Air Lease (AL) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		110,858,351
Entity Central Index Key	0001487712
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 1,490,765	$ 1,086,500
Restricted cash	21,291	21,792
Flight equipment subject to operating leases	26,552,246	27,101,808
Less accumulated depreciation	(4,267,934)	(4,202,804)
Flight equipment subject to operating leases, net	22,284,312	22,899,004
Deposits on flight equipment purchases	1,626,874	1,508,892
Other assets	1,451,607	1,452,534
Total assets	26,874,849	26,968,722
Liabilities and Shareholders’ Equity
Accrued interest and other payables	544,280	611,757
Debt financing, net of discounts and issuance costs	17,824,725	17,022,480
Security deposits and maintenance reserves on flight equipment leases	1,120,234	1,173,831
Rentals received in advance	135,642	138,816
Deferred tax liability	880,383	1,013,270
Total liabilities	20,505,264	19,960,154
Shareholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively	106	106
Paid-in capital	3,259,105	3,399,245
Retained earnings	3,109,331	3,609,885
Accumulated other comprehensive loss	(70)	(1,808)
Total shareholders’ equity	6,369,585	7,008,568
Total liabilities and shareholders’ equity	26,874,849	26,968,722
Class A Common Stock
Shareholders’ Equity
Common stock	1,113	1,140
Class B Non-Voting Common Stock
Shareholders’ Equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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)	10,600,000	10,600,000
Preferred stock, outstanding (in shares)	10,600,000	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000	$ 850,000
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)	111,317,259	113,987,154
Common stock, outstanding (in shares)	111,317,259	113,987,154
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
	Mar. 31, 2022	Mar. 31, 2021
Revenues
Rental of flight equipment	$ 566,554	$ 468,095
Aircraft sales, trading and other	$ 30,107	$ 6,732
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Aircraft Sales, Trading And Other [Member]	Aircraft Sales, Trading And Other [Member]
Total revenues	$ 596,661	$ 474,827
Expenses
Interest	117,277	117,986
Amortization of debt discounts and issuance costs	13,198	12,025
Interest expense	130,475	130,011
Depreciation of flight equipment	235,308	208,965
Write-off of Russian fleet	802,352	0
Selling, general and administrative	32,762	26,914
Stock-based compensation	(2,523)	5,408
Total expenses	1,198,374	371,298
(Loss)/income before taxes	(601,713)	103,529
Income tax benefit/(expense)	132,720	(19,437)
Net (loss)/income	(468,993)	84,092
Preferred stock dividends	(10,425)	(3,844)
Net (loss) income available to common stockholders, diluted	(479,418)	80,248
Net (loss)/income available to common stockholders, basic	(479,418)	80,248
Other comprehensive income/(loss):
Foreign currency translation adjustment	(3,019)	(3,807)
Change in fair value of hedged transactions	5,230	2,221
Total tax (expense)/benefit on other comprehensive income/loss	(473)	339
Other comprehensive income/(loss), net of tax	1,738	(1,247)
Total comprehensive (loss)/income attributable for common stockholders	$ (477,680)	$ 79,001
(Loss)/Earnings per share of common stock:
Basic (in dollars per share)	$ (4.21)	$ 0.70
Diluted (in dollars per share)	$ (4.21)	$ 0.70
Weighted-average shares outstanding
Basic (in shares)	113,894,867	113,958,403
Diluted (in shares)	113,894,867	114,237,109
Dividends declared per share of common stock (in dollars per share)	$ 0.185	$ 0.16

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, 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	1,441		1,437				$ 4
Stock-based compensation	5,408		5,408
Cash dividends						$ (18,259)		$ (18,259)
Cash dividends (declared on preferred stock)	(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 (loss)/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, 2021		10,600,000					113,987,154,000		0
Beginning balance at Dec. 31, 2021	7,008,568	$ 106	3,399,245	3,609,885	(1,808)		$ 1,140		$ 0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares)							477,656,000
Issuance of common stock upon vesting of restricted stock units	$ 2		(3)				$ 5
Common stock repurchased (in shares)	(2,959,458)						(2,959,458,000)
Common stock repurchased	$ (129,549)		(129,519)				$ (30)
Stock-based compensation	(2,523)		(2,523)
Cash dividends						$ (21,136)		$ (21,136)
Cash dividends (declared on preferred stock)	(10,425)			(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	1,738				1,738
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares)							(188,093,000)
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options	(8,097)		(8,095)				$ (2)
Net (loss)/income	(468,993)			(468,993)
Ending balance (in shares) at Mar. 31, 2022		10,600,000					111,317,259,000		0
Ending balance at Mar. 31, 2022	$ 6,369,585	$ 106	$ 3,259,105	$ 3,109,331	$ (70)		$ 1,113		$ 0

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share (in dollars per share)	$ 0.185	$ 0.16

