Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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, State or Province | CA | |
Entity Address, Postal Zip Code | 90067 | |
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 | 110,892,097 | |
Entity Central Index Key | 0001487712 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
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, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 1,101,844 | $ 1,086,500 |
Restricted cash | 15,124 | 21,792 |
Flight equipment subject to operating leases | 28,656,269 | 27,101,808 |
Less accumulated depreciation | (4,727,410) | (4,202,804) |
Flight equipment subject to operating leases, net | 23,928,859 | 22,899,004 |
Deposits on flight equipment purchases | 1,493,041 | 1,508,892 |
Other assets | 1,685,103 | 1,452,534 |
Total assets | 28,223,971 | 26,968,722 |
Liabilities and Shareholders’ Equity | ||
Accrued interest and other payables | 604,327 | 611,757 |
Debt financing, net of discounts and issuance costs | 18,769,057 | 17,022,480 |
Security deposits and maintenance reserves on flight equipment leases | 1,235,704 | 1,173,831 |
Rentals received in advance | 149,923 | 138,816 |
Deferred tax liability | 936,526 | 1,013,270 |
Total liabilities | 21,695,537 | 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 September 30, 2022 and December 31, 2021, respectively | 106 | 106 |
Paid-in capital | 3,250,169 | 3,399,245 |
Retained earnings | 3,274,113 | 3,609,885 |
Accumulated other comprehensive loss | 2,937 | (1,808) |
Total shareholders’ equity | 6,528,434 | 7,008,568 |
Total liabilities and shareholders’ equity | 28,223,971 | 26,968,722 |
Class A Common Stock | ||
Shareholders’ Equity | ||
Common stock | 1,109 | 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Preferred stock, issued (in shares) | 10,600,000 | |
Preferred stock, outstanding (in shares) | 10,600,000 | |
Preferred stock, aggregate liquidation preference | $ 850,000 | |
Flight Equipment, Accumulated Depreciation | $ (4,727,410) | $ (4,202,804) |
Noncumulative Preferred Stock | ||
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 |
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) | 110,892,097 | 113,987,154 |
Common stock, outstanding (in shares) | 110,892,097 | 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 OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues [Abstract] | ||||
Rental of flight equipment | $ 541,397 | $ 519,535 | $ 1,653,223 | $ 1,439,674 |
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] |
Aircraft sales, trading and other | $ 19,937 | $ 4,974 | $ 62,469 | $ 51,539 |
Total revenues | 561,334 | 524,509 | 1,715,692 | 1,491,213 |
Expenses | ||||
Interest | 122,348 | 114,659 | 358,621 | 346,244 |
Amortization of debt discounts and issuance costs | 13,162 | 12,571 | 39,772 | 37,109 |
Interest expense | 135,510 | 127,230 | 398,393 | 383,353 |
Depreciation | 242,503 | 224,960 | 713,095 | 651,742 |
Write-off of Russian fleet | 0 | 0 | 802,352 | 0 |
Selling, general and administrative | 39,718 | 31,082 | 110,993 | 84,682 |
Stock-based compensation expense | 5,764 | 6,692 | 9,799 | 18,800 |
Total expenses | 423,495 | 389,964 | 2,034,632 | 1,138,577 |
Income/(loss) before taxes | 137,839 | 134,545 | (318,940) | 352,636 |
Income tax (expense)/benefit | (27,458) | (27,208) | 76,606 | (67,785) |
Net income/(loss) | 110,381 | 107,337 | (242,334) | 284,851 |
Preferred stock dividends | (10,425) | (7,331) | (31,275) | (19,010) |
Net income/(loss) available to common stockholders, basic | 99,956 | 100,006 | (273,609) | 265,841 |
Net income/(loss) available to common stockholders, diluted | 99,956 | 100,006 | (273,609) | 265,841 |
Other comprehensive income/(loss): | ||||
Foreign currency translation adjustment | 21,481 | 7,129 | 27,811 | (943) |
Change in fair value of hedged transactions | (17,063) | (7,874) | (21,774) | (1,677) |
Total tax (expense)/benefit on other comprehensive income/loss | (946) | 159 | (1,292) | 560 |
Other comprehensive income/(loss), net of tax | 3,472 | (586) | 4,745 | (2,060) |
Total comprehensive income/(loss) attributable for common stockholders | $ 103,428 | $ 99,420 | $ (268,864) | $ 263,781 |
Earnings/(loss) per share of common stock: | ||||
Basic (in dollars per share) | $ 0.90 | $ 0.88 | $ (2.45) | $ 2.33 |
Diluted (in dollars per share) | $ 0.90 | $ 0.87 | $ (2.45) | $ 2.32 |
Weighted-average shares outstanding | ||||
Basic (in shares) | 110,892,097 | 114,122,512 | 111,874,002 | 114,071,951 |
Diluted (in shares) | 111,090,133 | 114,381,621 | 111,874,002 | 114,415,169 |
Dividends declared per share of common stock (in dollars per share) | $ 0.185 | $ 0.16 | $ 0.555 | $ 0.48 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A Common Stock | Class B Non‑Voting Common Stock | Preferred Stock | Common Stock Class A Common Stock | Common Stock Class B Non‑Voting Common Stock | Paid‑in Capital | Retained Earnings | Retained Earnings Class A Common Stock | Accumulated Other Comprehensive Income/(Loss) |
Beginning balance preferred stock (in share) at Dec. 31, 2020 | 10,000,000 | |||||||||
Beginning balance at Dec. 31, 2020 | $ 6,072,341 | $ 100 | $ 1,139 | $ 0 | $ 2,793,178 | $ 3,277,599 | $ 325 | |||
Beginning balance common stock (in shares) at Dec. 31, 2020 | 113,852,896 | 0 | ||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Issuance of preferred stock (in shares) | 300,000 | |||||||||
Issuance of preferred stock | 295,449 | $ 3 | 295,446 | |||||||
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares) | 425,232 | |||||||||
Issuance of common stock upon vesting of restricted stock units | 1,441 | $ 4 | 1,437 | |||||||
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 withholdings on stock-based compensation (in shares) | (157,266) | |||||||||
Tax withholdings on stock-based compensation | (7,169) | $ (2) | (7,167) | |||||||
Net income (loss) | 84,092 | 84,092 | ||||||||
Ending balance preferred stock (in share) at Mar. 31, 2021 | 10,300,000 | |||||||||
Ending balance common stock (in shares) at Mar. 31, 2021 | 114,120,862 | 0 | ||||||||
Ending balance at Mar. 31, 2021 | 6,428,212 | $ 103 | $ 1,141 | $ 0 | 3,088,302 | 3,339,588 | (922) | |||
Beginning balance preferred stock (in share) at Dec. 31, 2020 | 10,000,000 | |||||||||
Beginning balance at Dec. 31, 2020 | 6,072,341 | $ 100 | $ 1,139 | $ 0 | 2,793,178 | 3,277,599 | 325 | |||
Beginning balance common stock (in shares) at Dec. 31, 2020 | 113,852,896 | 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 (loss) | 284,851 | |||||||||
Ending balance preferred stock (in share) at Sep. 30, 2021 | 10,300,000 | |||||||||
Ending balance common stock (in shares) at Sep. 30, 2021 | 113,987,154 | 0 | ||||||||
Ending balance at Sep. 30, 2021 | 6,583,783 | $ 103 | $ 1,140 | $ 0 | 3,095,620 | 3,488,655 | (1,735) | |||
