Cover Page
Cover Page - shares | 3 Months Ended | |
May 31, 2021 | Jul. 09, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | May 31, 2021 | |
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 $0.01 per share | |
Trading Symbol | N/A | |
Security Exchange Name | NONE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,048 | |
Entity Central Index Key | 0001362988 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --02-28 | |
Entity Address, Postal Zip Code | 06901 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 642,910 | $ 578,004 |
Restricted cash and cash equivalents | 2,693 | 2,594 |
Accounts receivable | 75,427 | 82,572 |
Flight equipment held for lease, net of accumulated depreciation of $2,161,998 and $2,076,972, respectively | 6,392,594 | 6,492,471 |
Net investment in leases, net of allowance for credit losses of $870 and $864, respectively | 191,457 | 195,376 |
Unconsolidated equity method investments | 35,664 | 35,377 |
Other assets | 317,665 | 311,944 |
Total assets | 7,658,410 | 7,698,338 |
LIABILITIES | ||
Borrowings from secured financings, net of debt issuance costs and discounts | 742,214 | 768,850 |
Borrowings from unsecured financings, net of debt issuance costs and discounts | 4,365,260 | 4,366,261 |
Accounts payable, accrued expenses and other liabilities | 171,810 | 174,267 |
Lease rentals received in advance | 55,517 | 58,013 |
Security deposits | 78,254 | 80,699 |
Maintenance payments | 524,038 | 519,178 |
Total liabilities | 5,937,093 | 5,967,268 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Preference shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common shares, $0.01 par value, 250,000,000 shares authorized, 14,048 shares issued and outstanding at May 31, 2021 and February 28, 2021 | 0 | 0 |
Additional paid-in capital | 1,485,777 | 1,485,777 |
Retained earnings | 235,540 | 245,293 |
Total shareholders’ equity | 1,721,317 | 1,731,070 |
Total liabilities and shareholders’ equity | $ 7,658,410 | $ 7,698,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Accumulated depreciation on flight equipment held for lease | $ 2,161,998 | $ 2,076,972 |
Allowance for credit losses | $ 870 | $ 864 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 250,000,000 | 250,000,000 |
Common shares, shares issued | 14,048 | 14,048 |
Common shares, shares outstanding | 14,048 | 14,048 |
Preference shares, par value | $ 0.01 | $ 0.01 |
Preference shares, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Revenues: | ||
Lease rental revenue | $ 132,125 | $ 183,178 |
Direct financing and sales-type lease revenue | 2,877 | 5,317 |
Amortization of lease premiums, discounts and incentives | (5,325) | (7,347) |
Total lease revenue | 156,154 | 257,778 |
Gain on sale of flight equipment | 9,021 | 12,078 |
Total revenues | 165,810 | 282,526 |
Operating expenses: | ||
Depreciation | 82,391 | 89,212 |
Interest, net | 58,037 | 58,726 |
Selling, general and administrative (including non-cash share-based payment expense of $0 and $28,049 for the three months ended May 31, 2021 and 2020, respectively) | 15,589 | 47,451 |
Impairment of flight equipment | 20,583 | 77,298 |
Maintenance and other costs | 7,528 | 5,566 |
Total operating expenses | 184,128 | 278,253 |
Other income (expense): | ||
Loss on extinguishment of debt | (24) | (8) |
Merger expenses | 0 | (32,069) |
Other | 10 | (17) |
Total other expense | (14) | (32,094) |
Loss from continuing operations before income taxes and earnings of unconsolidated equity method investments | (18,332) | (27,821) |
Income tax benefit | (8,292) | (551) |
Earnings of unconsolidated equity method investments, net of tax | 287 | 731 |
Net loss | (9,753) | (26,539) |
Total comprehensive income | (9,753) | (26,539) |
Maintenance revenue | ||
Revenues: | ||
Revenues from contracts with customers | 26,477 | 76,630 |
Other revenue | ||
Revenues: | ||
Revenues from contracts with customers | $ 635 | $ 12,670 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Income Statement [Abstract] | ||
Non-cash share based payment expense | $ 0 | $ 28,049 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (9,753) | $ (26,539) |
Adjustments to reconcile net loss to net cash and restricted cash provided by operating activities: | ||
Depreciation | 82,391 | 89,212 |
Amortization of deferred financing costs | 4,191 | 3,311 |
Amortization of lease premiums, discounts and incentives | 5,325 | 7,347 |
Deferred income taxes | 1,850 | 5,404 |
Non-cash share-based payment expense | 0 | 28,049 |
Collections on net investment in leases | 3,913 | 5,032 |
Security deposits and maintenance payments included in earnings | (13,139) | (81,634) |
Gain on sale of flight equipment | (9,021) | (12,078) |
Loss on extinguishment of debt | 24 | 8 |
Impairment of flight equipment | 20,583 | 77,298 |
Provision for credit losses | 6 | 3,307 |
Other | (290) | (715) |
Changes in certain assets and liabilities: | ||
Accounts receivable | 1,661 | (46,088) |
Other assets | (11,651) | (62,590) |
Accounts payable, accrued expenses and other liabilities | (3,604) | (24,059) |
Lease rentals received in advance | (2,496) | (9,740) |
Net cash and restricted cash provided by (used in) operating activities | 69,990 | (44,475) |
Cash flows from investing activities: | ||
Acquisition and improvement of flight equipment | (70,834) | (28,426) |
Proceeds from sale of flight equipment | 63,420 | 51,881 |
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits | 11,963 | (5,198) |
Other | 0 | (409) |
Net cash and restricted cash provided by investing activities | 4,549 | 17,848 |
Cash flows from financing activities: | ||
Repurchase of shares | 0 | (25,536) |
Parent contribution at Merger | 0 | 25,536 |
Proceeds from secured and unsecured debt financings | 0 | 550,000 |
Repayments of secured and unsecured debt financings | (27,224) | (323,910) |
Debt extinguishment costs | (24) | (8) |
Deferred financing costs | (4,604) | 0 |
Security deposits and maintenance payments received | 22,793 | 15,318 |
Security deposits and maintenance payments returned | (475) | (31,140) |
Dividends paid | 0 | (24,025) |
Net cash and restricted cash (used in) provided by financing activities | (9,534) | 186,235 |
Net decrease in cash and restricted cash: | 65,005 | 159,608 |
Cash and restricted cash at beginning of period | 580,598 | 171,437 |
Cash and restricted cash at end of period | 645,603 | 331,045 |
Cash and cash equivalents | 642,910 | 325,691 |
Restricted cash and cash equivalents | 2,693 | 5,354 |
Unrestricted and restricted cash and cash equivalents | 645,603 | 331,045 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 44,948 | 74,457 |
Cash paid for income taxes | 891 | 159 |
Supplemental disclosures of non-cash investing activities: | ||
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions | 0 | 29,869 |
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment | 12,138 | 252 |
Transfers from flight equipment held for lease to Net investment in leases and Other assets | $ 3,554 | $ 81,600 |
Consolidated Statements of Shar
Consolidated Statements of Shareholder's Equity Statement - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-In Capital | Retained Earnings |
Balance, shares at Feb. 29, 2020 | 75,076,794 | |||
Balance at Feb. 29, 2020 | $ 2,036,189 | $ 751 | $ 1,456,977 | $ 578,461 |
Amortization of share-based payments | 28,049 | 28,049 | ||
Net income (loss) | (26,539) | |||
Parent contribution at Merger | 25,536 | 25,536 | ||
Balance, shares at May. 31, 2020 | 14,048 | |||
Balance at May. 31, 2020 | $ 2,037,699 | $ 0 | 1,485,777 | 551,922 |
Balance, shares at Feb. 28, 2021 | 14,048 | 14,048 | ||
Balance at Feb. 28, 2021 | $ 1,731,070 | $ 0 | 1,485,777 | 245,293 |
Net income (loss) | (9,753) | |||
Parent contribution at Merger | $ 0 | |||
Balance, shares at May. 31, 2021 | 14,048 | 14,048 | ||
Balance at May. 31, 2021 | $ 1,721,317 | $ 0 | $ 1,485,777 | $ 235,540 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
May 31, 2021 | |