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net (loss)/income	$ (468,993)	$ 84,092
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	235,308	208,965
Asset write offs	802,352	0
Stock-based compensation	(2,523)	5,408
Deferred taxes	(133,360)	18,577
Amortization of debt discounts and issuance costs	13,198	12,025
Amortization of prepaid lease costs	13,193	10,790
Gain on aircraft sales, trading and other activity	(66,791)	(99)
Changes in operating assets and liabilities:
Other assets	(74,560)	(35,323)
Accrued interest and other payables	(64,068)	(59,914)
Rentals received in advance	938	(10,231)
Net cash provided by operating activities	254,694	234,290
Investing Activities
Acquisition of flight equipment under operating lease	(395,402)	(404,379)
Payments for deposits on flight equipment purchases	(172,943)	(103,382)
Proceeds from aircraft sales, trading and other activity	750	0
Acquisition of aircraft furnishings, equipment and other assets	(52,974)	(41,923)
Net cash used in investing activities	(620,569)	(549,684)
Financing Activities
Issuance of common stock upon exercise of options	0	1,441
Cash dividends paid on Class A common stock	(21,088)	(18,216)
Common shares repurchased	(97,644)	0
Net proceeds from preferred stock issuance	0	295,449
Cash dividends paid on preferred stock	(10,425)	(3,844)
Tax withholdings on stock-based compensation	(8,095)	(7,169)
Proceeds from debt financings	1,497,615	791,645
Payments in reduction of debt financings	(708,847)	(1,157,577)
Debt issuance costs	(2,740)	(1,335)
Security deposits and maintenance reserve receipts	125,727	21,278
Security deposits and maintenance reserve disbursements	(4,864)	(11,852)
Net cash provided / (used) by financing activities	769,639	(90,180)
Net increase / (decrease) in cash	403,764	(405,574)
Cash, cash equivalents and restricted cash at beginning of period	1,108,292	1,757,767
Cash, cash equivalents and restricted cash at end of period	1,512,056	1,352,193
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $9,365 and $13,543 at March 31, 2022 and 2021, respectively	179,026	177,685
Cash paid for income taxes	3,446	1,101
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	85,791	176,618
Cash dividends declared on Class A common stock, not yet paid	$ 21,136	$ 18,259

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 9,365	$ 13,543

Company Background and Overview

Company Background and Overview	3 Months Ended
	Mar. 31, 2022
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 the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft 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 March 31, 2022, the Company owned 370 aircraft, managed 87 aircraft and had 451 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, and for all periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results expected for the year ending December 31, 2022. 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, 2021. Reclassifications Certain reclassifications have been made in the prior year’s consolidated financial statements to conform to the classifications in 2022.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company’s consolidated debt as of March 31, 2022 and December 31, 2021 is summarized below: March 31, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,695,077 $ 16,892,058 Term financings 195,275 167,000 Total unsecured debt financing 17,890,352 17,059,058 Secured Term financings 123,452 126,660 Export credit financing 16,637 18,301 Total secured debt financing 140,089 144,961 Total debt financing 18,030,441 17,204,019 Less: Debt discounts and issuance costs (205,716) (181,539) Debt financing, net of discounts and issuance costs $ 17,824,725 $ 17,022,480 Senior unsecured notes (including Medium-Term Note Program) As of March 31, 2022, the Company had $17.7 billion in senior unsecured notes outstanding. As of December 31, 2021, the Company had $16.9 billion in senior unsecured notes outstanding. During the three months ended March 31, 2022, the Company issued $1.5 billion in aggregate principal amount of senior unsecured notes comprised of (i) $750.0 million in aggregate principal amount of 2.20% Medium-Term Notes due 2027, and (ii) $750.0 million in aggregate principal amount of 2.875% Medium-Term Notes due 2032. Unsecured revolving credit facility As of March 31, 2022 and December 31, 2021, the Company did not have any amounts outstanding under its unsecured revolving credit facility (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. As of March 31, 2022, borrowings under the Revolving Credit Facility accrued interest at LIBOR plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt. In April 2022, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2025 to May 5, 2026 and, after giving effect to $65.0 million in commitments that matured on May 5, 2022, increased the total revolving commitments to approximately $7.0 billion as of May 5, 2022. As of May 5, 2022, lenders held revolving commitments totaling approximately $6.5 billion that mature on May 5, 2026, commitments totaling $132.5 million that mature on May 5, 2025 and commitments totaling $400.0 million that mature on May 5, 2023. The amended Revolving Credit Facility also replaced LIBOR with Term SOFR as the benchmark interest rate and made certain conforming changes related thereto. As a result of the amendment, borrowings under the amended Revolving Credit Facility accrue interest at the Adjusted Term SOFR (as defined in the Revolving Credit Facility), plus a margin of 1.05% per year subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt. Other debt financings From time to time, the Company enters into other debt financings such as unsecured term financings and secured term financings, including export credit. As of March 31, 2022, the outstanding balance on other debt financings was $335.4 million and the Company had pledged three aircraft as collateral with a net book value of $219.7 million. As of December 31, 2021, the outstanding balance on other debt financings was $312.0 million and the Company had pledged three aircraft as collateral with a net book value of $222.2 million. Maturities Maturities of debt outstanding as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 $ 1,376,451 2023 2,538,951 2024 2,894,628 2025 2,327,389 2026 3,472,845 Thereafter 5,420,177 Total $ 18,030,441

