XML 96 R7.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Cash Flows [Abstract]      
Net income $ 156,575 $ 247,919 $ 147,874
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation 356,021 310,850 298,664
Amortization of deferred financing costs 14,578 14,627 19,435
Amortization of lease premiums, discounts and incentives 22,636 15,269 11,714
Deferred income taxes 20,223 (496) (8,948)
Non-cash share-based payment expense 15,830 11,488 13,148
Cash flow hedges reclassified into earnings 184 1,166 2,202
Sales-type and Direct Financing Leases, Profit (Loss) 25,842 0 0
Security deposits and maintenance payments included in earnings (49,029) (80,628) (17,947)
Gain on the sale of flight equipment (45,532) (36,766) (55,167)
Loss on extinguishment of debt 7,577 0 0
Impairment of aircraft 7,404 0 80,430
Other 206 3,032 1,476
Changes on certain assets and liabilities:      
Accounts receivable (13,162) (12,328) (6,734)
Other assets 2,594 5,065 (7,655)
Accounts payable, accrued expenses and other liabilities (5,483) 10,526 13,857
Lease rentals received in advance 19,954 32,868 (1,478)
Net cash and restricted cash provided by operating activities 536,418 522,592 490,871
Cash flows from investing activities:      
Acquisition and improvement of flight equipment (1,172,370) (1,317,497) (1,038,343)
Proceeds from sale of flight equipment 361,747 338,831 833,576
Net investment in direct financing and sales-type leases 0 (15,783) (331,721)
Proceeds from Collection of Finance Receivables 0 29,961 32,184
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits (760) 15,494 7,681
Unconsolidated equity method investment and associated costs (15,175) (3,350) 0
Distributions from unconsolidated equity method investment in excess of earnings 36,750 3,900 0
Other 4,259 4,745 (5,122)
Net Cash Provided by (Used in) Investing Activities (784,029) (974,687) (517,107)
Cash flows from financing activities:      
Repurchase of shares (36,739) (71,421) (4,862)
Proceeds from secured and unsecured debt financings 2,116,848 1,413,901 675,000
Repayments of secured and unsecured debt financings (1,817,558) (969,139) (878,534)
Deferred financing costs (13,800) (11,642) (8,540)
Debt extinguishment costs (7,183) 0 0
Security deposits and maintenance payments received 202,833 203,925 192,830
Security deposits and maintenance payments returned (117,872) (90,803) (141,185)
Dividends paid (91,328) (88,730) (83,433)
Net cash and restricted cash provided by (used in) financing activities 235,201 386,091 (248,724)
Net decrease in cash and restricted cash (12,410) (66,004) (274,960)
Cash and restricted cash at beginning of year 167,853 233,857 508,817
Cash and restricted cash at end of year 155,443 167,853 233,857
Reconciliation to Consolidated Balance Sheets:      
Unrestricted and restricted cash and cash equivalents 155,443 167,853 508,817
Supplemental disclosures of cash flow information:      
Cash paid during the year for interest 246,026 214,350 228,125
Cash (received) paid during the year for income taxes (656) 6,254 4,576
Supplemental disclosures of non-cash investing activities:      
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment 90,397 71,837 132,585
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions 31,958 63,432 149,100
Transfers from Flight equipment held for lease to Net investment in direct financing and sales-type leases and Other assets $ 104,838 $ 11,202 $ 154,213