Beginning balance preferred stock (in share) at Mar. 31, 2021 | 10,300,000 | |||||||||
Beginning balance at Mar. 31, 2021 | 6,428,212 | $ 103 | $ 1,141 | $ 0 | 3,088,302 | 3,339,588 | (922) | |||
Beginning balance common stock (in shares) at Mar. 31, 2021 | 114,120,862 | 0 | ||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Issuance of preferred stock (in shares) | 0 | |||||||||
Issuance of preferred stock | (19) | $ 0 | (19) | |||||||
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares) | 25,956 | |||||||||
Stock-based compensation expense | 6,700 | 6,700 | ||||||||
Cash dividends | (18,263) | (18,263) | ||||||||
Preferred dividends | (7,835) | (7,835) | ||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | (227) | (227) | ||||||||
Tax withholdings on stock-based compensation (in shares) | (5,715) | |||||||||
Tax withholdings on stock-based compensation | (275) | (275) | ||||||||
Net income (loss) | 93,422 | 93,422 | ||||||||
Ending balance preferred stock (in share) at Jun. 30, 2021 | 10,300,000 | |||||||||
Ending balance common stock (in shares) at Jun. 30, 2021 | 114,141,103 | 0 | ||||||||
Ending balance at Jun. 30, 2021 | 6,501,715 | $ 103 | $ 1,141 | $ 0 | 3,094,708 | 3,406,912 | (1,149) | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Common stock repurchased (in shares) | (153,949) | |||||||||
Common stock repurchased | (5,781) | $ (1) | (5,780) | |||||||
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 (loss) | 107,337 | 107,337 | ||||||||
Ending balance preferred stock (in share) at Sep. 30, 2021 | 10,300,000 | |||||||||
Ending balance common stock (in shares) at Sep. 30, 2021 | 113,987,154 | 0 | ||||||||
Ending balance at Sep. 30, 2021 | 6,583,783 | $ 103 | $ 1,140 | $ 0 | 3,095,620 | 3,488,655 | (1,735) | |||
Beginning balance preferred stock (in share) at Dec. 31, 2021 | 10,600,000 | |||||||||
Beginning balance at Dec. 31, 2021 | 7,008,568 | $ 106 | $ 1,140 | $ 0 | 3,399,245 | 3,609,885 | (1,808) | |||
Beginning balance common stock (in shares) at Dec. 31, 2021 | 113,987,154 | 0 | 113,987,154 | 0 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares) | 477,656 | |||||||||
Issuance of common stock upon vesting of restricted stock units | 2 | $ 5 | (3) | |||||||
Common stock repurchased (in shares) | (2,959,458) | |||||||||
Common stock repurchased | (129,549) | $ (30) | (129,519) | |||||||
Stock-based compensation expense | (2,523) | (2,523) | ||||||||
Cash dividends | $ (21,136) | (21,136) | ||||||||
Preferred dividends | (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 withholdings on stock-based compensation (in shares) | (188,093) | |||||||||
Tax withholdings on stock-based compensation | (8,097) | $ (2) | (8,095) | |||||||
Net income (loss) | (468,993) | (468,993) | ||||||||
Ending balance preferred stock (in share) at Mar. 31, 2022 | 10,600,000 | |||||||||
Ending balance common stock (in shares) at Mar. 31, 2022 | 111,317,259 | 0 | ||||||||
Ending balance at Mar. 31, 2022 | 6,369,585 | $ 106 | $ 1,113 | $ 0 | 3,259,105 | 3,109,331 | (70) | |||
Beginning balance preferred stock (in share) at Dec. 31, 2021 | 10,600,000 | |||||||||
Beginning balance at Dec. 31, 2021 | 7,008,568 | $ 106 | $ 1,140 | $ 0 | 3,399,245 | 3,609,885 | (1,808) | |||
Beginning balance common stock (in shares) at Dec. 31, 2021 | 113,987,154 | 0 | 113,987,154 | 0 | ||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Common stock repurchased (in shares) | (3,420,874) | |||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | 4,745 | |||||||||
Net income (loss) | $ (242,334) | |||||||||
Ending balance preferred stock (in share) at Sep. 30, 2022 | 10,600,000 | 10,600,000 | ||||||||
Ending balance common stock (in shares) at Sep. 30, 2022 | 110,892,097 | 0 | 110,892,097 | 0 | ||||||
Ending balance at Sep. 30, 2022 | $ 6,528,434 | $ 106 | $ 1,109 | $ 0 | 3,250,169 | 3,274,113 | 2,937 | |||
Beginning balance preferred stock (in share) at Mar. 31, 2022 | 10,600,000 | |||||||||
Beginning balance at Mar. 31, 2022 | 6,369,585 | $ 106 | $ 1,113 | $ 0 | 3,259,105 | 3,109,331 | (70) | |||
Beginning balance common stock (in shares) at Mar. 31, 2022 | 111,317,259 | 0 | ||||||||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares) | 59,603 | |||||||||
Common stock repurchased (in shares) | (461,416) | |||||||||
Common stock repurchased | (20,454) | $ (4) | (20,450) | |||||||
Stock-based compensation expense | 6,558 | 6,558 | ||||||||
Cash dividends | $ (20,511) | (20,511) | ||||||||
Preferred dividends | (10,425) | (10,425) | ||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | (465) | (465) | ||||||||
Tax withholdings on stock-based compensation (in shares) | (23,349) | |||||||||
Tax withholdings on stock-based compensation | (931) | (931) | ||||||||
Net income (loss) | 116,277 | 116,277 | ||||||||
Ending balance preferred stock (in share) at Jun. 30, 2022 | 10,600,000 | |||||||||
Ending balance common stock (in shares) at Jun. 30, 2022 | 110,892,097 | 0 | ||||||||
Ending balance at Jun. 30, 2022 | 6,439,634 | $ 106 | $ 1,109 | $ 0 | 3,244,282 | 3,194,672 | (535) | |||
Increase (Decrease) in Shareholders' Equity | ||||||||||
Stock-based compensation expense | 5,764 | 5,764 | ||||||||
Cash dividends | $ (20,515) | $ (20,515) | ||||||||
Preferred dividends | (10,425) | (10,425) | ||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | 3,472 | 3,472 | ||||||||
Tax withholdings on stock-based compensation | 123 | 123 | ||||||||
Net income (loss) | $ 110,381 | 110,381 | ||||||||
Ending balance preferred stock (in share) at Sep. 30, 2022 | 10,600,000 | 10,600,000 | ||||||||
Ending balance common stock (in shares) at Sep. 30, 2022 | 110,892,097 | 0 | 110,892,097 | 0 | ||||||
Ending balance at Sep. 30, 2022 | $ 6,528,434 | $ 106 | $ 1,109 | $ 0 | $ 3,250,169 | $ 3,274,113 | $ 2,937 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.555 | $ 0.48 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net (loss)/income | $ (242,334) | $ 284,851 |
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | ||
Depreciation | 713,095 | 651,742 |
Write-off of Russian fleet | 802,352 | 0 |
Stock-based compensation expense | 9,799 | 18,800 |
Deferred taxes | (78,035) | 64,931 |
Amortization of debt discounts and issuance costs | 39,772 | 37,109 |
Amortization of prepaid lease costs | 34,734 | 33,603 |
Gain on aircraft sales, trading and other activity | (85,616) | (1,184) |
Changes in operating assets and liabilities: | ||
Other assets | (243,109) | (148,982) |
Accrued interest and other payables | (8,354) | (7,283) |
Rentals received in advance | 16,259 | (4,199) |
Net cash provided by operating activities | 958,563 | 929,388 |
Investing Activities | ||
Acquisition of flight equipment under operating lease | (2,166,317) | (1,670,203) |
Payments for deposits on flight equipment purchases | (428,424) | (303,856) |
