Air Lease (AL) 10-Q 1 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35121
Entity Registrant Name	AIR LEASE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1840403
Entity Address, Address Line One	2000 Avenue of the Stars,
Entity Address, Address Line Two	Suite 1000N
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	553-0555
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		111,015,418
Entity Central Index Key	0001487712
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AL
Security Exchange Name	NYSE
6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	AL PRA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 690,408	$ 766,418
Restricted cash	11,129	13,599
Flight equipment subject to operating leases	30,924,948	29,466,888
Less accumulated depreciation	(5,175,430)	(4,928,503)
Flight equipment subject to operating leases, net	25,749,518	24,538,385
Deposits on flight equipment purchases	1,220,332	1,344,973
Other assets	1,691,754	1,733,330
Total assets	29,363,141	28,396,705
Liabilities and Shareholders’ Equity
Accrued interest and other payables	681,096	696,899
Debt financing, net of discounts and issuance costs	19,447,601	18,641,063
Security deposits and maintenance reserves on flight equipment leases	1,336,891	1,293,929
Rentals received in advance	153,588	147,654
Deferred tax liability	999,379	970,797
Total liabilities	22,618,555	21,750,342
Shareholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	106	106
Paid-in capital	3,258,639	3,255,973
Retained earnings	3,482,912	3,386,820
Accumulated other comprehensive income	1,819	2,355
Total shareholders’ equity	6,744,586	6,646,363
Total liabilities and shareholders’ equity	29,363,141	28,396,705
Class A Common Stock
Shareholders’ Equity
Common stock	1,110	1,109
Class B Non‑Voting Common Stock
Shareholders’ Equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, issued (in shares)	10,600,000
Preferred stock, outstanding (in shares)	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000
Noncumulative Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	10,600,000	10,600,000
Preferred stock, outstanding (in shares)	10,600,000	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000	$ 850,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	111,015,418	110,892,097
Common stock, outstanding (in shares)	111,015,418	110,892,097
Class B Non‑Voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues [Abstract]
Rental of flight equipment	$ 617,773	$ 566,554
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	$ 18,369	$ 30,107
Total revenues	636,142	596,661
Expenses
Interest	151,613	117,277
Amortization of debt discounts and issuance costs	13,073	13,198
Interest expense	164,686	130,475
Depreciation of flight equipment	259,680	235,308
Write-off of Russian fleet	0	802,352
Selling, general and administrative	47,614	32,762
Stock-based compensation expense	5,896	(2,523)
Total expenses	477,876	1,198,374
Income/(loss) before taxes	158,266	(601,713)
Income tax (expense)/benefit	(29,546)	132,720
Net income/(loss)	128,720	(468,993)
Preferred stock dividends	(10,425)	(10,425)
Net income/(loss) available to common stockholders, basic	118,295	(479,418)
Net income/(loss) available to common stockholders, diluted	118,295	(479,418)
Other comprehensive income/(loss):
Foreign currency translation adjustment	(830)	(3,019)
Change in fair value of hedged transactions	148	5,230
Total tax benefit/(expense) on other comprehensive income/loss	146	(473)
Other comprehensive income/(loss), net of tax	(536)	1,738
Total comprehensive income/(loss) attributable for common stockholders	$ 117,759	$ (477,680)
Earnings/(loss) per share of common stock:
Basic (in dollars per share)	$ 1.07	$ (4.21)
Diluted (in dollars per share)	$ 1.06	$ (4.21)
Weighted-average shares of common stock outstanding
Basic (in shares)	110,943,552	113,894,867
Diluted (in shares)	111,199,996	113,894,867
Dividends declared per share of common stock (in dollars per share)	$ 0.200	$ 0.185

