Cover Page
Cover Page - shares | 9 Months Ended | |
Nov. 30, 2020 | Jan. 08, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Nov. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-32959 | |
Entity Registrant Name | AIRCASTLE LIMITED | |
Entity Incorporation, State or Country Code | D0 | |
Entity Tax Identification Number | 98-0444035 | |
Entity Address, Address Line One | c/o Aircastle Advisor LLC | |
Entity Address, Address Line Two | 201 Tresser Boulevard, Suite 400 | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
City Area Code | 203 | |
Local Phone Number | 504-1020 | |
Title of 12(b) Security | Common Shares, par value $0.01 per share | |
Trading Symbol | N/A | |
Security Exchange Name | NONE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,048 | |
Entity Central Index Key | 0001362988 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --02-28 | |
Entity Address, Postal Zip Code | 06901 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Feb. 29, 2020 |
ASSETS | |||
Cash and cash equivalents | $ 416,621 | $ 514,917 | $ 166,083 |
Restricted cash and cash equivalents | 5,341 | 5,353 | 5,354 |
Accounts receivable | 85,141 | 68,584 | 27,269 |
Flight equipment held for lease, net of accumulated depreciation of $1,939,501, $1,870,242 and $1,542,938, respectively | 6,666,574 | 6,804,232 | 7,142,987 |
Net investment in leases, net of allowance for credit losses of $3,714, $2,972 and $6,558, respectively | 312,038 | 317,064 | 426,252 |
Unconsolidated equity method investments | 35,448 | 34,876 | 33,470 |
Other assets | 271,237 | 247,472 | 206,617 |
Total assets | 7,792,400 | 7,992,498 | 8,008,032 |
LIABILITIES | |||
Borrowings from secured financings, net of debt issuance costs and discounts | 937,603 | 962,659 | 1,012,518 |
Borrowings from unsecured financings, net of debt issuance costs and discounts | 4,130,141 | 4,277,766 | 3,884,235 |
Accounts payable, accrued expenses and other liabilities | 191,437 | 182,609 | 207,114 |
Lease rentals received in advance | 55,480 | 68,341 | 107,944 |
Security deposits | 82,706 | 90,102 | 109,663 |
Maintenance payments | 568,135 | 586,835 | 650,369 |
Total liabilities | 5,965,502 | 6,168,312 | 5,971,843 |
Commitments and Contingencies | |||
SHAREHOLDERS’ EQUITY | |||
Common shares, $0.01 par value, 250,000,000 shares authorized, 14,048 shares issued and outstanding at November 30 and August 31, 2020; and 75,076,794 shares issued and outstanding at February 29, 2020 | 0 | 0 | 751 |
Additional paid-in capital | 1,485,777 | 1,485,777 | 1,456,977 |
Retained earnings | 341,121 | 338,409 | 578,461 |
Total shareholders’ equity | 1,826,898 | 1,824,186 | 2,036,189 |
Total liabilities and shareholders’ equity | $ 7,792,400 | $ 7,992,498 | $ 8,008,032 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Feb. 29, 2020 |
Accumulated depreciation on flight equipment held for lease | $ 1,939,501 | $ 1,870,242 | $ 1,542,938 |
Financing Receivable, Allowance for Credit Loss, Current | $ 3,714 | $ 2,972 | $ 6,558 |
Common shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common shares, shares issued | 14,048 | 14,048 | 75,122,129 |
Common shares, shares outstanding | 14,048 | 14,048 | 75,122,129 |
Preference shares, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Preference shares, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Revenues: | ||||||
Lease rental revenue | $ 93,891 | $ 136,156 | $ 139,493 | $ 199,847 | $ 473,566 | $ 588,141 |
Direct financing and sales-type lease revenue | 3,208 | 5,543 | 4,839 | 7,760 | 14,903 | 24,407 |
Amortization of lease premiums, discounts and incentives | (3,544) | (3,835) | (5,384) | (5,819) | (17,360) | (17,077) |
Total lease revenue | 112,713 | 137,220 | 163,791 | 217,148 | 592,617 | 651,278 |
Gain (loss) on sale of flight equipment | (185) | 4,448 | 12,951 | 26,512 | 24,181 | 39,134 |
Total revenues | 113,547 | 143,944 | 180,911 | 248,875 | 634,760 | 699,782 |
Operating expenses: | ||||||
Depreciation | 57,993 | 60,703 | 86,845 | 90,737 | 262,806 | 269,689 |
Interest, net | 37,355 | 44,071 | 59,945 | 63,204 | 173,996 | 194,952 |
Selling, general and administrative (including non-cash share-based payment expense of $0 and $2,283 for the two months ended August 31, 2020 and 2019, $0 and $3,209 for the three months ended November 30, 2020 and 2019, and $28,049 and $9,793 for the nine months ended November 30, 2020 and 2019, respectively) | 8,249 | 11,999 | 15,145 | 18,389 | 76,152 | 55,060 |
Impairment of flight equipment | 9,596 | 0 | 9,867 | 0 | 299,551 | 7,404 |
Maintenance and other costs | 2,544 | 2,911 | 4,207 | 6,696 | 14,044 | 18,744 |
Total operating expenses | 115,737 | 119,684 | 176,009 | 179,026 | 826,549 | 545,849 |
Gain (Loss) on Extinguishment of Debt | 0 | (7,577) | (43) | 0 | (108) | (7,577) |
Merger Expenses | 67 | 0 | (450) | (3,044) | (32,492) | (3,044) |
Other expense: | ||||||
Other | (173) | (193) | 0 | (198) | (191) | (3,987) |
Nonoperating Income (Expense) | (106) | (7,770) | (493) | (3,242) | (32,791) | (14,608) |
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investments | (2,296) | 16,490 | 4,409 | 66,607 | (224,580) | 139,325 |
Income tax provision | 9,325 | 1,283 | 2,269 | 7,659 | 14,738 | 17,280 |
Earnings of unconsolidated equity method investments, net of tax | 426 | 1,160 | 572 | 601 | 1,978 | 2,281 |
Net income (loss) | (11,195) | 16,367 | 2,712 | 59,549 | (237,340) | 124,326 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | (11,195) | 16,367 | 2,712 | 59,549 | (237,340) | 124,326 |
Maintenance revenue | ||||||
Revenues: | ||||||
Revenues from contracts with customers | 19,158 | (644) | 24,843 | 15,360 | 121,508 | 55,807 |
Other revenue | ||||||
Revenues: | ||||||
Revenues from contracts with customers | $ 1,019 | $ 2,276 | $ 4,169 | $ 5,215 | $ 17,962 | $ 9,370 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Income Statement [Abstract] | ||||||
Non-cash share based payment expense | $ 0 | $ 2,283 | $ 0 | $ 3,209 | $ 28,049 | $ 9,793 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 9 Months Ended | |
Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ (237,340) | $ 124,326 |
Adjustments to reconcile net income (loss) to net cash and restricted cash provided by operating activities: | ||
Depreciation | 262,806 | 269,689 |
Amortization of deferred financing costs | 10,642 | 11,105 |
Amortization of lease premiums, discounts and incentives | 17,360 | 17,077 |
Deferred income taxes | 12,109 | 10,512 |
Non-cash share-based payment expense | 28,049 | 9,793 |
Proceeds from Collection of Finance Receivables | 12,953 | 19,081 |
Security deposits and maintenance payments included in earnings | (107,732) | (40,496) |
Gain on sale of flight equipment | (24,181) | (39,134) |
Gain (Loss) on Extinguishment of Debt | (108) | (7,577) |
Impairment of flight equipment | 299,551 | 7,404 |
Provision for Loan and Lease Losses | 5,255 | 0 |
Other | (1,991) | 219 |
Changes in certain assets and liabilities: | ||
Accounts receivable | (55,946) | (6,516) |
Other assets | (40,780) | 6,689 |
Accounts payable, accrued expenses and other liabilities | (1,875) | (2,951) |
Lease rentals received in advance | (54,608) | 16,604 |
Net cash and restricted cash provided by operating activities | 124,380 | 410,979 |
Cash flows from investing activities: | ||
Acquisition and improvement of flight equipment | (134,263) | (953,170) |
Proceeds from sale of flight equipment | 113,588 | 345,318 |
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits | (4,083) | (13,093) |
Other | (594) | 3,572 |
Net cash and restricted cash used in investing activities | (25,352) | (629,054) |
Cash flows from financing activities: | ||
Repurchase of shares | (25,536) | (9,873) |
Proceeds from Contributions from Parent | 25,536 | 0 |
Proceeds from secured and unsecured debt financings | 1,193,871 | 2,141,848 |
Repayments of secured and unsecured debt financings | (1,027,164) | (1,814,686) |
Payment for Debt Extinguishment or Debt Prepayment Cost | 108 | 7,183 |
Deferred financing costs | (6,358) | (13,343) |
Security deposits and maintenance payments received | 63,443 | 149,195 |
Security deposits and maintenance payments returned | (48,162) | (81,351) |
Dividends paid | (24,025) | (67,453) |
Net cash and restricted cash provided by financing activities | 151,497 | 297,154 |
Net increase in cash and restricted cash: | 250,525 | 79,079 |
Cash and restricted cash at beginning of period | 171,437 | 133,299 |
Cash and restricted cash at end of period | 421,962 | 212,378 |
Unrestricted and restricted cash and cash equivalents | 421,962 | 212,378 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 176,284 | 204,951 |
Cash paid for income taxes | 1,244 | 995 |
Supplemental disclosures of non-cash investing activities: | ||
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions | 29,869 | 28,862 |
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment | 45,443 | 62,751 |
Transfers from flight equipment held for lease to Net investment in leases and Other assets | 6,584 | 62,129 |
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 0 | $ 11,681 |
Consolidated Statements of Shar
Consolidated Statements of Shareholder's Equity Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Common Stock, Shares, Outstanding | 75,066,346 | |||
Stockholders' Equity Attributable to Parent | $ 1,993,867 | $ 751 | $ 1,458,783 | $ 534,333 |
Stock Issued During Period, Shares, New Issues | 56,043 | |||
Stock Issued During Period, Value, New Issues | 0 | $ 0 | 0 | |
Stock Repurchased During Period, Shares | (139,275) | |||
Stock Repurchased During Period, Value | (2,864) | $ (1) | (2,863) | |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 3,818 | 3,818 | ||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 796 | |||
Dividends, Common Stock, Cash | (22,543) | (22,543) | ||
Net income (loss) | 48,410 | 48,410 | ||
Proceeds from Contributions from Parent | 0 | |||
Net income (loss) | 124,326 | |||
Common Stock, Shares, Outstanding | 74,983,114 | |||
Stockholders' Equity Attributable to Parent | 2,021,484 | $ 750 | 1,460,534 | 560,200 |
Stock Repurchased During Period, Shares | (347,784) | |||
Stock Repurchased During Period, Value | (7,009) | $ (4) | (7,005) | |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 2,100 | 2,100 | ||
Dividends, Common Stock, Cash | (22,485) | (22,485) | ||
Net income (loss) | 16,367 | 16,367 | ||
Common Stock, Shares, Outstanding | 74,635,330 | |||
Stockholders' Equity Attributable to Parent | 2,010,457 | $ 746 | 1,455,629 | 554,082 |
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 2,821 | 2,821 | ||
Dividends, Common Stock, Cash | (23,789) | (23,789) | ||
Net income (loss) | 59,549 | 59,549 | ||
Common Stock, Shares, Outstanding | 74,635,330 | |||
Stockholders' Equity Attributable to Parent | $ 2,049,038 | $ 746 | 1,458,450 | 589,842 |
Common Stock, Shares, Outstanding | 75,122,129 | 75,076,794 | ||
Stockholders' Equity Attributable to Parent | $ 2,036,189 | $ 751 | 1,456,977 | 578,461 |
Proceeds from Contributions from Parent | 25,536 | 25,536 | ||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | 28,049 | 28,049 | ||
Net income (loss) | (228,857) | (228,857) | ||
Proceeds from Contributions from Parent | 25,536 | |||
Net income (loss) | (237,340) | |||
Common Stock, Shares, Outstanding | 14,048 | |||
Stockholders' Equity Attributable to Parent | 1,835,381 | $ 0 | 1,485,777 | 349,604 |
Net income (loss) | $ (11,195) | (11,195) | ||
Common Stock, Shares, Outstanding | 14,048 | 14,048 | ||
Stockholders' Equity Attributable to Parent | $ 1,824,186 | $ 0 | 1,485,777 | 338,409 |
Net income (loss) | $ 2,712 | 2,712 | ||
Common Stock, Shares, Outstanding | 14,048 | 14,048 | ||
Stockholders' Equity Attributable to Parent | $ 1,826,898 | $ 0 | $ 1,485,777 | $ 341,121 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Organization and Basis of Presentation Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda exempted company that was incorporated on October 29, 2004 under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business is acquiring, leasing, managing and selling commercial jet aircraft. On March 27, 2020, the Company successfully completed its merger (the “Merger”) and is now controlled by affiliates of Marubeni Corporation and Mizuho Leasing Company, Limited (“Mizuho Leasing”). As previously disclosed, on September 30, 2020, the Company’s Board of Directors unanimously agreed to change the Company’s fiscal year end to the twelve-month period ending on the last day in February. This change better aligns the Company’s financial reporting period with the financial reporting cycle of its shareholders, Marubeni Corporation and Mizuho Leasing. Aircastle is a holding company that conducts its business through subsidiaries. Aircastle directly or indirectly owns all outstanding common shares of its subsidiaries. The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company manages, analyzes and reports on its business and results of operations based on one operating segment: leasing, financing, selling and managing commercial flight equipment. Our Chief Executive Officer is the chief operating decision maker. The accompanying consolidated financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, in our opinion, reflect all adjustments, including normal recurring items, which are necessary to present fairly the results for interim periods. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. However, we believe that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, as amended, and the Company’s Transition Report on Form 10-Q for the two months ended February 29, 2020. Effective January 1, 2020, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 326, Financial Instruments - Credit Losses (“ASC 326”). The standard applies to entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The standard affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and other financial assets not excluded from the scope that have the contractual right to receive cash. Net investment in leases comprised the Company’s financial asset principally affected by the standard. Operating lease receivables are not within the scope of ASC 326. Upon the Company’s adoption of ASC 326, our net investment in leases was recorded in the consolidated financial statements net of an allowance for credit losses. This allowance for credit losses reflects the Company’s estimate of lessee default probabilities and loss given default percentages. The estimate of expected credit losses considers relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of reported amounts. Our allowance also considers the potential loss due to non-credit risk related to unguaranteed residual values. We adopted the standard using the “modified retrospective” approach with a January 1, 2020 adjustment to retained earnings. The adoption of the standard did not have a material impact on our consolidated financial statements or related disclosures. Effective January 1, 2020, the Company adopted, the FASB Accounting Standard Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The adoption of the standard did not have a material impact on our consolidated financial statements or related disclosures. Effective January 1, 2020, the Company adopted the FASB ASU No. 2018-15, Intangibles-Goodwill and Other- Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use-software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The adoption of the standard did not have a material impact on our consolidated financial statements or related disclosures. Effective January 1, 2020, the Company adopted the FASB ASU No. 