Flight equipment subject to ope

Flight equipment subject to operating lease	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Flight equipment subject to operating lease	Flight equipment subject to operating lease The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the three months ended March 31, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Additions 490,888 Depreciation (235,308) Transfers to net investments in sales-type leases (79,255) Write-off of Russian fleet (791,017) Net book value as of March 31, 2022 $ 22,284,312 Accumulated depreciation as of March 31, 2022 $ (4,267,934) Write-off of Russian fleet In response to the sanctions against certain industry sectors and parties in Russia, in March 2022, the Company terminated all of its leasing activities in Russia, including 24 aircraft in its owned fleet. As of May 5, 2022, 21 aircraft in the Company’s owned fleet remain in Russia. Most of the operators of these aircraft have continued to fly the aircraft notwithstanding the termination of leasing activities and our repeated demands for the return of our assets. While the Company maintains title to the aircraft, the Company has determined that it is unlikely it will regain possession of the aircraft that have not been returned and that remain in Russia. As such, d uring the three months ended March 31, 2022, the Company recognized a loss from asset write-offs of its interests in owned aircraft that remain in Russia, totaling approximately $791.0 million. The 21 aircraft that remain in Russia have been removed from the Company’s owned fleet count. The Company is vigorously pursuing insurance claims to recover its losses relating to these aircraft. Collection, timing and amounts of any insurance recoveries is uncertain.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Aircraft Acquisition During the quarter ended March 31, 2022, the Company increased its committed orderbook by entering into agreements with Boeing to purchase 50 aircraft, which includes the conversion of three 787-9 aircraft to 18 737 MAX aircraft. In addition, the Company canceled five aircraft in its orderbook that were slated for delivery in Russia. As of March 31, 2022, the Company had commitments to purchase 451 aircraft from Boeing and Airbus for delivery through 2028, with an estimated aggregate commitment of $28.8 billion. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft deliveries in its orderbook. The Company remains in discussions with Boeing and Airbus to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of the delivery delays. Estimated Delivery Years Aircraft Type 2022 2023 2024 2025 2026 Thereafter Total Airbus A220-100/300 4 17 23 20 12 — 76 Airbus A320/321neo (1) 24 24 26 23 32 64 193 Airbus A330-900neo 7 6 4 — — — 17 Airbus A350-900/1000 3 3 3 — — — 9 Airbus A350F — — — — 2 5 7 Boeing 737-8/9 MAX 25 31 35 18 16 — 125 Boeing 787-9/10 3 7 8 6 — — 24 Total (2) 66 88 99 67 62 69 451 (1) The Company’s Airbus A320/321neo aircraft orders include 27 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation. Pursuant to our purchase agreements with Boeing and Airbus, we agree to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly delayed the planned purchases of our aircraft on order with Boeing and Airbus. The Company is currently experiencing delivery delays with both Boeing and Airbus aircraft. However, the most significant delivery delays are with the Company’s aircraft orders for Boeing 787 aircraft. During 2020, Boeing began to experience manufacturing issues on its 787 aircraft, which resulted in significant aircraft delivery delays. Boeing has halted 787 deliveries and has not indicated when they will resume. Accordingly, we have not taken delivery of any 787s since the halting of the deliveries, and the timing of deliveries of the aircraft for the remainder of this year and potentially beyond remains uncertain. 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. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $28.8 billion at March 31, 2022, are as follows: (in thousands) Years ending December 31, 2022 $ 4,446,438 2023 6,049,551 2024 6,400,067 2025 4,006,352 2026 3,491,754 Thereafter 4,450,903 Total $ 28,845,065 The Company has made non-refundable deposits on the aircraft for which the Company has commitments to purchase of $1.6 billion and $1.5 billion as of March 31, 2022 and December 31, 2021, 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	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Rental Income	Rental Income At March 31, 2022, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 1,547,862 2023 1,952,007 2024 1,826,854 2025 1,678,155 2026 1,485,049 Thereafter 5,605,989 Total $ 14,095,916

(Loss)_Earnings Per Share

(Loss)/Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
(Loss)/Earnings Per Share	(Loss)/Earnings Per Share Basic (loss)/earnings per share is computed by dividing net (loss) 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 March 31, 2022, 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. Since the Company was in a loss position for the three months ended March 31, 2022, diluted net loss per share is the same as basic net loss per share for the period as the inclusion of all potential common shares outstanding would have been anti-dilutive. For the three months ended March 31, 2022, the Company excluded 249,781 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. For the three months ended March 31, 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 1,046,967 and 1,085,311 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2022 and 2021, respectively. The following table sets forth the reconciliation of basic and diluted (loss)/earnings per share: Three Months Ended 2022 2021 (in thousands, except share and per share) Basic (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Weighted-average common shares outstanding 113,894,867 113,958,403 Basic (loss)/earnings per share $ (4.21) $ 0.70 Diluted (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Number of shares used in basic computation 113,894,867 113,958,403 Weighted-average effect of dilutive securities — 278,706 Number of shares used in per share computation 113,894,867 114,237,109 Diluted (loss)/earnings per share $ (4.21) $ 0.70