Proceeds from aircraft sales, trading and other activity | 42,043 | 2,042 |
Acquisition of aircraft furnishings, equipment and other assets | (162,897) | (178,359) |
Net cash used in investing activities | (2,715,595) | (2,150,376) |
Financing Activities | ||
Issuance of common stock upon exercise of options | 0 | 1,438 |
Cash dividends paid on Class A common stock | (62,738) | (54,737) |
Common shares repurchased | (150,000) | (5,780) |
Net proceeds from preferred stock issuance | 0 | 295,428 |
Cash dividends paid on preferred stock | (31,275) | (19,010) |
Tax withholdings on stock-based compensation | (8,903) | (7,441) |
Net change in unsecured revolving facilities | 1,570,000 | 0 |
Proceeds from debt financings | 1,497,615 | 3,655,830 |
Payments in reduction of debt financings | (1,327,146) | (2,585,652) |
Debt issuance costs | (5,855) | (9,688) |
Security deposits and maintenance reserve receipts | 308,637 | 112,155 |
Security deposits and maintenance reserve disbursements | (24,627) | (25,654) |
Net cash provided by financing activities | 1,765,708 | 1,356,889 |
Net decrease in cash | 8,676 | 135,901 |
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 | 1,116,968 | 1,893,668 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest, including capitalized interest of $29,335 and $38,265 at September 30, 2022 and 2021, respectively | 442,461 | 428,349 |
Cash paid for income taxes | 5,808 | 2,739 |
Supplemental Disclosure of Noncash Activities | ||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment | 596,021 | 663,072 |
Cash dividends declared on common stock, not yet paid | $ 20,515 | $ 18,263 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 29,335 | $ 38,265 |
Company Background and Overview
Company Background and Overview | 9 Months Ended |
Sep. 30, 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 September 30, 2022, the Company owned 405 aircraft, managed 87 aircraft and had 412 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2022, and for all periods presented. The results of operations for the three and nine months ended September 30, 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. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt Financing | Debt Financing The Company’s consolidated debt as of September 30, 2022 and December 31, 2021 is summarized below: September 30, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,064,248 $ 16,892,058 Term financings 186,775 167,000 Revolving credit facility 1,570,000 — Total unsecured debt financing 18,821,023 17,059,058 Secured Term financings 116,981 126,660 Export credit financing 13,309 18,301 Total secured debt financing 130,290 144,961 Total debt financing 18,951,313 17,204,019 Less: Debt discounts and issuance costs (182,256) (181,539) Debt financing, net of discounts and issuance costs $ 18,769,057 $ 17,022,480 Senior unsecured notes (including Medium-Term Note Program) As of September 30, 2022, the Company had $17.1 billion in senior unsecured notes outstanding. As of December 31, 2021, the Company had $16.9 billion in senior unsecured notes outstanding. During the nine months ended September 30, 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 September 30, 2022, the Company had $1.6 billion outstanding under its unsecured revolving credit facility (the “Revolving Credit Facility”). As of December 31, 2021, the Company did not have any amounts outstanding under its 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 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, increased the total revolving commitments to approximately $7.0 billion as of May 5, 2022 and replaced LIBOR with Term SOFR as the benchmark interest rate and made certain conforming changes related thereto. As of September 30, 2022, borrowings under the Revolving Credit Facility accrued interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) 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 June 2022, the Company increased the aggregate facility capacity by an additional $122.5 million and also extended the maturity of $125.0 million in commitments to May 5, 2026. As of November 3, 2022, the Company had total revolving commitments of approximately $7.1 billion. Lenders held revolving commitments totaling approximately $6.7 billion that mature on May 5, 2026, commitments totaling $32.5 million that mature on May 5, 2025 and commitments totaling $375.0 million that mature on May 5, 2023. 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 September 30, 2022, the outstanding balance on other debt financings was $317.1 million and the Company had pledged three aircraft as collateral with a net book value of $214.6 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 September 30, 2022 are as follows: (in thousands) Years ending December 31, 2022 $ 683,152 2023 2,621,611 2024 2,863,800 2025 2,409,553 2026 4,953,021 Thereafter 5,420,176 Total $ 18,951,313 |
Flight equipment subject to ope
Flight equipment subject to operating lease | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Purchase of aircraft 2,784,350 Depreciation (713,095) Sale of aircraft and transfers to net investments in sales-type leases (250,383) Write-off of Russian fleet (791,017) Net book value as of September 30, 2022 $ 23,928,859 Accumulated depreciation as of September 30, 2022 $ (4,727,410) 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. While the Company maintains title to the aircraft, the Company determined that it is unlikely it will regain possession of the aircraft detained in Russia. As such, during the three months ended March 31, 2022, the Company recognized a loss from asset write-offs of its interests in owned aircraft detained in Russia, totaling approximately $791.0 million. In October 2022, one Boeing 737-8 MAX aircraft that was detained in Russia was returned to the Company. The returned 737-8 MAX was not operating and had been in storage in Russia since the 737 MAX grounding. In the fourth quarter of 2022, the Company will record the aircraft in its owned fleet at fair value with a corresponding offset to the write-off line item in the income statement. At this time, the Company does not anticipate the return of any other aircraft detained in Russia. As of November 3, 2022, 20 aircraft previously included in the Company’s owned fleet are still detained in Russia. The operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities and the Company’s ongoing demands for the return of its assets. In June 2022, the Company submitted insurance claims to its insurers to recover its losses relating to the aircraft detained in Russia and is vigorously pursuing all available insurance claims. Collection, timing and amounts of any insurance recoveries remains uncertain at this time. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Aircraft Acquisition As of September 30, 2022, the Company had commitments to purchase 412 aircraft from Boeing and Airbus for delivery through 2028, with an estimated aggregate commitment of $26.2 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 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 these delays. Estimated Delivery Years Aircraft Type 2022 2023 2024 2025 2026 Thereafter Total Airbus A220-100/300 4 13 25 20 12 — 74 Airbus A320/321neo (1) 14 22 24 24 35 64 183 Airbus A330-900neo 3 6 4 — — — 13 Airbus A350-900/1000 1 3 3 — — — 7 Airbus A350F — — — — 2 5 7 Boeing 737-8/9 MAX 11 29 33 19 16 — 108 Boeing 787-9/10 1 5 4 10 — — 20 Total (2) 34 78 93 73 65 69 412 (1) The Company’s Airbus A320/321neo aircraft orders include 26 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 the Company’s purchase agreements with Boeing and Airbus, the Company agrees 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 impacted the planned purchases of the Company’s aircraft on order with Boeing and Airbus. The Company is currently experiencing delivery delays with both Boeing and Airbus aircraft. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Boeing and Airbus generally provide each of the Company and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, the Company’s lease agreements generally provide each of the Company and the lessee with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $26.2 billion as of September 30, 2022, are as follows: Years ending December 31, 2022 $ 2,230,839 2023 5,385,941 2024 5,877,320 2025 4,606,225 2026 3,683,009 Thereafter 4,419,134 Total $ 26,202,468 The Company has made non-refundable deposits on flight equipment purchases of $1.5 billion as of September 30, 2022 and December 31, 2021, 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 and may also be exposed to breach of contract claims by its lessees as well as the manufacturers. |
Rental Income
Rental Income | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Rental Income | Rental IncomeAs of September 30, 2022, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of September 30, 2022 are as follows: Years ending December 31, 2022 (excluding the nine months ended September 30, 2022) $ 552,722 2023 2,169,168 2024 2,050,201 2025 1,905,764 2026 1,704,843 Thereafter 6,713,920 Total $ 15,096,618 |
Earnings_(Loss) Per Share
Earnings/(Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings/(Loss) Per Share | Earnings/(Loss) Per Share Basic earnings/(loss) per share is computed by dividing net income/(loss) 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, 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 nine months ended September 30, 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 nine months ended September 30, 2022, the Company excluded 329,947 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. For the three months ended September 30, 2022, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. 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 976,509 and 1,083,635 shares related to restricted stock units for which the performance metric had yet to be achieved as of September 30, 2022 and 2021, respectively. The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except share and per share) Basic earnings/(loss) per share: Numerator Net income/(loss) $ 110,381 $ 107,337 $ (242,334) $ 284,851 Preferred stock dividends (10,425) (7,331) (31,275) (19,010) Net income/(loss) attributable to common stockholders $ 99,956 $ 100,006 $ (273,609) $ 265,841 Denominator Weighted-average shares outstanding 110,892,097 114,122,512 111,874,002 114,071,951 Basic earnings/(loss) per share $ 0.90 $ 0.88 $ (2.45) $ 2.33 Diluted earnings/(loss) per share: Numerator Net income/(loss) $ 110,381 $ 107,337 $ (242,334) $ 284,851 Preferred stock dividends (10,425) (7,331) (31,275) (19,010) Net income/(loss) attributable to common stockholders $ 99,956 $ 100,006 $ (273,609) $ 265,841 Denominator Number of shares used in basic computation 110,892,097 114,122,512 111,874,002 114,071,951 Weighted-average effect of dilutive securities 198,036 259,109 — 343,218 Number of shares used in per share computation 111,090,133 114,381,621 111,874,002 114,415,169 Diluted earnings/(loss) per share $ 0.90 $ 0.87 $ (2.45) $ 2.32 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 September 30, 2022, the estimated fair value of the foreign currency exchange derivative liability was $7.6 million. As of December 31, 2021, the estimated fair value of the foreign currency exchange derivative asset was $14.1 million. Financial Instruments Not Measured at Fair Values The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of September 30, 2022, was $17.2 billion compared to a book value of $19.0 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 September 30, 2022, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at September 30, 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 | 9 Months Ended |
Sep. 30, 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 September 30, 2022 and December 31, 2021. As of September 30, 2022 and December 31, 2021, the Company had 110,892,097 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 September 30, 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 September 30, 2022 or December 31, 2021. During the nine months ended September 30, 2022, the Company repurchased 3,420,874 shares of its Class A common stock under its previously announced stock repurchase program at an average purchase price of $43.85 per share. Such repurchases completed the repurchase of the entire $150.0 million of outstanding shares authorized under the Company’s stock repurchase program. The Company completed the share repurchase program in April 2022. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at September 30, 2022 and December 31, 2021. As of September 30, 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 September 30, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of September 30, 2022 Carrying Value Issue Date Dividend Rate in Effect at September 30, 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 10,600,000 $ 850,000 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 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 September 30, 2022, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,220,763. 