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities . The standard changes how all entities evaluate decision-making fees under the variable interest entity guidance. The standard is applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The adoption of the standard did not have a material impact on our consolidated financial statements or related disclosures. The Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of November 30, 2020, through the date on which the consolidated financial statements included in this Form 10-Q were issued. Principles of Consolidation The consolidated financial statements include the accounts of Aircastle and all its subsidiaries. Aircastle consolidates two Variable Interest Entities (“VIEs”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We consolidate VIEs in which we have determined that we are the primary beneficiary. We use judgment when deciding: (a) whether an entity is subject to consolidation as a VIE; (b) who the variable interest holders are; (c) the potential expected losses and residual returns of the variable interest holders; and (d) which variable interest holder is the primary beneficiary. When determining which enterprise is the primary beneficiary, we consider: (1) the entity’s purpose and design; (2) which variable interest holder has the power to direct the activities that most significantly impact the entity’s economic performance; and (3) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When certain events occur, we reconsider whether we are the primary beneficiary of VIEs. We do not reconsider whether we are a primary beneficiary solely because of operating losses incurred by an entity. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Lease Revenue Recognition We lease flight equipment under net operating leases with lease terms typically ranging from three to seven years. We generally do not offer renewal terms or purchase options in our leases, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a London Interbank Offered Rate (“LIBOR”) index are recognized on a straight-line basis over the lease term using the prevailing rate at lease commencement. Changes to rate-based lease rentals are recognized in the statements of income (loss) in the period of change. In certain instances, we may provide lease concessions to customers, generally in the form of lease rental deferrals. While these deferral arrangements affect the timing of lease rental payments, the total amount of lease rental payments required over the lease term is generally the same as that which was required under the original lease agreement. We account for the deferrals as if no modifications to the lease agreements were made and record the deferred rentals as a receivable within Other assets in our Consolidated Balance Sheets. If we determine that the collectability of rental payments is no longer probable (including any deferral thereof), we recognize lease rental revenue using a cash basis of accounting rather than an accrual method. In the period we conclude that collection of lease payments is no longer probable, we recognize any difference between revenue amounts recognized to date under the accrual method and payments that have been collected from the lessee, including security deposit amounts held, as a current period adjustment to lease rental revenue. The COVID-19 virus has had an unprecedented negative impact on the global economy, and in particular on the aviation sector. As a result of COVID-19, there has been a dramatic slowdown in air traffic, with many markets in near complete shutdown. According to the International Air Transport Association (“IATA”), as of November 2020, air travel was down to approximately 34% of normal levels and a full recovery to pre-pandemic levels is not expected for several years. Substantially all the world’s airlines are experiencing financial difficulties and liquidity challenges. While we believe the long-term demand for air travel will return to historical trends over time, the near-term impacts of the COVID-19 virus’ economic shock are material; the extent and duration of which cannot currently be determined. Airlines have been seeking to preserve liquidity through a combination of requesting government support, raising debt and equity, delaying or canceling new aircraft orders, furloughing employees, as well as requesting deferrals from lessors. We have agreed to defer near-term lease payments with certain of our airline customers, which they are obliged to repay over time. As of January 8, 2021, we have agreed to defer approximately $101,000 in near-term lease payments, including $76,460 that appear in our Consolidated Balance Sheets as components of Accounts receivable, Net investment in leases, or Other assets as of November 30, 2020. This represents approximately 15% of Lease rental and Direct financing and sales-type lease revenues for the twelve months ended November 30, 2020. Deferrals have been agreed to with 37 airlines, representing 46% of our customer base, and for an average deferral of five months of lease rentals. In certain situations, we have agreed to broader restructurings of contractual terms, for example obtaining better security packages, term extensions, or other valuable considerations in exchange for short-term economic concessions. I f air traffic remains depressed over an extended period and if our customers are unable to obtain sufficient funds from private, governmental or other sources, we may need to grant additional deferrals to our customers or extend the periods of repayment for deferrals we have already made. We may ultimately not be able to collect all the amounts we have deferred. As of January 8, 2021, seven of our customers are subject to judicial insolvency proceedings or similar protection. We lease 22 aircraft to these customers, which comprise 13% of our net book value of flight equipment (including Flight equipment held for lease and Net investment in leases) and 11% of our Lease rental and direct financing and sales-type lease revenue as of and for the twelve months ended November 30, 2020. One of these customers is LATAM, our second largest customer, which represents 7% of our net book value of flight equipment and 6% of our Lease rental revenue as of and for the twelve months ended November 30, 2020. Based on historic experience, the judicial process can take anywhere from twelve months to eighteen months to be resolved. We are actively engaged in the various judicial proceedings to protect our economic interests. As a result of these proceedings, the recognition of lease rental revenue for certain customers may be done on a cash basis of accounting rather than the accrual method depending on the customers lease security arrangements. Impairment of Flight Equipment We perform a recoverability assessment of all aircraft in our fleet, on an aircraft-by-aircraft basis annually during the second quarter. In addition, a recoverability assessment is performed whenever events or changes in circumstances, or indicators, suggest that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination, significant change in aircraft model’s storage levels, the introduction of newer technology aircraft or engines, an aircraft type is no longer in production or a significant airworthiness directive is issued. When we perform a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the aircraft exceed its net book value. The undiscounted cash flows consist of cash flows from currently contracted lease rental and maintenance payments, future projected lease rates, transition costs, estimated down time, estimated residual or scrap values for an aircraft, economic conditions and other factors. In the event that an aircraft does not meet the recoverability test, the aircraft will be adjusted to fair value, resulting in an impairment charge. See Note 2 – Fair Value Measurements. Management develops the assumptions used in the recoverability analysis based on current and future expectations of the global demand for a particular aircraft type and historical experience in the aircraft leasing market and aviation industry, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in projected lease rental and maintenance payments, residual values, economic conditions, technology, airline demand for a particular aircraft type and other factors. We are closely monitoring the impact of the COVID-19 virus on our customers, air traffic, lease rental rates, and aircraft valuations, and will perform additional customer and aircraft specific reviews should changes in facts and circumstances arise that may impact the recoverability of our aircraft. We will focus on our customers that have entered judicial insolvency proceedings and any additional customers that may become subject to similar-type proceedings, aircraft with near-term lease expirations, and certain aircraft variants that are more susceptible to the impact of COVID-19 and value deteriorations. Net Investment in Leases If a lease meets specific criteria at lease commencement or at the effective date of a lease modification, we recognize the lease as a direct financing or sales-type lease. The net investment in direct financing and sales-type leases consists of the lease receivable, estimated unguaranteed residual value of the lease flight equipment at lease-end and, for direct financing leases, deferred selling profit. For sales-type leases, we recognize the difference between the net book value of the aircraft and the net investment in the lease as a gain or loss on sale of flight equipment. Selling profit on a direct financing lease is deferred and amortized over the lease term, and a selling loss is recognized at lease commencement. Interest income on our net investment in leases is recognized as Direct financing and sales-type leases revenue over the lease term in a manner that produces a constant rate of return on the net investment in the lease. The net investment in leases is recorded in the consolidated financial statements net of an allowance for credit losses. The allowance for credit losses is recorded upon the initial recognition of the net investment in the lease based on the Company’s estimate of expected credit losses over the lease term. The allowance reflects the Company’s estimate of lessee default probabilities and loss given default percentages. When determining the credit loss allowance, we consider relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the net investment in the lease. The allowance also considers potential losses due to non-credit risk related to unguaranteed residual values. A provision for credit losses is recorded as a component of Selling, general, and administrative expenses in our Consolidated Statements of Income (Loss) to adjust the allowance for changes to management’s estimate of expected credit losses. Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The standard applies to entities that have contracts, such as debt agreements, lease agreements or derivative instruments, which reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Entities can elect not to apply certain modification accounting requirements for contract modifications that replace a reference rate affected by reference rate reform. If elected, such contracts are accounted for as a continuation of the existing contract and no reassessments or re-measurements are required. The standard is effective for all entities from March 12, 2020 through December 31, 2022 and does not apply to contract modifications made after December 31, 2022. We have not adopted ASC 848 for this interim period and are currently evaluating the election available to us under the standard and the impact it may have on our financial statements. In April 2020, the FASB Staff issued a question-and-answer document (the “Q&A”) regarding accounting for lease concessions related to the effects of the COVID-19 pandemic. The Q&A provides that entities may elect to apply or not apply the lease modification guidance in ASC 842, “Leases”, for lease concessions provided by lessors as a result of the |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Nov. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • The income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts. • The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The following tables set forth our financial assets as of November 30, 2020, August 31, 2020 and February 29, 2020 that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at November 30, 2020 Fair Value as of November 30, 2020 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 416,621 $ 416,621 $ — $ — Market Restricted cash and cash equivalents 5,341 5,341 — — Market Total $ 421,962 $ 421,962 $ — $ — Fair Value Measurements at August 31, 2020 Fair Value as of August 31, 2020 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 514,917 $ 514,917 $ — $ — Market Restricted cash and cash equivalents 5,353 5,353 — — Market Total $ 520,270 $ 520,270 $ — $ — Fair Value Measurements at February 29, 2020 Fair Value as of February 29, 2020 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 166,083 $ 166,083 $ — $ — Market Restricted cash and cash equivalents 5,354 5,354 — — Market Derivative assets 19 — 19 — Market Total $ 171,456 $ 171,437 $ 19 $ — Our cash and cash equivalents, along with our restricted cash and cash equivalents balances, consist largely of money market securities that are highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. Our interest rate derivative included in Level 2 consists of a United States dollar-denominated interest rate cap, and its fair value is based on the market comparisons for similar instruments. We also considered the credit rating and risk of the counterparty providing the interest rate cap based on quantitative and qualitative factors. For the two months ended August 31, 2020 and 2019, and the three and nine months ended November 30, 2020, we had no transfers into or out of Level 3. We measure the fair value of certain assets and liabilities on a non-recurring basis, when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate the carrying amounts of these assets may not be recoverable. Assets subject to these measurements include our investment in unconsolidated joint ventures and aircraft. We record aircraft at fair value when we determine the carrying value may not be recoverable. Fair value measurements for aircraft in impairment tests are based on the average of the market approach that uses Level 2 inputs, which include third party appraisal data and an income approach that uses Level 3 inputs, which include the Company’s assumptions and appraisal data as to future cash proceeds from leasing and selling aircraft discounted using the Company’s weighted average cost of capital. We account for our investment in unconsolidated joint ventures under the equity method of accounting. Investments are recorded at cost and are adjusted by undistributed earnings and losses and the distributions of dividends and capital. These investments