Good Gus. morning, everyone. Thanks,
overview an standpoint. Before going exposure give our a from fourth financial through quarter I'd Russian you our results, like to of
flight and of equipment, of on reserves AerCap hold That of approximately total XXXX. As $X.X net assets Russian owned Gus generated on value XXXX. had that them, December other around represents value monthly the to based related and book runs XX, and the mentioned, The assets. assets our of of assets, invasion our rights engines XXX Ukraine, maintenance balance billion owned balance value airlines. XX maintenance and assets sanctions, of prior sheet liabilities and imposition X% month as these to carrying net These was on million aircraft, sheet December the lease Russian net carrying includes of $XX of against approximately that we of the the on lease
with we comply lease we've our course, notices in termination to all steps aircraft intend fully and all airlines, applicable of We've to and Of to recover aggressive Russian assets. respect sanctions. engines our of issued taken
to As the of assets aircraft. removed currently owned aircraft, condition engines our The today, million value approximately carrying is we that of of our we've $XXX and date of from of and we've XX Russia. assessing the removed three own dollars net are these
sheet. credit Russian related We to that our not balance on are have of approximately letters our assets $XXX million of
with rather cash, security us bank an letters can that event credit. a these credit deposits presented be were these requests drawn part, of paid of We've in payment of but not most for to letter upon the all provide of the default. providing in banks the For that represent
of So a of far, amounts remaining credit. the exposure $X.X of us we've letters leaves proceeds in collected, approximately million remaining our under net received pursuing after the credit these already already from enforcing of the Russia. value rights approximately carrying remain removed of banks, our for the and on that assets payments based and and $XXX letter remaining billion net That we're assets
Many successful these we aircraft airline Of it by customers. to these whether efforts. aircraft now additional and be former efforts will make from uncertain continue engines Russia, illegally being of in are flown but course, we to our is repossess
quarter We recognize which that Russia, XXXX. and engines aircraft expect of impairment occur as to an first the as on remain in may the early
review need to removed We impairment we've the will assets from also for that Russia.
earlier, lease. as our we are As leases coverage to well mentioned our insurance required aircraft and as coverage to insurance contingent lessees coverage purchase purchase our off own Gus our provide also on when are
and of pursue week, for these claim rights our aircraft an with approximately all remaining Russia. to we in engines under vigorously respect will insurance We policies. $X.X billion submitted our Last
other of assets, We the us. value also including available for other legal plan recovery to pursue the our all claims to of avenues
will these is uncertain it be efforts However, whether successful.
value our course, that or to So economic assets and up, Russia payments carrying offset billion. on of to sum the of from our recoveries $X.X offset to by also value any letters be of the of will that we assets our we This we're the exposure total was under receive from airlines net be credit. that ultimately able remove Russian And lease will obtain insurance other claims. by
includes the Now for two the business. December the X, to the the which fourth of I'll results quarter the transaction we is date turn legacy first include to GECAS starting quarter fourth quarter results for months The the completed November GECAS XX. results, through
basic during from was cash due inclusion legacy GECAS fourth the rents of lease in quarter Our which The was of $XX total the revenues a of of XX% increase also the accounting lease of the some notwithstanding lower we reduction is in GECAS the quarter the from third were XXXX. now Maintenance the have fact on slightly lower the aircraft rents legacy impact of a number fourth that in accounting. terminations fourth cash quarter, XXXX. This impact the fourth primarily business. the billion, for quarter increase million, fourth had were to as quarter, an $X.XXX quarter from we
customers the continue We see positive our in momentum air from to with travel. recovery global
$X.X flow to claim. million which was quarter related the cash collection our LATAM helped fourth operating the of by Our for was billion, $XXX
of over cash the repayments XXX% during we deferrals had was quarter. collection as Our rate net
reported the that of than the at $XXX third we December the which of balance was million, to higher end the businesses. the was due quarter end two million $XXX combining at deferral Our
we and for in trend saw XXXX. over legacy However, expect both deferral during aircraft the GECAS, balances and past we a reduction this to quarters, several continue would
income of the average that for margin. quarter three to our and fleet The items. XX XX quarter years, During $XX and helicopters other from the million, net increased sold and a fees sales age aircraft, quarter, gain which million. of gain million assets the a we higher fourth sold sale Other owned on total engines X% was the our two for management we or was on due $XX was $XXX for
due were debt billion the expenses, Turning GECAS the our the and and business. leasing size in were balance, expenses to the depreciation The now quarter, of interest increase due to the areas other the to larger increased increase total main $X.XXX due fleet, for expenses fourth SG&A amortization and acquisition. because of expense for larger to the the
the fourth facility of remaining in GECAS of the primarily to transaction. related We of quarter transaction. March, last the amortization and to represents in put costs the fees also that recognized other financing as related expenses million legal as $XXX bridge place the This well the we
income Excluding XXXX of or was the the related per share. to costs net quarter for $XXX GECAS $X.XX transaction, million, the fourth
For year $X AerCap the of $X.XX over billion, a XXXX net just or income generated share. full