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”). 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 February 28, 2021. 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 May 31, 2021, 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, including any Variable Interest Entity (“VIE”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Risk and Uncertainties In the normal course of business, Aircastle encounters several significant types of economic risk including credit, market, aviation industry and capital market risks. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations to Aircastle. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Aviation industry risk is the risk of a downturn in the commercial aviation industry which could adversely impact a lessee’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s aircraft. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. 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. COVID-19 Pandemic COVID-19 has had an unprecedented negative impact on the aviation sector, resulting in a dramatic slowdown in air traffic. While there have been some improvements in certain markets recently, according to IATA, as of May 31, 2021, air travel was still down to approximately 37% of normal levels and a full recovery to pre-pandemic levels is not expected for several years. Substantially all the world’s airlines have experienced financial difficulties and liquidity challenges, including many of our customers. While we believe long-term demand for air travel will return to historical trends over time, the near-term impacts of COVID-19’s economic shock are material; the extent and duration of those impacts cannot currently be determined. As the airline industry begins to recover, airlines continue to seek support from their respective governments, raise debt and equity, delay or cancel new aircraft orders, furlough employees, request concessions from lessors, and in certain cases, seek judicial protection. As of July 9, 2021, we have agreed to $111,720 in total deferrals of lease payments with twenty-two customers. These deferrals have been granted for an average of six to nine months of lease rentals and represent 19% of Lease rental and Direct financing and sales-type lease revenues for the twelve months ended May 31, 2021. Of the total deferrals, $89,400 is included in Accounts receivable or Other assets as of May 31, 2021, with the balance representing future lease payments. Approximately 76% of our total deferrals as of July 9, 2021, have been agreed to as part of broader lease restructurings. These generally include term extensions, better security packages, or other valuable consideration in exchange for near-term economic concessions. Some have repayment terms that extend beyond twelve months and in a limited number of situations, we have agreed to broader lease restructurings that do not include the full repayment of all of lease payments. If air traffic remains depressed and if our customers are unable to obtain sufficient funds from private, governmental or other sources, we may need to grant additional deferrals to some of our customers or extend the period of repayment for deferrals we have already made. We may ultimately not be able to collect all the amounts we have deferred. As of July 9, 2021, six of our customers are subject to judicial insolvency proceedings or similar protection. These customers lease 22 aircraft, which represent 13% of our net book value of flight equipment (including Flight equipment held for lease and Net investment in leases, or “net book value”) and 11% of our Lease rental and direct financing and sales-type lease revenue as of and for the twelve months ended May 31, 2021. LATAM, our second largest customer, is included in this group and represents 8% of our net book value of flight equipment and 7% of our Lease rental revenue as of and for the twelve months ended May 31, 2021. We are actively engaged in these judicial proceedings to protect our economic interests. However, the outcome of these proceedings is uncertain and could result in these customers negotiating reductions in aircraft lease rentals, rejecting their leases or taking other actions that could adversely impact us or the value of our aircraft. Based on historic experience, the judicial process can take up to twelve to eighteen months to be resolved. 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. 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. 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. Should we determine that the collectability of rental payments is no longer probable (including any deferral thereof), we will 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. Impairment of Flight Equipment We perform an annual recoverability assessment of all aircraft in our fleet, on an aircraft-by-aircraft basis. A recoverability assessment is also 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 and maintenance payments, transition costs, estimated down time, and estimated residual or scrap values for an aircraft. 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 continue to closely monitor the impact of COVID-19 on our customers, air traffic, lease rental rates, and aircraft valuations, and have and will continue to 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. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform Topic 848 (“ASC 848”), in response to the market transition from the LIBOR and other interbank offered rates (“IBORs”) to alternative reference rates. U.S. GAAP requires entities to evaluate whether a contract modification, such as the replacement or change of a reference rate, results in the establishment of a new contract or continuation of an existing contract. ASC 848 allows an entity to elect not to apply certain modification accounting requirements to contracts affected by reference rate reform. The standard provides this temporary election through December 31, 2022, and cannot be applied to contract modifications that occur after December 31, 2022. Reference rate reform will primarily impact our lease and debt arrangements for which floating-rate lease rentals and interest expense are based on LIBOR. As of May 31, 2021, less than 1% of our fleet have floating-rate lease rentals and, for the three months ended May 31, 2021, 5% of our interest expense was derived from floating-rate debt which is referenced to LIBOR. We have not adopted ASC 848 and are currently evaluating the election available to us under the standard. Effective, March 1, 2021, the Company adopted FASB ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The guidance aims to simplify the accounting for income taxes by removing certain exceptions to the general principles within the current guidance and by clarifying and amending the current guidance. The guidance is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2020. This adoption did not have a material impact on our consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
May 31, 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. The following tables set forth our financial assets as of May 31, 2021 and February 28, 2021 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 May 31, 2021 Fair Value as of May 31, 2021 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 642,910 $ 642,910 $ — $ — Market Restricted cash and cash equivalents 2,693 2,693 — — Market Total $ 645,603 $ 645,603 $ — $ — Fair Value Measurements at February 28, 2021 Fair Value as of February 28, 2021 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 578,004 $ 578,004 $ — $ — Market Restricted cash and cash equivalents 2,594 2,594 — — Market Total $ 580,598 $ 580,598 $ — $ — Our cash and cash equivalents, and 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 the fair value hierarchy. For the three months ended May 31, 2021, 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 During the three months ended May 31, 2021, the Company recorded transactional impairment charges totaling $20,583 which related to two narrow-body aircraft and were the result of an early lease termination and a scheduled lease expiration. The Company recognized $21,061 of maintenance revenue for these two aircraft. During the three months ended May 31, 2020, the Company recorded transactional impairment charges totaling $77,298, which related to ten narrow-body and one wide-body aircraft. The Company recognized $83,342 of maintenance and security deposits into revenue for these eleven aircraft. The impairment charges and revenue were recognized as a result of the early lease terminations of nine aircraft and scheduled lease expirations of two aircraft. We plan to perform our annual recoverability assessment of all our aircraft during the fiscal third quarter for the nine months ended November 30, 2021. We continue to closely monitor the impact of COVID-19 on our customers, air traffic, lease rental rates, and aircraft valuations, and have and will continue to perform additional customer and aircraft specific reviews should changes in facts and circumstances arise that may impact the recoverability of our aircraft. We have and 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 the COVID-19 pandemic 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, including those related to our customers that have entered judicial insolvency proceedings, we may revise our cash flow assumptions and record future impairment charges. While we believe that the estimates and related assumptions used in our recoverability assessments 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 and amounts borrowed under financings. 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 May 31, 2021 and February 28, 2021 were as follows: May 31, 2021 February 28, 2021 Carrying Amount Fair Value Carrying Fair Value Credit Facilities $ — $ — $ — $ — Unsecured Term Loan 215,000 210,767 215,000 210,290 Export Credit Agency (“ECA”) Financings 27,163 28,422 36,423 37,942 Bank Financings 720,389 721,859 738,353 740,086 Senior Notes 4,200,000 4,448,863 4,200,000 4,402,722 All our financial instruments are classified as Level 2 except for our Senior Notes, which are classified as Level 1. |
Lease Rental Revenues and Fligh
Lease Rental Revenues and Flight Equipment Held for Lease | 3 Months Ended |
May 31, 2021 | |
