Air Lease (AL) 10-K 16 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.5
Entity Common Stock, Shares Outstanding		110,912,629
Documents Incorporated by Reference	Designated portions of the Proxy Statement relating to registrant’s 2023 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission within 120 days after the end of the 2022 fiscal year, are incorporated by reference into Part III of this Report.
Entity Central Index Key	0001487712
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Irvine, CA
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 766,418	$ 1,086,500
Restricted cash	13,599	21,792
Flight equipment subject to operating leases	29,466,888	27,101,808
Less accumulated depreciation	(4,928,503)	(4,202,804)
Flight equipment subject to operating leases, net	24,538,385	22,899,004
Deposits on flight equipment purchases	1,344,973	1,508,892
Other assets	1,733,330	1,452,534
Total assets	28,396,705	26,968,722
Liabilities and Shareholders’ Equity
Accrued interest and other payables	696,899	611,757
Debt financing, net of discounts and issuance costs	18,641,063	17,022,480
Security deposits and maintenance reserves on flight equipment leases	1,293,929	1,173,831
Rentals received in advance	147,654	138,816
Deferred tax liability	970,797	1,013,270
Total liabilities	21,750,342	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 December 31, 2022 and December 31, 2021, respectively	106	106
Paid-in capital	3,255,973	3,399,245
Retained earnings	3,386,820	3,609,885
Accumulated other comprehensive income/(loss)	2,355	(1,808)
Total shareholders’ equity	6,646,363	7,008,568
Total liabilities and shareholders’ equity	28,396,705	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	Dec. 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 (in dollars)	$ 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 (LOSS)/INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues [Abstract]
Rental of flight equipment	$ 2,214,508	$ 2,003,337	$ 1,946,620
Aircraft sales, trading, and other	$ 102,794	$ 85,052	$ 68,819
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]
Total revenues	$ 2,317,302	$ 2,088,389	$ 2,015,439
Expenses
Interest	492,924	462,396	431,733
Amortization of debt discounts and issuance costs	53,254	50,620	43,025
Interest expense	546,178	513,016	474,758
Depreciation of flight equipment	965,955	882,562	780,691
Write-off of Russian fleet, net of recoveries	771,476	0	0
Selling, general, and administrative	156,855	125,279	95,684
Stock-based compensation expense	15,603	26,516	17,628
Total expenses	2,456,067	1,547,373	1,368,761
(Loss)/income before taxes	(138,765)	541,016	646,678
Income tax benefit/(expense)	41,741	(104,384)	(130,414)
Net (loss)/income	(97,024)	436,632	516,264
Preferred stock dividends	(41,700)	(28,473)	(15,375)
Net (loss)/income attributable to common stockholders	(138,724)	408,159	500,889
Net (loss)/income attributable to common stockholders	(138,724)	408,159	500,889
Other Comprehensive Income/(Loss):
Foreign currency translation adjustment	21,943	(2,419)	(6,828)
Change in fair value of hedged transactions	(16,647)	(294)	8,992
Total tax (expense)/benefit on other comprehensive income/loss	(1,133)	580	(442)
Other comprehensive income/(loss), net of tax	4,163	(2,133)	1,722
Total comprehensive (loss)/income attributable for common stockholders	$ (134,561)	$ 406,026	$ 502,611
Earnings per share of common stock:
Basic (in dollars per share)	$ (1.24)	$ 3.58	$ 4.41
Diluted (in dollars per share)	$ (1.24)	$ 3.57	$ 4.39
Weighted-average shares of common stock outstanding
Basic (in shares)	111,626,508	114,050,578	113,684,782
Diluted (in shares)	111,626,508	114,446,093	114,014,021
Dividends declared per share (in dollars per share)	$ 0.755	$ 0.665	$ 0.61

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Preferred Stock	Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss)/Income	Class A Common Stock	Class A Common Stock Common Stock	Class B Non‑Voting Common Stock	Class B Non‑Voting Common Stock Common Stock
Beginning balance (in shares) at Dec. 31, 2019		10,000,000
Beginning balance at Dec. 31, 2019	$ 5,623,544	$ 100	$ 2,777,601	$ 2,846,106	$ (1,397)		$ 1,134		$ 0
Beginning balance (in shares) at Dec. 31, 2019							113,350,267		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options, vesting of restricted stock units and convertible debt conversion (in shares)							700,737
Issuance of common stock upon exercise of options and vesting of restricted stock units	6,571		6,564				$ 7
Stock-based compensation expense	17,628		17,628
Cash dividends	(69,396)			(69,396)
Preferred dividends	(15,375)			(15,375)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	1,722				1,722
Tax withholdings on stock based compensation (in shares)							(198,108)
Tax withholdings on stock based compensation	(8,617)		(8,615)				$ (2)
Net income	516,264			516,264
Ending balance (in shares) at Dec. 31, 2020		10,000,000
Ending balance at Dec. 31, 2020	6,072,341	$ 100	2,793,178	3,277,599	325		$ 1,139		$ 0
Ending balance (in shares) at Dec. 31, 2020							113,852,896		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options, vesting of restricted stock units and convertible debt conversion (in shares)							451,188
Issuance of common stock upon exercise of options and vesting of restricted stock units	1,441		1,437				$ 4
Issuance of preferred stock (in shares)		600,000
Issuance of preferred stock	591,342	$ 6	591,336
Stock-based compensation expense	26,516		26,516
Common stock repurchased (in shares)							(153,949)
Common stock repurchased	(5,781)		(5,780)				$ (1)
Cash dividends	(75,873)			(75,873)
Preferred dividends	(28,473)			(28,473)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(2,133)				(2,133)
Tax withholdings on stock based compensation (in shares)							(162,981)
Tax withholdings on stock based compensation	(7,444)		(7,442)				$ (2)
Net income	$ 436,632			436,632
Ending balance (in shares) at Dec. 31, 2021	10,600,000	10,600,000
Ending balance at Dec. 31, 2021	$ 7,008,568	$ 106	3,399,245	3,609,885	(1,808)		$ 1,140		$ 0
Ending balance (in shares) at Dec. 31, 2021						113,987,154	113,987,154	0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of options, vesting of restricted stock units and convertible debt conversion (in shares)							537,259
Issuance of common stock upon exercise of options and vesting of restricted stock units	2		(3)				$ 5
Stock-based compensation expense	15,603		15,603
Common stock repurchased (in shares)							(3,420,874)
Common stock repurchased	(150,000)		(149,966)				$ (34)
Cash dividends	(84,341)			(84,341)
Preferred dividends	(41,700)			(41,700)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	4,163				4,163
Tax withholdings on stock based compensation (in shares)							(211,442)
Tax withholdings on stock based compensation	(8,908)		(8,906)				$ (2)
Net income	$ (97,024)			(97,024)
Ending balance (in shares) at Dec. 31, 2022	10,600,000	10,600,000
Ending balance at Dec. 31, 2022	$ 6,646,363	$ 106	$ 3,255,973	$ 3,386,820	$ 2,355		$ 1,109		$ 0
Ending balance (in shares) at Dec. 31, 2022						110,892,097	110,892,097	0	0

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share of common stock (in dollars per share)	$ 0.755	$ 0.665	$ 0.61

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Operating Activities
Net (loss)/income	$ (97,024)	$ 436,632	$ 516,264
Adjustments to reconcile net (loss)/income to net cash provided by operating activities:
Depreciation of flight equipment	965,955	882,562	780,691
Write-off of Russian fleet, net of recoveries	771,476	0	0
Stock-based compensation expense	15,603	26,516	17,628
Deferred taxes	(43,492)	97,446	166,467
Amortization of prepaid lease costs	47,849	46,547	43,224
Amortization of discounts and debt issuance costs	53,254	50,620	43,025
Gain on aircraft sales, trading and other activity	(113,103)	(46,109)	(34,654)
Changes in operating assets and liabilities:
Other assets	(232,613)	(176,391)	(415,347)
Accrued interest and other payables	255	63,112	(22,810)
Rentals received in advance	13,990	(4,099)	(4,302)
Net cash provided by operating activities	1,382,150	1,376,836	1,090,186
Investing Activities
Acquisition of flight equipment under operating lease	(2,904,723)	(2,506,175)	(1,631,551)
Payments for deposits on flight equipment purchases	(518,270)	(496,838)	(885,679)
Proceeds from aircraft sales, trading and other activity	235,424	137,887	151,132
Acquisition of aircraft furnishings, equipment and other assets	(216,635)	(229,654)	(160,993)
Net cash used in investing activities	(3,404,204)	(3,094,780)	(2,527,091)
Financing Activities
Issuance of common stock upon exercise of options	0	1,438	6,569
Net proceeds from preferred stock issuance	0	591,340	0
Cash dividends paid on Class A common stock	(83,253)	(73,001)	(68,183)
Common shares repurchased	(150,000)	(5,780)	0
Cash dividends paid on preferred stock	(41,700)	(28,473)	(15,375)
Tax withholdings on stock-based compensation	(8,903)	(7,441)	(8,618)
Net change in unsecured revolving facilities	1,020,000	0	(20,000)
Proceeds from debt financings	2,659,996	3,655,830	4,659,762
Payments in reduction of debt financings	(2,085,898)	(3,194,482)	(1,728,029)
Debt issuance costs	(6,827)	(10,245)	(8,102)
Security deposits and maintenance reserve receipts	417,224	174,521	114,596
Security deposits and maintenance reserve disbursements	(26,860)	(35,238)	(76,009)
Net cash provided by financing activities	1,693,779	1,068,469	2,856,611
Net decrease in cash	(328,275)	(649,475)	1,419,706
Cash, cash equivalents and restricted cash at beginning of period	1,108,292	1,757,767	338,061
Cash, cash equivalents and restricted cash at end of period	780,017	1,108,292	1,757,767
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $39,655, $49,070 and $53,163 at December 31, 2022, 2021 and 2020, respectively	533,897	508,616	449,662
Cash paid for income taxes	6,362	5,734	29,733
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	914,501	1,009,554	782,896
Cash dividends declared on common stock, not yet paid	$ 22,178	$ 21,088	$ 18,216