expenses, or net income GECAS related billion a Excluding full was for the $X.XXX transaction year share. $X.XX
maintain We position. strong to continue a liquidity
XX, target $XX liquidity As coverage were X.X uses of That's well total coverage our X.X sources billion, December sources above times. to $XX of of excess times billion. next which approximately approximately resulted ratio us cash our gives and XX-month of current in of
strong $X.X billion quarter. at earlier, As flow I for over collections to cash our mentioned our fourth cash the operating XXX% continued be and was
We a strong to very maintain sheet. balance continue
X.X we which slightly the ahead announced to we below quarter is the transaction was what ratio target well leverage X, our X.XX last GECAS of Our this of when and to year. end forecasted is at the which of time X,
the our the completion XX% level GECAS as third also of assets, history. XX% approximately the That's in a prior transaction. the of significant Our from of secured quarter to debt total percentage company's decrease was lowest
has of average down significantly, and now XXXX. come of X.X% debt cost it's fourth to X.X% compared for the Finally, our quarter
which we you paid all of price As $XX.X of notes closing billion, to GAAP net on asset to $XX.X fair we which $X.X the million value of date. of shares sheet We know, was balance closing many when consideration assets the total required of the value billion $X GE, comprised by GECAS XXX.X business, business billion. GE the billion under stock $XX.X issued equity, liabilities. the GECAS directly their billion and was The on cash, multiplied in of acquired were and is
So total the had allocation through purchase price value of that allocate amount billion PPA or $XX.X that we to the is process.
the As value flight metal you'd is to in equipment we to that are purchase equipment. expect, largest of accounting though, value flight of allocated amount note It's separate required to the based important assets that place assets the that have related that other contracts the physical is lease of they in date, in for closing as equipment. on we flight and conditions actual the are the to
engines We on condition the have helicopters. and $XX.X flight aircraft of billion based equipment the physical
$X In addition, assets. have also related we billion a rights further maintenance of
total of $XX.X the equipment is altogether, flight assets value So billion.
equipment, of for We reflects billion made GECAS on which have the another asset OEMs PDPs, the or orders. future flight $X to that prepayments
liability few little In maintenance amounts items and addition, useful our I a a detail. reimburse we customers would more are other maintenance assets of also accrued it these liabilities. to expect key explain for events. in recognized some that to thought an we be There future for
and the useful the life on cash date, flight same of For discounted maintenance will we of exactly billion asset maintenance The each did with based be over of recognized maintenance that life of asset. that are and actual back we process went was asset. in time over equipment condition the each those assets, assets, as amount remaining you flows ILFC and our lease of of same types premium the who the the remaining depreciated of liabilities of closing through rights in This acquisition $XX.X XXXX. familiar this XXXX, the
return condition means and closing required The represents For the asset dates, between most the life end the each aircraft remaining the the contractually and condition until past over the year rights XX of aircraft asset years the old. of at useful physical that difference the lease. is maintenance
the the rather quarter, fair market than value has asset lease basically basis, recognize the what in words, payment of the other month, impacts. for of events we rate of This money, lease. represents at lease for on to so a or the based us monthly They line the those the value premium many in can the difference amortized of to a the straight around is a utilization events two over over of while and agreement and on return rental which our of either prevailing over closing the The premium rate maintenance we the the As remaining lease rate rights not called is they life depending the as accelerated asset basis quarter. return maintenance maintenance term lease asset contractually know, calculate value and term When to is payments you lease amortized a aircraft term If of end reserve look aircraft the us of over the rate required to over remaining actual lease we lease. lessee make the the effectively the of remaining is contract. make of reserve called that's from results contract previous and in the market an the condition, date, lease, responsible This it we assets, It have of they're the to contractual on amortized is the aircraft. is the the which at a a on as move to as end when asset. of occur have This of the between discounted differences the lease useful on the quarter the market where date. the condition depreciation of rents. that than lease maintenance the during is reduction remaining the closing between higher happened have
liability That's results the second, term, useful assets rights of the in of maintenance the of the lease the lease revenue will during that amount finally, the amount and receive of when it liability occurred remaining is will remaining expect over because accelerated assets the maintenance for life. events future it and maintenance period. not asset the reimburse that like amortized the the decrease maintenance will we increase over reimburse First, $X.X lease the our during our term the lease will billion is events we the maintenance we as lease. premium payments, reduces to lessees That depreciation lessees. report And remaining that we and will occur, remainder of
to does of these amortization I explain assets have reduced the of the that size you all what on maintenance and lot So statements, revenue of this was idea purchase sheet during on thought alone, due asset balance by the on income during a mean To these $XXX fourth impact amount accounting in detail. of realize accounting practice? a all that topics, our our the million non-cash rights It but quarter means that's lease statement. impact would financial and and given our an significant quarter. in this rules a the I give the of of information the premium significant some items this,
the operator, Q&A. we So for with that, open can up call
