Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 03, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 | 113,987,154 | |
Entity Central Index Key | 0001487712 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and cash equivalents | $ 1,873,844 | $ 1,734,155 |
Restricted cash | 19,824 | 23,612 |
Flight equipment subject to operating leases | 26,111,027 | 23,729,742 |
Less accumulated depreciation | (4,000,330) | (3,349,392) |
Flight equipment subject to operating leases, net | 22,110,697 | 20,380,350 |
Deposits on flight equipment purchases | 1,597,597 | 1,800,119 |
Other assets | 1,412,599 | 1,276,939 |
Total assets | 27,014,561 | 25,215,175 |
Liabilities and Shareholders’ Equity | ||
Accrued interest and other payables | 542,531 | 492,473 |
Debt financing, net of discounts and issuance costs | 17,616,880 | 16,518,338 |
Security deposits and maintenance reserves on flight equipment leases | 1,151,876 | 1,072,704 |
Rentals received in advance | 138,716 | 142,915 |
Deferred tax liability | 980,775 | 916,404 |
Total liabilities | 20,430,778 | 19,142,834 |
Shareholders’ Equity | ||
Preferred stock | 103 | 100 |
Paid-in capital | 3,095,620 | 2,793,178 |
Retained earnings | 3,488,655 | 3,277,599 |
Accumulated other comprehensive (loss) / income | (1,735) | 325 |
Total shareholders’ equity | 6,583,783 | 6,072,341 |
Total liabilities and shareholders’ equity | 27,014,561 | 25,215,175 |
Class A Common Stock | ||
Shareholders’ Equity | ||
Common stock | 1,140 | 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 | Sep. 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) | 113,987,154 | 113,852,896 |
Common stock, outstanding (in shares) | 113,987,154 | 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | ||||
Rental of flight equipment | $ 519,535 | $ 468,443 | $ 1,439,674 | $ 1,462,999 |
Aircraft sales, trading and other | $ 4,974 | $ 25,158 | $ 51,539 | $ 63,338 |
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | Aircraft Sales, Trading And Other [Member] | Aircraft Sales, Trading And Other [Member] | Aircraft Sales, Trading And Other [Member] | Aircraft Sales, Trading And Other [Member] |
Total revenues | $ 524,509 | $ 493,601 | $ 1,491,213 | $ 1,526,337 |
Expenses | ||||
Interest | 114,659 | 107,519 | 346,244 | 317,753 |
Amortization of debt discounts and issuance costs | 12,571 | 10,899 | 37,109 | 31,660 |
Interest expense | 127,230 | 118,418 | 383,353 | 349,413 |
Depreciation of flight equipment | 224,960 | 195,054 | 651,742 | 577,969 |
Selling, general and administrative | 31,082 | 20,239 | 84,682 | 75,142 |
Stock-based compensation | 6,692 | 6,635 | 18,800 | 14,956 |
Total expenses | 389,964 | 340,346 | 1,138,577 | 1,017,480 |
Income before taxes | 134,545 | 153,255 | 352,636 | 508,857 |
Income tax expense | (27,208) | (32,860) | (67,785) | (103,686) |
Net income | 107,337 | 120,395 | 284,851 | 405,171 |
Preferred stock dividends | (7,331) | (3,843) | (19,010) | (11,531) |
Net income available to common stockholders, diluted | 100,006 | 116,552 | 265,841 | 393,640 |
Net income available to common stockholders, basic | 100,006 | 116,552 | 265,841 | 393,640 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment | 7,129 | (5,637) | (943) | 7,601 |
Change in fair value of hedged transactions | (7,874) | 7,395 | (1,677) | (7,086) |
Total tax benefit/(expense) on other comprehensive income/loss | 159 | (378) | 560 | (89) |
Other comprehensive income/(loss), net of tax | (586) | 1,380 | (2,060) | 426 |
Total comprehensive income available for common stockholders | $ 99,420 | $ 117,932 | $ 263,781 | $ 394,066 |
Earnings per share of common stock: | ||||
Basic (in dollars per share) | $ 0.88 | $ 1.02 | $ 2.33 | $ 3.46 |
Diluted (in dollars per share) | $ 0.87 | $ 1.02 | $ 2.32 | $ 3.46 |
Weighted-average shares outstanding | ||||
Basic (in shares) | 114,122,512 | 113,778,533 | 114,071,951 | 113,647,585 |
Diluted (in shares) | 114,381,621 | 113,951,102 | 114,415,169 | 113,928,775 |
Dividends declared per share of common stock (in dollars per share) | $ 0.16 | $ 0.15 | $ 0.48 | $ 0.45 |
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 vesting of restricted stock units and upon exercise of options (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 | 426 | ||||||||
Net income | 405,171 | ||||||||
Ending balance (in shares) at Sep. 30, 2020 | 10,000,000 | 113,778,906 | 0 | ||||||
Ending balance at Sep. 30, 2020 | 5,977,323 | $ 100 | 2,788,490 | 3,188,566 | (971) | $ 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 vesting of restricted stock units and upon exercise of options (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 | ||
Increase (Decrease) in Shareholders' Equity | |||||||||
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares) | 1,352 | ||||||||
Issuance of common stock upon vesting of restricted stock units and upon exercise of options | 28 | 27 | $ 1 | ||||||
Stock-based compensation expense | 6,635 | 6,635 | |||||||
Cash dividends | (17,068) | (17,068) | |||||||
Preferred dividends | (3,843) | (3,843) | |||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | 1,380 | 1,380 | |||||||
