Company: TRTN-PA
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001660734-25-000004
Chunk: 114

Company: Triton International Ltd
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 114
---
 inputs and is based predominantly on recent sales prices. An impairment charge is recorded when the carrying value of the asset exceeds its fair value less cost to sell.

F-17

TRITON INTERNATIONAL LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The following table summarizes the components of Net gain (loss) on sale of leasing equipment on the Consolidated Statements of Operations (in thousands):

                                                              Year Ended December 31,                                                                
                                                              2024                                        2023                    2022               
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Impairment (loss) reversal on equipment held for sale       $                             ( 4,337)      $         ( 7,144)      $          ( 887)  
  Gain (loss) on sale of equipment, net of selling costs                                      74,114                  65,759                116,552  
  Up-front (loss) on finance lease                                                         ( 57,408)      —                       —                  
  Net gain (loss) on sale of leasing equipment                $                               12,369      $           58,615      $         115,665  

During 2024, the Company entered into a finance lease transaction which included certain containers purchased during the COVID-19 pandemic with carrying values that were higher than current market values, resulting in an up-front loss of $ 57.4

Note 5 - Intangible Assets

Intangible assets consist of lease intangibles for leases acquired with lease rates above market in a business combination. As of December 31, 2024, the Company's intangible assets were fully amortized.

Amortization expense related to intangible assets was $ 2.0 4.7 10.5

Note 6 - Restricted Cash

The components of restricted cash were as follows for the periods ended (in thousands):

                             December 31, 2024                   December 31, 2023              
 ────────────────────────────────────────────────────────────────────────────────────────────────
  Collection accounts        $                       43,187      $                      29,447  
  Trust accounts                                     18,700                             18,932  
  Other restricted cash                              49,602                             43,071  
  Total restricted cash      $                      111,489      $                      91,450  

Collection accounts

The Company maintains bank accounts for collections related to its containers that