Aircastle (AYR) 10-Q 11 Oct 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Aug. 31, 2023	Oct. 06, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2023
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
Entity Address, Postal Zip Code	06901
City Area Code	203
Local Phone Number	504-1020
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		15,564
Entity Central Index Key	0001362988
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--02-28
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares, par value $0.01 per share
Security Exchange Name	NONE
No Trading Symbol Flag	true
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preference Shares, par value $0.01 per share
Security Exchange Name	NONE
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
ASSETS
Cash and cash equivalents	$ 726,428	$ 231,861
Accounts receivable	11,729	12,855
Flight equipment held for lease, net	6,501,828	6,567,606
Net investment in leases, net	248,734	67,694
Unconsolidated equity method investment	41,367	40,505
Other assets	318,851	346,330
Total assets	7,848,937	7,266,851
LIABILITIES
Borrowings from secured financings, net	913,864	752,298
Borrowings from unsecured financings, net	3,991,875	3,842,454
Accounts payable, accrued expenses and other liabilities	211,810	206,473
Lease rentals received in advance	53,486	66,816
Security deposits	62,067	61,734
Maintenance payments	526,589	465,618
Total liabilities	5,759,691	5,395,393
Commitments and Contingencies
SHAREHOLDERS’ EQUITY
Preference shares, $0.01 par value, 50,000,000 shares authorized, 400 (aggregate liquidation preference of $400,000) shares issued and outstanding at August 31, 2023 and February 28, 2023	0	0
Common shares, $0.01 par value, 250,000,000 shares authorized, 15,564 and 14,048 shares issued and outstanding at August 31, 2023 and February 28, 2023, respectively	0	0
Additional paid-in capital	2,078,774	1,878,774
Retained earnings (accumulated deficit)	10,472	(7,316)
Total shareholders’ equity	2,089,246	1,871,458
Total liabilities and shareholders’ equity	$ 7,848,937	$ 7,266,851

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Aug. 31, 2023	Feb. 28, 2023
Statement of Financial Position [Abstract]
Preference shares, par value	$ 0.01	$ 0.01
Preference shares, shares authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	400	400
Preferred Stock, Shares Outstanding	400	400
Preferred Stock, Liquidation Preference, Value	$ 400,000	$ 400,000
Common shares, par value	$ 0.01	$ 0.01
Common shares, shares authorized	250,000,000	250,000,000
Common shares, shares issued	15,564	14,048
Common shares, shares outstanding	15,564	14,048

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Revenues:
Lease rental revenue	$ 150,351	$ 146,508	$ 297,086	$ 290,652
Direct financing and sales-type lease revenue	5,085	2,265	6,158	4,863
Amortization of lease premiums, discounts and incentives	(7,124)	(5,518)	(14,331)	(10,906)
Maintenance revenue	15,046	20,114	49,566	47,213
Total lease revenue	163,358	163,369	338,479	331,822
Gain on sale of flight equipment	4,453	10,049	47,047	13,736
Other revenue	145	161	921	3,585
Total revenues	167,956	173,579	386,447	349,143
Operating expenses:
Depreciation	86,328	82,106	175,117	163,424
Interest, net	57,035	50,587	113,926	100,881
Selling, general and administrative	18,882	17,393	39,717	37,309
Provision for credit losses	(834)	109	6,125	689
Impairment of flight equipment	1,100	33,671	2,197	38,099
Maintenance and other costs	8,854	5,212	17,387	13,277
Total operating expenses	171,365	189,078	354,469	353,679
Other income (expense):
Loss on extinguishment of debt	0	0	0	(463)
Other	3,372	2,072	4,709	2,072
Total other income	3,372	2,072	4,709	1,609
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment	(37)	(13,427)	36,687	(2,927)
Income tax provision (benefit)	(5,099)	(4,068)	9,261	(739)
Earnings of unconsolidated equity method investment, net of tax	456	666	862	1,177
Net income (loss)	5,518	(8,693)	28,288	(1,011)
Earnings available to common shareholders – Basic	(4,982)	(19,193)	17,788	(11,511)
Preference share dividends	(10,500)	(10,500)	(10,500)	(10,500)
Total comprehensive income (loss) available to common shareholders	$ (4,982)	$ (19,193)	$ 17,788	$ (11,511)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 5,518	$ (8,693)	$ 28,288	$ (1,011)
Adjustments to reconcile net income to net cash and restricted cash provided by operating activities:
Depreciation	86,328	82,106	175,117	163,424
Amortization of deferred financing costs			8,321	7,095
Amortization of lease premiums, discounts and incentives	7,124	5,518	14,331	10,906
Deferred income taxes			6,179	6,588
Collections on net investment in leases			1,598	4,016
Security deposits and maintenance payments included in earnings			(9,895)	(2,133)
Gain on sale of flight equipment	(4,453)	(10,049)	(47,047)	(13,736)
Loss on extinguishment of debt	0	0	0	463
Impairment of flight equipment	1,100	33,671	2,197	38,099
Provision for credit losses	(834)	109	6,125	689
Other			(845)	(1,179)
Changes in certain assets and liabilities:
Accounts receivable			1,437	5,808
Other assets			(9,723)	(8,223)
Accounts payable, accrued expenses and other liabilities			(3,833)	(2,284)
Lease rentals received in advance			14,165	7,094
Net cash and restricted cash provided by operating activities			186,415	215,616
Cash flows from investing activities:
Acquisition and improvement of flight equipment			(379,349)	(372,474)
Proceeds from sale of flight equipment			126,011	171,065
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits			6,852	4,504
Payments for (Proceeds from) Other Investing Activities			(4,026)	1,500
Net cash and restricted cash used in investing activities			(250,512)	(195,405)
Cash flows from financing activities:
Proceeds from issuance of common shares			200,000	0
Proceeds from secured and unsecured debt financings			1,273,709	75,000
Repayments of secured and unsecured debt financings			(963,507)	(58,355)
Debt extinguishment costs			0	(291)
Deferred financing costs			(7,536)	(1,903)
Security deposits and maintenance payments received			77,006	63,758
Security deposits and maintenance payments returned			(10,508)	(11,239)
Dividends paid			(10,500)	(10,500)
Net cash and restricted cash provided by financing activities			558,664	56,470
Net increase in cash and restricted cash:			494,567	76,681
Cash and restricted cash at beginning of period			231,861	170,682
Cash and restricted cash at end of period	726,428	247,363	726,428	247,363
Cash and cash equivalents	726,428	246,713	726,428	246,713
Restricted cash and cash equivalents	0	650	0	650
Unrestricted and restricted cash and cash equivalents	$ 726,428	$ 247,363	726,428	247,363
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized			116,827	93,007
Cash paid for income taxes			5,631	200
Supplemental disclosures of non-cash investing activities:
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions			12,927	6,100
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment			11,974	14,791
Transfers from flight equipment held for lease to Net investment in leases and Other assets			$ 182,818	$ 8,895

