Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 | 111,366,501 | |
Entity Central Index Key | 0001487712 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
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 | |
3.700% Medium-Term Notes, Series A, due April 15, 2030 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.700% Medium-Term Notes, Series A, due April 15, 2030 | |
Trading Symbol | AL30 | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and cash equivalents | $ 554,373 | $ 460,870 |
Restricted cash | 1,552 | 3,622 |
Flight equipment subject to operating leases | 32,273,883 | 31,787,241 |
Less accumulated depreciation | (5,729,380) | (5,556,033) |
Flight equipment subject to operating leases, net | 26,544,503 | 26,231,208 |
Deposits on flight equipment purchases | 1,088,363 | 1,203,068 |
Other assets | 2,723,644 | 2,553,484 |
Total assets | 30,912,435 | 30,452,252 |
Liabilities and Shareholders’ Equity | ||
Accrued interest and other payables | 1,160,132 | 1,164,140 |
Debt financing, net of discounts and issuance costs | 19,479,961 | 19,182,657 |
Security deposits and maintenance reserves on flight equipment leases | 1,594,069 | 1,519,719 |
Rentals received in advance | 138,181 | 143,861 |
Deferred tax liability | 1,308,221 | 1,281,837 |
Total liabilities | 23,680,564 | 23,292,214 |
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, 2024 and December 31, 2023, respectively | 106 | 106 |
Paid-in capital | 3,286,122 | 3,287,234 |
Retained earnings | 3,943,867 | 3,869,813 |
Accumulated other comprehensive income | 662 | 1,775 |
Total shareholders’ equity | 7,231,871 | 7,160,038 |
Total liabilities and shareholders’ equity | 30,912,435 | 30,452,252 |
Class A Common Stock | ||
Shareholders’ Equity | ||
Common stock | 1,114 | 1,110 |
Class B Non‑Voting Common Stock | ||
Shareholders’ Equity | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
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 | $ 850,000,000 | $ 850,000,000 |
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) | 111,366,501 | 111,027,252 |
Common stock, outstanding (in shares) | 111,366,501 | 111,027,252 |
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 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | ||
Rental of flight equipment | $ 614,329 | $ 617,773 |
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 | $ 48,981 | $ 18,369 |
Total revenues | 663,310 | 636,142 |
Expenses | ||
Interest | 181,595 | 151,613 |
Amortization of debt discounts and issuance costs | 13,108 | 13,073 |
Interest expense | 194,703 | 164,686 |
Depreciation of flight equipment | 277,260 | 259,680 |
Selling, general and administrative | 47,743 | 47,614 |
Stock-based compensation expense | 8,275 | 5,896 |
Total expenses | 527,981 | 477,876 |
Income before taxes | 135,329 | 158,266 |
Income tax expense | (27,463) | (29,546) |
Net income | 107,866 | 128,720 |
Preferred stock dividends | (10,425) | (10,425) |
Net income/(loss) attributable to common stockholders, basic | 97,441 | 118,295 |
Net income/(loss) attributable to common stockholders, diluted | 97,441 | 118,295 |
Other comprehensive income/(loss): | ||
Foreign currency translation adjustment | 18,444 | (830) |
Change in fair value of hedged transactions | (19,860) | 148 |
Total tax benefit on other comprehensive income/loss | 303 | 146 |
Other comprehensive income/(loss), net of tax | (1,113) | (536) |
Total comprehensive income attributable for common stockholders | $ 96,328 | $ 117,759 |
Earnings per share of common stock: | ||
Basic (in dollars per share) | $ 0.88 | $ 1.07 |
Diluted (in dollars per share) | $ 0.87 | $ 1.06 |
Weighted-average shares of common stock outstanding | ||
Basic (in shares) | 111,174,593 | 110,943,552 |
Diluted (in shares) | 111,529,770 | 111,199,996 |
Dividends declared per share of common stock (in dollars per share) | $ 0.21 | $ 0.20 |
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, 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 | |||||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 198,437 | ||||||||
Issuance of common stock upon vesting of restricted stock units | 2 | $ 2 | |||||||
Stock-based compensation expense | 5,896 | 5,896 | |||||||
Cash dividends | (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 | (3,231) | $ (1) | (3,230) | ||||||
Net income | 128,720 | 128,720 | |||||||
Ending balance, preferred stock (in shares) at Mar. 31, 2023 | 10,600,000 | ||||||||
Ending balance at Mar. 31, 2023 | $ 6,744,586 | $ 106 | $ 1,110 | $ 0 | 3,258,639 | 3,482,912 | 1,819 | ||
Ending balance, common stock (in shares) at Mar. 31, 2023 | 111,015,418 | 0 | |||||||
Beginning balance, preferred stock (in shares) at Dec. 31, 2023 | 10,600,000 | 10,600,000 | |||||||
Beginning balance at Dec. 31, 2023 | $ 7,160,038 | $ 106 | $ 1,110 | $ 0 | 3,287,234 | 3,869,813 | 1,775 | ||
Beginning balance, common stock (in shares) at Dec. 31, 2023 | 111,027,252 | 0 | 111,027,252 | 0 | |||||
Increase (Decrease) in Shareholders' Equity | |||||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 567,154 | ||||||||
Issuance of common stock upon vesting of restricted stock units | 6 | $ 6 | |||||||
Stock-based compensation expense | 8,275 | 8,275 | |||||||
Cash dividends | (23,387) | (23,387) | |||||||
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 | (1,113) | (1,113) | |||||||
Tax withholdings on stock-based compensation (in shares) | (227,905) | ||||||||
Tax withholdings on stock based-compensation | (9,389) | $ (2) | (9,387) | ||||||
Net income | $ 107,866 | 107,866 | |||||||
Ending balance, preferred stock (in shares) at Mar. 31, 2024 | 10,600,000 | 10,600,000 | |||||||
Ending balance at Mar. 31, 2024 | $ 7,231,871 | $ 106 | $ 1,114 | $ 0 | $ 3,286,122 | $ 3,943,867 | $ 662 | ||
Ending balance, common stock (in shares) at Mar. 31, 2024 | 111,366,501 | 0 | 111,366,501 | 0 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share of common stock (in dollars per share) | $ 0.21 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income | $ 107,866 | $ 128,720 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of flight equipment | 277,260 | 259,680 |
Stock-based compensation expense | 8,275 | 5,896 |
Deferred taxes | 26,687 | 28,726 |
Amortization of discounts and debt issuance costs | 13,108 | 13,073 |
Amortization of prepaid lease costs | 24,336 | 18,323 |