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, the estimated fair value of the foreign currency exchange derivative asset was $19.4 million and $14.1 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 March 31, 2022 was $17.5 billion compared to a book value of $18.0 billion. The estimated fair value of debt financing as of December 31, 2021 was $17.6 billion compared to a book value of $17.2 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2022, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2022 and December 31, 2021 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	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had 111,317,259 and 113,987,154 Class A common shares issued and outstanding, respectively. The Company was authorized to issue 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2022 and December 31, 2021. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2022 or December 31, 2021. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2022 Carrying Value Issue Date Dividend Rate in Effect at March 31, 2022 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total Preferred Stock 10,600,000 $ 850,000 During the three months ended March 31, 2022, the Company repurchased 2,959,458 shares of its Class A common stock under its stock repurchase program at an average purchase price of $43.77 per share.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,199,596. The Company has issued RSUs with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a one As of March 31, 2022, the Company had no outstanding Stock Options and no unrecognized compensation costs related to outstanding Stock Options. For the three months ended March 31, 2022 and 2021, there were no stock-based compensation expenses related to Stock Options. For the three months ended March 31, 2022, the Company recorded a net reversal of previously recognized stock based compensation of $2.5 million. The Company recorded $5.4 million of stock-based compensation expense related to RSUs for the three months ended March 31, 2021. The decrease in stock-based compensation relates to reductions in the underlying vesting estimates of certain book value RSUs as the performance criteria is no longer being considered probable of being achieved. Restricted Stock Units Compensation cost for RSUs 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 three months ended March 31, 2022, the Company granted 629,903 RSUs of which 137,729 are TSR RSUs and 220,437 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2022: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 629,903 $ 48.06 Vested (471,867) $ 42.23 Forfeited/canceled (146,306) $ 40.03 Unvested at March 31, 2022 1,583,145 $ 46.11 Expected to vest after March 31, 2022 1,399,784 $ 46.74 As of March 31, 2022, there was $47.5 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 2.34 years.

Aircraft Under Management

Aircraft Under Management	3 Months Ended
	Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Aircraft Under Management	Aircraft Under Management As of March 31, 2022, the Company managed 87 aircraft across three aircraft management platforms. The Company managed 48 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and five on behalf of financial institutions. The Company managed 34 aircraft on behalf of third-party investors, through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of March 31, 2022, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $62.4 million and $73.2 million as of March 31, 2022 and December 31, 2021, respectively, and are included in Other assets on the Consolidated Balance Sheets. Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of March 31, 2022, the Company managed 48 aircraft 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 $8.8 million and $9.3 million as of March 31, 2022 and December 31, 2021, respectively and is included in Other assets on the Consolidated Balance Sheets. In response to the sanctions against certain industry sectors and parties in Russia, in March 2022 the Company terminated all of its leasing activities in Russia, including eight aircraft from its managed fleet. As of May 5, 2022, six aircraft in the Company’s managed fleet remain in Russia. While the Company maintains title to the aircraft, the Company has determined that it is unlikely it will regain possession of the aircraft that have not been returned and that remain in Russia. As a result, during the three months ended March 31, 2022, the Company recognized asset write-offs of $11.4 million related to its investments in the managed platforms that own such aircraft.

Net Investment in Sales-type Le

Net Investment in Sales-type Lease	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Net Investment in Sales-type Lease	Net Investment in Sales-type Leases As of March 31, 2022, the Company had four A320-200 aircraft on lease to an airline with terms that meet the criteria of being classified as a sales-type lease. Net investment in sales-type leases was included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands): March 31, 2022 Future minimum lease payments to be received $ 98,810 Estimated residual values of leased flight equipment 36,675 Less: Unearned income (22,782) Net Investment in Sales-type Leases $ 112,703 As of March 31, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 6,970 2023 9,840 2024 9,840 2025 9,840 2026 9,840 Thereafter 52,480 Total $ 98,810

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 4, 2022, the Company’s board of directors approved quarterly dividends for the Company’s Class A common stock and Series A, B and 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 June 7, 2022 July 8, 2022 Series A Preferred Stock $ 0.384375 May 31, 2022 June 15, 2022 Series B Preferred Stock $ 11.625 May 31, 2022 June 15, 2022 Series C Preferred Stock $ 10.3125 May 31, 2022 June 15, 2022