are also reviewed for impairment whenever events or changes in circumstances indicate the fair value is less than its carrying value and the decline is other-than-temporary. Aircraft Valuation Impairment of Flight Equipment For the two months ended August 31, 2020, the Company recorded transactional impairment charges of $9,596, which primarily related to one narrow-body aircraft for which the customer rejected the lease due to judicial insolvency proceedings. We also recognized $9,367 of maintenance reserves and security deposits into revenue for this one aircraft. For the three months ended November 30, 2020, the Company recorded transactional impairment charges totaling $9,867, which primarily related to the scheduled lease expirations of two narrow-body aircraft. The Company also recognized $15,200 of maintenance revenue related to these two aircraft. During the nine months ended November 30, 2020, the Company recorded impairment charges totaling $299,551, of which $256,510 were transactional impairments, which primarily related to thirteen narrow-body and five wide-body aircraft. The Company also recognized $107,448 of maintenance reserves and security deposits into revenue for these eighteen aircraft. The impairment charges were attributable to early lease terminations, scheduled lease expirations, lessee defaults and/or judicial insolvency proceedings, or as a result of our annual recoverability assessment – refer to the section below for additional details. Annual Recoverability Assessment We completed our annual recoverability assessment of our aircraft in the second quarter of 2020. Of the $299,551 impairment charges recorded for the nine months ended November 30, 2020, we recorded $43,040 related to one narrow-body and one wide-body aircraft as a result of our annual recoverability assessment. Although we have completed our annual recoverability assessment, we will continue to monitor the developments of the COVID-19 virus throughout the remainder of the year. We will closely monitor the impact of the virus on our customers, air traffic, lease rental rates, and aircraft valuations, and will perform additional customer and aircraft specific reviews should changes in facts and circumstances arise that may impact the recoverability of our aircraft. We will focus on our customers that have entered judicial insolvency proceedings and any additional customers that may become subject to similar-type proceedings, aircraft with near-term lease expirations, and certain aircraft variants that are more susceptible to the impact of COVID-19 and value deterioration. The recoverability assessment is a comparison of the carrying value of each aircraft to its undiscounted expected future cash flows. We develop the assumptions used in the recoverability assessment, including those relating to current and future demand for each aircraft type, based on management’s experience in the aircraft leasing industry, as well as information received from third-party sources. Estimates of the undiscounted cash flows for each aircraft type are impacted by changes in contracted and future expected lease rates, residual values, expected scrap values, economic conditions and other factors. If our estimates or assumptions change, we may revise our cash flow assumptions and record future impairment charges. While we believe that the estimates and related assumptions used in the annual recoverability assessment are appropriate, actual results could differ from those estimates. Financial Instruments Our financial instruments, other than cash, consist principally of cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, amounts borrowed under financings and interest rate derivatives. The fair value of cash, cash equivalents, restricted cash and cash equivalents, accounts receivable and accounts payable approximates the carrying value of these financial instruments because of their short-term nature. The fair value of our senior notes is estimated using quoted market prices. The fair values of all our other financings are estimated using a discounted cash flow analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements. The carrying amounts and fair values of our financial instruments at November 30, 2020, August 31, 2020 and February 29, 2020 were as follows: November 30, 2020 August 31, 2020 February 29, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Fair Value Credit Facilities $ — $ — $ 150,000 $ 148,737 $ 100,000 $ 100,000 Unsecured Term Loan 215,000 209,784 215,000 209,326 215,000 215,000 ECA Financings 40,055 41,814 43,649 45,680 50,745 52,593 Bank Financings 905,219 903,111 927,385 925,683 971,693 1,002,620 Senior Notes 3,950,000 4,088,771 3,950,000 3,901,958 3,600,000 3,807,956 All our financial instruments are classified as Level 2 with the exception of our Senior Notes, which are classified as Level 1. |
Lease Rental Revenues and Fligh
Lease Rental Revenues and Flight Equipment Held for Lease | 9 Months Ended |
Nov. 30, 2020 | |
Leases [Abstract] | |
Lessor, Operating Leases [Text Block] | Lease Rental Revenues and Flight Equipment Held for Lease Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at November 30, 2020 were as follows: Year Ending February 28/29, Amount (1) Remainder of 2020 $ 175,301 2021 660,667 2022 572,525 2023 500,271 2024 373,021 Thereafter 508,869 Total $ 2,790,654 _______________ (1) Reflects impact of lessee lease rental deferrals. Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, Region 2020 2019 2020 2019 2020 2019 Asia and Pacific 40 % 44 % 37 % 44 % 40 % 44 % Europe 34 % 26 % 34 % 25 % 31 % 27 % Middle East and Africa 5 % 9 % 6 % 8 % 7 % 9 % North America 12 % 9 % 12 % 10 % 11 % 9 % South America 9 % 12 % 11 % 13 % 11 % 11 % Total 100 % 100 % 100 % 100 % 100 % 100 % The classification of regions in the table above and in the tables and discussion below is determined based on the principal location of the lessee of each aircraft. The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 5 40 % 3 22 % 4 31% 3 21% 4 29% 3 21% The following table sets forth revenue attributable to individual countries representing at least 10% of Total revenue (including maintenance and other revenue) based on each lessee’s principal place of business for the periods indicated: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Country Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Canada (1) $ — — % $ — — % $ 24,338 13 % $ — — % $ — — % $ — — % India (2) 22,606 20 % 19,592 14 % 22,455 12 % 27,673 11 % 75,951 12 % 96,117 14 % Mexico (3) — — % — — % — — % — — % 85,711 14 % — — % _______________ (1) For the three months ended November 30, 2020, total revenue attributable to Canada included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $19,260. For the two months ended August 31, 2020 and 2019, and for the nine months ended November 30, 2020, and the three and nine months ended November 30, 2019, total revenue attributable to Canada was less than 10%. (2) For the two months ended August 31, 2020, total revenue attributable to India included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $10,171. For the two months ended August 31, 2019, total revenue attributable to India included maintenance revenue of $(716). For the three and nine months ended November 30, 2020, total revenue attributable to India included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $6,080 and $16,251, respectively. For the three and nine months ended November 30, 2019, total revenue attributable to India included $(803) and $16,035 of maintenance revenue, respectively. (3) For the nine months ended November 30, 2020, total revenue attributable to Mexico included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $79,912. For the two months ended August 31, 2020 and 2019, and for the three months ended November 30, 2020, and the three and nine months ended November 30, 2019, total revenue attributable to Mexico was less than 10%. Geographic concentration of net book value of flight equipment (including flight equipment held for lease and net investment in leases, or “net book value”) was as follows: November 30, 2020 August 31, 2020 February 29, 2020 Region Number Net Book Number Net Book Number Net Book Asia and Pacific 80 37 % 89 39 % 90 38 % Europe 99 28 % 99 27 % 99 27 % Middle East and Africa 11 4 % 11 4 % 15 6 % North America 28 11 % 28 10 % 40 13 % South America 26 13 % 26 13 % 26 15 % Off-lease 16 (1) 7 % 20 (2) 7 % 2 (3) 1 % Total 260 100 % 273 100 % 272 100 % _______________ (1) Consisted of one Airbus A320-200 aircraft, which delivered during the fourth quarter of 2020 to a lessee in North America, one Airbus A320-200 aircraft and two Boeing 737-800 aircraft, which are subject to executed leases with airlines in Europe, one Airbus A330-200 aircraft, which is subject to a confirmed letter of intent to lease with an airline in Europe, and one Airbus A319-100, three Airbus A320-200 aircraft, three Airbus A330-200 aircraft, and four Boeing 737-800 aircraft, which we are marketing for lease or sale. (2) Consisted of one Airbus A320-200 aircraft, which delivered during the fourth quarter of 2020 to a lessee in North America, one Airbus A330-200 aircraft, which is subject to a confirmed letter of intent to lease with an airline in Europe, eleven Airbus A320-200, four Airbus A330-200 and three Boeing 737-800 aircraft, which we are marketing for lease or sale. (3) Consisted of one Airbus A330-200 aircraft, which delivered during the second quarter of 2020 to a lessee in Europe, and one Boeing 737-800 aircraft, which we are marketing for lease or sale. The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in leases) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of: November 30, 2020 August 31, 2020 February 29, 2020 Country Net Book Net Book Number Net Book Net Book Number Net Book Net Book Number India $ 779,560 11% 4 $ 897,384 13% 4 $ 917,793 12% 4 At November 30, 2020, August 31, 2020 and February 29, 2020, the amounts of lease incentive liabilities recorded in maintenance payments on our Consolidated Balance Sheets were $13,731, $12,173 and $10,076, respectively. |
Net Investment in Leases
Net Investment in Leases | 9 Months Ended |
Nov. 30, 2020 | |
Leases [Abstract] | |
Net Investment in Leases | Net Investment in Leases At November 30, 2020, August 31, 2020 and February 29, 2020, our net investment in leases consisted of 24, 24 and 30 aircraft, respectively. The components of our net investment in leases at November 30, 2020, August 31, 2020 and February 29, 2020, were as follows: November 30, 2020 August 31, 2020 February 29, 2020 Lease receivable $ 111,392 $ 117,847 $ 166,060 Unguaranteed residual value of flight equipment 204,360 202,189 266,750 Net investment leases 315,752 320,036 432,810 Allowance for credit losses (3,714) (2,972) (6,558) Net investment in leases, net of allowance $ 312,038 $ 317,064 $ 426,252 The activity in the allowance for credit losses related to our net investment in leases for the nine months ended November 30, 2020 is as follows: Amount Balance at February 29, 2020 $ 6,558 Provision for credit losses 4,513 Write-offs (8,099) Balance at August 31, 2020 2,972 Provision for credit losses 742 Balance at November 30, 2020 $ 3,714 During the nine months ended November 30, 2020, we wrote-off $8,099 of lease rentals against the allowance for credit losses due to the early lease termination of seven Airbus A320-200 aircraft which had been classified as Net investment in leases. At November 30, 2020, future lease payments on net investment in leases are as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 13,449 2021 32,504 2022 23,811 2023 22,628 2024 6,836 Thereafter 31,130 Total lease payments to be received 130,358 Present value of lease payments - lease receivable (111,392) Difference between undiscounted lease payments and lease receivable $ 18,966 |
Unconsolidated Equity Method In
Unconsolidated Equity Method Investment (Notes) | 9 Months Ended |
Nov. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Unconsolidated Equity Method Investment | Unconsolidated Equity Method Investments We have a joint venture with Mizuho Leasing which has nine aircraft with a net book value of $315,418 at November 30, 2020. Amount Investment in joint ventures at February 29, 2020 $ 33,470 Earnings from joint venture, net of tax 1,406 Investment in joint ventures at August 31, 2020 34,876 Earnings from joint venture, net of tax 572 Investment in joint venture at November 30, 2020 $ 35,448 In April 2020, we sold two engines to Magellan, an affiliate of Marubeni, for $5,355. This transaction was approved by our Audit Committee as an arm’s length transaction under our related party policy. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Nov. 30, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | Variable Interest Entities Aircastle consolidates two VIEs (the “Air Knight VIEs”) of which it is the primary beneficiary. The operating activities of these Air Knight VIEs are limited to acquiring, owning, leasing, maintaining, operating and, under certain circumstances, selling two aircraft as discussed below. During February 2020, we repaid the export credit agency (the “ECA Financings”) for four of the six aircraft owned by the Air Knight VIEs, which included principal and accrued interest amounts outstanding of $95,128 and incurred early extinguishment costs of $4,020. In June 2020, the leases of the four aircraft subject to the ECA Financings were formally terminated and the aircraft were released as security under such financings. The only assets that the Air Knight VIEs have on their books are net investments in leases that are eliminated in the consolidated financial statements. The related aircraft, with a net book value as of November 30, 2020 of $121,878, were included in our flight equipment held for lease. The consolidated debt outstanding, net of debt issuance costs, of the Air Knight VIEs as of November 30, 2020 is $39,634. |
Secured and Unsecured Debt Fina
Secured and Unsecured Debt Financings | 9 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