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 May 31, 2021 were as follows: Year Ending February 28/29, Amount (1) Remainder of 2021 $ 445,308 2022 566,477 2023 506,285 2024 377,617 2025 233,328 Thereafter 523,563 Total $ 2,652,578 _______________ (1) Reflects impact of lessee lease rental deferrals. Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended May 31, Region 2021 2020 Asia and Pacific 34 % 45 % Europe 34 % 27 % Middle East and Africa 6 % 8 % North America 14 % 10 % South America 12 % 10 % Total 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: Three Months Ended May 31, 2021 2020 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 5 34% 3 20% 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: Three Months Ended May 31, 2021 2020 Country Revenue % of Total Revenue Revenue % of Total Revenue India (1) $ 20,202 12 % $ — — % Mexico (2) — — % 69,508 25 % South Korea (3) 21,043 13 % — — % _______________ (1) For the three months ended May 31, 2021, total revenue attributable to India included maintenance revenue totaling $654. Total revenue attributable to India was less than 10% for the three months ended May 31, 2020. (2) For the three months ended May 31, 2020, total revenue attributable to Mexico included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $67,265. Total revenue attributable to Mexico was less than 10% for the three months ended May 31, 2021. (3) For the three months ended May 31, 2021, total revenue attributable to South Korea included maintenance revenue totaling $13,253. Total revenue attributable to South Korea was less than 10% for the three months ended May 31, 2020. 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: May 31, 2021 February 28, 2021 Region Number Net Book Number Net Book Asia and Pacific 77 36 % 79 37 % Europe 92 28 % 92 27 % Middle East and Africa 10 4 % 11 4 % North America 28 12 % 28 12 % South America 26 13 % 26 13 % Off-lease 17 (1) 7 % 16 (2) 7 % Total 250 100 % 252 100 % _______________ (1) Consisted of one Airbus A320-200 aircraft, one Airbus A330-200 aircraft, and one Boeing 737-800 aircraft, all of which were delivered to lessees in Europe during the second quarter of 2021, one Airbus A321-200 aircraft which was delivered to a lessee in North America during the second quarter of 2021, four Airbus A320-200 aircraft which are subject to confirmed letters of intent with customers in Europe or South America, one Boeing 737-800 aircraft which is subject to an executed lease with a lessee in Europe, and one 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, one Airbus A330-200 aircraft and one Boeing 737-800 aircraft, each of which was delivered to a lessee in Europe during the first half of 2021, three Airbus A320-200 aircraft which are subject to confirmed letters of intent with customers in Europe or South America, and one Boeing 737-800 aircraft which is subject to a lease commitment with a customer in Europe, and one Airbus A320-200 aircraft, three Airbus A330-200 aircraft, and five Boeing 737-800 aircraft, which we are marketing for lease or sale. The following table sets forth the 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: May 31, 2021 February 28, 2021 Country Net Book Net Book Number Net Book Net Book Number India $ 730,449 11% 3 $ 756,514 11% 3 |
Net Investment in Leases
Net Investment in Leases | 3 Months Ended |
May 31, 2021 | |
Leases [Abstract] | |
Net Investment in Leases | Net Investment in Leases At May 31, 2021 and February 28, 2021, our net investment in leases consisted of 15 and 15 aircraft, respectively. The components of our net investment in leases at May 31, 2021 and February 28, 2021, were as follows: May 31, 2021 February 28, 2021 Lease receivable $ 61,321 $ 67,075 Unguaranteed residual value of flight equipment 131,006 129,165 Net investment leases 192,327 196,240 Allowance for credit losses (870) (864) Net investment in leases, net of allowance $ 191,457 $ 195,376 The activity in the allowance for credit losses related to our net investment in leases for the three months ended May 31, 2021 is as follows: Amount Balance at February 28, 2021 $ 864 Provision for credit losses 6 Balance at May 31, 2021 $ 870 At May 31, 2021, future lease payments on net investment in leases are as follows: Year Ending February 28/29, Amount Remainder of 2021 $ 17,073 2022 13,470 2023 12,568 2024 6,989 2025 6,060 Thereafter 15,414 Total lease payments to be received 71,574 Present value of lease payments - lease receivable (61,321) Difference between undiscounted lease payments and lease receivable $ 10,253 |
Unconsolidated Equity Method In
Unconsolidated Equity Method Investment (Notes) | 3 Months Ended |
May 31, 2021 | |
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 $308,640 at May 31, 2021. Amount Investment in joint ventures at February 28, 2021 $ 35,377 Earnings from joint venture, net of tax 287 Investment in joint ventures at May 31, 2021 $ 35,664 |
Secured and Unsecured Debt Fina
Secured and Unsecured Debt Financings | 3 Months Ended |
May 31, 2021 | |
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 May 31, 2021 At Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Secured Debt Financings: ECA Financings $ 27,163 1 3.49% 11/30/24 $ 36,423 Bank Financings (1) 720,389 31 2.25% to 4.55% 06/17/23 to 03/06/25 738,353 Less: Debt issuance costs and discounts (5,338) — (5,926) Total secured debt financings, net of debt issuance costs and discounts 742,214 32 768,850 Unsecured Debt Financings: Senior Notes due 2022 500,000 5.50% 02/15/22 500,000 Senior 5.00% Notes due 2023 500,000 5.00% 04/01/23 500,000 Senior 4.40% Notes due 2023 650,000 4.40% 09/25/23 650,000 Senior Notes due 2024 500,000 4.125% 05/01/24 500,000 Senior Notes due 2025 650,000 5.25% 08/11/25 650,000 Senior Notes due 2026 650,000 4.25% 06/15/26 650,000 Senior Notes due 2028 750,000 2.85% 01/26/28 750,000 Unsecured Term Loans 215,000 1.65% 02/27/22 to 02/27/24 215,000 Revolving Credit Facilities — 1.575% to 2.00% 12/27/21 to 04/26/25 — Less: Debt issuance costs and discounts (49,740) (48,739) Total unsecured debt financings, net of debt issuance costs and discounts 4,365,260 4,366,261 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,107,474 $ 5,135,111 (1) The borrowings under these financings at May 31, 2021 have a weighted-average fixed rate of interest of 3.22%. Unsecured Debt Financings: Revolving Credit Facilities On April 1, 2021, we entered into an amendment that split the $300,000 commitment of one of our unsecured revolving credit facilities into two tranches: $160,000 was allocated to Tranche A, which will mature on the facility’s previously stated maturity date of December 27, 2021, and $140,000 was allocated to Tranche B, which will mature on February 28, 2023. On May 24, 2021, the revolving credit facility was expanded to $330,000, with $155,000 and $175,000 of the commitment allocated to Tranche A and Tranche B, respectively. On April 26, 2021, we entered into an amendment that increased the size of one of our revolving credit facilities from $800,000 to $1,000,000. The stated maturity date for $900,000 of the total commitment was extended to April 26, 2025, and the remaining $100,000 commitment will mature on the facility’s previously stated maturity date of June 27, 2022. On April 26, 2021, we entered into an amendment that reduced the size of our revolving credit facility with Mizuho Bank Ltd., a related party, from $150,000 to $50,000 and extended its maturity date to July 30, 2022. Mizuho Bank, Ltd. is now a lender for our $1,000,000 revolving credit facility with a commitment in the amount of $100,000. On June 29, 2021, we elected to redeem the outstanding balance of our 5.5% Senior Notes due 2022, including accrued interest and a call premium on July 30, 2021. As of May 31, 2021, we had no borrowings outstanding under our revolving credit facilities and had $1,380,000 available for borrowing. As of May 31, 2021, we were in compliance with all applicable covenants in our financings. |
Shareholders_ Equity
Shareholders’ Equity | 3 Months Ended |
May 31, 2021 | |
Shareholders’ Equity and Share Based Payment [Abstract] | |