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Non‑Voting Common Stock	Preferred Stock	Common Stock Class A Common Stock	Common Stock Class B Non‑Voting Common Stock	Paid‑in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)
Beginning balance preferred stock (in shares) at Dec. 31, 2021				10,600,000
Beginning balance at Dec. 31, 2021	$ 7,008,568			$ 106	$ 1,140	$ 0	$ 3,399,245	$ 3,609,885	$ (1,808)
Beginning balance common stock (in shares) at Dec. 31, 2021					113,987,154	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)					477,656
Issuance of common stock upon vesting of restricted stock units	2				$ 5		(3)
Common stock repurchased (in shares)					(2,959,458)
Common stock repurchased	(129,549)				$ (30)		(129,519)
Stock-based compensation expense	(2,523)						(2,523)
Cash dividends (declared $0.20 per share of Class A common stock)	(21,136)							(21,136)
Cash dividends (declared on preferred stock)	(10,425)							(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	1,738								1,738
Tax withholdings on stock-based compensation (in shares)					(188,093)
Tax withholdings on stock-based compensation	(8,097)				$ (2)		(8,095)
Net income (loss)	(468,993)							(468,993)
Ending balance preferred stock (in shares) at Mar. 31, 2022				10,600,000
Ending balance common stock (in shares) at Mar. 31, 2022					111,317,259	0
Ending balance at Mar. 31, 2022	6,369,585			$ 106	$ 1,113	$ 0	3,259,105	3,109,331	(70)
Beginning balance preferred stock (in shares) at Dec. 31, 2022				10,600,000
Beginning balance at Dec. 31, 2022	6,646,363			$ 106	$ 1,109	$ 0	3,255,973	3,386,820	2,355
Beginning balance common stock (in shares) at Dec. 31, 2022		110,892,097	0		110,892,097	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon exercise of options and vesting of restricted stock units (in shares)					198,437
Issuance of common stock upon vesting of restricted stock units	1				$ 1
Stock-based compensation expense	5,896						5,896
Cash dividends (declared $0.20 per share of Class A common stock)	(22,203)							(22,203)
Cash dividends (declared on preferred stock)	(10,425)							(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(536)								(536)
Tax withholdings on stock-based compensation (in shares)					(75,116)
Tax withholdings on stock-based compensation	(3,230)						(3,230)
Net income (loss)	$ 128,720							128,720
Ending balance preferred stock (in shares) at Mar. 31, 2023	10,600,000			10,600,000
Ending balance common stock (in shares) at Mar. 31, 2023		111,015,418	0		111,015,418	0
Ending balance at Mar. 31, 2023	$ 6,744,586			$ 106	$ 1,110	$ 0	$ 3,258,639	$ 3,482,912	$ 1,819

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 0.200	$ 0.185

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income/(loss)	$ 128,720	$ (468,993)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation of flight equipment	259,680	235,308
Write-off of Russian fleet	0	802,352
Stock-based compensation expense	5,896	(2,523)
Deferred taxes	28,726	(133,360)
Amortization of debt discounts and issuance costs	13,073	13,198
Amortization of prepaid lease costs	18,323	13,193
Gain on aircraft sales, trading and other activity	(41,650)	(66,791)
Changes in operating assets and liabilities:
Other assets	(26,907)	(74,560)
Accrued interest and other payables	(45,493)	(64,068)
Rentals received in advance	8,122	938
Net cash provided by operating activities	348,490	254,694
Investing Activities
Acquisition of flight equipment under operating lease	(1,236,828)	(395,402)
Payments for deposits on flight equipment purchases	(4,000)	(172,943)
Proceeds from aircraft sales, trading and other activity	21,391	750
Acquisition of aircraft furnishings, equipment and other assets	(53,939)	(52,974)
Net cash used in investing activities	(1,273,376)	(620,569)
Financing Activities
Cash dividends paid on Class A common stock	(22,178)	(21,088)
Common shares repurchased	0	(97,644)
Cash dividends paid on preferred stock	(10,425)	(10,425)
Tax withholdings on stock-based compensation	(3,229)	(8,095)
Net change in unsecured revolving facilities	653,000	0
Proceeds from debt financings	1,352,766	1,497,615
Payments in reduction of debt financings	(1,209,971)	(708,847)
Debt issuance costs	(3,159)	(2,740)
Security deposits and maintenance reserve receipts	93,377	125,727
Security deposits and maintenance reserve disbursements	(3,775)	(4,864)
Net cash provided by financing activities	846,406	769,639
Net decrease in cash	(78,480)	403,764
Cash, cash equivalents and restricted cash at beginning of period	780,017	1,108,292
Cash, cash equivalents and restricted cash at end of period	701,537	1,512,056
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $10,658 and $9,365 at March 31, 2023 and 2022, respectively	197,935	179,026
Cash paid for income taxes	3,571	3,446
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	227,738	85,791
Cash dividends declared on common stock, not yet paid	$ 22,203	$ 21,136