Basis of Preparation and Crit_2

Basis of Preparation and Critical Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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.
Reclassifications	Reclassifications Certain reclassifications have been made in the prior year’s consolidated financial statements to conform to the classifications in 2022.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of consolidated debt	The Company’s consolidated debt as of March 31, 2022 and December 31, 2021 is summarized below: March 31, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,695,077 $ 16,892,058 Term financings 195,275 167,000 Total unsecured debt financing 17,890,352 17,059,058 Secured Term financings 123,452 126,660 Export credit financing 16,637 18,301 Total secured debt financing 140,089 144,961 Total debt financing 18,030,441 17,204,019 Less: Debt discounts and issuance costs (205,716) (181,539) Debt financing, net of discounts and issuance costs $ 17,824,725 $ 17,022,480
Schedule of maturities of debt outstanding	Maturities of debt outstanding as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 $ 1,376,451 2023 2,538,951 2024 2,894,628 2025 2,327,389 2026 3,472,845 Thereafter 5,420,177 Total $ 18,030,441

Flight equipment subject to o_2

Flight equipment subject to operating lease (Tables)	3 Months Ended
	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Flight Equipment Subject to Operating Lease	The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the three months ended March 31, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Additions 490,888 Depreciation (235,308) Transfers to net investments in sales-type leases (79,255) Write-off of Russian fleet (791,017) Net book value as of March 31, 2022 $ 22,284,312 Accumulated depreciation as of March 31, 2022 $ (4,267,934)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of contractual commitments to acquire aircraft	Estimated Delivery Years Aircraft Type 2022 2023 2024 2025 2026 Thereafter Total Airbus A220-100/300 4 17 23 20 12 — 76 Airbus A320/321neo (1) 24 24 26 23 32 64 193 Airbus A330-900neo 7 6 4 — — — 17 Airbus A350-900/1000 3 3 3 — — — 9 Airbus A350F — — — — 2 5 7 Boeing 737-8/9 MAX 25 31 35 18 16 — 125 Boeing 787-9/10 3 7 8 6 — — 24 Total (2) 66 88 99 67 62 69 451 (1) The Company’s Airbus A320/321neo aircraft orders include 27 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation.
Schedule of contractual commitments for the acquisition of aircraft at an estimated aggregate purchase price	Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $28.8 billion at March 31, 2022, are as follows: (in thousands) Years ending December 31, 2022 $ 4,446,438 2023 6,049,551 2024 6,400,067 2025 4,006,352 2026 3,491,754 Thereafter 4,450,903 Total $ 28,845,065

Rental Income (Tables)

Rental Income (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of minimum future rentals	At March 31, 2022, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 1,547,862 2023 1,952,007 2024 1,826,854 2025 1,678,155 2026 1,485,049 Thereafter 5,605,989 Total $ 14,095,916

(Loss) Earnings Per Share (Tabl

(Loss) Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of reconciliation of basic and diluted (loss)/earnings per share	The following table sets forth the reconciliation of basic and diluted (loss)/earnings per share: Three Months Ended 2022 2021 (in thousands, except share and per share) Basic (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Weighted-average common shares outstanding 113,894,867 113,958,403 Basic (loss)/earnings per share $ (4.21) $ 0.70 Diluted (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Number of shares used in basic computation 113,894,867 113,958,403 Weighted-average effect of dilutive securities — 278,706 Number of shares used in per share computation 113,894,867 114,237,109 Diluted (loss)/earnings per share $ (4.21) $ 0.70

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Schedule of preferred stock issued and outstanding	The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2022 Carrying Value Issue Date Dividend Rate in Effect at March 31, 2022 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total Preferred Stock 10,600,000 $ 850,000

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of activities for unvested RSUs	The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2022: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 629,903 $ 48.06 Vested (471,867) $ 42.23 Forfeited/canceled (146,306) $ 40.03 Unvested at March 31, 2022 1,583,145 $ 46.11 Expected to vest after March 31, 2022 1,399,784 $ 46.74

Net Investment in Sales-type _2

Net Investment in Sales-type Lease (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Summary of components of investment in sales-type leases, net	The Company’s investment in sales-type leases consisted of the following (in thousands): March 31, 2022 Future minimum lease payments to be received $ 98,810 Estimated residual values of leased flight equipment 36,675 Less: Unearned income (22,782) Net Investment in Sales-type Leases $ 112,703
Schedule of future minimum lease payments to be received on sales-type lease	As of March 31, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 6,970 2023 9,840 2024 9,840 2025 9,840 2026 9,840 Thereafter 52,480 Total $ 98,810

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2022
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 June 7, 2022 July 8, 2022 Series A Preferred Stock $ 0.384375 May 31, 2022 June 15, 2022 Series B Preferred Stock $ 11.625 May 31, 2022 June 15, 2022 Series C Preferred Stock $ 10.3125 May 31, 2022 June 15, 2022

Company Background and Overvi_2

Company Background and Overview (Details)	Mar. 31, 2022aircraft
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of aircraft owned	370
Number of aircraft managed	87
Number of aircraft on order with manufacturers	451