Shareholders’ Equity | Shareholders' Equity On June 8, 2021, the Company issued 400,000 depositary shares (the “Depositary Shares”), each representing a 0.001 interest in a share of 5.250% Series A Cumulative Redeemable Perpetual Preference Shares par value $0.01 per share with a $1,000 liquidation preference per share (equivalent to $1,000 per Depositary Share) (the “Preference Shares”). The Preference Shares are perpetual and have no maturity date. Dividends on the Preference Shares, when, as and if declared by the Company’s board of directors or any duly authorized committee thereof, will be payable semi-annually in arrears on March 15 and September 15 of each year, commencing on September 15, 2021. Dividends will be payable: (i) from the date of original issue to, but excluding September 15, 2026 (the “original reset date”) at a fixed rate per annum of 5.250%; (ii) from, and including, the original reset date to, but excluding, September 15, 2031 (the “2031 reset date”), at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 4.410%; (iii) from, and including, the 2031 reset date to, but excluding, September 15, 2046 (the “2046 reset date”), during each reset period at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 4.660%; and (iv) from, and including, the 2046 reset date, during each reset period at a rate per annum equal to the five-year treasury rate as of the most recent reset dividend determination date plus 5.410%. Dividends on the Preference Shares will accumulate daily and be cumulative from, and including, the date of original issuance of the Preference Shares. The Company may not redeem the Preference Shares before the date that is 90-days prior to the original reset date. The Company may, at its option, redeem the Preference Shares, in whole or in part, from time to time during the period beginning 90-days prior to each reset date and ending on such reset date at a redemption price in cash equal to $1,000,000 per Preference Share (equivalent to $1,000 per Depositary Share), plus all accumulated and unpaid dividends (whether or not declared) to, but excluding, such redemption date. In addition, the Company may redeem the Preference Shares, in whole but not in part, at the Company’s option under certain other limited conditions. Except with respect to certain amendments to the terms of the Preference Shares, in the case of certain dividend non-payments and as otherwise required by applicable law, the Preference Shares will not have voting rights. The Company intends to use the net proceeds from the Offering for general corporate purposes, which may include the repayment, refinancing or redemption of its existing indebtedness. |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
May 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions On April 26, 2021, the Company entered into an amendment that reduced the size and extended the term of our unsecured revolving credit facility with Mizuho Bank Ltd., a related party – see Note 6 for additional information. During the three months ended May 31, 2021, the Company incurred $980 in fees to Marubeni as part of its intra-company service agreement, whereby Marubeni provides company-sponsored benefits, management services, strategy consultancy, and general administrative support to the Company. |
Income Taxes
Income Taxes | 3 Months Ended |
May 31, 2021 | |
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 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 loss from continuing operations before income taxes and earnings of our unconsolidated equity method investments for the three months ended May 31, 2021 and 2020 were as follows: Three Months Ended May 31, 2021 2020 U.S. operations $ 3,711 $ 4,046 Non-U.S. operations (22,043) (31,867) Loss from continuing operations before income taxes and earnings of unconsolidated equity method investments $ (18,332) $ (27,821) Our aircraft-owning subsidiaries generally earn income from sources outside the U.S. 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 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 three months ended May 31, 2021. The Company’s effective tax rates (“ETRs”) for the three months ended May 31, 2021 and 2020 were 45.2%, and 2.0%, respectively. The movement in the ETR is primarily caused by changes in the mix of the Company’s pre-tax earnings/(losses) in its taxable and non-tax jurisdictions. Further, the three-month period ended May 31, 2020 included discrete items related to stock compensation and the impact of the CARES act. |
Interest, Net
Interest, Net | 3 Months Ended |
May 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Interest Net | Interest, Net The following table shows the components of interest, net: Three Months Ended May 31, 2021 2020 Interest on borrowings and other liabilities $ 54,033 $ 55,739 Amortization of deferred financing fees and debt discount 4,191 3,311 Interest expense 58,224 59,050 Less: Interest income (35) (324) Less: Capitalized interest (152) — Interest, net $ 58,037 $ 58,726 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
May 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Rent expense, primarily for the corporate offices and sales and marketing offices, was $413 and $411 for the three months ended May 31, 2021 and 2020, respectively. As of May 31, 2021, 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 2021 $ 1,446 2022 1,789 2023 1,721 2024 1,752 2025 1,783 Thereafter 4,387 Total $ 12,878 At May 31, 2021, we had commitments to acquire 23 aircraft for $779,372. Commitments, including $101,933 of remaining progress payments, contractual price escalations and other adjustments for these aircraft, at May 31, 2021, net of amounts already paid, are as follows: Year Ending February 28/29, Amount Remainder of 2021 $ 134,520 2022 360,828 2023 132,699 2024 39,404 2025 111,921 Thereafter — Total $ 779,372 |
Other Assets
Other Assets | 3 Months Ended |
May 31, 2021 | |
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: May 31, February 28, Deferred income tax asset $ 602 $ 637 Lease incentives and lease premiums, net of amortization of $79,265 and $75,126, respectively 67,471 75,169 Flight equipment held for sale 53,618 53,289 Aircraft purchase deposits and Embraer E-2 progress payments 41,279 52,092 Right-of-use asset (1) 7,769 8,056 Deferred rent receivable 75,287 69,103 Other assets 71,639 53,598 Total other assets $ 317,665 $ 311,944 ______________ (1) Net of lease incentives and tenant allowances. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 3 Months Ended |
May 31, 2021 | |
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: May 31, February 28, Accounts payable, accrued expenses and other liabilities $ 30,186 $ 43,088 Deferred income tax liability 76,939 75,124 Accrued interest payable 52,904 43,676 Lease liability 10,636 11,003 Lease discounts, net of amortization of $45,118 and $44,887, respectively 1,145 1,376 Total accounts payable, accrued expenses and other liabilities $ 171,810 $ 174,267 |
Subsequent Event
Subsequent Event | 3 Months Ended |
May 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventDuring the fiscal second quarter of 2021, the Company entered into claims sale and purchase agreements with a third party for the sale of certain unsecured claims filed by various Aircastle entities against LATAM Airlines Group S.A. and certain of its subsidiaries in the Chapter 11 case captioned LATAM Airlines Group S.A., et al., Case No. 20-11254 (JLG) (Jointly Administered) (the “Bankruptcy Case”). Proceeds from the sales of these claims were received during the fiscal second quarter of 2021. The allowed amount of our unsecured claims has been approved by the Bankruptcy Court so that such claims are now approved claims in the Bankruptcy Case subject to customary conditions. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 31, 2021 | |
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, including any Variable Interest Entity (“VIE”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Risk and Uncertainties In the normal course of business, Aircastle encounters several significant types of economic risk including credit, market, aviation industry and capital market risks. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations to Aircastle. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Aviation industry risk is the risk of a downturn in the commercial aviation industry which could adversely impact a lessee’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s aircraft. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. |
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] | COVID-19 Pandemic COVID-19 has had an unprecedented negative impact on the aviation sector, resulting in a dramatic slowdown in air traffic. While there have been some improvements in certain markets recently, according to IATA, as of May 31, 2021, air travel was still down to approximately 37% of normal levels and a full recovery to pre-pandemic levels is not expected for several years. Substantially all the world’s airlines have experienced financial difficulties and liquidity challenges, including many of our customers. While we believe long-term demand for air travel will return to historical trends over time, the near-term impacts of COVID-19’s economic shock are material; the extent and duration of those impacts cannot currently be determined. As the airline industry begins to recover, airlines continue to seek support from their respective governments, raise debt and equity, delay or cancel new aircraft orders, furlough employees, request concessions from lessors, and in certain cases, seek judicial protection. As of July 9, 2021, we have agreed to $111,720 in total deferrals of lease payments with twenty-two customers. These deferrals have been granted for an average of six to nine months of lease rentals and represent 19% of Lease rental and Direct financing and sales-type lease revenues for the twelve months ended May 31, 2021. Of the total deferrals, $89,400 is included in Accounts receivable or Other assets as of May 31, 2021, with the balance representing future lease payments. Approximately 76% of our total deferrals as of July 9, 2021, have been agreed to as part of broader lease restructurings. These generally include term extensions, better security packages, or other valuable consideration in exchange for near-term economic concessions. Some have repayment terms that extend beyond twelve months and in a limited number of situations, we have agreed to broader lease restructurings that do not include the full repayment of all of lease payments. If air traffic remains depressed and if our customers are unable to obtain sufficient funds from private, governmental or other sources, we may need to grant additional deferrals to some of our customers or extend the period of repayment for deferrals we have already made. We may ultimately not be able to collect all the amounts we have deferred. |