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 September 30, 2022, the Company had no outstanding Stock Options and no unrecognized compensation costs related to outstanding Stock Options. For the three and nine months ended September 30, 2022 and 2021, there were no stock-based compensation expenses related to Stock Options. The Company recorded $5.8 million and $6.7 million of stock-based compensation expense related to RSUs for the three months ended September 30, 2022 and 2021, respectively. The Company recorded $9.8 million and $18.8 million of stock-based compensation expense related to RSUs for the nine months ended September 30, 2022 and 2021, respectively. The decrease in stock-based compensation relates to reductions in the underlying vesting estimates of certain book value RSUs as the performance criteria are no longer 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 nine months ended September 30, 2022, the Company granted 652,016 RSUs of which 110,237 are TSR RSUs and 220,437 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the nine months ended September 30, 2022: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 652,016 $ 47.24 Vested (542,060) $ 42.50 Forfeited/canceled (166,233) $ 40.47 Unvested at September 30, 2022 1,515,138 $ 45.90 Expected to vest after September 30, 2022 1,314,519 $ 46.53 As of September 30, 2022, there was $34.4 million of unrecognized compensation expense related to unvested stock-based payments granted to employees. Total unrecognized compensation expense will be recognized over a weighted-average remaining period of 1.90 years. |
Aircraft Under Management
Aircraft Under Management | 9 Months Ended |
Sep. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aircraft Under Management | Aircraft Under Management As of September 30, 2022, the Company managed 87 aircraft across three aircraft management platforms. The Company managed 47 aircraft through its Thunderbolt platform, 35 aircraft through the Blackbird investment funds and five on behalf of a financial institution. As of September 30, 2022, the Company managed 35 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 September 30, 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 $64.1 million and $73.2 million as of September 30, 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 September 30, 2022, the Company managed 47 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 September 30, 2022 and December 31, 2021, respectively and is included in Other assets on the Consolidated Balance Sheets. |
Net Investment in Sales-type Le
Net Investment in Sales-type Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Net Investment in Sales-type Leases | Net Investment in Sales-type Leases As of September 30, 2022, the Company had nine 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): September 30, 2022 Future minimum lease payments to be received $ 217,300 Estimated residual values of leased flight equipment 82,520 Less: Unearned income (43,263) Net Investment in Sales-type Leases $ 256,557 As of September 30, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2022 (excluding the nine months ended September 30, 2022) $ 5,125 2023 22,140 2024 22,140 2025 22,140 2026 22,140 Thereafter 123,615 Total $ 217,300 |
Flight Equipment Held for Sale
Flight Equipment Held for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Flight Equipment Held for Sale | Flight Equipment Held for SaleAs of September 30, 2022, the Company had four aircraft, with a carrying value of $146.3 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. During the three months ended September 30, 2022, the Company completed the sale of one aircraft from its held for sale portfolio. The Company expects the sale of all four aircraft to be completed by the end of the first quarter of 2023. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2021, the Company did not have any flight equipment classified as held for sale. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In October 2022, one Boeing 737-8 MAX aircraft that was detained in Russia was returned to the Company. See Note 4 “Flight equipment subject to operating lease” for more information. On November 2, 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 $ 0.20 December 16, 2022 January 10, 2023 Series A Preferred Stock $ 0.384375 November 30, 2022 December 15, 2022 Series B Preferred Stock $ 11.625 November 30, 2022 December 15, 2022 Series C Preferred Stock $ 10.3125 November 30, 2022 December 15, 2022 |
Basis of Preparation and Crit_2
Basis of Preparation and Critical Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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. |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Debt | The Company’s consolidated debt as of September 30, 2022 and December 31, 2021 is summarized below: September 30, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,064,248 $ 16,892,058 Term financings 186,775 167,000 Revolving credit facility 1,570,000 — Total unsecured debt financing 18,821,023 17,059,058 Secured Term financings 116,981 126,660 Export credit financing 13,309 18,301 Total secured debt financing 130,290 144,961 Total debt financing 18,951,313 17,204,019 Less: Debt discounts and issuance costs (182,256) (181,539) Debt financing, net of discounts and issuance costs $ 18,769,057 $ 17,022,480 |
Schedule of Maturities of Debt Outstanding | Maturities of debt outstanding as of September 30, 2022 are as follows: (in thousands) Years ending December 31, 2022 $ 683,152 2023 2,621,611 2024 2,863,800 2025 2,409,553 2026 4,953,021 Thereafter 5,420,176 Total $ 18,951,313 |
Flight equipment subject to o_2
Flight equipment subject to operating lease (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Flight Equipment Subject to Operating Lease | The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the nine months ended September 30, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Purchase of aircraft 2,784,350 Depreciation (713,095) Sale of aircraft and transfers to net investments in sales-type leases (250,383) Write-off of Russian fleet (791,017) Net book value as of September 30, 2022 $ 23,928,859 Accumulated depreciation as of September 30, 2022 $ (4,727,410) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 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 13 25 20 12 — 74 Airbus A320/321neo (1) 14 22 24 24 35 64 183 Airbus A330-900neo 3 6 4 — — — 13 Airbus A350-900/1000 1 3 3 — — — 7 Airbus A350F — — — — 2 5 7 Boeing 737-8/9 MAX 11 29 33 19 16 — 108 Boeing 787-9/10 1 5 4 10 — — 20 Total (2) 34 78 93 73 65 69 412 (1) The Company’s Airbus A320/321neo aircraft orders include 26 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 $26.2 billion as of September 30, 2022, are as follows: Years ending December 31, 2022 $ 2,230,839 2023 5,385,941 2024 5,877,320 2025 4,606,225 2026 3,683,009 Thereafter 4,419,134 Total $ 26,202,468 |
Rental Income (Tables)
Rental Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Minimum Future Rentals | As of September 30, 2022, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of September 30, 2022 are as follows: Years ending December 31, 2022 (excluding the nine months ended September 30, 2022) $ 552,722 2023 2,169,168 2024 2,050,201 2025 1,905,764 2026 1,704,843 Thereafter 6,713,920 Total $ 15,096,618 |