Secured and Unsecured Debt Financings | Secured and Unsecured Debt Financings The outstanding amounts of our secured and unsecured debt financings are as follows: At November 30, 2020 At At Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Outstanding Secured Debt Financings: ECA Financings (1) $ 40,055 2 3.49% to 3.96% 12/03/21 to 11/30/24 $ 43,649 $ 50,745 Bank Financings (2) 905,219 34 2.15% to 4.55% 06/17/23 to 01/19/26 927,385 971,693 Less: Debt issuance costs and discounts (7,671) — (8,375) (9,920) Total secured debt financings, net of debt issuance costs and discounts 937,603 36 962,659 1,012,518 Unsecured Debt Financings: Senior Notes due 2020 (3) — 7.625% 04/15/20 — 300,000 Senior Notes due 2021 500,000 5.125% 03/15/21 500,000 500,000 Senior Notes due 2022 500,000 5.50% 02/15/22 500,000 500,000 Senior 5.00% Notes due 2023 500,000 5.00% 04/01/23 500,000 500,000 Senior 4.40% Notes due 2023 650,000 4.40% 09/25/23 650,000 650,000 Senior Notes due 2024 500,000 4.125% 05/01/24 500,000 500,000 Senior Notes due 2025 650,000 5.250% 08/11/25 650,000 — Senior Notes due 2026 650,000 4.250% 06/15/26 650,000 650,000 Unsecured Term Loans 215,000 1.72% 03/07/22 to 03/07/24 215,000 215,000 Revolving Credit Facilities — 1.25% to 2.00% 07/30/21 to 06/27/22 150,000 100,000 Less: Debt issuance costs and discounts (34,859) (37,234) (30,765) Total unsecured debt financings, net of debt issuance costs and discounts 4,130,141 4,277,766 3,884,235 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,067,744 $ 5,240,425 $ 4,896,753 (1) The borrowings under these financings at November 30, 2020 have a weighted-average rate of interest of 3.60%. During February 2020, the Company repaid the ECA Financings for four aircraft owned by the Air Knight VIEs, which were released as security for such financings during the second quarter of 2020 – see Note 6. (2) The borrowings under these financings at November 30, 2020 have a weighted-average fixed rate of interest of 3.09%. On April 15, 2020, the Company repaid $300,000 aggregate principal amount of 7.625% Senior Notes due 2020 due at their final stated maturity date. On July 30, 2020, the Company entered into a $150,000 unsecured revolving credit facility with Mizuho Bank Ltd., a related party. The facility bears interest at a rate of LIBOR plus 2%, or a base rate plus 1%, matures on July 31, 2021 and includes a one On August 11, 2020, the Company issued $650,000 aggregate principal amount of Senior Notes due 2025 (the “Senior Notes due 2025”) at an issue price of 99.057%. The Senior Notes due 2025 will mature on August 11, 2025 and bear interest at a rate of 5.25% per annum, payable semi-annually on February 11 and August 11 of each year, commencing on February 11, 2021. Interest accrues on the Senior Notes due 2025 from August 11, 2020. As of November 30, 2020, we had no borrowings outstanding under our revolving credit facilities and had $1,250,000 available for borrowing. As of November 30, 2020, we were in compliance with all applicable covenants in our financings. |
Shareholders' Equity and Share
Shareholders' Equity and Share Based Payment | 9 Months Ended |
Nov. 30, 2020 | |
Shareholders’ Equity and Share Based Payment [Abstract] | |
Shareholders’ Equity and Share Based Payment | Shareholders' Equity and Share-Based Payment On March 27, 2020, (the “Merger Date”), the total authorized share capital of the Company was $3,000, comprised of 250,000,000 common shares of $0.01 each and 50,000,000 preference shares of $0.01 each, and the issued share capital of the Company was comprised of 14,048 common shares of $0.01 each. In December 2019, the Company accelerated the vesting of certain restricted common share awards and the vesting and payment of certain Performance Share Units (“PSUs”) held by the Company’s executive officers, initially granted under the Aircastle Limited Amended and Restated 2014 Omnibus Incentive Plan. Share-based compensation expense of $914 related to restricted common shares and $4,247 related to PSUs represents the cost of this accelerated vesting from March 1, 2020 through the Merger Date. As per the Agreement and Plan of Merger, dated as of November 5, 2019, (the “Merger Agreement”), on the Merger Date, the Company paid $4,063 and $21,473 representing the payment for 126,971 unvested restricted common shares and 671,030 unvested PSUs, respectively. Concurrently, the Company received $25,536 from MM Air Limited, which was recorded as an additional paid-in-capital as of the Merger Date. Included in share-based compensation expense for the nine months ended November 30, 2020 is $3,921 and $18,967 related to remaining outstanding restricted common shares and remaining outstanding PSUs, respectively, that were accelerated and paid out (in the case of PSUs, at the maximum level of performance) in accordance with the Merger Agreement. On February 13, 2020, the Company declared a dividend of $0.32 per share and paid $24,025 on March 6, 2020 for all shareholders of record as of February 28, 2020. |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes have been provided for based upon the tax laws and rates in countries in which our operations are conducted and income is earned. The Company received an assurance from the Bermuda Minister of Finance that it would be exempted from local income, withholding and capital gains taxes until March 2035. Consequently, the provision for income taxes relates to income earned by certain subsidiaries of the Company which are located in, or earn income in, jurisdictions that impose income taxes, primarily the United States and Ireland. The sources of income (loss) from continuing operations before income taxes and earnings of our unconsolidated equity method investments for the two months ended August 31, 2020 and 2019, and the three and nine months ended November 30, 2020 and 2019 were as follows: Two Months Ended Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 U.S. operations $ 5,161 $ 3,655 $ 15,291 $ 80 $ 28,188 $ 6,381 Non-U.S. operations (7,457) 12,835 (10,882) 66,527 (252,768) 132,944 Income (loss) from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investments $ (2,296) $ 16,490 $ 4,409 $ 66,607 $ (224,580) $ 139,325 Our aircraft-owning subsidiaries that are recognized as corporations for U.S. tax purposes are primarily non-U.S. corporations. These subsidiaries generally earn income from sources outside the United States and typically are not subject to U.S. federal, state or local income taxes. The aircraft owning subsidiaries resident in Ireland, Mauritius and the U.S. are subject to tax in those respective jurisdictions. We have a U.S.-based subsidiary which provides management services to our subsidiaries and is subject to U.S. federal, state and local income taxes. We also have Ireland and Singapore based subsidiaries which provide management services to our non-U.S. subsidiaries and are subject to tax in those respective jurisdictions. The consolidated income tax expense for the two months ended August 31, 2020, and the three and nine months ended November 30, 2020 was determined based upon estimates of the Company’s consolidated effective income tax rates for the fiscal year ending February 28, 2021. The consolidated income tax expense for the two months ended August 31, 2019, and the three and nine months ended November 30, 2019 was based upon estimates of the Company’s consolidated effective income tax rate for the calendar year ended December 31, 2019. The Company’s effective tax rates (“ETRs”) for two months ended August 31, 2020 and 2019 were (406.1)% and 7.8%, respectively. The Company’s ETRs for the three and nine months ended November 30, 2020 and 2019 were 51.5% and (6.6)%, and 11.5% and 12.4%, respectively. The two months ended August 31, 2020 includes an adjustment to change from calendar year to fiscal year ETR for the six months ended June 30, 2020. Excluding this adjustment, the two months August 2020 ETR would have been (55.5)%. Movements in the ETR are generally caused by changes in the proportion of the Company’s pre-tax earnings in taxable and non-tax jurisdictions. During the nine months ended November 30, 2020, we incurred net impairment charges of $191,697 in low tax jurisdictions and a significant decrease in Bermuda income. Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income (loss) from continuing operations consisted of the following: Two Months Ended Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Notional U.S. federal income tax expense (benefit) at the statutory rate $ (482) $ 3,463 $ 925 $ 13,987 $ (47,162) $ 29,258 U.S. state and local income tax, net 492 229 917 221 2,998 611 Non-U.S. operations: Bermuda 7,853 1,503 (1,719) (8,037) 56,572 (10,562) Ireland 781 (1,422) (287) 147 1,470 (1,055) Singapore (10) (16) (1) (3) 80 (18) Other low tax jurisdictions 30 (1,372) 25 578 (412) (1,779) Non-deductible expenses in the U.S. 661 45 38 766 3,385 825 Other — (1,147) 2,371 — (2,193) — Income tax provision $ 9,325 $ 1,283 $ 2,269 $ 7,659 $ 14,738 $ 17,280 The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law on March 27, 2020. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, modification to the net interest expense deduction limitation and technical correction to the tax depreciation methods for qualified improvement property. The CARES Act did not materially impact the Company’s effective tax rate for the nine months ended November 30, 2020. |
Interest, Net
Interest, Net | 9 Months Ended |
Nov. 30, 2020 | |
Interest Income (Expense), Net [Abstract] | |
Interest Net | Interest, Net The following table shows the components of interest, net: Two Months Ended Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Interest on borrowings and other liabilities $ 35,088 $ 41,975 $ 56,087 $ 59,959 $ 163,821 $ 186,012 Amortization of deferred financing fees and debt discount 2,319 2,589 3,929 3,810 10,642 11,105 Interest expense 37,407 44,564 60,016 63,769 174,463 197,117 Less: Interest income (52) (493) (71) (565) (467) (2,165) Interest, net $ 37,355 $ 44,071 $ 59,945 $ 63,204 $ 173,996 $ 194,952 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Nov. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Rent expense, primarily for the corporate offices and sales and marketing offices, was $252 for the two months ended August 31, 2020, and $413 and $1,213 for the three and nine months ended November 30, 2020, respectively, and $276 for the two months ended August 31, 2019, and $415 and $1,216 for the three and nine months ended November 30, 2019, respectively. As of November 30, 2020, Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 483 2021 1,923 2022 1,783 2023 1,716 2024 1,747 Thereafter 5,840 Total $ 13,492 At November 30, 2020, we had commitments to acquire 25 Embraer E-Jet E2 aircraft for $1,008,096, excluding manufacturer credits. Commitments, including $110,946 of remaining progress payments, contractual price escalations and other adjustments for these aircraft, at November 30, 2020, net of amounts already paid, are as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 9,015 2021 181,455 2022 448,408 2023 157,274 2024 84,829 Thereafter 127,115 Total $ 1,008,096 |
Other Assets
Other Assets | 9 Months Ended |
Nov. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following table describes the principal components of other assets on our Consolidated Balance Sheets as of: November 30, August 31, February 29, Deferred income tax asset $ 1,135 $ 1,531 $ 636 Lease incentives and lease premiums, net of amortization of $73,081, $70,234 and $63,010, respectively 81,809 93,322 103,161 Flight equipment held for sale 53,218 5,632 13,083 Aircraft purchase deposits and Embraer E-2 progress payments 42,901 42,901 39,038 Right-of-use asset (1) 8,341 8,620 9,148 Deferred rent receivable 47,237 59,354 4,494 Other assets 36,596 36,112 37,057 Total other assets $ 271,237 $ 247,472 $ 206,617 ______________ (1) Net of lease incentives and tenant allowances. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 9 Months Ended |
Nov. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | Accounts Payable, Accrued Expenses and Other Liabilities The following table describes the principal components of accounts payable, accrued expenses and other liabilities recorded on our Consolidated Balance Sheets as of: November 30, August 31, February 29, Accounts payable, accrued expenses and other liabilities $ 49,151 $ 43,210 $ 64,034 Deferred income tax liability 78,159 71,130 65,928 Accrued interest payable 51,005 54,525 62,196 Lease liability 11,486 11,846 12,510 Lease discounts, net of amortization of $44,627, $45,359 and $44,968, respectively 1,636 1,898 2,446 Total accounts payable, accrued expenses and other liabilities $ 191,437 $ 182,609 $ 207,114 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda exempted company that was incorporated on October 29, 2004 under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business is acquiring, leasing, managing and selling commercial jet aircraft. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Aircastle and all its subsidiaries. Aircastle consolidates two Variable Interest Entities (“VIEs”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We consolidate VIEs in which we have determined that we are the primary beneficiary. We use judgment when deciding: (a) whether an entity is subject to consolidation as a VIE; (b) who the variable interest holders are; (c) the potential expected losses and residual returns of the variable interest holders; and (d) which variable interest holder is the primary beneficiary. When determining which enterprise is the primary beneficiary, we consider: (1) the entity’s purpose and design; (2) which variable interest holder has the power to direct the activities that most significantly impact the entity’s economic performance; and (3) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When certain events occur, we reconsider whether we are the primary beneficiary of VIEs. We do not reconsider whether we are a primary beneficiary solely because of operating losses incurred by an entity. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. |
Revenue Recognition Leases, Operating [Policy Text Block] | Lease Revenue Recognition We lease flight equipment under net operating leases with lease terms typically ranging from three to seven years. We generally do not offer renewal terms or purchase options in our leases, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a London Interbank Offered Rate (“LIBOR”) index are recognized on a straight-line basis over the lease term using the prevailing rate at lease commencement. Changes to rate-based lease rentals are recognized in the statements of income (loss) in the period of change. In certain instances, we may provide lease concessions to customers, generally in the form of lease rental deferrals. While these deferral arrangements affect the timing of lease rental payments, the total amount of lease rental payments required over the lease term is generally the same as that which was required under the original lease agreement. We account for the deferrals as if no modifications to the lease agreements were made and record the deferred rentals as a receivable within Other assets in our Consolidated Balance Sheets. If we determine that the collectability of rental payments is no longer probable (including any deferral thereof), we recognize lease rental revenue using a cash basis of accounting rather than an accrual method. In the period we conclude that collection of lease payments is no longer probable, we recognize any difference between revenue amounts recognized to date under the accrual method and payments that have been collected from the lessee, including security deposit amounts held, as a current period adjustment to lease rental revenue. The COVID-19 virus has had an unprecedented negative impact on the global economy, and in particular on the aviation sector. As a result of COVID-19, there has been a dramatic slowdown in air traffic, with many markets in near complete shutdown. According to the International Air Transport Association (“IATA”), as of November 2020, air travel was down to approximately 34% of normal levels and a full recovery to pre-pandemic levels is not expected for several years. Substantially all the world’s airlines are experiencing financial difficulties and liquidity challenges. While we believe the long-term demand for air travel will return to historical trends over time, the near-term impacts of the COVID-19 virus’ economic shock are material; the extent and duration of which cannot currently be determined. Airlines have been seeking to preserve liquidity through a combination of requesting government support, raising debt and equity, delaying or canceling new aircraft orders, furloughing employees, as well as requesting deferrals from lessors. We have agreed to defer near-term lease payments with certain of our airline customers, which they are obliged to repay over time. As of January 8, 2021, we have agreed to defer approximately $101,000 in near-term lease payments, including $76,460 that appear in our Consolidated Balance Sheets as components of Accounts receivable, Net investment in leases, or Other assets as of November 30, 2020. This represents approximately 15% of Lease rental and Direct financing and sales-type lease revenues for the twelve months ended November 30, 2020. Deferrals have been agreed to with 37 airlines, representing 46% of our customer base, and for an average deferral of five months of lease rentals. In certain situations, we have agreed to broader restructurings of contractual terms, for example obtaining better security packages, term extensions, or other valuable considerations in exchange for short-term economic concessions. |
