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 |