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 39,655	$ 49,070	$ 53,163

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization Air 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 December 31, 2022, the Company owned 417 aircraft, managed 85 aircraft and had 398 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. Principles of 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. Rental of flight equipment The Company leases flight equipment principally under operating leases and reports rental income ratably over the life of each lease. Rentals received, but unearned, under the lease agreements are recorded in Rentals received in advance on the Company’s Consolidated Balance Sheets until earned. The difference between the rental income recorded and the cash received under the provisions of the lease is included in Lease receivables, as a component of Other assets on the Company’s Consolidated Balance Sheets. An allowance for doubtful accounts will be recognized for past-due rentals based on management’s assessment of collectability. Management monitors all lessees with past due lease payments and discuss relevant operational and financial issues facing those lessees in order to determine an appropriate allowance for doubtful accounts. In addition, if collection is not reasonably assured, the Company will not recognize rental income for amounts due under the Company’s lease contracts and will recognize revenue for such lessees on a cash basis. All of the Company’s lease agreements are triple net leases whereby the lessee is responsible for all taxes, insurance, and aircraft maintenance. In the future, we may incur repair and maintenance expenses for off-lease aircraft. We recognize repair and maintenance expense in our Consolidated Statements of Operations for all such expenditures. In many operating lease contracts, the lessee is obligated to make periodic payments, which are calculated with reference to the utilization of the airframe, engines, and other major life-limited components during the lease. In these leases, we will make a payment to the lessee to compensate the lessee for the cost of the Qualifying Event incurred, up to the maximum of the amount of Maintenance Reserves payment made by the lessee during the lease term, net of previous reimbursements. These payments are made upon the lessee’s presentation of invoices evidencing the completion of such Qualifying Event. The Company records the portion of Maintenance Reserves that is virtually certain will not be reimbursed to the lessee as Rental of flight equipment revenue. Maintenance Reserves payments which we may be required to reimburse to the lessee are reflected in our overhaul reserve liability, as a component of Security deposits and overhaul reserves on flight equipment leases in our Consolidated Balance Sheets. Any Maintenance Reserves or end of lease payments collected that were not reimbursed to the lessee during the term of the lease for a Qualifying Event are recognized as rental revenues at the end of the lease. Leases that contain provisions which require us to pay a portion of a lessee's major maintenance based on the usage of the aircraft and major life-limited components that were incurred prior to the current lease are recorded as lease incentives based on estimated payments we expect to pay the lessee. These lease incentives are amortized as a reduction of rental revenues over the term of the lease. Lessee-specific modifications are capitalized as initial direct costs and amortized over the term of the lease into rental revenue in our Consolidated Statements of Operations. Our performance obligation associated with the sale of flight equipment is satisfied upon delivery of the flight equipment to a customer, which is the point in time where control of the underlying flight equipment has transferred to the buyer. Revenue is recognized when the performance obligation is satisfied and control of the aircraft related to the performance obligation is transferred to the purchaser. At the time flight equipment is retired or sold, the cost and accumulated depreciation are removed from the related accounts and the difference, net of transaction price, is recorded as a gain or loss. Net investment in finance or sales-type lease A net investment in sales-type lease is recognized if a lease meets specific criteria under Accounting Standards Codification (“ASC”) 842 at its inception. Upon commencement of the lease, the book value of the leased asset is de-recognized and a net investment in sales-type lease is recognized within Other assets in our 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. We recognize the difference between the book value of the aircraft and the net investment in the lease in Aircraft sales, trading, and other in our Consolidated Statement of Operations. Interest income on our net investment in sales-type leases is recognized over the lease term in a manner that produces a constant rate of return on the net investment in the lease. Initial direct costs The Company records as period costs those internal and other costs incurred in connection with identifying, negotiating, and delivering aircraft to the Company's lessees. Amounts paid by us to lessees and/or other parties in connection with originating lease transactions are capitalized as lease incentives and are amortized over the lease term. Additionally, regarding the extension of leases that contain maintenance reserve provisions, the Company considers maintenance reserves that were previously recorded as revenue and no longer meet the virtual certainty criteria as a function of the extended lease term as lease incentives and capitalizes such reserves. The amortization of lease incentives are recorded as a reduction of lease revenue in the Consolidated Statements of Operations. Cash, cash equivalents and restricted cash The Company considers cash and cash equivalents to be cash on hand and highly liquid investments with original maturity dates of 90 days or less. Restricted cash consists of pledged security deposits, maintenance reserves, and rental payments related to secured aircraft financing arrangements. The following table reconciles cash, cash equivalents and restricted cash reported in the Company’s Consolidated Balance Sheets to the total amount presented in our consolidated statement of cash flows (in thousands): December 31, 2022 December 31, 2021 Cash and cash equivalents $ 766,418 $ 1,086,500 Restricted cash 13,599 21,792 Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 780,017 $ 1,108,292 Flight equipment Flight equipment under operating lease is stated at cost less accumulated depreciation. Purchases, major additions and modifications, and interest on deposits during the construction phase are capitalized. The Company generally depreciates passenger aircraft on a straight-line basis over a 25-year life from the date of manufacture to a 15% residual value. Changes in the assumption of useful lives or residual values for aircraft could have a significant impact on the Company’s results of operations and financial condition. Major aircraft improvements and modifications incurred during an off-lease period are capitalized and depreciated over the lesser of the remaining life of the flight equipment or the aircraft improvement. In addition, costs paid by us for scheduled maintenance and overhauls are capitalized and depreciated over a period to the next scheduled maintenance or overhaul event. Miscellaneous repairs are expensed when incurred. Management evaluates on a quarterly basis the need to perform an impairment test whenever facts or circumstances indicate a potential impairment has occurred. An assessment is performed whenever events or changes in circumstances indicate that the carrying amount of an aircraft may not be recoverable. Recoverability of an aircraft’s carrying amount is measured by comparing the carrying amount of the aircraft to future undiscounted net cash flows expected to be generated by the aircraft. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected lease rates, and estimated residual or scrap values for each aircraft. We develop assumptions used in the recoverability analysis based on our knowledge of active lease contracts, current and future expectations of the global demand for a particular aircraft type, potential for alternative use of aircraft and historical experience in the aircraft leasing market and aviation industry, as well as information received from third-party industry sources. The factors considered in estimating the undiscounted cash flows are affected by changes in future periods due to changes in contracted lease rates, economic conditions, technology, and airline demand for a particular aircraft type. In the event that an aircraft does not meet the recoverability test and the aircraft's carrying amount falls below estimated values from third-party industry sources, the aircraft will be recorded at fair value in accordance with the Company’s Fair Value Policy, resulting in an impairment charge. Our Fair Value Policy is described below under “Fair Value Measurements”. Maintenance Rights The Company identifies, measures, and accounts for maintenance right assets and liabilities associated with its acquisitions of aircraft with in-place leases. A maintenance right asset represents the fair value of the Company’s contractual right under a lease to receive an aircraft in an improved maintenance condition as compared to the maintenance condition on the acquisition date. A maintenance right liability represents the Company’s obligation to pay the lessee for the difference between the lease end contractual maintenance condition of the aircraft and the actual maintenance condition of the aircraft on the acquisition date. The Company’s aircraft are typically subject to triple-net leases pursuant to which the lessee is responsible for maintenance, which is accomplished through one of two types of provisions in its leases: (i) end of lease return conditions (“EOL Leases”) or (ii) periodic maintenance payments (“MR Leases”). (i) EOL Leases Under EOL Leases, the lessee is obligated to comply with certain return conditions which require the lessee to perform maintenance on the aircraft or make cash compensation payments at the end of the lease to bring the aircraft into a specified maintenance condition. Maintenance right assets in EOL Leases represent the difference in value between the contractual right to receive an aircraft in an improved maintenance condition as compared to the maintenance condition on the acquisition date. Maintenance right liabilities exist in EOL Leases if, on the acquisition date, the maintenance condition of the aircraft is greater than the contractual return condition in the lease and the Company is required to pay the lessee in cash for the improved maintenance condition. Maintenance right assets are recorded as a component of Flight equipment subject to operating leases on the Consolidated Balance Sheets. When the Company has recorded maintenance right assets with respect to EOL Leases, the following accounting scenarios exist: (i) the aircraft is returned at lease expiry in the contractually specified maintenance condition without any cash payment to the Company by the lessee, the maintenance right asset is relieved, and an aircraft improvement is recorded to the extent the improvement is substantiated and deemed to meet the Company’s capitalization policy; (ii) the lessee pays the Company cash compensation at lease expiry in excess of the value of the maintenance right asset, the maintenance right asset is relieved, and any excess is recognized as end of lease income; or (iii) the lessee pays the Company cash compensation at lease expiry that is less than the value of the maintenance right asset, the cash is applied to the maintenance right asset, and the balance of such asset is relieved and recorded as an aircraft improvement to the extent the improvement is substantiated and meets the Company’s capitalization policy. Any aircraft improvement will be depreciated over a period to the next scheduled maintenance event in accordance with the Company’s policy with respect to major maintenance and included in Depreciation of flight equipment on the Company’s Consolidated Statements of Operations. When the Company has recorded maintenance right liabilities with respect to EOL Leases, the following accounting scenarios exist: (i) the aircraft is returned at lease expiry in the contractually specified maintenance condition without any cash payment by the Company to the lessee, the maintenance right liability is relieved, and end of lease income is recognized; (ii) the Company pays the lessee cash compensation at lease expiry of less than the value of the maintenance right liability, the maintenance right liability is relieved, and any difference is recognized as end of lease income; or (iii) the Company pays the lessee cash compensation at lease expiry in excess of the value of the maintenance right liability, the maintenance right liability is relieved, and the excess amount is recorded as an aircraft improvement to the extent that it meets our capitalization policy. (ii) MR Leases Under MR Leases, the lessee is required to make periodic payments to us for maintenance based upon planned usage of the aircraft. When a Qualifying Event occurs during the lease term, the Company is required to reimburse the lessee for the costs associated with such an event. At the end of lease, the Company is entitled to retain any cash receipts in excess of the required reimbursements to the lessee. Maintenance right assets in MR Leases represent the right to receive an aircraft in an improved condition relative to the actual condition on the acquisition date. The aircraft is improved by the performance of a Qualifying Event paid for by the lessee who is reimbursed by the Company from the periodic maintenance payments that it receives. Maintenance right assets are recorded as a component of Flight equipment subject to operating leases on the Consolidated Balance Sheets. When the Company has recorded maintenance right assets with respect to MR Leases, the following accounting scenarios exist: (i) the aircraft is returned at lease expiry and no Qualifying Event has been performed by the lessee since the acquisition date, the maintenance right asset is offset by the amount of the associated maintenance payment liability, and any excess is recorded as end of lease income; or (ii) the Company has reimbursed the lessee for the performance of a Qualifying Event, the maintenance right asset is relieved, and an aircraft improvement is recorded to the extent that it meets our capitalization policy. As of December 31, 2022 and 2021, there were no maintenance right liabilities for MR Leases. When flight equipment is sold, maintenance rights are included in the calculation of the disposition gain or loss. For the year ended December 31, 2022, the Company purchased one aircraft in the secondary market, which was not subject to an existing lease. For the year ended December 31, 2021, the Company did not purchase aircraft in the secondary market. As of December 31, 2022 and 2021, the Company had maintenance right assets of $16.5 million. Maintenance right assets are included under Flight equipment subject to operating leases in our Consolidated Balance Sheets. Flight equipment held for sale Management evaluates all contemplated aircraft sale transactions to determine whether all the required criteria have been met under Generally Accepted Accounting Principles (“GAAP”) to classify aircraft as flight equipment held for sale. Management uses judgment in evaluating these criteria. Due to the significant uncertainties of potential sale transactions, the held for sale criteria generally will not be met unless the aircraft is subject to a signed sale agreement, or management has made a specific determination and obtained appropriate approvals to sell a particular aircraft or group of aircraft. Aircraft classified as flight equipment held for sale are recognized at the lower of their carrying amount or estimated fair value less estimated costs to sell. At the time aircraft are classified as flight equipment held for sale, depreciation expense is no longer recognized. As of December 31, 2022, the Company had four aircraft with a carrying value of $153.5 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. As of December 31, 2021, the Company did not have any flight equipment classified as held for sale. Capitalized interest The Company may borrow funds to finance deposits on new flight equipment purchases. The Company capitalizes interest expense on such borrowings. The capitalized amount is calculated using our composite borrowing rate and is recorded as an increase to the cost of the flight equipment on our Consolidated Balance Sheets at the time of purchase. Fair value measurements Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company measures the fair value of certain assets on a non-recurring basis, principally our flight equipment, when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. The Company records flight equipment at fair value when we determine the carrying value may not be recoverable. The Company principally uses the income approach to measure the fair value of flight equipment. The income approach is based on the present value of cash flows from contractual lease agreements and projected future lease payments, including contingent rentals, net of expenses, which extend to the end of the aircraft’s economic life in its highest and best use configuration, as well as a disposition value based on expectations of market participants. These valuations are considered Level 3 valuations, as the valuations contain significant non-observable inputs. Income taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in the tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance for deferred tax assets when the probability of realization of the full value of the asset is less than 50%. The Company recognizes the impact of a tax position, if that position is more than 50% likely to be sustained on audit, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Deferred costs The Company incurs debt issuance costs in connection with debt financings. Those costs are deferred and amortized over the life of the specific loan using the effective interest method and charged to interest expense. The Company also incurs costs in connection with equity offerings. Such costs are deferred until the equity offering is completed and either netted against the equity raised, or expensed if the equity offering is abandoned. Aircraft under management The Company manages aircraft across three management platforms: (i) its Thunderbolt platform, (ii) the Blackbird investment funds and (iii) on behalf of a financial institution as of December 31, 2022. The Company manages aircraft on behalf of two investment funds, Blackbird Capital I, LLC (“Blackbird I”) and Blackbird Capital II, LLC (“Blackbird II”). The Company owns non-controlling interests in each fund representing 9.5% of the equity of each fund. These investments are accounted for using the equity method of accounting due to the Company’s level of influence and involvement. The investments are recorded at the amount invested net of the Company’s 9.5% share of net income or loss, less any distributions or return of capital received from the entities. Also, the Company manages aircraft that it has sold through its Thunderbolt platform. The Company’s Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing to continue the management of these aircraft for a fee. In connection with the sale of aircraft portfolios through the Company’s Thunderbolt platform, the Company has non-controlling interests of approximately 5.0% in two entities. These investments are accounted for using the cost method of accounting and are recorded at the amount invested less any return of capital received from the respective entity. Finally, the Company also manages aircraft for a financial institution for a fee. The Company does not have any equity interest in this financial institution. Stock-based compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award. Stock-based compensation expense is recognized over the requisite service periods of the awards on a straight-line basis. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recently issued accounting pronouncements In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2022-06 to defer the sunset date of Reference Rate Reform Topic 848 (“ASC 848”). The guidance extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company doesn’t expect the application of this guidance to have a material impact on its consolidated financial statements and is still evaluating the election available to it under ASC 848 .

