31,
	2015		2014
Gross finance lease receivables (1)	$	124,747	$	116,992
Unearned income (2)		(21,379)		(22,028)
Net investment in direct finance leases	$	103,368	$	94,964

(1)At the inception of the lease, the Company records the total minimum lease payments, executory costs, if any, and unguaranteed residual value as gross finance lease receivables. The gross finance lease receivables are reduced as customer payments are received. There was no unguaranteed residual value at December 31, 2015 and 2014 included in gross finance lease receivables. There were no executory costs included in gross finance lease receivables as of December 31, 2015 and 2014.

(2)The difference between the gross finance lease receivables and the cost of the equipment or carrying amount at the lease inception is recorded as unearned income. Unearned income, together with initial direct costs, are amortized to income over the lease term so as to produce a constant periodic rate of return. There were no unamortized initial direct costs as of December 31, 2015 and 2014.

In order to estimate the allowance for losses contained in the gross finance lease receivables, the Company reviews the credit worthiness of its customers on an ongoing basis. The review includes monitoring credit quality indicators, the aging of customer receivables and general economic conditions.

The categories of gross finance lease receivables based on the Company's internal customer credit ratings can be described as follows:

Tier 1— These customers are typically large international shipping lines that have been in business for many years and have world-class operating capabilities and significant financial resources. In most cases, the Company has had a long commercial relationship with these customers and currently maintains regular communication with them at several levels of management, which provides the Company with insight into the customer's current operating and financial performance. In the Company's view, these customers have the greatest ability to withstand cyclical down turns and would likely have greater access to needed capital than lower-rated customers. The Company views the risk of default for Tier 1 customers to range from minimal to moderate.

Tier 2— These customers are typically either smaller shipping lines or freight forwarders with less operating scale or with a high degree of financial leverage, and accordingly the Company views these customers as subject to higher volatility in financial performance over the business cycle. The Company generally expects these customers to have less access to capital markets or other sources of financing during cyclical down turns. The Company views the risk of default for Tier 2 customers as moderate.

Tier 3— Customers in this category exhibit volatility in payments on a regular basis.

Based on the above categories, the Company's gross finance lease receivables were as follows (in thousands):



	December 31,		December 31,
	2015		2014
Tier 1	$	86,981	$	89,960
Tier 2		37,766		27,032
Tier 3		-		-
	$	124,747	$	116,992

Contractual maturities of the Company’s gross finance lease receivables subsequent to December 31, 2015 are as follows (in thousands):



2016	$	29,145
2017		35,487
2018		26,840
2019		16,145
2020		7,237
2021 and thereafter		9,893
	$	124,747

Intangible Assets

12 Months Ended

Dec. 31, 2015

Intangible Assets [Abstract]

Intangible Assets

(7)Intangible Assets

The Company’s intangible assets as of December 31, 2015 and 2014 were as follows (in thousands):



	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
December 31, 2015
Trademarks and tradename	$	1,840	$	(1,218)	$	622
Contracts- owned equipment		3,644		(3,644)		-
Customer relationships		620		(19)		601
	$	6,104	$	(4,881)	$	1,223
December 31, 2014
Trademarks and tradename	$	1,278	$	(1,084)	$	194
Contracts- owned equipment		3,812		(3,733)		79
	$	5,090	$	(4,817)	$	273

Amortization recorded for the years ended December 31, 2015, 2014 and 2013 was $0.2 million, $0.4 million and $0.8 million, respectively, and was included in administrative expenses in the consolidated statements of income. Estimated future amortization expenses are as follows (in thousands):



2016	$	274
2017		191
2018		191
2019		191
2020		162
2021 and thereafter		214
	$	1,223

Equipment Leases

12 Months Ended

Dec. 31, 2015

Equipment Leases [Abstract]

Equipment Leases

(8)Equipment Leases

The Company leases its equipment on either short-term operating leases through master lease agreements, long-term non-cancelable operating leases, or finance leases. The following represents future minimum rents receivable under long-term non-cancelable operating leases as of December 31, 2015 (in thousands):



2016	$	146,802
2017		117,091
2018		92,992
2019		55,433
2020		32,300
2021 and thereafter		46,839
	$	491,457

See Note 6 for contractual maturities of the Company’s gross finance lease receivables.

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References + Details

Debt And Capital Lease Obligations

12 Months Ended

Dec. 31, 2015

Debt And Capital Lease Obligations [Abstract]

Debt And Capital Lease Obligations

(9)Debt and Capital Lease Obligations

Debt

Details of the Company’s debt as of December 31, 2015 and 2014 were as follows (dollars in thousands):



		December 31, 2015					December 31, 2014
		Outstanding				Average	Outstanding				Average	Agreement
Reference		Current		Long-term		Interest	Current		Long-term		Interest	Terminates
(a)(i)	Revolving credit facility	$	8,500	$	488,000	1.8%	$	-	$	289,000	1.9%	March 2020
(a)(ii)	Revolving credit facility - Rail		34,500		126,000	1.9%		-		61,769	1.9%	October 2020
(b)(i)	Term loan		1,800		23,700	2.3%		1,800		25,500	2.2%	April 2018
(b)(ii)	Term loan		9,000		129,750	2.2%		9,000		138,750	1.8%	October 2019
(b)(iii)	Term loan		9,940		99,440	1.9%		9,940		109,380	1.9%	April 2017
(b)(iv)	Term loan		1,119		18,881	3.4%		-		-	-	December 2020
(c)	Senior secured notes		7,175		71,105	4.9%		8,240		78,280	4.9%	September 2022
(d)	Asset backed notes		40,000		242,875	3.4%		40,000		282,875	3.4%	March 2028
(e)	Collateralized financing obligations		58,553		53,697	0.7%		57,390		65,184	0.8%	June 2019
(f)	Term loans held by VIE		1,829		5,748	2.6%		1,829		8,016	2.6%	June 2019
(g)	Short-term line of credit		-		-	-		75,000		-	1.5%	May 2016
	Total Debt	$	172,416	$	1,259,196		$	203,199	$	1,058,754

