(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(unaudited) | |||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Flight equipment subject to operating leases | |||||||||||
Less accumulated depreciation | ( | ( | |||||||||
Deposits on flight equipment purchases | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||
Accrued interest and other payables | $ | $ | |||||||||
Debt financing, net of discounts and issuance costs | |||||||||||
Security deposits and maintenance reserves on flight equipment leases | |||||||||||
Rentals received in advance | |||||||||||
Deferred tax liability | |||||||||||
Total liabilities | $ | $ | |||||||||
Shareholders’ Equity | |||||||||||
Preferred Stock, $ | $ | $ | |||||||||
Class A common stock, $ | |||||||||||
Class B Non-Voting common stock, $ | |||||||||||
Paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Total shareholders’ equity | $ | $ | |||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Revenues | |||||||||||
Rental of flight equipment | $ | $ | |||||||||
Total revenues | |||||||||||
Expenses | |||||||||||
Interest | |||||||||||
Amortization of debt discounts and issuance costs | |||||||||||
Interest expense | |||||||||||
Depreciation of flight equipment | |||||||||||
Selling, general and administrative | |||||||||||
Stock-based compensation expense | |||||||||||
Total expenses | |||||||||||
Income before taxes | |||||||||||
Income tax expense | ( | ( | |||||||||
Net income | $ | $ | |||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Other comprehensive income/(loss): | |||||||||||
Foreign currency translation adjustment | $ | $ | ( | ||||||||
Change in fair value of hedged transactions | ( | ||||||||||
Total tax benefit on other comprehensive income/loss | |||||||||||
Other comprehensive income/(loss), net of tax | ( | ( | |||||||||
Total comprehensive income attributable for common stockholders | $ | $ | |||||||||
Earnings per share of common stock: | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ | |||||||||
Weighted-average shares of common stock outstanding | |||||||||||
Basic | |||||||||||
Diluted | |||||||||||
Dividends declared per share of common stock | $ | $ |
Preferred Stock | Class A Common Stock | Class B Non‑Voting Common Stock | Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | Shares | Amount | Shares | Amount | Shares | Amount | Paid‑in Capital | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared $ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared on preferred stock) | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings on stock based-compensation | — | — | ( | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock | Class A Common Stock | Class B Non‑Voting Common Stock | Accumulated Other Comprehensive Income/(Loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | Shares | Amount | Shares | Amount | Shares | Amount | Paid‑in Capital | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared $ | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends (declared on preferred stock) | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax withholdings on stock based-compensation | — | — | ( | ( | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Operating Activities | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation of flight equipment | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred taxes | |||||||||||
Amortization of discounts and debt issuance costs | |||||||||||
Amortization of prepaid lease costs | |||||||||||
Gain on aircraft sales, trading and other activity | ( | ( | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Other assets | ( | ( | |||||||||
Accrued interest and other payables | ( | ( | |||||||||
Rentals received in advance | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
Acquisition of flight equipment under operating lease | ( | ( | |||||||||
Payments for deposits on flight equipment purchases | ( | ||||||||||
Proceeds from aircraft sales, trading and other activity | |||||||||||
Acquisition of aircraft furnishings, equipment and other assets | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Cash dividends paid on Class A common stock | ( | ( | |||||||||
Cash dividends paid on preferred stock | ( | ( | |||||||||
Tax withholdings on stock-based compensation | ( | ( | |||||||||
Net change in unsecured revolving facility | |||||||||||
Proceeds from debt financings | |||||||||||
Payments in reduction of debt financings | ( | ( | |||||||||
Debt issuance costs | ( | ( | |||||||||
Security deposits and maintenance reserve receipts | |||||||||||
Security deposits and maintenance reserve disbursements | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase/(decrease) in cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Cash paid during the period for interest, including capitalized interest of $ | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Supplemental Disclosure of Noncash Activities | |||||||||||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets | $ | $ | |||||||||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | $ | $ | |||||||||