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares) | (169) | ||||||||
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options | (5) | (4) | $ (1) | ||||||
Net income | 120,395 | 120,395 | |||||||
Ending balance (in shares) at Sep. 30, 2020 | 10,000,000 | 113,778,906 | 0 | ||||||
Ending balance at Sep. 30, 2020 | 5,977,323 | $ 100 | 2,788,490 | 3,188,566 | (971) | $ 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 vesting of restricted stock units and upon exercise of options (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 | (2,060) | ||||||||
Net income | 284,851 | ||||||||
Ending balance (in shares) at Sep. 30, 2021 | 10,300,000 | 113,987,154 | 0 | ||||||
Ending balance at Sep. 30, 2021 | 6,583,783 | $ 103 | 3,095,620 | 3,488,655 | (1,735) | $ 1,140 | $ 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 vesting of restricted stock units and upon exercise of options (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 | ||
Increase (Decrease) in Shareholders' Equity | |||||||||
Common stock repurchased (in shares) | (153,949) | ||||||||
Common stock repurchased | $ (5,781) | (5,780) | $ (1) | ||||||
Stock-based compensation expense | 6,692 | 6,692 | |||||||
Cash dividends | $ (18,263) | $ (18,263) | |||||||
Preferred dividends | (7,331) | (7,331) | |||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | (586) | (586) | |||||||
Net income | 107,337 | 107,337 | |||||||
Ending balance (in shares) at Sep. 30, 2021 | 10,300,000 | 113,987,154 | 0 | ||||||
Ending balance at Sep. 30, 2021 | $ 6,583,783 | $ 103 | $ 3,095,620 | $ 3,488,655 | $ (1,735) | $ 1,140 | $ 0 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Cash dividends declared per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.48 | $ 0.45 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||
Net income | $ 284,851 | $ 405,171 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of flight equipment | 651,742 | 577,969 |
Stock-based compensation | 18,800 | 14,956 |
Deferred taxes | 64,931 | 101,285 |
Amortization of debt discounts and issuance costs | 37,109 | 31,660 |
Amortization of prepaid lease costs | 33,603 | 32,142 |
Gain on aircraft sales, trading and other activity | (1,184) | (34,161) |
Changes in operating assets and liabilities: | ||
Other assets | (148,982) | (323,924) |
Accrued interest and other payables | (7,283) | (84,045) |
Rentals received in advance | (4,199) | (3,464) |
Net cash provided by operating activities | 929,388 | 717,589 |
Investing Activities | ||
Acquisition of flight equipment under operating lease | (1,670,203) | (777,410) |
Payments for deposits on flight equipment purchases | (303,856) | (581,054) |
Proceeds from aircraft sales, trading and other activity | 2,042 | 151,131 |
Acquisition of aircraft furnishings, equipment and other assets | (178,359) | (142,866) |
Net cash used in investing activities | (2,150,376) | (1,350,199) |
Financing Activities | ||
Issuance of common stock upon exercise of options | 1,438 | 4,556 |
Cash dividends paid on Class A common stock | (54,737) | (51,116) |
Common shares repurchased | (5,780) | 0 |
Net proceeds from preferred stock issuance | 295,428 | 0 |
Preferred dividends paid | (19,010) | (11,531) |
Tax withholdings on stock-based compensation | (7,441) | (8,618) |
Net change in unsecured revolving facility | 0 | (20,000) |
Proceeds from debt financings | 3,655,830 | 3,074,665 |
Payments in reduction of debt financings | (2,585,652) | (1,457,740) |
Debt issuance costs | (9,688) | (5,692) |
Security deposits and maintenance reserve receipts | 112,155 | 91,337 |
Security deposits and maintenance reserve disbursements | (25,654) | (59,175) |
Net cash provided by financing activities | 1,356,889 | 1,556,686 |
Net increase in cash | 135,901 | 924,076 |
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 | 1,893,668 | 1,262,137 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest, including capitalized interest of $38,265 and $39,960 at September 30, 2021 and 2020, respectively | 428,349 | 371,947 |
Cash paid for income taxes | 2,739 | 29,696 |
Supplemental Disclosure of Noncash Activities | ||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment | 663,072 | 575,958 |
Cash dividends declared on Class A common stock, not yet paid | $ 18,263 | $ 17,068 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 38,265 | $ 39,960 |
Company Background and Overview
Company Background and Overview | 9 Months Ended |
Sep. 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 September 30, 2021, the Company owned a fleet of 370 aircraft in its operating lease portfolio, managed 89 aircraft and had 320 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 | 9 Months Ended |