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity Statement - USD ($) $ in Thousands	Total	Common Shares	Preferred Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)
Balance, shares at Feb. 28, 2022		14,048
Balance at Feb. 28, 2022	$ 1,829,699	$ 0	$ 0	$ 1,878,774	$ (49,075)
Preferred stock, balance, shares at Feb. 28, 2022			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	7,682				7,682
Balance, shares at May. 31, 2022		14,048
Balance at May. 31, 2022	1,837,381	$ 0	$ 0	1,878,774	(41,393)
Preferred stock, balance, shares at May. 31, 2022			400
Balance, shares at Feb. 28, 2022		14,048
Balance at Feb. 28, 2022	1,829,699	$ 0	$ 0	1,878,774	(49,075)
Preferred stock, balance, shares at Feb. 28, 2022			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,011)
Balance, shares at Aug. 31, 2022		14,048
Balance at Aug. 31, 2022	1,818,188	$ 0	$ 0	1,878,774	(60,586)
Preferred stock, balance, shares at Aug. 31, 2022			400
Balance, shares at May. 31, 2022		14,048
Balance at May. 31, 2022	1,837,381	$ 0	$ 0	1,878,774	(41,393)
Preferred stock, balance, shares at May. 31, 2022			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,693)				(8,693)
Preference share dividends	(10,500)				(10,500)
Balance, shares at Aug. 31, 2022		14,048
Balance at Aug. 31, 2022	$ 1,818,188	$ 0	$ 0	1,878,774	(60,586)
Preferred stock, balance, shares at Aug. 31, 2022			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)	14,048
Balance, shares at Feb. 28, 2023	14,048	14,048
Balance at Feb. 28, 2023	$ 1,871,458	$ 0	$ 0	1,878,774	(7,316)
Preferred stock, balance, shares at Feb. 28, 2023	400		400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 22,770				22,770
Preference share dividends	(10,500)
Balance, shares at May. 31, 2023		14,048
Balance at May. 31, 2023	$ 1,894,228	$ 0	$ 0	1,878,774	15,454
Preferred stock, balance, shares at May. 31, 2023			400
Balance, shares at Feb. 28, 2023	14,048	14,048
Balance at Feb. 28, 2023	$ 1,871,458	$ 0	$ 0	1,878,774	(7,316)
Preferred stock, balance, shares at Feb. 28, 2023	400		400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 28,288
Balance, shares at Aug. 31, 2023	15,564	15,564
Balance at Aug. 31, 2023	$ 2,089,246	$ 0	$ 0	2,078,774	10,472
Preferred stock, balance, shares at Aug. 31, 2023	400		400
Balance, shares at May. 31, 2023		14,048
Balance at May. 31, 2023	$ 1,894,228	$ 0	$ 0	1,878,774	15,454
Preferred stock, balance, shares at May. 31, 2023			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares	200,000			200,000
Net income (loss)	5,518				5,518
Preference share dividends	$ (10,500)				(10,500)
Balance, shares at Aug. 31, 2023	15,564	15,564
Balance at Aug. 31, 2023	$ 2,089,246	$ 0	$ 0	$ 2,078,774	$ 10,472
Preferred stock, balance, shares at Aug. 31, 2023	400		400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)	15,564

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 31, 2023
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	Summary of Significant Accounting PoliciesOrganizationAircastle 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 consists of acquiring, leasing, managing and selling commercial jet aircraft. The Company is controlled by affiliates of Marubeni Corporation (“Marubeni”) and Mizuho Leasing Company, Limited (“Mizuho Leasing” and, together with Marubeni, our “Shareholders”).Aircastle is a holding company and conducts its business through subsidiaries that are wholly owned, either directly or indirectly, by Aircastle.Basis of Presentation and Principles of ConsolidationThe consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).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, 2023.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.We manage and analyze our business and report on our 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 Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of August 31, 2023, through the date on which the consolidated financial statements included in this Form 10-Q were issued.Risk and UncertaintiesIn 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 early 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 EstimatesThe 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.Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provides temporary optional expedients and exceptions to certain U.S. GAAP contract modification requirements for contracts affected by reference rate reform as entities transition away from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In December 2022, the FASB issued ASU 2022-06 to defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in ASC 848. The ICE Benchmark Administration Limited, LIBOR’s administrator, has ceased publishing all LIBOR settings, including the Overnight, 1-month, 3-month, 6-month, and 12-month USD LIBOR U.S. dollar settings. Effective March 1, 2023, we adopted ASC 848 and commenced the transition of our LIBOR-based contracts to the Secured Overnight Financing Rate (“SOFR” or “Term SOFR”). As of August 31, 2023, we had no aircraft leases or debt financings for which the associated lease rental revenue or interest expense used LIBOR as the applicable reference rate. The adoption of ASC 848 did not have a material impact on our consolidated financial statements

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value MeasurementsFair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs.The following tables set forth our financial assets as of August 31, 2023 and February 28, 2023 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 August 31, 2023 Using Fair Value Hierarchy Fair Value as ofAugust 31, 2023Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1)SignificantOtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)ValuationTechniqueAssets:Cash and cash equivalents$726,428 $726,428 $— $— MarketInvestment in debt securities5,029 — — 5,029 IncomeInvestment in equity securities5,757 2,313 — 3,444 Market/IncomeTotal$737,214 $728,741 $— $8,473   Fair Value Measurements at February 28, 2023Using Fair Value Hierarchy Fair Value as of February 28, 2023Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1)SignificantOtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)ValuationTechniqueAssets:Cash and cash equivalents$231,861 $231,861 $— $— MarketInvestment in debt securities5,029 — — 5,029 IncomeInvestment in equity securities5,790 2,346 — 3,444 Market/IncomeTotal$242,680 $234,207 $— $8,473 Our cash and cash equivalents 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 (Level 1). Our investments in debt and equity securities consist of notes and shares received as a result of claims settlements from various airline customers that had entered into bankruptcy proceedings or similar-type restructurings. Our investment in equity securities that are traded in an active market have been valued using quoted market prices (Level 1). Our investments in other equity securities and debt securities for which there is no active market or there is limited market data have been valued using the income approach (Level 3).For the three and six months ended August 31, 2023, 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 aircraft and investment in unconsolidated joint venture.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 (Level 2), which includes third party appraisal data, and an income approach (Level 3), which includes 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 venture under the equity method of accounting. Our investment is recorded at cost and is adjusted by undistributed earnings and losses and the distributions of dividends and capital. This investment is 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.Financial InstrumentsOur financial instruments, other than cash, consist principally of cash equivalents, accounts receivable, investments in debt and equity securities, accounts payable and secured and unsecured financings. The fair value of 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 (Level 1), whereas all our other financings are valued using a discounted cash flow analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements (Level 2).The carrying amounts and fair values of our financial instruments at August 31, 2023, and February 28, 2023 were as follows:August 31, 2023February 28, 2023Carrying Amountof AssetFair Valueof AssetCarrying Amountof AssetFair Valueof AssetInvestment in debt securities$5,029 $5,029 $5,029 $5,029 Investment in equity securities5,757 5,757 5,790 5,790  Carrying  Amountof LiabilityFair Valueof LiabilityCarrying Amountof LiabilityFair Valueof LiabilityCredit Facilities$20,000 $20,000 $20,000 $20,000 Unsecured Term Loan155,000 154,932 155,000 151,449 Term Financings922,688 918,700 761,283 739,804 Senior Notes3,850,000 3,685,049 3,700,000 3,524,563 Aircraft ValuationAnnual Recoverability AssessmentWe plan to perform our annual recoverability assessment of all our aircraft during the third quarter of 2023. Additional customer and aircraft specific recoverability assessments are also performed whenever indicators suggest the carrying amount of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination, a significant change in an 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. We have focused and will continue to focus on aircraft with near-term lease expirations, customers that have entered judicial insolvency proceedings and any additional customers that may become subject to similar-type proceedings, and certain other customers or aircraft variants that are more susceptible to value deterioration. The recoverability assessment is a comparison of the carrying value of an aircraft to its estimated undiscounted future cash flows. We develop 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, such as the location of the aircraft and accessibility to records and technical documentation. 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.

Flight Equipment Held for Lease

Flight Equipment Held for Lease, Net	6 Months Ended
	Aug. 31, 2023
Property, Plant and Equipment [Abstract]
Flight Equipment Held for Lease, Net	Note 3. Flight Equipment Held for Lease, Net The following table summarizes the activities for the Company’s flight equipment held for lease for the six months ended August 31, 2023:AmountBalance at February 28, 2023$6,567,606 Additions365,025 Depreciation(174,652)Disposals and transfers to net investment in leases and held for sale(255,054)Impairments(1,097)Balance at August 31, 2023$6,501,828 Accumulated depreciation as of August 31, 2023$2,254,500

Lease Rental Revenues

Lease Rental Revenues	6 Months Ended
	Aug. 31, 2023
Leases [Abstract]
Lease Rental Revenues	Note 4. Lease Rental RevenuesMinimum future lease rentals contracted to be received under our existing operating leases of flight equipment at August 31, 2023 were as follows:Year Ending February 28/29,Amount(1)2024 (Remainder of fiscal year)$302,190 2025540,128 2026426,677 2027361,015 2028290,367 Thereafter862,123 Total$2,782,500 _______________(1)Reflects impact of lessee lease rental deferrals.At August 31, 2023 and February 28, 2023, the amounts of lease incentive liabilities recorded in maintenance payments on our consolidated balance sheets were $29.1 million and $22.4 million, respectively.