Flight equipment subject to operating leases reclassified to investment in sales-type lease | $ | $ | |||||||||
Cash dividends declared on Class A common stock, not yet paid | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands) | |||||||||||
Unsecured | |||||||||||
Senior unsecured securities | $ | $ | |||||||||
Term financings | |||||||||||
Revolving credit facility | |||||||||||
Total unsecured debt financing | |||||||||||
Secured | |||||||||||
Export credit financing | |||||||||||
Term financings | |||||||||||
Total secured debt financing | |||||||||||
Total debt financing | |||||||||||
Less: Debt discounts and issuance costs | ( | ( | |||||||||
Debt financing, net of discounts and issuance costs | $ | $ |
Years ending December 31, | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
(in thousands) | |||||
Net book value as of December 31, 2023 | $ | ||||
Purchase of aircraft | |||||
Depreciation | ( | ||||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | ( | ||||
Flight equipment subject to operating leases reclassified to investment in sales-type lease | ( | ||||
Net book value as of March 31, 2024 | $ | ||||
Accumulated depreciation as of March 31, 2024 | $ | ( |
(in thousands) | |||||
Flight equipment held for sale as of December 31, 2023 | $ | ||||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | |||||
Aircraft sales | ( | ||||
Flight equipment held for sale as of March 31, 2024 | $ |
Estimated Delivery Years | ||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | Last 9 months of 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Airbus A220-100/300 | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A320/321neo(1) | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A330-900neo | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A350-900/1000 | ||||||||||||||||||||||||||||||||||||||||||||
Airbus A350F | ||||||||||||||||||||||||||||||||||||||||||||
Boeing 737-8/9 MAX | ||||||||||||||||||||||||||||||||||||||||||||
Boeing 787-9/10 | ||||||||||||||||||||||||||||||||||||||||||||
Total(2) | ||||||||||||||||||||||||||||||||||||||||||||
(1) The Company’s Airbus A320/321neo aircraft orders include | ||||||||||||||||||||||||||||||||||||||||||||
(2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through May 6, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for some aircraft, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. |
Years ending December 31, | |||||
2024 (excluding the three months ended March 31, 2024) | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Years ending December 31, | |||||
2024 (excluding the three months ended March 31, 2024) | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands, except share and per share) | |||||||||||
Basic earnings per share: | |||||||||||
Numerator | |||||||||||
Net income | $ | $ | |||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Denominator | |||||||||||
Weighted-average shares outstanding | |||||||||||
Basic earnings per share | $ | $ | |||||||||
Diluted earnings per share: | |||||||||||
Numerator | |||||||||||
Net income | $ | $ | |||||||||
Preferred stock dividends | ( | ( | |||||||||
Net income attributable to common stockholders | $ | $ | |||||||||
Denominator | |||||||||||
Number of shares used in basic computation | |||||||||||
Weighted-average effect of dilutive securities | |||||||||||
Number of shares used in per share computation | |||||||||||
Diluted earnings per share | $ | $ |
Shares Issued and Outstanding as of March 31, 2024 | Liquidation Preference as of March 31, 2024(2) | Issue Date | Dividend Rate in Effect at March 31, 2024(3) | Next dividend rate reset date | Dividend rate after reset date | ||||||||||||||||||||||||||||||
Series A | $ | March 5, 2019 | 3M Term SOFR(1) plus | June 15, 2024 | 3M Term SOFR(1) plus | ||||||||||||||||||||||||||||||
Series B | March 2, 2021 | June 15, 2026 | 5 Yr U.S. Treasury plus | ||||||||||||||||||||||||||||||||
Series C | October 13, 2021 | December 15, 2026 | 5 Yr U.S. Treasury plus | ||||||||||||||||||||||||||||||||
Total | $ | ||||||||||||||||||||||||||||||||||
(1) 3M Term SOFR includes a credit spread adjustment of | |||||||||||||||||||||||||||||||||||
(2) The Series A Preferred Stock has a redemption price of $ | |||||||||||||||||||||||||||||||||||
(3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears. |
Unvested Restricted Stock Units | ||||||||||||||
Number of Shares | Weighted-Average Grant-Date Fair Value | |||||||||||||
Unvested at December 31, 2023 | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested (1) | ( | $ | ||||||||||||
Forfeited/canceled | ( | $ | ||||||||||||
Unvested at March 31, 2024 | $ | |||||||||||||
Expected to vest after March 31, 2024 | $ | |||||||||||||