Debt Financing - Consolidated D

Debt Financing - Consolidated Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt financing	$ 18,030,441	$ 17,204,019
Less: Debt discounts and issuance costs	(205,716)	(181,539)
Debt financing, net of discounts and issuance costs	17,824,725	17,022,480
Total unsecured debt financing
Debt Instrument [Line Items]
Total debt financing	17,890,352	17,059,058
Senior notes
Debt Instrument [Line Items]
Total debt financing	17,695,077	16,892,058
Term financings
Debt Instrument [Line Items]
Total debt financing	195,275	167,000
Total secured debt financing
Debt Instrument [Line Items]
Total debt financing	140,089	144,961
Term financings
Debt Instrument [Line Items]
Total debt financing	123,452	126,660
Export credit financing
Debt Instrument [Line Items]
Total debt financing	$ 16,637	$ 18,301

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details)	1 Months Ended	3 Months Ended
	Apr. 30, 2022USD ($)	Mar. 31, 2022USD ($)aircraft	May 05, 2022USD ($)	Dec. 31, 2021USD ($)aircraft
Debt Instrument [Line Items]
Debt financing balance		$ 18,030,441,000		$ 17,204,019,000
Senior notes
Debt Instrument [Line Items]
Debt financing balance		17,695,077,000		16,892,058,000
Medium Term Note Program | Senior notes
Debt Instrument [Line Items]
Principal amount issued		1,500,000,000
Medium Term Note Program, $750 Million, Due 2027 | Senior notes
Debt Instrument [Line Items]
Principal amount issued		$ 750,000,000
Interest rate		2.20%
Medium Term Note Program Due 2032 | Senior notes
Debt Instrument [Line Items]
Principal amount issued		$ 750,000,000
Interest rate		2.875%
Revolving credit facility
Debt Instrument [Line Items]
Debt financing balance		$ 0		0
Facility fee		0.20%
Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 7,000,000,000
Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Interest margin		1.05%
Revolving credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event
Debt Instrument [Line Items]
Interest margin	1.05%
Unsecured Revolving Credit Facility Mature May 5, 2022 | Subsequent Event
Debt Instrument [Line Items]
Line of credit maturity amount	$ 65,000,000
Unsecured Revolving Credit Facility Mature May 5, 2026 | Debt Instrument, Redemption, May 5, 2026 | Subsequent Event
Debt Instrument [Line Items]
Line of credit maturity amount			6,500,000,000
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			132,500,000
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			$ 400,000,000
Other Debt Financings
Debt Instrument [Line Items]
Debt financing balance		$ 335,400,000		$ 312,000,000
Number of aircraft pledged as collateral | aircraft		3		3
Net book value of aircraft pledged as collateral		$ 219,700,000		$ 222,200,000

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022	$ 1,376,451
2023	2,538,951
2024	2,894,628
2025	2,327,389
2026	3,472,845
Thereafter	5,420,177
Total	$ 18,030,441	$ 17,204,019

Flight equipment subject to o_3

Flight equipment subject to operating lease - Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (235,308)	$ (208,965)
Flight Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Net book value, beginning balance	22,899,004
Additions	490,888
Depreciation	(235,308)
Transfers to net investments in sales-type leases	(79,255)
Write-off of Russian fleet	(791,017)
Net book value, ending balance	22,284,312
Accumulated depreciation as of March 31, 2022	$ (4,267,934)

Flight equipment subject to o_4

Flight equipment subject to operating lease - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)aircraft	May 05, 2022aircraft
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft under operating lease terminated	24
Subsequent Event
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft under operating lease terminated remaining in Russia		21
Flight Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Write-off of Russian fleet | $	$ 791,017

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)aircraft	Dec. 31, 2021USD ($)
Long-term Purchase Commitment [Line Items]
Number of aircraft on order with manufacturers	451
Purchase obligation | $	$ 28,845,065
Minimum aircraft delivery delays that could trigger lessee cancellation clauses	1 year
Non-refundable deposits on aircraft | $	$ 1,626,874	$ 1,508,892
Purchase agreements, termination commencement period	1 year
Boeing Aircraft
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft	50
B-787-9
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft converted	3
B-737-Max as a Result of Conversion of B-787
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft	18
Aircrafts
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft	451
Purchase commitment, number of aircraft cancelled	5
Non-refundable deposits on aircraft | $	$ 1,600,000	$ 1,500,000

