Reportable Segments (Tables)

12 Months Ended

Dec. 31, 2018

	Leasing and
For the year ended December 31, 2018	Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	175,609	$	—	$	—	$	175,609
Maintenance reserve revenue		87,009		—		—		87,009
Spare parts and equipment sales (1)		30,122		41,019		—		71,141
Gain on sale of leased equipment (1)		6,944		—		—		6,944
Other revenue		7,579		1,727		(1,662)		7,644
Total revenue		307,263		42,746		(1,662)		348,347

Expenses:
Depreciation and amortization expense		76,502		312		—		76,814
Cost of spare parts and equipment sales (1)		28,290		32,735		—		61,025
Write-down of equipment		10,651		—		—		10,651
General and administrative		67,608		4,413		—		72,021
Technical expense		11,142		—		—		11,142
Net finance costs		64,220		—		—		64,220
Total expenses		258,413		37,460		—		295,873
Earnings from operations	$	48,850	$	5,286	$	(1,662)	$	52,474

	Leasing and
For the year ended December 31, 2017	Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	130,369	$	—	$	—	$	130,369
Maintenance reserve revenue		80,189		—		—		80,189
Spare parts and equipment sales (2)		22,285		29,138		—		51,423
Gain on sale of leased equipment (2)		4,458		471		—		4,929
Other revenue		7,702		1,601		(1,373)		7,930
Total revenue		245,003		31,210		(1,373)		274,840

Expenses:
Depreciation and amortization expense		65,677		346		—		66,023
Cost of spare parts and equipment sales (2)		17,344		23,504		—		40,848
Write-down of equipment		24,930		—		—		24,930
General and administrative		52,024		3,713		—		55,737
Technical expense		9,729		—		—		9,729
Net finance costs		48,720		—		—		48,720
Total expenses		218,424		27,563		—		245,987
Earnings from operations	$	26,579	$	3,647	$	(1,373)	$	28,853


	Leasing and
For the year ended December 31, 2016	Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	119,895	$	—	$	—	$	119,895
Maintenance reserve revenue		57,091		—		—		57,091
Spare parts and equipment sales (2)		3,335		14,448		—		17,783
Gain on sale of leased equipment (2)		3,246		236		—		3,482
Other revenue		8,711		1,947		(1,635)		9,023
Total revenue		192,278		16,631		(1,635)		207,274

Expenses:
Depreciation and amortization expense		65,939		341		—		66,280
Cost of spare parts and equipment sales (2)		2,394		10,899		—		13,293
Write-down of equipment		9,514		—		—		9,514
General and administrative		44,703		3,077		—		47,780
Technical expense		6,993		—		—		6,993
Net finance costs		40,813		468		—		41,281
Total expenses		170,356		14,785		—		185,141
Earnings from operations	$	21,922	$	1,846	$	(1,635)	$	22,133

Total assets as of December 31, 2018	$	1,882,860	$	52,083	$	—	$	1,934,943
Total assets as of December 31, 2017	$	1,556,406	$	47,025	$	—	$	1,603,431

(1)

Effective January 1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers and has identified the transfer of engines and airframes from the lease portfolio to the Spare Parts segment for part out as sales to customers in accordance with the ordinary operations of our Spare Parts reportable segment. As such, the Company presents the sale of these assets on a gross basis and have reclassified the gross revenue and costs on sale to the Spare parts and equipment sales and Cost of spare parts and equipment sales line items from the net gain (loss) presentation within the Gain on sale of leased equipment line item.

(2)

The Company adopted ASC 606 on January 1, 2018, using the modified retrospective approach applied only to contracts not completed as of the date of adoption, with no restatement of comparative periods. Therefore, the comparative information has not been adjusted and continues to be reported under ASC Topic 605 – Revenue Recognition.