Gain on aircraft sales, trading and other activity | (51,346) | (41,650) |
Changes in operating assets and liabilities: | ||
Other assets | (16,829) | (26,907) |
Accrued interest and other payables | (12,438) | (45,493) |
Rentals received in advance | (5,589) | 8,122 |
Net cash provided by operating activities | 371,330 | 348,490 |
Investing Activities | ||
Acquisition of flight equipment under operating lease | (706,179) | (1,236,828) |
Payments for deposits on flight equipment purchases | 0 | (4,000) |
Proceeds from aircraft sales, trading and other activity | 200,401 | 21,391 |
Acquisition of aircraft furnishings, equipment and other assets | (124,546) | (53,939) |
Net cash used in investing activities | (630,324) | (1,273,376) |
Financing Activities | ||
Cash dividends paid on Class A common stock | (23,316) | (22,178) |
Cash dividends paid on preferred stock | (10,425) | (10,425) |
Tax withholdings on stock-based compensation | (9,384) | (3,229) |
Net change in unsecured revolving facility | 353,000 | 653,000 |
Proceeds from debt financings | 1,428,212 | 1,352,766 |
Payments in reduction of debt financings | (1,476,877) | (1,209,971) |
Debt issuance costs | (1,694) | (3,159) |
Security deposits and maintenance reserve receipts | 93,464 | 93,377 |
Security deposits and maintenance reserve disbursements | (2,553) | (3,775) |
Net cash provided by financing activities | 350,427 | 846,406 |
Net increase/(decrease) in cash | 91,433 | (78,480) |
Cash, cash equivalents and restricted cash at beginning of period | 464,492 | 780,017 |
Cash, cash equivalents and restricted cash at end of period | 555,925 | 701,537 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest, including capitalized interest of $11,412 and $10,658 at March 31, 2024 and 2023, respectively | 203,581 | 197,935 |
Cash paid for income taxes | 3,033 | 3,571 |
Supplemental Disclosure of Noncash Activities | ||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets | 155,214 | 227,738 |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | 276,094 | 80,036 |
Flight equipment subject to operating leases reclassified to investment in sales-type lease | 33,629 | 0 |
Cash dividends declared on Class A common stock, not yet paid | $ 23,387 | $ 22,203 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 11,412 | $ 10,658 |
Company Background and Overview
Company Background and Overview | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Background and Overview | Company Background and Overview 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 March 31, 2024, the Company owned 472 aircraft, managed 73 aircraft and had 320 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, 2024 | |
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, 2024, and for all periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the year ending December 31, 2024. 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, 2023. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures. |
Debt Financing
Debt Financing | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt Financing | Debt Financing The Company’s consolidated debt as of March 31, 2024 and December 31, 2023 is summarized below: March 31, 2024 December 31, 2023 (in thousands) Unsecured Senior unsecured securities $ 16,307,719 $ 16,329,605 Term financings 1,608,450 1,628,400 Revolving credit facility 1,453,000 1,100,000 Total unsecured debt financing 19,369,169 19,058,005 Secured Export credit financing 201,417 204,984 Term financings 97,111 100,471 Total secured debt financing 298,528 305,455 Total debt financing 19,667,697 19,363,460 Less: Debt discounts and issuance costs (187,736) (180,803) Debt financing, net of discounts and issuance costs $ 19,479,961 $ 19,182,657 As of March 31, 2024, 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. Senior unsecured securities (including Medium-Term Note Program) As of March 31, 2024 and December 31, 2023, the Company had $16.3 billion in senior unsecured securities outstanding. During the three months ended March 31, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029 (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”) and (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”). The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps. Syndicated unsecured revolving credit facility As of March 31, 2024 and December 31, 2023, the Company had $1.5 billion and $1.1 billion, respectively, outstanding under its syndicated 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. In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of May 6, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to 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. Secured debt financings As of March 31, 2024, the Company had an outstanding balance of $298.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $441.4 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of March 31, 2024 and December 31, 2023 are recourse in nature. Maturities Maturities of debt outstanding as of March 31, 2024 are as follows (in thousands): Years ending December 31, 2024 $ 1,726,518 2025 2,422,736 2026 4,441,613 2027 4,161,117 2028 2,987,622 Thereafter 3,928,091 Total $ 19,667,697 |
Flight equipment subject to ope
Flight equipment subject to operating lease | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: (in thousands) Net book value as of December 31, 2023 $ 26,231,208 Purchase of aircraft 900,278 Depreciation (277,260) Flight equipment subject to operating leases reclassified to flight equipment held for sale (276,094) Flight equipment subject to operating leases reclassified to investment in sales-type lease (33,629) Net book value as of March 31, 2024 $ 26,544,503 Accumulated depreciation as of March 31, 2024 $ (5,729,380) Update on Russian fleet As previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, in June 2022, the Company and certain of its subsidiaries submitted insurance claims to the insurers on its aviation insurance policies to recover losses relating to aircraft detained in Russia for which the Company recorded a net write-off of its interests in its owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its aviation insurance carriers in connection with its previously submitted insurance claims for which a trial date has been set for April 17, 2025. The Company continues to have significant claims