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 10,658	$ 9,365

Company Background and Overview

Company Background and Overview	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Background and Overview	Company Background and OverviewAir Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of March 31, 2023, the Company owned 437 aircraft, managed 86 aircraft and had 376 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Critical Accounting Policies	Basis of Preparation and Critical Accounting Policies The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at March 31, 2023, and for all periods presented. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the operating results expected for the year ending December 31, 2023. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company’s consolidated debt as of March 31, 2023 and December 31, 2022 is summarized below: March 31, 2023 December 31, 2022 (in thousands) Unsecured Senior unsecured securities $ 17,195,946 $ 17,095,116 Revolving credit facilities 1,673,000 1,020,000 Term financings 652,925 582,950 Total unsecured debt financing 19,521,871 18,698,066 Secured Term financings 110,434 113,717 Export credit financing 9,982 11,646 Total secured debt financing 120,416 125,363 Total debt financing 19,642,287 18,823,429 Less: Debt discounts and issuance costs (194,686) (182,366) Debt financing, net of discounts and issuance costs $ 19,447,601 $ 18,641,063 At March 31, 2023, 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 March 31, 2023 and December 31, 2022 are recourse in nature. Senior unsecured securities (including Medium-Term Note Program) As of March 31, 2023, the Company had $17.2 billion in senior unsecured securities outstanding. As of December 31, 2022, the Company had $17.1 billion in senior unsecured securities outstanding. Public unsecured bonds. During the three months ended March 31, 2023, the Company issued $700.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2028. Private placement securities. During the three months ended March 31, 2023, the Company, through a trust, issued $600.0 million in aggregate principal amount of 5.85% trust certificates due 2028 in a Sukuk financing. If the Company fails to meet its obligations under the Sukuk financing, the sole rights of each of the holders of the trust certificates will be against the Company to perform its obligations under the arrangements to which it is a party. Syndicated unsecured revolving credit facility As of March 31, 2023 and December 31, 2022, the Company had $1.7 billion and $1.0 billion, respectively, outstanding under its unsecured revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. During the first quarter of 2023, the Company entered into a new lender supplement and a commitment increase supplement, which increased the aggregate capacity of the Company’s Revolving Credit Facility by $325.0 million. In April 2023, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2026 to May 5, 2027 and amended the total revolving commitments thereunder to approximately $7.2 billion as of May 5, 2023. As of May 1, 2023, lenders held revolving commitments totaling approximately $6.8 billion that mature on May 5, 2027, commitments totaling $320.0 million 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. The amended Revolving Credit Facility also decreased the SOFR credit spread adjustment applicable to the borrowings for all interest periods. Borrowings under the Revolving Credit Facility accrue 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 changes in the Company’s credit ratings. Other debt financings From time to time, the Company enters into other debt financings such as unsecured revolving credit facilities, unsecured term financings and secured term financings, including export credit. As of March 31, 2023, the outstanding balance on other debt financings was $773.3 million and the Company had pledged three aircraft as collateral with a net book value of $209.6 million. 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. Maturities Maturities of debt outstanding as of March 31, 2023 are as follows: (in thousands) Years ending December 31, 2023 $ 1,398,216 2024 2,978,506 2025 2,386,926 2026 5,137,146 2027 2,780,862 Thereafter 4,960,631 Total $ 19,642,287

Flight equipment subject to ope

Flight equipment subject to operating lease	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Flight equipment subject to operating lease	Flight equipment subject to operating lease The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the three months ended March 31, 2023: (in thousands) Net book value as of December 31, 2022 $ 24,538,385 Purchase of aircraft 1,493,650 Depreciation (259,680) Sale of aircraft (22,837) Net book value as of March 31, 2023 $ 25,749,518 Accumulated depreciation as of March 31, 2023 $ (5,175,430) Write-off of Russian fleet update In response to the sanctions against certain industry sectors and parties in Russia, in March 2022, the Company terminated all of its leasing activities in Russia, including eight aircraft from its managed fleet. While the Company or the respective managed platform maintains title to the aircraft, the Company determined that it is unlikely it or they 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Aircraft Acquisition As of March 31, 2023, the Company had commitments to purchase 376 aircraft from Boeing and Airbus for delivery through 2029, with an estimated aggregate commitment of $24.2 billion. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for a majority of the 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 23 23 12 — — 72 Airbus A320/321neo (1) 21 20 21 35 35 40 172 Airbus A330-900neo 5 6 — — — — 11 Airbus A350-900/1000 3 3 — — — — 6 Airbus A350F — — — 2 2 3 7 Boeing 737-8/9 MAX 17 26 30 16 — — 89 Boeing 787-9/10 5 4 10 — — — 19 Total (2) 65 82 84 65 37 43 376 (1) The Company’s Airbus A320/321neo aircraft orders include 18 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 both Boeing and Airbus. 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 $24.2 billion as of March 31, 2023, are as follows: Years ending December 31, 2023 $ 4,889,889 2024 5,357,669 2025 5,081,295 2026 3,869,866 2027 2,478,928 Thereafter 2,563,357 Total $ 24,241,004 The Company has made non-refundable deposits on flight equipment purchases of $1.2 billion and $1.3 billion as of March 31, 2023 and December 31, 2022, 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.

Rental Income

Rental Income	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Rental Income	Rental Income As of March 31, 2023, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2023 are as follows: Years ending December 31, 2023 (excluding the three months ended March 31, 2023) $ 1,778,328 2024 2,306,856 2025 2,145,346 2026 1,918,424 2027 1,696,357 Thereafter 6,501,756 Total $ 16,347,067