Net Investment in Leases, Net

Net Investment in Leases, Net	6 Months Ended
	Aug. 31, 2023
Leases [Abstract]
Net Investment in Leases, Net	Net Investment in Leases, NetAt August 31, 2023 and February 28, 2023, our net investment in leases consisted of 13 and 4 aircraft, respectively. The components of our net investment in leases at August 31, 2023 and February 28, 2023, were as follows:August 31, 2023February 28, 2023Lease receivable$133,663 $31,674 Unguaranteed residual value of flight equipment122,184 37,287 Net investment leases255,847 68,961 Allowance for credit losses(7,113)(1,267)Net investment in leases, net$248,734 $67,694 During the six months ended August 31, 2023, 10 aircraft were reclassified from operating leases to sales-type leases. Collectability of the lease payments for these 10 aircraft, which was not deemed probable at the effective date of the lease modification, became probable during the six months ended August 31, 2023. Accordingly, we derecognized the carrying amounts of the underlying aircraft and lease payments recorded by us as deposit liabilities and recognized net investments in leases. A selling profit totaling $32.7 million for these 10 aircraft was recognized as a component of Gain on sale of flight equipment for the six months ended August 31, 2023. We also recognized a provision for credit losses totaling $6.2 million for these 10 aircraft during the six months ended August 31, 2023.The activity in the allowance for credit losses related to our net investment in leases for the six months ended August 31, 2023, was as follows:AmountBalance at February 28, 2023$1,267 Provision for credit losses6,125 Write-offs(279)Balance at August 31, 2023$7,113 At August 31, 2023, future lease payments to be received under our net investment in leases were as follows:Year Ending February 28/29,Amount2024 (Remainder of fiscal year)$12,290 202523,711 202622,884 202723,111 202823,111 Thereafter73,548 Total lease payments to be received178,655 Present value of lease payments - lease receivable(133,663)Difference between undiscounted lease payments and lease receivable$44,992

Concentration of Risk

Concentration of Risk	3 Months Ended
	Aug. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	Note 6. Concentration of RiskThe classification of regions in the tables below is based on our customers’ principal place of business.The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of August 31, 2023, and February 28, 2023 was as follows: August 31, 2023February 28, 2023RegionNumberofAircraftNet BookValue %NumberofAircraftNet BookValue %Asia and Pacific62 28 %62 28 %Europe90 30 %88 30 %Middle East and Africa7 2 %8 3 %North America43 23 %38 20 %South America31 15 %29 14 %Off-lease6 (1)2 %14 5 %Total239 100 %239 100 %_______________(1)Of the 6 off-lease aircraft at August 31, 2023, we currently have 3 narrow-body aircraft that are undergoing freighter conversion which we are marketing for lease.The following table sets forth individual countries representing at least 10% of our Net Book Value as of August 31, 2023, and February 28, 2023: August 31, 2023February 28, 2023CountryNet BookValueNet BookValue %NumberofLesseesNet BookValueNet BookValue %NumberofLesseesUnited States(1)$671,246 10%5$— —%—_______________(1) As of February 28, 2023, the United States represented less than 10% of our Net Book Value.The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended August 31,Six Months Ended August 31,Region2023202220232022Asia and Pacific29 %35 %30 %34 %Europe31 %29 %30 %29 %Middle East and Africa4 %5 %4 %5 %North America23 %18 %23 %17 %South America13 %13 %13 %15 %Total100 %100 %100 %100 %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 August 31,Six Months Ended August 31,2023202220232022Number of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueLargest lessees by lease rental revenue321%428%321%323%For the three months ended August 31, 2023, total revenue attributable to the United States and India was 13% and 11%, respectively. Total revenue attributable to the Unites States included $4.1 million from gains on sales of flight equipment for the three months ended August 31, 2023. For the six months ended August 31, 2023, total revenue attributable to the United States and India was less than 10%. For the three months ended August 31, 2022, total revenue attributable to the U.K, the United States, and India was 11%, 11%, and 10%, respectively. Total revenue attributable to the U.K. included $11.9 million of maintenance revenue resulting from the lease termination of 1 freighter aircraft. For the six months ended August 31, 2022, total revenue attributable to India was 11% and for the United States and the U.K. was less than 10%.

Unconsolidated Equity Method In

Unconsolidated Equity Method Investment	6 Months Ended
	Aug. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Equity Method Investment	Unconsolidated Equity Method InvestmentWe have a joint venture with Mizuho Leasing which has 9 aircraft with a net book value of $278.5 million at August 31, 2023.AmountBalance at February 28, 2023$40,505 Earnings of unconsolidated equity method investment, net of tax862 Balance at August 31, 2023$41,367

Borrowings from Secured and Uns

Borrowings from Secured and Unsecured Debt Financings	6 Months Ended
	Aug. 31, 2023
Debt Disclosure [Abstract]
Borrowings from Secured and Unsecured Debt Financings	Borrowings from Secured and Unsecured Debt FinancingsThe outstanding amounts of our secured and unsecured debt financings were as follows: At August 31, 2023At February 28, 2023Debt ObligationOutstandingBorrowingsNumber of AircraftInterest RateFinal StatedMaturityOutstandingBorrowingsSecured Debt Financings:Term Financings(1)$922,688 38 2.36% to 7.74%09/13/24 to 06/27/32$761,283 Less: Debt issuance costs and discounts(8,824)— (8,985)Total secured debt financings, net of debt issuance costs and discounts913,864 38 752,298 Unsecured Debt Financings:5.000% Senior Notes due 2023— 5.00%04/01/23500,000 4.400% Senior Notes due 2023650,000 4.40%09/25/23650,000 Senior Notes due 2024500,000 4.125%05/01/24500,000 Senior Notes due 2025650,000 5.25%08/11/25650,000 Senior Notes due 2026650,000 4.25%06/15/26650,000 2.850% Senior Notes due 2028750,000 2.85%01/26/28750,000 6.500% Senior Notes due 2028650,000 6.50%07/18/28— Unsecured Term Loans155,000 6.90%02/27/24155,000 Revolving Credit Facilities20,000 7.21%02/28/24 to 05/24/2520,000    Less: Debt issuance costs and discounts(33,125)(32,546)Total unsecured debt financings, net of debt issuance costs and discounts3,991,875 3,842,454 Total secured and unsecured debt financings, net of debt issuance costs and discounts$4,905,739 $4,594,752         (1)The borrowings under these financings at August 31, 2023 have a weighted-average fixed rate of interest of 5.46%.Secured Debt Financings:Term FinancingsDuring the six months ended August 31, 2023, we borrowed the remaining $168.7 million available under our full recourse secured financing facility entered into on November 21, 2022 (the “2022 Secured Facility”). The total amount borrowed under the 2022 Secured Facility was $447.7 million in relation to 17 owned aircraft. The 2022 Secured Facility bears interest at a floating rate under the Term SOFR (as defined in the credit agreement governing the 2022 Secured Facility) plus 2.35% per annum and matures on November 21, 2029. Unsecured Debt Financings:5.000% Senior Notes due 2023We repaid the $500.0 million aggregate principal amount of our 5.000% Senior Notes due 2023 at their final stated maturity date in April 2023.6.500% Senior Notes due 2028On July 18, 2023, the Company issued $650.0 million aggregate principal amount of 6.500% Senior Notes due 2028 (the “6.500% Senior Notes due 2028”) at an issue price of 99.815%. The 6.500% Senior Notes due 2028 will mature on July 18, 2028, and bear interest at a rate of 6.50% per annum, payable semi-annually on January 18 and July 18 of each year, commencing on January 18, 2024. Interest accrues on the 6.500% Senior Notes due 2028 from July 18, 2023.4.400% Senior Notes due 2023We repaid the $650.0 million aggregate principal amount of our 4.400% Senior Notes due 2023 at their final stated maturity date in September 2023.Revolving Credit FacilitiesOne of our unsecured revolving credit facilities was expanded from $245.0 million to $375.0 million during the three months ended August 31, 2023. The revolving credit facility matures on May 24, 2025.As of August 31, 2023, we had $20.0 million outstanding under our revolving credit facilities and had $1.9 billion available for borrowing.As of August 31, 2023, we were in compliance with all applicable covenants in our financings.