(1) During the three months ended March 31, 2024, |
March 31, 2024 | December 31, 2023 | ||||||||||
Future minimum lease payments to be received | $ | $ | |||||||||
Estimated residual values of leased flight equipment | |||||||||||
Less: Unearned income | ( | ( | |||||||||
Net Investment in Sales-type Leases | $ | $ |
(in thousands) | |||||
Years ending December 31, | |||||
2024 (excluding the three months ended March 31, 2024) | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total | $ |
Title of each class | Cash dividend per share | Record Date | Payment Date | |||||||||||||||||
Class A Common Stock | $ | June 4, 2024 | July 8, 2024 | |||||||||||||||||
Series A Preferred Stock | $ | May 31, 2024 | June 15, 2024 | |||||||||||||||||
Series B Preferred Stock | $ | May 31, 2024 | June 15, 2024 | |||||||||||||||||
Series C Preferred Stock | $ | May 31, 2024 | June 15, 2024 |
March 31, 2024 | December 31, 2023 | ||||||||||
Net book value of flight equipment subject to operating lease | $ | 26.5 | billion | $ | 26.2 | billion | |||||
Weighted-average fleet age(1) | 4.7 years | 4.6 years | |||||||||
Weighted-average remaining lease term(1) | 7.0 years | 7.0 years | |||||||||
Owned fleet(2) | 472 | 463 | |||||||||
Managed fleet | 73 | 78 | |||||||||
Aircraft on order | 320 | 334 | |||||||||
Total | 865 | 875 | |||||||||
Current fleet contracted rentals | $ | 16.6 | billion | $ | 16.4 | billion | |||||
Committed fleet rentals | $ | 14.0 | billion | $ | 14.6 | billion | |||||
Total committed rentals | $ | 30.6 | billion | $ | 31.0 | billion | |||||
(1) Weighted-average fleet age and remaining lease term calculated based on net book value of our flight equipment subject to operating lease. | |||||||||||
(2) As of March 31, 2024 and December 31, 2023, our owned fleet count included 17 and 14 aircraft classified as flight equipment held for sale and 13 and 12 aircraft classified as net investments in sales-type leases, respectively, which are all included in Other assets on the Consolidated Balance Sheet. | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Region | Net Book Value | % of Total | Net Book Value | % of Total | |||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Europe | $ | 10,343,225 | 39.0 | % | $ | 9,881,024 | 37.7 | % | |||||||||||||||
Asia Pacific | 10,191,471 | 38.4 | % | 10,456,435 | 39.8 | % | |||||||||||||||||
Central America, South America, and Mexico | 2,395,119 | 9.0 | % | 2,361,089 | 9.0 | % | |||||||||||||||||
The Middle East and Africa | 2,045,638 | 7.7 | % | 2,062,420 | 7.9 | % | |||||||||||||||||
U.S. and Canada | 1,569,050 | 5.9 | % | 1,470,240 | 5.6 | % | |||||||||||||||||
Total | $ | 26,544,503 | 100.0 | % | $ | 26,231,208 | 100.0 | % |
March 31, 2024 | |||||
Lessee | % of Total | ||||
Virgin Atlantic | 5.4 | % | |||
EVA Air | 4.7 | % | |||
ITA | 4.7 | % | |||
Air France-KLM Group | 4.4 | % | |||
Vietnam Airlines | 4.0 | % | |||
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Aircraft type | Number of Aircraft | % of Total | Number of Aircraft | % of Total | ||||||||||||||||||||||
Airbus A220-100 | 3 | 0.6 | % | 2 | 0.4 | % | ||||||||||||||||||||
Airbus A220-300 | 14 | 3.0 | % | 13 | 2.8 | % | ||||||||||||||||||||
Airbus A319-100 | 1 | 0.2 | % | 1 | 0.2 | % | ||||||||||||||||||||
Airbus A320-200 | 28 | 5.9 | % | 28 | 6.0 | % | ||||||||||||||||||||
Airbus A320-200neo | 26 | 5.5 | % | 25 | 5.4 | % | ||||||||||||||||||||
Airbus A321-200 | 23 | 4.9 | % | 23 | 5.0 | % | ||||||||||||||||||||
Airbus A321-200neo | 100 | 21.2 | % | 95 | 20.6 | % | ||||||||||||||||||||
Airbus A330-200(1) | 13 | 2.8 | % | 13 | 2.8 | % | ||||||||||||||||||||
Airbus A330-300 | 5 | 1.1 | % | 5 | 1.1 | % | ||||||||||||||||||||
Airbus A330-900neo | 22 | 4.7 | % | 23 | 5.0 | % | ||||||||||||||||||||
Airbus A350-900 | 14 | 3.0 | % | 14 | 3.0 | % | ||||||||||||||||||||
Airbus A350-1000 | 8 | 1.7 | % | 7 | 1.5 | % | ||||||||||||||||||||
Boeing 737-700 | 3 | 0.6 | % | 3 | 0.6 | % | ||||||||||||||||||||
Boeing 737-800 | 71 | 15.0 | % | 73 | 15.8 | % | ||||||||||||||||||||
Boeing 737-8 MAX | 55 | 11.7 | % | 52 | 11.2 | % | ||||||||||||||||||||
Boeing 737-9 MAX | 29 | 6.1 | % | 29 | 6.3 | % | ||||||||||||||||||||
Boeing 777-200ER | 1 | 0.2 | % | 1 | 0.2 | % | ||||||||||||||||||||
Boeing 777-300ER | 24 | 5.1 | % | 24 | 5.2 | % | ||||||||||||||||||||
Boeing 787-9 | 25 | 5.3 | % | 25 | 5.4 | % | ||||||||||||||||||||
Boeing 787-10 | 6 | 1.2 | % | 6 | 1.3 | % | ||||||||||||||||||||
Embraer E190 | 1 | 0.2 | % | 1 | 0.2 | % | ||||||||||||||||||||
Total(2) | 472 | 100.0 | % | 463 | 100.0 | % | ||||||||||||||||||||
(1) As of March 31, 2024 and December 31, 2023, aircraft count includes two Airbus A330-200 aircraft classified as a freighter. | ||||||||||||||||||||||||||