Sep. 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 September 30, 2021, and for all periods presented. The results of operations for the three and nine months ended September 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. Reclassifications Certain reclassifications have been made in the prior year’s consolidated financial statements to conform to the classifications in 2021. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt Financing | Debt Financing The Company’s consolidated debt as of September 30, 2021 and December 31, 2020 is summarized below (in thousands): September 30, 2021 December 31, 2020 Unsecured Senior notes $ 17,490,582 $ 15,583,544 Term financings 170,975 811,550 Total unsecured debt financing 17,661,557 16,395,094 Secured Term financings 129,851 276,032 Export credit financing 19,964 24,955 Total secured debt financing 149,815 300,987 Total debt financing 17,811,372 16,696,081 Less: Debt discounts and issuance costs (194,492) (177,743) Debt financing, net of discounts and issuance costs $ 17,616,880 $ 16,518,338 Senior unsecured notes (including Medium-Term Note Program) As of September 30, 2021, the Company had $17.5 billion in senior unsecured notes outstanding. As of December 31, 2020, the Company had $15.6 billion in senior unsecured notes outstanding. During the nine months ended September 30, 2021, the Company issued approximately $3.7 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, (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%, (iv) $600.0 million in aggregate principal amount of 0.800% Medium-Term Notes due 2024, and (v) $500.0 million in aggregate principal amount of 2.100% Medium-Term Notes due 2028. Unsecured revolving credit facilities The Company has an unsecured revolving credit facility (the “Revolving Credit Facility”). As of September 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. In September 2021, the Company executed a new lender supplement to the Revolving Credit Facility, which increased the aggregate facility capacity by an additional $50.0 million and increased total revolving commitments to $6.5 billion. As of November 4, 2021, lenders held revolving commitments totaling approximately $5.8 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. In September 2021, the Company entered into an uncommitted unsecured revolving credit facility with a total borrowing capacity of $75.0 million and a maturity date of June 22, 2022, bearing interest at a rate of LIBOR plus 0.90%. As of September 30, 2021, the Company did not have any amounts outstanding under this facility. Secured debt financing As of September 30, 2021, the outstanding balance on the Company’s secured debt financings, including its export credit financing, was $149.8 million and it had pledged three aircraft as collateral with a net book value of $224.7 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 September 30, 2021 and December 31, 2020, all of the Company’s secured obligations are recourse in nature. Maturities Maturities of debt outstanding as of September 30, 2021 are as follows (in thousands): Years ending December 31, 2021 $ 8,829 2022 2,733,882 2023 2,490,951 2024 2,890,800 2025 2,313,889 Thereafter 7,373,021 Total $ 17,811,372 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies As of September 30, 2021, the Company had contractual commitments to acquire a total of 320 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 9 16 12 11 51 Airbus A320/321neo (2) 12 24 22 26 19 21 124 Airbus A330-900neo 1 8 4 — — — 13 Airbus A350-900/1000 3 3 4 5 1 — 16 Boeing 737-7/8/9 MAX 8 29 16 28 7 — 88 Boeing 787-9/10 1 10 4 10 3 — 28 Total 25 77 59 85 42 32 320 (1) In addition to the Company’s commitments, as of September 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 31 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 several jurisdictions. While deliveries of the 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 related issues on its 787 aircraft. As a result, Boeing suspended deliveries of 787 aircraft between October 2020 and March 2021. Boeing temporarily resumed 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. Manufacturing related issues in some 787 aircraft will require further modifications in order to resume deliveries. Boeing expects to maintain 787 production at a reduced rate of less than five per month until deliveries resume, and the timing for resumption of deliveries remains uncertain. As discussed in further detail in Note 11, “Update on COVID-19 Pandemic Impact,” the ongoing COVID-19 pandemic has continued to cause delivery delays of aircraft in the Company’s orderbook. The aircraft purchase commitments discussed above could also 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 November 4, 2021, the Company has canceled its orders for 23 737 MAX aircraft and three 787 aircraft with Boeing. The Company had contractual commitments for the acquisition of 320 aircraft for delivery through 2027, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $21.2 billion at September 30, 2021, which are due as follows (in thousands): Years ending December 31, 2021 $ 1,960,449 2022 5,896,528 2023 4,345,644 2024 5,291,881 2025 2,232,608 Thereafter 1,432,269 Total $ 21,159,379 The Company has made non-refundable deposits on the aircraft for which the Company has commitments to purchase of approximately $1.6 billion and $1.8 billion as of September 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 | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Rental Income | Rental Income At September 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 nine months ended September 30, 2021) $ 529,211 2022 2,096,619 2023 1,974,424 2024 1,847,564 2025 1,693,853 Thereafter 6,469,511 Total $ 14,611,182 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareBasic 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 September 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 and restricted stock units using the treasury stock method and convertible notes using the if-converted method. For the three and nine months ended September 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 1,083,635 and 1,032,305 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic earnings per share: Numerator Net income $ 107,337 $ 120,395 $ 284,851 $ 405,171 Preferred stock dividends (7,331) (3,843) (19,010) (11,531) Net income available to common stockholders $ 100,006 $ 116,552 $ 265,841 $ 393,640 Denominator Weighted-average common shares outstanding 114,122,512 113,778,533 114,071,951 113,647,585 Basic earnings per share $ 0.88 $ 1.02 $ 2.33 $ 3.46 Diluted earnings per share: Numerator Net income $ 107,337 $ 120,395 $ 284,851 $ 405,171 Preferred stock dividends (7,331) (3,843) (19,010) (11,531) Net income available to common stockholders $ 100,006 $ 116,552 $ 265,841 $ 393,640 Denominator Number of shares used in basic computation 114,122,512 113,778,533 114,071,951 113,647,585 Weighted-average effect of dilutive securities 259,109 172,569 343,218 281,190 Number of shares used in per share computation 114,381,621 113,951,102 114,415,169 113,928,775 Diluted earnings per share $ 0.87 $ 1.02 $ 2.32 $ 3.46 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 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 were 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 September 30, 2021 and December 31, 2020, the estimated fair value of the foreign currency exchange derivative asset was $12.8 million and $14.4 million, respectively. 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 September 30, 2021 was approximately $18.4 billion compared to a book value of $17.8 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 September 30, 2021, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020. As of September 30, 2021 and December 31, 2020, the Company had 113,987,154 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 September 30, 2021 or December 31, 2020. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at September 30, 2021 and December 31, 2020. As of September 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 or after 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 September 30, 2021 (in thousands, except for share and per share amounts and percentages): Shares Issued and Outstanding as of September 30, 2021 Liquidation Preference Issue Date Dividend Rate in Effect at September 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 During the three months ended September 30, 2021, the Company repurchased 153,949 shares of its Class A common stock under its previously announced stock repurchase program at an average purchase price of $37.55 per share. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based CompensationOn 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 September 30, 2021, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,494,268. The Company recorded $6.7 million and $6.6 million of stock-based compensation expense for the three months ended September 30, 2021 and 2020, respectively. The Company recorded $18.8 million and $15.0 million of stock-based compensation expense for the nine months ended September 30, 2021 and 2020, respectively. Stock Options A summary of stock option activity for the nine months ended September 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 September 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 September 30, 2021, there were no unrecognized compensation costs related to outstanding stock options. For the three and nine months ended September 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 nine months ended September 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 nine months ended September 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 (68,142) $ 49.36 Unvested at September 30, 2021 1,572,244 $ 43.88 Expected to vest after September 30, 2021 1,442,144 $ 44.20 As of September 30, 2021, there was $29.7 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 1.86 years. |
Aircraft Under Management
Aircraft Under Management | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aircraft Under Management | Aircraft Under Management As of September 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 September 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 $72.9 million and $52.6 million as of September 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 November 4, 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. |
Update on COVID-19 Pandemic Imp
Update on COVID-19 Pandemic Impact | 9 Months Ended |
