Air Lease (AL) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-35121
Entity Registrant Name	AIR LEASE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1840403
Entity Address, Address Line One	2000 Avenue of the Stars,
Entity Address, Address Line Two	Suite 1000N
Entity Address, City or Town	Los Angeles,
Entity Address, Postal Zip Code	90067
Entity Address, State or Province	CA
City Area Code	310
Local Phone Number	553-0555
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		114,141,103
Entity Central Index Key	0001487712
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AL
Security Exchange Name	NYSE
6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	AL PRA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 1,210,054	$ 1,734,155
Restricted cash	22,706	23,612
Flight equipment subject to operating leases	25,306,684	23,729,742
Less accumulated depreciation	(3,775,369)	(3,349,392)
Flight equipment subject to operating leases, net	21,531,315	20,380,350
Deposits on flight equipment purchases	1,656,358	1,800,119
Other assets	1,335,087	1,276,939
Total assets	25,755,520	25,215,175
Liabilities and Shareholders’ Equity
Accrued interest and other payables	532,440	492,473
Debt financing, net of discounts and issuance costs	16,540,258	16,518,338
Security deposits and maintenance reserves on flight equipment leases	1,090,004	1,072,704
Rentals received in advance	136,114	142,915
Deferred tax liability	954,989	916,404
Total liabilities	19,253,805	19,142,834
Shareholders’ Equity
Preferred stock	103	100
Paid-in capital	3,094,708	2,793,178
Retained earnings	3,406,912	3,277,599
Accumulated other comprehensive (loss) / income	(1,149)	325
Total shareholders’ equity	6,501,715	6,072,341
Total liabilities and shareholders’ equity	25,755,520	25,215,175
Class A Common Stock
Shareholders’ Equity
Common stock	1,141	1,139
Class B Non-Voting Common Stock
Shareholders’ Equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	10,300,000	10,000,000
Preferred stock, outstanding (in shares)	10,300,000	10,000,000
Preferred stock, aggregate liquidation preference	$ 550,000	$ 250,000
Common stock, outstanding (in shares)		0
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	114,141,103	113,852,896
Common stock, outstanding (in shares)	114,141,103	113,852,896
Class B Non-Voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues
Rental of flight equipment	$ 452,044	$ 497,869	$ 920,139	$ 994,556
Aircraft sales, trading and other	$ 39,833	$ 23,480	$ 46,565	$ 38,180
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	al:AircraftSalesTradingAndOtherMember	al:AircraftSalesTradingAndOtherMember	al:AircraftSalesTradingAndOtherMember	al:AircraftSalesTradingAndOtherMember
Total revenues	$ 491,877	$ 521,349	$ 966,704	$ 1,032,736
Expenses
Interest	113,598	102,693	231,584	210,234
Amortization of debt discounts and issuance costs	12,513	10,233	24,538	20,761
Interest expense	126,111	112,926	256,122	230,995
Depreciation of flight equipment	217,817	194,020	426,782	382,915
Selling, general and administrative	26,687	26,581	53,601	54,903
Stock-based compensation	6,700	3,892	12,108	8,321
Total expenses	377,315	337,419	748,613	677,134
Income before taxes	114,562	183,930	218,091	355,602
Income tax expense	(21,140)	(36,305)	(40,577)	(70,826)
Net income	93,422	147,625	177,514	284,776
Preferred stock dividends	(7,835)	(3,844)	(11,679)	(7,688)
Net income available to common stockholders, diluted	85,587	143,781	165,835	277,088
Net income available to common stockholders, basic	85,587	143,781	165,835	277,088
Other Comprehensive Income/(Loss):
Foreign currency translation adjustment	(4,265)	(10,239)	(8,072)	13,238
Change in fair value of hedged transactions	3,976	10,905	6,197	(14,481)
Total tax benefit/(expense) on other comprehensive income/loss	62	(142)	401	289
Other Comprehensive income/(loss), net of tax	(227)	524	(1,474)	(954)
Total comprehensive income available for common stockholders	$ 85,360	$ 144,305	$ 164,361	$ 276,134
Earnings per share of common stock:
Basic (in dollars per share)	$ 0.75	$ 1.26	$ 1.45	$ 2.44
Diluted (in dollars per share)	$ 0.75	$ 1.26	$ 1.45	$ 2.43
Weighted-average shares outstanding
Basic (in shares)	114,133,135	113,690,839	114,046,252	113,581,392
Diluted (in shares)	114,377,965	113,773,127	114,373,576	113,840,929
Dividends declared per share of common stock (in dollars per share)	$ 0.16	$ 0.15	$ 0.32	$ 0.30