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company’s consolidated debt as of December 31, 2022 and 2021 is summarized below: December 31, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,095,116 $ 16,892,058 Revolving credit facility 1,020,000 — Term financings 582,950 167,000 Total unsecured debt financing 18,698,066 17,059,058 Secured Term financings 113,717 126,660 Export credit financing 11,646 18,301 Total secured debt financing 125,363 144,961 Total debt financing 18,823,429 17,204,019 Less: Debt discounts and issuance costs (182,366) (181,539) Debt financing, net of discounts and issuance costs $ 18,641,063 $ 17,022,480 At December 31, 2022, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test. All of the Company’s secured obligations as of December 31, 2022 and 2021 are recourse in nature. As of December 31, 2022, and 2021, the Company had pledged three aircraft as collateral with a net book value of $212.1 million and $222.2 million, respectively. Senior unsecured notes (including Medium-Term Note Program) As of December 31, 2022, the Company had $17.1 billion in aggregate principal amount of senior unsecured notes outstanding with remaining terms ranging from less than one month to 9.04 years and bearing interest at fixed rates ranging from 0.70% to 5.850%. As of December 31, 2021, the Company had $16.9 billion in aggregate principal amount of senior unsecured notes outstanding bearing interest at fixed rates ranging from 0.70% to 4.625%, with two notes bearing interest at a floating rate of three-month LIBOR plus 0.35% and a floating rate of LIBOR plus 1.125%. During the year ended December 31, 2022, the Company issued $2.2 billion in aggregate principal amount of Medium-Term Notes comprised of (i) $750.0 million in aggregate principal amount of 2.20% Medium-Term Notes due 2027, (ii) $750.0 million in aggregate principal amount of 2.875% Medium-Term Notes due 2032, and (iii) 700.0 million in aggregate principal amount of 5.850% Medium-Term Notes due 2027. In January 2023, the Company issued $700.0 million in aggregate principal amount of Medium-Term Notes due 2028 bearing interest at a fixed rate of 5.30%. Unsecured revolving credit facility As of December 31, 2022, the Company had $1.0 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 December 31, 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 December 31, 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. In January 2023, the Company entered into a new lender supplement which increased the aggregate facility capacity by $250.0 million to approximately $7.4 billion. The additional $250.0 million in commitments is set to mature on May 5, 2026. 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. In 2022, the Company entered into three additional unsecured term facilities, with commitments totaling $500.0 million with terms of five years and with one facility bearing interest at a fixed rate of 2.72% per annum and two facilities bearing interest at a floating rate of SOFR plus 1.40% to SOFR plus 1.45%. As of December 31, 2022, the outstanding balance on other debt financings was $708.3 million and the Company had pledged three aircraft as collateral with a net book value of $212.1 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 December 31, 2022 are as follows: (in thousands) Years ending December 31, 2023 $ 2,623,262 2024 2,919,654 2025 2,377,168 2026 4,505,386 2027 2,737,328 Thereafter 3,660,631 Total $ 18,823,429

Interest Expense

Interest Expense	12 Months Ended
	Dec. 31, 2022
Interest Expense [Abstract]
Interest Expense	Interest Expense The following table shows the components of interest for the years ended December 31, 2022, 2021 and 2020: Year Ended Year Ended Year Ended (in thousands) Interest on borrowings $ 532,579 $ 511,466 $ 484,896 Less capitalized interest (39,655) (49,070) (53,163) Interest 492,924 462,396 431,733 Amortization of discounts and deferred debt issue costs 53,254 50,620 43,025 Interest expense $ 546,178 $ 513,016 $ 474,758

Flight equipment subject to ope

Flight equipment subject to operating lease	12 Months Ended
	Dec. 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 year ended December 31, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Purchase of aircraft 3,827,407 Depreciation (965,955) Sale of aircraft and transfers to net investments in sales-type leases (461,931) Write-off of Russian fleet, net of recoveries (760,140) Net book value as of December 31, 2022 $ 24,538,385 Accumulated depreciation as of December 31, 2022 (4,928,503) 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 June 2022, the Company submitted insurance claims to its insurers to recover its losses relating to aircraft detained in Russia. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its insurers in connection with its previously submitted insurance claims and will continue to vigorously pursue all available insurance claims. Collection, timing and amounts of any insurance recoveries and the outcome of the ongoing insurance litigation remain uncertain at this time. In October 2022, one Boeing 737-8 MAX aircraft that was not operating and had been in storage in Russia since the 737 MAX grounding was returned to the Company. As a result, in the fourth quarter of 2022, the Company added the aircraft back to its owned fleet, recording the aircraft at fair value to Flight equipment subject to operating lease in the Company’s Consolidated Balance Sheet with a corresponding offset to the write-off line item in the Company’s Statement of Operations of $30.9 million. At this time, the Company does not anticipate the return of any other aircraft detained in Russia.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 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 December 31, 2022 and December 31, 2021. As of December 31, 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 December 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 December 31, 2022 or December 31, 2021. During the year ended December 31, 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 December 31, 2022 and December 31, 2021. As of December 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). On March 5, 2019, the Company issued 10.0 million shares of Series A Preferred Stock. The Company will pay dividends on the Series A Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $25.00 per share at a rate per annum equal to: (i) 6.150% during the first five years and payable quarterly in arrears beginning on June 15, 2019, and (ii) three-month LIBOR plus a spread of 3.65% per annum from March 15, 2024, reset quarterly and payable quarterly in arrears beginning on June 15, 2024. The Company may redeem shares of the Series A Preferred Stock at its option, in whole or in part, from time to time, on any dividend payment date on or after March 15, 2024, for cash at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date, without accumulation of any undeclared dividends. The Company may also redeem shares of the Series A Preferred Stock at the Company’s option under certain other limited conditions. The Series A Preferred Stock ranks on a parity with the Series B Preferred Stock and the Series C Preferred Stock. On March 2, 2021, the Company issued 300,000 shares of Series B Preferred Stock. The Company will pay dividends on the Series B Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 4.65% through June 15, 2026, and payable quarterly in arrears beginning on June 15, 2021, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 4.076% per reset period from June 15, 2026 and reset every five years and payable quarterly in arrears. The Company may redeem shares of the Series B Preferred Stock at its option, in whole or in part, from time to time, on any dividend payment date on or after June 15, 2026, for cash at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Company may also redeem shares of the Series B Preferred Stock at the Company’s option under certain other limited conditions. The Series B Preferred Stock ranks on a parity with the Series A and Series C Preferred Stock. In October 2021, the Company issued 300,000 shares of Series C Preferred Stock. The Company will pay dividends on the Series C Preferred Stock only when, as and if declared by the board of directors. Dividends will accrue, on a non-cumulative basis, on the stated amount of $1,000 per share at a rate per annum equal to: (i) 4.125% through December 15, 2026, and payable quarterly in arrears beginning on December 15, 2021, and (ii) the Five-year U.S. Treasury Rate as of the applicable reset dividend determination date plus a spread of 3.149% per reset period from December 15, 2026 and reset every five years and payable quarterly in arrears. The Company may redeem shares of the Series C Preferred Stock at its option, in whole or in part, from time to time, on any dividend payment date on or after December 15, 2026, for cash at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends, without accumulation of any undeclared dividends. The Company may also redeem shares of the Series C Preferred Stock at the Company’s option under certain other limited conditions. The Series C Preferred Stock ranks on a parity with the Series A and Series B Preferred Stock. The following table summarizes the Company’s preferred stock issued and outstanding as of December 31, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of December 31, 2022 Liquidation Preference Issue Date Dividend Rate in Effect at December 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 10,600,000 $ 850,000

Rental Income

Rental Income	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Rental Income	Rental Income At December 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 December 31, 2022, are as follows: (in thousands) Years ending December 31, 2023 $ 2,246,625 2024 2,166,215 2025 2,016,061 2026 1,805,455 2027 1,580,714 Thereafter 5,783,490 Total $ 15,598,560 The Company recorded $96.6 million, $44.2 million, and $11.3 million in overhaul revenue based on its lessees’ usage of the aircraft for the years ended December 31, 2022, 2021, and 2020, respectively. During the year ended December 31, 2022, the Company recorded $68.8 million of overhaul revenue as a result of the termination of its leasing activities in Russia. The following table shows the scheduled lease terminations (for the minimum non-cancellable period which does not include contracted unexercised lease extension options) of the Company’s owned aircraft, excluding one aircraft that is currently not subject to a lease agreement, as of December 31, 2022, updated through February 16, 2023: Aircraft Type 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-300 — — — — — 4 4 Airbus A319-100 — — 1 — — — 1 Airbus A320-200 1 5 8 1 2 11 28 Airbus A320-200neo — — — — 4 19 23 Airbus A321-200 4 — 1 9 2 7 23 Airbus A321-200neo — 4 — 2 5 67 78 Airbus A330-200 3 3 1 — — 6 13 Airbus A330-300 — — 3 1 — 1 5 Airbus A330-900neo 1 — — — — 15 16 Airbus A350-900 — — — 1 1 11 13 Airbus A350-1000 — — — — — 6 6 Boeing 737-700 — 2 — — 2 — 4 Boeing 737-800 11 7 20 16 10 18 82 Boeing 737-8 MAX — 1 12 — 1 32 46 Boeing 737-9 MAX — — — — — 15 15 Boeing 777-200ER — — 1 — — — 1 Boeing 777-300ER — — 2 9 4 9 24 Boeing 787-9 — — — 1 2 24 27 Boeing 787-10 — — — — — 6 6 Embraer E190 — 1 — — — — 1 Total 20 23 49 40 33 251 416

Concentration of Risk

Concentration of Risk	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Geographical and credit risks As of December 31, 2022, all of the Company’s Rental of flight equipment revenues were generated by leasing flight equipment to foreign and domestic airlines, and the Company leased and managed aircraft to 117 customers whose principal places of business are located in 62 countries as of December 31, 2022 compared to 118 lessees in 60 countries as of December 31, 2021. Over 95% of the Company’s aircraft are operated internationally. The following table sets forth the regional concentration based on each airline's principal place of business of the Company’s flight equipment subject to operating leases based on net book value as of December 31, 2022 and 2021: Year Ended Year Ended Region Net Book % of Total Net Book % of Total (in thousands, except percentages) Europe $ 7,985,317 32.5 % $ 7,439,993 32.5 % Asia (excluding China) 7,144,188 29.1 % 5,952,981 26.0 % China 2,792,022 11.4 % 2,934,224 12.8 % The Middle East and Africa 2,253,342 9.3 % 2,447,919 10.7 % Central America, South America, and Mexico 1,924,216 7.8 % 1,566,133 6.8 % U.S. and Canada 1,557,260 6.3 % 1,638,450 7.2 % Pacific, Australia, and New Zealand 882,040 3.6 % 919,304 4.0 % Total $ 24,538,385 100.0 % $ 22,899,004 100.0 % At December 31, 2022 and 2021, the Company owned and managed leased aircraft to customers in the following regions based on each airline's principal place of business: Year Ended Year Ended Region Number of Customers (1) % of Total Number of Customers(1) % of Total Europe 49 41.9 % 50 42.5 % Asia (excluding China) 23 19.7 % 22 18.6 % The Middle East and Africa 14 12.0 % 14 11.9 % U.S. and Canada 13 11.1 % 13 11.0 % China 8 6.8 % 9 7.6 % Central America, South America and Mexico 7 6.0 % 7 5.9 % Pacific, Australia, and New Zealand 3 2.5 % 3 2.5 % Total 117 100.0 % 118 100.0 % (1) A customer is an airline with its own operating certificate. The following table sets forth the dollar amount and percentage of the Company’s Rental of flight equipment revenues from its flight equipment subject to operating leases attributable to the indicated regions based on each airline’s principal place of business: Year Ended Year Ended Year Ended Region Amount of Rental Revenue % of Total Amount of Rental Revenue % of Total Amount of Rental Revenue % of Total (in thousands, except percentages) Asia (excluding China) $ 625,355 28.2 % $ 558,020 27.9 % $ 573,722 29.5 % Europe 611,091 27.6 % 564,479 28.2 % 525,543 27.0 % China 359,976 16.3 % 352,375 17.6 % 341,121 17.5 % The Middle East and Africa 251,243 11.3 % 210,977 10.5 % 220,017 11.3 % U.S. and Canada 143,266 6.5 % 130,717 6.5 % 106,694 5.5 % Central America, South America and Mexico 141,638 6.4 % 104,315 5.2 % 88,113 4.5 % Pacific, Australia, and New Zealand 81,939 3.7 % 82,454 4.1 % 91,410 4.7 % Total $ 2,214,508 100.0 % $ 2,003,337 100.0 % $ 1,946,620 100.0 % For the years ended December 31, 2022, 2021, and 2020, China was the only individual country that represented at least 10% of our rental revenue based on each airline's principal place of business; however, no individual airline contributed more than 10% to the Company’s rental revenue. Currency risk The Company attempts to minimize currency and exchange risks by entering into aircraft purchase agreements and a majority of lease agreements and debt agreements with U.S. dollars as the designated payment currency.