Sep. 30, 2021 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Update on COVID-19 Pandemic Impact | Update on COVID-19 Pandemic Impact 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, vaccine availability and acceptance, and continuing travel restrictions. On a case-by-case basis, the Company has agreed to accommodations, such as deferrals of lease payments or other lease concessions, with approximately 64% of its lessees since the pandemic began in the first quarter of 2020. The majority of these accommodations have been in the form of partial lease deferrals which, in many cases, include lease extensions. The Company has also entered into some lease restructurings. The impact of these restructurings decreased the Company’s total revenues by $26.6 million for the three months ended September 30, 2021 as compared to the three months ended September 30, 2020. The Company remains in active discussions with its airline customers and may continue to provide accommodations on a case-by-case basis. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2021, the Company issued 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), with an aggregate liquidation preference of $300.0 million ($1,000 per share). The Company will pay dividends on the Series C 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) 4.125% through December 15, 2026, and payable quarterly in arrears beginning on December 15, 2021, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 3.149% per reset period from December 15, 2026 and reset every five years and payable quarterly in arrears. The Company may redeem shares of the Series C Preferred Stock at its option, in whole or in part, from time to time, on any dividend payment date on or after December 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 C Preferred Stock at the Company’s option under certain other limited conditions. The Series C Preferred Stock ranks on a parity with the Series A and Series B Preferred Stock. On November 3, 2021, the Company’s board of directors approved quarterly dividends for the Company’s Class A common stock and Series A, Series B and Series C 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 $ 0.185 December 17, 2021 January 5, 2022 Series A Preferred Stock $ 0.384375 November 30, 2021 December 15, 2021 Series B Preferred Stock $ 11.625 November 30, 2021 December 15, 2021 Series C Preferred Stock $ 7.104167 November 30, 2021 December 15, 2021 |
Basis of Preparation and Crit_2
Basis of Preparation and Critical Accounting Policies (Policies) | 9 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of consolidated debt | The Company’s consolidated debt as of September 30, 2021 and December 31, 2020 is summarized below (in thousands): September 30, 2021 December 31, 2020 Unsecured Senior notes $ 17,490,582 $ 15,583,544 Term financings 170,975 811,550 Total unsecured debt financing 17,661,557 16,395,094 Secured Term financings 129,851 276,032 Export credit financing 19,964 24,955 Total secured debt financing 149,815 300,987 Total debt financing 17,811,372 16,696,081 Less: Debt discounts and issuance costs (194,492) (177,743) Debt financing, net of discounts and issuance costs $ 17,616,880 $ 16,518,338 |
Schedule of maturities of debt outstanding | Maturities of debt outstanding as of September 30, 2021 are as follows (in thousands): Years ending December 31, 2021 $ 8,829 2022 2,733,882 2023 2,490,951 2024 2,890,800 2025 2,313,889 Thereafter 7,373,021 Total $ 17,811,372 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual commitments to acquire aircraft | As of September 30, 2021, the Company had contractual commitments to acquire a total of 320 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 9 16 12 11 51 Airbus A320/321neo (2) 12 24 22 26 19 21 124 Airbus A330-900neo 1 8 4 — — — 13 Airbus A350-900/1000 3 3 4 5 1 — 16 Boeing 737-7/8/9 MAX 8 29 16 28 7 — 88 Boeing 787-9/10 1 10 4 10 3 — 28 Total 25 77 59 85 42 32 320 (1) In addition to the Company’s commitments, as of September 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 31 long-range variants and 29 extra long-range variants. |
Schedule of contractual commitments for the acquisition of aircraft at an estimated aggregate purchase price | The Company had contractual commitments for the acquisition of 320 aircraft for delivery through 2027, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $21.2 billion at September 30, 2021, which are due as follows (in thousands): Years ending December 31, 2021 $ 1,960,449 2022 5,896,528 2023 4,345,644 2024 5,291,881 2025 2,232,608 Thereafter 1,432,269 Total $ 21,159,379 |
Rental Income (Tables)