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Class A Common Stock	Class A Common StockCommon Stock	Class A Common StockRetained Earnings	Class B Non-Voting Common StockCommon Stock
Beginning balance (in shares) at Dec. 31, 2019		10,000,000					113,350,267		0
Beginning balance at Dec. 31, 2019	$ 5,623,544	$ 100	$ 2,777,601	$ 2,846,106	$ (1,397)		$ 1,134		$ 0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)							480,978
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	2,025		2,021				$ 4
Stock-based compensation expense	4,429		4,429
Cash dividends						$ (17,045)		$ (17,045)
Preferred dividends	(3,844)			(3,844)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(1,478)				(1,478)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares)							(191,334)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options	(8,413)		(8,411)				$ (2)
Net income	137,151			137,151
Ending balance (in shares) at Mar. 31, 2020		10,000,000					113,639,911		0
Ending balance at Mar. 31, 2020	5,736,369	$ 100	2,775,640	2,962,368	(2,875)		$ 1,136		$ 0
Beginning balance (in shares) at Dec. 31, 2019		10,000,000					113,350,267		0
Beginning balance at Dec. 31, 2019	5,623,544	$ 100	2,777,601	2,846,106	(1,397)		$ 1,134		$ 0
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(954)
Net income	284,776
Ending balance (in shares) at Jun. 30, 2020		10,000,000					113,777,723		0
Ending balance at Jun. 30, 2020	5,869,801	$ 100	2,781,832	3,089,082	(2,351)		$ 1,138		$ 0
Beginning balance (in shares) at Mar. 31, 2020		10,000,000					113,639,911		0
Beginning balance at Mar. 31, 2020	5,736,369	$ 100	2,775,640	2,962,368	(2,875)		$ 1,136		$ 0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)						144,417
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	2,502		2,500			$ 2
Stock-based compensation expense	3,892		3,892
Cash dividends						(17,067)		(17,067)
Preferred dividends	(3,844)			(3,844)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	524				524
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares)							(6,605)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options	(200)		(200)
Net income	147,625			147,625
Ending balance (in shares) at Jun. 30, 2020		10,000,000					113,777,723		0
Ending balance at Jun. 30, 2020	5,869,801	$ 100	2,781,832	3,089,082	(2,351)		$ 1,138		$ 0
Beginning balance (in shares) at Dec. 31, 2020		10,000,000					113,852,896		0
Beginning balance at Dec. 31, 2020	6,072,341	$ 100	2,793,178	3,277,599	325		$ 1,139		$ 0
Increase (Decrease) in Shareholders' Equity
Issuance of preferred stock (in shares)		300,000
Issuance of preferred stock	295,449	$ 3	295,446
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)							425,232
Issuance of common stock upon vesting of restricted stock units and upon exercise of options	1,441		1,437				$ 4
Stock-based compensation expense	5,408		5,408
Cash dividends						$ (18,259)		(18,259)
Preferred dividends	(3,844)			(3,844)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(1,247)				(1,247)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares)							(157,266)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options	(7,169)		(7,167)				$ (2)
Net income	84,092			84,092
Ending balance (in shares) at Mar. 31, 2021		10,300,000					114,120,862		0
Ending balance at Mar. 31, 2021	6,428,212	$ 103	3,088,302	3,339,588	(922)		$ 1,141		$ 0
Beginning balance (in shares) at Dec. 31, 2020		10,000,000					113,852,896		0
Beginning balance at Dec. 31, 2020	6,072,341	$ 100	2,793,178	3,277,599	325		$ 1,139		$ 0
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(1,474)
Net income	177,514
Ending balance (in shares) at Jun. 30, 2021		10,300,000					114,141,103		0
Ending balance at Jun. 30, 2021	6,501,715	$ 103	3,094,708	3,406,912	(1,149)		$ 1,141		$ 0
Beginning balance (in shares) at Mar. 31, 2021		10,300,000					114,120,862		0
Beginning balance at Mar. 31, 2021	6,428,212	$ 103	3,088,302	3,339,588	(922)		$ 1,141		$ 0
Increase (Decrease) in Shareholders' Equity
Issuance of preferred stock	(19)		(19)
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)						25,956
Stock-based compensation expense	6,700		6,700
Cash dividends						$ (18,263)		$ (18,263)
Preferred dividends	(7,835)			(7,835)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(227)				(227)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares)							(5,715)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options	(275)		(275)
Net income	93,422			93,422
Ending balance (in shares) at Jun. 30, 2021		10,300,000					114,141,103		0
Ending balance at Jun. 30, 2021	$ 6,501,715	$ 103	$ 3,094,708	$ 3,406,912	$ (1,149)		$ 1,141		$ 0

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.16	$ 0.16	$ 0.15	$ 0.15	$ 0.32	$ 0.30

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net income	$ 177,514	$ 284,776
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	426,782	382,915
Stock-based compensation	12,108	8,321
Deferred taxes	38,985	68,773
Amortization of debt discounts and issuance costs	24,538	20,761
Amortization of prepaid lease costs	22,267	21,210
Gain on aircraft sales, trading and other activity	2,604	(24,642)
Changes in operating assets and liabilities:
Other assets	(100,083)	(265,775)
Accrued interest and other payables	4,751	(16,256)
Rentals received in advance	(6,801)	(11,741)
Net cash provided by operating activities	602,665	468,342
Investing Activities
Acquisition of flight equipment under operating lease	(1,098,174)	(550,034)
Payments for deposits on flight equipment purchases	(202,938)	(399,028)
Proceeds from aircraft sales, trading and other activity	2,042	134,609
Acquisition of aircraft furnishings, equipment and other assets	(102,303)	(88,110)
Net cash used in investing activities	(1,401,373)	(902,563)
Financing Activities
Issuance of common stock upon exercise of options	1,439	4,526
Cash dividends paid on Class A common stock	(36,475)	(34,049)
Net proceeds from preferred stock issuance	295,428	0
Preferred dividends paid	(11,679)	(7,687)
Tax withholdings on stock-based compensation	(7,442)	(8,611)
Net change in unsecured revolving facility	0	(20,000)
Proceeds from debt financings	2,574,089	2,386,061
Payments in reduction of debt financings	(2,576,841)	(1,295,549)
Debt issuance costs	(7,937)	(4,219)
Security deposits and maintenance reserve receipts	67,289	72,852
Security deposits and maintenance reserve disbursements	(24,170)	(55,174)
Net cash provided by financing activities	273,701	1,038,150
Net (decrease)/increase in cash	(525,007)	603,929
Cash, cash equivalents and restricted cash at beginning of period	1,757,767	338,061
Cash, cash equivalents and restricted cash at end of period	1,232,760	941,990
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $26,116 and $26,185 at June 30, 2021 and 2020, respectively	262,949	229,801
Cash paid for income taxes	2,491	2,372
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	449,486	201,623
Cash dividends declared on Class A common stock, not yet paid	$ 18,263	$ 17,066