Earnings_(Loss) Per Share (Tabl
Earnings/(Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Basic and Diluted Earnings/Loss Per Share | The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (in thousands, except share and per share) Basic earnings/(loss) per share: Numerator Net income/(loss) $ 110,381 $ 107,337 $ (242,334) $ 284,851 Preferred stock dividends (10,425) (7,331) (31,275) (19,010) Net income/(loss) attributable to common stockholders $ 99,956 $ 100,006 $ (273,609) $ 265,841 Denominator Weighted-average shares outstanding 110,892,097 114,122,512 111,874,002 114,071,951 Basic earnings/(loss) per share $ 0.90 $ 0.88 $ (2.45) $ 2.33 Diluted earnings/(loss) per share: Numerator Net income/(loss) $ 110,381 $ 107,337 $ (242,334) $ 284,851 Preferred stock dividends (10,425) (7,331) (31,275) (19,010) Net income/(loss) attributable to common stockholders $ 99,956 $ 100,006 $ (273,609) $ 265,841 Denominator Number of shares used in basic computation 110,892,097 114,122,512 111,874,002 114,071,951 Weighted-average effect of dilutive securities 198,036 259,109 — 343,218 Number of shares used in per share computation 111,090,133 114,381,621 111,874,002 114,415,169 Diluted earnings/(loss) per share $ 0.90 $ 0.87 $ (2.45) $ 2.32 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of September 30, 2022 Carrying Value Issue Date Dividend Rate in Effect at September 30, 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 10,600,000 $ 850,000 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Activities for Unvested RSUs | The following table summarizes the activities for the Company’s unvested RSUs for the nine months ended September 30, 2022: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 652,016 $ 47.24 Vested (542,060) $ 42.50 Forfeited/canceled (166,233) $ 40.47 Unvested at September 30, 2022 1,515,138 $ 45.90 Expected to vest after September 30, 2022 1,314,519 $ 46.53 |
Net Investment in Sales-type _2
Net Investment in Sales-type Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Components of Investment in Sales-Type Leases, Net | The Company’s investment in sales-type leases consisted of the following (in thousands): September 30, 2022 Future minimum lease payments to be received $ 217,300 Estimated residual values of leased flight equipment 82,520 Less: Unearned income (43,263) Net Investment in Sales-type Leases $ 256,557 |
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease | As of September 30, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2022 (excluding the nine months ended September 30, 2022) $ 5,125 2023 22,140 2024 22,140 2025 22,140 2026 22,140 Thereafter 123,615 Total $ 217,300 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 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 $ 0.20 December 16, 2022 January 10, 2023 Series A Preferred Stock $ 0.384375 November 30, 2022 December 15, 2022 Series B Preferred Stock $ 11.625 November 30, 2022 December 15, 2022 Series C Preferred Stock $ 10.3125 November 30, 2022 December 15, 2022 |
Company Background and Overvi_2
Company Background and Overview (Details) | 9 Months Ended |
Sep. 30, 2022 aircraft | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of aircraft owned | 405 |
Number of aircraft managed | 87 |
Number of aircraft on order with manufacturers | 412 |
Debt Financing - Consolidated D
Debt Financing - Consolidated Debt (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt financing | $ 18,951,313,000 | $ 17,204,019,000 |
Less: Debt discounts and issuance costs | (182,256,000) | (181,539,000) |
Debt financing, net of discounts and issuance costs | 18,769,057,000 | 17,022,480,000 |
Total unsecured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 18,821,023,000 | 17,059,058,000 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Total debt financing | 17,064,248,000 | 16,892,058,000 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 186,775,000 | 167,000,000 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt financing | 1,570,000,000 | 0 |
Total secured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 130,290,000 | 144,961,000 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 116,981,000 | 126,660,000 |
Export credit financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | $ 13,309,000 | $ 18,301,000 |
Debt Financing - Narrative (Det
Debt Financing - Narrative (Details) | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) aircraft | Nov. 03, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 05, 2022 USD ($) | Dec. 31, 2021 USD ($) aircraft | |
Debt Instrument [Line Items] | |||||
Outstanding balance | $ 18,951,313,000 | $ 17,204,019,000 | |||
Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Line of credit maturity amount | $ 7,100,000,000 | ||||
Senior notes | |||||
Debt Instrument [Line Items] | |||||
Outstanding balance | 17,064,248,000 | 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 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] | |||||
Outstanding balance | $ 1,570,000,000 | 0 | |||
Maximum borrowing capacity | $ 7,000,000,000 | ||||
Facility fee | 0.20% | ||||
Increase in borrowing capacity | $ 122,500,000 | ||||
Commitments with extended maturity | $ 125,000,000 | ||||
Revolving credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||
Debt Instrument [Line Items] | |||||
Interest margin | 1.05% | ||||
Unsecured Revolving Credit Facility Mature May 5, 2026 | Debt Instrument, Redemption, Period One | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Line of credit maturity amount | 6,700,000,000 | ||||
Unsecured Revolving Credit Facility Mature May 5, 2025 | Debt Instrument, Redemption, Period Two | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Line of credit maturity amount | 32,500,000 | ||||
Unsecured Revolving Credit Facility Mature May 5, 2023 | Debt Instrument, Redemption, Period Three | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Line of credit maturity amount | $ 375,000,000 | ||||
Other Debt Financings | |||||
Debt Instrument [Line Items] | |||||
Outstanding balance | $ 317,100,000 | $ 312,000,000 | |||
Number of aircraft pledged as collateral | aircraft | 3 | 3 | |||
Net book value of aircraft pledged as collateral | $ 214,600,000 | $ 222,200,000 |
Debt Financing - Maturities of
Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 683,152 | |
2023 | 2,621,611 | |
2024 | 2,863,800 | |
2025 | 2,409,553 | |
2026 | 4,953,021 | |
Thereafter | 5,420,176 | |
Total | $ 18,951,313 | $ 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 | 9 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||||
Depreciation | $ (242,503) | $ (224,960) | $ (713,095) | $ (651,742) | |
Flight Equipment | |||||
Movement in Property, Plant and Equipment [Roll Forward] | |||||