against its aviation insurance carriers and will continue to vigorously pursue all available insurance claims and its related insurance litigation, and all rights and remedies therein. Collection, timing and amounts of any future insurance and related recoveries and the outcome of the Company’s ongoing insurance litigation remain uncertain at this time. On January 19, 2024, the Company filed suit in the High Court of Justice, Business & Property Courts of England & Wales, Commercial Court against the Russian airlines’ aviation insurers and reinsurance insurers (collectively, the “Airlines’ Insurers”) seeking recovery under the Russian airlines’ insurance policies for aircraft that remain in Russia. The lawsuit against the Airlines’ Insurers is in the early stages and no trial date has been set. As of May 6, 2024, 16 aircraft previously included in the Company’s owned fleet are still detained in Russia. The operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities and the Company’s ongoing demands for the return of its assets. |
Flight Equipment Held for Sale
Flight Equipment Held for Sale | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Flight Equipment Held for Sale | Flight Equipment Held for Sale As of March 31, 2024, the Company had 17 aircraft, with a carrying value of $666.4 million, which were classified as held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 17 aircraft to be completed in 2024. As of March 31, 2024, the Company held an aggregate of $305.8 million in purchase deposits pursuant to sale agreements related to six of the 17 aircraft, which amount is included in Accrued interest and other payables on the Consolidated Balance Sheets. During the three months ended March 31, 2024, the Company transferred eight aircraft from flight equipment subject to operating lease and completed the sale of five aircraft from its held for sale portfolio. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2023, the Company had 14 aircraft, with a carrying value of $605.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets. The following table summarizes the activities for the Company’s held for sale for the three months ended March 31, 2024 based on carrying value: (in thousands) Flight equipment held for sale as of December 31, 2023 $ 605,104 Flight equipment subject to operating leases reclassified to flight equipment held for sale 276,094 Aircraft sales (214,798) Flight equipment held for sale as of March 31, 2024 $ 666,400 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Aircraft Acquisition As of March 31, 2024, the Company had commitments to purchase 320 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $20.9 billion. The following table shows the Company’s contractual delivery commitment schedule as of March 31, 2024: Estimated Delivery Years Aircraft Type Last 9 months of 2024 2025 2026 2027 2028 Thereafter Total Airbus A220-100/300 16 11 15 17 — — 59 Airbus A320/321neo (1) 14 11 30 50 36 4 145 Airbus A330-900neo 6 1 — — — — 7 Airbus A350-900/1000 3 — — — — — 3 Airbus A350F — — — 4 2 1 7 Boeing 737-8/9 MAX 20 27 21 7 2 — 77 Boeing 787-9/10 11 10 1 — — — 22 Total (2) 70 60 67 78 40 5 320 (1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. (2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through May 6, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for some aircraft, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. The table above 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 Airbus and Boeing to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of these delays. Pursuant to the Company’s purchase agreements with Airbus and Boeing, 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 Airbus and Boeing. The Company is currently experiencing delivery delays with both Airbus and Boeing aircraft. In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The 737-9 MAX aircraft has since returned to service; however, Boeing will not be allowed by the FAA to increase 737 MAX production rates until quality control issues are resolved. Due to these production constraints, the Company expects further delivery delays on our 737 MAX aircraft orders, and the Company is unable to estimate when Boeing 737 MAX production rates will normalize. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Airbus and Boeing 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 $20.9 billion as of March 31, 2024, are as follows (in thousands): Years ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 5,521,459 2025 4,245,270 2026 3,804,021 2027 4,626,120 2028 2,330,499 Thereafter 354,227 Total $ 20,881,596 The Company has made non-refundable deposits on flight equipment purchases of $1.1 billion and $1.2 billion as of March 31, 2024 and December 31, 2023, 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, 2024 | |
Leases [Abstract] | |
Rental Income | Rental Income As of March 31, 2024, 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, 2024 are as follows (in thousands): Years ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 1,824,562 2025 2,328,165 2026 2,088,796 2027 1,888,157 2028 1,710,994 Thereafter 6,717,010 Total $ 16,557,684 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of March 31, 2024, the Company did not have any Class B non-voting common stock outstanding. Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three months ended March 31, 2024, and 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. The Company excluded 1,084,610 and 969,698 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2024 and 2023, respectively. The following table sets forth the reconciliation of basic and diluted earnings per share: Three Months Ended 2024 2023 (in thousands, except share and per share) Basic earnings per share: Numerator Net income $ 107,866 $ 128,720 Preferred stock dividends (10,425) (10,425) Net income attributable to common stockholders $ 97,441 $ 118,295 Denominator Weighted-average shares outstanding 111,174,593 110,943,552 Basic earnings per share $ 0.88 $ 1.07 Diluted earnings per share: Numerator Net income $ 107,866 $ 128,720 Preferred stock dividends (10,425) (10,425) Net income attributable to common stockholders $ 97,441 $ 118,295 Denominator Number of shares used in basic computation 111,174,593 110,943,552 Weighted-average effect of dilutive securities 355,177 256,444 