New Accounting Pronouncements, Policy | Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform Topic 848 (“ASC 848”), in response to the market transition from the LIBOR and other interbank offered rates (“IBORs”) to alternative reference rates. U.S. GAAP requires entities to evaluate whether a contract modification, such as the replacement or change of a reference rate, results in the establishment of a new contract or continuation of an existing contract. ASC 848 allows an entity to elect not to apply certain modification accounting requirements to contracts affected by reference rate reform. The standard provides this temporary election through December 31, 2022, and cannot be applied to contract modifications that occur after December 31, 2022. Reference rate reform will primarily impact our lease and debt arrangements for which floating-rate lease rentals and interest expense are based on LIBOR. As of May 31, 2021, less than 1% of our fleet have floating-rate lease rentals and, for the three months ended May 31, 2021, 5% of our interest expense was derived from floating-rate debt which is referenced to LIBOR. We have not adopted ASC 848 and are currently evaluating the election available to us under the standard. Effective, March 1, 2021, the Company adopted FASB ASU 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes. The guidance aims to simplify the accounting for income taxes by removing certain exceptions to the general principles within the current guidance and by clarifying and amending the current guidance. The guidance is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2020. This adoption did not have a material impact on our consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
May 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value assets and liabilities measured on recurring basis | The following tables set forth our financial assets as of May 31, 2021 and February 28, 2021 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 May 31, 2021 Fair Value as of May 31, 2021 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 642,910 $ 642,910 $ — $ — Market Restricted cash and cash equivalents 2,693 2,693 — — Market Total $ 645,603 $ 645,603 $ — $ — Fair Value Measurements at February 28, 2021 Fair Value as of February 28, 2021 Quoted Prices Significant Significant Valuation Assets: Cash and cash equivalents $ 578,004 $ 578,004 $ — $ — Market Restricted cash and cash equivalents 2,594 2,594 — — Market Total $ 580,598 $ 580,598 $ — $ — |
Carrying amounts and fair values of financial instruments | The carrying amounts and fair values of our financial instruments at May 31, 2021 and February 28, 2021 were as follows: May 31, 2021 February 28, 2021 Carrying Amount Fair Value Carrying Fair Value Credit Facilities $ — $ — $ — $ — Unsecured Term Loan 215,000 210,767 215,000 210,290 Export Credit Agency (“ECA”) Financings 27,163 28,422 36,423 37,942 Bank Financings 720,389 721,859 738,353 740,086 Senior Notes 4,200,000 4,448,863 4,200,000 4,402,722 |
Lease Rental Revenues and Fli_2
Lease Rental Revenues and Flight Equipment Held for Lease (Tables) | 3 Months Ended |
May 31, 2021 | |
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 May 31, 2021 were as follows: Year Ending February 28/29, Amount (1) Remainder of 2021 $ 445,308 2022 566,477 2023 506,285 2024 377,617 2025 233,328 Thereafter 523,563 Total $ 2,652,578 _______________ (1) Reflects impact of lessee lease rental deferrals. As of May 31, 2021, 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 2021 $ 1,446 2022 1,789 2023 1,721 2024 1,752 2025 1,783 Thereafter 4,387 Total $ 12,878 |
Geographic concentration of lease rental revenue earnings | Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended May 31, Region 2021 2020 Asia and Pacific 34 % 45 % Europe 34 % 27 % Middle East and Africa 6 % 8 % North America 14 % 10 % South America 12 % 10 % Total 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: Three Months Ended May 31, 2021 2020 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 5 34% 3 20% |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 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: Three Months Ended May 31, 2021 2020 Country Revenue % of Total Revenue Revenue % of Total Revenue India (1) $ 20,202 12 % $ — — % Mexico (2) — — % 69,508 25 % South Korea (3) 21,043 13 % — — % _______________ (1) For the three months ended May 31, 2021, total revenue attributable to India included maintenance revenue totaling $654. Total revenue attributable to India was less than 10% for the three months ended May 31, 2020. (2) For the three months ended May 31, 2020, total revenue attributable to Mexico included maintenance and other revenue, including early lease termination fees and security deposits recognized into revenue, totaling $67,265. Total revenue attributable to Mexico was less than 10% for the three months ended May 31, 2021. (3) For the three months ended May 31, 2021, total revenue attributable to South Korea included maintenance revenue totaling $13,253. Total revenue attributable to South Korea was less than 10% for the three months ended May 31, 2020. |
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: May 31, 2021 February 28, 2021 Region Number Net Book Number Net Book Asia and Pacific 77 36 % 79 37 % Europe 92 28 % 92 27 % Middle East and Africa 10 4 % 11 4 % North America 28 12 % 28 12 % South America 26 13 % 26 13 % Off-lease 17 (1) 7 % 16 (2) 7 % Total 250 100 % 252 100 % _______________ (1) Consisted of one Airbus A320-200 aircraft, one Airbus A330-200 aircraft, and one Boeing 737-800 aircraft, all of which were delivered to lessees in Europe during the second quarter of 2021, one Airbus A321-200 aircraft which was delivered to a lessee in North America during the second quarter of 2021, four Airbus A320-200 aircraft which are subject to confirmed letters of intent with customers in Europe or South America, one Boeing 737-800 aircraft which is subject to an executed lease with a lessee in Europe, and one 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, one Airbus A330-200 aircraft and one Boeing 737-800 aircraft, each of which was delivered to a lessee in Europe during the first half of 2021, three Airbus A320-200 aircraft which are subject to confirmed letters of intent with customers in Europe or South America, and one Boeing 737-800 aircraft which is subject to a lease commitment with a customer in Europe, and one Airbus A320-200 aircraft, three Airbus A330-200 aircraft, and five 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 the 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: May 31, 2021 February 28, 2021 Country Net Book Net Book Number Net Book Net Book Number India $ 730,449 11% 3 $ 756,514 11% 3 |
Net Investment in Leases (Table
Net Investment in Leases (Tables) | 3 Months Ended |
May 31, 2021 | |
Leases [Abstract] | |
Schedule Of Components Of Investment In Finance Leases | The components of our net investment in leases at May 31, 2021 and February 28, 2021, were as follows: May 31, 2021 February 28, 2021 Lease receivable $ 61,321 $ 67,075 Unguaranteed residual value of flight equipment 131,006 129,165 Net investment leases 192,327 196,240 Allowance for credit losses (870) (864) Net investment in leases, net of allowance $ 191,457 $ 195,376 |
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 three months ended May 31, 2021 is as follows: Amount Balance at February 28, 2021 $ 864 Provision for credit losses 6 Balance at May 31, 2021 $ 870 At May 31, 2021, future lease payments on net investment in leases are as follows: Year Ending February 28/29, Amount Remainder of 2021 $ 17,073 2022 13,470 2023 12,568 2024 6,989 2025 6,060 Thereafter 15,414 Total lease payments to be received 71,574 Present value of lease payments - lease receivable (61,321) Difference between undiscounted lease payments and lease receivable $ 10,253 |
Unconsolidated Equity Method _2
Unconsolidated Equity Method Investment (Tables) | 3 Months Ended |
May 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Amount Investment in joint ventures at February 28, 2021 $ 35,377 Earnings from joint venture, net of tax 287 Investment in joint ventures at May 31, 2021 $ 35,664 |
Secured and Unsecured Debt Fi_2
Secured and Unsecured Debt Financings (Tables) | 3 Months Ended |
May 31, 2021 | |
