Segment and Geographic Information Segment Information The Company operates its business in one industry, intermodal transportation equipment, and has two operating segments which also represent its reporting segments:  Equipment leasing - the Company owns, leases and ultimately disposes of containers and chassis from its lease fleet.  Equipment trading - the Company purchases containers from shipping line customers, and other sellers of containers, and resells these containers to container retailers and users of containers for storage or one-way shipment. Included in the equipment trading segment revenues are leasing revenues from equipment purchased for resale that is currently on lease until the containers are dropped off. These operating segments were determined based on the chief operating decision maker's review and resource allocation of the products and services offered. The following tables summarizes our segment information and the consolidated totals reported (in thousands): Three Months Ended September 30, 2020 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Total leasing revenues $ 325,279 $ 2,478 $ 327,757 $ 336,088 $ 580 $ 336,668 Trading margin  3,869 3,869  4,150 4,150 Net gain on sale of leasing equipment 10,737  10,737 6,196  6,196 Depreciation and amortization expense 136,058 190 136,248 133,194 173 133,367 Interest and debt expense 62,138 638 62,776 77,058 343 77,401 Realized (gain) loss on derivative instruments, net    (536) (3) (539) Income (loss) before income taxes (1) 91,986 4,642 96,628 94,394 3,428 97,822 Purchases of leasing equipment and investments in finance leases (2) $ 134,637 $  $ 134,637 $ 10,532 $  $ 10,532 Nine Months Ended September 30, 2020 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Total leasing revenues $ 965,936 $ 4,686 $ 970,622 $ 1,014,055 $ 2,038 $ 1,016,093 Trading margin  7,822 7,822  12,233 12,233 Net gain on sale of leasing equipment 19,351  19,351 22,184  22,184 Depreciation and amortization expense 401,692 543 402,235 402,797 527 403,324 Interest and debt expense 197,320 1,332 198,652 242,115 1,066 243,181 Realized (gain) loss on derivative instruments, net (223) (1) (224) (1,905) (7) (1,912) Income (loss) before income taxes (1) 248,346 8,468 256,814 285,154 10,278 295,432 Purchases of leasing equipment and investments in finance leases (2) $ 354,425 $  $ 354,425 $ 160,518 $  $ 160,518 (1) Segment income before income taxes excludes unrealized gains or losses on derivative instruments and debt termination expense. The Company recorded an unrealized loss on derivative instruments of $0.3 million for the nine months ended September 30, 2020, and an unrealized loss on derivative instruments of $0.5 million and $2.8 million for the three and nine months ended September 30, 2019, respectively. The Company recorded debt termination expense of $24.3 million and $24.4 million for the three and nine months ended September 30, 2020 and $1.9 million and $2.4 million for the three and nine months ended September 30, 2019, respectively. (2) Represents cash disbursements for purchases of leasing equipment and investments in finance lease as reflected in the consolidated statements of cash flows for the periods indicated, but excludes cash flows associated with the purchase of equipment held for resale. September 30, 2020 December 31, 2019 Equipment Leasing Equipment Trading Totals Equipment Leasing Equipment Trading Totals Equipment held for sale $ 75,266 $ 29,657 $ 104,923 $ 89,755 $ 24,749 $ 114,504 Goodwill 220,864 15,801 236,665 220,864 15,801 236,665 Total assets $ 9,516,904 $ 107,771 $ 9,624,675 $ 9,596,263 $ 46,370 $ 9,642,633 There are no intercompany revenues or expenses between segments. Certain administrative expenses have been allocated between segments based on an estimate of services provided to each segment. A portion of the Company's equipment purchased for resale may be leased for a period of time and is reflected as leasing equipment as opposed to equipment held for sale and the cash flows associated with these transactions are reflected as purchases of leasing equipment and proceeds from the sale of equipment in investing activities in the Company's consolidated statements of cash flows. Geographic Segment Information The Company generates the majority of its leasing revenues from international containers which are deployed by its customers in a wide variety of global trade routes. The majority of the Company's leasing related revenue is denominated in U.S. dollars. The following table summarizes the geographic allocation of equipment leasing revenues for the three and nine months ended September 30, 2020 and 2019 based on customers' primary domicile (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total equipment leasing revenues: Asia $ 115,084 $ 133,787 $ 353,464 $ 405,592 Europe 175,629 164,197 503,106 490,190 Americas 25,055 28,701 81,668 90,391 Bermuda 450 515 1,331 1,732 Other International 11,539 9,468 31,053 28,188 Total $ 327,757 $ 336,668 $ 970,622 $ 1,016,093 Since the majority of the Company's containers are used internationally, where no one container is domiciled in one particular place for a prolonged period of time, all of the Company's long-lived assets are considered to be international. The following table summarizes the geographic allocation of equipment trading revenues for the three and nine months ended September 30, 2020 and 2019 based on the location of the sale (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Total equipment trading revenues: Asia $ 7,546 $ 4,814 $ 12,232 $ 11,799 Europe 6,329 9,756 16,542 22,187 Americas 8,316 8,827 21,755 24,880 Bermuda     Other International 3,903 2,399 7,848 7,967 Total $ 26,094 $ 25,796 $ 58,377 $ 66,833