Commitments and Contingencies_2

Commitments and Contingencies - Aircraft Acquisition (Details)	3 Months Ended
	Mar. 31, 2022aircraft
Aircrafts
Long-term Purchase Commitment [Line Items]
2022	66
2023	88
2024	99
2025	67
2026	62
Thereafter	69
Total	451
Airbus A220-100/300
Long-term Purchase Commitment [Line Items]
2022	4
2023	17
2024	23
2025	20
2026	12
Thereafter	0
Total	76
Airbus A320/321neo
Long-term Purchase Commitment [Line Items]
2022	24
2023	24
2024	26
2025	23
2026	32
Thereafter	64
Total	193
Number of long-range variant aircraft	27
Number of extra long-range variant aircrafts	49
Airbus A330-900neo
Long-term Purchase Commitment [Line Items]
2022	7
2023	6
2024	4
2025	0
2026	0
Thereafter	0
Total	17
Airbus A350-900/1000
Long-term Purchase Commitment [Line Items]
2022	3
2023	3
2024	3
2025	0
2026	0
Thereafter	0
Total	9
Airbus A350F
Long-term Purchase Commitment [Line Items]
2022	0
2023	0
2024	0
2025	0
2026	2
Thereafter	5
Total	7
Boeing 737-8/9 MAX
Long-term Purchase Commitment [Line Items]
2022	25
2023	31
2024	35
2025	18
2026	16
Thereafter	0
Total	125
Boeing 787-9/10
Long-term Purchase Commitment [Line Items]
2022	3
2023	7
2024	8
2025	6
2026	0
Thereafter	0
Total	24

Commitments and Contingencies_3

Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 4,446,438
2023	6,049,551
2024	6,400,067
2025	4,006,352
2026	3,491,754
Thereafter	4,450,903
Total	$ 28,845,065

Rental Income (Details)

Rental Income (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 1,547,862
2023	1,952,007
2024	1,826,854
2025	1,678,155
2026	1,485,049
Thereafter	5,605,989
Total	$ 14,095,916

(Loss)_Earnings Per Share - Nar

(Loss)/Earnings Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2022class_of_stockshares	Mar. 31, 2021shares	Dec. 31, 2021shares
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
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	249,781	0
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,046,967	1,085,311

(Loss)_Earnings Per Share - Rec

(Loss)/Earnings Per Share - Reconciliation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net (loss)/income	$ (468,993)	$ 84,092
Preferred stock dividends	(10,425)	(3,844)
Net (loss)/income available to common stockholders, basic	$ (479,418)	$ 80,248
Denominator
Weighted-average common shares outstanding (in shares)	113,894,867	113,958,403
Basic (loss) earnings per share (in dollars per share)	$ (4.21)	$ 0.70
Numerator
Net (loss)/income	$ (468,993)	$ 84,092
Preferred stock dividends	(10,425)	(3,844)
Net (loss) income available to common stockholders, diluted	$ (479,418)	$ 80,248
Denominator
Basic (in shares)	113,894,867	113,958,403
Weighted-average effect of dilutive securities (in shares)	0	278,706
Number of shares used in per share computation	113,894,867	114,237,109
Diluted (loss) earnings per share (in dollars per share)	$ (4.21)	$ 0.70

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Reported Value Measurement
Fair Value Measurements
Debt financing	$ 18,000	$ 17,200
Level 2
Fair Value Measurements
Debt financing	17,500	17,600
Recurring basis | Foreign Exchange Contract | Level 2
Fair Value Measurements
Derivative asset, fair value	$ 19.4	$ 14.1

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		10 Months Ended	12 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, outstanding (in shares)			0	0	0
Preferred stock, authorized (in shares)		50,000,000	50,000,000	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, issued (in shares)		10,600,000	10,600,000	10,600,000	10,600,000
Preferred stock, outstanding (in shares)		10,600,000	10,600,000	10,600,000	10,600,000
Preferred stock, aggregate liquidation preference		$ 850,000	$ 850,000	$ 850,000	$ 850,000
Number of shares repurchased		2,959,458
Shares repurchased, average cost (in dollars per share)		$ 43.77
Subsequent Event
Class of Stock [Line Items]
Number of shares repurchased	461,416
Shares repurchased, average cost (in dollars per share)	$ 44.33
Stock repurchase program, authorized amount	$ 150,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)		500,000,000	500,000,000	500,000,000	500,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, issued (in shares)		111,317,259	113,987,154	113,987,154	113,987,154
Common stock, outstanding (in shares)		111,317,259	113,987,154	113,987,154	113,987,154
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	10,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Common stock, issued (in shares)		0	0	0	0
Common stock, outstanding (in shares)		0	0	0	0
Series A Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, issued (in shares)		10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, outstanding (in shares)		10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, dividend rate		6.15%			6.15%
Preferred stock, aggregate liquidation preference		$ 250,000	$ 250,000	$ 250,000	$ 250,000
Preferred stock, liquidation preference (in dollars per share)		$ 25	$ 25	$ 25	$ 25
Series B Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, issued (in shares)		300,000	300,000	300,000	300,000
Preferred stock, outstanding (in shares)		300,000	300,000	300,000	300,000
Preferred stock, dividend rate		4.65%		4.65%
Preferred stock, aggregate liquidation preference		$ 300,000	$ 300,000	$ 300,000	$ 300,000
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000	$ 1,000	$ 1,000
Series C Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01	$ 0.01	$ 0.01
Preferred stock, issued (in shares)		300,000	300,000	300,000	300,000
Preferred stock, outstanding (in shares)		300,000	300,000	300,000	300,000
Preferred stock, dividend rate		4.125%	4.125%
Preferred stock, aggregate liquidation preference		$ 300,000	$ 300,000	$ 300,000	$ 300,000
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000	$ 1,000	$ 1,000