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 26,116	$ 26,185

Company Background and Overview

Company Background and Overview	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Background and Overview	Company Background and OverviewAir Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing new commercial jet aircraft directly from manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of June 30, 2021, the Company owned a fleet of 354 aircraft in its operating lease portfolio, managed 89 aircraft and had 338 aircraft on order with aircraft manufacturers and 24 aircraft purchase options. In addition to its leasing activities, the Company sells aircraft from its operating lease portfolio to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Critical Accounting Policies	Basis of Preparation and Critical Accounting Policies The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at June 30, 2021, and for all periods presented. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results expected for the year ending December 31, 2021. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company’s consolidated debt as of June 30, 2021 and December 31, 2020 is summarized below (in thousands): June 30, 2021 December 31, 2020 Unsecured Senior notes $ 16,397,710 $ 15,583,544 Term financings 174,950 811,550 Total unsecured debt financing 16,572,660 16,395,094 Secured Term financings 133,023 276,032 Export credit financing 21,628 24,955 Total secured debt financing 154,651 300,987 Total debt financing 16,727,311 16,696,081 Less: Debt discounts and issuance costs (187,053) (177,743) Debt financing, net of discounts and issuance costs $ 16,540,258 $ 16,518,338 Senior unsecured notes (including Medium-Term Note Program) As of June 30, 2021, the Company had $16.4 billion in senior unsecured notes outstanding. As of December 31, 2020, the Company had $15.6 billion in senior unsecured notes outstanding. During the six months ended June 30, 2021, the Company issued approximately $2.6 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $750.0 million in aggregate principal amount of 0.70% Medium-Term Notes due 2024, (ii) $1.2 billion in aggregate principal amount of 1.875% Medium-Term Notes due 2026 and (iii) $600.0 million in aggregate principal amount of Medium-Term Notes due 2022 bearing interest at a floating rate of three-month LIBOR plus 0.35%. Unsecured revolving credit facility The Company has an unsecured revolving credit facility (the “Revolving Credit Facility”). As of June 30, 2021 and December 31, 2020, the Company did not have any amounts outstanding under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility accrue interest at either (a) LIBOR plus a margin of 1.05% per year or (b) an alternative base rate plus a margin of 0.05% per year, subject, in each case, to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt. The Company is required to pay a facility fee of 0.20% per year (also subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt) in respect of total commitments under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. In April 2021, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2023 to May 5, 2025 and, after giving effect to commitments that matured on May 5, 2021, increased the total revolving commitments to approximately $6.4 billion, representing an increase of 6.7% from December 31, 2020. As of August 5, 2021, lenders held revolving commitments totaling approximately $5.7 billion that mature on May 5, 2025, commitments totaling $575.0 million that mature on May 5, 2023 and commitments totaling $105.0 million that mature on May 5, 2022. The amended Revolving Credit Facility also added benchmark replacement language with respect to LIBOR largely based on Alternative Reference Rates Committee LIBOR fallback language and amended certain financial maintenance covenants, including removing the maximum consolidated leverage ratio covenant, increasing the required level for minimum consolidated shareholders equity and removing the mechanism for suspending the minimum interest coverage ratio if certain debt ratings are met. Secured debt financing As of June 30, 2021, the outstanding balance on the Company’s secured debt financings, including its export credit financing, was $154.7 million and it had pledged three aircraft as collateral with a net book value of $227.3 million. As of December 31, 2020, the outstanding balance on the Company’s secured debt financings, including its secured warehouse facility and its export credit financing, was $301.0 million and it had pledged 12 aircraft as collateral with a net book value of $628.7 million. As of June 30, 2021 and December 31, 2020, all of the Company’s secured obligations are recourse in nature. Maturities Maturities of debt outstanding as of June 30, 2021 are as follows (in thousands): Years ending December 31, 2021 $ 17,639 2022 2,733,882 2023 2,490,951 2024 2,297,929 2025 2,313,889 Thereafter 6,873,021 Total $ 16,727,311

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2021, the Company had commitments to acquire a total of 338 new aircraft for delivery through 2027 as follows: Estimated Delivery Years Aircraft Type 2021 2022 2023 2024 2025 Thereafter Total Airbus A220-300 (1) — 3 10 15 12 11 51 Airbus A320/321neo (2) 19 24 22 26 19 21 131 Airbus A330-900neo 1 8 4 — — — 13 Airbus A350-900/1000 3 3 4 5 1 — 16 Boeing 737-7/8/9 MAX 19 19 24 27 8 — 97 Boeing 787-9/10 10 8 7 5 — — 30 Total 52 65 71 78 40 32 338 (1) In addition to the Company’s commitments, as of June 30, 2021, the Company had options to acquire up to 24 Airbus A220 aircraft. If exercised, deliveries of these aircraft are scheduled to commence in 2026 and continue through 2028. (2) The Company’s Airbus A320/321neo aircraft orders include 34 long-range variants and 29 extra long-range variants. Pursuant to the Company's purchase agreements with Boeing and Airbus for new aircraft, the Company and each manufacturer agree to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, and in the last several years manufacturing delays have significantly impacted the Company’s actual delivery dates. The Company has experienced delivery delays for certain of its Airbus orderbook aircraft, including the A320neo family aircraft and the A330neo aircraft. The worldwide grounding of the Boeing 737 MAX aircraft (“737 MAX”) beginning in March 2019 has also resulted in material delivery delays of those aircraft from the Company’s orderbook. The Federal Aviation Administration (“FAA”) and the European Union Aviation Safety Agency (“EASA”) lifted their grounding order on November 18, 2020 and January 27, 2021, respectively. Although many additional countries and regulatory entities have approved return to service of the aircraft, the 737 MAX still remains grounded in a number of jurisdictions. Deliveries resumed for markets where the aircraft had been approved to return to service until April 2021, when a specific group of 737 MAX aircraft were removed from service due to an electrical power system issue unrelated to the previous grounding order. On April 28, 2021, the FAA issued a new airworthiness directive detailing the modifications required before the impacted aircraft can return to service and deliveries of 737 MAX aircraft have subsequently restarted. Although deliveries of 737 MAX have resumed, Boeing continues to have a significant number of 737 MAX aircraft completed and stored in its inventory and delays are likely to continue as the aircraft are prepared for delivery. During the fourth quarter of 2020, Boeing identified manufacturing defects on its 787 aircraft. As a result, Boeing suspended deliveries of 787 aircraft between October 2020 and March 2021. Boeing temporarily resumed the 787 aircraft deliveries in March 2021; however, in May 2021, deliveries were once again halted while the FAA completes its evaluation of Boeing’s inspection process. In July 2021, the FAA announced that manufacturing quality control issues relating to the fuselage in some undelivered 787 aircraft would require further modifications to be completed to resume deliveries. Boeing expects to temporarily reduce 787 production to less than five per month, and that it will deliver fewer than half of the aircraft currently in inventory during 2021. At this time, it is not yet clear when all of the Company’s delayed aircraft will be delivered. The ongoing COVID-19 pandemic has also caused delivery delays of aircraft in the Company’s orderbook. As discussed in further detail in Note 11, “Impact of COVID-19 Pandemic,” the COVID-19 pandemic has resulted in numerous travel restrictions and business shutdowns or other operating limitations. The aircraft purchase commitments discussed above also could be impacted by lease cancellations. The Company's leases typically provide that the Company and the airline customer each have a cancellation right related to certain aircraft delivery delays. The Company’s purchase agreements with Boeing and Airbus also generally provide that the Company and the manufacturer each have cancellation rights that typically parallel the Company’s cancellation rights in its leases. The Company’s leases and its purchase agreements with Boeing and Airbus generally provide for cancellation rights starting at one year after the original contractual delivery date, regardless of cause. As of August 5, 2021, the Company has canceled its orders for 23 737 MAX aircraft and one 787 aircraft with Boeing. The Company has commitments for the acquisition of 338 aircraft for delivery through 2027, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $22.2 billion at June 30, 2021, which are due as follows (in thousands): Years ending December 31, 2021 $ 4,073,106 2022 5,286,947 2023 4,838,802 2024 4,597,940 2025 1,973,435 Thereafter 1,427,700 Total $ 22,197,930 The Company has made non-refundable deposits on the aircraft for which the Company has commitments to purchase of approximately $1.7 billion and $1.8 billion as of June 30, 2021 and December 31, 2020, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits. Further, the Company would be exposed to breach of contract claims by its lessees and manufacturers.