Financing Receivable, Held-for-investment [Policy Text Block] | Net Investment in Leases If a lease meets specific criteria at lease commencement or at the effective date of a lease modification, we recognize the lease as a direct financing or sales-type lease. The net investment in direct financing and sales-type leases consists of the lease receivable, estimated unguaranteed residual value of the lease flight equipment at lease-end and, for direct financing leases, deferred selling profit. For sales-type leases, we recognize the difference between the net book value of the aircraft and the net investment in the lease as a gain or loss on sale of flight equipment. Selling profit on a direct financing lease is deferred and amortized over the lease term, and a selling loss is recognized at lease commencement. Interest income on our net investment in leases is recognized as Direct financing and sales-type leases revenue over the lease term in a manner that produces a constant rate of return on the net investment in the lease. The net investment in leases is recorded in the consolidated financial statements net of an allowance for credit losses. The allowance for credit losses is recorded upon the initial recognition of the net investment in the lease based on the Company’s estimate of expected credit losses over the lease term. The allowance reflects the Company’s estimate of lessee default probabilities and loss given default percentages. When determining the credit loss allowance, we consider relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the net investment in the lease. The allowance also considers potential losses due to non-credit risk related to unguaranteed residual values. A provision for credit losses is recorded as a component of Selling, general, and administrative expenses in our Consolidated Statements of Income (Loss) to adjust the allowance for changes to management’s estimate of expected credit losses. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The standard applies to entities that have contracts, such as debt agreements, lease agreements or derivative instruments, which reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. Entities can elect not to apply certain modification accounting requirements for contract modifications that replace a reference rate affected by reference rate reform. If elected, such contracts are accounted for as a continuation of the existing contract and no reassessments or re-measurements are required. The standard is effective for all entities from March 12, 2020 through December 31, 2022 and does not apply to contract modifications made after December 31, 2022. We have not adopted ASC 848 for this interim period and are currently evaluating the election available to us under the standard and the impact it may have on our financial statements. In April 2020, the FASB Staff issued a question-and-answer document (the “Q&A”) regarding accounting for lease concessions related to the effects of the COVID-19 pandemic. The Q&A provides that entities may elect to apply or not apply the lease modification guidance in ASC 842, “Leases”, for lease concessions provided by lessors as a result of the |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value assets and liabilities measured on recurring basis | The following tables set forth our financial assets as of November 30, 2020, August 31, 2020 and February 29, 2020 that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at November 30, 2020 Fair Value as of November 30, 2020 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 416,621 $ 416,621 $ — $ — Market Restricted cash and cash equivalents 5,341 5,341 — — Market Total $ 421,962 $ 421,962 $ — $ — Fair Value Measurements at August 31, 2020 Fair Value as of August 31, 2020 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 514,917 $ 514,917 $ — $ — Market Restricted cash and cash equivalents 5,353 5,353 — — Market Total $ 520,270 $ 520,270 $ — $ — Fair Value Measurements at February 29, 2020 Fair Value as of February 29, 2020 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 166,083 $ 166,083 $ — $ — Market Restricted cash and cash equivalents 5,354 5,354 — — Market Derivative assets 19 — 19 — Market Total $ 171,456 $ 171,437 $ 19 $ — |
Carrying amounts and fair values of financial instruments | The carrying amounts and fair values of our financial instruments at November 30, 2020, August 31, 2020 and February 29, 2020 were as follows: November 30, 2020 August 31, 2020 February 29, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Carrying Fair Value Credit Facilities $ — $ — $ 150,000 $ 148,737 $ 100,000 $ 100,000 Unsecured Term Loan 215,000 209,784 215,000 209,326 215,000 215,000 ECA Financings 40,055 41,814 43,649 45,680 50,745 52,593 Bank Financings 905,219 903,111 927,385 925,683 971,693 1,002,620 Senior Notes 3,950,000 4,088,771 3,950,000 3,901,958 3,600,000 3,807,956 |
Lease Rental Revenues and Fli_2
Lease Rental Revenues and Flight Equipment Held for Lease (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Leases [Abstract] | |
Annual future minimum lease rentals receivable | Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at November 30, 2020 were as follows: Year Ending February 28/29, Amount (1) Remainder of 2020 $ 175,301 2021 660,667 2022 572,525 2023 500,271 2024 373,021 Thereafter 508,869 Total $ 2,790,654 _______________ (1) Reflects impact of lessee lease rental deferrals. As of November 30, 2020, Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 483 2021 1,923 2022 1,783 2023 1,716 2024 1,747 Thereafter 5,840 Total $ 13,492 |
Geographic concentration of lease rental revenue earnings | Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, Region 2020 2019 2020 2019 2020 2019 Asia and Pacific 40 % 44 % 37 % 44 % 40 % 44 % Europe 34 % 26 % 34 % 25 % 31 % 27 % Middle East and Africa 5 % 9 % 6 % 8 % 7 % 9 % North America 12 % 9 % 12 % 10 % 11 % 9 % South America 9 % 12 % 11 % 13 % 11 % 11 % Total 100 % 100 % 100 % 100 % 100 % 100 % |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 5 40 % 3 22 % 4 31% 3 21% 4 29% 3 21% |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 5 40 % 3 22 % 4 31% 3 21% 4 29% 3 21% The following table sets forth revenue attributable to individual countries representing at least 10% of Total revenue (including maintenance and other revenue) based on each lessee’s principal place of business for the periods indicated: Two Months Ended August 31, Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Country Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Canada (1) $ — — % $ — — % $ 24,338 13 % $ — — % $ — — % $ — — % India (2) 22,606 20 % 19,592 14 % 22,455 12 % 27,673 11 % 75,951 12 % 96,117 14 % Mexico (3) — — % — — % — — % — — % 85,711 14 % — — % _______________ (1) For the three months ended November 30, 2020, total revenue attributable to Canada included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $19,260. For the two months ended August 31, 2020 and 2019, and for the nine months ended November 30, 2020, and the three and nine months ended November 30, 2019, total revenue attributable to Canada was less than 10%. (2) For the two months ended August 31, 2020, total revenue attributable to India included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $10,171. For the two months ended August 31, 2019, total revenue attributable to India included maintenance revenue of $(716). For the three and nine months ended November 30, 2020, total revenue attributable to India included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $6,080 and $16,251, respectively. For the three and nine months ended November 30, 2019, total revenue attributable to India included $(803) and $16,035 of maintenance revenue, respectively. (3) For the nine months ended November 30, 2020, total revenue attributable to Mexico included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $79,912. For the two months ended August 31, 2020 and 2019, and for the three months ended November 30, 2020, and the three and nine months ended November 30, 2019, total revenue attributable to Mexico was less than 10%. |
Geographic concentration of net book value of flight equipment held for lease | Geographic concentration of net book value of flight equipment (including flight equipment held for lease and net investment in leases, or “net book value”) was as follows: November 30, 2020 August 31, 2020 February 29, 2020 Region Number Net Book Number Net Book Number Net Book Asia and Pacific 80 37 % 89 39 % 90 38 % Europe 99 28 % 99 27 % 99 27 % Middle East and Africa 11 4 % 11 4 % 15 6 % North America 28 11 % 28 10 % 40 13 % South America 26 13 % 26 13 % 26 15 % Off-lease 16 (1) 7 % 20 (2) 7 % 2 (3) 1 % Total 260 100 % 273 100 % 272 100 % _______________ (1) Consisted of one Airbus A320-200 aircraft, which delivered during the fourth quarter of 2020 to a lessee in North America, one Airbus A320-200 aircraft and two Boeing 737-800 aircraft, which are subject to executed leases with airlines in Europe, one Airbus A330-200 aircraft, which is subject to a confirmed letter of intent to lease with an airline in Europe, and one Airbus A319-100, three Airbus A320-200 aircraft, three Airbus A330-200 aircraft, and four Boeing 737-800 aircraft, which we are marketing for lease or sale. (2) Consisted of one Airbus A320-200 aircraft, which delivered during the fourth quarter of 2020 to a lessee in North America, one Airbus A330-200 aircraft, which is subject to a confirmed letter of intent to lease with an airline in Europe, eleven Airbus A320-200, four Airbus A330-200 and three Boeing 737-800 aircraft, which we are marketing for lease or sale. (3) Consisted of one Airbus A330-200 aircraft, which delivered during the second quarter of 2020 to a lessee in Europe, and one Boeing 737-800 aircraft, which we are marketing for lease or sale. |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in leases) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of: November 30, 2020 August 31, 2020 February 29, 2020 Country Net Book Net Book Number Net Book Net Book Number Net Book Net Book Number India $ 779,560 11% 4 $ 897,384 13% 4 $ 917,793 12% 4 |
Net Investment in Leases (Table
Net Investment in Leases (Tables) | 6 Months Ended | 9 Months Ended |
Aug. 31, 2020 | Nov. 30, 2020 | |
Leases [Abstract] | ||
Schedule Of Components Of Investment In Finance Leases | The components of our net investment in leases at November 30, 2020, August 31, 2020 and February 29, 2020, were as follows: November 30, 2020 August 31, 2020 February 29, 2020 Lease receivable $ 111,392 $ 117,847 $ 166,060 Unguaranteed residual value of flight equipment 204,360 202,189 266,750 Net investment leases 315,752 320,036 432,810 Allowance for credit losses (3,714) (2,972) (6,558) Net investment in leases, net of allowance $ 312,038 $ 317,064 $ 426,252 | |
Schedule of Future Minimum Lease Payments for Capital Leases | The activity in the allowance for credit losses related to our net investment in leases for the nine months ended November 30, 2020 is as follows: Amount Balance at February 29, 2020 $ 6,558 Provision for credit losses 4,513 Write-offs (8,099) Balance at August 31, 2020 2,972 Provision for credit losses 742 Balance at November 30, 2020 $ 3,714 During the nine months ended November 30, 2020, we wrote-off $8,099 of lease rentals against the allowance for credit losses due to the early lease termination of seven Airbus A320-200 aircraft which had been classified as Net investment in leases. At November 30, 2020, future lease payments on net investment in leases are as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 13,449 2021 32,504 2022 23,811 2023 22,628 2024 6,836 Thereafter 31,130 Total lease payments to be received 130,358 Present value of lease payments - lease receivable (111,392) Difference between undiscounted lease payments and lease receivable $ 18,966 |
Unconsolidated Equity Method _2
Unconsolidated Equity Method Investment (Tables) | 3 Months Ended |
Nov. 30, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Amount Investment in joint ventures at February 29, 2020 $ 33,470 Earnings from joint venture, net of tax 1,406 Investment in joint ventures at August 31, 2020 34,876 Earnings from joint venture, net of tax 572 Investment in joint venture at November 30, 2020 $ 35,448 |
Secured and Unsecured Debt Fi_2
Secured and Unsecured Debt Financings (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Debt Disclosure [Abstract] | |
Outstanding amounts of secured and unsecured term debt financings | The outstanding amounts of our secured and unsecured debt financings are as follows: At November 30, 2020 At At Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Outstanding Secured Debt Financings: ECA Financings (1) $ 40,055 2 3.49% to 3.96% 12/03/21 to 11/30/24 $ 43,649 $ 50,745 Bank Financings (2) 905,219 34 2.15% to 4.55% 06/17/23 to 01/19/26 927,385 971,693 Less: Debt issuance costs and discounts (7,671) — (8,375) (9,920) Total secured debt financings, net of debt issuance costs and discounts 937,603 36 962,659 1,012,518 Unsecured Debt Financings: Senior Notes due 2020 (3) — 7.625% 04/15/20 — 300,000 Senior Notes due 2021 500,000 5.125% 03/15/21 500,000 500,000 Senior Notes due 2022 500,000 5.50% 02/15/22 500,000 500,000 Senior 5.00% Notes due 2023 500,000 5.00% 04/01/23 500,000 500,000 Senior 4.40% Notes due 2023 650,000 4.40% 09/25/23 650,000 650,000 Senior Notes due 2024 500,000 4.125% 05/01/24 500,000 500,000 Senior Notes due 2025 650,000 5.250% 08/11/25 650,000 — Senior Notes due 2026 650,000 4.250% 06/15/26 650,000 650,000 Unsecured Term Loans 215,000 1.72% 03/07/22 to 03/07/24 215,000 215,000 Revolving Credit Facilities — 1.25% to 2.00% 07/30/21 to 06/27/22 150,000 100,000 Less: Debt issuance costs and discounts (34,859) (37,234) (30,765) Total unsecured debt financings, net of debt issuance costs and discounts 4,130,141 4,277,766 3,884,235 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,067,744 $ 5,240,425 $ 4,896,753 (1) The borrowings under these financings at November 30, 2020 have a weighted-average rate of interest of 3.60%. During February 2020, the Company repaid the ECA Financings for four aircraft owned by the Air Knight VIEs, which were released as security for such financings during the second quarter of 2020 – see Note 6. (2) The borrowings under these financings at November 30, 2020 have a weighted-average fixed rate of interest of 3.09%. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Sources of income from continuing operations before income taxes | The sources of income (loss) from continuing operations before income taxes and earnings of our unconsolidated equity method investments for the two months ended August 31, 2020 and 2019, and the three and nine months ended November 30, 2020 and 2019 were as follows: Two Months Ended Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 U.S. operations $ 5,161 $ 3,655 $ 15,291 $ 80 $ 28,188 $ 6,381 Non-U.S. operations (7,457) 12,835 (10,882) 66,527 (252,768) 132,944 Income (loss) from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investments $ (2,296) $ 16,490 $ 4,409 $ 66,607 $ (224,580) $ 139,325 |