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 May 31, 2021 At Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Secured Debt Financings: ECA Financings $ 27,163 1 3.49% 11/30/24 $ 36,423 Bank Financings (1) 720,389 31 2.25% to 4.55% 06/17/23 to 03/06/25 738,353 Less: Debt issuance costs and discounts (5,338) — (5,926) Total secured debt financings, net of debt issuance costs and discounts 742,214 32 768,850 Unsecured Debt Financings: Senior Notes due 2022 500,000 5.50% 02/15/22 500,000 Senior 5.00% Notes due 2023 500,000 5.00% 04/01/23 500,000 Senior 4.40% Notes due 2023 650,000 4.40% 09/25/23 650,000 Senior Notes due 2024 500,000 4.125% 05/01/24 500,000 Senior Notes due 2025 650,000 5.25% 08/11/25 650,000 Senior Notes due 2026 650,000 4.25% 06/15/26 650,000 Senior Notes due 2028 750,000 2.85% 01/26/28 750,000 Unsecured Term Loans 215,000 1.65% 02/27/22 to 02/27/24 215,000 Revolving Credit Facilities — 1.575% to 2.00% 12/27/21 to 04/26/25 — Less: Debt issuance costs and discounts (49,740) (48,739) Total unsecured debt financings, net of debt issuance costs and discounts 4,365,260 4,366,261 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,107,474 $ 5,135,111 (1) The borrowings under these financings at May 31, 2021 have a weighted-average fixed rate of interest of 3.22%. |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
May 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Sources of income from continuing operations before income taxes | The sources of loss from continuing operations before income taxes and earnings of our unconsolidated equity method investments for the three months ended May 31, 2021 and 2020 were as follows: Three Months Ended May 31, 2021 2020 U.S. operations $ 3,711 $ 4,046 Non-U.S. operations (22,043) (31,867) Loss from continuing operations before income taxes and earnings of unconsolidated equity method investments $ (18,332) $ (27,821) |
Interest, Net (Tables)
Interest, Net (Tables) | 3 Months Ended |
May 31, 2021 | |
Interest Income (Expense), Net [Abstract] | |
Components of Interest | The following table shows the components of interest, net: Three Months Ended May 31, 2021 2020 Interest on borrowings and other liabilities $ 54,033 $ 55,739 Amortization of deferred financing fees and debt discount 4,191 3,311 Interest expense 58,224 59,050 Less: Interest income (35) (324) Less: Capitalized interest (152) — Interest, net $ 58,037 $ 58,726 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
May 31, 2021 | |
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 May 31, 2021 were as follows: Year Ending February 28/29, Amount (1) Remainder of 2021 $ 445,308 2022 566,477 2023 506,285 2024 377,617 2025 233,328 Thereafter 523,563 Total $ 2,652,578 _______________ (1) Reflects impact of lessee lease rental deferrals. As of May 31, 2021, 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 2021 $ 1,446 2022 1,789 2023 1,721 2024 1,752 2025 1,783 Thereafter 4,387 Total $ 12,878 |
Long-term Purchase Commitment | Commitments, including $101,933 of remaining progress payments, contractual price escalations and other adjustments for these aircraft, at May 31, 2021, net of amounts already paid, are as follows: Year Ending February 28/29, Amount Remainder of 2021 $ 134,520 2022 360,828 2023 132,699 2024 39,404 2025 111,921 Thereafter — Total $ 779,372 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
May 31, 2021 | |
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: May 31, February 28, Deferred income tax asset $ 602 $ 637 Lease incentives and lease premiums, net of amortization of $79,265 and $75,126, respectively 67,471 75,169 Flight equipment held for sale 53,618 53,289 Aircraft purchase deposits and Embraer E-2 progress payments 41,279 52,092 Right-of-use asset (1) 7,769 8,056 Deferred rent receivable 75,287 69,103 Other assets 71,639 53,598 Total other assets $ 317,665 $ 311,944 ______________ (1) Net of lease incentives and tenant allowances. |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
May 31, 2021 | |
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: May 31, February 28, Accounts payable, accrued expenses and other liabilities $ 30,186 $ 43,088 Deferred income tax liability 76,939 75,124 Accrued interest payable 52,904 43,676 Lease liability 10,636 11,003 Lease discounts, net of amortization of $45,118 and $44,887, respectively 1,145 1,376 Total accounts payable, accrued expenses and other liabilities $ 171,810 $ 174,267 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) $ in Thousands | Jul. 09, 2021USD ($)LesseeNumberOfAirlines | May 31, 2021segment | May 31, 2021aircraft |
Variable Interest Entity [Line Items] | |||
Number of Operating Segments | segment | 1 | ||
IATA estimated percentage of normal air traffic | 37.00% | 37.00% | |
Number of Aircrafts Leased to Bankrupt Customers | aircraft | 22 | ||
Percentage of Fleet Having Floating-rate Lease Rentals | 1.00% | 1.00% | |
Percentage of Interest Expense Derived from Floating-rate Debt | 5.00% | 5.00% | |
Subsequent Event | |||
Variable Interest Entity [Line Items] | |||
Deferred Lease Income, Current | $ 111,720 | ||
Number of Airlines | NumberOfAirlines | 22 | ||
Percentage of Total Deferrals that have been Agreed to as Part of Broader Lease Restructurings | 76.00% | ||
Number Of Customers Entering Bankruptcy | Lessee | 6 | ||
Subsequent Event | Accounts receivable | |||
Variable Interest Entity [Line Items] | |||
Deferred Lease Income, Current | $ 89,400 | ||
Lease rental and Direct financing and sales-type lease revenues for the last twelve months [Member] | Lease Customers | Geographic Concentration Risk | |||
Variable Interest Entity [Line Items] | |||
Concentration Risk, Percentage | 19.00% | ||
Lease Rental Revenue | Customers in Bankruptcy Proceedings [Member] | Geographic Concentration Risk | |||
Variable Interest Entity [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Net Book Value | Customers in Bankruptcy Proceedings [Member] | Geographic Concentration Risk | |||
Variable Interest Entity [Line Items] | |||
Concentration Risk, Percentage | 13.00% | ||
LATAM [Member] | Lease Rental Revenue | Customers in Bankruptcy Proceedings [Member] | Geographic Concentration Risk | |||
Variable Interest Entity [Line Items] | |||
Concentration Risk, Percentage | 7.00% | ||
LATAM [Member] | Net Book Value | Customers in Bankruptcy Proceedings [Member] | Geographic Concentration Risk | |||
Variable Interest Entity [Line Items] | |||
Concentration Risk, Percentage | 8.00% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value (Details) - Recurring - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash and cash equivalents | $ 642,910 | $ 578,004 |
Restricted cash and cash equivalents | 2,693 | 2,594 |
Total | 645,603 | 580,598 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Total | 0 | 0 |
Estimate of Fair Value Measurement | ||
Assets: | ||
Cash and cash equivalents | 642,910 | 578,004 |
Restricted cash and cash equivalents | 2,693 | 2,594 |
Total | $ 645,603 | $ 580,598 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | |
Aug. 31, 2020USD ($) | May 31, 2021USD ($)aircraft | May 31, 2020USD ($)aircraft | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | $ 0 | $ 0 |
Impairment of flight equipment | 20,583 | 77,298 | |
Maintenance and Security Deposit [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 21,061 | ||
Maintenance revenue | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 26,477 | 76,630 | |
Narrow-body [Member] | Maintenance revenue | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 83,342 | ||
Transactional [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Impairment of flight equipment | $ 77,298 | ||
Number of Aircraft Impaired | aircraft | 11 | ||
Number of Aircraft Impaired as a Result of Early Lease Terminations | aircraft | 9 | ||
Number of Aircraft Impaired as a Result of Scheduled Lease Expirations | aircraft | 2 | ||
Transactional [Member] | Narrow-body [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Number of Aircraft Impaired | aircraft | 2 | 10 | |
Transactional [Member] | Wide-body [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Number of Aircraft Impaired | aircraft | 1 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
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 | $ 0 |
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 | 0 |
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 |
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 | 4,200,000 | 4,200,000 |
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 | 210,767 | 210,290 |
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 | 4,448,863 | 4,402,722 |
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 | 27,163 | 36,423 |
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 | 720,389 | 738,353 |
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 | 28,422 | 37,942 |
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 | $ 721,859 | $ 740,086 |
Lease Rental Revenues and Fli_3
Lease Rental Revenues and Flight Equipment Held for Lease (Details) $ in Thousands | May 31, 2021USD ($) |
Annual future minimum lease rentals receivable | |
Remainder of 2021 | $ 445,308 |
2022 | 566,477 |
2023 | 506,285 |
2024 | 377,617 |
2025 | 233,328 |
Thereafter | 523,563 |
Total | $ 2,652,578 |
Lease Rental Revenues and Fli_4
Lease Rental Revenues and Flight Equipment Held for Lease (Details 1) - Lease Rental Revenue - Geographic Concentration Risk | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 100.00% | 100.00% |
Asia and Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 34.00% | 45.00% |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 34.00% | 27.00% |