Number of shares used in per share computation 111,529,770 111,199,996 Diluted earnings per share $ 0.87 $ 1.06 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 four cross-currency swaps, which were issued in December 2019, November 2023, February 2024 and March 2024, related to its Canadian dollar and Euro Medium-Term Notes. The fair value of these swaps as a foreign currency exchange derivative are categorized as a Level 2 measurement in the fair value hierarchy and are measured on a recurring basis. As of March 31, 2024, the estimated fair value of one of the Company’s foreign exchange swaps was a derivative asset of $5.6 million and the remaining three swaps was a derivative liability of $8.5 million. As of December 31, 2023, the estimated fair value of the Company’s foreign exchange swaps was a derivative asset of $17.0 million. Derivative assets are included in Other assets on the Company’s Consolidated Balance Sheets while derivative liabilities are included in Accrued interest and other payables on the Company’s Consolidated Balance Sheets. 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, 2024 was $19.0 billion compared to a book value of $19.7 billion. The estimated fair value of debt financing as of December 31, 2023 was $18.7 billion compared to a book value of $19.4 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2024, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2024 and December 31, 2023 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, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The Company was authorized to issue up to 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company had 111,366,501 and 111,027,252 shares of Class A common stock issued and outstanding, respectively. The Company authorized for issuance up to 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2024 and December 31, 2023. 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, 2024 or December 31, 2023. The Company was authorized to issue up to 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, 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, 2024 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2024 Liquidation Preference as of March 31, 2024 (2) Issue Date Dividend Rate in Effect at March 31, 2024 (3) Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 3M Term SOFR (1) plus 3.65% June 15, 2024 3M Term SOFR (1) plus 3.65% Series B 300,000 300,000 March 2, 2021 4.65% 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 (1) 3M Term SOFR includes a credit spread adjustment of 0.10%. (2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock and Series C Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. (3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation On May 3, 2023, the stockholders of the Company approved the Air Lease Corporation 2023 Equity Incentive Plan (the “2023 Plan”). As of March 31, 2024, the number of shares of Class A Common Stock available for new award grants under the 2023 Plan is approximately 3,719,460. The Company has issued restricted stock units (“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 two The Company recorded $8.3 million and $5.9 million of stock-based compensation expense related to RSUs for the three months ended March 31, 2024 and 2023, 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 time based and book value 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 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, 2024, the Company granted 810,284 RSUs of which 133,438 are TSR RSUs and 308,421 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2024: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2023 1,607,575 $ 46.44 Granted 810,284 $ 41.34 Vested (1) (567,154) $ 45.26 Forfeited/canceled (75,779) $ 54.03 Unvested at March 31, 2024 1,774,926 $ 44.16 Expected to vest after March 31, 2024 2,009,069 $ 44.08 (1) During the three months ended March 31, 2024, 247,258 performance based RSUs and 319,896 time-based RSUs vested. As of March 31, 2024, there was $58.1 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 2.12 years. |
Aircraft Under Management
Aircraft Under Management | 3 Months Ended |
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aircraft Under Management | Aircraft Under Management As of March 31, 2024, the Company managed 73 aircraft across two aircraft management platforms. The Company managed 40 aircraft through its Thunderbolt platform and 33 aircraft through the Blackbird investment funds. As of March 31, 2024, the Company managed 33 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, 2024, 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 $69.5 million and $69.4 million as of March 31, 2024 and December 31, 2023, 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, 2024, the Company managed 40 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 each of March 31, 2024 and December 31, 2023 and is included in Other assets on the Consolidated Balance Sheets. As of May 6, 2024, two aircraft in the Company’s managed fleet remain in Russia. While the respective managed platform maintains title to the aircraft, the Company has determined that it is unlikely it will regain possession of the aircraft that have not been returned and that remain in Russia. |
Net Investment in Sales-type Le
Net Investment in Sales-type Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Net Investment in Sales-type Leases | Net Investment in Sales-type Leases As of March 31, 2024 and December 31, 2023, the Company had sales-type leases for 13 aircraft and 12 aircraft in its owned fleet, respectively. 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, 2024 December 31, 2023 Future minimum lease payments to be received $ 315,151 $ 285,443 Estimated residual values of leased flight equipment 117,415 108,688 Less: Unearned income (57,291) (53,412) Net Investment in Sales-type Leases $ 375,275 $ 340,719 As of March 31, 2024, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 25,516 2025 34,022 2026 34,022 2027 34,022 2028 34,022 Thereafter 153,547 Total $ 315,151 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 3, 2024, 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 $ 0.21 June 4, 2024 July 8, 2024 Series A Preferred Stock $ 0.592675 May 31, 2024 June 15, 2024 Series B Preferred Stock $ 11.625 May 31, 2024 June 15, 2024 Series C Preferred Stock $ 10.3125 May 31, 2024 June 15, 2024 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 107,866 | $ 128,720 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Preparation and Crit_2
