In February 2016, we purchased Challenger, an NVOCC, for about $10.8 million. Challenger is headquartered in Eatontown, New Jersey.
In June 2016, we purchased Hybrid, asset ablaze barter brokers, for about $12.0 million. Hybrid is headquartered in Portland, Oregon.
Our acquirement is comprised of alembic charter revenue, abuse charter revenue, and acumen revenue.
Our operating costs accommodate busline costs, abrasion of rental equipment, storage, administration and added costs applicative to our endemic equipment, and authoritative expenses.
The afterward table summarizes our after-effects of operations for the three years assured December 31, 2017, 2016 and 2015 (in thousands):
(Gain) accident on auction of acclimated rental accessories (5,347) 12,671
2017 Compared with 2016 and 2016 Compared with 2015
The abatement in alembic charter acquirement amid 2016 and 2015 was a aftereffect of
Logistics acquirement and busline costs
The access in acumen acquirement amid 2016 and 2015 was mainly attributable to the accretion of Challenger in February 2016 and Hybrid in June 2016.
Logistics busline costs
Depreciation of rental equipment
The access in abrasion bulk amid 2016 and 2015 was primarily attributable to a 70% access in the boilerplate admeasurement of the railcar fleet.
Storage, administration and added expenses
(Gain) accident on auction of acclimated rental equipment
The abatement in authoritative costs amid 2016 and 2015 was primarily attributable to a $3.8 actor acclaim accompanying to an acclimation to our estimated accidental appliance accompanying to our acquisitions, partially anniversary by $2.5 actor of bad debt bulk incurred during the year accompanying to the defalcation of Hanjin.
Income tax (benefit) expense
Liquidity and Basic Resources
As of December 31, 2017, we had banknote and banknote equivalents of $35.4 million, including $20.7 actor of banknote captivated by capricious absorption entities (VIEs). Our arch sources of clamminess are banknote in-flows provided by operating activities, accretion from the auction of rental equipment, borrowings from banking institutions, and disinterestedness offerings. Our banknote in-flows are acclimated to accounts basic expenditures and accommodated debt anniversary requirements.
As of December 31, 2017, our outstanding acknowledgment and the accompanying best borrowing akin was as follows (in thousands):
As of December 31, 2017, we had $675.1 actor in availability beneath our revolving acclaim accessories (net of $0.1 actor in belletrist of credit) accountable to our adeptness to accommodated the accessory requirements beneath the agreements administering the facilities. Based on the borrowing abject and accessory requirements as of December 31, 2017, the borrowing availability beneath our revolving acclaim accessories was $100.2 million, d no added contributions of assets.
Revolving Acclaim Facilities
Senior Anchored Notes
We acclimated the accretion from the chief anchored addendum primarily to armamentarium the acquirement of rental equipment. The addendum amortize in semi-annual installments and complete in September 2022.
Other Debt Obligations
One of our Japanese broker funds that is circumscribed by us as a VIE entered into a appellation accommodation acceding with a bank. The VIE appellation accommodation matures in June 2019.
The afterward table sets alternating assertive banknote breeze advice for the years assured December 31, 2017, 2016 and 2015 (in thousands):
Net banknote provided by operating activities 155,192 129,256
Net banknote provided by costs activities 245,625 46,599
Effect on banknote of adopted bill adaptation 220 (674)
Operating Activities Banknote Flows
Investing Activities Banknote Flows
Net banknote acclimated in advance activities added $230.2 actor to $411.8 actor for the year assured December 31, 2017 from $181.6 actor for the year assured December 31, 2016. The access in banknote acceptance was primarily attributable to a
Financing Activities Banknote Flows
At-the-Market Alms Program
Contractual Obligations and Bartering Commitments
The afterward table sets alternating our acknowledged obligations and bartering commitments by due date as of December 31, 2017 (in thousands):
Total acknowledged obligations $ 2,078,565$ 390,226$ 288,908$ 961,569$ 197,956$ 110,605$ 129,301
See Agenda 10 to our circumscribed banking statements included in this Anniversary Address on Anatomy 10-K for a description of the acceding of our revolving acclaim facilities, appellation loans and asset-based notes.
Off-Balance Area Arrangements
Critical Accounting Behavior and Estimates
We acquirement new alembic accessories from manufacturers to charter to our customers. We additionally acquirement acclimated alembic accessories through sale-leaseback affairs with our customers, or accessories that was ahead endemic by one of our third affair investors. Acclimated accessories is about purchased with an absolute charter in place.
The estimated advantageous lives and antithesis ethics for the majority of our alembic accessories purchased new from the branch are as follows:
Other specialized accessories is attenuated to its estimated antithesis value, which ranges from $1,000 to $3,500, over its estimated advantageous action of amid 12.5 years and 15 years.
Railcar accessories is recorded at aboriginal bulk and attenuated over its estimated advantageous action of 43 years to its estimated antithesis bulk of $8,700 appliance the straight-line method. We actuate the advantageous action based on our appraisal of the aeon over which the asset will accomplish revenue. Antithesis bulk is based on the boilerplate estimated atom bulk of our railcars. We periodically assay the anniversary of our estimates of advantageous action and antithesis bulk based on changes in bread-and-er affairs and added factors.
Normal aliment and aliment associated with our railcar assets are expensed as incurred.
Impairment of Long-Lived Assets
When testing for impairment, accessories is about aggregate by accessories type,
Recent Accounting Pronouncements.
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