Middle East and Africa | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 6.00% | 8.00% |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 14.00% | 10.00% |
South America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 12.00% | 10.00% |
Lease Rental Revenues and Fli_5
Lease Rental Revenues and Flight Equipment Held for Lease (Details 2) $ in Thousands | 3 Months Ended | |
May 31, 2021USD ($)Lessee | May 31, 2020USD ($)Lessee | |
Revenue from External Customer [Line Items] | ||
Revenue | $ 132,125 | $ 183,178 |
Maintenance revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 26,477 | 76,630 |
INDIA | Maintenance revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 654 | $ 67,265 |
KOREA, REPUBLIC OF | Maintenance revenue | ||
Revenue from External Customer [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 13,253 | |
Geographic Concentration Risk | Total Revenue | ||
Revenue from External Customer [Line Items] | ||
Percentage of geographic concentration | 100.00% | 100.00% |
Geographic Concentration Risk | Total Revenue | INDIA | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 20,202 | $ 0 |
Percentage of geographic concentration | 12.00% | 0.00% |
Geographic Concentration Risk | Total Revenue | MEXICO | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 0 | $ 69,508 |
Percentage of geographic concentration | 0.00% | 25.00% |
Geographic Concentration Risk | Total Revenue | KOREA, REPUBLIC OF | ||
Revenue from External Customer [Line Items] | ||
Revenue | $ 21,043 | $ 0 |
Percentage of geographic concentration | 13.00% | 0.00% |
Customer Group One | ||
Revenue from External Customer [Line Items] | ||
Concentration Risk, Number of Customers in Major Customer Group | Lessee | 5 | 3 |
Customer Group One | Geographic Concentration Risk | Total Revenue | ||
Revenue from External Customer [Line Items] | ||
Percentage of geographic concentration | 34.00% | 20.00% |
Lease Rental Revenues and Fli_6
Lease Rental Revenues and Flight Equipment Held for Lease (Details 3) - aircraft | 3 Months Ended | 12 Months Ended |
May 31, 2021 | Feb. 28, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Aircraft | 250 | 252 |
Number of Offlease Aircraft Marketed for Lease or Sale | 16 | |
Number of Offlease Aircraft Marketed for Lease | 17 | |
Asia and Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Aircraft | 77 | 79 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Aircraft | 92 | 92 |
Middle East and Africa | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Aircraft | 10 | 11 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Aircraft | 28 | 28 |
South America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Aircraft | 26 | 26 |
Geographic Concentration Risk | Net Book Value | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 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 | 36.00% | 37.00% |
Geographic Concentration Risk | Net Book Value | Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 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 | 4.00% | 4.00% |
Geographic Concentration Risk | Net Book Value | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 12.00% | 12.00% |
Geographic Concentration Risk | Net Book Value | South America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Percentage of geographic concentration | 13.00% | 13.00% |
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% |
A-320-200 [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] | Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Offlease Aircraft delivered to customer | 1 | |
Offlease Aircraft with Future Lease Commitments | 4 | 3 |
A-320-200 [Member] | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Offlease Aircraft delivered to customer | 1 | |
A-330-200 [Member] | Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Offlease Aircraft delivered to customer | 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 | 4 | 5 |
B-737-800 [Member] | Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Offlease Aircraft delivered to customer | 1 | 1 |
Offlease Aircraft with Future Lease Commitments | 1 | |
A-330 [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of Offlease Aircraft Marketed for Lease or Sale | 3 | |
A-321-200 | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Offlease Aircraft delivered to customer | 1 |
Lease Rental Revenues and Fli_7
Lease Rental Revenues and Flight Equipment Held for Lease (Details 4) $ in Thousands | 3 Months Ended | 12 Months Ended |
May 31, 2021USD ($)Lessee | Feb. 28, 2021USD ($)Lessee | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 6,392,594 | $ 6,492,471 |
INDIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property Subject to or Available for Operating Lease, Net | $ 730,449 | $ 756,514 |
property subject to or available for operating lease, net (percentage) | 11.00% | 11.00% |
number of lessees | Lessee | 3,000 | 3 |
Lease Rental Revenues and Fli_8
Lease Rental Revenues and Flight Equipment Held for Lease (Details Textual) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Maintenance Payments | ||
Revenue, Major Customer [Line Items] | ||
Lease Incentive, Payable | $ 16,097 | $ 14,673 |
Net Investment in Leases (Detai
Net Investment in Leases (Details Textual) - aircraft | May 31, 2021 | Feb. 28, 2021 |
Leases [Abstract] | ||
Capital Leased Assets, Number of Units | 15 | 15 |
Net Investment in Leases (Det_2
Net Investment in Leases (Details 2) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Capital Leases, Net Investment in Direct Financing Leases [Abstract] | ||
Lease receivable | $ 61,321 | $ 67,075 |
Unguaranteed residual value of flight equipment | 131,006 | 129,165 |
Net investment leases | 192,327 | 196,240 |
Allowance for credit losses | (870) | (864) |
Net investment in leases, net of allowance | 191,457 | $ 195,376 |
Receivable in Remainder of Fiscal Year | 17,073 | |
Receivable in Year Two | 13,470 | |
Receivable in Year Three | 12,568 | |
Receivable in Year Four | 6,989 | |
Receivable in Year Five | 6,060 | |
Thereafter | 15,414 | |
Total | 71,574 | |
Present value of lease payments - lease receivable | (61,321) | |
Difference between undiscounted lease payments and lease receivable | $ 10,253 |
Net Investment in Leases - Cred
Net Investment in Leases - Credit Loss Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | $ 864 | |
Provision for credit losses | 6 | $ 3,307 |
Financing Receivable, Allowance for Credit Loss, Ending Balance | $ 870 |
Unconsolidated Equity Method _3
Unconsolidated Equity Method Investment (Details) $ in Thousands | 3 Months Ended | ||
May 31, 2021USD ($)aircraft | May 31, 2020USD ($) | Feb. 28, 2021USD ($) | |
Property Subject to or Available for Operating Lease, Net | $ 6,392,594 | $ 6,492,471 | |
Unconsolidated equity method investments | 35,664 | $ 35,377 | |
Earnings of unconsolidated equity method investments, net of tax | $ 287 | $ 731 | |
Equity Method Investee | |||
Total number of aircraft owned by joint ventures | aircraft | 9 | ||
Property Subject to or Available for Operating Lease, Net | $ 308,640 |
Secured and Unsecured Debt Fi_3
Secured and Unsecured Debt Financings (Details) $ in Thousands | May 31, 2021USD ($)aircraft | Feb. 28, 2021USD ($) |
Outstanding amounts of secured and unsecured term debt financings | ||
Borrowings from secured financings | $ 742,214 | $ 768,850 |
Number of Aircraft Financed | aircraft | 32 | |
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 4,365,260 | 4,366,261 |
Total secured and unsecured debt financings | $ 5,107,474 | 5,135,111 |
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 | 0 | |
ECA Term Financings | Secured Debt | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Number of Aircraft Financed | aircraft | 1 | |
ECA Term Financings | Notes Payable, Other Payables | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Borrowings from secured financings | $ 27,163 | 36,423 |
Interest rate | 3.49% | |
Bank Financings | Secured Debt | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Number of Aircraft Financed | aircraft | 31 | |
Bank Financings | Notes Payable, Other Payables | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Debt, Weighted Average Interest Rate | 3.22% | |
Bank Financings | Notes Payable to Banks | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Borrowings from secured financings | $ 720,389 | 738,353 |
Bank Financings | Minimum | Notes Payable to Banks | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 2.25% | |
Bank Financings | Maximum | Notes Payable to Banks | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 4.55% | |
Secured Debt | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Debt Issuance Cost | $ (5,338) | (5,926) |
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 |
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 |
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 |
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 |
Interest rate | 4.125% | |
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 | $ 650,000 | 650,000 |
Interest rate | 5.25% | |
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 |
