Flight equipment subject to operating lease

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

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, 2022:


	(in thousands)
Net book value as of December 31, 2021	$	22,899,004
Additions	490,888
Depreciation	(235,308)
Transfers to net investments in sales-type leases	(79,255)
Write-off of Russian fleet	(791,017)
Net book value as of March 31, 2022	$	22,284,312

Accumulated depreciation as of March 31, 2022	$	(4,267,934)

Write-off of Russian fleet

In response to the sanctions against certain industry sectors and parties in Russia, in March 2022, the Company terminated all of its leasing activities in Russia, including 24 aircraft in its owned fleet. As of May 5, 2022, 21 aircraft in the Company’s owned fleet remain in Russia. Most of the operators of these aircraft have continued to fly the aircraft notwithstanding the termination of leasing activities and our repeated demands for the return of our assets. While the Company 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. As such, during the three months ended March 31, 2022, the Company recognized a loss from asset write-offs of its interests in owned aircraft that remain in Russia, totaling approximately $791.0 million. The 21 aircraft that remain in Russia have been removed from the Company’s owned fleet count. The Company is vigorously pursuing insurance claims to recover its losses relating to these aircraft. Collection, timing and amounts of any insurance recoveries is uncertain.