Shareholders_ Equity

Shareholders’ Equity	6 Months Ended
	Aug. 31, 2023
Equity [Abstract]
Shareholders’ Equity	Shareholders' EquityIssuance of Common SharesOn July 5, 2023, the Company entered into a Subscription Agreement with its Shareholders, pursuant to which the Company has agreed to make a pro rata issuance of the Company’s common shares, $0.01 par value per share (the “Shares”), for an aggregate purchase price of up to $500.0 million. The Shares will be issued in two tranches, with 1,516 Shares issued under the first tranche on July 18, 2023, for an aggregate purchase price of $200.0 million. The issuance of the second tranche, which is subject to both the approval of the Company’s Board of Directors and shareholders, is expected to occur during the Company’s first fiscal quarter of 2024 for an aggregate purchase price of up to $300.0 million. The number of Shares and the subscription price per share are to be determined and agreed to by the parties at the time of issuance. The Shares will rank pari passu in all respects with other common shares of the Company. The Company has used and intends to continue to use the net proceeds from the issuance of Shares for general corporate purposes.Preference Share DividendsOn March 15, 2023, the Company paid a semi-annual dividend in the amount of $10.5 million for its preference shares, which was approved by the Company’s Board of Directors on January 10, 2023, and accrued as of February 28, 2023.On September 15, 2023, the Company paid a semi-annual dividend in the amount of $10.5 million for its Preference Shares, which was approved by the Company’s Board of Directors on July 11, 2023, and accrued as of August 31, 2023.

Related Party Disclosures

Related Party Disclosures	6 Months Ended
	Aug. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsWe incurred fees from our Shareholders as part of intra-company service agreements totaling $2.1 million and $1.2 million during the three months ended August 31, 2023 and 2022, respectively, and $4.1 million and $2.6 million during the six months ended August 31, 2023 and 2022, respectively, whereby our Shareholders provide certain management and administrative services to the Company. In addition, the Company purchased parts under a parts management services and supply agreement with an affiliate of Marubeni totaling $0.7 million and $1.6 million during the three months ended August 31, 2023 and 2022, respectively, and $1.1 million and $3.3 million during the six months ended August 31, 2023 and 2022, respectively

Income Taxes

Income Taxes	6 Months Ended
	Aug. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome 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 income (loss) from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and six months ended August 31, 2023 and 2022 were as follows: Three Months Ended August 31,Six Months Ended August 31, 2023202220232022U.S. operations$6,588 $4,790 $10,870 $10,126 Non-U.S. operations(6,625)(18,217)25,817 (13,053)Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment$(37)$(13,427)$36,687 $(2,927)Our aircraft-owning subsidiaries generally earn income from sources outside the United States and typically are not subject to U.S. federal, state or local income taxes. The aircraft owning subsidiaries resident in the United States and Ireland 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.We recognized an income tax provision of $9.3 million for the six months ended August 31, 2023, as compared to an income tax benefit of $0.7 million for the six months ended August 31, 2022. Our effective tax rate was 25.2% for each of the six months ended August 31, 2023 and 2022. The increase is primarily attributable to profits generated during the six months ended August 31, 2023, and the mix of such profits in taxable and non-taxable jurisdictions. The six months ended August 31, 2023, included gains on the sale of aircraft, which were recorded in a low tax jurisdiction. The six months ended August 31, 2022, included net non-cash impairment charges, which were recorded in a low tax jurisdiction.

Interest, Net

Interest, Net	6 Months Ended
	Aug. 31, 2023
Interest Income (Expense), Net [Abstract]
Interest, Net	Interest, NetThe following table shows the components of interest, net: Three Months Ended August 31,Six Months Ended August 31, 2023202220232022Interest on borrowings and other liabilities$58,133 $48,392 $114,005 $95,633 Amortization of deferred financing fees and debt discount4,290 3,498 8,321 7,095 Interest expense62,423 51,890 122,326 102,728 Less: Interest income(4,736)(748)(7,028)(1,007)Less: Capitalized interest(652)(555)(1,372)(840)Interest, net$57,035 $50,587 $113,926 $100,881

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesRent expense, primarily for the corporate office and sales and marketing facilities, was $0.6 million and $0.4 million, and $1.3 million and $0.9 million for the three and six months ended August 31, 2023 and 2022, respectively.As of August 31, 2023, 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,Amount2024 (Remainder of fiscal year)$1,368 20252,944 20262,790 20272,728 20282,760 Thereafter17,681 Total$30,271 At August 31, 2023, we had commitments to acquire 12 aircraft for $402.4 million.At August 31, 2023, commitments, including $34.4 million of remaining progress payments, contractual price escalations and other adjustments for these aircraft, net of amounts already paid, were as follows:Year Ending February 28/29,Amount2024 (Remainder of fiscal year)$131,307 2025173,169 202697,877 2027— 2028— Thereafter— Total$402,353

Other Assets

Other Assets	6 Months Ended
	Aug. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other AssetsOther assets consisted of the following as of August 31, 2023, and February 28, 2023:August 31,2023February 28,2023Deferred income tax asset$268 $304 Lease incentives and premiums, net of accumulated amortization of $84,863 and $77,722, respectively34,342 54,208 Flight equipment held for sale24,902 59,370 Aircraft purchase deposits and Embraer E-2 progress payments40,382 43,494 Right-of-use asset(1)16,721 16,930 Deferred rent receivable32,353 35,631 Investments, at fair value10,786 10,819 Other assets159,097 125,574 Total other assets$318,851 $346,330 ______________(1)Net of lease incentives and tenant allowances.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
	Aug. 31, 2023
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other LiabilitiesAccounts payable, accrued expenses and other liabilities consisted of the following as of August 31, 2023, and February 28, 2023:August 31,2023February 28,2023Accounts payable, accrued expenses and other liabilities$64,237 $60,225 Deferred income tax liability86,133 79,990 Accrued interest payable38,355 42,752 Lease liability19,998 19,951 Lease discounts, net of amortization of $45,183 and $45,586, respectively3,087 3,555 Total accounts payable, accrued expenses and other liabilities$211,810 $206,473

Subsequent Event

Subsequent Event	6 Months Ended
	Aug. 31, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent EventsPLACEHOLDER