Net book value, beginning balance | $ 22,899,004 | 22,899,004 | |||
Purchase of aircraft | 2,784,350 | ||||
Depreciation | (713,095) | ||||
Sale of aircraft and transfers to net investments in sales-type leases | (250,383) | ||||
Write-off of Russian fleet | $ (791,000) | (791,017) | |||
Net book value, ending balance | 23,928,859 | 23,928,859 | |||
Accumulated depreciation as of September 30, 2022 | $ (4,727,410) | $ (4,727,410) |
Flight equipment subject to o_4
Flight equipment subject to operating lease - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Nov. 03, 2022 aircraft | Oct. 31, 2022 aircraft | |
Subsequent Event | ||||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||||
Aircrafts returned from Russia | 1 | |||
Number of aircraft under operating lease terminated remaining in Russia | 20 | |||
Flight Equipment | ||||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||||
Write-off of Russian fleet | $ | $ 791,000 | $ 791,017 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) aircraft | Dec. 31, 2021 USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Number of aircraft on order with manufacturers | aircraft | 412 | |
Purchase obligation | $ 26,202,468 | |
Minimum aircraft delivery delays that could trigger lessee cancellation clauses | 1 year | |
Purchase agreements, termination commencement period | 1 year | |
Non-refundable deposits on aircraft | $ 1,493,041 | $ 1,508,892 |
Aircrafts | ||
Long-term Purchase Commitment [Line Items] | ||
Non-refundable deposits on aircraft | $ 1,500,000 | $ 1,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Aircraft Acquisition (Details) | 9 Months Ended |
Sep. 30, 2022 aircraft | |
Aircrafts | |
Long-term Purchase Commitment [Line Items] | |
2022 | 34 |
2023 | 78 |
2024 | 93 |
2025 | 73 |
2026 | 65 |
Thereafter | 69 |
Total | 412 |
Airbus A220-100/300 | |
Long-term Purchase Commitment [Line Items] | |
2022 | 4 |
2023 | 13 |
2024 | 25 |
2025 | 20 |
2026 | 12 |
Thereafter | 0 |
Total | 74 |
Airbus A320/321neo | |
Long-term Purchase Commitment [Line Items] | |
2022 | 14 |
2023 | 22 |
2024 | 24 |
2025 | 24 |
2026 | 35 |
Thereafter | 64 |
Total | 183 |
Number of long-range variant aircraft | 26 |
Number of extra long-range variant aircrafts | 49 |
Airbus A330-900neo | |
Long-term Purchase Commitment [Line Items] | |
2022 | 3 |
2023 | 6 |
2024 | 4 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 13 |
Airbus A350-900/1000 | |
Long-term Purchase Commitment [Line Items] | |
2022 | 1 |
2023 | 3 |
2024 | 3 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 7 |
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 | 11 |
2023 | 29 |
2024 | 33 |
2025 | 19 |
2026 | 16 |
Thereafter | 0 |
Total | 108 |
Boeing 787-9/10 | |
Long-term Purchase Commitment [Line Items] | |
2022 | 1 |
2023 | 5 |
2024 | 4 |
2025 | 10 |
2026 | 0 |
Thereafter | 0 |
Total | 20 |
Commitments and Contingencies_3
Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 2,230,839 |
2023 | 5,385,941 |
2024 | 5,877,320 |
2025 | 4,606,225 |
2026 | 3,683,009 |
Thereafter | 4,419,134 |
Total | $ 26,202,468 |
Rental Income (Details)
Rental Income (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (excluding the nine months ended September 30, 2022) | $ 552,722 |
2023 | 2,169,168 |
2024 | 2,050,201 |
2025 | 1,905,764 |
2026 | 1,704,843 |
Thereafter | 6,713,920 |
Total | $ 15,096,618 |
Earnings_(Loss) Per Share - Nar
Earnings/(Loss) Per Share - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 shares | Sep. 30, 2021 shares | Sep. 30, 2022 class_of_stock shares | Sep. 30, 2021 shares | Dec. 31, 2021 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Number of classes of common stock | class_of_stock | 2 | ||||
Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Number of shares excluded related to restricted stock units | 0 | 0 | 329,947 | 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 | 976,509 | 1,083,635 | |||
Class B Non‑Voting Common Stock | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common stock, outstanding (in shares) | 0 | 0 | 0 |
Earnings_(Loss) Per Share - Rec
Earnings/(Loss) Per Share - Reconciliation of Basic and Diluted Earnings/Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator | ||||||||
Net (loss)/income | $ 110,381 | $ 116,277 | $ (468,993) | $ 107,337 | $ 93,422 | $ 84,092 | $ (242,334) | $ 284,851 |
Preferred stock dividends | (10,425) | (7,331) | (31,275) | (19,010) | ||||
Net income/(loss) available to common stockholders, basic | $ 99,956 | $ 100,006 | $ (273,609) | $ 265,841 | ||||
Weighted Average Number of Shares Outstanding, Basic [Abstract] | ||||||||
Weighted-average shares outstanding (in shares) | 110,892,097 | 114,122,512 | 111,874,002 | 114,071,951 | ||||
Basic earnings/(loss) per share (in dollars per share) | $ 0.90 | $ 0.88 | $ (2.45) | $ 2.33 | ||||
Numerator | ||||||||
Net (loss)/income | $ 110,381 | $ 116,277 | $ (468,993) | $ 107,337 | $ 93,422 | $ 84,092 | $ (242,334) | $ 284,851 |
Preferred stock dividends | (10,425) | (7,331) | (31,275) | (19,010) | ||||
Net income/(loss) available to common stockholders, diluted | $ 99,956 | $ 100,006 | $ (273,609) | $ 265,841 | ||||
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract] | ||||||||
Basic (in shares) | 110,892,097 | 114,122,512 | 111,874,002 | 114,071,951 | ||||
Weighted-average effect of dilutive securities (in shares) | 198,036 | 259,109 | 0 | 343,218 | ||||
Number of shares used in per share computation | 111,090,133 | 114,381,621 | 111,874,002 | 114,415,169 | ||||
Diluted earnings/(loss) per share (in dollars per share) | $ 0.90 | $ 0.87 | $ (2.45) | $ 2.32 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Reported Value Measurement | ||
Fair Value Measurements | ||
Debt financing | $ 19,000 | $ 17,200 |
Level 2 | ||
Fair Value Measurements | ||
Debt financing | 17,200 | 17,600 |
Recurring basis | Foreign Exchange Contract | Level 2 | ||
Fair Value Measurements | ||
Derivative liability | $ 7.6 | |
Derivative asset, fair value | $ 14.1 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Apr. 30, 2022 | |
Class of Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 150,000 | ||||
Preferred stock, issued (in shares) | 10,600,000 | ||||
Preferred stock, outstanding (in shares) | 10,600,000 | ||||
Preferred stock, aggregate liquidation preference | $ 850,000 | ||||
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) | 113,987,154 | 110,892,097 | 113,987,154 | 113,987,154 | |
Common stock, outstanding (in shares) | 113,987,154 | 110,892,097 | 113,987,154 | 113,987,154 | |
Number of shares repurchased | 3,420,874 | ||||
Shares repurchased, average cost (in dollars per share) | $ 43.85 | ||||
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 | 9 Months Ended | 10 Months Ended | 12 Months Ended |
Dec. 31, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Preferred stock, issued (in shares) | 10,600,000 | |||