Earnings_(Loss) Per Share

Earnings/(Loss) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings/(Loss) Per Share	Earnings/(Loss) Per Share Basic earnings/(loss) per share is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of March 31, 2023, 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. For the three months ended March 31, 2023, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. For the three months ended March 31, 2022, the Company excluded 249,781 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. Since the Company was in a loss position for the three months ended March 31, 2022, diluted net loss per share is the same as basic net loss per share for the period as the inclusion of all potential common shares outstanding would have been anti-dilutive. The Company excluded 969,698 and 1,046,967 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2023 and 2022, respectively. The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share: Three Months Ended 2023 2022 (in thousands, except share and per share) Basic earnings/(loss) per share: Numerator Net income/(loss) $ 128,720 $ (468,993) Preferred stock dividends (10,425) (10,425) Net income/(loss) attributable to common stockholders $ 118,295 $ (479,418) Denominator Weighted-average shares outstanding 110,943,552 113,894,867 Basic earnings/(loss) per share $ 1.07 $ (4.21) Diluted earnings/(loss) per share: Numerator Net income/(loss) $ 128,720 $ (468,993) Preferred stock dividends (10,425) (10,425) Net income/(loss) attributable to common stockholders $ 118,295 $ (479,418) Denominator Number of shares used in basic computation 110,943,552 113,894,867 Weighted-average effect of dilutive securities 256,444 — Number of shares used in per share computation 111,199,996 113,894,867 Diluted earnings/(loss) per share $ 1.06 $ (4.21)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company has a cross-currency swap related to its Canadian dollar Medium-Term Notes which were issued in December 2019. The fair value of the swap as a foreign currency exchange derivative is categorized as a Level 2 measurement in the fair value hierarchy and is measured on a recurring basis. As of March 31, 2023, the estimated fair value of the foreign currency exchange derivative liability was $2.4 million. As of December 31, 2022, the estimated fair value of the foreign currency exchange derivative liability was $2.5 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 March 31, 2023 was $18.6 billion compared to a book value of $19.6 billion. 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 following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2023, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2023 and December 31, 2022 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company had 111,015,418 and 110,892,097 Class A common shares issued and outstanding, respectively. The Company was authorized to issue 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2023 and December 31, 2022. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2023 or December 31, 2022. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2023 and December 31, 2022. As of March 31, 2023 and December 31, 2022, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2023 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2023 Liquidation Preference Issue Date Dividend Rate in Effect at March 31, 2023 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total 10,600,000 $ 850,000

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On May 7, 2014, the stockholders of the Company approved the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan, no new awards may be granted under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). As of March 31, 2023, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,054,904. The Company has issued RSUs with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a one As of March 31, 2023, the Company had no outstanding Stock Options and no unrecognized compensation costs related to outstanding Stock Options. For the three months ended March 31, 2023 and 2022, there were no stock-based compensation expenses related to Stock Options. For the three months ended March 31, 2023, the Company recorded $5.9 million of stock-based compensation expense related to RSUs. For the three months ended March 31, 2022, the Company recorded a net reversal of previously recognized stock based compensation of $2.5 million. Such net reversal was a result of reductions in the underlying vesting estimates of certain book value RSUs as the performance criteria were no longer considered probable of being achieved during the three months ended March 31, 2022. Restricted Stock Units Compensation cost for RSUs is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the three months ended March 31, 2023, the Company granted 680,338 RSUs of which 121,608 are TSR RSUs and 243,206 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2023: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2022 1,514,875 $ 45.90 Granted 680,338 $ 44.98 Vested (198,437) $ 45.09 Forfeited/canceled (373,567) $ 42.43 Unvested at March 31, 2023 1,623,209 $ 46.42 Expected to vest after March 31, 2023 1,773,653 $ 46.16 As of March 31, 2023, there was $57.4 million of unrecognized compensation expense related to unvested stock-based payments granted to employees. Total unrecognized compensation expense will be recognized over a weighted-average remaining period of 2.24 years.

Aircraft Under Management

Aircraft Under Management	3 Months Ended
	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Aircraft Under Management	Aircraft Under Management As of March 31, 2023, the Company managed 86 aircraft across three aircraft management platforms. The Company managed 46 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and six on behalf of a financial institution. As of March 31, 2023, the Company managed 34 aircraft on behalf of third-party investors through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of March 31, 2023, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $65.1 million and $64.7 million as of March 31, 2023 and December 31, 2022, respectively, and are included in Other assets on the Consolidated Balance Sheets. Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of March 31, 2023, 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 as of March 31, 2023 and December 31, 2022 and is included in Other assets on the Consolidated Balance Sheets. 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 aircraft in Russia. The six aircraft detained in Russia were removed from the Company’s managed fleet count as of March 31, 2022. See Note 4 for additional details on the write-off of Russian fleet.