Income Tax

Income Tax	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Tax	Income Tax The provision for income taxes consists of the following: Year Ended 2022 2021 2020 (in thousands) Current: Federal $ — $ — $ (38,520) State 113 184 (107) Foreign 1,750 6,754 2,574 Deferred: Federal (43,414) 94,050 163,002 State (190) 3,396 3,465 Foreign — — — Income tax expense $ (41,741) $ 104,384 $ 130,414 Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows: Year Ended 2022 2021 2020 Amount Percent Amount Percent Amount Percent (in thousands, except percentages) Income taxes at statutory federal rate $ (29,141) 21.0 % $ 113,613 21.0 % $ 135,802 21.0 % Effect of rates different than statutory (10,728) 7.7 (8,067) (1.5) (5,329) (0.8) Foreign tax credit (8,274) 6.0 (15,651) (2.9) (9,464) (1.5) Section 162(m) limitation 3,913 (2.8) 3,808 0.7 2,736 0.4 Foreign income taxes 1,750 (1.3) 6,754 1.3 2,575 0.4 State income taxes, net of federal income tax effect and other (61) 0.1 2,828 0.5 2,653 0.4 Other 800 (0.6) 1,099 0.2 1,441 0.2 Income tax (benefit)/expense $ (41,741) 30.1 % $ 104,384 19.3 % $ 130,414 20.1 % As of December 31, 2022 and 2021, the Company’s net deferred tax assets (liabilities) are as follows: December 31, 2022 December 31, 2021 (in thousands) Deferred tax assets Interest expense limitation $ 102,125 $ — Net operating losses 82,821 127,591 Foreign tax credit 77,273 78,286 Rents received in advance 28,909 26,702 Other 10,638 19,743 Accrued bonus 3,965 4,349 Equity compensation 3,444 4,462 Total deferred tax assets 309,175 261,133 Deferred tax liabilities Aircraft depreciation $ (1,222,772) $ (1,219,061) Straight-line rents (57,200) (55,342) Total deferred tax liabilities $ (1,279,972) $ (1,274,403) Net deferred tax assets/(liabilities) $ (970,797) $ (1,013,270) The Company has interest expense that was limited for federal income tax purposes of $102.1 million as of December 31, 2022, which are available indefinitely to offset taxable income in future periods. The Company has NOL for federal and state income tax purposes of $387.3 million and $22.8 million as of December 31, 2022, respectively, which are available to offset taxable income in future periods. The Company has foreign tax credits for federal income tax purposes of $77.3 million as of December 31, 2022 which are available to offset taxable income in future periods. The Company's loss and tax credit carryforwards expire in the following periods: NOL Carryforwards Tax Credit Carryforwards (in thousands) 2023-2027 $ — $ 24,099 Thereafter 410,273 53,174 Total carryforwards $ 410,273 $ 77,273 The Company has not recorded a valuation allowance against its deferred tax assets as of December 31, 2022 and 2021 as realization of the deferred tax asset is considered more likely than not. In assessing the realizability of the deferred tax assets, management considered whether forecasted income, together with reversals of existing deferred tax liabilities, and tax planning strategies will be sufficient to recover the deferred tax assets and tax credits in making this assessment. Management anticipates the timing differences on aircraft depreciation will reverse and be available for offsetting the reversal of deferred tax assets. As of December 31, 2022 and 2021, the Company has not recorded any liability for unrecognized tax benefits. The Company files income tax returns in the U.S. and various state and foreign jurisdictions. The Company is subject to examinations by the major tax jurisdictions for the 2018 tax year and forward. In the fourth quarter of 2022, the Company was notified by the Internal Revenue Service that tax years 2019 to 2020 were selected for examination.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Aircraft Acquisition As of December 31, 2022, the Company had commitments to acquire a total of 398 new aircraft for delivery through 2029, with an estimated aggregate commitment of $25.5 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 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-100/300 14 26 20 12 — — 72 Airbus A320/321neo (1) 28 22 18 35 35 40 178 Airbus A330-900neo 7 6 — — — — 13 Airbus A350-900/1000 4 3 — — — — 7 Airbus A350F — — — 2 2 3 7 Boeing 737-7/8/9 MAX 30 37 19 16 — — 102 Boeing 787-9/10 5 4 10 — — — 19 Total (2) 88 98 67 65 37 43 398 (1) The Company's Airbus A320/321neo aircraft orders include 22 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 $25.5 billion as of December 31, 2022 are as follows: (in thousands) Years ending December 31, 2023 $ 6,224,490 2024 6,273,338 2025 4,104,896 2026 3,892,013 2027 2,479,676 Thereafter 2,563,355 Total $ 25,537,768 The Company has made non-refundable deposits on flight equipment purchases of $1.3 billion and $1.5 billion as of December 31, 2022 and 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 and may also be exposed to breach of contract claims by its lessees as well as the manufacturers.

(Loss)_Earnings Per Share

(Loss)/Earnings Per Share	12 Months Ended
	Dec. 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 December 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 year ended December 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 year ended December 31, 2022, the Company excluded 361,186 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. For the year ended December 31, 2021 and 2020, 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, 1,083,174, and 1,032,305 shares related to restricted stock units for which the performance metric had yet to be achieved as of December 31, 2022, 2021, and 2020, respectively. The following table sets forth the reconciliation of basic and diluted (loss)/earnings per share: Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands, except share and per share amounts) Basic (loss)/earnings per share: Numerator Net (loss)/income $ (97,024) $ 436,632 $ 516,264 Preferred stock dividends (41,700) (28,473) (15,375) Net (loss)/income attributable to common stockholders $ (138,724) $ 408,159 $ 500,889 Denominator Weighted-average common shares outstanding 111,626,508 114,050,578 113,684,782 Basic (loss)/earnings per share $ (1.24) $ 3.58 $ 4.41 Diluted earnings per share: Numerator Net (loss)/income $ (97,024) $ 436,632 $ 516,264 Preferred stock dividends (41,700) (28,473) (15,375) Net (loss)/income attributable to common stockholders $ (138,724) $ 408,159 $ 500,889 Denominator Number of shares used in basic computation 111,626,508 114,050,578 113,684,782 Weighted-average effect of dilutive securities — 395,515 329,239 Number of shares used in per share computation 111,626,508 114,446,093 114,014,021 Diluted (loss)/earnings per share $ (1.24) $ 3.57 $ 4.39

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 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 December 31, 2022, the estimated fair value of the foreign currency exchange derivative liability was $2.5 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 December 31, 2022 was $17.5 billion compared to a book value of $18.8 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 December 31, 2022, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at December 31, 2022 and 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.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 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 December 31, 2022, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,221,026. 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 The Company recorded $15.6 million, $26.5 million, and $17.6 million of stock-based compensation expense for the years ended December 31, 2022, 2021, and 2020, respectively. 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 year ended December 31, 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 year ended December 31, 2022: Unvested Restricted Stock Units Number of Shares Weighted‑ Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 652,016 $ 47.24 Vested (542,060) $ 42.50 Forfeited/canceled (166,496) $ 40.48 Unvested at December 31, 2022 1,514,875 $ 45.90 Expected to vest after December 31, 2022 1,193,219 $ 46.98 At December 31, 2022, the outstanding RSUs are expected to vest as follows: 2023—230,470; 2024—533,179; and 2025—429,569.

Aircraft Under Management

Aircraft Under Management	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Aircraft Under Management	Aircraft Under Management As of December 31, 2022, the Company managed 85 aircraft across three aircraft management platforms. The Company managed 46 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and five on behalf of a financial institution. 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 December 31, 2022, the Company's non-controlling interests in each fund was 9.5% and is accounted for under the equity method of accounting. The Company's investment in these funds aggregated $64.7 million and $73.2 million as of December 31, 2022 and 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 December 31, 2022, the Company managed 46 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 December 31, 2022 and 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. Eight leases for aircraft in the Company’s managed fleet were also terminated. As of February 15, 2023, six aircraft previously included in the Company’s managed fleet are detained in Russia. While the respective managed platform maintains title to the aircraft, the Company has determined that it is unlikely that the Company or they will regain possession of the aircraft detained 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. The Company did not recognize any asset write-offs related to its investments in the managed platforms for the remainder of 2022. The six aircraft detained in Russia were removed from the Company’s managed fleet count as of March 31, 2022.

Net Investment in Sales-type Le

Net Investment in Sales-type Lease	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Net Investment in Sales-type Lease	Net Investment in Sales-type Lease As of December 31, 2022, the Company had 10 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): December 31, 2022 Future minimum lease payments to be received $ 236,775 Estimated residual values of leased flight equipment $ 91,688 Less: Unearned income $ (45,786) Net Investment in Sales-type Lease $ 282,677 As of December 31, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2023 24,600 2024 24,600 2025 24,600 2026 24,600 2027 24,600 Thereafter 113,775 Total $ 236,775

Flight Equipment Held for Sale

Flight Equipment Held for Sale	12 Months Ended
	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Flight Equipment Held for Sale	Flight Equipment Held for SaleAs of December 31, 2022, the Company had four aircraft, with a carrying value of $153.5 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. During the year ended December 31, 2022, the Company completed the sale of six 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 half 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	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On February 14, 2023, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series A, Series B and Series C preferred stock. The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.20 March 16, 2023 April 12, 2023 Series A Preferred Stock $ 0.384375 February 28, 2023 March 15, 2023 Series B Preferred Stock $ 11.625 February 28, 2023 March 15, 2023 Series C Preferred Stock $ 10.3125 February 28, 2023 March 15, 2023