Rental Income

Rental Income	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Rental Income	Rental Income At June 30, 2021, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s fleet are as follows (in thousands): Years ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 1,045,014 2022 2,034,572 2023 1,886,383 2024 1,766,655 2025 1,624,051 Thereafter 5,920,978 Total $ 14,277,653

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B Non-Voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of June 30, 2021, the Company did not have any Class B Non-Voting common stock outstanding. Diluted earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the three and six months ended June 30, 2021, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,085,311 and 1,032,305 shares related to restricted stock units for which the performance metric had yet to be achieved as of June 30, 2021 and 2020, respectively. The following table sets forth the reconciliation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic earnings per share: Numerator Net income $ 93,422 $ 147,625 $ 177,514 $ 284,776 Preferred stock dividends (7,835) (3,844) (11,679) (7,688) Net income available to common stockholders $ 85,587 $ 143,781 $ 165,835 $ 277,088 Denominator Weighted-average common shares outstanding 114,133,135 113,690,839 114,046,252 113,581,392 Basic earnings per share $ 0.75 $ 1.26 $ 1.45 $ 2.44 Diluted earnings per share: Numerator Net income $ 93,422 $ 147,625 $ 177,514 $ 284,776 Preferred stock dividends (7,835) (3,844) (11,679) (7,688) Net income available to common stockholders $ 85,587 $ 143,781 $ 165,835 $ 277,088 Denominator Number of shares used in basic computation 114,133,135 113,690,839 114,046,252 113,581,392 Weighted-average effect of dilutive securities 244,830 82,288 327,324 259,537 Number of shares used in per share computation 114,377,965 113,773,127 114,373,576 113,840,929 Diluted earnings per share $ 0.75 $ 1.26 $ 1.45 $ 2.43

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company has a cross-currency swap related to its Canadian dollar Medium-Term Notes which was issued in December 2019. The fair value of the swap as a foreign currency exchange derivative is categorized as a Level 2 measurement in the fair value hierarchy and is measured on a recurring basis. As of June 30, 2021, the estimated fair value of the foreign currency exchange derivative asset was $20.6 million. As of December 31, 2020, the estimated fair value of the foreign currency exchange derivative asset was $14.4 million. Financial Instruments Not Measured at Fair Values The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of June 30, 2021 was approximately $17.4 billion compared to a book value of $16.7 billion. The estimated fair value of debt financing as of December 31, 2020 was $17.6 billion compared to a book value of $16.7 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at June 30, 2021, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at June 30, 2021 and December 31, 2020 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at June 30, 2021 and December 31, 2020. As of June 30, 2021 and December 31, 2020, the Company had 114,141,103 and 113,852,896 Class A common shares issued and outstanding, respectively. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of June 30, 2021 and December 31, 2020. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at June 30, 2021 and December 31, 2020. As of June 30, 2021, the Company had 10,000,000 shares of 6.15% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”) issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share) and 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”) with an aggregate liquidation preference of $300.0 million ($1,000 per share). As of December 31, 2020, the Company had 10,000,000 shares of Series A Preferred Stock issued and outstanding with an aggregate liquidation preference of $250.0 million. On March 2, 2021, the Company issued 300,000 shares of Series B Preferred Stock, $0.01 par value, with a liquidation preference of $1,000 per share. The Company will pay dividends on the Series B Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 4.65% through June 15, 2026, and payable quarterly in arrears beginning on June 15, 2021, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 4.076% per reset period from June 15, 2026 and reset every five years and payable quarterly in arrears. The Company may redeem shares of the Series B Preferred Stock at its option, in whole or in part, from time to time, on any dividend payment date on June 15, 2026, for cash at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Company may also redeem shares of the Series B Preferred Stock at the Company’s option under certain other limited conditions. The Series B Preferred Stock ranks on a parity with the Series A Preferred Stock. The following table summarizes the Company’s preferred stock issued and outstanding as of June 30, 2021 (in thousands, except for share and per share amounts and percentages): Shares Issued and Outstanding as of June 30, 2021 Liquidation Preference as of June 30, 2021 Issue Date Dividend Rate in Effect at June 30, 2021 Next dividend rate reset date Dividend rate after reset date Fixed-to-floating-rate: Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Fixed-rate reset: Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury + 4.076% Total Preferred Stock 10,300,000 $ 550,000

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On May 7, 2014, the stockholders of the Company approved the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan, no new awards may be granted under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). As of June 30, 2021, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,491,496. The Company recorded $6.7 million and $3.9 million of stock-based compensation expense for the three months ended June 30, 2021 and 2020, respectively. The Company recorded $12.1 million and $8.3 million of stock-based compensation expense for the six months ended June 30, 2021 and 2020, respectively. Stock Options A summary of stock option activity for the six months ended June 30, 2021 follows: Shares Exercise Remaining Aggregate Intrinsic Value (in thousands) (1) Balance at December 31, 2020 50,000 $ 28.80 0.32 $ 781 Granted — $ — — $ — Exercised (50,000) $ 28.80 — $ 993 Forfeited/canceled — $ — — $ — Balance at June 30, 2021 — $ — 0.00 $ — (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of the Company’s Class A common stock as of the respective date. As of June 30, 2021, there were no unrecognized compensation costs related to outstanding stock options. For the three and six months ended June 30, 2021 and 2020, there were no stock-based compensation expenses related to Stock Options. Restricted Stock Units Compensation cost for stock awards is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the six months ended June 30, 2021, the Company granted 597,728 RSUs of which 116,599 are TSR RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the six months ended June 30, 2021: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2020 1,466,060 $ 42.03 Granted 597,728 $ 47.64 Vested (423,402) $ 41.91 Forfeited/canceled (65,373) $ 49.89 Unvested at June 30, 2021 1,575,013 $ 43.86 Expected to vest after June 30, 2021 1,444,634 $ 44.19 As of June 30, 2021, there was $36.5 million of unrecognized compensation cost related to unvested stock-based payments granted to employees. Total unrecognized compensation cost will be recognized over a weighted-average remaining period of 2.04 years.