Preferred stock, outstanding (in shares) | 10,600,000 | |||
Preferred stock, aggregate liquidation preference | $ 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, aggregate liquidation preference | $ 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, aggregate liquidation preference | $ 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, aggregate liquidation preference | $ 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) | 3 Months Ended | 9 Months Ended | |||
May 07, 2014 shares | Sep. 30, 2022 USD ($) shares | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) criteria shares | Sep. 30, 2021 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Outstanding (in shares) | 0 | 0 | |||
Unrecognized compensation expense | $ | $ 34,400,000 | $ 34,400,000 | |||
Stock-based compensation expense | $ | 5,764,000 | $ 6,692,000 | $ 9,799,000 | $ 18,800,000 | |
Weighted-average period of recognition of unrecognized stock-based compensation cost | 1 year 10 months 24 days | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of different vesting criteria | criteria | 4 | ||||
Number of shares other than options granted | 652,016 | ||||
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 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Restricted Stock Units (RSUs) | Vesting Tranche Three | |||||
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 | 110,237 | ||||
Share-based Payment Arrangement, Option | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ | 0 | $ 0 | |||
Stock-based compensation | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
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 | 4,220,763 | 4,220,763 |
Stock-based Compensation - Unve
Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Unvested Restricted Stock Units, Number of Shares | |
Unvested at the beginning of the period (in shares) | shares | 1,571,415 |
Granted (in shares) | shares | 652,016 |
Vested (in shares) | shares | (542,060) |
Forfeited/canceled (in shares) | shares | (166,233) |
Unvested at the end of the period (in shares) | shares | 1,515,138 |
Expected to vest after the end of the period (in shares) | shares | 1,314,519 |
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 | 47.24 |
Vested (in dollars per share) | $ / shares | 42.50 |
Forfeited/canceled (in dollars per share) | $ / shares | 40.47 |
Unvested at the end of the period (in dollars per share) | $ / shares | 45.90 |
Expected to vest after the end of the period (in dollars per share) | $ / shares | $ 46.53 |
Aircraft Under Management (Deta
Aircraft Under Management (Details) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 USD ($) aircraft entity aircraft_management_platform | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) aircraft | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) aircraft entity joint_venture aircraft_management_platform | Sep. 30, 2021 USD ($) | Nov. 03, 2022 aircraft | Dec. 31, 2021 USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of aircraft managed | 87 | 87 | ||||||
Number of aircraft management platforms | aircraft_management_platform | 3 | 3 | ||||||
Percentage of non-controlling interest ownership, number of entities | entity | 2 | |||||||
Number of managed aircraft terminating lease | 8 | |||||||
Asset write offs | $ | $ 0 | $ 0 | $ 802,352,000 | $ 0 | ||||
Number of previously managed aircraft remaining in Russia, removed from managed fleet | 6 | |||||||
Investments in Managed Platforms | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Asset write offs | $ | $ 0 | $ 0 | $ 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 | 5 | |||||||
Blackbird Capital I and Blackbird Capital II | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of aircraft | 35 | |||||||
Number of joint ventures participated | joint_venture | 2 | |||||||
Percentage of equity ownership | 9.50% | 9.50% | ||||||
Equity method investment | $ | $ 64,100,000 | $ 64,100,000 | $ 73,200,000 | |||||
Thunderbolt Platform | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of aircraft | 47 | |||||||
Investment in aircraft sold | $ | $ 8,800,000 | $ 8,800,000 | $ 9,300,000 | |||||
Thunderbolt Platform | Aircraft Held For Sale | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of entities which aircraft is managed | entity | 3 | 3 | ||||||
Thunderbolt II And Thunderbolt III | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage of noncontrolling interest | 5% | 5% |
Net Investment in Sales-type _3
Net Investment in Sales-type Leases - Narrative (Details) | Sep. 30, 2022 aircraft |
Leases [Abstract] | |
Sales-type lease, number of aircrafts | 9 |
Net Investment in Sales-type _4
Net Investment in Sales-type Leases - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
Future minimum lease payments to be received | $ 217,300 |
Estimated residual values of leased flight equipment | 82,520 |
Less: Unearned income | (43,263) |
Net Investment in Sales-type Leases | $ 256,557 |
Net Investment in Sales-type _5
Net Investment in Sales-type Leases - Future Minimum Lease Payments to be Received on Sales-type Lease (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (excluding the nine months ended September 30, 2022) | $ 5,125 |
2023 | 22,140 |
2024 | 22,140 |
2025 | 22,140 |
2026 | 22,140 |
Thereafter | 123,615 |
Total | $ 217,300 |
Flight Equipment Held for Sale
Flight Equipment Held for Sale (Details) $ in Millions | Sep. 30, 2022 USD ($) aircraft | Dec. 31, 2021 aircraft |
Disposal Group, Held-for-sale, Not Discontinued Operations | Four Aircrafts | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts | 4 | |
Carrying value of assets held for sale | $ | $ 146.3 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Aircraft | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts | 0 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Four Aircrafts | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts | 1 |
Subsequent Events (Details)
Subsequent Events (Details) | 3 Months Ended | 9 Months Ended | ||||||||
Nov. 02, 2022 $ / shares | Sep. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Mar. 31, 2022 $ / shares | Sep. 30, 2021 $ / shares | Jun. 30, 2021 $ / shares | Mar. 31, 2021 $ / shares | Sep. 30, 2022 $ / shares | Sep. 30, 2021 $ / shares | Oct. 31, 2022 aircraft | |
Subsequent Events | ||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.185 | $ 0.185 | $ 0.185 | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.555 | $ 0.48 | ||
Subsequent Event | ||||||||||
Subsequent Events | ||||||||||
Aircrafts returned from Russia | aircraft | 1 | |||||||||
Class A Common Stock | Subsequent Event | ||||||||||
Subsequent Events | ||||||||||
Cash dividends declared per share (in dollars per share) | $ 0.20 | |||||||||
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 |