Basis of Preparation and Critical Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures. |
Debt Financing (Tables)
Debt Financing (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Consolidated Debt | The Company’s consolidated debt as of March 31, 2024 and December 31, 2023 is summarized below: March 31, 2024 December 31, 2023 (in thousands) Unsecured Senior unsecured securities $ 16,307,719 $ 16,329,605 Term financings 1,608,450 1,628,400 Revolving credit facility 1,453,000 1,100,000 Total unsecured debt financing 19,369,169 19,058,005 Secured Export credit financing 201,417 204,984 Term financings 97,111 100,471 Total secured debt financing 298,528 305,455 Total debt financing 19,667,697 19,363,460 Less: Debt discounts and issuance costs (187,736) (180,803) Debt financing, net of discounts and issuance costs $ 19,479,961 $ 19,182,657 |
Schedule of Maturities of Debt Outstanding | Maturities of debt outstanding as of March 31, 2024 are as follows (in thousands): Years ending December 31, 2024 $ 1,726,518 2025 2,422,736 2026 4,441,613 2027 4,161,117 2028 2,987,622 Thereafter 3,928,091 Total $ 19,667,697 |
Flight equipment subject to o_2
Flight equipment subject to operating lease (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: (in thousands) Net book value as of December 31, 2023 $ 26,231,208 Purchase of aircraft 900,278 Depreciation (277,260) Flight equipment subject to operating leases reclassified to flight equipment held for sale (276,094) Flight equipment subject to operating leases reclassified to investment in sales-type lease (33,629) Net book value as of March 31, 2024 $ 26,544,503 Accumulated depreciation as of March 31, 2024 $ (5,729,380) |
Flight Equipment Held for Sale
Flight Equipment Held for Sale (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Flight Equipment Held for Sale | The following table summarizes the activities for the Company’s held for sale for the three months ended March 31, 2024 based on carrying value: (in thousands) Flight equipment held for sale as of December 31, 2023 $ 605,104 Flight equipment subject to operating leases reclassified to flight equipment held for sale 276,094 Aircraft sales (214,798) Flight equipment held for sale as of March 31, 2024 $ 666,400 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Commitments to Acquire Aircraft | The following table shows the Company’s contractual delivery commitment schedule as of March 31, 2024: Estimated Delivery Years Aircraft Type Last 9 months of 2024 2025 2026 2027 2028 Thereafter Total Airbus A220-100/300 16 11 15 17 — — 59 Airbus A320/321neo (1) 14 11 30 50 36 4 145 Airbus A330-900neo 6 1 — — — — 7 Airbus A350-900/1000 3 — — — — — 3 Airbus A350F — — — 4 2 1 7 Boeing 737-8/9 MAX 20 27 21 7 2 — 77 Boeing 787-9/10 11 10 1 — — — 22 Total (2) 70 60 67 78 40 5 320 (1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. (2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through May 6, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for some aircraft, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. |
Schedule of Commitments for the Acquisition of the 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 $20.9 billion as of March 31, 2024, are as follows (in thousands): Years ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 5,521,459 2025 4,245,270 2026 3,804,021 2027 4,626,120 2028 2,330,499 Thereafter 354,227 Total $ 20,881,596 |
Rental Income (Tables)
Rental Income (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Minimum Future Rentals on Non-Cancellable Operating Leases of Flight Equipment | As of March 31, 2024, 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, 2024 are as follows (in thousands): Years ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 1,824,562 2025 2,328,165 2026 2,088,796 2027 1,888,157 2028 1,710,994 Thereafter 6,717,010 Total $ 16,557,684 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 per share: Three Months Ended 2024 2023 (in thousands, except share and per share) Basic earnings per share: Numerator Net income $ 107,866 $ 128,720 Preferred stock dividends (10,425) (10,425) Net income attributable to common stockholders $ 97,441 $ 118,295 Denominator Weighted-average shares outstanding 111,174,593 110,943,552 Basic earnings per share $ 0.88 $ 1.07 Diluted earnings per share: Numerator Net income $ 107,866 $ 128,720 Preferred stock dividends (10,425) (10,425) Net income attributable to common stockholders $ 97,441 $ 118,295 Denominator Number of shares used in basic computation 111,174,593 110,943,552 Weighted-average effect of dilutive securities 355,177 256,444 Number of shares used in per share computation 111,529,770 111,199,996 Diluted earnings per share $ 0.87 $ 1.06 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2024 Liquidation Preference as of March 31, 2024 (2) Issue Date Dividend Rate in Effect at March 31, 2024 (3) Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 3M Term SOFR (1) plus 3.65% June 15, 2024 3M Term SOFR (1) plus 3.65% Series B 300,000 300,000 March 2, 2021 4.65% 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 (1) 3M Term SOFR includes a credit spread adjustment of 0.10%. (2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock and Series C Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. (3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2023 1,607,575 $ 46.44 Granted 810,284 $ 41.34 Vested (1) (567,154) $ 45.26 Forfeited/canceled (75,779) $ 54.03 Unvested at March 31, 2024 1,774,926 $ 44.16 Expected to vest after March 31, 2024 2,009,069 $ 44.08 (1) During the three months ended March 31, 2024, 247,258 performance based RSUs and 319,896 time-based RSUs vested. |
Net Investment in Sales-type _2
Net Investment in Sales-type Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Future minimum lease payments to be received $ 315,151 $ 285,443 Estimated residual values of leased flight equipment 117,415 108,688 Less: Unearned income (57,291) (53,412) Net Investment in Sales-type Leases $ 375,275 $ 340,719 |