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of consolidation	Principles of consolidationThe 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.
Rental of flight equipment/ Net investment in finance or sales-type lease	Rental of flight equipment The Company leases flight equipment principally under operating leases and reports rental income ratably over the life of each lease. Rentals received, but unearned, under the lease agreements are recorded in Rentals received in advance on the Company’s Consolidated Balance Sheets until earned. The difference between the rental income recorded and the cash received under the provisions of the lease is included in Lease receivables, as a component of Other assets on the Company’s Consolidated Balance Sheets. An allowance for doubtful accounts will be recognized for past-due rentals based on management’s assessment of collectability. Management monitors all lessees with past due lease payments and discuss relevant operational and financial issues facing those lessees in order to determine an appropriate allowance for doubtful accounts. In addition, if collection is not reasonably assured, the Company will not recognize rental income for amounts due under the Company’s lease contracts and will recognize revenue for such lessees on a cash basis. All of the Company’s lease agreements are triple net leases whereby the lessee is responsible for all taxes, insurance, and aircraft maintenance. In the future, we may incur repair and maintenance expenses for off-lease aircraft. We recognize repair and maintenance expense in our Consolidated Statements of Operations for all such expenditures. In many operating lease contracts, the lessee is obligated to make periodic payments, which are calculated with reference to the utilization of the airframe, engines, and other major life-limited components during the lease. In these leases, we will make a payment to the lessee to compensate the lessee for the cost of the Qualifying Event incurred, up to the maximum of the amount of Maintenance Reserves payment made by the lessee during the lease term, net of previous reimbursements. These payments are made upon the lessee’s presentation of invoices evidencing the completion of such Qualifying Event. The Company records the portion of Maintenance Reserves that is virtually certain will not be reimbursed to the lessee as Rental of flight equipment revenue. Maintenance Reserves payments which we may be required to reimburse to the lessee are reflected in our overhaul reserve liability, as a component of Security deposits and overhaul reserves on flight equipment leases in our Consolidated Balance Sheets. Any Maintenance Reserves or end of lease payments collected that were not reimbursed to the lessee during the term of the lease for a Qualifying Event are recognized as rental revenues at the end of the lease. Leases that contain provisions which require us to pay a portion of a lessee's major maintenance based on the usage of the aircraft and major life-limited components that were incurred prior to the current lease are recorded as lease incentives based on estimated payments we expect to pay the lessee. These lease incentives are amortized as a reduction of rental revenues over the term of the lease. Lessee-specific modifications are capitalized as initial direct costs and amortized over the term of the lease into rental revenue in our Consolidated Statements of Operations. Our performance obligation associated with the sale of flight equipment is satisfied upon delivery of the flight equipment to a customer, which is the point in time where control of the underlying flight equipment has transferred to the buyer. Revenue is recognized when the performance obligation is satisfied and control of the aircraft related to the performance obligation is transferred to the purchaser. At the time flight equipment is retired or sold, the cost and accumulated depreciation are removed from the related accounts and the difference, net of transaction price, is recorded as a gain or loss. Net investment in finance or sales-type lease A net investment in sales-type lease is recognized if a lease meets specific criteria under Accounting Standards Codification (“ASC”) 842 at its inception. Upon commencement of the lease, the book value of the leased asset is de-recognized and a net investment in sales-type lease is recognized within Other assets in our 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. We recognize the difference between the book value of the aircraft and the net investment in the lease in Aircraft sales, trading, and other in our Consolidated Statement of Operations. Interest income on our net investment in sales-type leases is recognized over the lease term in a manner that produces a constant rate of return on the net investment in the lease.
Initial direct costs	Initial direct costs The Company records as period costs those internal and other costs incurred in connection with identifying, negotiating, and delivering aircraft to the Company's lessees. Amounts paid by us to lessees and/or other parties in connection with originating lease transactions are capitalized as lease incentives and are amortized over the lease term. Additionally, regarding the extension of leases that contain maintenance reserve provisions, the Company considers maintenance reserves that were previously recorded as revenue and no longer meet the virtual certainty criteria as a function of the extended lease term as lease incentives and capitalizes such reserves. The amortization of lease incentives are recorded as a reduction of lease revenue in the Consolidated Statements of Operations.
Cash, cash equivalents and restricted cash	Cash, cash equivalents and restricted cash The Company considers cash and cash equivalents to be cash on hand and highly liquid investments with original maturity dates of 90 days or less. Restricted cash consists of pledged security deposits, maintenance reserves, and rental payments related to secured aircraft financing arrangements.
Flight equipment	Flight equipment Flight equipment under operating lease is stated at cost less accumulated depreciation. Purchases, major additions and modifications, and interest on deposits during the construction phase are capitalized. The Company generally depreciates passenger aircraft on a straight-line basis over a 25-year life from the date of manufacture to a 15% residual value. Changes in the assumption of useful lives or residual values for aircraft could have a significant impact on the Company’s results of operations and financial condition. Major aircraft improvements and modifications incurred during an off-lease period are capitalized and depreciated over the lesser of the remaining life of the flight equipment or the aircraft improvement. In addition, costs paid by us for scheduled
Maintenance Rights	Maintenance Rights The Company identifies, measures, and accounts for maintenance right assets and liabilities associated with its acquisitions of aircraft with in-place leases. A maintenance right asset represents the fair value of the Company’s contractual right under a lease to receive an aircraft in an improved maintenance condition as compared to the maintenance condition on the acquisition date. A maintenance right liability represents the Company’s obligation to pay the lessee for the difference between the lease end contractual maintenance condition of the aircraft and the actual maintenance condition of the aircraft on the acquisition date. The Company’s aircraft are typically subject to triple-net leases pursuant to which the lessee is responsible for maintenance, which is accomplished through one of two types of provisions in its leases: (i) end of lease return conditions (“EOL Leases”) or (ii) periodic maintenance payments (“MR Leases”). (i) EOL Leases Under EOL Leases, the lessee is obligated to comply with certain return conditions which require the lessee to perform maintenance on the aircraft or make cash compensation payments at the end of the lease to bring the aircraft into a specified maintenance condition. Maintenance right assets in EOL Leases represent the difference in value between the contractual right to receive an aircraft in an improved maintenance condition as compared to the maintenance condition on the acquisition date. Maintenance right liabilities exist in EOL Leases if, on the acquisition date, the maintenance condition of the aircraft is greater than the contractual return condition in the lease and the Company is required to pay the lessee in cash for the improved maintenance condition. Maintenance right assets are recorded as a component of Flight equipment subject to operating leases on the Consolidated Balance Sheets. When the Company has recorded maintenance right assets with respect to EOL Leases, the following accounting scenarios exist: (i) the aircraft is returned at lease expiry in the contractually specified maintenance condition without any cash payment to the Company by the lessee, the maintenance right asset is relieved, and an aircraft improvement is recorded to the extent the improvement is substantiated and deemed to meet the Company’s capitalization policy; (ii) the lessee pays the Company cash compensation at lease expiry in excess of the value of the maintenance right asset, the maintenance right asset is relieved, and any excess is recognized as end of lease income; or (iii) the lessee pays the Company cash compensation at lease expiry that is less than the value of the maintenance right asset, the cash is applied to the maintenance right asset, and the balance of such asset is relieved and recorded as an aircraft improvement to the extent the improvement is substantiated and meets the Company’s capitalization policy. Any aircraft improvement will be depreciated over a period to the next scheduled maintenance event in accordance with the Company’s policy with respect to major maintenance and included in Depreciation of flight equipment on the Company’s Consolidated Statements of Operations. When the Company has recorded maintenance right liabilities with respect to EOL Leases, the following accounting scenarios exist: (i) the aircraft is returned at lease expiry in the contractually specified maintenance condition without any cash payment by the Company to the lessee, the maintenance right liability is relieved, and end of lease income is recognized; (ii) the Company pays the lessee cash compensation at lease expiry of less than the value of the maintenance right liability, the maintenance right liability is relieved, and any difference is recognized as end of lease income; or (iii) the Company pays the lessee cash compensation at lease expiry in excess of the value of the maintenance right liability, the maintenance right liability is relieved, and the excess amount is recorded as an aircraft improvement to the extent that it meets our capitalization policy. (ii) MR Leases Under MR Leases, the lessee is required to make periodic payments to us for maintenance based upon planned usage of the aircraft. When a Qualifying Event occurs during the lease term, the Company is required to reimburse the lessee for the costs associated with such an event. At the end of lease, the Company is entitled to retain any cash receipts in excess of the required reimbursements to the lessee. Maintenance right assets in MR Leases represent the right to receive an aircraft in an improved condition relative to the actual condition on the acquisition date. The aircraft is improved by the performance of a Qualifying Event paid for by the lessee who is reimbursed by the Company from the periodic maintenance payments that it receives. Maintenance right assets are recorded as a component of Flight equipment subject to operating leases on the Consolidated Balance Sheets. When the Company has recorded maintenance right assets with respect to MR Leases, the following accounting scenarios exist: (i) the aircraft is returned at lease expiry and no Qualifying Event has been performed by the lessee since the acquisition date, the maintenance right asset is offset by the amount of the associated maintenance payment liability, and any excess is recorded as end of lease income; or (ii) the Company has reimbursed the lessee for the performance of a Qualifying Event, the maintenance right asset is relieved, and an aircraft improvement is recorded to the extent that it meets our capitalization policy. As of December 31, 2022 and 2021, there were no maintenance right liabilities for MR Leases. When flight equipment is sold, maintenance rights are included in the calculation of the disposition gain or loss.
Flight equipment held for sale	Flight equipment held for saleManagement evaluates all contemplated aircraft sale transactions to determine whether all the required criteria have been met under Generally Accepted Accounting Principles (“GAAP”) to classify aircraft as flight equipment held for sale. Management uses judgment in evaluating these criteria. Due to the significant uncertainties of potential sale transactions, the held for sale criteria generally will not be met unless the aircraft is subject to a signed sale agreement, or management has made a specific determination and obtained appropriate approvals to sell a particular aircraft or group of aircraft. Aircraft classified as flight equipment held for sale are recognized at the lower of their carrying amount or estimated fair value less estimated costs to sell. At the time aircraft are classified as flight equipment held for sale, depreciation expense is no longer recognized.
Capitalized interest	Capitalized interest The Company may borrow funds to finance deposits on new flight equipment purchases. The Company capitalizes interest expense on such borrowings. The capitalized amount is calculated using our composite borrowing rate and is recorded as an increase to the cost of the flight equipment on our Consolidated Balance Sheets at the time of purchase.
Fair value measurements	Fair value measurements Fair value is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company measures the fair value of certain assets on a non-recurring basis, principally our flight equipment, when GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. The Company records flight equipment at fair value when we determine the carrying value may not be recoverable. The Company principally uses the income approach to measure the fair value of flight equipment. The income approach is based on the present value of cash flows from contractual lease agreements and projected future lease payments, including contingent rentals, net of expenses, which extend to the end of the aircraft’s economic life in its highest and best use configuration, as well as a disposition value based on expectations of market participants. These valuations are considered Level 3 valuations, as the valuations contain significant non-observable inputs.
Income taxes	Income taxes The Company uses the asset and liability method of accounting for income taxes. Under the asset and liability method, deferred income taxes are recognized for the tax consequences of “temporary differences” by applying enacted statutory tax rates applicable to future years to differences between the financial statement carrying amounts and the tax basis of existing assets and liabilities. The effect on deferred taxes of a change in the tax rates is recognized in income in the period that includes the enactment date. The Company records a valuation allowance for deferred tax assets when the probability of realization of the full value of the asset is less than 50%. The Company recognizes the impact of a tax position, if that position is more than 50% likely to be sustained on audit, based on the technical merits of the position. Recognized income tax positions are measured at the largest amount that is greater than 50% likely to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
Deferred costs	Deferred costs The Company incurs debt issuance costs in connection with debt financings. Those costs are deferred and amortized over the life of the specific loan using the effective interest method and charged to interest expense. The Company also incurs costs in connection with equity offerings. Such costs are deferred until the equity offering is completed and either netted against the equity raised, or expensed if the equity offering is abandoned.
Aircraft under management	Aircraft under management The Company manages aircraft across three management platforms: (i) its Thunderbolt platform, (ii) the Blackbird investment funds and (iii) on behalf of a financial institution as of December 31, 2022. The Company manages aircraft on behalf of two investment funds, Blackbird Capital I, LLC (“Blackbird I”) and Blackbird Capital II, LLC (“Blackbird II”). The Company owns non-controlling interests in each fund representing 9.5% of the equity of each fund. These investments are accounted for using the equity method of accounting due to the Company’s level of influence and involvement. The investments are recorded at the amount invested net of the Company’s 9.5% share of net income or loss, less any distributions or return of capital received from the entities. Also, the Company manages aircraft that it has sold through its Thunderbolt platform. The Company’s Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing to continue the management of these aircraft for a fee. In connection with the sale of aircraft portfolios through the Company’s Thunderbolt platform, the Company has non-controlling interests of approximately 5.0% in two entities. These investments are accounted for using the cost method of accounting and are recorded at the amount invested less any return of capital received from the respective entity.
Stock-based compensation	Stock-based compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award. Stock-based compensation expense is recognized over the requisite service periods of the awards on a straight-line basis.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recently issued accounting pronouncements	Recently issued accounting pronouncements In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2022-06 to defer the sunset date of Reference Rate Reform Topic 848 (“ASC 848”). The guidance extends the period of time entities can utilize the reference rate reform relief guidance under ASU 2020-04 from December 31, 2022, to December 31, 2024. The Company doesn’t expect the application of this guidance to have a material impact on its consolidated financial statements and is still evaluating the election available to it under ASC 848 .

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents and Restricted Cash	The following table reconciles cash, cash equivalents and restricted cash reported in the Company’s Consolidated Balance Sheets to the total amount presented in our consolidated statement of cash flows (in thousands): December 31, 2022 December 31, 2021 Cash and cash equivalents $ 766,418 $ 1,086,500 Restricted cash 13,599 21,792 Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 780,017 $ 1,108,292

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Summary of Consolidated Debt	The Company’s consolidated debt as of December 31, 2022 and 2021 is summarized below: December 31, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,095,116 $ 16,892,058 Revolving credit facility 1,020,000 — Term financings 582,950 167,000 Total unsecured debt financing 18,698,066 17,059,058 Secured Term financings 113,717 126,660 Export credit financing 11,646 18,301 Total secured debt financing 125,363 144,961 Total debt financing 18,823,429 17,204,019 Less: Debt discounts and issuance costs (182,366) (181,539) Debt financing, net of discounts and issuance costs $ 18,641,063 $ 17,022,480
Schedule of Maturities of Debt Outstanding	Maturities of debt outstanding as of December 31, 2022 are as follows: (in thousands) Years ending December 31, 2023 $ 2,623,262 2024 2,919,654 2025 2,377,168 2026 4,505,386 2027 2,737,328 Thereafter 3,660,631 Total $ 18,823,429

Interest Expense (Tables)

Interest Expense (Tables)	12 Months Ended
	Dec. 31, 2022
Interest Expense [Abstract]
Schedule of Components of Interest	The following table shows the components of interest for the years ended December 31, 2022, 2021 and 2020: Year Ended Year Ended Year Ended (in thousands) Interest on borrowings $ 532,579 $ 511,466 $ 484,896 Less capitalized interest (39,655) (49,070) (53,163) Interest 492,924 462,396 431,733 Amortization of discounts and deferred debt issue costs 53,254 50,620 43,025 Interest expense $ 546,178 $ 513,016 $ 474,758

Flight equipment subject to o_2

Flight equipment subject to operating lease (Tables)	12 Months Ended
	Dec. 31, 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 year ended December 31, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Purchase of aircraft 3,827,407 Depreciation (965,955) Sale of aircraft and transfers to net investments in sales-type leases (461,931) Write-off of Russian fleet, net of recoveries (760,140) Net book value as of December 31, 2022 $ 24,538,385 Accumulated depreciation as of December 31, 2022 (4,928,503)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 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 December 31, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of December 31, 2022 Liquidation Preference Issue Date Dividend Rate in Effect at December 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 10,600,000 $ 850,000

Rental Income (Tables)

Rental Income (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Minimum Future Rentals on Non-Cancellable Operating Leases of Flight Equipment	At December 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 December 31, 2022, are as follows: (in thousands) Years ending December 31, 2023 $ 2,246,625 2024 2,166,215 2025 2,016,061 2026 1,805,455 2027 1,580,714 Thereafter 5,783,490 Total $ 15,598,560
Schedule of Lease Terminations by Aircraft Type for Operating Lease Portfolio	The following table shows the scheduled lease terminations (for the minimum non-cancellable period which does not include contracted unexercised lease extension options) of the Company’s owned aircraft, excluding one aircraft that is currently not subject to a lease agreement, as of December 31, 2022, updated through February 16, 2023: Aircraft Type 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-300 — — — — — 4 4 Airbus A319-100 — — 1 — — — 1 Airbus A320-200 1 5 8 1 2 11 28 Airbus A320-200neo — — — — 4 19 23 Airbus A321-200 4 — 1 9 2 7 23 Airbus A321-200neo — 4 — 2 5 67 78 Airbus A330-200 3 3 1 — — 6 13 Airbus A330-300 — — 3 1 — 1 5 Airbus A330-900neo 1 — — — — 15 16 Airbus A350-900 — — — 1 1 11 13 Airbus A350-1000 — — — — — 6 6 Boeing 737-700 — 2 — — 2 — 4 Boeing 737-800 11 7 20 16 10 18 82 Boeing 737-8 MAX — 1 12 — 1 32 46 Boeing 737-9 MAX — — — — — 15 15 Boeing 777-200ER — — 1 — — — 1 Boeing 777-300ER — — 2 9 4 9 24 Boeing 787-9 — — — 1 2 24 27 Boeing 787-10 — — — — — 6 6 Embraer E190 — 1 — — — — 1 Total 20 23 49 40 33 251 416

Concentration of Risk (Tables)