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended		10 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,600,000	10,600,000	10,600,000	10,600,000
Preferred stock, outstanding (in shares)	10,600,000	10,600,000	10,600,000	10,600,000
Preferred stock, carrying value (in dollars)	$ 850,000	$ 850,000	$ 850,000	$ 850,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	10,000,000	10,000,000	10,000,000	10,000,000
Preferred stock, carrying value (in dollars)	$ 250,000	$ 250,000	$ 250,000	$ 250,000
Preferred stock, dividend rate	6.15%			6.15%
Series A Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	3.65%
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	300,000	300,000	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000	300,000	300,000
Preferred stock, carrying value (in dollars)	$ 300,000	$ 300,000	$ 300,000	$ 300,000
Preferred stock, dividend rate	4.65%		4.65%
Series B Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	4.076%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	300,000	300,000	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000	300,000	300,000
Preferred stock, carrying value (in dollars)	$ 300,000	$ 300,000	$ 300,000	$ 300,000
Preferred stock, dividend rate	4.125%	4.125%
Series C Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	3.149%

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)	May 07, 2014shares	Mar. 31, 2022USD ($)criteriashares	Mar. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)		0
Unrecognized compensation cost | $		$ 47,500,000
Weighted-average period of recognition of unrecognized stock-based compensation cost		2 years 4 months 2 days
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost | $		$ 0
Stock-based compensation | $		$ 0	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of different vesting criteria | criteria		4
Reversal of stock based compensation | $		$ 2,500,000
Stock-based compensation | $			$ 5,400,000
Number of shares other than options granted		629,903
Restricted Stock Units (RSUs) | Vesting Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units (RSUs) | Vesting Tranche Two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted Stock Units (RSUs) | Vesting Tranche Two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
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		137,729
Restricted Stock Units (RSUs), Book Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted		220,437
Equity Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	0
Number of shares authorized		4,199,596

Stock-based Compensation - Unve

Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares) | shares	1,571,415
Granted (in shares) | shares	629,903
Vested (in shares) | shares	(471,867)
Forfeited/canceled (in shares) | shares	(146,306)
Unvested at the end of the period (in shares) | shares	1,583,145
Expected to vest after the end of the period (in shares) | shares	1,399,784
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 43.88
Granted (in dollars per share) | $ / shares	48.06
Vested (in dollars per share) | $ / shares	42.23
Forfeited/canceled (in dollars per share) | $ / shares	40.03
Unvested at the end of the period (in dollars per share) | $ / shares	46.11
Expected to vest after the end of the period (in dollars per share) | $ / shares	$ 46.74

Aircraft Under Management (Deta

Aircraft Under Management (Details)	3 Months Ended
	Mar. 31, 2022USD ($)aircraftjoint_ventureentityaircraft_management_platform	Mar. 31, 2021USD ($)	May 05, 2022USD ($)	Dec. 31, 2021USD ($)
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed | aircraft	87
Number of aircraft management platforms | aircraft_management_platform	3
Percentage of non-controlling interest ownership, number of entities | entity	2
Number of managed aircraft terminating lease | aircraft	8
Asset write offs | $	$ 802,352,000	$ 0
Investments in Managed Platforms [Member]
Schedule of Equity Method Investments [Line Items]
Asset write offs | $	$ 11,400,000
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Number of managed aircraft terminating lease remaining in Russia | $			6
Financial Institutions Borrower
Schedule of Equity Method Investments [Line Items]
Number of aircraft | aircraft	5
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 | $	$ 62,400,000			$ 73,200,000
Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft | aircraft	48
Investment in aircraft sold | $	$ 8,800,000			$ 9,300,000
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

Net Investment in Sales-type _3

Net Investment in Sales-type Lease - Narrative (Details)	Mar. 31, 2022aircraft
Leases [Abstract]
Sales-type lease, number of aircrafts	4

Net Investment in Sales-type _4

Net Investment in Sales-type Lease - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
Future minimum lease payments to be received	$ 98,810
Estimated residual values of leased flight equipment	36,675
Less: Unearned income	(22,782)
Net Investment in Sales-type Leases	$ 112,703

Net Investment in Sales-type _5

Net Investment in Sales-type Lease - Future Minimum Lease Payments to be Received on Sales-type Lease (Details) $ in Thousands	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (excluding the three months ended March 31, 2022)	$ 6,970
2023	9,840
2024	9,840
2025	9,840
2026	9,840
Thereafter	52,480
Total	$ 98,810

Subsequent Events - Dividends D

Subsequent Events - Dividends Declared (Details) - $ / shares	May 04, 2022	Mar. 31, 2022	Mar. 31, 2021
Subsequent Events
Cash dividends declared per share (in dollars per share)		$ 0.185	$ 0.16
Class A Common Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 0.185
Series A Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	0.384375
Series B Preferred Stock | 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)	$ 10.3125