Analysis of effective income tax rate for continuing operations | Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income (loss) from continuing operations consisted of the following: Two Months Ended Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Notional U.S. federal income tax expense (benefit) at the statutory rate $ (482) $ 3,463 $ 925 $ 13,987 $ (47,162) $ 29,258 U.S. state and local income tax, net 492 229 917 221 2,998 611 Non-U.S. operations: Bermuda 7,853 1,503 (1,719) (8,037) 56,572 (10,562) Ireland 781 (1,422) (287) 147 1,470 (1,055) Singapore (10) (16) (1) (3) 80 (18) Other low tax jurisdictions 30 (1,372) 25 578 (412) (1,779) Non-deductible expenses in the U.S. 661 45 38 766 3,385 825 Other — (1,147) 2,371 — (2,193) — Income tax provision $ 9,325 $ 1,283 $ 2,269 $ 7,659 $ 14,738 $ 17,280 The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law on March 27, 2020. The CARES Act, among other things, includes provisions relating to net operating loss carrybacks, alternative minimum tax credit refunds, modification to the net interest expense deduction limitation and technical correction to the tax depreciation methods for qualified improvement property. The CARES Act did not materially impact the Company’s effective tax rate for the nine months ended November 30, 2020. |
Interest, Net (Tables)
Interest, Net (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Interest Income (Expense), Net [Abstract] | |
Components of Interest | The following table shows the components of interest, net: Two Months Ended Three Months Ended November 30, Nine Months Ended November 30, 2020 2019 2020 2019 2020 2019 Interest on borrowings and other liabilities $ 35,088 $ 41,975 $ 56,087 $ 59,959 $ 163,821 $ 186,012 Amortization of deferred financing fees and debt discount 2,319 2,589 3,929 3,810 10,642 11,105 Interest expense 37,407 44,564 60,016 63,769 174,463 197,117 Less: Interest income (52) (493) (71) (565) (467) (2,165) Interest, net $ 37,355 $ 44,071 $ 59,945 $ 63,204 $ 173,996 $ 194,952 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of obligations uner non-cancelable operating leases | Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at November 30, 2020 were as follows: Year Ending February 28/29, Amount (1) Remainder of 2020 $ 175,301 2021 660,667 2022 572,525 2023 500,271 2024 373,021 Thereafter 508,869 Total $ 2,790,654 _______________ (1) Reflects impact of lessee lease rental deferrals. As of November 30, 2020, Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 483 2021 1,923 2022 1,783 2023 1,716 2024 1,747 Thereafter 5,840 Total $ 13,492 |
Long-term Purchase Commitment | Commitments, including $110,946 of remaining progress payments, contractual price escalations and other adjustments for these aircraft, at November 30, 2020, net of amounts already paid, are as follows: Year Ending February 28/29, Amount Remainder of 2020 $ 9,015 2021 181,455 2022 448,408 2023 157,274 2024 84,829 Thereafter 127,115 Total $ 1,008,096 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Principal components of other assets | The following table describes the principal components of other assets on our Consolidated Balance Sheets as of: November 30, August 31, February 29, Deferred income tax asset $ 1,135 $ 1,531 $ 636 Lease incentives and lease premiums, net of amortization of $73,081, $70,234 and $63,010, respectively 81,809 93,322 103,161 Flight equipment held for sale 53,218 5,632 13,083 Aircraft purchase deposits and Embraer E-2 progress payments 42,901 42,901 39,038 Right-of-use asset (1) 8,341 8,620 9,148 Deferred rent receivable 47,237 59,354 4,494 Other assets 36,596 36,112 37,057 Total other assets $ 271,237 $ 247,472 $ 206,617 ______________ (1) Net of lease incentives and tenant allowances. |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Nov. 30, 2020 | |
Payables and Accruals [Abstract] | |
Principal components of accounts payable, accrued expenses and other liabilities recorded on our consolidated balance sheet | The following table describes the principal components of accounts payable, accrued expenses and other liabilities recorded on our Consolidated Balance Sheets as of: November 30, August 31, February 29, Accounts payable, accrued expenses and other liabilities $ 49,151 $ 43,210 $ 64,034 Deferred income tax liability 78,159 71,130 65,928 Accrued interest payable 51,005 54,525 62,196 Lease liability 11,486 11,846 12,510 Lease discounts, net of amortization of $44,627, $45,359 and $44,968, respectively 1,636 1,898 2,446 Total accounts payable, accrued expenses and other liabilities $ 191,437 $ 182,609 $ 207,114 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) $ in Thousands | Jan. 08, 2021USD ($)LesseeNumberOfAirlines | Aug. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2020USD ($)Entitysegment | Nov. 30, 2019USD ($) | Nov. 30, 2020aircraftLessee |
Variable Interest Entity [Line Items] | ||||||||
IATA estimated percentage of normal air traffic | 34.00% | 34.00% | 34.00% | |||||
Number of Operating Segments | segment | 1 | |||||||
Net Cash and Restricted Cash Provided by (Used in) Operating Activities | $ 124,380 | $ 410,979 | ||||||
Gain (loss) on sale of flight equipment | $ (185) | $ 4,448 | $ 12,951 | $ 26,512 | 24,181 | 39,134 | ||
Revenues | $ 113,547 | $ 143,944 | $ 180,911 | $ 248,875 | $ 634,760 | $ 699,782 | ||
Concentration Risk, Percentage | 46.00% | |||||||
Number of Aircrafts Leased to Bankrupt Customers | aircraft | 22 | |||||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number of Consolidated Variable Interest Entities | Entity | 2 | |||||||
Subsequent Event | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Deferred Lease Income, Current | $ 101,000 | |||||||
Number of Airlines | NumberOfAirlines | 37 | |||||||
Number Of Customers Entering Bankruptcy | Lessee | 7 | |||||||
Subsequent Event | Accounts receivable | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Deferred Lease Income, Current | $ 76,460 | |||||||
Lease rental and Direct financing and sales-type lease revenues for the last twelve months [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Concentration Risk, Percentage | 15.00% | |||||||
Lease Rental Revenue | Customers in Bankruptcy Proceedings [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Concentration Risk, Percentage | 11.00% | |||||||
Net Book Value | Customers in Bankruptcy Proceedings [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Concentration Risk, Percentage | 13.00% | |||||||
LATAM [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Number Of Customers Entering Bankruptcy | Lessee | 1 | |||||||
LATAM [Member] | Lease Rental Revenue | Customers in Bankruptcy Proceedings [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Concentration Risk, Percentage | 6.00% | |||||||
LATAM [Member] | Net Book Value | Customers in Bankruptcy Proceedings [Member] | ||||||||
Variable Interest Entity [Line Items] | ||||||||
Concentration Risk, Percentage | 7.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2020USD ($)aircraft | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Feb. 29, 2020USD ($) | |
Assets: | |||||||
Impairment of flight equipment | $ 9,596 | $ 0 | $ 9,867 | $ 0 | $ 299,551 | $ 7,404 | |
Fleet Review [Member] | |||||||
Assets: | |||||||
Impairment of flight equipment | 43,040 | ||||||
Transactional [Member] | |||||||
Assets: | |||||||
Impairment of flight equipment | $ 9,596 | $ 9,867 | $ 256,510 | ||||
Narrow-body [Member] | Fleet Review [Member] | |||||||
Assets: | |||||||
Number of Aircraft Impaired | aircraft | 1 | ||||||
Narrow-body [Member] | Transactional [Member] | |||||||
Assets: | |||||||
Number of Aircraft Impaired | aircraft | 1 | 2 | 13 | ||||
Wide-body [Member] | Fleet Review [Member] | |||||||
Assets: | |||||||
Number of Aircraft Impaired | aircraft | 1 | ||||||
Total wide-body and narrow body [Member] | Transactional [Member] | |||||||
Assets: | |||||||
Number of Aircraft Impaired | aircraft | 18 | ||||||
wide-body [Member] | Transactional [Member] | |||||||
Assets: | |||||||
Number of Aircraft Impaired | aircraft | 5 | ||||||
Maintenance revenue | |||||||
Assets: | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 19,158 | $ (644) | $ 24,843 | $ 15,360 | $ 121,508 | $ 55,807 | |
Maintenance revenue | Narrow-body [Member] | |||||||
Assets: | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 15,200 | ||||||
Maintenance and Security Deposit [Member] | |||||||
Assets: | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 9,367 | 107,448 | |||||
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||||||
Assets: | |||||||
Cash and cash equivalents | 514,917 | 416,621 | 416,621 | $ 166,083 | |||
Restricted cash and cash equivalents | 5,353 | 5,341 | 5,341 | 5,354 | |||
Derivative Asset | 0 | ||||||
Total | 520,270 | 421,962 | 421,962 | 171,437 | |||
Recurring | Significant Other Observable Inputs (Level 2) | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Restricted cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Derivative Asset | 19 | ||||||
Total | 0 | 0 | 0 | 19 | |||
Recurring | Significant Unobservable Inputs (Level 3) | |||||||
Assets: | |||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Restricted cash and cash equivalents | 0 | 0 | 0 | 0 | |||
Derivative Asset | 0 | ||||||
Total | 0 | 0 | 0 | 0 | |||
Recurring | Estimate of Fair Value Measurement | |||||||
Assets: | |||||||
Cash and cash equivalents | 514,917 | 416,621 | 416,621 | 166,083 | |||
Restricted cash and cash equivalents | 5,353 | 5,341 | 5,341 | 5,354 | |||
Derivative Asset | 19 | ||||||
Total | $ 520,270 | $ 421,962 | $ 421,962 | $ 171,456 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 2) - Unsecured Debt - Reported Value Measurement - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Feb. 29, 2020 |
Fair Value, Inputs, Level 2 [Member] | Revolving Credit Facility | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 150,000 | $ 100,000 |
Fair Value, Inputs, Level 1 [Member] | DBJ Term Loan | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 215,000 | $ 215,000 | $ 215,000 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 3) - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Feb. 29, 2020 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | ECA Term Financings | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 41,814 | $ 45,680 | $ 52,593 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Bank Financings | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 903,111 | 925,683 | 1,002,620 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | ECA Term Financings | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 40,055 | 43,649 | 50,745 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Bank Financings | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 905,219 | 927,385 | 971,693 |
Unsecured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Revolving Credit Facility | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 0 | 148,737 | 100,000 |
Unsecured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Revolving Credit Facility | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 0 | 150,000 | 100,000 |
Unsecured Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement | DBJ Term Loan | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 209,784 | 209,326 | 215,000 |
Unsecured Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement | Senior Notes | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 4,088,771 | 3,901,958 | 3,807,956 |
Unsecured Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | DBJ Term Loan | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | 215,000 | 215,000 | 215,000 |
Unsecured Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Senior Notes | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Debt Instrument, Fair Value Disclosure | $ 3,950,000 | $ 3,950,000 | $ 3,600,000 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details Textual) $ in Thousands | Jan. 08, 2021USD ($)Lessee | Aug. 31, 2020USD ($)aircraft | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Impairment of flight equipment | 9,596 | 0 | 9,867 | 0 | 299,551 | 7,404 | |
Maintenance revenue | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,158 | $ (644) | 24,843 | $ 15,360 | 121,508 | $ 55,807 | |
Transactional [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Impairment of flight equipment | $ 9,596 | 9,867 | 256,510 | ||||
Fleet Review [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Impairment of flight equipment | $ 43,040 | ||||||
Subsequent Event | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Deferred Lease Income, Current | $ 101,000 | ||||||
Number Of Customers Entering Bankruptcy | Lessee | 7 | ||||||
Narrow-body [Member] | Maintenance revenue | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 15,200 | ||||||
Narrow-body [Member] | Transactional [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Number of Aircraft Impaired | aircraft | 1 | 2 | 13 | ||||
Narrow-body [Member] | Fleet Review [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Number of Aircraft Impaired | aircraft | 1 | ||||||
Wide-body [Member] | Fleet Review [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Number of Aircraft Impaired | aircraft | 1 |
Lease Rental Revenues and Fli_3
Lease Rental Revenues and Flight Equipment Held for Lease (Details) $ in Thousands | Nov. 30, 2020USD ($) |
Annual future minimum lease rentals receivable | |
Remainder of 2019 | $ 175,301 |
2020 | 660,667 |
2021 | 572,525 |
2022 | 500,271 |
2023 | 373,021 |
Thereafter | 508,869 |
Total | $ 2,790,654 |
Lease Rental Revenues and Fli_4
Lease Rental Revenues and Flight Equipment Held for Lease (Details 1) | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 46.00% | |||||
Lease Rental Revenue | Geographic Concentration Risk | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Lease Rental Revenue | Geographic Concentration Risk | Asia and Pacific | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 40.00% | 44.00% | 37.00% | 44.00% | 40.00% | 44.00% |
Lease Rental Revenue | Geographic Concentration Risk | Europe | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 34.00% | 26.00% | 34.00% | 25.00% | 31.00% | 27.00% |