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease | As of March 31, 2024, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2024 (excluding the three months ended March 31, 2024) $ 25,516 2025 34,022 2026 34,022 2027 34,022 2028 34,022 Thereafter 153,547 Total $ 315,151 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 0.21 June 4, 2024 July 8, 2024 Series A Preferred Stock $ 0.592675 May 31, 2024 June 15, 2024 Series B Preferred Stock $ 11.625 May 31, 2024 June 15, 2024 Series C Preferred Stock $ 10.3125 May 31, 2024 June 15, 2024 |
Company Background and Overvi_2
Company Background and Overview (Details) | 3 Months Ended |
Mar. 31, 2024 aircraft | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of aircraft owned | 472 |
Number of aircraft managed | 73 |
Number of aircraft on order with manufacturers | 320 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Consolidated Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt financing | $ 19,667,697 | $ 19,363,460 |
Less: Debt discounts and issuance costs | (187,736) | (180,803) |
Debt financing, net of discounts and issuance costs | 19,479,961 | 19,182,657 |
Total unsecured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 19,369,169 | 19,058,005 |
Senior unsecured securities | ||
Debt Instrument [Line Items] | ||
Total debt financing | 16,307,719 | 16,329,605 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 1,608,450 | 1,628,400 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt financing | 1,453,000 | 1,100,000 |
Total secured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 298,528 | 305,455 |
Export credit financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 201,417 | 204,984 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | $ 97,111 | $ 100,471 |
Debt Financing - Narrative (Det
Debt Financing - Narrative (Details) $ in Thousands, € in Millions, $ in Millions | 3 Months Ended | ||||||
Mar. 31, 2024 USD ($) aircraft | May 06, 2024 USD ($) | May 05, 2024 USD ($) | Mar. 31, 2024 CAD ($) aircraft | Mar. 31, 2024 EUR (€) aircraft | Dec. 31, 2023 USD ($) aircraft | Nov. 30, 2023 CAD ($) | |
Debt Instrument [Line Items] | |||||||
Outstanding balance | $ 19,667,697 | $ 19,363,460 | |||||
Senior unsecured securities | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding balance | 16,307,719 | 16,329,605 | |||||
Medium Term Note Due 2029 - 5.100% | Medium-Term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount issued | $ 500,000 | ||||||
Interest rate | 5.10% | 5.10% | 5.10% | ||||
2024 C$ notes | Medium-Term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount issued | $ 400 | ||||||
Interest rate | 5.40% | 5.40% | 5.40% | ||||
Effective rate | 5.95% | 5.95% | 5.95% | ||||
2024 € notes | Medium-Term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount issued | € | € 600 | ||||||
Interest rate | 3.70% | 3.70% | 3.70% | ||||
Effective rate | 5.441% | 5.441% | 5.441% | ||||
Medium Term Note Due 2028 - 5.400% Canadian Dollar, Issued November 2023 | Medium-Term Notes | |||||||
Debt Instrument [Line Items] | |||||||
Principal amount issued | $ 500 | ||||||
Interest rate | 5.40% | ||||||
Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding balance | $ 1,453,000 | 1,100,000 | |||||
Facility fee | 0.20% | ||||||
Revolving credit facility | Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 7,800,000 | ||||||
Revolving credit facility | Subsequent Event | Mature May 5, 2028 | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, noncurrent | $ 7,500,000 | ||||||
Revolving credit facility | Subsequent Event | Mature May 5, 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, noncurrent | 25,000 | ||||||
Revolving credit facility | Subsequent Event | Mature May 5, 2026 | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, noncurrent | 210,000 | ||||||
Revolving credit facility | Subsequent Event | Mature May 5, 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, noncurrent | $ 25,000 | ||||||
Revolving credit facility | Secured Overnight Financing Rate (SOFR) | |||||||
Debt Instrument [Line Items] | |||||||
Interest margin | 1.05% | ||||||
Total secured debt financing | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding balance | $ 298,528 | $ 305,455 | |||||
Number of aircraft pledged as collateral | aircraft | 4 | 4 | 4 | 4 | |||
Net book value of aircraft pledged as collateral | $ 441,400 | $ 445,900 |
Debt Financing - Schedule of Ma
Debt Financing - Schedule of Maturities of Debt Outstanding (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
2024 | $ 1,726,518 | |
2025 | 2,422,736 | |
2026 | 4,441,613 | |
2027 | 4,161,117 | |
2028 | 2,987,622 | |
Thereafter | 3,928,091 | |
Total | $ 19,667,697 | $ 19,363,460 |
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, 2024 | Mar. 31, 2023 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Depreciation | $ (277,260) | $ (259,680) |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | (276,094) | (80,036) |
Flight equipment subject to operating leases reclassified to investment in sales-type lease | (33,629) | $ 0 |
Flight Equipment | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Net book value, beginning balance | 26,231,208 | |
Purchase of aircraft | 900,278 | |
Depreciation | (277,260) | |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | (276,094) | |
Flight equipment subject to operating leases reclassified to investment in sales-type lease | (33,629) | |
Net book value, ending balance | 26,544,503 | |
Accumulated depreciation | $ (5,729,380) |
Flight equipment subject to o_4
Flight equipment subject to operating lease - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | May 06, 2024 aircraft | |
Subsequent Event | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Number of aircraft under operating lease terminated remaining in Russia | aircraft | 16 | |
Flight Equipment | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Write-off of aircrafts | $ | $ 771.5 |
Flight Equipment Held for Sal_2
Flight Equipment Held for Sale - Narrative (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) aircraft | Dec. 31, 2023 USD ($) aircraft | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Seventeen Aircrafts | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts sold | 17 | |
Carrying value of assets held for sale | $ | $ 666.4 | |
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 sold | 6 | |