Rental Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of minimum future rentals | At September 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 nine months ended September 30, 2021) $ 529,211 2022 2,096,619 2023 1,974,424 2024 1,847,564 2025 1,693,853 Thereafter 6,469,511 Total $ 14,611,182 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 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 September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Basic earnings per share: Numerator Net income $ 107,337 $ 120,395 $ 284,851 $ 405,171 Preferred stock dividends (7,331) (3,843) (19,010) (11,531) Net income available to common stockholders $ 100,006 $ 116,552 $ 265,841 $ 393,640 Denominator Weighted-average common shares outstanding 114,122,512 113,778,533 114,071,951 113,647,585 Basic earnings per share $ 0.88 $ 1.02 $ 2.33 $ 3.46 Diluted earnings per share: Numerator Net income $ 107,337 $ 120,395 $ 284,851 $ 405,171 Preferred stock dividends (7,331) (3,843) (19,010) (11,531) Net income available to common stockholders $ 100,006 $ 116,552 $ 265,841 $ 393,640 Denominator Number of shares used in basic computation 114,122,512 113,778,533 114,071,951 113,647,585 Weighted-average effect of dilutive securities 259,109 172,569 343,218 281,190 Number of shares used in per share computation 114,381,621 113,951,102 114,415,169 113,928,775 Diluted earnings per share $ 0.87 $ 1.02 $ 2.32 $ 3.46 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021 (in thousands, except for share and per share amounts and percentages): Shares Issued and Outstanding as of September 30, 2021 Liquidation Preference Issue Date Dividend Rate in Effect at September 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) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary of stock option activity | A summary of stock option activity for the nine months ended September 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 September 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 nine months ended September 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 (68,142) $ 49.36 Unvested at September 30, 2021 1,572,244 $ 43.88 Expected to vest after September 30, 2021 1,442,144 $ 44.20 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 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 $ 0.185 December 17, 2021 January 5, 2022 Series A Preferred Stock $ 0.384375 November 30, 2021 December 15, 2021 Series B Preferred Stock $ 11.625 November 30, 2021 December 15, 2021 Series C Preferred Stock $ 7.104167 November 30, 2021 December 15, 2021 |
Company Background and Overvi_2
Company Background and Overview (Details) | 9 Months Ended |
Sep. 30, 2021aircraft | |
Long-term Purchase Commitment [Line Items] | |
Number of aircraft owned | 370 |
Number of aircraft managed | 89 |
Number of aircraft on order with manufacturers | 320 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt financing | $ 17,811,372 | $ 16,696,081 |
Less: Debt discounts and issuance costs | (194,492) | (177,743) |
Debt financing, net of discounts and issuance costs | 17,616,880 | 16,518,338 |
Total unsecured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 17,661,557 | 16,395,094 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Total debt financing | 17,490,582 | 15,583,544 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 170,975 | 811,550 |
Total secured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 149,815 | 300,987 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 129,851 | 276,032 |
Export credit financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | $ 19,964 | $ 24,955 |
Debt Financing - Narrative (Det
Debt Financing - Narrative (Details) | 1 Months Ended | 4 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)aircraft | Apr. 30, 2021USD ($) | Sep. 30, 2021USD ($)aircraft | Nov. 04, 2021USD ($) | Sep. 10, 2021USD ($) | Dec. 31, 2020USD ($)aircraft | |
Debt Instrument [Line Items] | ||||||
Debt financing balance | $ 17,811,372,000 | $ 17,811,372,000 | $ 16,696,081,000 | |||
Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing balance | 17,490,582,000 | 17,490,582,000 | 15,583,544,000 | |||
Medium Term Note Program | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount issued | 3,700,000,000 | 3,700,000,000 | ||||
Medium Term Note Program, $750 Million, Due 2024 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount issued | $ 750,000,000 | $ 750,000,000 | ||||
Interest rate | 0.70% | 0.70% | ||||
Medium Term Note Program, $1.2 Billion Due 2026 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount issued | $ 1,200,000,000 | $ 1,200,000,000 | ||||
Interest rate | 1.875% | 1.875% | ||||
Medium Term Note Program, $600 Million, Due 2022 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount issued | $ 600,000,000 | $ 600,000,000 | ||||
Medium Term Note Program, $600 Million, Due 2022 | LIBOR | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Interest margin | 0.35% | |||||
Medium Term Note Program, $600 Million, Due 2024 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount issued | $ 600,000,000 | $ 600,000,000 | ||||
Interest rate | 0.80% | 0.80% | ||||
Medium Term Note Program, $500 Million, Due 2028 | Senior notes | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount issued | $ 500,000,000 | $ 500,000,000 | ||||
Interest rate | 2.10% | 2.10% | ||||
Revolving credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing balance | $ 0 | $ 0 | 0 | |||
Facility fee | 0.20% | |||||
Maximum borrowing capacity | 6,500,000,000 | $ 6,400,000,000 | $ 6,500,000,000 | |||
Increase in maximum capacity from prior period | 6.70% | |||||
Additional borrowing capacity | $ 50,000,000 | |||||