Aircraft Under Management

Aircraft Under Management	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
Aircraft Under Management	Aircraft Under Management As of June 30, 2021, the Company managed 89 aircraft across three aircraft management platforms. The Company managed 51 aircraft through three separate entities under its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and four on behalf of two financial institutions.The Company managed 34 aircraft on behalf of third-party investors, through two investment funds, Blackbird Capital I, LLC and Blackbird Capital II, LLC (“Blackbird II”). These funds invest in commercial aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of June 30, 2021, the Company's non-controlling interests in each fund are 9.5% and are accounted for under the equity method of accounting. The Company’s investment in these funds aggregated $59.6 million and $52.6 million as of June 30, 2021 and December 31, 2020, respectively, and is included in Other assets on the Consolidated Balance Sheets. The Company continues to source aircraft investment opportunities for Blackbird II. As of August 5, 2021, Blackbird II has remaining equity capital commitments to acquire up to approximately $363.1 million in aircraft assets, for which the Company has committed to fund up to $10.3 million related to these potential investments.Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. As of June 30, 2021, the Company managed 51 aircraft through its Thunderbolt platform across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $9.3 million as of each of June 30, 2021 and December 31, 2020 and is included in Other assets on the Consolidated Balance Sheets.

Impact of COVID-19 Pandemic

Impact of COVID-19 Pandemic	6 Months Ended
	Jun. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic In response to the COVID-19 pandemic, governments around the world have implemented numerous measures to try to contain the virus, including travel restrictions. These measures, coupled with a significant decrease in spending on travel as a result of COVID-19, have materially impacted airline traffic and operations throughout the world, including the Company's airline customers. While domestic and regional airline traffic have improved since the industry low in April 2020, passenger traffic remains challenged, especially with respect to international and business air travel demand, due to ongoing cases of the virus, the emergence of new variants of the virus, including the Delta variant, vaccine availability and acceptance, and continuing travel restrictions. Since the pandemic began in the first quarter of 2020, the Company has received requests from its customers for accommodations such as deferrals of lease payments or other lease concessions. On a case-by-case basis, the Company has agreed to accommodations with approximately 63% of its lessees. Generally, these accommodations have been in the form of partial lease deferrals for payments that were originally due during 2020, and in many cases, include lease extensions. While the majority of the accommodations are in the form of lease deferrals, the Company has also entered into some lease restructurings. The impact of these restructurings was a decrease to the Company’s total revenues of $45.1 million for the three months ended June 30, 2021 as compared to the three months ended June 30, 2020. The Company remains in active discussions with its airline customers and may continue to provide accommodations on a case-by-case basis. While lease deferrals may delay the Company's receipt of cash, the Company generally recognizes lease revenue during the period even if a deferral is provided to the lessee, unless it determines collection is not reasonably assured. The Company monitors all lessees with past due lease payments and discusses relevant operational and financial issues facing those lessees in order to determine an appropriate course of action. In addition, if collection is not reasonably assured, the Company will not recognize rental income for amounts due under the Company’s lease contracts and will recognize revenue for such lessees on a cash basis. The Company did not recognize rental revenue of $41.6 million and $90.3 million for the three and six months ended June 30, 2021, respectively, because lease receivables exceeded the lease security package held and collection was not reasonably assured for certain lessees. Aircraft on lease with these lessees represented approximately 10.9% of the Company’s fleet by net book value as of June 30, 2021.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 4, 2021, the Company’s board of directors approved quarterly dividends for the Company’s Class A common stock, Series A Preferred Stock and Series B Preferred Stock. The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.16 September 10, 2021 October 8, 2021 Series A Preferred Stock $ 0.384375 August 31, 2021 September 15, 2021 Series B Preferred Stock $ 11.625 August 31, 2021 September 15, 2021

Basis of Preparation and Crit_2

Basis of Preparation and Critical Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation.
Basis of Accounting	The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of consolidated debt	The Company’s consolidated debt as of June 30, 2021 and December 31, 2020 is summarized below (in thousands): June 30, 2021 December 31, 2020 Unsecured Senior notes $ 16,397,710 $ 15,583,544 Term financings 174,950 811,550 Total unsecured debt financing 16,572,660 16,395,094 Secured Term financings 133,023 276,032 Export credit financing 21,628 24,955 Total secured debt financing 154,651 300,987 Total debt financing 16,727,311 16,696,081 Less: Debt discounts and issuance costs (187,053) (177,743) Debt financing, net of discounts and issuance costs $ 16,540,258 $ 16,518,338
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of June 30, 2021 are as follows (in thousands): Years ending December 31, 2021 $ 17,639 2022 2,733,882 2023 2,490,951 2024 2,297,929 2025 2,313,889 Thereafter 6,873,021 Total $ 16,727,311

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of commitments to acquire aircraft	As of June 30, 2021, the Company had commitments to acquire a total of 338 new aircraft for delivery through 2027 as follows: Estimated Delivery Years Aircraft Type 2021 2022 2023 2024 2025 Thereafter Total Airbus A220-300 (1) — 3 10 15 12 11 51 Airbus A320/321neo (2) 19 24 22 26 19 21 131 Airbus A330-900neo 1 8 4 — — — 13 Airbus A350-900/1000 3 3 4 5 1 — 16 Boeing 737-7/8/9 MAX 19 19 24 27 8 — 97 Boeing 787-9/10 10 8 7 5 — — 30 Total 52 65 71 78 40 32 338 (1) In addition to the Company’s commitments, as of June 30, 2021, the Company had options to acquire up to 24 Airbus A220 aircraft. If exercised, deliveries of these aircraft are scheduled to commence in 2026 and continue through 2028. (2) The Company’s Airbus A320/321neo aircraft orders include 34 long-range variants and 29 extra long-range variants.
Schedule of commitments for the acquisition of aircraft at an estimated aggregate purchase price	The Company has commitments for the acquisition of 338 aircraft for delivery through 2027, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $22.2 billion at June 30, 2021, which are due as follows (in thousands): Years ending December 31, 2021 $ 4,073,106 2022 5,286,947 2023 4,838,802 2024 4,597,940 2025 1,973,435 Thereafter 1,427,700 Total $ 22,197,930