Purchase deposits | $ | $ 305.8 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Eight Aircrafts | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts transferred | 8 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Fourteen Aircrafts | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts sold | 14 | |
Carrying value of assets held for sale | $ | $ 605.1 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Five Aircrafts | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of aircrafts sold | 5 |
Flight Equipment Held for Sal_3
Flight Equipment Held for Sale - Schedule of Flight Equipment Held for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] | ||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | $ 276,094 | $ 80,036 |
Flight Equipment | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] | ||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | 276,094 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Flight Equipment | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] | ||
Flight equipment held for sale, beginning balance | 605,104 | |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | 276,094 | |
Aircraft sales | (214,798) | |
Flight equipment held for sale, ending balance | $ 666,400 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) aircraft | Dec. 31, 2023 USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Number of aircraft on order with manufacturers | aircraft | 320 | |
Purchase obligation | $ 20,881,596 | |
Minimum aircraft delivery delays that could trigger lessee cancellation clauses | 1 year | |
Purchase agreements, termination commencement period | 1 year | |
Non-refundable deposits on aircraft | $ 1,088,363 | $ 1,203,068 |
Aircrafts | ||
Long-term Purchase Commitment [Line Items] | ||
Non-refundable deposits on aircraft | $ 1,100,000 | $ 1,200,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Contractual Commitments to Acquire Aircraft (Details) | 3 Months Ended |
Mar. 31, 2024 aircraft | |
Aircrafts | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 70 |
2025 | 60 |
2026 | 67 |
2027 | 78 |
2028 | 40 |
Thereafter | 5 |
Total | 320 |
Airbus A220-100/300 | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 16 |
2025 | 11 |
2026 | 15 |
2027 | 17 |
2028 | 0 |
Thereafter | 0 |
Total | 59 |
Airbus A320/321neo | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 14 |
2025 | 11 |
2026 | 30 |
2027 | 50 |
2028 | 36 |
Thereafter | 4 |
Total | 145 |
Number of long-range variant aircraft | 7 |
Number of extra long-range variant aircrafts | 49 |
Airbus A330-900neo | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 6 |
2025 | 1 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | 7 |
Airbus A350-900/1000 | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 3 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | 3 |
Airbus A350F | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 4 |
2028 | 2 |
Thereafter | 1 |
Total | 7 |
Boeing 737-8/9 MAX | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 20 |
2025 | 27 |
2026 | 21 |
2027 | 7 |
2028 | 2 |
Thereafter | 0 |
Total | 77 |
Boeing 787-9/10 | |
Long-term Purchase Commitment [Line Items] | |
Last 9 months of 2024 | 11 |
2025 | 10 |
2026 | 1 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Total | 22 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Commitments for the Acquisition of the Aircraft, at an Estimated Aggregate Purchase Price (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 5,521,459 |
2025 | 4,245,270 |
2026 | 3,804,021 |
2027 | 4,626,120 |
2028 | 2,330,499 |
Thereafter | 354,227 |
Total | $ 20,881,596 |
Rental Income (Details)
Rental Income (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 1,824,562 |
2025 | 2,328,165 |
2026 | 2,088,796 |
2027 | 1,888,157 |
2028 | 1,710,994 |
Thereafter | 6,717,010 |
Total | $ 16,557,684 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2024 class_of_stock shares | Mar. 31, 2023 shares | Dec. 31, 2023 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of classes of common stock | class_of_stock | 2 | ||
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded related to restricted stock units | 0 | 0 | |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded related to restricted stock units | 1,084,610 | 969,698 | |
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 Per Share - Schedule o
Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator | ||
Net income | $ 107,866 | $ 128,720 |
Preferred stock dividends | (10,425) | (10,425) |
Net income/(loss) attributable to common stockholders, basic | $ 97,441 | $ 118,295 |
Denominator | ||
Weighted-average shares outstanding (in shares) | 111,174,593 | 110,943,552 |
Basic earnings per share (in dollars per share) | $ 0.88 | $ 1.07 |
Numerator | ||
Net income | $ 107,866 | $ 128,720 |
Preferred stock dividends | (10,425) | (10,425) |
Net income/(loss) attributable to common stockholders, diluted | $ 97,441 | $ 118,295 |
Denominator | ||
Number of shares used in basic computation (in shares) | 111,174,593 | 110,943,552 |
Weighted-average effect of dilutive securities (in shares) | 355,177 | 256,444 |
Number of shares used in per share computation (in shares) | 111,529,770 | 111,199,996 |
Diluted earnings per share (in dollars per share) | $ 0.87 | $ 1.06 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) $ in Millions | Mar. 31, 2024 USD ($) swap | Dec. 31, 2023 USD ($) |
Fair Value Measurements | ||
Number of cross-currency swaps | swap | 4 | |
Reported Value Measurement | ||
Fair Value Measurements | ||
Debt financing | $ 19,700 | $ 19,400 |
Level 2 | ||
Fair Value Measurements | ||
Debt financing | 19,000 | 18,700 |
Recurring Basis | Foreign Exchange Contract | Level 2 | ||
Fair Value Measurements | ||
Derivative assets | 5.6 | $ 17 |
Derivative liability | $ 8.5 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | $ 850,000,000 | $ 850,000,000 |
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) | 111,366,501 | 111,027,252 |
Common stock, outstanding (in shares) | 111,366,501 | 111,027,252 |
Class B 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] | ||
Preferred 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 | $ 250,000,000 | $ 250,000,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred 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 | $ 300,000,000 | $ 300,000,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred 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 | $ 300,000,000 | $ 300,000,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