(2) As of March 31, 2024 and December 31, 2023, our owned fleet count included 17 and 14 aircraft classified as flight equipment held for sale and 13 and 12 aircraft classified as net investments in sales-type leases, respectively, which are all included in Other assets on the Consolidated Balance Sheet. |
Estimated Delivery Years | ||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | Last 9 months of 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Airbus A220-100/300 | 16 | 11 | 15 | 17 | — | — | 59 | |||||||||||||||||||||||||||||||||||||
Airbus A320/321neo(1) | 14 | 11 | 30 | 50 | 36 | 4 | 145 | |||||||||||||||||||||||||||||||||||||
Airbus A330-900neo | 6 | 1 | — | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||
Airbus A350-900/1000 | 3 | — | — | — | — | — | 3 | |||||||||||||||||||||||||||||||||||||
Airbus A350F | — | — | — | 4 | 2 | 1 | 7 | |||||||||||||||||||||||||||||||||||||
Boeing 737-8/9 MAX | 20 | 27 | 21 | 7 | 2 | — | 77 | |||||||||||||||||||||||||||||||||||||
Boeing 787-9/10 | 11 | 10 | 1 | — | — | — | 22 | |||||||||||||||||||||||||||||||||||||
Total(2) | 70 | 60 | 67 | 78 | 40 | 5 | 320 | |||||||||||||||||||||||||||||||||||||
(1) Our Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. | ||||||||||||||||||||||||||||||||||||||||||||
(2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through May 6, 2024. Our contractual delivery commitment schedule is subject to a number of factors outside our control, including ongoing delays by Airbus and Boeing for some aircraft, and we cannot guarantee delivery of any particular aircraft at any specific time notwithstanding our contractual delivery commitment schedule. |
Estimated Delivery Years | ||||||||||||||||||||||||||||||||||||||||||||
Aircraft Type | Last 9 months of 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||
Airbus A220-100/300 | 12 | 14 | 14 | 17 | 2 | — | 59 | |||||||||||||||||||||||||||||||||||||
Airbus A320/321neo(1) | 14 | 11 | 22 | 46 | 43 | 9 | 145 | |||||||||||||||||||||||||||||||||||||
Airbus A330-900neo | 6 | 1 | — | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||
Airbus A350-900/1000 | 3 | — | — | — | — | — | 3 | |||||||||||||||||||||||||||||||||||||
Airbus A350F | — | — | — | 3 | 3 | 1 | 7 | |||||||||||||||||||||||||||||||||||||
Boeing 737-8/9 MAX | 12 | 30 | 21 | 12 | 2 | — | 77 | |||||||||||||||||||||||||||||||||||||
Boeing 787-9/10 | 6 | 10 | 6 | — | — | — | 22 | |||||||||||||||||||||||||||||||||||||
Total(2) | 53 | 66 | 63 | 78 | 50 | 10 | 320 | |||||||||||||||||||||||||||||||||||||
(1) Our Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. | ||||||||||||||||||||||||||||||||||||||||||||
(2) The table above reflects our contractual commitment schedule adjusted to reflect production and delivery estimates by management as of May 6, 2024. Our expected delivery schedule is subject to a number of factors outside our control, including ongoing delays by Airbus and Boeing for some aircraft, and we cannot guarantee delivery of any particular aircraft at any specific time notwithstanding our expected commitment schedule. For more information on the risks and uncertainties impacting our aircraft deliveries, see “Part I—Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. |
Years ending December 31, | Contractual | Expected | ||||||||||||
2024 (excluding the three months ended March 31, 2024) | $ | 5,521,459 | $ | 4,165,419 | ||||||||||
2025 | 4,245,270 | 4,421,568 | ||||||||||||
2026 | 3,804,021 | 4,200,176 | ||||||||||||
2027 | 4,626,120 | 4,587,718 | ||||||||||||
2028 | 2,330,499 | 2,881,996 | ||||||||||||
Thereafter | 354,227 | 624,719 | ||||||||||||
Total | $ | 20,881,596 | $ | 20,881,596 |
Delivery Year | Number Leased | Number of Aircraft | % Leased | |||||||||||||||||
2024 | 70 | 70 | 100.0 | % | ||||||||||||||||
2025 | 60 | 60 | 100.0 | % | ||||||||||||||||
2026 | 49 | 67 | 73.1 | % | ||||||||||||||||
2027 | 23 | 78 | 29.5 | % | ||||||||||||||||
2028 | 1 | 40 | 2.5 | % | ||||||||||||||||
Thereafter | — | 5 | — | % | ||||||||||||||||
Total | 203 | 320 | ||||||||||||||||||
Last 9 months of 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||
Contractual purchase commitments(1) | $ | 5,521,459 | $ | 4,245,270 | $ | 3,804,021 | $ | 4,626,120 | $ | 2,330,499 | $ | 354,227 | $ | 20,881,596 | ||||||||||||||||||||||||||||||
Long-term debt obligations | 1,726,518 | 2,422,736 | 4,441,613 | 4,161,117 | 2,987,622 | 3,928,091 | 19,667,697 | |||||||||||||||||||||||||||||||||||||
Interest payments on debt outstanding(2) | 582,648 | 747,752 | 645,956 | 437,789 | 240,849 | 276,239 | 2,931,233 | |||||||||||||||||||||||||||||||||||||
Total | $ | 7,830,625 | $ | 7,415,758 | $ | 8,891,590 | $ | 9,225,026 | $ | 5,558,970 | $ | 4,558,557 | $ | 43,480,526 | ||||||||||||||||||||||||||||||
(1) Contractual purchase commitments reflect future Airbus and Boeing aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through May 6, 2024. | ||||||||||||||||||||||||||||||||||||||||||||