Net Investment in Sales-type Le

Net Investment in Sales-type Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Net Investment in Sales-type Leases	Net Investment in Sales-type Leases As of March 31, 2023, the Company had ten 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 are included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands): March 31, 2023 Future minimum lease payments to be received $ 230,625 Estimated residual values of leased flight equipment 91,688 Less: Unearned income (44,041) Net Investment in Sales-type Leases $ 278,272 As of March 31, 2023, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2023 (excluding the three months ended March 31, 2023) $ 18,450 2024 24,600 2025 24,600 2026 24,600 2027 24,600 Thereafter 113,775 Total $ 230,625

Flight Equipment Held for Sale

Flight Equipment Held for Sale	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Flight Equipment Held for Sale	Flight Equipment Held for SaleAs of March 31, 2023, the Company had six aircraft, with a carrying value of $222.5 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets. During the three months ended March 31, 2023, the Company completed the sale of two aircraft from its held for sale portfolio. The Company expects the sale of all six aircraft to be completed within the next two quarters. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. 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.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 28, 2023, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series A, B and C Preferred Stock. The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.20 June 6, 2023 July 7, 2023 Series A Preferred Stock $ 0.384375 May 31, 2023 June 15, 2023 Series B Preferred Stock $ 11.625 May 31, 2023 June 15, 2023 Series C Preferred Stock $ 10.3125 May 31, 2023 June 15, 2023

Basis of Preparation and Crit_2

Basis of Preparation and Critical Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation.
Basis of Accounting	The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Consolidated Debt	The Company’s consolidated debt as of March 31, 2023 and December 31, 2022 is summarized below: March 31, 2023 December 31, 2022 (in thousands) Unsecured Senior unsecured securities $ 17,195,946 $ 17,095,116 Revolving credit facilities 1,673,000 1,020,000 Term financings 652,925 582,950 Total unsecured debt financing 19,521,871 18,698,066 Secured Term financings 110,434 113,717 Export credit financing 9,982 11,646 Total secured debt financing 120,416 125,363 Total debt financing 19,642,287 18,823,429 Less: Debt discounts and issuance costs (194,686) (182,366) Debt financing, net of discounts and issuance costs $ 19,447,601 $ 18,641,063
Schedule of Maturities of Debt Outstanding	Maturities of debt outstanding as of March 31, 2023 are as follows: (in thousands) Years ending December 31, 2023 $ 1,398,216 2024 2,978,506 2025 2,386,926 2026 5,137,146 2027 2,780,862 Thereafter 4,960,631 Total $ 19,642,287

Flight equipment subject to o_2

Flight equipment subject to operating lease (Tables)	3 Months Ended
	Mar. 31, 2023
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 three months ended March 31, 2023: (in thousands) Net book value as of December 31, 2022 $ 24,538,385 Purchase of aircraft 1,493,650 Depreciation (259,680) Sale of aircraft (22,837) Net book value as of March 31, 2023 $ 25,749,518 Accumulated depreciation as of March 31, 2023 $ (5,175,430)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Commitments to Acquire Aircraft	Estimated Delivery Years Aircraft Type 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-100/300 14 23 23 12 — — 72 Airbus A320/321neo (1) 21 20 21 35 35 40 172 Airbus A330-900neo 5 6 — — — — 11 Airbus A350-900/1000 3 3 — — — — 6 Airbus A350F — — — 2 2 3 7 Boeing 737-8/9 MAX 17 26 30 16 — — 89 Boeing 787-9/10 5 4 10 — — — 19 Total (2) 65 82 84 65 37 43 376 (1) The Company’s Airbus A320/321neo aircraft orders include 18 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation.
Schedule of Contractual Commitments for The Acquisition of Aircraft at an Estimated Aggregate Purchase Price	Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $24.2 billion as of March 31, 2023, are as follows: Years ending December 31, 2023 $ 4,889,889 2024 5,357,669 2025 5,081,295 2026 3,869,866 2027 2,478,928 Thereafter 2,563,357 Total $ 24,241,004

Rental Income (Tables)

Rental Income (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Minimum Future Rentals	As of March 31, 2023, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2023 are as follows: Years ending December 31, 2023 (excluding the three months ended March 31, 2023) $ 1,778,328 2024 2,306,856 2025 2,145,346 2026 1,918,424 2027 1,696,357 Thereafter 6,501,756 Total $ 16,347,067

Earnings_(Loss) Per Share (Tabl

Earnings/(Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings/Loss Per Share	The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share: Three Months Ended 2023 2022 (in thousands, except share and per share) Basic earnings/(loss) per share: Numerator Net income/(loss) $ 128,720 $ (468,993) Preferred stock dividends (10,425) (10,425) Net income/(loss) attributable to common stockholders $ 118,295 $ (479,418) Denominator Weighted-average shares outstanding 110,943,552 113,894,867 Basic earnings/(loss) per share $ 1.07 $ (4.21) Diluted earnings/(loss) per share: Numerator Net income/(loss) $ 128,720 $ (468,993) Preferred stock dividends (10,425) (10,425) Net income/(loss) attributable to common stockholders $ 118,295 $ (479,418) Denominator Number of shares used in basic computation 110,943,552 113,894,867 Weighted-average effect of dilutive securities 256,444 — Number of shares used in per share computation 111,199,996 113,894,867 Diluted earnings/(loss) per share $ 1.06 $ (4.21)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Schedule of Preferred Stock Issued and Outstanding	The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2023 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2023 Liquidation Preference Issue Date Dividend Rate in Effect at March 31, 2023 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total 10,600,000 $ 850,000