Rental Income (Tables)

Rental Income (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of minimum future rentals	At June 30, 2021, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s fleet are as follows (in thousands): Years ending December 31, 2021 (excluding the six months ended June 30, 2021) $ 1,045,014 2022 2,034,572 2023 1,886,383 2024 1,766,655 2025 1,624,051 Thereafter 5,920,978 Total $ 14,277,653

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of reconciliation of basic and diluted earnings per share	The following table sets forth the reconciliation of basic and diluted earnings per share (in thousands, except share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Basic earnings per share: Numerator Net income $ 93,422 $ 147,625 $ 177,514 $ 284,776 Preferred stock dividends (7,835) (3,844) (11,679) (7,688) Net income available to common stockholders $ 85,587 $ 143,781 $ 165,835 $ 277,088 Denominator Weighted-average common shares outstanding 114,133,135 113,690,839 114,046,252 113,581,392 Basic earnings per share $ 0.75 $ 1.26 $ 1.45 $ 2.44 Diluted earnings per share: Numerator Net income $ 93,422 $ 147,625 $ 177,514 $ 284,776 Preferred stock dividends (7,835) (3,844) (11,679) (7,688) Net income available to common stockholders $ 85,587 $ 143,781 $ 165,835 $ 277,088 Denominator Number of shares used in basic computation 114,133,135 113,690,839 114,046,252 113,581,392 Weighted-average effect of dilutive securities 244,830 82,288 327,324 259,537 Number of shares used in per share computation 114,377,965 113,773,127 114,373,576 113,840,929 Diluted earnings per share $ 0.75 $ 1.26 $ 1.45 $ 2.43

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Schedule of preferred stock issued and outstanding	The following table summarizes the Company’s preferred stock issued and outstanding as of June 30, 2021 (in thousands, except for share and per share amounts and percentages): Shares Issued and Outstanding as of June 30, 2021 Liquidation Preference as of June 30, 2021 Issue Date Dividend Rate in Effect at June 30, 2021 Next dividend rate reset date Dividend rate after reset date Fixed-to-floating-rate: Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Fixed-rate reset: Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury + 4.076% Total Preferred Stock 10,300,000 $ 550,000

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Summary of stock option activity	A summary of stock option activity for the six months ended June 30, 2021 follows: Shares Exercise Remaining Aggregate Intrinsic Value (in thousands) (1) Balance at December 31, 2020 50,000 $ 28.80 0.32 $ 781 Granted — $ — — $ — Exercised (50,000) $ 28.80 — $ 993 Forfeited/canceled — $ — — $ — Balance at June 30, 2021 — $ — 0.00 $ — (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the closing stock price of the Company’s Class A common stock as of the respective date.
Summary of activities for unvested RSUs	The following table summarizes the activities for the Company’s unvested RSUs for the six months ended June 30, 2021: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2020 1,466,060 $ 42.03 Granted 597,728 $ 47.64 Vested (423,402) $ 41.91 Forfeited/canceled (65,373) $ 49.89 Unvested at June 30, 2021 1,575,013 $ 43.86 Expected to vest after June 30, 2021 1,444,634 $ 44.19

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Schedule of dividends declared	The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.16 September 10, 2021 October 8, 2021 Series A Preferred Stock $ 0.384375 August 31, 2021 September 15, 2021 Series B Preferred Stock $ 11.625 August 31, 2021 September 15, 2021

Company Background and Overvi_2

Company Background and Overview (Details)	6 Months Ended
	Jun. 30, 2021aircraft
Long-term Purchase Commitment [Line Items]
Number of aircraft owned	354
Number of aircraft managed	89
Number of aircraft on order with manufacturers	338
Maximum | A220 Aircraft
Long-term Purchase Commitment [Line Items]
Number of aircraft with purchase options	24

Debt Financing - Consolidated D

Debt Financing - Consolidated Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total debt financing	$ 16,727,311	$ 16,696,081
Less: Debt discounts and issuance costs	(187,053)	(177,743)
Debt financing, net of discounts and issuance costs	16,540,258	16,518,338
Total unsecured debt financing
Debt Instrument [Line Items]
Total debt financing	16,572,660	16,395,094
Senior notes
Debt Instrument [Line Items]
Total debt financing	16,397,710	15,583,544
Term financings
Debt Instrument [Line Items]
Total debt financing	174,950	811,550
Total secured debt financing
Debt Instrument [Line Items]
Total debt financing	154,651	300,987
Term financings
Debt Instrument [Line Items]
Total debt financing	133,023	276,032
Export credit financing
Debt Instrument [Line Items]
Total debt financing	$ 21,628	$ 24,955

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details)	4 Months Ended	6 Months Ended
	Apr. 30, 2021USD ($)	Jun. 30, 2021USD ($)aircraft	Aug. 05, 2021USD ($)	Dec. 31, 2020USD ($)aircraft
Debt Instrument [Line Items]
Debt financing balance		$ 16,727,311,000		$ 16,696,081,000
Senior notes
Debt Instrument [Line Items]
Debt financing balance		16,397,710,000		15,583,544,000
Medium Term Note Program | Senior notes
Debt Instrument [Line Items]
Principal amount issued		2,600,000,000
Medium Term Note Program Due 2024 | Senior notes
Debt Instrument [Line Items]
Principal amount issued		$ 750,000,000
Interest rate		0.70%
Medium Term Note Program Due 2026 | Senior notes
Debt Instrument [Line Items]
Principal amount issued		$ 1,200,000,000
Interest rate		1.875%
Medium Term Note Program Due 2022 | Senior notes
Debt Instrument [Line Items]
Principal amount issued		$ 600,000,000
Medium Term Note Program Due 2022 | LIBOR | Senior notes
Debt Instrument [Line Items]
Interest margin		0.35%
Revolving credit facility
Debt Instrument [Line Items]
Debt financing balance		$ 0		0
Facility fee		0.20%
Maximum borrowing capacity	$ 6,400,000,000
Increase in maximum capacity from prior period	6.70%
Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Interest margin		1.05%
Revolving credit facility | Base Rate
Debt Instrument [Line Items]
Interest margin		0.05%
Unsecured Revolving Credit Facility Mature May 5, 2025 | Debt Instrument, Redemption, May 5, 2025 | Subsequent Event
Debt Instrument [Line Items]
Line of credit maturity amount			$ 5,700,000,000
Unsecured Revolving Credit Facility Mature May 5, 2023 | Debt Instrument, Redemption, May 5, 2023 | Subsequent Event
Debt Instrument [Line Items]
Line of credit maturity amount			575,000,000
Unsecured Revolving Credit Facility Mature May 5, 2022 | Debt Instrument, Redemption, May 5, 2022 | Subsequent Event
Debt Instrument [Line Items]
Line of credit maturity amount			$ 105,000,000
Secured Debt
Debt Instrument [Line Items]
Debt financing balance		$ 154,651,000		$ 300,987,000
Number of aircraft pledged as collateral | aircraft		3		12
Net book value of aircraft pledged as collateral		$ 227,300,000		$ 628,700,000