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 31, 2023
Accounting Policies [Abstract]
Organization and Basis of Presentation	OrganizationAircastle 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 consists of acquiring, leasing, managing and selling commercial jet aircraft. The Company is controlled by affiliates of Marubeni Corporation (“Marubeni”) and Mizuho Leasing Company, Limited (“Mizuho Leasing” and, together with Marubeni, our “Shareholders”).Aircastle is a holding company and conducts its business through subsidiaries that are wholly owned, either directly or indirectly, by Aircastle.
Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).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, 2023.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.We manage and analyze our business and report on our 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 Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of August 31, 2023, through the date on which the consolidated financial statements included in this Form 10-Q were issued.
Concentration Risk, Credit Risk, Policy	Risk and UncertaintiesIn 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 early 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 EstimatesThe 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.
New Accounting Pronouncements, Policy	Recent Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provides temporary optional expedients and exceptions to certain U.S. GAAP contract modification requirements for contracts affected by reference rate reform as entities transition away from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In December 2022, the FASB issued ASU 2022-06 to defer the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the optional expedients in ASC 848. The ICE Benchmark Administration Limited, LIBOR’s administrator, has ceased publishing all LIBOR settings, including the Overnight, 1-month, 3-month, 6-month, and 12-month USD LIBOR U.S. dollar settings. Effective March 1, 2023, we adopted ASC 848 and commenced the transition of our LIBOR-based contracts to the Secured Overnight Financing Rate (“SOFR” or “Term SOFR”). As of August 31, 2023, we had no aircraft leases or debt financings for which the associated lease rental revenue or interest expense used LIBOR as the applicable reference rate. The adoption of ASC 848 did not have a material impact on our consolidated financial statements

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 31, 2023
Fair Value Disclosures [Abstract]
Fair value assets and liabilities measured on recurring basis	The following tables set forth our financial assets as of August 31, 2023 and February 28, 2023 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 August 31, 2023 Using Fair Value Hierarchy Fair Value as ofAugust 31, 2023Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1)SignificantOtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)ValuationTechniqueAssets:Cash and cash equivalents$726,428 $726,428 $— $— MarketInvestment in debt securities5,029 — — 5,029 IncomeInvestment in equity securities5,757 2,313 — 3,444 Market/IncomeTotal$737,214 $728,741 $— $8,473   Fair Value Measurements at February 28, 2023Using Fair Value Hierarchy Fair Value as of February 28, 2023Quoted Pricesin ActiveMarkets forIdenticalAssets(Level 1)SignificantOtherObservableInputs(Level 2)SignificantUnobservableInputs(Level 3)ValuationTechniqueAssets:Cash and cash equivalents$231,861 $231,861 $— $— MarketInvestment in debt securities5,029 — — 5,029 IncomeInvestment in equity securities5,790 2,346 — 3,444 Market/IncomeTotal$242,680 $234,207 $— $8,473
Carrying amounts and fair values of financial instruments	The carrying amounts and fair values of our financial instruments at August 31, 2023, and February 28, 2023 were as follows:August 31, 2023February 28, 2023Carrying Amountof AssetFair Valueof AssetCarrying Amountof AssetFair Valueof AssetInvestment in debt securities$5,029 $5,029 $5,029 $5,029 Investment in equity securities5,757 5,757 5,790 5,790  Carrying  Amountof LiabilityFair Valueof LiabilityCarrying Amountof LiabilityFair Valueof LiabilityCredit Facilities$20,000 $20,000 $20,000 $20,000 Unsecured Term Loan155,000 154,932 155,000 151,449 Term Financings922,688 918,700 761,283 739,804 Senior Notes3,850,000 3,685,049 3,700,000 3,524,563

Flight Equipment Held for Lea_2

Flight Equipment Held for Lease, Net (Tables)	6 Months Ended
	Aug. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, Lessor Asset under Operating Lease	The following table summarizes the activities for the Company’s flight equipment held for lease for the six months ended August 31, 2023:AmountBalance at February 28, 2023$6,567,606 Additions365,025 Depreciation(174,652)Disposals and transfers to net investment in leases and held for sale(255,054)Impairments(1,097)Balance at August 31, 2023$6,501,828 Accumulated depreciation as of August 31, 2023$2,254,500

Lease Rental Revenues (Tables)

Lease Rental Revenues (Tables)	6 Months Ended
	Aug. 31, 2023
Leases [Abstract]
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at August 31, 2023 were as follows:Year Ending February 28/29,Amount(1)2024 (Remainder of fiscal year)$302,190 2025540,128 2026426,677 2027361,015 2028290,367 Thereafter862,123 Total$2,782,500 _______________(1)Reflects impact of lessee lease rental deferrals.

Net Investment in Leases, Net (

Net Investment in Leases, Net (Tables)	6 Months Ended
	Aug. 31, 2023
Leases [Abstract]
Schedule of Components of Net Investment in Leases	The components of our net investment in leases at August 31, 2023 and February 28, 2023, were as follows:August 31, 2023February 28, 2023Lease receivable$133,663 $31,674 Unguaranteed residual value of flight equipment122,184 37,287 Net investment leases255,847 68,961 Allowance for credit losses(7,113)(1,267)Net investment in leases, net$248,734 $67,694
Sales-type and Direct Financing Leases, Lease Receivable, Maturity	The activity in the allowance for credit losses related to our net investment in leases for the six months ended August 31, 2023, was as follows:AmountBalance at February 28, 2023$1,267 Provision for credit losses6,125 Write-offs(279)Balance at August 31, 2023$7,113 At August 31, 2023, future lease payments to be received under our net investment in leases were as follows:Year Ending February 28/29,Amount2024 (Remainder of fiscal year)$12,290 202523,711 202622,884 202723,111 202823,111 Thereafter73,548 Total lease payments to be received178,655 Present value of lease payments - lease receivable(133,663)Difference between undiscounted lease payments and lease receivable$44,992

Concentration of Risk (Tables)

Concentration of Risk (Tables)	6 Months Ended
	Aug. 31, 2023
Risks and Uncertainties [Abstract]
Long-lived Assets by Geographic Areas	The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of August 31, 2023, and February 28, 2023 was as follows: August 31, 2023February 28, 2023RegionNumberofAircraftNet BookValue %NumberofAircraftNet BookValue %Asia and Pacific62 28 %62 28 %Europe90 30 %88 30 %Middle East and Africa7 2 %8 3 %North America43 23 %38 20 %South America31 15 %29 14 %Off-lease6 (1)2 %14 5 %Total239 100 %239 100 %_______________(1)Of the 6 off-lease aircraft at August 31, 2023, we currently have 3 narrow-body aircraft that are undergoing freighter conversion which we are marketing for lease.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	The following table sets forth individual countries representing at least 10% of our Net Book Value as of August 31, 2023, and February 28, 2023: August 31, 2023February 28, 2023CountryNet BookValueNet BookValue %NumberofLesseesNet BookValueNet BookValue %NumberofLesseesUnited States(1)$671,246 10%5$— —%—_______________(1) As of February 28, 2023, the United States represented less than 10% of our Net Book Value.
Revenue from External Customers by Geographic Areas	The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended August 31,Six Months Ended August 31,Region2023202220232022Asia and Pacific29 %35 %30 %34 %Europe31 %29 %30 %29 %Middle East and Africa4 %5 %4 %5 %North America23 %18 %23 %17 %South America13 %13 %13 %15 %Total100 %100 %100 %100 %
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	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 August 31,Six Months Ended August 31,2023202220232022Number of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueLargest lessees by lease rental revenue321%428%321%323%

Unconsolidated Equity Method _2

Unconsolidated Equity Method Investment (Tables)	6 Months Ended
	Aug. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	AmountBalance at February 28, 2023$40,505 Earnings of unconsolidated equity method investment, net of tax862 Balance at August 31, 2023$41,367

