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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Aircraft Acquisition
During the year ended December 31, 2021, the Company increased its committed orderbook by entering into agreements with Airbus to purchase 116 aircraft, including 59 A321neos, 25 A220-300s, 20 A321XLRs, seven A350F and five 330-900s.
As of December 31, 2021, the Company had commitments to acquire a total of 431 new aircraft for delivery through 2028. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft deliveries in its orderbook. The Company remains in discussions with Boeing and Airbus to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of the delivery delays.
Estimated Delivery Years
Aircraft Type20222023202420252026ThereafterTotal
Airbus A220-100/3004 17 23 20 12 — 76 
Airbus A320/321neo(1)
27 24 26 23 32 64 196 
Airbus A330-900neo8 6 4 — — — 18 
Airbus A350-900/10003 3 3 — — — 9 
Airbus A350F— — — — 2 5 7 
Boeing 737-7/8/9 MAX(2)
33 31 35 2 — — 101 
Boeing 787-9/10(2)
10 3 6 5 — — 24 
Total(3)(4)
85 84 97 50 46 69 431 
(1) The Company's Airbus A320/321neo aircraft orders include 28 long-range variants and 49 extra long-range variants.
(2) The table above reflects the conversion for three 787-9 aircraft to 18 737 MAX aircraft pursuant to a February 2022 agreement with Boeing.
(3) The table above reflects Airbus and Boeing aircraft delivery delays based on information currently available to us based on contractual documentation.
(4) Excluded from the table above are orders for 32 Boeing 737 MAX aircraft pursuant to a February 2022 memorandum of understanding signed with Boeing.
Pursuant to our purchase agreements with Boeing and Airbus, we agree 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 delayed the planned purchases of our aircraft on order with Boeing and Airbus. Currently, the most significant delivery delays that we are experiencing are with regards to our aircraft orders for Boeing aircraft.

Boeing has experienced significant aircraft delivery delays related to the 737 MAX aircraft stemming from the worldwide grounding of the 737 MAX beginning in March 2019, which resulted in material delivery delays of 737 MAX aircraft from our orderbook. However, a majority of the world’s aviation authorities have re-certified the 737 MAX aircraft during the last two years, with a majority of these re-certifications taking place in 2021.

During 2020, Boeing began to experience manufacturing issues on its 787 aircraft, which also resulted in significant aircraft delivery delays. Currently, Boeing has paused 787 deliveries and currently is unable to forecast when they will resume.

The aircraft purchase commitments discussed above could also be impacted by lease cancellations. The Company's leases typically provide that the Company and the airline customer each have a cancellation right related to certain aircraft delivery delays. The Company’s purchase agreements with Boeing and Airbus also generally provide that the Company and the manufacturer each have cancellation rights that typically parallel the Company’s cancellation rights in its leases. The Company’s leases and its purchase agreements with Boeing and Airbus generally provide for cancellation rights starting at one year after the original contractual delivery date, regardless of cause.

Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $27.7 billion as of December 31, 2021 are as follows:

(in thousands)
Years ending December 31,
2022$6,533,876 
20235,399,461 
20245,571,342 
20253,041,583 
20262,730,867 
Thereafter 4,454,212 
Total $27,731,341 

The Company has made non-refundable deposits on the aircraft for which the Company has commitments to purchase of $1.5 billion and $1.8 billion as of December 31, 2021 and 2020, 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. Further, the Company would be exposed to breach of contract claims by its lessees and manufacturers.