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 2028 | Senior Notes | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Borrowings from unsecured financings, net of debt issuance costs and discounts | $ 750,000 | 750,000 |
Senior Notes Due 2028 | 2.85% | Senior Notes | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 2.85% | |
Floating Rate Term Loan | Notes Payable to Banks | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 1.65% | |
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 |
Floating Rate Term Loan | Minimum | Notes Payable to Banks | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 1.65% | |
Floating Rate Term Loan | Maximum | Notes Payable to Banks | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 1.65% | |
Revolving Credit Facility | Minimum | Line of Credit | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 1.58% | |
Revolving Credit Facility | Maximum | Line of Credit | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Interest rate | 2.00% | |
Unsecured Debt | ||
Outstanding amounts of secured and unsecured term debt financings | ||
Debt Issuance Cost | $ (49,740) | $ (48,739) |
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 and Unsecured Debt Fi_4
Secured and Unsecured Debt Financings (Details Textual) | Apr. 01, 2021USD ($)aircraft | May 31, 2021USD ($) | May 24, 2021USD ($) | Apr. 26, 2021USD ($) | Apr. 25, 2021USD ($) |
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 1,380,000,000 | ||||
Senior Notes due 2022 | Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | ||||
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility Previous Borrowing Capacity | $ 300,000,000 | ||||
Individual Debt Instrument at Time of Issuance Part of Overall Portfolio of Revolving Credit Facilities | $ 1 | ||||
Number of tranches for debt instrument at time of issuance | aircraft | 2 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 330,000,000 | ||||
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit | Tranche A ($160mm) - DBS Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility Previous Borrowing Capacity | 160,000,000 | ||||
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit | Tranche A ($140mm) - DBS Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility Previous Borrowing Capacity | $ 140,000,000 | ||||
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit | Tranche A ($155mm) - DBS Revolving Credit Facility (Expansion) | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 155,000,000 | ||||
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit | Tranche B ($175mm) - DBS Revolving Credit Facility (Expansion) | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | $ 175,000,000 | ||||
Revolving Credit Facility | 2013 Revolving Credit Facility | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility Previous Borrowing Capacity | $ 800,000,000 | ||||
Individual Debt Instrument at Time of Issuance Part of Overall Portfolio of Revolving Credit Facilities | 1 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,000,000,000 | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | ||||
Revolving Credit Facility | 2013 Revolving Credit Facility | Line of Credit | Mizuho | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity for $100,000 Commitment by Mizuho Maturing on April 26, 2025 | 100,000,000 | ||||
Revolving Credit Facility | 2013 Revolving Credit Facility | Line of Credit | April 26, 2025 | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 900,000,000 | ||||
Revolving Credit Facility | 2013 Revolving Credit Facility | Line of Credit | June 27, 2022 | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Current Borrowing Capacity | 100,000,000 | ||||
Revolving Credit Facility | Mizuho Bank Ltd. (2020) Unsecured Revolving Credit Facility [Member] | Line of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility Previous Borrowing Capacity | $ 150,000,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 50,000,000 |
Shareholders_ Equity (Details T
Shareholders’ Equity (Details Textual) - USD ($) | Jun. 08, 2021 | May 31, 2021 | Feb. 28, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred Stock, Shares Issued | 0 | 0 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |
Subsequent Event | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | ||
Series A Preferred Stock | Subsequent Event | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Preferred Stock, Shares Issued | 400,000 | ||
Preferred Stock, Shares Issued (Shown as a Fraction) | 0.001 | ||
Preferred Stock, Dividend Rate, Percentage | 5.25% | ||
Preferred Stock, Liquidation Preference, Value | $ 1,000,000 | ||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||
Preferred Stock Dividend Payment Percentage Term | 5 years | ||
Preferred Stock Dividend Payment Spread on Variable Rate | 4.41% | ||
Preferred Stock Dividend Payment Spread on Variable Rate for 20131 Reset Date | 4.66% | ||
Preferred Stock Dividend Payment Spread on Variable Rate for 2046 Reset Date | 5.41% | ||
Period of time (in days) before reset date where redemption of preferred shares is not allowed | 90 days | ||
Preferred Stock, Redemption Amount | $ 1,000,000 | ||
Preferred Stock, Redemption Price Per Share | $ 1,000 |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 3 Months Ended |
May 31, 2021USD ($) | |
Marubeni Service Agreement | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 980 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Sources of income from continuing operations before income taxes | ||
U.S. operations | $ 3,711 | $ 4,046 |
Non-U.S. operations | (22,043) | (31,867) |
Income from continuing operations before income taxes and earnings of unconsolidated equity method investments | $ (18,332) | $ (27,821) |
Income Taxes Income Taxes (Text
Income Taxes Income Taxes (Textual) (Details) | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate, Continuing Operations | 45.20% | 2.00% |
Interest, Net (Details)
Interest, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
May 31, 2021 | May 31, 2020 | |
Interest Income (Expense), Net [Abstract] | ||
Interest on borrowings and other liabilities | $ 54,033 | $ 55,739 |
Amortization of deferred financing costs | 4,191 | 3,311 |
Interest expense | 58,224 | 59,050 |
Less: Interest income | (35) | (324) |
Less: Capitalized interest | (152) | 0 |
Interest, net | $ 58,037 | $ 58,726 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) $ in Thousands | 3 Months Ended | |
May 31, 2021USD ($)aircraft | May 31, 2020USD ($) | |
Types of Commercial Aircraft [Line Items] | ||
Rent expense | $ 413 | $ 411 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | 1,446 | |
2022 | 1,789 | |
2023 | 1,721 | |
2024 | 1,752 | |
2025 | 1,783 | |
Thereafter | 4,387 | |
Total | $ 12,878 | |
Committed to acquire aircraft | aircraft | 23 | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | $ 134,520 | |
2022 | 360,828 | |
2023 | 132,699 | |
2024 | 39,404 | |
2025 | 111,921 | |
Thereafter | 0 | |
Total | 779,372 | |
Pre-Delivery Payments | ||
Purchase Obligation, Fiscal Year Maturity [Abstract] | ||
Total | $ 101,933 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Principal components of other assets | ||
Deferred income tax asset | $ 602 | $ 637 |
Lease incentives and lease premiums, net of amortization of $79,265 and $75,126, respectively | 67,471 | 75,169 |
Flight equipment held for sale | 53,618 | 53,289 |
Aircraft purchase deposits and Embraer E-2 progress payments | 41,279 | 52,092 |
Right-of-use asset | 7,769 | 8,056 |
Deferred rent receivable | 75,287 | 69,103 |
Other assets | 71,639 | 53,598 |
Total other assets | 317,665 | 311,944 |
Lease Incentives and Lease Premiums, Accumulated Amortization | $ 79,265 | $ 75,126 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | May 31, 2021 | Feb. 28, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable, accrued expenses and other liabilities | $ 30,186 | $ 43,088 |
Deferred income tax liability | 76,939 | 75,124 |
Accrued interest payable | 52,904 | 43,676 |
Lease liability | 10,636 | 11,003 |
Lease discounts, net of amortization of $45,118 and $44,887, respectively | 1,145 | 1,376 |
Total accounts payable, accrued expenses and other liabilities | 171,810 | 174,267 |
Deferred Lease Income, Accumulated Amortization | $ 45,118 | $ 44,887 |
Uncategorized Items - ayr-20210
Label | Element | Value |
Payments for Unvested equity based instruments on Merger Date | ayr_PaymentsforUnvestedequitybasedinstrumentsonMergerDate | $ 25,536,000 |
Shares canceled at Merger Date, value | ayr_SharescanceledatMergerDatevalue | $ 0 |
Shares Canceled at Merger Date | ayr_SharesCanceledatMergerDate | 74,960,937 |
Additional Paid-in Capital [Member] | ||
Payments for Unvested equity based instruments on Merger Date | ayr_PaymentsforUnvestedequitybasedinstrumentsonMergerDate | $ 25,535,000 |
Shares canceled at Merger Date, value | ayr_SharescanceledatMergerDatevalue | 750,000 |
Common Stock [Member] | ||
Payments for Unvested equity based instruments on Merger Date | ayr_PaymentsforUnvestedequitybasedinstrumentsonMergerDate | 1,000 |
Shares canceled at Merger Date, value | ayr_SharescanceledatMergerDatevalue | $ (750,000) |
Restricted Stock Awards [Member] | ||
Number of non-vested equity instruments purchased on Merger Date | ayr_NumberofnonvestedequityinstrumentspurchasedonMergerDate | 101,809 |