Borrowings from Secured and U_2

Borrowings from Secured and Unsecured Debt Financings (Tables)	6 Months Ended
	Aug. 31, 2023
Debt Disclosure [Abstract]
Outstanding amounts of secured and unsecured term debt financings	The outstanding amounts of our secured and unsecured debt financings were as follows: At August 31, 2023At February 28, 2023Debt ObligationOutstandingBorrowingsNumber of AircraftInterest RateFinal StatedMaturityOutstandingBorrowingsSecured Debt Financings:Term Financings(1)$922,688 38 2.36% to 7.74%09/13/24 to 06/27/32$761,283 Less: Debt issuance costs and discounts(8,824)— (8,985)Total secured debt financings, net of debt issuance costs and discounts913,864 38 752,298 Unsecured Debt Financings:5.000% Senior Notes due 2023— 5.00%04/01/23500,000 4.400% Senior Notes due 2023650,000 4.40%09/25/23650,000 Senior Notes due 2024500,000 4.125%05/01/24500,000 Senior Notes due 2025650,000 5.25%08/11/25650,000 Senior Notes due 2026650,000 4.25%06/15/26650,000 2.850% Senior Notes due 2028750,000 2.85%01/26/28750,000 6.500% Senior Notes due 2028650,000 6.50%07/18/28— Unsecured Term Loans155,000 6.90%02/27/24155,000 Revolving Credit Facilities20,000 7.21%02/28/24 to 05/24/2520,000    Less: Debt issuance costs and discounts(33,125)(32,546)Total unsecured debt financings, net of debt issuance costs and discounts3,991,875 3,842,454 Total secured and unsecured debt financings, net of debt issuance costs and discounts$4,905,739 $4,594,752         (1)The borrowings under these financings at August 31, 2023 have a weighted-average fixed rate of interest of 5.46%.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Aug. 31, 2023
Income Tax Disclosure [Abstract]
Sources of income from continuing operations before income taxes	The sources of income (loss) from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and six months ended August 31, 2023 and 2022 were as follows: Three Months Ended August 31,Six Months Ended August 31, 2023202220232022U.S. operations$6,588 $4,790 $10,870 $10,126 Non-U.S. operations(6,625)(18,217)25,817 (13,053)Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment$(37)$(13,427)$36,687 $(2,927)

Interest, Net (Tables)

Interest, Net (Tables)	6 Months Ended
	Aug. 31, 2023
Interest Income (Expense), Net [Abstract]
Components of Interest	The following table shows the components of interest, net: Three Months Ended August 31,Six Months Ended August 31, 2023202220232022Interest on borrowings and other liabilities$58,133 $48,392 $114,005 $95,633 Amortization of deferred financing fees and debt discount4,290 3,498 8,321 7,095 Interest expense62,423 51,890 122,326 102,728 Less: Interest income(4,736)(748)(7,028)(1,007)Less: Capitalized interest(652)(555)(1,372)(840)Interest, net$57,035 $50,587 $113,926 $100,881

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Aug. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of obligations under non-cancelable operating leases	As of August 31, 2023, 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,Amount2024 (Remainder of fiscal year)$1,368 20252,944 20262,790 20272,728 20282,760 Thereafter17,681 Total$30,271
Long-term Purchase Commitment	At August 31, 2023, commitments, including $34.4 million of remaining progress payments, contractual price escalations and other adjustments for these aircraft, net of amounts already paid, were as follows:Year Ending February 28/29,Amount2024 (Remainder of fiscal year)$131,307 2025173,169 202697,877 2027— 2028— Thereafter— Total$402,353

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Aug. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Principal components of other assets	Other assets consisted of the following as of August 31, 2023, and February 28, 2023:August 31,2023February 28,2023Deferred income tax asset$268 $304 Lease incentives and premiums, net of accumulated amortization of $84,863 and $77,722, respectively34,342 54,208 Flight equipment held for sale24,902 59,370 Aircraft purchase deposits and Embraer E-2 progress payments40,382 43,494 Right-of-use asset(1)16,721 16,930 Deferred rent receivable32,353 35,631 Investments, at fair value10,786 10,819 Other assets159,097 125,574 Total other assets$318,851 $346,330 ______________(1)Net of lease incentives and tenant allowances.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Aug. 31, 2023
Payables and Accruals [Abstract]
Principal components of accounts payable, accrued expenses and other liabilities recorded on our consolidated balance sheet	Accounts payable, accrued expenses and other liabilities consisted of the following as of August 31, 2023, and February 28, 2023:August 31,2023February 28,2023Accounts payable, accrued expenses and other liabilities$64,237 $60,225 Deferred income tax liability86,133 79,990 Accrued interest payable38,355 42,752 Lease liability19,998 19,951 Lease discounts, net of amortization of $45,183 and $45,586, respectively3,087 3,555 Total accounts payable, accrued expenses and other liabilities$211,810 $206,473

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details)	6 Months Ended
	Aug. 31, 2023 segment
Accounting Policies [Abstract]
Number of operating segments	1

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Debt Securities
Assets:
Investment	$ 5,029	$ 5,029
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Equity Securities
Assets:
Investment	5,757	5,790
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	726,428	231,861
Total	728,741	234,207
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Debt Securities
Assets:
Investment	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities
Assets:
Investment	2,313	2,346
Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Total	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities
Assets:
Investment	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Equity Securities
Assets:
Investment	0	0
Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Total	8,473	8,473
Recurring | Significant Unobservable Inputs (Level 3) | Debt Securities
Assets:
Investment	5,029	5,029
Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities
Assets:
Investment	3,444	3,444
Recurring | Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	726,428	231,861
Total	737,214	242,680
Recurring | Estimate of Fair Value Measurement | Debt Securities
Assets:
Investment	5,029	5,029
Recurring | Estimate of Fair Value Measurement | Equity Securities
Assets:
Investment	$ 5,757	$ 5,790

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	6 Months Ended
	Aug. 31, 2023 USD ($)
Fair Value Disclosures [Abstract]
Transfers, net	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	$ 5,029	$ 5,029
Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Equity Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	5,757	5,790
Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	5,029	5,029
Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Equity Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	5,757	5,790
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 instruments	20,000	20,000
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 instruments	20,000	20,000
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 instruments	155,000	155,000
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 instruments	3,850,000	3,700,000
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 instruments	154,932	151,449
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 instruments	3,685,049	3,524,563
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Term Financings
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	922,688	761,283
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Term Financings
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	$ 918,700	$ 739,804

Flight Equipment Held for Lea_3

Flight Equipment Held for Lease, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Impaired Long-Lived Assets Held And Used [Roll Forward]
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation			$ 6,567,606
Depreciation	$ (86,328)	$ (82,106)	(175,117)	$ (163,424)
Transfers from flight equipment held for lease to Net investment in leases and Other assets			182,818	8,895
Impairments	(1,100)	$ (33,671)	(2,197)	$ (38,099)
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	6,501,828		6,501,828
Flight Equipment
Impaired Long-Lived Assets Held And Used [Roll Forward]
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation			6,567,606
Additions			365,025
Depreciation			(174,652)
Transfers from flight equipment held for lease to Net investment in leases and Other assets			(255,054)
Impairments			(1,097)
Property, Plant, and Equipment, Lessor Asset under Operating Lease, after Accumulated Depreciation	6,501,828		6,501,828
Property, Plant, and Equipment, Lessor Asset under Operating Lease, Accumulated Depreciation	$ 2,254,500		$ 2,254,500

Lease Rental Revenues (Details)

Lease Rental Revenues (Details) $ in Thousands	Aug. 31, 2023 USD ($)
Annual future minimum lease rentals receivable
2024 (Remainder of fiscal year)	$ 302,190
2025	540,128
2026	426,677
2027	361,015
2028	290,367
Thereafter	862,123
Total	$ 2,782,500

Lease Rental Revenues (Details

Lease Rental Revenues (Details Textual) - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
Maintenance Payments
Revenue, Major Customer [Line Items]
Lease incentive liabilities	$ 29,100	$ 22,400

Net Investment in Leases, Net_2

Net Investment in Leases, Net (Details Textual) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023 USD ($) aircraft	Aug. 31, 2022 USD ($)	Aug. 31, 2023 USD ($) aircraft	Aug. 31, 2022 USD ($)	Feb. 28, 2023 aircraft
Operating Leased Assets [Line Items]
Number of leased assets | aircraft	13		13		4
Number of leased assets transferred in (out) | aircraft	10		10
Gain on sale of flight equipment	$ 4,453	$ 10,049	$ 47,047	$ 13,736
Provision for credit losses			6,125
Net Investment in Lease
Operating Leased Assets [Line Items]
Gain on sale of flight equipment			32,700
Provision for credit losses			$ 6,200