Lease Rental Revenue | Geographic Concentration Risk | Middle East and Africa | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 12.00% | 9.00% | 12.00% | 10.00% | 11.00% | 9.00% |
Lease Rental Revenue | Geographic Concentration Risk | North America | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 9.00% | 12.00% | 11.00% | 13.00% | 11.00% | 11.00% |
Lease Rental Revenue | Geographic Concentration Risk | Middle East and Africa | ||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||
Percentage of geographic concentration | 5.00% | 9.00% | 6.00% | 8.00% | 7.00% | 9.00% |
Lease Rental Revenues and Fli_5
Lease Rental Revenues and Flight Equipment Held for Lease (Details 2) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020USD ($)Lessee | Aug. 31, 2019USD ($)Lessee | Nov. 30, 2020USD ($)Lessee | Nov. 30, 2019USD ($)Lessee | Nov. 30, 2020USD ($)Lessee | Nov. 30, 2019USD ($)Lessee | |
Revenue attributable to individual countries | ||||||
Revenue | $ 93,891 | $ 136,156 | $ 139,493 | $ 199,847 | $ 473,566 | $ 588,141 |
Percentage of geographic concentration | 46.00% | |||||
Geographic Concentration Risk | Total Revenue | INDIA | ||||||
Revenue attributable to individual countries | ||||||
Revenue | $ 22,606 | $ 19,592 | $ 22,455 | $ 27,673 | $ 75,951 | $ 96,117 |
Percentage of geographic concentration | 20.00% | 14.00% | 12.00% | 11.00% | 12.00% | 14.00% |
Geographic Concentration Risk | Total Revenue | ||||||
Revenue attributable to individual countries | ||||||
Percentage of geographic concentration | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Group One | ||||||
Revenue from External Customer [Line Items] | ||||||
Concentration Risk, Number of Customers in Major Customer Group | Lessee | 5 | 3 | 4 | 3 | 4 | 3 |
Customer Group One | Geographic Concentration Risk | Total Revenue | ||||||
Revenue attributable to individual countries | ||||||
Percentage of geographic concentration | 40.00% | 22.00% | 31.00% | 21.00% | 29.00% | 21.00% |
Lease Rental Revenues and Fli_6
Lease Rental Revenues and Flight Equipment Held for Lease (Details 3) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2020USD ($)aircraft | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Aug. 31, 2020aircraft | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Feb. 29, 2020aircraft | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ | $ (185) | $ 4,448 | $ 12,951 | $ 26,512 | $ 24,181 | $ 39,134 | ||
Revenue | $ | $ 93,891 | 136,156 | $ 139,493 | 199,847 | $ 473,566 | 588,141 | ||
Number of Aircraft | 273 | 260 | 273 | 260 | 272 | |||
Percentage of geographic concentration | 46.00% | |||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 20 | 20 | 2 | |||||
Asia and Pacific | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Aircraft | 89 | 80 | 89 | 80 | 90 | |||
Europe | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Aircraft | 99 | 99 | 99 | 99 | 99 | |||
Middle East and Africa | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Aircraft | 28 | 28 | 28 | 28 | 40 | |||
North America | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Aircraft | 26 | 26 | 26 | 26 | 26 | |||
Middle East and Africa | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Aircraft | 11 | 11 | 11 | 11 | 15 | |||
Geographic Concentration Risk | Total Revenue | INDIA | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue | $ | $ 22,606 | $ 19,592 | $ 22,455 | $ 27,673 | $ 75,951 | $ 96,117 | ||
Percentage of geographic concentration | 20.00% | 14.00% | 12.00% | 11.00% | 12.00% | 14.00% | ||
Geographic Concentration Risk | Total Revenue | MEXICO | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue | $ | $ 0 | $ 0 | $ 0 | $ 0 | $ 85,711 | $ 0 | ||
Percentage of geographic concentration | 0.00% | 0.00% | 0.00% | 0.00% | 14.00% | 0.00% | ||
Geographic Concentration Risk | Total Revenue | CANADA | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue | $ | $ 0 | $ 0 | $ 24,338 | $ 0 | $ 0 | $ 0 | ||
Percentage of geographic concentration | 0.00% | 0.00% | 13.00% | 0.00% | 0.00% | 0.00% | ||
Geographic Concentration Risk | Net Book Value | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 100.00% | 100.00% | 100.00% | |||||
Geographic Concentration Risk | Net Book Value | Asia and Pacific | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 39.00% | 37.00% | 38.00% | |||||
Geographic Concentration Risk | Net Book Value | Europe | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 27.00% | 28.00% | 27.00% | |||||
Geographic Concentration Risk | Net Book Value | Middle East and Africa | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 10.00% | 11.00% | 13.00% | |||||
Geographic Concentration Risk | Net Book Value | North America | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 13.00% | 13.00% | 15.00% | |||||
Geographic Concentration Risk | Net Book Value | Middle East and Africa | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 4.00% | 4.00% | 6.00% | |||||
Geographic Concentration Risk | Net Book Value | Off Lease | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Percentage of geographic concentration | 7.00% | 7.00% | 1.00% | |||||
Maintenance revenue | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ | $ 19,158 | $ (644) | $ 24,843 | $ 15,360 | $ 121,508 | $ 55,807 | ||
Maintenance revenue | INDIA | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ | $ 10,171 | $ (716) | 6,080 | $ (803) | 16,251 | $ 16,035 | ||
Maintenance revenue | MEXICO | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ | $ 79,912 | |||||||
Maintenance revenue | CANADA | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ | $ 19,260 | |||||||
A-320-200 [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 11 | 3 | 11 | 3 | ||||
A-320-200 [Member] | Europe | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | ||||||
A-320-200 [Member] | Middle East and Africa | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | ||||||
A-330-200 [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 4 | 4 | ||||||
A-330-200 [Member] | Europe | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | ||||||
B-737-800 [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 3 | 4 | 3 | 4 | 1 | |||
B-737-800 [Member] | Europe | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Offlease Aircraft with Future Lease Commitments | 2 | 2 | ||||||
A319-100 [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 1 | 1 | ||||||
A-320 [Member] | Middle East and Africa | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | ||||||
A-330 [Member] | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 3 | 3 | ||||||
A-330 [Member] | Europe | ||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | 1 |
Lease Rental Revenues and Fli_7
Lease Rental Revenues and Flight Equipment Held for Lease (Details 4) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Aug. 31, 2020USD ($)aircraft | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Aug. 31, 2020USD ($)aircraft | Aug. 31, 2019Lessee | Nov. 30, 2020USD ($)aircraftLessee | Nov. 30, 2019USD ($) | Feb. 29, 2020USD ($)aircraftLessee | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 20 | 20 | 2 | ||||||
Revenue | $ | $ 93,891 | $ 136,156 | $ 139,493 | $ 199,847 | $ 473,566 | $ 588,141 | |||
Property Subject to or Available for Operating Lease, Net | $ | 6,804,232 | $ 6,666,574 | $ 6,804,232 | $ 6,666,574 | $ 7,142,987 | ||||
Number of Offlease Aircraft Marketed for Lease | 16 | 16 | |||||||
Percentage of geographic concentration | 46.00% | ||||||||
INDIA | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Property Subject to or Available for Operating Lease, Net | $ | 897,384 | $ 779,560 | $ 897,384 | $ 779,560 | $ 917,793 | ||||
property subject to or available for operating lease, net (percentage) | 13.00% | 11.00% | 12.00% | ||||||
number of lessees | Lessee | 4,000 | 4,000 | 4 | ||||||
Geographic Concentration Risk | Total Revenue | INDIA | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Revenue | $ | $ 22,606 | $ 19,592 | $ 22,455 | $ 27,673 | $ 75,951 | $ 96,117 | |||
Percentage of geographic concentration | 20.00% | 14.00% | 12.00% | 11.00% | 12.00% | 14.00% | |||
Geographic Concentration Risk | Net Book Value | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Percentage of geographic concentration | 100.00% | 100.00% | 100.00% | ||||||
A-330-200 [Member] | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 4 | 4 | |||||||
A319-100 [Member] | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 1 | 1 | |||||||
A-320-200 [Member] | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 11 | 3 | 11 | 3 | |||||
B-737-800 [Member] | |||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||
Number of Offlease Aircraft Marketed for Lease or Sale | 3 | 4 | 3 | 4 | 1 |
Lease Rental Revenues and Fli_8
Lease Rental Revenues and Flight Equipment Held for Lease (Details Textual) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Feb. 29, 2020 | |
Revenue, Major Customer [Line Items] | |||||||
Percentage of geographic concentration | 46.00% | ||||||
Lease Rental Revenue | Customer Concentration Risk | Customer Group One | |||||||
Revenue, Major Customer [Line Items] | |||||||
Percentage of geographic concentration | 40.00% | 22.00% | 31.00% | 21.00% | 29.00% | 21.00% | |
Maintenance Payments | |||||||
Revenue, Major Customer [Line Items] | |||||||
Amounts of lease incentive liabilities recorded in the consolidated balance sheets | $ 12,173 | $ 13,731 | $ 13,731 | $ 10,076 |
Net Investment in Leases (Detai
Net Investment in Leases (Details) $ in Thousands | 6 Months Ended | ||
Aug. 31, 2020USD ($)aircraft | Nov. 30, 2020aircraft | Feb. 29, 2020aircraft | |
Leases [Abstract] | |||
Capital Leased Assets, Number of Units | aircraft | 24 | 24 | 30 |
Allowance for Loan and Lease Losses, Write-offs | $ | $ (8,099) |
Net Investment in Leases (Det_2
Net Investment in Leases (Details) $ in Thousands | 6 Months Ended | ||
Aug. 31, 2020USD ($)aircraft | Nov. 30, 2020USD ($)aircraft | Feb. 29, 2020USD ($)aircraft | |
Leases [Abstract] | |||
Capital Leased Assets, Number of Units | aircraft | 24 | 24 | 30 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | |||
Lease receivable | $ 117,847 | $ 111,392 | $ 166,060 |
Unguaranteed residual value of flight equipment | 202,189 | 204,360 | 266,750 |
Capital Leases Investment In Direct Financing And Sales Type Leases before Allowance | 320,036 | 315,752 | 432,810 |
Financing Receivable, Allowance for Credit Loss, Current | (2,972) | (3,714) | (6,558) |
Net investment in leases, net of allowance for credit losses of $3,714, $2,972 and $6,558, respectively | 317,064 | 312,038 | $ 426,252 |
Receivable in Remainder of Fiscal Year | 13,449 | ||
Receivable in Year Two | 32,504 | ||
Receivable in Year Three | 23,811 | ||
Receivable in Year Four | 22,628 | ||
Receivable in Year Five | 6,836 | ||
Thereafter | 31,130 | ||
Total | 130,358 | ||
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (111,392) | ||
Difference between the Present Value and Undiscounted Sales Type and Direct Financing Lease Receivable | $ 18,966 | ||
Allowance for Loan and Lease Losses, Write-offs | $ (8,099) |
Net Investment in Leases - Cred
Net Investment in Leases - Credit Loss Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Nov. 30, 2020 | Aug. 31, 2020 | Nov. 30, 2020 | Nov. 30, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 2,972 | $ 6,558 | $ 6,558 | |
Provision for Loan and Lease Losses | 742 | 4,513 | 5,255 | $ 0 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 3,714 | 2,972 | $ 3,714 | |
Allowance for Loan and Lease Losses, Write-offs | $ 8,099 |
Unconsolidated Equity Method _3
Unconsolidated Equity Method Investment (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Apr. 30, 2020USD ($)engines | Aug. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Aug. 31, 2020USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | Feb. 29, 2020USD ($) | |
Unconsolidated equity method investments | $ 34,876 | $ 35,448 | $ 34,876 | $ 35,448 | $ 33,470 | ||||
Earnings of unconsolidated equity method investments, net of tax | 426 | $ 1,160 | 572 | $ 601 | 1,406 | 1,978 | $ 2,281 | ||
Property Subject to or Available for Operating Lease, Net | $ 6,804,232 | $ 6,666,574 | $ 6,804,232 | $ 6,666,574 | $ 7,142,987 | ||||
Equity Method Investee | |||||||||
Total number of aircraft owned by joint ventures | aircraft | 9 | 9 | |||||||
Property Subject to or Available for Operating Lease, Net | $ 315,418 | $ 315,418 | |||||||
Magellan [Member] | |||||||||
Engines Sold | engines | 2 | ||||||||
Related Party Transaction, Amounts of Transaction | $ 5,355 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 29, 2020USD ($)aircraftTerm_Loan | Aug. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2020USD ($)Entityaircraft | Nov. 30, 2019USD ($) | |
Variable Interest Entity [Line Items] | |||||||
Gain (Loss) on Extinguishment of Debt | $ 4,020 | $ 0 | $ 7,577 | $ 43 | $ 0 | $ 108 | $ 7,577 |
Variable Interest Entity, Primary Beneficiary [Member] | |||||||
Variable Interest Entity [Line Items] | |||||||
Number of Consolidated Variable Interest Entities | Entity | 2 | ||||||
Number of Aircrafts | aircraft | 2 | ||||||
Variable Interest Entity, Primary Beneficiary [Member] | Air Knight VIEs | ECA Term Financings | |||||||
Variable Interest Entity [Line Items] | |||||||
Type of term loans | Term_Loan | 6 | ||||||
Debt instrument, term | 12 years | ||||||
Net book value of flight equipment held for lease | 121,878 | $ 121,878 | |||||
Consolidated debt outstanding | $ 39,634 | $ 39,634 | |||||
South African Airways [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Air Knight VIEs | ECA Term Financings | |||||||
Variable Interest Entity [Line Items] | |||||||
Repayments of Debt | $ 95,128 | ||||||
Number of Aircraft Impaired | aircraft | 4 |
Secured and Unsecured Debt Fi_3
Secured and Unsecured Debt Financings (Details) $ in Thousands | Aug. 11, 2020USD ($) | Jul. 30, 2020USD ($) | Feb. 29, 2020USD ($)aircraft | Nov. 30, 2020USD ($)aircraft | Aug. 31, 2020USD ($) | Apr. 15, 2020USD ($) |
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from secured financings | $ 1,012,518 | $ 937,603 | $ 962,659 | |||
Number of Aircraft Financed | aircraft | 36 | |||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 3,884,235 | $ 4,130,141 | 4,277,766 | |||
Total secured and unsecured debt financings | 4,896,753 | $ 5,067,744 | 5,240,425 | |||
Line of Credit | Revolving Credit Facility | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 100,000 | 150,000 | ||||
ECA Term Financings | Secured Debt | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Number of Aircraft Financed | aircraft | 2 | |||||
ECA Term Financings | Notes Payable, Other Payables | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 3.60% | |||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from secured financings | 50,745 | $ 40,055 | 43,649 | |||
ECA Term Financings | Minimum | Notes Payable, Other Payables | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 3.49% | |||||
ECA Term Financings | Maximum | Notes Payable, Other Payables | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 3.96% | |||||
Bank Financings | Secured Debt | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Number of Aircraft Financed | aircraft | 34 | |||||
Bank Financings | Notes Payable, Other Payables | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 3.09% | |||||