Concentration of Risk (Tables)	12 Months Ended
	Dec. 31, 2022
Risks and Uncertainties [Abstract]
Schedule of Concentration of Risk by Regions	The following table sets forth the regional concentration based on each airline's principal place of business of the Company’s flight equipment subject to operating leases based on net book value as of December 31, 2022 and 2021: Year Ended Year Ended Region Net Book % of Total Net Book % of Total (in thousands, except percentages) Europe $ 7,985,317 32.5 % $ 7,439,993 32.5 % Asia (excluding China) 7,144,188 29.1 % 5,952,981 26.0 % China 2,792,022 11.4 % 2,934,224 12.8 % The Middle East and Africa 2,253,342 9.3 % 2,447,919 10.7 % Central America, South America, and Mexico 1,924,216 7.8 % 1,566,133 6.8 % U.S. and Canada 1,557,260 6.3 % 1,638,450 7.2 % Pacific, Australia, and New Zealand 882,040 3.6 % 919,304 4.0 % Total $ 24,538,385 100.0 % $ 22,899,004 100.0 % At December 31, 2022 and 2021, the Company owned and managed leased aircraft to customers in the following regions based on each airline's principal place of business: Year Ended Year Ended Region Number of Customers (1) % of Total Number of Customers(1) % of Total Europe 49 41.9 % 50 42.5 % Asia (excluding China) 23 19.7 % 22 18.6 % The Middle East and Africa 14 12.0 % 14 11.9 % U.S. and Canada 13 11.1 % 13 11.0 % China 8 6.8 % 9 7.6 % Central America, South America and Mexico 7 6.0 % 7 5.9 % Pacific, Australia, and New Zealand 3 2.5 % 3 2.5 % Total 117 100.0 % 118 100.0 % (1) A customer is an airline with its own operating certificate.
Schedule of Rental of Flight Equipment Revenues from Flight Equipment Subject to Operating Leases	The following table sets forth the dollar amount and percentage of the Company’s Rental of flight equipment revenues from its flight equipment subject to operating leases attributable to the indicated regions based on each airline’s principal place of business: Year Ended Year Ended Year Ended Region Amount of Rental Revenue % of Total Amount of Rental Revenue % of Total Amount of Rental Revenue % of Total (in thousands, except percentages) Asia (excluding China) $ 625,355 28.2 % $ 558,020 27.9 % $ 573,722 29.5 % Europe 611,091 27.6 % 564,479 28.2 % 525,543 27.0 % China 359,976 16.3 % 352,375 17.6 % 341,121 17.5 % The Middle East and Africa 251,243 11.3 % 210,977 10.5 % 220,017 11.3 % U.S. and Canada 143,266 6.5 % 130,717 6.5 % 106,694 5.5 % Central America, South America and Mexico 141,638 6.4 % 104,315 5.2 % 88,113 4.5 % Pacific, Australia, and New Zealand 81,939 3.7 % 82,454 4.1 % 91,410 4.7 % Total $ 2,214,508 100.0 % $ 2,003,337 100.0 % $ 1,946,620 100.0 %

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The provision for income taxes consists of the following: Year Ended 2022 2021 2020 (in thousands) Current: Federal $ — $ — $ (38,520) State 113 184 (107) Foreign 1,750 6,754 2,574 Deferred: Federal (43,414) 94,050 163,002 State (190) 3,396 3,465 Foreign — — — Income tax expense $ (41,741) $ 104,384 $ 130,414
Schedule of Differences Between the Provision for Income Taxes and Income Taxes at the Statutory Federal Income Tax Rate	Differences between the provision for income taxes and income taxes at the statutory federal income tax rate are as follows: Year Ended 2022 2021 2020 Amount Percent Amount Percent Amount Percent (in thousands, except percentages) Income taxes at statutory federal rate $ (29,141) 21.0 % $ 113,613 21.0 % $ 135,802 21.0 % Effect of rates different than statutory (10,728) 7.7 (8,067) (1.5) (5,329) (0.8) Foreign tax credit (8,274) 6.0 (15,651) (2.9) (9,464) (1.5) Section 162(m) limitation 3,913 (2.8) 3,808 0.7 2,736 0.4 Foreign income taxes 1,750 (1.3) 6,754 1.3 2,575 0.4 State income taxes, net of federal income tax effect and other (61) 0.1 2,828 0.5 2,653 0.4 Other 800 (0.6) 1,099 0.2 1,441 0.2 Income tax (benefit)/expense $ (41,741) 30.1 % $ 104,384 19.3 % $ 130,414 20.1 %
Schedule of Net Deferred Tax Assets (Liabilities)	As of December 31, 2022 and 2021, the Company’s net deferred tax assets (liabilities) are as follows: December 31, 2022 December 31, 2021 (in thousands) Deferred tax assets Interest expense limitation $ 102,125 $ — Net operating losses 82,821 127,591 Foreign tax credit 77,273 78,286 Rents received in advance 28,909 26,702 Other 10,638 19,743 Accrued bonus 3,965 4,349 Equity compensation 3,444 4,462 Total deferred tax assets 309,175 261,133 Deferred tax liabilities Aircraft depreciation $ (1,222,772) $ (1,219,061) Straight-line rents (57,200) (55,342) Total deferred tax liabilities $ (1,279,972) $ (1,274,403) Net deferred tax assets/(liabilities) $ (970,797) $ (1,013,270)
Summary of Net Operating Loss Carryforwards Expiration	The Company's loss and tax credit carryforwards expire in the following periods: NOL Carryforwards Tax Credit Carryforwards (in thousands) 2023-2027 $ — $ 24,099 Thereafter 410,273 53,174 Total carryforwards $ 410,273 $ 77,273
Summary of Tax Credit Carryforwards Expiration	The Company's loss and tax credit carryforwards expire in the following periods: NOL Carryforwards Tax Credit Carryforwards (in thousands) 2023-2027 $ — $ 24,099 Thereafter 410,273 53,174 Total carryforwards $ 410,273 $ 77,273

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Commitments to Acquire Aircrafts	Estimated Delivery Years Aircraft Type 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-100/300 14 26 20 12 — — 72 Airbus A320/321neo (1) 28 22 18 35 35 40 178 Airbus A330-900neo 7 6 — — — — 13 Airbus A350-900/1000 4 3 — — — — 7 Airbus A350F — — — 2 2 3 7 Boeing 737-7/8/9 MAX 30 37 19 16 — — 102 Boeing 787-9/10 5 4 10 — — — 19 Total (2) 88 98 67 65 37 43 398 (1) The Company's Airbus A320/321neo aircraft orders include 22 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 Commitments for the Acquisition of Aircrafts	Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $25.5 billion as of December 31, 2022 are as follows: (in thousands) Years ending December 31, 2023 $ 6,224,490 2024 6,273,338 2025 4,104,896 2026 3,892,013 2027 2,479,676 Thereafter 2,563,355 Total $ 25,537,768

(Loss)_Earnings Per Share (Tabl

(Loss)/Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Net Income Per Share	The following table sets forth the reconciliation of basic and diluted (loss)/earnings per share: Year Ended December 31, 2022 Year Ended December 31, 2021 Year Ended December 31, 2020 (in thousands, except share and per share amounts) Basic (loss)/earnings per share: Numerator Net (loss)/income $ (97,024) $ 436,632 $ 516,264 Preferred stock dividends (41,700) (28,473) (15,375) Net (loss)/income attributable to common stockholders $ (138,724) $ 408,159 $ 500,889 Denominator Weighted-average common shares outstanding 111,626,508 114,050,578 113,684,782 Basic (loss)/earnings per share $ (1.24) $ 3.58 $ 4.41 Diluted earnings per share: Numerator Net (loss)/income $ (97,024) $ 436,632 $ 516,264 Preferred stock dividends (41,700) (28,473) (15,375) Net (loss)/income attributable to common stockholders $ (138,724) $ 408,159 $ 500,889 Denominator Number of shares used in basic computation 111,626,508 114,050,578 113,684,782 Weighted-average effect of dilutive securities — 395,515 329,239 Number of shares used in per share computation 111,626,508 114,446,093 114,014,021 Diluted (loss)/earnings per share $ (1.24) $ 3.57 $ 4.39

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 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 year ended December 31, 2022: Unvested Restricted Stock Units Number of Shares Weighted‑ Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 652,016 $ 47.24 Vested (542,060) $ 42.50 Forfeited/canceled (166,496) $ 40.48 Unvested at December 31, 2022 1,514,875 $ 45.90 Expected to vest after December 31, 2022 1,193,219 $ 46.98

Net Investment in Sales-type _2

Net Investment in Sales-type Lease (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Summary of Components of Investment in Sales-Type Leases, Net	December 31, 2022 Future minimum lease payments to be received $ 236,775 Estimated residual values of leased flight equipment $ 91,688 Less: Unearned income $ (45,786) Net Investment in Sales-type Lease $ 282,677
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease	As of December 31, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2023 24,600 2024 24,600 2025 24,600 2026 24,600 2027 24,600 Thereafter 113,775 Total $ 236,775

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 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 $ 0.20 March 16, 2023 April 12, 2023 Series A Preferred Stock $ 0.384375 February 28, 2023 March 15, 2023 Series B Preferred Stock $ 11.625 February 28, 2023 March 15, 2023 Series C Preferred Stock $ 10.3125 February 28, 2023 March 15, 2023

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) aircraft provision aircraft_management_platform joint_venture entity	Dec. 31, 2021 USD ($) aircraft
Schedule of Equity Method Investments [Line Items]
Number of aircraft owned	417
Number of aircraft managed	85
Number of aircraft on order with manufacturers	398
Aircraft useful life	25 years
Aircraft, residual value	15%
Number of lease provisions for lessee to satisfy maintenance requirement | provision	2
Maintenance right liabilities | $	$ 0	$ 0
Flight equipment subject to operating leases | $	$ 29,466,888,000	$ 27,101,808,000
Number of aircraft held-for-sale		0
Number of aircraft management platforms | aircraft_management_platform	3
Percentage of non-controlling interest ownership, number of entities | entity	2
Disposal Group, Held-for-sale, Not Discontinued Operations | Four Aircrafts
Schedule of Equity Method Investments [Line Items]
Number of aircraft	4
Property, plant and equipment | $	$ 153,500,000
Blackbird I and Blackbird II
Schedule of Equity Method Investments [Line Items]
Number of joint ventures participated in | joint_venture	2
Percentage of equity ownership	9.50%
Thunderbolt II And Thunderbolt III
Schedule of Equity Method Investments [Line Items]
Percentage of non-controlling interest ownership	5%
Aircraft Improvement Assets
Schedule of Equity Method Investments [Line Items]
Number of aircraft purchased	1	0
Maintenance Right Assets
Schedule of Equity Method Investments [Line Items]
Flight equipment subject to operating leases | $	$ 16,500,000	$ 16,500,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 766,418	$ 1,086,500
Restricted cash	13,599	21,792
Total cash, cash equivalents and restricted cash in the consolidated statements of cash flows	$ 780,017	$ 1,108,292	$ 1,757,767	$ 338,061

Debt Financing - Consolidated D

Debt Financing - Consolidated Debt (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total debt financing	$ 18,823,429,000	$ 17,204,019,000
Less: Debt discounts and issuance costs	(182,366,000)	(181,539,000)
Debt financing, net of discounts and issuance costs	18,641,063,000	17,022,480,000
Total unsecured debt financing
Debt Instrument [Line Items]
Total debt financing	18,698,066,000	17,059,058,000
Senior notes
Debt Instrument [Line Items]
Total debt financing	17,095,116,000	16,892,058,000
Revolving credit facility
Debt Instrument [Line Items]
Total debt financing	1,020,000,000	0
Term financings
Debt Instrument [Line Items]
Total debt financing	582,950,000	167,000,000
Total secured debt financing
Debt Instrument [Line Items]
Total debt financing	125,363,000	144,961,000
Term financings
Debt Instrument [Line Items]
Total debt financing	113,717,000	126,660,000
Export credit financing
Debt Instrument [Line Items]
Total debt financing	$ 11,646,000	$ 18,301,000