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 | $ 5,800,000,000 | |||||
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 | $ 149,815,000 | $ 149,815,000 | $ 300,987,000 | |||
Number of aircraft pledged as collateral | aircraft | 3 | 3 | 12 | |||
Net book value of aircraft pledged as collateral | $ 224,700,000 | $ 224,700,000 | $ 628,700,000 | |||
Uncommitted Unsecured Revolving Credit Facility | Revolving credit facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | 75,000,000 | 75,000,000 | ||||
Facility outstanding amount | $ 0 | $ 0 | ||||
Uncommitted Unsecured Revolving Credit Facility | LIBOR | Revolving credit facility | Unsecured Debt | ||||||
Debt Instrument [Line Items] | ||||||
Interest margin | 0.90% |
Debt Financing - Maturities of
Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 8,829 | |
2022 | 2,733,882 | |
2023 | 2,490,951 | |
2024 | 2,890,800 | |
2025 | 2,313,889 | |
Thereafter | 7,373,021 | |
Total | $ 17,811,372 | $ 16,696,081 |
Commitments and Contingencies -
Commitments and Contingencies - Aircraft Acquisition (Details) | 9 Months Ended |
Sep. 30, 2021aircraft | |
Aircrafts | |
Long-term Purchase Commitment [Line Items] | |
2021 | 25 |
2022 | 77 |
2023 | 59 |
2024 | 85 |
2025 | 42 |
Thereafter | 32 |
Total | 320 |
Airbus A220-300 | |
Long-term Purchase Commitment [Line Items] | |
2021 | 0 |
2022 | 3 |
2023 | 9 |
2024 | 16 |
2025 | 12 |
Thereafter | 11 |
Total | 51 |
Airbus A320/321neo | |
Long-term Purchase Commitment [Line Items] | |
2021 | 12 |
2022 | 24 |
2023 | 22 |
2024 | 26 |
2025 | 19 |
Thereafter | 21 |
Total | 124 |
Number of long-range variant aircraft | 31 |
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 | 8 |
2022 | 29 |
2023 | 16 |
2024 | 28 |
2025 | 7 |
Thereafter | 0 |
Total | 88 |
Boeing 787-9/10 | |
Long-term Purchase Commitment [Line Items] | |
2021 | 1 |
2022 | 10 |
2023 | 4 |
2024 | 10 |
2025 | 3 |
Thereafter | 0 |
Total | 28 |
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 | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Nov. 04, 2021aircraft | Dec. 31, 2020USD ($) | |
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 | $ | $ 1,597,597 | $ 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 | 3 | ||
Aircrafts | |||
Long-term Purchase Commitment [Line Items] | |||
Deposits on flight equipment purchases | $ | $ 1,600,000 | $ 1,800,000 |
Commitments and Contingencies_3
Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)aircraft | |
Long-term Purchase Commitment [Line Items] | |
2021 | $ 1,960,449 |
2022 | 5,896,528 |
2023 | 4,345,644 |
2024 | 5,291,881 |
2025 | 2,232,608 |
Thereafter | 1,432,269 |
Total | $ 21,159,379 |
Aircrafts | |
Long-term Purchase Commitment [Line Items] | |
Commitments for acquisition of aircrafts (in aircrafts) | aircraft | 320 |
Rental Income (Details)
Rental Income (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (excluding the nine months ended September 30, 2021) | $ 529,211 |
2022 | 2,096,619 |
2023 | 1,974,424 |
2024 | 1,847,564 |
2025 | 1,693,853 |
Thereafter | 6,469,511 |
Total | $ 14,611,182 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2021class_of_stockshares | Sep. 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 | 1,083,635 | 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 | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator | ||||||||
Net income | $ 107,337 | $ 93,422 | $ 84,092 | $ 120,395 | $ 147,625 | $ 137,151 | $ 284,851 | $ 405,171 |
Preferred stock dividends | (7,331) | (3,843) | (19,010) | (11,531) | ||||
Net income available to common stockholders, basic | $ 100,006 | $ 116,552 | $ 265,841 | $ 393,640 | ||||
Denominator | ||||||||
Weighted-average common shares outstanding (in shares) | 114,122,512 | 113,778,533 | 114,071,951 | 113,647,585 | ||||
Basic earnings per share (in dollars per share) | $ 0.88 | $ 1.02 | $ 2.33 | $ 3.46 | ||||
Numerator | ||||||||
Net income | $ 107,337 | $ 93,422 | $ 84,092 | $ 120,395 | $ 147,625 | $ 137,151 | $ 284,851 | $ 405,171 |
Preferred stock dividends | (7,331) | (3,843) | (19,010) | (11,531) | ||||
Net income available to common stockholders, diluted | $ 100,006 | $ 116,552 | $ 265,841 | $ 393,640 | ||||
Denominator | ||||||||
Basic (in shares) | 114,122,512 | 113,778,533 | 114,071,951 | 113,647,585 | ||||
Weighted-average effect of dilutive securities (in shares) | 259,109 | 172,569 | 343,218 | 281,190 | ||||
Number of shares used in per share computation | 114,381,621 | 113,951,102 | 114,415,169 | 113,928,775 | ||||
Diluted earnings per share (in dollars per share) | $ 0.87 | $ 1.02 | $ 2.32 | $ 3.46 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Reported Value Measurement | ||
Fair Value Measurements | ||
Debt financing | $ 17,800 | $ 16,700 |
Level 2 | ||
Fair Value Measurements | ||
Debt financing | 18,400 | 17,600 |
Recurring basis | Foreign Exchange Contract | Level 2 | ||
Fair Value Measurements | ||
Derivative asset, fair value | $ 12.8 | $ 14.4 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 02, 2021 | Sep. 30, 2021 | Sep. 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 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, issued (in shares) | 10,300,000 | 10,300,000 | 10,000,000 | |