(2) Future interest payments on floating rate debt are estimated using floating rates in effect at March 31, 2024, which is inclusive of any cross-currency hedging arrangements. |
March 31, 2024 | December 31, 2023 | ||||||||||
(in thousands, except percentages) | |||||||||||
Unsecured | |||||||||||
Senior unsecured securities | $ | 16,307,719 | $ | 16,329,605 | |||||||
Term financings | 1,608,450 | 1,628,400 | |||||||||
Revolving credit facility | 1,453,000 | 1,100,000 | |||||||||
Total unsecured debt financing | 19,369,169 | 19,058,005 | |||||||||
Secured | |||||||||||
Export credit financing | 201,417 | 204,984 | |||||||||
Term financings | 97,111 | 100,471 | |||||||||
Total secured debt financing | 298,528 | 305,455 | |||||||||
Total debt financing | 19,667,697 | 19,363,460 | |||||||||
Less: Debt discounts and issuance costs | (187,736) | (180,803) | |||||||||
Debt financing, net of discounts and issuance costs | $ | 19,479,961 | $ | 19,182,657 | |||||||
Selected interest rates and ratios: | |||||||||||
Composite interest rate(1) | 4.03 | % | 3.77 | % | |||||||
Composite interest rate on fixed-rate debt(1) | 3.51 | % | 3.26 | % | |||||||
Percentage of total debt at a fixed-rate | 83.27 | % | 84.71 | % | |||||||
(1) This rate does not include the effect of upfront fees, facility fees, undrawn fees or amortization of debt discounts and issuance costs. |
Shares Issued and Outstanding as of March 31, 2024 | Liquidation Preference as of March 31, 2024(2) | Issue Date | Dividend Rate in Effect at March 31, 2024(3) | Next dividend rate reset date | Dividend rate after reset date | ||||||||||||||||||||||||||||||
Series A | 10,000,000 | $ | 250,000 | March 5, 2019 | 3M Term SOFR(1) plus 3.65% | June 15, 2024 | 3M Term SOFR(1) plus 3.65% | ||||||||||||||||||||||||||||
Series B | 300,000 | 300,000 | March 2, 2021 | 4.650% | June 15, 2026 | 5 Yr U.S. Treasury plus 4.076% | |||||||||||||||||||||||||||||
Series C | 300,000 | 300,000 | October 13, 2021 | 4.125% | December 15, 2026 | 5 Yr U.S. Treasury plus 3.149% | |||||||||||||||||||||||||||||
Total | 10,600,000 | $ | 850,000 | ||||||||||||||||||||||||||||||||
(1) 3M Term SOFR includes a credit spread adjustment of 0.10% | |||||||||||||||||||||||||||||||||||
(2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock and Series C Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. | |||||||||||||||||||||||||||||||||||
(3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears. |
Payment Date | ||||||||
Title of each class | March 15, 2024 | |||||||
Series A Preferred Stock | $3,844 | |||||||
Series B Preferred Stock | $3,487 | |||||||
Series C Preferred Stock | $3,094 |
Rating Agency | Long-term Debt | Corporate Rating | Outlook | Date of Last Ratings Action | ||||||||||||||||||||||
Kroll Bond Ratings | A- | A- | Stable | March 22, 2024 | ||||||||||||||||||||||
Standard and Poor’s | BBB | BBB | Stable | January 19, 2024 | ||||||||||||||||||||||
Fitch Ratings | BBB | BBB | Stable | December 19, 2023 |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(unaudited) | ||||||||||||||
Revenues | ||||||||||||||
Rental of flight equipment | $ | 614,329 | $ | 617,773 | ||||||||||
Aircraft sales, trading and other | 48,981 | 18,369 | ||||||||||||
Total revenues | 663,310 | 636,142 | ||||||||||||
Expenses | ||||||||||||||
Interest | 181,595 | 151,613 | ||||||||||||
Amortization of debt discounts and issuance costs | 13,108 | 13,073 | ||||||||||||
Interest expense | 194,703 | 164,686 | ||||||||||||
Depreciation of flight equipment | 277,260 | 259,680 | ||||||||||||
Selling, general and administrative | 47,743 | 47,614 | ||||||||||||
Stock-based compensation expense | 8,275 | 5,896 | ||||||||||||
Total expenses | 527,981 | 477,876 | ||||||||||||
Income before taxes | 135,329 | 158,266 | ||||||||||||
Income tax expense | (27,463) | (29,546) | ||||||||||||
Net income | $ | 107,866 | $ | 128,720 | ||||||||||
Preferred stock dividends | (10,425) | (10,425) | ||||||||||||
Net income attributable to common stockholders | $ | 97,441 | $ | 118,295 | ||||||||||
Earnings per share of common stock: | ||||||||||||||
Basic | $ | 0.88 | $ | 1.07 | ||||||||||
Diluted | $ | 0.87 | $ | 1.06 | ||||||||||
Other financial data | ||||||||||||||
Pre-tax margin | 20.4 | % | 24.9 | % | ||||||||||
Pre-tax return on common equity (trailing twelve months) | 11.2 | % | 10.2 | % | ||||||||||
Adjusted net income before income taxes(1) | $ | 146,287 | $ | 166,810 | ||||||||||
Adjusted diluted earnings per share before income taxes(1) | $ | 1.31 | $ | 1.50 | ||||||||||
Adjusted pre-tax margin(1) | 22.1 | % | 26.2 | % | ||||||||||
Adjusted pre-tax return on common equity (trailing twelve months)(1) | 11.6 | % | 11.0 | % |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Reconciliation of the numerator for adjusted pre-tax margin (net income attributable to common stockholders to adjusted net income before income taxes): | |||||||||||
Net income attributable to common stockholders | $ | 97,441 | $ | 118,295 | |||||||