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) aircraft term_facility	Dec. 31, 2021 USD ($) aircraft	Jan. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	May 05, 2022 USD ($)
Debt Instrument [Line Items]
Outstanding balance	$ 18,823,429,000	$ 17,204,019,000
Line of credit maturity amount	$ 7,100,000,000
Number of term facilities entered into | term_facility	3
Senior notes
Debt Instrument [Line Items]
Outstanding balance	$ 17,095,116,000	$ 16,892,058,000
Senior notes | Three Month London Interbank Offered Rate Libor
Debt Instrument [Line Items]
Interest margin		0.35%
Senior notes | LIBOR
Debt Instrument [Line Items]
Interest margin		1.125%
Senior notes | Minimum
Debt Instrument [Line Items]
Remaining term	1 month
Interest rate	0.70%	0.70%
Senior notes | Maximum
Debt Instrument [Line Items]
Remaining term	9 years 14 days
Interest rate	5.85%	4.625%
Medium Term Note Program | Senior notes
Debt Instrument [Line Items]
Principal amount issued	$ 2,200,000,000
Medium Term Note Program Due 2027 | Senior notes
Debt Instrument [Line Items]
Interest rate	2.20%
Principal amount issued	$ 750,000,000
Medium Term Note Program Due 2032 | Senior notes
Debt Instrument [Line Items]
Interest rate	2.875%
Principal amount issued	$ 750,000,000
Medium Term Note Program, $700 Million, Due 2027 | Senior notes
Debt Instrument [Line Items]
Interest rate	5.85%
Principal amount issued	$ 700,000,000
Medium Term Note Program, $700 Million, Due 2028 | Senior notes | Subsequent Event
Debt Instrument [Line Items]
Interest rate			5.30%
Principal amount issued			$ 700,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding balance	$ 1,020,000,000	$ 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 | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity			7,400,000,000
Increase in borrowing capacity			250,000,000
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest margin	1.05%
Unsecured Revolving Credit Facility Mature May 5, 2026 | Subsequent Event
Debt Instrument [Line Items]
Increase in borrowing capacity			$ 250,000,000
Unsecured Revolving Credit Facility Mature May 5, 2026 | Debt Instrument, Redemption, May 5, 2023
Debt Instrument [Line Items]
Line of credit maturity amount	$ 6,700,000,000
Unsecured Revolving Credit Facility Mature May 5, 2025 | Debt Instrument, Redemption, May 5, 2022
Debt Instrument [Line Items]
Line of credit maturity amount	32,500,000
Unsecured Revolving Credit Facility Mature May 5, 2023 | Debt Instrument, Redemption, May 5, 2021
Debt Instrument [Line Items]
Line of credit maturity amount	$ 375,000,000
Other Debt Financings
Debt Instrument [Line Items]
Number of aircraft pledged as collateral | aircraft	3	3
Collateral with net book value	$ 212,100,000	$ 222,200,000
Outstanding balance	$ 708,300,000	$ 312,000,000
Interest rate	2.72%
Principal amount issued	$ 500,000,000
Debt term	5 years
Other Debt Financings | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest margin	1.40%
Other Debt Financings | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest margin	1.45%

Debt Financing - Maturities of

Debt Financing - Maturities of Debt Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 2,623,262
2024	2,919,654
2025	2,377,168
2026	4,505,386
2027	2,737,328
Thereafter	3,660,631
Total	$ 18,823,429	$ 17,204,019

Interest Expense (Details)

Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Interest Expense [Abstract]
Interest on borrowings	$ 532,579	$ 511,466	$ 484,896
Less capitalized interest	(39,655)	(49,070)	(53,163)
Interest	492,924	462,396	431,733
Amortization of discounts and deferred debt issue costs	53,254	50,620	43,025
Interest expense	$ 546,178	$ 513,016	$ 474,758

Flight equipment subject to o_3

Flight equipment subject to operating lease - Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (965,955)	$ (882,562)	$ (780,691)
Flight Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Net book value as of December 31, 2021	22,899,004
Purchase of aircraft	3,827,407
Depreciation	(965,955)
Sale of aircraft and transfers to net investments in sales-type leases	(461,931)
Write-off of Russian fleet, net of recoveries	(760,140)
Net book value as of December 31, 2022	24,538,385	$ 22,899,004
Accumulated depreciation as of December 31, 2022	$ (4,928,503)

Flight equipment subject to o_4

Flight equipment subject to operating lease - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 16, 2023 aircraft	Oct. 31, 2022 aircraft
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Aircrafts returned from Russia | aircraft							1
Write-off of Russian fleet, net of recoveries | $	$ 30,900		$ 771,476	$ 0	$ 0
Flight Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Write-off of russian fleet | $		$ 791,000
Subsequent Event
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft under operating lease terminated remaining in Russia | aircraft						20

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 02, 2021	Mar. 05, 2019	Oct. 31, 2021	Dec. 31, 2022	Apr. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 150,000
Preferred stock, authorized (in shares)				50,000,000		50,000,000
Preferred stock, par value (in dollars per share)				$ 0.01		$ 0.01
Preferred stock, issued (in shares)				10,600,000		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
Class of Stock [Line Items]
Common stock, authorized (in shares)				500,000,000		500,000,000
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Common stock, issued (in shares)				110,892,097		113,987,154
Common stock, outstanding (in shares)				110,892,097		113,987,154
Number of shares repurchased (in shares)				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
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Common stock, issued (in shares)				0		0
Common stock, outstanding (in shares)				0		0
Series A Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01
Preferred stock, issued (in shares)		10,000,000		10,000,000
Preferred stock, outstanding (in shares)				10,000,000
Preferred stock, dividend rate		6.15%		6.15%
Preferred stock, aggregate liquidation preference				$ 250,000
Preferred stock, liquidation preference (in dollars per share)		$ 25		$ 25
Preferred stock, dividend rate, period		5 years
Series B Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01
Preferred stock, issued (in shares)	300,000			300,000
Preferred stock, outstanding (in shares)				300,000
Preferred stock, dividend rate	4.65%			4.65%
Preferred stock, aggregate liquidation preference				$ 300,000
Preferred stock, liquidation preference (in dollars per share)				$ 1,000
Preferred stock, dividend rate (in dollars per share)	$ 1,000
Preferred stock, dividend rate, reset period	5 years
Preferred stock, redemption price (in dollars per share)				1,000
Series C Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01
Preferred stock, issued (in shares)			300,000	300,000
Preferred stock, outstanding (in shares)				300,000
Preferred stock, dividend rate			4.125%	4.125%
Preferred stock, aggregate liquidation preference				$ 300,000
Preferred stock, liquidation preference (in dollars per share)				$ 1,000
Preferred stock, dividend rate (in dollars per share)			$ 1,000
Preferred stock, dividend rate, reset period			5 years
Preferred stock, redemption price (in dollars per share)				$ 1,000
LIBOR | Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate		3.65%
Preferred stock, dividend rate, basis spread				3.65%
US Treasury (UST) Interest Rate | Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	4.076%			4.076%
US Treasury (UST) Interest Rate | Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread			3.149%	3.149%

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ in Thousands			1 Months Ended	12 Months Ended
	Mar. 02, 2021	Mar. 05, 2019	Oct. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
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 (in dollars)				$ 850,000	$ 850,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)		10,000,000		10,000,000
Preferred stock, outstanding (in shares)				10,000,000
Preferred stock, aggregate liquidation preference (in dollars)				$ 250,000
Preferred stock, dividend rate		6.15%		6.15%
Series A Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, dividend rate		3.65%
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
Preferred stock, outstanding (in shares)				300,000
Preferred stock, aggregate liquidation preference (in dollars)				$ 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%			4.076%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)			300,000	300,000
Preferred stock, outstanding (in shares)				300,000
Preferred stock, aggregate liquidation preference (in dollars)				$ 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%	3.149%

Rental Income - Minimum Future

Rental Income - Minimum Future Rentals on Non-Cancellable Operating Leases of Flight Equipment (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 2,246,625
2024	2,166,215
2025	2,016,061
2026	1,805,455
2027	1,580,714
Thereafter	5,783,490
Total	$ 15,598,560

Rental Income - Narrative (Deta

Rental Income - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lease Terminations by Aircraft Type [Line Items]
Maintenance reserve revenue	$ 96.6	$ 44.2	$ 11.3
Number of aircrafts currently off lease | aircraft	1
Russia
Lease Terminations by Aircraft Type [Line Items]
Maintenance reserve revenue	$ 68.8

Rental Income - Lease terminati

Rental Income - Lease terminations by Aircraft Type for Operating Lease Portfolio (Details)	Dec. 31, 2022 aircraft
Lease Terminations by Aircraft Type [Line Items]
2023	20
2024	23
2025	49
2026	40
2027	33
Thereafter	251
Total	416
Airbus A220-300
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	4
Total	4
Airbus A319-100
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	1
2026	0
2027	0
Thereafter	0
Total	1
Airbus A320-200
Lease Terminations by Aircraft Type [Line Items]
2023	1
2024	5
2025	8
2026	1
2027	2
Thereafter	11
Total	28
Airbus A320-200neo
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	4
Thereafter	19
Total	23
Airbus A321-200
Lease Terminations by Aircraft Type [Line Items]
2023	4
2024	0
2025	1
2026	9
2027	2
Thereafter	7
Total	23
Airbus A321-200neo
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	4
2025	0
2026	2
2027	5
Thereafter	67
Total	78
Airbus A330-200
Lease Terminations by Aircraft Type [Line Items]
2023	3
2024	3
2025	1
2026	0
2027	0
Thereafter	6
Total	13
Airbus A330-300
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	3
2026	1
2027	0
Thereafter	1
Total	5
Airbus A330-900neo
Lease Terminations by Aircraft Type [Line Items]
2023	1
2024	0
2025	0
2026	0
2027	0
Thereafter	15
Total	16
Airbus A350-900
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	1
2027	1
Thereafter	11
Total	13
Airbus A350-1000
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	6
Total	6
Boeing 737-700
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	2
2025	0
2026	0
2027	2
Thereafter	0
Total	4
Boeing 737-800
Lease Terminations by Aircraft Type [Line Items]
2023	11
2024	7
2025	20
2026	16
2027	10
Thereafter	18
Total	82
Boeing 737-8 MAX
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	1
2025	12
2026	0
2027	1
Thereafter	32
Total	46
Boeing 737-9 MAX
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	15
Total	15
Boeing 777-200ER
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	1
2026	0
2027	0
Thereafter	0
Total	1
Boeing 777-300ER
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	2
2026	9
2027	4
Thereafter	9
Total	24
Boeing 787-9
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	1
2027	2
Thereafter	24
Total	27
Boeing 787-10
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	0
2025	0
2026	0
2027	0
Thereafter	6
Total	6
Embraer E190
Lease Terminations by Aircraft Type [Line Items]
2023	0
2024	1
2025	0
2026	0
2027	0
Thereafter	0
Total	1

Concentration of Risk - Narrati

Concentration of Risk - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 leased_aircraft country	Dec. 31, 2021 country leased_aircraft
Risks and Uncertainties [Abstract]
Number of aircraft leased | leased_aircraft	117	118
Number of countries | country	62	60
Minimum percentage of aircraft operated internationally based on net book value	95%

Concentration of Risk - Regiona

Concentration of Risk - Regional Concentration Based on Net Book Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Net Book Value	$ 24,538,385	$ 22,899,004
Net Assets, Geographic Area | Geographic Region
Concentration Risk [Line Items]
Net Book Value	$ 24,538,385	$ 22,899,004
% of Total	100%	100%
Net Assets, Geographic Area | Geographic Region | Europe
Concentration Risk [Line Items]
Net Book Value	$ 7,985,317	$ 7,439,993
% of Total	32.50%	32.50%
Net Assets, Geographic Area | Geographic Region | Asia (excluding China)
Concentration Risk [Line Items]
Net Book Value	$ 7,144,188	$ 5,952,981
% of Total	29.10%	26%
Net Assets, Geographic Area | Geographic Region | China
Concentration Risk [Line Items]
Net Book Value	$ 2,792,022	$ 2,934,224
% of Total	11.40%	12.80%
Net Assets, Geographic Area | Geographic Region | The Middle East and Africa
Concentration Risk [Line Items]
Net Book Value	$ 2,253,342	$ 2,447,919
% of Total	9.30%	10.70%
Net Assets, Geographic Area | Geographic Region | Central America, South America, and Mexico
Concentration Risk [Line Items]
Net Book Value	$ 1,924,216	$ 1,566,133
% of Total	7.80%	6.80%
Net Assets, Geographic Area | Geographic Region | U.S. and Canada
Concentration Risk [Line Items]
Net Book Value	$ 1,557,260	$ 1,638,450
% of Total	6.30%	7.20%
Net Assets, Geographic Area | Geographic Region | Pacific, Australia, and New Zealand
Concentration Risk [Line Items]
Net Book Value	$ 882,040	$ 919,304
% of Total	3.60%	4%

Concentration of Risk - Regio_2

Concentration of Risk - Regional Concentration Based on Number of Customers (Details) - Number Of Customers Geographic Area - Geographic Region - customer	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Concentration Risk [Line Items]
Number of Customers	117	118
% of Total	100%	100%
Europe
Concentration Risk [Line Items]
Number of Customers	49	50
% of Total	41.90%	42.50%
Asia (excluding China)
Concentration Risk [Line Items]
Number of Customers	23	22
% of Total	19.70%	18.60%
The Middle East and Africa
Concentration Risk [Line Items]
Number of Customers	14	14
% of Total	12%	11.90%
U.S. and Canada
Concentration Risk [Line Items]
Number of Customers	13	13
% of Total	11.10%	11%
China
Concentration Risk [Line Items]
Number of Customers	8	9
% of Total	6.80%	7.60%
Central America, South America and Mexico
Concentration Risk [Line Items]
Number of Customers	7	7
% of Total	6%	5.90%
Pacific, Australia, and New Zealand
Concentration Risk [Line Items]
Number of Customers	3	3
% of Total	2.50%	2.50%