(a)Revolving Credit Facilities

Revolving credit facilities consist of the following:

(i) On March 15, 2013, the Company entered into a Third Amended and Restated Revolving Credit Agreement, as amended, with a consortium of banks to finance the acquisition of container rental equipment and for general working capital purposes. On January 30, 2015, the Company entered into an amendment to the Third Amended and Restated Revolving Credit Agreement, pursuant to which the revolving credit facility was amended to extend the maturity date to March 15, 2020, reduce the interest rate, increase the commitment level from $760.0 million to $775.0 million, and revise certain of the covenants and restrictions to provide the Company with additional flexibility.

As of December 31, 2015, the maximum commitment under the revolving credit facility was $775.0 million. The revolving credit facility may be increased up to a maximum of $960.0 million, in accordance with the terms of the agreement, so long as no default of event of default exists either before or immediately after giving effect to the increase. There is a commitment fee on the unused amount of the total commitment, payable quarterly in arrears. The revolving credit facility provides that swing line loans (short-term borrowings of up to $10.0 million in the aggregate that are payable within 10 business days or at maturity date, whichever comes earlier) and standby letters of credit (up to $15.0 million in the aggregate) will be available to the Company. These credit commitments are part of, and not in addition to, the total commitment provided under the revolving credit facility. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans, and Base Rate for Based Rate loans. In addition to various financial and other covenants, the Company’s revolving credit facility also includes certain restrictions on the Company’s ability to incur other indebtedness or pay dividends to stockholders. As of December 31, 2015, the Company was in compliance with the terms of the revolving credit facility.

As of December 31, 2015, the Company had $278.4 million in availability under the revolving credit facility (net of $0.1 million in letters of credit) subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at December 31, 2015, the borrowing availability under the revolving credit facility was $93.1 million, assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default.

The Company’s revolving credit facility, including any amounts drawn on the facility, is secured by substantially all of the assets of the Company (not otherwise used as security for its other credit facilities) including containers owned by the Company, which had a net book value of $717.0 million as of December 31, 2015, the underlying leases and the Company’s interest in any money received under such contracts.

(ii) On October 22, 2015, the Company and CAI Rail Inc. (CAI Rail), a wholly-owned subsidiary of the Company, entered into the Second Amended and Restated Revolving Credit Agreement with a consortium of banks, pursuant to which the prior revolving credit facility was amended to extend the maturity date to October 22, 2020, reduce the interest rate, increase the commitment level from $250.0 million to $500.0 million, which may be increased up to a maximum of $700.0 million subject to certain conditions, and revise certain of the covenants and restrictions under the prior facility to provide the Company with additional flexibility. As of December 31, 2015, the maximum credit commitment under the revolving line of credit was $500.0 million.

Borrowings under this revolving credit facility bear interest at a variable rate. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the revolving credit agreement. Interest rates are based on LIBOR for Eurodollar loans, and Base Rate for Base Rate loans.

As of December 31, 2015, CAI Rail had $339.5 million in availability under the revolving credit facility, subject to its ability to meet the collateral requirements under the agreement governing the facility. Based on the borrowing base and collateral requirements at December 31, 2015, the borrowing availability under the revolving credit facility was $6.8 million, assuming no additional contribution of assets. The entire amount of the facility drawn at any time plus accrued interest and fees is callable on demand in the event of certain specified events of default.

The agreement governing CAI Rail’s revolving credit facility contains various financial and other covenants. As of December 31, 2015, CAI Rail was in compliance with the terms of the revolving credit facility. CAI Rail’s revolving credit facility, including any amounts drawn on the facility, is secured by all of the assets of CAI Rail, which had a net book value of $209.1 million as of December 31, 2015, and is guaranteed by the Company.

(b)Term Loans

Term loans consist of the following:

(i) On March 22, 2013, the Company entered into a $30.0 million five-year term loan agreement with Development Bank of Japan (DBJ). The loan is payable in 19 quarterly installments of $0.5 million starting July 31, 2013 and a final payment of $21.5 million on April 30, 2018. The loan bears interest at variable rates based on LIBOR. As of December 31, 2015, the loan had a balance of $25.5 million.

The following are the estimated future principal and interest payments under these loans as of December 31, 2015 (in thousands). The payments were calculated assuming the interest rate remains 2.3% through maturity of the loan.



2016	$	2,386
2017		2,342
2018		22,153
		26,881
Less: Amount representing interest		(1,381)
Term loan	$	25,500

(ii) On December 20, 2010, the Company entered into a term loan agreement with a consortium of banks. Under this loan agreement, the Company was eligible to borrow up to $300.0 million, subject to certain borrowing conditions, which amount is secured by certain assets of the Company’s wholly-owned foreign subsidiaries. The loan agreement is an amortizing facility with a term of six years. The interest rates vary depending upon whether the loans are characterized as Base Rate loans or Eurodollar rate loans, as defined in the term loan agreement. The loan bears a variable interest rate based on LIBOR for Eurodollar loans, and Base Rate for Base Rate loans.

On March 28, 2013, the term loan was amended which reduced the principal balance of the loan from $249.4 million to $125.0 million through payment of $124.4 million from the proceeds of the $229.0 million fixed-rate asset-backed notes issu

Estimated Life

Customer relationships