Amortization of debt discounts and issuance costs | 13,108 | 13,073 | |||||||||
Stock-based compensation expense | 8,275 | 5,896 | |||||||||
Income tax expense | 27,463 | 29,546 | |||||||||
Adjusted net income before income taxes | $ | 146,287 | $ | 166,810 | |||||||
Denominator for adjusted pre-tax margin: | |||||||||||
Total revenues | $ | 663,310 | $ | 636,142 | |||||||
Adjusted pre-tax margin(a) | 22.1 | % | 26.2 | % | |||||||
(a) Adjusted pre-tax margin is adjusted net income before income taxes divided by total revenues |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Reconciliation of the numerator for adjusted diluted earnings per share (net income attributable to common stockholders to adjusted net income before income taxes): | |||||||||||
Net income attributable to common stockholders | $ | 97,441 | $ | 118,295 | |||||||
Amortization of debt discounts and issuance costs | 13,108 | 13,073 | |||||||||
Stock-based compensation expense | 8,275 | 5,896 | |||||||||
Income tax expense | 27,463 | 29,546 | |||||||||
Adjusted net income before income taxes | $ | 146,287 | $ | 166,810 | |||||||
Denominator for adjusted diluted earnings per share: | |||||||||||
Weighted-average diluted common shares outstanding | 111,529,770 | 111,199,996 | |||||||||
Adjusted diluted earnings per share before income taxes(b) | $ | 1.31 | $ | 1.50 | |||||||
(b) Adjusted diluted earnings per share before income taxes is adjusted net income before income taxes divided by adjusted weighted-average diluted common shares outstanding |
Trailing Twelve Months March 31, | |||||||||||
2024 | 2023 | ||||||||||
(unaudited) | |||||||||||
Reconciliation of the numerator for adjusted pre-tax return on common equity (net income attributable to common stockholders to adjusted net income before income taxes): | |||||||||||
Net income attributable to common stockholders | $ | 552,068 | $ | 458,989 | |||||||
Amortization of debt discounts and issuance costs | 54,088 | 53,130 | |||||||||
Recovery of Russian fleet | (67,022) | (30,877) | |||||||||
Stock-based compensation expense | 36,994 | 24,022 | |||||||||
Income tax expense | 136,930 | 120,524 | |||||||||
Adjusted net income before income taxes | $ | 713,058 | $ | 625,788 | |||||||
Reconciliation of denominator for pre-tax return on common equity to adjusted pre-tax return on common equity: | |||||||||||
Common shareholders' equity as of beginning of the period | $ | 5,894,586 | $ | 5,519,585 | |||||||
Common shareholders' equity as of end of the period | $ | 6,381,871 | $ | 5,894,586 | |||||||
Average common shareholders' equity | $ | 6,138,229 | $ | 5,707,086 | |||||||
Adjusted pre-tax return on common equity(c) | 11.6 | % | 11.0 | % | |||||||
(c) Adjusted pre-tax return on common equity is adjusted net income before income taxes divided by average common shareholders’ equity |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
3.1 | S-1 | 333-171734 | 3.1 | January 14, 2011 | ||||||||||||||||||||||||||||
3.2 | 8-K | 001-35121 | 3.1 | March 27, 2018 | ||||||||||||||||||||||||||||
3.3 | 8-A | 001-35121 | 3.2 | March 4, 2019 | ||||||||||||||||||||||||||||
3.4 | 8-K | 001-35121 | 3.1 | March 2, 2021 | ||||||||||||||||||||||||||||
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
3.5 | 8-K | 001-35121 | 3.1 | October 13, 2021 | ||||||||||||||||||||||||||||
4.1 | 10-Q | 001-35121 | 4.1 | November 4, 2021 | ||||||||||||||||||||||||||||
4.2 | Certain instruments defining the rights of holders of long-term debt of Air Lease Corporation and all of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed are being omitted pursuant to paragraph (b)(4)(iii)(A) of Item 601 of Regulation S-K. Air Lease Corporation agrees to furnish a copy of any such instrument to the Securities and Exchange Commission upon request. | |||||||||||||||||||||||||||||||
4.3 | 8-A12B | 001-35121 | 4.1 | March 27, 2024 | ||||||||||||||||||||||||||||
10.1 | 8-K | 001-35121 | 10.1 | April 30, 2024 | ||||||||||||||||||||||||||||
10.2† | Filed herewith | |||||||||||||||||||||||||||||||
10.3† | Filed herewith | |||||||||||||||||||||||||||||||
10.4† | Filed herewith | |||||||||||||||||||||||||||||||
31.1 | Filed herewith | |||||||||||||||||||||||||||||||
31.2 | Filed herewith | |||||||||||||||||||||||||||||||
32.1 | Furnished herewith | |||||||||||||||||||||||||||||||
32.2 | Furnished herewith | |||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | |||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | |||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | |||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit | Filing Date | |||||||||||||||||||||||||||
104 | The cover page from Air Lease Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL and contained in Exhibit 101 | |||||||||||||||||||||||||||||||
AIR LEASE CORPORATION | |||||
May 6, 2024 | /s/ John L. Plueger | ||||
John L. Plueger | |||||