Concentration of Risk - Rental

Concentration of Risk - Rental Revenue and Percentage of Rental Flight Equipment Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 2,214,508	$ 2,003,337	$ 1,946,620
Sales | Geographic Region
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 2,214,508	$ 2,003,337	$ 1,946,620
% of Total	100%	100%	100%
Sales | Geographic Region | Asia (excluding China)
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 625,355	$ 558,020	$ 573,722
% of Total	28.20%	27.90%	29.50%
Sales | Geographic Region | Europe
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 611,091	$ 564,479	$ 525,543
% of Total	27.60%	28.20%	27%
Sales | Geographic Region | China
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 359,976	$ 352,375	$ 341,121
% of Total	16.30%	17.60%	17.50%
Sales | Geographic Region | The Middle East and Africa
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 251,243	$ 210,977	$ 220,017
% of Total	11.30%	10.50%	11.30%
Sales | Geographic Region | U.S. and Canada
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 143,266	$ 130,717	$ 106,694
% of Total	6.50%	6.50%	5.50%
Sales | Geographic Region | Central America, South America and Mexico
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 141,638	$ 104,315	$ 88,113
% of Total	6.40%	5.20%	4.50%
Sales | Geographic Region | Pacific, Australia, and New Zealand
Concentration Risk [Line Items]
Amount of Rental Revenue	$ 81,939	$ 82,454	$ 91,410
% of Total	3.70%	4.10%	4.70%

Income Tax - Provision for Inco

Income Tax - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 0	$ 0	$ (38,520)
State	113	184	(107)
Foreign	1,750	6,754	2,574
Deferred:
Federal	(43,414)	94,050	163,002
State	(190)	3,396	3,465
Foreign	0	0	0
Income tax expense	$ (41,741)	$ 104,384	$ 130,414

Income Tax - Differences Betwee

Income Tax - Differences Between the Provision for Income Taxes and Income Taxes at the Statutory Federal Income Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income taxes at statutory federal rate	$ (29,141)	$ 113,613	$ 135,802
Effect of rates different than statutory	(10,728)	(8,067)	(5,329)
Foreign tax credit	(8,274)	(15,651)	(9,464)
Section 162(m) limitation	3,913	3,808	2,736
Foreign income taxes	1,750	6,754	2,575
State income taxes, net of federal income tax effect and other	(61)	2,828	2,653
Other	800	1,099	1,441
Income tax expense	$ (41,741)	$ 104,384	$ 130,414
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Income taxes at statutory federal rate	21%	21%	21%
Effect of rates different than statutory	7.70%	(1.50%)	(0.80%)
Foreign tax credit	6%	(2.90%)	(1.50%)
Section 162(m) limitation	(2.80%)	0.70%	0.40%
Foreign income taxes	(1.30%)	1.30%	0.40%
State income taxes, net of federal income tax effect and other	0.10%	0.50%	0.40%
Other	(0.60%)	0.20%	0.20%
Income tax (benefit)/expense	30.10%	19.30%	20.10%

Income Tax - Narrative (Details

Income Tax - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Interest expense limitation	$ 102,125,000	$ 0
Net operating loss carryforwards	410,273,000
Tax credit carryforwards	77,273,000
Deferred tax assets, valuation allowance	0	0
Unrecognized tax benefits	0	$ 0
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	387,300,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 22,800,000

Income Tax - Net Deferred Tax A

Income Tax - Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Interest expense limitation	$ 102,125	$ 0
Net operating losses	82,821	127,591
Foreign tax credit	77,273	78,286
Rents received in advance	28,909	26,702
Other	10,638	19,743
Accrued bonus	3,965	4,349
Equity compensation	3,444	4,462
Total deferred tax assets	309,175	261,133
Deferred tax liabilities
Aircraft depreciation	(1,222,772)	(1,219,061)
Straight-line rents	(57,200)	(55,342)
Total deferred tax liabilities	(1,279,972)	(1,274,403)
Net deferred tax assets/(liabilities)	$ (970,797)	$ (1,013,270)

Income Tax - Net Operating Loss

Income Tax - Net Operating Loss and Tax Credit Carryforwards Expiration (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	$ 410,273
Tax Credit Carryforwards	77,273
2023-2027
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	0
Tax Credit Carryforwards	24,099
Thereafter
Operating Loss Carryforwards [Line Items]
NOL Carryforwards	410,273
Tax Credit Carryforwards	$ 53,174

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 USD ($)
Long-term Purchase Commitment [Line Items]
Purchase obligation	$ 25,537,768
Minimum aircraft delivery delays that could trigger lessee cancellation clauses	1 year
Purchase agreements, termination commencement period	1 year
Non-refundable deposits on aircraft	$ 1,344,973	$ 1,508,892
Aircrafts
Long-term Purchase Commitment [Line Items]
Purchase commitment, number of aircraft | aircraft	398
Non-refundable deposits on aircraft	$ 1,300,000	$ 1,500,000

Commitments and Contingencies_2

Commitments and Contingencies - Aircraft Acquisition (Details)	12 Months Ended
	Dec. 31, 2022 aircraft
Aircrafts
Long-term Purchase Commitment [Line Items]
2023	88
2024	98
2025	67
2026	65
2027	37
Thereafter	43
Total	398
Airbus A220-100/300
Long-term Purchase Commitment [Line Items]
2023	14
2024	26
2025	20
2026	12
2027	0
Thereafter	0
Total	72
Airbus A320/321neo
Long-term Purchase Commitment [Line Items]
2023	28
2024	22
2025	18
2026	35
2027	35
Thereafter	40
Total	178
Number of long-range variant aircrafts	22
Number of extra long-range variant aircrafts	49
Airbus A330-900neo
Long-term Purchase Commitment [Line Items]
2023	7
2024	6
2025	0
2026	0
2027	0
Thereafter	0
Total	13
Airbus A350-900/1000
Long-term Purchase Commitment [Line Items]
2023	4
2024	3
2025	0
2026	0
2027	0
Thereafter	0
Total	7
Airbus A350F
Long-term Purchase Commitment [Line Items]
2023	0
2024	0
2025	0
2026	2
2027	2
Thereafter	3
Total	7
Boeing 737-7/8/9 MAX
Long-term Purchase Commitment [Line Items]
2023	30
2024	37
2025	19
2026	16
2027	0
Thereafter	0
Total	102
Boeing 787-9/10
Long-term Purchase Commitment [Line Items]
2023	5
2024	4
2025	10
2026	0
2027	0
Thereafter	0
Total	19

Commitments and Contingencies_3

Commitments and Contingencies - Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 6,224,490
2024	6,273,338
2025	4,104,896
2026	3,892,013
2027	2,479,676
Thereafter	2,563,355
Total	$ 25,537,768

(Loss)_Earnings Per Share - Nar

(Loss)/Earnings Per Share - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 class_of_stock shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Anti-dilutive securities
Number of classes of common stock | class_of_stock	2
Common Stock
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	361,186	0	0
Restricted Stock Units (RSUs)
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of diluted earnings per share (in shares)	976,509	1,083,174	1,032,305
Class B Non‑Voting Common Stock
Anti-dilutive securities
Common stock, outstanding (in shares)	0	0

(Loss)_Earnings Per Share - Rec

(Loss)/Earnings Per Share - Reconciliation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator
Net (loss)/income	$ (97,024)	$ 436,632	$ 516,264
Preferred stock dividends	(41,700)	(28,473)	(15,375)
Net (loss)/income attributable to common stockholders	$ (138,724)	$ 408,159	$ 500,889
Denominator
Weighted-average common shares outstanding (in shares)	111,626,508	114,050,578	113,684,782
Basic (loss)/earnings per share (in dollars per share)	$ (1.24)	$ 3.58	$ 4.41
Numerator
Net (loss)/income	$ (97,024)	$ 436,632	$ 516,264
Preferred stock dividends	(41,700)	(28,473)	(15,375)
Net (loss)/income attributable to common stockholders	$ (138,724)	$ 408,159	$ 500,889
Denominator
Weighted-average common shares outstanding (in shares)	111,626,508	114,050,578	113,684,782
Weighted-average effect of dilutive securities (in shares)	0	395,515	329,239
Number of shares used in per share computation	111,626,508	114,446,093	114,014,021
Diluted (loss)/earnings per share (in dollars per share)	$ (1.24)	$ 3.57	$ 4.39

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Reported Value Measurement
Fair Value Measurements
Debt financing	$ 18,800	$ 17,200
Fair Value, Inputs, Level 2
Fair Value Measurements
Debt financing	17,500	17,600
Recurring basis | Fair Value, Inputs, Level 2 | Foreign Exchange Contract
Fair Value Measurements
Derivative asset, fair value	$ 2.5	$ 14.1

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) $ in Millions		12 Months Ended
	May 07, 2014 shares	Dec. 31, 2022 USD ($) criteria type_of_book_value_RSU shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense | $		$ 15.6	$ 26.5	$ 17.6
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 granted		1,514,875
Number of shares other than options granted		652,016
Expected to vest in next fiscal year (in shares)		230,470
Expected to vest in two years (in shares)		533,179
Expected to vest in three years (in shares)		429,569
Unrecognized compensation cost | $		$ 28.6
Weighted-average period of recognition of unrecognized stock-based compensation cost		1 year 8 months 15 days
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted Stock Units (RSUs) | Share-based Payment Arrangement, Tranche Two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
Restricted Stock With Book Value Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of types of book value RSUs | type_of_book_value_RSU		2
Number of shares granted		636,375
Number of shares other than options granted		220,437
Restricted Stock With Book Value Conditions | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock With Book Value Conditions | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock With Book Value Conditions | Share-based Payment Arrangement, Tranche Two | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested		0%
Restricted Stock With Book Value Conditions | Share-based Payment Arrangement, Tranche Two | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested		200%
Restricted Stock With Total Shareholder Return Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Percentage of shares vested		100%
Number of shares granted		340,134
Number of shares other than options granted		110,237
Restricted Stock With Total Shareholder Return Conditions | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested		0%
Restricted Stock With Total Shareholder Return Conditions | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of shares vested		200%
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Term of award		10 years
Equity Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted	0
Equity Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		4,221,026

Stock-based Compensation - Unve

Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
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	(166,496)
Unvested at the end of the period (in shares) | shares	1,514,875
Expected to vest after the end of the period (in shares) | shares	1,193,219
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	40.48
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	$ 46.98

Aircraft Under Management (Deta

Aircraft Under Management (Details)	3 Months Ended		9 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) entity	Mar. 31, 2022 USD ($) aircraft	Dec. 31, 2022 USD ($) entity	Dec. 31, 2022 USD ($) aircraft entity aircraft_management_platform joint_venture	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Feb. 15, 2023 aircraft
Schedule of Equity Method Investments [Line Items]
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		8
Write-off of Russian fleet, net of recoveries | $	$ 30,900,000			$ 771,476,000	$ 0	$ 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]
Write-off of Russian fleet, net of recoveries | $		$ 11,400,000	$ 0
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Number of managed aircraft terminating lease remaining in Russia							6
Blackbird I and Blackbird II
Schedule of Equity Method Investments [Line Items]
Number of aircraft				34
Number of joint ventures participated in | joint_venture				2
Percentage of equity ownership	9.50%		9.50%	9.50%
Equity method investment | $	$ 64,700,000		$ 64,700,000	$ 64,700,000	73,200,000
Thunderbolt, Blackbird, And Financial Institution
Schedule of Equity Method Investments [Line Items]
Number of aircraft				85
Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft				46
Investment in aircraft sold | $	$ 8,800,000		$ 8,800,000	$ 8,800,000	$ 9,300,000
Thunderbolt II And Thunderbolt III
Schedule of Equity Method Investments [Line Items]
Percentage of non-controlling interest ownership	5%		5%	5%
Aircraft Held For Sale | Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft				46
Number of entities which aircraft is managed | entity	3		3	3
Financial Institutions Borrower
Schedule of Equity Method Investments [Line Items]
Number of aircraft				5

Net Investment in Sales-type _3

Net Investment in Sales-type Lease - Narrative (Details)	Dec. 31, 2022 aircraft
Leases [Abstract]
Sales-type lease, number of aircrafts delivered	10

Net Investment in Sales-type _4

Net Investment in Sales-type Lease - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
Future minimum lease payments to be received	$ 236,775
Estimated residual values of leased flight equipment	91,688
Less: Unearned income	(45,786)
Net Investment in Sales-type Lease	$ 282,677

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	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 24,600
2024	24,600
2025	24,600
2026	24,600
2027	24,600
Thereafter	113,775
Total	$ 236,775

Flight Equipment Held for Sale

Flight Equipment Held for Sale (Details) $ in Millions	Dec. 31, 2022 USD ($) aircraft	Dec. 31, 2021 aircraft
Disposal Group, Held-for-sale, Not Discontinued Operations | Four Aircrafts
Flight Equipment Held for Sale
Number of aircraft	4
Carrying value of assets held for sale | $	$ 153.5
Disposal Group, Held-for-sale, Not Discontinued Operations | Aircraft
Flight Equipment Held for Sale
Number of aircraft		0
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Four Aircrafts
Flight Equipment Held for Sale
Number of aircraft	6

Subsequent Events - Dividends D

Subsequent Events - Dividends Declared (Details) - $ / shares		12 Months Ended
	Feb. 14, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Events
Cash dividends declared per share of common stock (in dollars per share)		$ 0.755	$ 0.665	$ 0.61
Class A Common Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share of common stock (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