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2021	$ 17,639
2022	2,733,882
2023	2,490,951
2024	2,297,929
2025	2,313,889
Thereafter	6,873,021
Total	$ 16,727,311	$ 16,696,081

Commitments and Contingencies -

Commitments and Contingencies - Aircraft Acquisition (Details)	6 Months Ended
	Jun. 30, 2021aircraft
Aircrafts
Long-term Purchase Commitment [Line Items]
2021	52
2022	65
2023	71
2024	78
2025	40
Thereafter	32
Total	338
Airbus A220-300
Long-term Purchase Commitment [Line Items]
2021	0
2022	3
2023	10
2024	15
2025	12
Thereafter	11
Total	51
Airbus A320/321neo
Long-term Purchase Commitment [Line Items]
2021	19
2022	24
2023	22
2024	26
2025	19
Thereafter	21
Total	131
Number of long-range variant aircraft	34
Number of extra long-range variant aircrafts	29
Airbus A330-900neo
Long-term Purchase Commitment [Line Items]
2021	1
2022	8
2023	4
2024	0
2025	0
Thereafter	0
Total	13
Airbus A350-900/1000
Long-term Purchase Commitment [Line Items]
2021	3
2022	3
2023	4
2024	5
2025	1
Thereafter	0
Total	16
Boeing 737-7/8/9 MAX
Long-term Purchase Commitment [Line Items]
2021	19
2022	19
2023	24
2024	27
2025	8
Thereafter	0
Total	97
Boeing 787-9/10
Long-term Purchase Commitment [Line Items]
2021	10
2022	8
2023	7
2024	5
2025	0
Thereafter	0
Total	30
A220 Aircraft | Maximum
Long-term Purchase Commitment [Line Items]
Number of aircraft to be acquired under non-binding commitment	24

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)	Aug. 05, 2021aircraft	Dec. 31, 2020USD ($)
Long-term Purchase Commitment [Line Items]
Minimum aircraft delivery delays that could trigger lessee cancellation clauses	1 year
Purchase agreements, termination commencement period	1 year
Deposits on flight equipment purchases | $	$ 1,656,358		$ 1,800,119
Boeing 737-7/8/9 MAX | Subsequent Event
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft cancelled | aircraft		23
Boeing 787-9/10 | Subsequent Event
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft cancelled | aircraft		1
Aircrafts
Long-term Purchase Commitment [Line Items]
Deposits on flight equipment purchases | $	$ 1,700,000		$ 1,800,000

Commitments and Contingencies_3

Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)aircraft
Long-term Purchase Commitment [Line Items]
2021	$ 4,073,106
2022	5,286,947
2023	4,838,802
2024	4,597,940
2025	1,973,435
Thereafter	1,427,700
Total	$ 22,197,930
Aircrafts
Long-term Purchase Commitment [Line Items]
Commitments for acquisition of aircrafts (in aircrafts) | aircraft	338

Rental Income (Details)

Rental Income (Details) $ in Thousands	Jun. 30, 2021USD ($)
Leases [Abstract]
2021 (excluding the six months ended June 30, 2021)	$ 1,045,014
2022	2,034,572
2023	1,886,383
2024	1,766,655
2025	1,624,051
Thereafter	5,920,978
Total	$ 14,277,653

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	6 Months Ended
	Jun. 30, 2021class_of_stockshares	Jun. 30, 2020shares	Dec. 31, 2020shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of classes of common stock | class_of_stock	2
Common stock, outstanding (in shares)			0
Class B Non-Voting Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, outstanding (in shares)	0		0
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded related to restricted stock units	1,085,311	1,032,305

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net income	$ 93,422	$ 84,092	$ 147,625	$ 137,151	$ 177,514	$ 284,776
Preferred stock dividends	(7,835)		(3,844)		(11,679)	(7,688)
Net income available to common stockholders, basic	$ 85,587		$ 143,781		$ 165,835	$ 277,088
Denominator
Weighted-average common shares outstanding (in shares)	114,133,135		113,690,839		114,046,252	113,581,392
Basic earnings per share (in dollars per share)	$ 0.75		$ 1.26		$ 1.45	$ 2.44
Numerator
Net income	$ 93,422	$ 84,092	$ 147,625	$ 137,151	$ 177,514	$ 284,776
Preferred stock dividends	(7,835)		(3,844)		(11,679)	(7,688)
Net income available to common stockholders, diluted	$ 85,587		$ 143,781		$ 165,835	$ 277,088
Denominator
Basic (in shares)	114,133,135		113,690,839		114,046,252	113,581,392
Weighted-average effect of dilutive securities (in shares)	244,830		82,288		327,324	259,537
Number of shares used in per share computation	114,377,965		113,773,127		114,373,576	113,840,929
Diluted earnings per share (in dollars per share)	$ 0.75		$ 1.26		$ 1.45	$ 2.43

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Reported Value Measurement
Fair Value Measurements
Debt financing	$ 16,700	$ 16,700
Level 2
Fair Value Measurements
Debt financing	17,400	17,600
Recurring basis | Foreign Exchange Contract | Level 2
Fair Value Measurements
Derivative asset, fair value	$ 20.6	$ 14.4