Chief Executive Officer and President | |||||
(Principal Executive Officer) | |||||
May 6, 2024 | /s/ Gregory B. Willis | ||||
Gregory B. Willis | |||||
Executive Vice President and Chief Financial Officer | |||||
(Principal Financial Officer and Principal Accounting Officer) |
Amendment Nº39 to the ALC A320 NEO Family PA | ||||||||
Ref. CLC-CT2308739 | Page 1/6 |
Amendment Nº39 to the ALC A320 NEO Family PA | ||||||||
Ref. CLC-CT2308739 | Page 2/6 |
Amendment Nº39 to the ALC A320 NEO Family PA | ||||||||
Ref. CLC-CT2308739 | Page 3/6 |
Amendment Nº39 to the ALC A320 NEO Family PA | ||||||||
Ref. CLC-CT2308739 | Page 4/6 |
Amendment Nº39 to the ALC A320 NEO Family PA | ||||||||
Ref. CLC-CT2308739 | Page 5/6 |
For and on behalf of | For and on behalf of | |||||||
AIR LEASE CORPORATION | AIRBUS S.A.S. | |||||||
By: Grant Levy | By: Paul Meijers | |||||||
Its: Executive Vice President | Its: EVP Commercial Transactions |
Amendment Nº39 to the ALC A320 NEO Family PA | ||||||||
Ref. CLC-CT2308739 | Page 6/6 |
ALC – Amendment N°1 to [*] Agreement | ||||||||
Ref. CLC - CT2309464 | Page 1/4 |
ALC – Amendment N°1 to [*] Agreement | ||||||||
Ref. CLC - CT2309464 | Page 2/4 |
ALC – Amendment N°1 to [*] Agreement | ||||||||
Ref. CLC - CT2309464 | Page 3/4 |
For and on behalf of | For and on behalf of | |||||||||||||
AIRBUS S.A.S. | AIRBUS CANADA LIMITED PARTNERSHIP | |||||||||||||
duly acting and represented by its managing | ||||||||||||||
general partner, | ||||||||||||||
AIRBUS CANADA MANAGING GP INC. | ||||||||||||||
By: Paul Meijers | By: Benoît Schultz | |||||||||||||
Its: EVP Commercial Transactions | Its: CEO |
For and on behalf of | |||||
AIR LEASE CORPORATION | |||||
By: Grant Levy | |||||
Its: Executive Vice President |
ALC – Amendment N°1 to [*] Agreement | ||||||||
Ref. CLC - CT2309464 | Page 4/4 |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 1/8 |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 2/8 |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 3/8 |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 4/8 |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 5/8 |
AIRBUS CANADA LIMITED PARTNERSHIP, | ||
duly acting and represented by its managing general partner, | ||
AIRBUS CANADA MANAGING GP INC., |
Per: | |||||
Name: | Benoît Schultz | ||||
Title: | CEO |
Per: | |||||
Name: | Grant Levy | ||||
Title: | Executive Vice President |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 6/8 |
Aircraft Type | Rank | CAC ID | Scheduled Delivery Month | |||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 7/8 |
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] | ||||||||||
[*] | [*] | [*] | [*] | [*] |
ALC – Amendment N°10 to the A220 Purchase Agreement | ||||||||
Ref. CLC-CT2307832 | Page 8/8 |
ALC – Amendment N°10 to the A220 Purchase Agreement – Letter Agreement N°1 | ||||||||
Ref. CLC- CT2307832 | Page 1/3 |
ALC – Amendment N°10 to the A220 Purchase Agreement – Letter Agreement N°1 | ||||||||
Ref. CLC- CT2307832 | Page 2/3 |
Agreed and Accepted | Agreed and Accepted | |||||||||||||
For and on behalf of | For and on behalf of | |||||||||||||
AIR LEASE CORPORATION | AIRBUS CANADA LIMITED PARTNERSHIP | |||||||||||||
by its managing general partner, | ||||||||||||||
AIRBUS CANADA MANAGING GP INC. | ||||||||||||||
By: Grant Levy | By: Benoît Schultz | |||||||||||||
Its: Executive Vice President | Its: CEO |
ALC – Amendment N°10 to the A220 Purchase Agreement – Letter Agreement N°1 | ||||||||
Ref. CLC- CT2307832 | Page 3/3 |
/s/ John L. Plueger | ||||||||
John L. Plueger Chief Executive Officer and President (Principal Executive Officer) |
/s/ Gregory B. Willis | ||||||||
Gregory B. Willis Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
/s/ John L. Plueger | |||||
John L. Plueger Chief Executive Officer and President (Principal Executive Officer) |
/s/ Gregory B. Willis | |||||
Gregory B. Willis Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 10,600,000 | 10,600,000 |
Preferred stock, outstanding (in shares) | 10,600,000 | 10,600,000 |
Preferred stock, aggregate liquidation preference | $ 850,000,000 | $ 850,000,000 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 111,366,501 | 111,027,252 |
Common stock, outstanding (in shares) | 111,366,501 | 111,027,252 |
Class B Non‑Voting Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 0 | 0 |
Common stock, outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per share of common stock (in dollars per share) | $ 0.21 | $ 0.20 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 11,412 | $ 10,658 |
Company Background and Overview |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Background and Overview | Company Background and Overview Air Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of March 31, 2024, the Company owned 472 aircraft, managed 73 aircraft and had 320 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.