Net Investment in Leases, Net_3

Net Investment in Leases, Net (Details 2) - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
Lease receivable	$ 133,663	$ 31,674
Unguaranteed residual value of flight equipment	122,184	37,287
Net investment leases	255,847	68,961
Allowance for credit losses	(7,113)	(1,267)
Net investment in leases, net	248,734	$ 67,694
2024 (Remainder of fiscal year)	12,290
2025	23,711
2026	22,884
2027	23,111
2028	23,111
Thereafter	73,548
Total lease payments to be received	178,655
Present value of lease payments - lease receivable	(133,663)
Difference between undiscounted lease payments and lease receivable	$ 44,992

Net Investment in Leases, Net -

Net Investment in Leases, Net - Credit Loss Rollforward (Details) $ in Thousands	6 Months Ended
	Aug. 31, 2023 USD ($)
Net Investment in Lease, Allowance for Credit Loss [Roll Forward]
Balance at February 28, 2023	$ 1,267
Provision for credit losses	6,125
Write-offs	(279)
Balance at August 31, 2023	$ 7,113

Concentration of Risk (Details)

Concentration of Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 31, 2023 USD ($) aircraft Lessee	Aug. 31, 2022 USD ($) Lessee	Aug. 31, 2023 USD ($) aircraft Lessee	Aug. 31, 2022 USD ($) Lessee	Feb. 28, 2023 USD ($) aircraft Lessee	Oct. 06, 2023 aircraft
Concentration Risk [Line Items]
Number of Aircraft	239		239		239
Percentage	100%	100%	100%	100%	100%
Number of off-lease aircraft marketed for lease	6		6
Number of off-lease aircraft marketed for lease or sale					14
Gain on sale of flight equipment | $	$ 4,453	$ 10,049	$ 47,047	$ 13,736
Maintenance revenue | $	$ 15,046	20,114	$ 49,566	$ 47,213
Asia and Pacific
Concentration Risk [Line Items]
Number of Aircraft	62		62		62
Europe
Concentration Risk [Line Items]
Number of Aircraft	90		90		88
Middle East and Africa
Concentration Risk [Line Items]
Number of Aircraft	7		7		8
North America
Concentration Risk [Line Items]
Number of Aircraft	43		43		38
South America
Concentration Risk [Line Items]
Number of Aircraft	31		31		29
United States
Concentration Risk [Line Items]
Net Book Value | $	$ 671,246		$ 671,246		$ 0
Net Book Value %			10%		0%
Number of Lessees | Lessee			5		0
Gain on sale of flight equipment | $	$ 4,100
United Kingdom
Concentration Risk [Line Items]
Maintenance revenue | $		$ 11,900
Geographic Concentration Risk | Net Book Value | Asia and Pacific
Concentration Risk [Line Items]
Percentage			28%		28%
Geographic Concentration Risk | Net Book Value | Europe
Concentration Risk [Line Items]
Percentage			30%		30%
Geographic Concentration Risk | Net Book Value | Middle East and Africa
Concentration Risk [Line Items]
Percentage			2%		3%
Geographic Concentration Risk | Net Book Value | North America
Concentration Risk [Line Items]
Percentage			23%		20%
Geographic Concentration Risk | Net Book Value | South America
Concentration Risk [Line Items]
Percentage			15%		14%
Geographic Concentration Risk | Net Book Value | Off Lease
Concentration Risk [Line Items]
Percentage			2%		5%
Geographic Concentration Risk | Lease Rental Revenue | Asia and Pacific
Concentration Risk [Line Items]
Percentage	29%	35%	30%	34%
Geographic Concentration Risk | Lease Rental Revenue | Europe
Concentration Risk [Line Items]
Percentage	31%	29%	30%	29%
Geographic Concentration Risk | Lease Rental Revenue | Middle East and Africa
Concentration Risk [Line Items]
Percentage	4%	5%	4%	5%
Geographic Concentration Risk | Lease Rental Revenue | North America
Concentration Risk [Line Items]
Percentage	23%	18%	23%	17%
Geographic Concentration Risk | Lease Rental Revenue | South America
Concentration Risk [Line Items]
Percentage	13%	13%	13%	15%
Geographic Concentration Risk | Total Revenue | United States
Concentration Risk [Line Items]
Percentage	13%	11%
Geographic Concentration Risk | Total Revenue | India
Concentration Risk [Line Items]
Percentage	11%	10%		11%
Geographic Concentration Risk | Total Revenue | United Kingdom
Concentration Risk [Line Items]
Percentage		11%
Largest lessees by lease rental revenue
Concentration Risk [Line Items]
Number of customers | Lessee	3	4	3	3
Largest lessees by lease rental revenue | Customer Concentration Risk | Lease Rental Revenue
Concentration Risk [Line Items]
Percentage	21%	28%	21%	23%
Narrow-body [Member] | Subsequent Event
Concentration Risk [Line Items]
Number of off-lease aircraft marketed for lease or sale						3
Freighter Aircraft | United Kingdom | Aircraft Operated Outside Country of Base Operations
Concentration Risk [Line Items]
Number of aircraft that were repossessed	1

Unconsolidated Equity Method _3

Unconsolidated Equity Method Investment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023 USD ($) aircraft	Aug. 31, 2022 USD ($)	Aug. 31, 2023 USD ($) aircraft	Aug. 31, 2022 USD ($)
Equity Method Investments [Roll Forward]
Beginning balance			$ 40,505
Earnings of unconsolidated equity method investment, net of tax	$ 456	$ 666	862	$ 1,177
Ending balance	$ 41,367		$ 41,367
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Total number of aircraft owned by joint ventures | aircraft	9		9
Net Book Value	$ 278,500		$ 278,500

Borrowings from Secured and U_3

Borrowings from Secured and Unsecured Debt Financings (Details) $ in Thousands	Aug. 31, 2023 USD ($) aircraft	Jul. 18, 2023 USD ($)	Apr. 03, 2023 USD ($)	Feb. 28, 2023 USD ($)
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings	$ 913,864			$ 752,298
Borrowings from unsecured financings, net	$ 3,991,875			3,842,454
Number of Aircraft | aircraft	38
Total secured and unsecured debt financings, net of debt issuance costs and discounts	$ 4,905,739			4,594,752
Line of Credit | Revolving Credit Facility
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 20,000			20,000
Line of Credit | Maximum | Revolving Credit Facility
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	7.21%
Bank Financings | Notes Payable to Banks
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings	$ 922,688			761,283
Number of Aircraft | aircraft	38
Bank Financings | Notes Payable to Banks | Minimum
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	2.36%
Bank Financings | Notes Payable to Banks | Maximum
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	7.74%
Bank Financings | Notes Payable, Other Payables
Outstanding amounts of secured and unsecured term debt financings
Weighted-average fixed interest rate	5.46%
Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Number of Aircraft | aircraft	0
Debt issuance costs and discounts	$ (8,824)			(8,985)
5.000% Senior Notes due 2023 | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net			$ 500,000
Interest Rate			5%
5.000% Senior Notes due 2023 | Senior Notes | 5.00
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 0			500,000
Interest Rate	5%
4.400% Senior Notes due 2023 | Senior Notes | 4.40%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000			650,000
Interest Rate	4.40%
Senior Notes due 2024 | Senior Notes | 4.125
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 500,000			500,000
Interest Rate	4.125%
Senior Notes due 2025 | Senior Notes | 5.25%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000			650,000
Interest Rate	5.25%
Senior Notes due 2026 | Senior Notes | 4.25%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000			650,000
Interest Rate	4.25%
2.850% Senior Notes due 2028 | Senior Notes | 2.85%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 750,000			750,000
Interest Rate	2.85%
6.500% Senior Notes due 2028 | Senior Notes
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net		$ 650,000
6.500% Senior Notes due 2028 | Senior Notes | 6.50%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000			0
Interest Rate	6.50%	6.50%
Unsecured Term Loans | Notes Payable to Banks
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	6.90%
Unsecured Term Loans | Unsecured Term Loans
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 155,000			155,000
Unsecured Debt
Outstanding amounts of secured and unsecured term debt financings
Debt issuance costs and discounts	$ (33,125)			$ (32,546)