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Activities for Unvested RSUs	The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2023: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2022 1,514,875 $ 45.90 Granted 680,338 $ 44.98 Vested (198,437) $ 45.09 Forfeited/canceled (373,567) $ 42.43 Unvested at March 31, 2023 1,623,209 $ 46.42 Expected to vest after March 31, 2023 1,773,653 $ 46.16

Net Investment in Sales-type _2

Net Investment in Sales-type Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Investment in Sales-Type Leases, Net	The Company’s investment in sales-type leases consisted of the following (in thousands): March 31, 2023 Future minimum lease payments to be received $ 230,625 Estimated residual values of leased flight equipment 91,688 Less: Unearned income (44,041) Net Investment in Sales-type Leases $ 278,272
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease	As of March 31, 2023, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2023 (excluding the three months ended March 31, 2023) $ 18,450 2024 24,600 2025 24,600 2026 24,600 2027 24,600 Thereafter 113,775 Total $ 230,625

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2023
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 June 6, 2023 July 7, 2023 Series A Preferred Stock $ 0.384375 May 31, 2023 June 15, 2023 Series B Preferred Stock $ 11.625 May 31, 2023 June 15, 2023 Series C Preferred Stock $ 10.3125 May 31, 2023 June 15, 2023

Company Background and Overvi_2

Company Background and Overview (Details)	3 Months Ended
	Mar. 31, 2023 aircraft
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of aircraft owned	437
Number of aircraft managed	86
Number of aircraft on order with manufacturers	376

Debt Financing - Consolidated D

Debt Financing - Consolidated Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt financing	$ 19,642,287	$ 18,823,429
Less: Debt discounts and issuance costs	(194,686)	(182,366)
Debt financing, net of discounts and issuance costs	19,447,601	18,641,063
Total unsecured debt financing
Debt Instrument [Line Items]
Total debt financing	19,521,871	18,698,066
Senior unsecured securities
Debt Instrument [Line Items]
Total debt financing	17,195,946	17,095,116
Revolving credit facilities
Debt Instrument [Line Items]
Total debt financing	1,673,000	1,020,000
Term financings
Debt Instrument [Line Items]
Total debt financing	652,925	582,950
Total secured debt financing
Debt Instrument [Line Items]
Total debt financing	120,416	125,363
Term financings
Debt Instrument [Line Items]
Total debt financing	110,434	113,717
Export credit financing
Debt Instrument [Line Items]
Total debt financing	$ 9,982	$ 11,646

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) aircraft	May 05, 2023 USD ($)	May 01, 2023 USD ($)	Dec. 31, 2022 USD ($) aircraft
Debt Instrument [Line Items]
Outstanding balance	$ 19,642,287			$ 18,823,429
Senior unsecured securities
Debt Instrument [Line Items]
Outstanding balance	17,195,946			17,095,116
Medium Term Note Program Due 2028 | Total unsecured debt financing
Debt Instrument [Line Items]
Principal amount issued	$ 700,000
Interest rate	5.30%
Trust Certificates Due 2028
Debt Instrument [Line Items]
Principal amount issued	$ 600,000
Interest rate	5.85%
Revolving credit facilities
Debt Instrument [Line Items]
Outstanding balance	$ 1,673,000			1,020,000
Increase in borrowing capacity	$ 325,000
Facility fee	0.20%
Revolving credit facilities | Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 7,200,000
Revolving credit facilities | Mature May 5, 2027 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			$ 6,800,000
Revolving credit facilities | Mature May 5, 2026 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			320,000
Revolving credit facilities | Mature May 5, 2025 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			32,500
Revolving credit facilities | Mature May 5, 2023 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			$ 375,000
Revolving credit facilities | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest margin	1.05%
Other Debt Financings
Debt Instrument [Line Items]
Outstanding balance	$ 773,300			$ 708,300
Number of aircraft pledged as collateral | aircraft	3			3
Net book value of aircraft pledged as collateral	$ 209,600			$ 212,100

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 1,398,216
2024	2,978,506
2025	2,386,926
2026	5,137,146
2027	2,780,862
Thereafter	4,960,631
Total	$ 19,642,287	$ 18,823,429

Flight equipment subject to o_3

Flight equipment subject to operating lease- Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (259,680)	$ (235,308)
Flight Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Net book value, beginning balance	24,538,385
Purchase of aircraft	1,493,650
Depreciation	(259,680)
Sale of aircraft	(22,837)
Net book value, ending balance	25,749,518
Accumulated depreciation as of March 31, 2023	$ (5,175,430)