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, outstanding (in shares)			0
Preferred stock, authorized (in shares)		50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, issued (in shares)		10,300,000	10,000,000
Preferred stock, outstanding (in shares)		10,300,000	10,000,000
Preferred stock, aggregate liquidation preference		$ 550,000	$ 250,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, issued (in shares)		114,141,103	113,852,896
Common stock, outstanding (in shares)		114,141,103	113,852,896
Class B Non-Voting Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		10,000,000	10,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, issued (in shares)		0	0
Common stock, outstanding (in shares)		0	0
Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, dividend rate		6.15%
Preferred stock, issued (in shares)		10,000,000	10,000,000
Preferred stock, outstanding (in shares)		10,000,000	10,000,000
Preferred stock, aggregate liquidation preference		$ 250,000	$ 250,000
Preferred stock, liquidation preference (in dollars per share)		$ 25
Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, dividend rate	4.65%	4.65%
Preferred stock, issued (in shares)		300,000
Preferred stock, outstanding (in shares)		300,000
Preferred stock, aggregate liquidation preference		$ 300,000
Preferred stock, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Issuance of preferred stock (in shares)	300,000
Preferred stock, dividend rate (in dollars per share)	$ 1,000
Preferred stock, dividend rate, reset period	5 years
Preferred stock, redemption price (in dollars per share)		$ 1,000
US Treasury (UST) Interest Rate | Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	4.076%	4.076%

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ in Thousands	Mar. 02, 2021	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Preferred stock, issued (in shares)		10,300,000	10,000,000
Preferred stock, outstanding (in shares)		10,300,000	10,000,000
Preferred stock, liquidation preference		$ 550,000	$ 250,000
Preferred Stock, Series A
Class of Stock [Line Items]
Preferred stock, issued (in shares)		10,000,000	10,000,000
Preferred stock, outstanding (in shares)		10,000,000	10,000,000
Preferred stock, liquidation preference		$ 250,000	$ 250,000
Preferred stock, dividend rate		6.15%
Preferred Stock, Series A | LIBOR
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread		3.65%
Preferred Stock, Series B
Class of Stock [Line Items]
Preferred stock, issued (in shares)		300,000
Preferred stock, outstanding (in shares)		300,000
Preferred stock, liquidation preference		$ 300,000
Preferred stock, dividend rate	4.65%	4.65%
Preferred Stock, Series B | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	4.076%	4.076%

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)	May 07, 2014	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 36,500,000		$ 36,500,000
Weighted-average period of recognition of unrecognized stock-based compensation cost				2 years 14 days
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted				0
Stock-based compensation		0	$ 0	$ 0	$ 0
Unrecognized compensation cost		0		0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation		$ 6,700,000	$ 3,900,000	$ 12,100,000	$ 8,300,000
Number of shares other than options granted				597,728
Restricted Stock With Total Shareholder Return Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted				116,599
Equity Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	0
Number of shares authorized		4,491,496		4,491,496

Stock-based Compensation - Stoc

Stock-based Compensation - Stock Options Activity (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Shares
Balance at the beginning of the period (in shares)	50,000
Granted (in shares)	0
Exercised (in shares)	(50,000)
Forfeited/canceled (in shares)	0
Balance at the end of the period (in shares)	0	50,000
Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 28.80
Granted (in dollars per share)	0
Exercised (in dollars per share)	28.80
Forfeited/canceled (in dollars per share)	0
Balance at the end of the period (in dollars per share)	$ 0	$ 28.80
Remaining Contractual Term (in years)
Remaining Contractual Term (in years)	0 years	3 months 25 days
Aggregate Intrinsic Value
Balance at the beginning of the period	$ 781
Exercised	993
Balance at the end of the period	$ 0	$ 781

Stock-based Compensation - Unve

Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares) | shares	1,466,060
Granted (in shares) | shares	597,728
Vested (in shares) | shares	(423,402)
Forfeited/canceled (in shares) | shares	(65,373)
Unvested at the end of the period (in shares) | shares	1,575,013
Expected to vest after the end of the period (in shares) | shares	1,444,634
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 42.03
Granted (in dollars per share) | $ / shares	47.64
Vested (in dollars per share) | $ / shares	41.91
Forfeited/canceled (in dollars per share) | $ / shares	49.89
Unvested at the end of the period (in dollars per share) | $ / shares	43.86
Expected to vest after the end of the period (in dollars per share) | $ / shares	$ 44.19

Aircraft Under Management (Deta

Aircraft Under Management (Details) $ in Millions	Aug. 05, 2021USD ($)	Jun. 30, 2021USD ($)aircraftjoint_ventureentityaircraft_management_platform	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed | aircraft		89
Number of aircraft management platforms | aircraft_management_platform		3
Percentage of non-controlling interest ownership, number of entities | entity		2
Financial Institutions Borrower
Schedule of Equity Method Investments [Line Items]
Number of aircraft | aircraft		4
Blackbird Capital I and Blackbird Capital II
Schedule of Equity Method Investments [Line Items]
Number of aircraft | aircraft		34
Number of joint ventures participated in | joint_venture		2
Percentage of equity ownership		9.50%
Equity method investment | $		$ 59.6	$ 52.6
Blackbird Capital I and Blackbird Capital II | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Equity capital commitments | $	$ 363.1
Total unfunded commitment | $	$ 10.3
Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft | aircraft		51
Investment in aircraft sold | $		$ 9.3	$ 9.3
Thunderbolt II And Thunderbolt III
Schedule of Equity Method Investments [Line Items]
Percentage of noncontrolling interest		5.00%
Aircraft Held For Sale | Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of entities which aircraft is managed | entity		3

Impact of COVID-19 Pandemic (De

Impact of COVID-19 Pandemic (Details) - COVID 19 - USD ($) $ in Millions	3 Months Ended	6 Months Ended	18 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2021
Unusual or Infrequent Item, or Both [Line Items]
Accommodation arrangement percentage of lessees			63.00%
Decrease in revenue for period one year prior current period due to lease restructurings	$ 45.1
Unrecognized rental revenue	$ 41.6	$ 90.3
Percentage of lessees in fleet		10.90%

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Aug. 04, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Subsequent Events
Cash dividends declared per share (in dollars per share)		$ 0.16	$ 0.16	$ 0.15	$ 0.15	$ 0.32	$ 0.30
Class A Common Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 0.16
Preferred Stock, Series A | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	0.384375
Preferred Stock, Series B | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 11.625