Bank Financings | Notes Payable to Banks | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from secured financings | 971,693 | $ 905,219 | 927,385 | |||
Bank Financings | Minimum | Notes Payable to Banks | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 2.15% | |||||
Bank Financings | Maximum | Notes Payable to Banks | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 4.55% | |||||
2013 Revolving Credit Facility | Line of Credit | Revolving Credit Facility | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||||
Secured Debt | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Debt Issuance Cost | (9,920) | (7,671) | (8,375) | |||
Senior Notes Due 2020 | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 300,000 | $ 0 | 0 | |||
Interest rate | 7.625% | 7.625% | ||||
Unsecured Debt, Current | $ 300,000 | |||||
Senior Notes due 2021 | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 500,000 | $ 500,000 | 500,000 | |||
Interest rate | 5.125% | |||||
Senior Notes due 2022 | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 500,000 | $ 500,000 | 500,000 | |||
Interest rate | 5.50% | |||||
Senior Notes Due 2023 | 5.00 | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 500,000 | $ 500,000 | 500,000 | |||
Interest rate | 5.00% | |||||
Senior Notes Due 2023 | 4.40% | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 650,000 | $ 650,000 | 650,000 | |||
Interest rate | 4.40% | |||||
Senior Notes Due 2024 | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 500,000 | $ 500,000 | 500,000 | |||
Interest rate | 4.125% | |||||
Floating Rate Term Loan | Notes Payable to Banks | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 1.72% | |||||
Floating Rate Term Loan | Floating Rate Term Loan | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 215,000 | $ 215,000 | 215,000 | |||
Floating Rate Term Loan | Minimum | Notes Payable to Banks | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 1.72% | |||||
Floating Rate Term Loan | Maximum | Notes Payable to Banks | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 1.72% | |||||
Revolving Credit Facility | Minimum | Line of Credit | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 1.56% | |||||
Revolving Credit Facility | Maximum | Line of Credit | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 1.57% | |||||
Unsecured Debt | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Debt Issuance Cost | (30,765) | $ (34,859) | (37,234) | |||
Senior Notes Due 2026 [Member] | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 650,000 | $ 650,000 | 650,000 | |||
Senior Notes Due 2026 [Member] | 4.25% [Member] | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Interest rate | 4.25% | |||||
Senior Notes Due 2025 [Member] | Senior Notes | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 0 | $ 650,000 | $ 650,000 | |||
Interest rate | 5.25% | 5.25% | ||||
Proceeds from Issuance of Unsecured Debt | $ 650,000 | |||||
Debt Instrument, Redemption Price, Percentage | 99.057% | |||||
Mizuho Bank Ltd. (2020) Unsecured Revolving Credit Facility [Member] | Line of Credit | Revolving Credit Facility | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Line of Credit Facility, Current Borrowing Capacity | $ 150,000 | |||||
Line of Credit Facility, Extension Option | 1 year | |||||
Mizuho Bank Ltd. (2020) Unsecured Revolving Credit Facility [Member] | Line of Credit | Revolving Credit Facility | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
Mizuho Bank Ltd. (2020) Unsecured Revolving Credit Facility [Member] | Line of Credit | Revolving Credit Facility | Base Rate [Member] | ||||||
Outstanding amounts of secured and unsecured term debt financings | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||
Air Knight VIEs | Variable Interest Entity, Primary Beneficiary [Member] | South African Airways [Member] | ECA Term Financings | ||||||
Debt Instrument [Line Items] | ||||||
Number of Aircraft Impaired | aircraft | 4 |
Secured and Unsecured Debt Fi_4
Secured and Unsecured Debt Financings (Details 1) - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Apr. 15, 2020 | Feb. 29, 2020 |
Debt Instrument [Line Items] | ||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 4,130,141 | $ 4,277,766 | $ 3,884,235 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,250,000 | |||
Notes Payable, Other Payables | ECA Term Financings | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 3.60% | |||
Notes Payable, Other Payables | Bank Financings | ||||
Debt Instrument [Line Items] | ||||
Debt, Weighted Average Interest Rate | 3.09% | |||
Senior Notes | Senior Notes Due 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.125% | |||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 500,000 | 500,000 | 500,000 | |
Senior Notes | Senior Notes Due 2020 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.625% | 7.625% | ||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 0 | 0 | 300,000 | |
Senior Notes | Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.125% | |||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 500,000 | 500,000 | 500,000 | |
Senior Notes | Senior Notes due 2022 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 5.50% | |||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 500,000 | 500,000 | 500,000 | |
Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowings from unsecured financings, net of debt issuance costs and discounts | 150,000 | 100,000 | ||
Line of Credit | 2013 Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||
Maximum | Notes Payable, Other Payables | ECA Term Financings | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 3.96% | |||
Maximum | Notes Payable to Banks | Bank Financings | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.55% | |||
Maximum | Line of Credit | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 1.57% | |||
4.40% | Senior Notes | Senior Notes Due 2023 | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 4.40% | |||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 650,000 | $ 650,000 | $ 650,000 |
Shareholders' Equity and Shar_2
Shareholders' Equity and Share Based Payment Shareholders' Equity and Share Based Payment (Details Textual) (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 06, 2020 | Feb. 13, 2020 | Mar. 27, 2020 | Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Mar. 31, 2020 | Nov. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Feb. 29, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Total par value of authorized common and preferred shares | $ 3,000 | ||||||||||||
Non-cash share-based payment expense | $ 0 | $ 2,283 | $ 0 | $ 3,209 | $ 28,049 | $ 9,793 | |||||||
Stock Repurchased During Period, Value | $ 7,009 | $ 2,864 | |||||||||||
Common Stock, Shares Authorized | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | ||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Payments for Unvested equity based instruments on Merger Date | $ 25,536 | ||||||||||||
Proceeds from Contributions from Parent | $ 25,536 | $ 25,536 | $ 25,536 | $ 0 | |||||||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Common Stock, Value, Issued | $ 0 | $ 0 | $ 0 | $ 751 | |||||||||
Common Stock, Shares, Outstanding | 14,048 | 14,048 | 14,048 | 14,048 | 75,122,129 | ||||||||
Dividend per Common Share | $ 0.32 | ||||||||||||
Payments of Dividends | $ 24,025 | ||||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Non-cash share-based payment expense | 3,921 | ||||||||||||
Share-based Payment Arrangement, Accelerated Cost | $ 914 | ||||||||||||
Payments for Unvested equity based instruments on Merger Date | 4,063 | ||||||||||||
Performance Shares [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Non-cash share-based payment expense | $ 18,967 | ||||||||||||
Share-based Payment Arrangement, Accelerated Cost | 4,247 | ||||||||||||
AROE&TSRPerformanceBasedShares [Domain] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Payments for Unvested equity based instruments on Merger Date | $ 21,473 | ||||||||||||
Number of non-vested equity instruments purchased on Merger Date | 671,030 | ||||||||||||
Number of Restricted Stock Awards and Restricted Stock Units [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of non-vested equity instruments purchased on Merger Date | 126,971 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Sources of income from continuing operations before income taxes | ||||||
U.S. operations | $ 5,161 | $ 3,655 | $ 15,291 | $ 80 | $ 28,188 | $ 6,381 |
Non-U.S. operations | (7,457) | 12,835 | (10,882) | 66,527 | (252,768) | 132,944 |
Income from continuing operations before income taxes and earnings of unconsolidated equity method investments | $ (2,296) | $ 16,490 | $ 4,409 | $ 66,607 | $ (224,580) | $ 139,325 |
Effective Income Tax Rate, Continuing Operations | (406.10%) | 7.80% | 51.50% | 11.50% | (6.60%) | 12.40% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent | (55.50%) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Analysis of effective income tax rate for continuing operations | ||||||
Notional U.S. federal income tax expense (benefit) at the statutory rate | $ (482) | $ 3,463 | $ 925 | $ 13,987 | ||
U.S. state and local income tax, net | 492 | 229 | 917 | 221 | ||
Non-deductible expenses in the U.S. | 661 | 45 | 38 | 766 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0 | (1,147) | 2,371 | 0 | ||
Income tax provision | 9,325 | 1,283 | 2,269 | 7,659 | $ 14,738 | $ 17,280 |
Singapore | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Notional U.S. federal income tax expense (benefit) at the statutory rate | (47,162) | 29,258 | ||||
U.S. state and local income tax, net | 2,998 | 611 | ||||
Non-U.S. operations: | 80 | (18) | ||||
Non-deductible expenses in the U.S. | 3,385 | 825 | ||||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | (2,193) | 0 | ||||
Income tax provision | 14,738 | 17,280 | ||||
Bermuda | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | 56,572 | (10,562) | ||||
Ireland | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | 1,470 | (1,055) | ||||
Other | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | $ (412) | $ (1,779) | ||||
Singapore | Foreign Tax Authority [Member] | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | (10) | (16) | (1) | (3) | ||
Bermuda | Foreign Tax Authority [Member] | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | 7,853 | 1,503 | (1,719) | (8,037) | ||
Ireland | Foreign Tax Authority [Member] | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | 781 | (1,422) | (287) | 147 | ||
Other | Foreign Tax Authority [Member] | ||||||
Analysis of effective income tax rate for continuing operations | ||||||
Non-U.S. operations: | $ 30 | $ (1,372) | $ 25 | $ 578 |
Income Taxes Income Taxes (Text
Income Taxes Income Taxes (Textual) (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Effective Income Tax Rate, Continuing Operations | (406.10%) | 7.80% | 51.50% | 11.50% | (6.60%) | 12.40% |
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent | (55.50%) | |||||
Merger Expenses | $ (67) | $ 0 | $ 450 | $ 3,044 | $ 32,492 | $ 3,044 |
Transactional [Member] | Low Tax Jurisdiction [Member] | ||||||
Asset Impairment Charges, net of Maintenance Revenue, Lease Rentals Received in Advance and Security Deposits | $ 191,697 |
Interest, Net (Details)
Interest, Net (Details) - USD ($) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | Nov. 30, 2020 | Nov. 30, 2019 | |
Interest Income (Expense), Net [Abstract] | ||||||
Interest on borrowings and other liabilities | $ 35,088 | $ 41,975 | $ 56,087 | $ 59,959 | $ 163,821 | $ 186,012 |
Amortization of deferred financing costs | 2,319 | 2,589 | 3,929 | 3,810 | 10,642 | 11,105 |
Interest expense | 37,407 | 44,564 | 60,016 | 63,769 | 174,463 | 197,117 |
Less: Interest income | (52) | (493) | (71) | (565) | (467) | (2,165) |
Interest, net | $ 37,355 | $ 44,071 | $ 59,945 | $ 63,204 | $ 173,996 | $ 194,952 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2020USD ($) | Aug. 31, 2019USD ($) | Nov. 30, 2020USD ($) | Nov. 30, 2019USD ($) | Nov. 30, 2020USD ($)aircraft | Nov. 30, 2019USD ($) | |
Types of Commercial Aircraft [Line Items] | ||||||
Rent expense | $ 252 | $ 276 | $ 413 | $ 415 | $ 1,213 | $ 1,216 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||||||
2019 | 483 | 483 | ||||
2020 | 1,923 | 1,923 | ||||
2021 | 1,783 | 1,783 | ||||
2022 | 1,716 | 1,716 | ||||
2023 | 1,747 | 1,747 | ||||
Thereafter | 5,840 | 5,840 | ||||
Total | 13,492 | $ 13,492 | ||||
Commitment to acquire Embraer E-Jet E2 aircraft | aircraft | 25 | |||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||
Remainder of 2020 | 9,015 | $ 9,015 | ||||
2021 | 181,455 | 181,455 | ||||
2022 | 448,408 | 448,408 | ||||
2023 | 157,274 | 157,274 | ||||
2024 | 84,829 | 84,829 | ||||
Thereafter | 127,115 | 127,115 | ||||
Total | 1,008,096 | 1,008,096 | ||||
Pre-Delivery Payments | ||||||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||||||
Total | $ 110,946 | $ 110,946 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Feb. 29, 2020 |
Principal components of other assets | |||
Deferred income tax asset | $ 1,135 | $ 1,531 | $ 636 |
Lease incentives and lease premiums, net of amortization of $73,081, $70,234 and $63,010, respectively | 81,809 | 93,322 | 103,161 |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 53,218 | 5,632 | 13,083 |
Deposit Assets | 42,901 | 42,901 | 39,038 |
Operating Lease, Right-of-Use Asset | 8,341 | 8,620 | 9,148 |
Deferred Rent Receivables, Net | 47,237 | 59,354 | 4,494 |
Other assets | 36,596 | 36,112 | 37,057 |
Total other assets | 271,237 | 247,472 | 206,617 |
Amortization of lease incentives and lease premiums | $ 73,081 | $ 70,234 | $ 63,010 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Nov. 30, 2020 | Aug. 31, 2020 | Feb. 29, 2020 |
Payables and Accruals [Abstract] | |||
Accounts payable, accrued expenses and other liabilities | $ 49,151 | $ 43,210 | $ 64,034 |
Deferred income tax liability | 78,159 | 71,130 | 65,928 |
Accrued interest payable | 51,005 | 54,525 | 62,196 |
Operating Lease, Liability | 11,486 | 11,846 | 12,510 |
Lease discounts, net of amortization of $44,627, $45,359 and $44,968, respectively | 1,636 | 1,898 | 2,446 |
Total accounts payable, accrued expenses and other liabilities | 191,437 | 182,609 | 207,114 |
Deferred Lease Income, Accumulated Amortization | $ 44,627 | $ 45,359 | $ 44,968 |
Uncategorized Items - ayr-20201
Label | Element | Value |
Shares Canceled at Merger Date | ayr_SharesCanceledatMergerDate | 74,960,937 |
Shares canceled at Merger Date, value | ayr_SharescanceledatMergerDatevalue | $ 0 |
Common Stock [Member] | ||
Shares canceled at Merger Date, value | ayr_SharescanceledatMergerDatevalue | (750,000) |
Payments for Unvested equity based instruments on Merger Date | ayr_PaymentsforUnvestedequitybasedinstrumentsonMergerDate | 1,000 |
Additional Paid-in Capital [Member] | ||
Shares canceled at Merger Date, value | ayr_SharescanceledatMergerDatevalue | 750,000 |
Payments for Unvested equity based instruments on Merger Date | ayr_PaymentsforUnvestedequitybasedinstrumentsonMergerDate | $ 25,535,000 |
Restricted Stock Awards [Member] | ||
Number of non-vested equity instruments purchased on Merger Date | ayr_NumberofnonvestedequityinstrumentspurchasedonMergerDate | 101,809 |