Flight equipment subject to o_4

Flight equipment subject to operating lease - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) aircraft	May 01, 2023 aircraft
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of managed aircraft terminating lease	8
Flight Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Write-off of fleet | $	$ 791
Subsequent Event
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft under operating lease terminated remaining in Russia		20

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Number of aircraft on order with manufacturers | aircraft	376
Purchase obligation	$ 24,241,004
Minimum aircraft delivery delays that could trigger lessee cancellation clauses	1 year
Purchase agreements, termination commencement period	1 year
Non-refundable deposits on aircraft	$ 1,220,332	$ 1,344,973
Aircrafts
Long-term Purchase Commitment [Line Items]
Non-refundable deposits on aircraft	$ 1,200,000	$ 1,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Aircraft Acquisition (Details)	3 Months Ended
	Mar. 31, 2023 aircraft
Aircrafts
Long-term Purchase Commitment [Line Items]
2023	65
2024	82
2025	84
2026	65
2027	37
Thereafter	43
Total	376
Airbus A220-100/300
Long-term Purchase Commitment [Line Items]
2023	14
2024	23
2025	23
2026	12
2027	0
Thereafter	0
Total	72
Airbus A320/321neo
Long-term Purchase Commitment [Line Items]
2023	21
2024	20
2025	21
2026	35
2027	35
Thereafter	40
Total	172
Number of long-range variant aircraft	18
Number of extra long-range variant aircrafts	49
Airbus A330-900neo
Long-term Purchase Commitment [Line Items]
2023	5
2024	6
2025	0
2026	0
2027	0
Thereafter	0
Total	11
Airbus A350-900/1000
Long-term Purchase Commitment [Line Items]
2023	3
2024	3
2025	0
2026	0
2027	0
Thereafter	0
Total	6
Airbus A350F
Long-term Purchase Commitment [Line Items]
2023	0
2024	0
2025	0
2026	2
2027	2
Thereafter	3
Total	7
Boeing 737-8/9 MAX
Long-term Purchase Commitment [Line Items]
2023	17
2024	26
2025	30
2026	16
2027	0
Thereafter	0
Total	89
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	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 4,889,889
2024	5,357,669
2025	5,081,295
2026	3,869,866
2027	2,478,928
Thereafter	2,563,357
Total	$ 24,241,004

Rental Income (Details)

Rental Income (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (excluding the three months ended March 31, 2023)	$ 1,778,328
2024	2,306,856
2025	2,145,346
2026	1,918,424
2027	1,696,357
Thereafter	6,501,756
Total	$ 16,347,067

Earnings_(Loss) Per Share - Nar

Earnings/(Loss) Per Share - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 class_of_stock shares	Mar. 31, 2022 shares	Dec. 31, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of classes of common stock | class_of_stock	2
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded related to restricted stock units	0	249,781
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded related to restricted stock units	969,698	1,046,967
Class B Non‑Voting Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, outstanding (in shares)	0		0

Earnings_(Loss) Per Share - Rec

Earnings/(Loss) Per Share - Reconciliation of Basic and Diluted Earnings/Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net income/(loss)	$ 128,720	$ (468,993)
Preferred stock dividends	(10,425)	(10,425)
Net income/(loss) available to common stockholders, basic	$ 118,295	$ (479,418)
Denominator
Weighted-average shares outstanding (in shares)	110,943,552	113,894,867
Basic earnings/(loss) per share (in dollars per share)	$ 1.07	$ (4.21)
Numerator
Net income/(loss)	$ 128,720	$ (468,993)
Preferred stock dividends	(10,425)	(10,425)
Net income/(loss) available to common stockholders, diluted	$ 118,295	$ (479,418)
Incremental Weighted Average Shares Attributable to Dilutive Effect [Abstract]
Number of shares used in basic computation (in shares)	110,943,552	113,894,867
Weighted-average effect of dilutive securities (in shares)	256,444	0
Number of shares used in per share computation (in shares)	111,199,996	113,894,867
Diluted earnings/(loss) per share (in dollars per share)	$ 1.06	$ (4.21)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Reported Value Measurement
Fair Value Measurements
Debt financing	$ 19,600	$ 18,800
Level 2
Fair Value Measurements
Debt financing	18,600	17,500
Recurring basis | Foreign Exchange Contract | Level 2
Fair Value Measurements
Derivative liability	$ 2.4
Derivative asset, fair value		$ 2.5

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,600,000
Preferred stock, outstanding (in shares)	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000
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)	111,015,418	110,892,097
Common stock, outstanding (in shares)	111,015,418	110,892,097
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
Noncumulative Preferred Stock
Class of Stock [Line Items]
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
Series A Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	10,000,000	10,000,000
Preferred stock, dividend rate	6.15%	6.15%
Preferred stock, aggregate liquidation preference	$ 250,000	$ 250,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Series B Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000
Preferred stock, dividend rate	4.65%	4.65%
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Series C Preferred Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000
Preferred stock, dividend rate	4.125%	4.125%
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, liquidation preference (in dollars per share)	$ 1,000	$ 1,000