Preferred stock, outstanding (in shares) | 10,300,000 | 10,300,000 | 10,000,000 | |
Preferred stock, aggregate liquidation preference | $ 550,000 | $ 550,000 | $ 250,000 | |
Number of shares repurchased | 153,949 | |||
Shares repurchased, average cost (in dollars per share) | $ 37.55 | |||
Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, issued (in shares) | 113,987,154 | 113,987,154 | 113,852,896 | |
Common stock, outstanding (in shares) | 113,987,154 | 113,987,154 | 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 | 10,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, issued (in shares) | 0 | 0 | 0 | |
Common stock, outstanding (in shares) | 0 | 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 | 10,000,000 | |
Preferred stock, outstanding (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, aggregate liquidation preference | $ 250,000 | $ 250,000 | $ 250,000 | |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 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 | 300,000 | ||
Preferred stock, outstanding (in shares) | 300,000 | 300,000 | ||
Preferred stock, aggregate liquidation preference | $ 300,000 | $ 300,000 | ||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 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 | $ 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 | Sep. 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 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 29,700,000 | $ 29,700,000 | |||
Weighted-average period of recognition of unrecognized stock-based compensation cost | 1 year 10 months 9 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 | $ 6,600,000 | $ 18,800,000 | $ 15,000,000 | |
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 | 4,494,268 | 4,494,268 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Options Activity (Details) - Share-based Payment Arrangement, Option - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 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) | 9 Months Ended |
Sep. 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 | (68,142) |
Unvested at the end of the period (in shares) | shares | 1,572,244 |
Expected to vest after the end of the period (in shares) | shares | 1,442,144 |
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 | 49.36 |
Unvested at the end of the period (in dollars per share) | $ / shares | 43.88 |
Expected to vest after the end of the period (in dollars per share) | $ / shares | $ 44.20 |
Aircraft Under Management (Deta
Aircraft Under Management (Details) $ in Millions | Nov. 04, 2021USD ($) | Sep. 30, 2021USD ($)entityaircraftaircraft_management_platformjoint_venture | 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 | $ | $ 72.9 | $ 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 |
Update on COVID-19 Pandemic I_2
Update on COVID-19 Pandemic Impact (Details) - USD ($) $ in Millions | 3 Months Ended | 21 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | |
Unusual or Infrequent Item, or Both [Line Items] | |||
Incremental revenue from lessees on cash basis | $ 5.4 | ||
COVID 19 | |||
Unusual or Infrequent Item, or Both [Line Items] | |||
Accommodation arrangement percentage of lessees | 64.00% | ||
Decrease in revenue for period one year prior current period due to lease restructurings | $ 26.6 | ||
Unrecognized rental revenue | $ 25.3 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Subsequent Events | ||||
Preferred stock, aggregate liquidation preference | $ 550,000 | $ 250,000 | ||
Preferred Stock | ||||
Subsequent Events | ||||
Issuance of preferred stock (in shares) | 300,000 | |||
Series C Preferred Stock | Subsequent Event | ||||
Subsequent Events | ||||
Preferred stock, aggregate liquidation preference | $ 300,000 | |||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | |||
Preferred stock, dividend rate (in dollars per share) | $ 1,000 | |||
Preferred stock, dividend rate | 4.125% | |||
Preferred stock, dividend rate, reset period | 5 years | |||
Preferred stock, redemption price (in dollars per share) | $ 1,000 | |||
Series C Preferred Stock | Subsequent Event | Preferred Stock | ||||
Subsequent Events | ||||
Issuance of preferred stock (in shares) | 300,000 | |||
Series C Preferred Stock | US Treasury (UST) Interest Rate | Subsequent Event | ||||
Subsequent Events | ||||
Preferred stock, dividend rate, basis spread | 3.149% |
Subsequent Events - Dividends D
Subsequent Events - Dividends Declared (Details) - $ / shares | Nov. 03, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Subsequent Events | |||||||||
Cash dividends declared per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.48 | $ 0.45 | |
Class A Common Stock | Subsequent Event | |||||||||
Subsequent Events | |||||||||
Cash dividends declared per share (in dollars per share) | $ 0.185 | ||||||||
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 | ||||||||
Series C Preferred Stock | Subsequent Event | |||||||||
Subsequent Events | |||||||||
Cash dividends declared per share (in dollars per share) | $ 7.104167 |