Borrowings from Secured and U_4

Borrowings from Secured and Unsecured Debt Financings (Details Textual) $ in Thousands	Nov. 21, 2022 aircraft	Sep. 25, 2023 USD ($)	Aug. 31, 2023 USD ($)	Aug. 16, 2023 USD ($)	Jul. 18, 2023 USD ($)	Jul. 12, 2023 numberOfRevolvingCreditFacilities	Jun. 05, 2023 numberOfRevolvingCreditFacilities	Apr. 03, 2023 USD ($)	Feb. 28, 2023 USD ($)
Debt Instrument [Line Items]
Borrowings from secured financings, net			$ 913,864						$ 752,298
Borrowings from unsecured financings, net			3,991,875						3,842,454
Remaining borrowing capacity			1,900,000
2022 Secured Facility | Secured Debt
Debt Instrument [Line Items]
Amount borrowed during the current period			168,700
Borrowings from secured financings, net			$ 447,700
Maximum number of aircraft secured by debt instrument | aircraft	17
2022 Secured Facility | Secured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread	2.35%
5.000% Senior Notes due 2023 | Senior Notes
Debt Instrument [Line Items]
Interest rate								5%
Borrowings from unsecured financings, net								$ 500,000
6.500% Senior Notes due 2028 | Senior Notes
Debt Instrument [Line Items]
Borrowings from unsecured financings, net					$ 650,000
Debt issue price percent					99.815%
6.500% Senior Notes due 2028 | Senior Notes | 6.50%
Debt Instrument [Line Items]
Interest rate			6.50%		6.50%
Borrowings from unsecured financings, net			$ 650,000						0
4.400% Senior Notes due 2023 | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Interest rate		4.40%
Borrowings from unsecured financings, net		$ 650,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowings from unsecured financings, net			20,000						$ 20,000
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Number of debt instrument at time of issuance | numberOfRevolvingCreditFacilities						1	1
Current borrowing capacity				$ 375,000
Revolving Credit Facility | DBS (2018) Unsecured Revolving Credit Facility | Line of Credit | Tranche C ($245mm) - DBS Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity			$ 245,000

Shareholders_ Equity (Details)

Shareholders’ Equity (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 31, 2023 USD ($) $ / shares shares	May 31, 2023 USD ($)	Aug. 31, 2022 USD ($)	Jul. 05, 2023 USD ($) numberOfTranchesForSubscriptionAgreement shares	Feb. 28, 2023 $ / shares shares
Class of Stock [Line Items]
Common shares, par value | $ / shares	$ 0.01				$ 0.01
Common stock, value, subscriptions				$ 500,000
Number of tranches | numberOfTranchesForSubscriptionAgreement				2
Issuance of common shares (in shares) | shares	15,564			1,516	14,048
Preference share dividends	$ 10,500	$ 10,500	$ 10,500
Subscription Agreement with Marubeni/Mizuho - Tranche One ($200.0 million)
Class of Stock [Line Items]
Common stock, value, subscriptions				$ 200,000
Subscription Agreement with Marubeni/Mizuho - Tranche Two ($300.0 million)
Class of Stock [Line Items]
Common stock, value, subscriptions				$ 300,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Marubeni Service Agreement
Related Party Transaction [Line Items]
Amounts of transactions	$ 2.1	$ 1.2	$ 4.1	$ 2.6
Marubeni Affiliate Parts Management Services and Supply Agreement
Related Party Transaction [Line Items]
Amounts of transactions	$ 0.7	$ 1.6	$ 1.1	$ 3.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Sources of income from continuing operations before income taxes
U.S. operations	$ 6,588	$ 4,790	$ 10,870	$ 10,126
Non-U.S. operations	(6,625)	(18,217)	25,817	(13,053)
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment	$ (37)	$ (13,427)	$ 36,687	$ (2,927)

Income Taxes (Textual) (Details

Income Taxes (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ (5,099)	$ (4,068)	$ 9,261	$ (739)
Effective tax rate			25.20%

Interest, Net (Details)

Interest, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Aug. 31, 2022	Aug. 31, 2023	Aug. 31, 2022
Interest Income (Expense), Net [Abstract]
Interest on borrowings and other liabilities	$ 58,133	$ 48,392	$ 114,005	$ 95,633
Amortization of deferred financing fees and debt discount	4,290	3,498	8,321	7,095
Interest expense	62,423	51,890	122,326	102,728
Less: Interest income	(4,736)	(748)	(7,028)	(1,007)
Less: Capitalized interest	(652)	(555)	(1,372)	(840)
Interest, net	$ 57,035	$ 50,587	$ 113,926	$ 100,881

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2023 USD ($) aircraft	Aug. 31, 2022 USD ($)	Aug. 31, 2023 USD ($) aircraft	Aug. 31, 2022 USD ($)
Types of Commercial Aircraft [Line Items]
Rent expense	$ 600	$ 400	$ 1,300	$ 900
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2024 (Remainder of fiscal year)	1,368		1,368
2025	2,944		2,944
2026	2,790		2,790
2027	2,728		2,728
2028	2,760		2,760
Thereafter	17,681		17,681
Total	$ 30,271		$ 30,271
Committed to acquire aircraft | aircraft	12		12
Purchase Obligation, Fiscal Year Maturity [Abstract]
2024 (Remainder of fiscal year)	$ 131,307		$ 131,307
2025	173,169		173,169
2026	97,877		97,877
2027	0		0
2028	0		0
Thereafter	0		0
Total	402,353		402,353
Pre-Delivery Payments
Purchase Obligation, Fiscal Year Maturity [Abstract]
Total	$ 34,400		$ 34,400

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
Principal components of other assets
Deferred income tax asset	$ 268	$ 304
Lease incentives and premiums, net of accumulated amortization of $84,863 and $77,722, respectively	34,342	54,208
Flight equipment held for sale	24,902	59,370
Aircraft purchase deposits and Embraer E-2 progress payments	40,382	43,494
Right-of-use asset	16,721	16,930
Deferred rent receivable	32,353	35,631
Investments, at fair value	10,786	10,819
Other assets	159,097	125,574
Total other assets	318,851	346,330
Lease incentives and lease premiums, accumulated amortization	$ 84,863	$ 77,722

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2023	Feb. 28, 2023
Payables and Accruals [Abstract]
Accounts payable, accrued expenses and other liabilities	$ 64,237	$ 60,225
Deferred income tax liability	86,133	79,990
Accrued interest payable	38,355	42,752
Lease liability	19,998	19,951
Lease discounts, net of amortization of $45,183 and $45,586, respectively	3,087	3,555
Total accounts payable, accrued expenses and other liabilities	211,810	206,473
Deferred lease income, accumulated amortization	$ 45,183	$ 45,586

Subsequent Event - Narrative (D

Subsequent Event - Narrative (Details) $ / shares in Units, $ in Millions	Aug. 31, 2023 $ / shares	Jul. 05, 2023 USD ($) numberOfTranchesForSubscriptionAgreement	Feb. 28, 2023 $ / shares
Subsequent Event [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01
Common stock, value, subscriptions		$ 500
Number of tranches | numberOfTranchesForSubscriptionAgreement		2
Subscription Agreement with Marubeni/Mizuho - Tranche One ($200.0 million)
Subsequent Event [Line Items]
Common stock, value, subscriptions		$ 200
Subscription Agreement with Marubeni/Mizuho - Tranche Two ($300.0 million)
Subsequent Event [Line Items]
Common stock, value, subscriptions		$ 300

Uncategorized Items - ayr-20230

Label	Element	Value
Common Stock [Member]
Common Stock, Shares, Issued	us-gaap_CommonStockSharesIssued	1,516