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,600,000
Preferred stock, outstanding (in shares)	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	10,000,000	10,000,000
Preferred stock, aggregate liquidation preference	$ 250,000	$ 250,000
Preferred stock, dividend rate	6.15%	6.15%
Series A Preferred Stock | LIBOR
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	3.65%
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, dividend rate	4.65%	4.65%
Series B Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	4.076%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, dividend rate	4.125%	4.125%
Series C Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread	3.149%

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)		3 Months Ended
	May 07, 2014 shares	Mar. 31, 2023 USD ($) criteria shares	Mar. 31, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares)		0
Unrecognized compensation expense | $		$ 57,400,000
Weighted-average period of recognition of unrecognized stock-based compensation cost		2 years 2 months 26 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of different vesting criteria | criteria		4
Stock-based compensation expense (reversal) | $		$ 5,900,000	$ (2,500,000)
Number of shares other than options granted		680,338
Restricted Stock Units (RSUs) | Vesting Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock Units (RSUs) | Vesting Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Restricted Stock Units (RSUs) | Vesting Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
Restricted Stock With Total Shareholder Return Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted		121,608
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $		$ 0
Stock-based compensation expense (reversal) | $		$ 0	$ 0
Restricted Stock Units (RSUs), Book Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted		243,206
Equity Incentive Plan 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted (in shares)	0
Number of shares authorized (in shares)		4,054,904

Stock-based Compensation - Unve

Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares) | shares	1,514,875
Granted (in shares) | shares	680,338
Vested (in shares) | shares	(198,437)
Forfeited/canceled (in shares) | shares	(373,567)
Unvested at the end of the period (in shares) | shares	1,623,209
Expected to vest after the end of the period (in shares) | shares	1,773,653
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 45.90
Granted (in dollars per share) | $ / shares	44.98
Vested (in dollars per share) | $ / shares	45.09
Forfeited/canceled (in dollars per share) | $ / shares	42.43
Unvested at the end of the period (in dollars per share) | $ / shares	46.42
Expected to vest after the end of the period (in dollars per share) | $ / shares	$ 46.16

Aircraft Under Management (Deta

Aircraft Under Management (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) aircraft entity joint_venture aircraft_management_platform	Mar. 31, 2022 USD ($) aircraft	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed	86
Number of aircraft management platforms | aircraft_management_platform	3
Percentage of non-controlling interest ownership, number of entities | entity	2
Asset write offs | $	$ 0	$ 802,352
Number of previously managed aircraft remaining in Russia, removed from managed fleet		6
Investments in Managed Platforms
Schedule of Equity Method Investments [Line Items]
Asset write offs | $		$ 11,400
Financial Institutions Borrower
Schedule of Equity Method Investments [Line Items]
Number of aircraft	6
Blackbird Capital I and Blackbird Capital II
Schedule of Equity Method Investments [Line Items]
Number of aircraft	34
Number of joint ventures participated | joint_venture	2
Percentage of equity ownership	9.50%
Equity method investment | $	$ 65,100		$ 64,700
Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft	46
Investment in aircraft sold | $	$ 8,800		$ 8,800
Thunderbolt Platform | Aircraft Held For Sale
Schedule of Equity Method Investments [Line Items]
Number of entities which aircraft is managed | entity	3
Thunderbolt II And Thunderbolt III
Schedule of Equity Method Investments [Line Items]
Percentage of noncontrolling interest	5%

Net Investment in Sales-type _3

Net Investment in Sales-type Leases - Narrative (Details)	Mar. 31, 2023 aircraft
Leases [Abstract]
Sales-type lease, number of aircrafts	10

Net Investment in Sales-type _4

Net Investment in Sales-type Leases - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
Future minimum lease payments to be received	$ 230,625
Estimated residual values of leased flight equipment	91,688
Less: Unearned income	(44,041)
Net Investment in Sales-type Leases	$ 278,272

Net Investment in Sales-type _5

Net Investment in Sales-type Leases - Future Minimum Lease Payments to be Received on Sales-type Lease (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (excluding the three months ended March 31, 2023)	$ 18,450
2024	24,600
2025	24,600
2026	24,600
2027	24,600
Thereafter	113,775
Total	$ 230,625

Flight Equipment Held for Sale

Flight Equipment Held for Sale (Details) $ in Millions	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft
Disposal Group, Held-for-sale, Not Discontinued Operations | Six Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts	6
Carrying value of assets held for sale | $	$ 222.5
Disposal Group, Held-for-sale, Not Discontinued Operations | Four Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts		4
Carrying value of assets held for sale | $		$ 153.5
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Two Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts	2

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended
	Apr. 28, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Events
Cash dividends declared per share (in dollars per share)		$ 0.200	$ 0.185
Class A Common Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 0.20
Series A Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	0.384375
Series B Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	11.625
Series C Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 10.3125