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 | $ 850,000,000 | $ 850,000,000 |
2023 Term Loan | Term financings | ||
Class of Stock [Line Items] | ||
Credit spread adjustment | 0.10% | |
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 | $ 250,000,000 | $ 250,000,000 |
Preferred stock, dividend rate | 6.15% | 6.15% |
Preferred stock, redemption price (in dollars per share) | $ 25 | |
Series A Preferred Stock | 3M SOFR | ||
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 | $ 300,000,000 | $ 300,000,000 |
Preferred stock, dividend rate | 4.65% | 4.65% |
Preferred stock, redemption price (in dollars per share) | $ 1,000 | |
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 | $ 300,000,000 | $ 300,000,000 |
Preferred stock, dividend rate | 4.125% | 4.125% |
Preferred stock, redemption price (in dollars per share) | $ 1,000 | |
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) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) criteria shares | Mar. 31, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ | $ 58.1 | |
Weighted-average period of recognition of unrecognized stock-based compensation cost | 2 years 1 month 13 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 | $ | $ 8.3 | $ 5.9 |
Number of shares other than options granted | 810,284 | |
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 | 133,438 | |
Restricted Stock Units (RSUs), Book Value | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares other than options granted | 308,421 | |
2023 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares available for grant (in shares) | 3,719,460 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Activities for Unvested RSUs (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Restricted Stock Units (RSUs) | |
Unvested Restricted Stock Units, Number of Shares | |
Unvested at the beginning of the period (in shares) | 1,607,575 |
Granted (in shares) | 810,284 |
Vested (in shares) | (567,154) |
Forfeited/canceled (in shares) | (75,779) |
Unvested at the end of the period (in shares) | 1,774,926 |
Expected to vest after at the end of the period (in shares) | 2,009,069 |
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 46.44 |
Granted (in dollars per share) | $ / shares | 41.34 |
Vested (in dollars per share) | $ / shares | 45.26 |
Forfeited/canceled (in dollars per share) | $ / shares | 54.03 |
Unvested at the end of the period (in dollars per share) | $ / shares | 44.16 |
Expected to vest after at the end of the period (in dollars per share) | $ / shares | $ 44.08 |
Vested (in shares) | 567,154 |
Performance Based RSUs | |
Unvested Restricted Stock Units, Number of Shares | |
Vested (in shares) | (247,258) |
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value | |
Vested (in shares) | 247,258 |
Time-Based RSUs | |
Unvested Restricted Stock Units, Number of Shares | |
Vested (in shares) | (319,896) |
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value | |
Vested (in shares) | 319,896 |
Aircraft Under Management (Deta
Aircraft Under Management (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 USD ($) aircraft aircraft_management_platform entity joint_venture | May 06, 2024 aircraft | Dec. 31, 2023 USD ($) | Nov. 06, 2023 aircraft | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft managed | 73 | |||
Number of aircraft management platforms | aircraft_management_platform | 2 | |||
Percentage of non-controlling interest ownership, number of entities | entity | 2 | |||
Subsequent Event | RUSSIAN FEDERATION | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft managed | 2 | |||
Blackbird Capital I and Blackbird Capital II | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft managed | 33 | |||
Number of joint ventures participated | joint_venture | 2 | |||
Percentage of equity ownership | 9.50% | |||
Equity method investment | $ | $ 69.5 | $ 69.4 | ||
Thunderbolt Platform | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft managed | 40 | |||
Number of entities which aircraft is managed | entity | 3 | |||
Investment in aircraft sold | $ | $ 8.8 | $ 8.8 | ||
Thunderbolt II and Thunderbolt III | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of noncontrolling interest | 5% | |||
Thunderbolt I | Disposal Group, Held-for-sale, Not Discontinued Operations | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircrafts sold | 13 | |||
Thunderbolt I | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircrafts sold | 4 |
Net Investment in Sales-type _3
Net Investment in Sales-type Leases - Narrative (Details) - aircraft | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Sales-type lease, number of aircrafts | 13 | 12 |
Net Investment in Sales-type _4
Net Investment in Sales-type Leases - Schedule of Components of Investment in Sales-Type Leases, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Future minimum lease payments to be received | $ 315,151 | $ 285,443 |
Estimated residual values of leased flight equipment | 117,415 | 108,688 |
Less: Unearned income | (57,291) | (53,412) |
Net Investment in Sales-type Leases | $ 375,275 | $ 340,719 |
Net Investment in Sales-type _5
Net Investment in Sales-type Leases - Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
2024 | $ 25,516 | |
2025 | 34,022 | |
2026 | 34,022 | |
2027 | 34,022 | |
2028 | 34,022 | |
Thereafter | 153,547 | |
Total | $ 315,151 | $ 285,443 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | 3 Months Ended | ||
May 03, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Subsequent Events | |||
Common stock, cash dividends declared per share (in dollars per share) | $ 0.21 | $ 0.20 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Events | |||
Common stock, cash dividends declared per share (in dollars per share) | $ 0.21 | ||
Series A Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Preferred stock, cash dividends declared per share (in dollars per share) | 0.592675 | ||
Series B Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Preferred stock, cash dividends declared per share (in dollars per share) | 11.625 | ||
Series C Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Preferred stock, cash dividends declared per share (in dollars per share) | $ 10.3125 |