|
Basis of Preparation and Critical Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation and Critical Accounting Policies | Basis of Preparation and Critical Accounting Policies The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at March 31, 2024, and for all periods presented. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the operating results expected for the year ending December 31, 2024. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.
|
Debt Financing |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Financing | Debt Financing The Company’s consolidated debt as of March 31, 2024 and December 31, 2023 is summarized below:
As of March 31, 2024, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test. Senior unsecured securities (including Medium-Term Note Program) As of March 31, 2024 and December 31, 2023, the Company had $16.3 billion in senior unsecured securities outstanding. During the three months ended March 31, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029 (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”) and (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”). The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps. Syndicated unsecured revolving credit facility As of March 31, 2024 and December 31, 2023, the Company had $1.5 billion and $1.1 billion, respectively, outstanding under its syndicated unsecured revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of May 6, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings. Secured debt financings As of March 31, 2024, the Company had an outstanding balance of $298.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $441.4 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of March 31, 2024 and December 31, 2023 are recourse in nature. Maturities Maturities of debt outstanding as of March 31, 2024 are as follows (in thousands):
|
Flight equipment subject to operating lease |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Flight equipment subject to operating lease | 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, 2024:
Update on Russian fleet As previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, in June 2022, the Company and certain of its subsidiaries submitted insurance claims to the insurers on its aviation insurance policies to recover losses relating to aircraft detained in Russia for which the Company recorded a net write-off of its interests in its owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its aviation insurance carriers in connection with its previously submitted insurance claims for which a trial date has been set for April 17, 2025. The Company continues to have significant claims against its aviation insurance carriers and will continue to vigorously pursue all available insurance claims and its related insurance litigation, and all rights and remedies therein. Collection, timing and amounts of any future insurance and related recoveries and the outcome of the Company’s ongoing insurance litigation remain uncertain at this time. On January 19, 2024, the Company filed suit in the High Court of Justice, Business & Property Courts of England & Wales, Commercial Court against the Russian airlines’ aviation insurers and reinsurance insurers (collectively, the “Airlines’ Insurers”) seeking recovery under the Russian airlines’ insurance policies for aircraft that remain in Russia. The lawsuit against the Airlines’ Insurers is in the early stages and no trial date has been set. As of May 6, 2024, 16 aircraft previously included in the Company’s owned fleet are still detained in Russia. The operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities and the Company’s ongoing demands for the return of its assets.
|
Flight Equipment Held for Sale |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||
Flight Equipment Held for Sale | Flight Equipment Held for Sale As of March 31, 2024, the Company had 17 aircraft, with a carrying value of $666.4 million, which were classified as held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 17 aircraft to be completed in 2024. As of March 31, 2024, the Company held an aggregate of $305.8 million in purchase deposits pursuant to sale agreements related to six of the 17 aircraft, which amount is included in Accrued interest and other payables on the Consolidated Balance Sheets. During the three months ended March 31, 2024, the Company transferred eight aircraft from flight equipment subject to operating lease and completed the sale of five aircraft from its held for sale portfolio. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2023, the Company had 14 aircraft, with a carrying value of $605.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets. The following table summarizes the activities for the Company’s held for sale for the three months ended March 31, 2024 based on carrying value:
|
Commitments and Contingencies |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Aircraft Acquisition As of March 31, 2024, the Company had commitments to purchase 320 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $20.9 billion. The following table shows the Company’s contractual delivery commitment schedule as of March 31, 2024:
The table above is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft in its orderbook. The Company remains in discussions with Airbus and Boeing to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of these delays. Pursuant to the Company’s purchase agreements with Airbus and Boeing, the Company agrees 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 impacted the planned purchases of the Company’s aircraft on order with Airbus and Boeing. The Company is currently experiencing delivery delays with both Airbus and Boeing aircraft. In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The 737-9 MAX aircraft has since returned to service; however, Boeing will not be allowed by the FAA to increase 737 MAX production rates until quality control issues are resolved. Due to these production constraints, the Company expects further delivery delays on our 737 MAX aircraft orders, and the Company is unable to estimate when Boeing 737 MAX production rates will normalize. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Airbus and Boeing generally provide each of the Company and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, the Company’s lease agreements generally provide each of the Company and the lessee with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $20.9 billion as of March 31, 2024, are as follows (in thousands):
The Company has made non-refundable deposits on flight equipment purchases of $1.1 billion and $1.2 billion as of March 31, 2024 and December 31, 2023, 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 and may also be exposed to breach of contract claims by its lessees as well as the manufacturers.
|
Rental Income |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Income | Rental Income As of March 31, 2024, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2024 are as follows (in thousands):
|
Earnings Per Share |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of March 31, 2024, the Company did not have any Class B non-voting common stock outstanding. Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three months ended March 31, 2024, and 2023, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,084,610 and 969,698 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2024 and 2023, respectively. The following table sets forth the reconciliation of basic and diluted earnings per share:
|
Fair Value Measurements |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company has four cross-currency swaps, which were issued in December 2019, November 2023, February 2024 and March 2024, related to its Canadian dollar and Euro Medium-Term Notes. The fair value of these swaps as a foreign currency exchange derivative are categorized as a Level 2 measurement in the fair value hierarchy and are measured on a recurring basis. As of March 31, 2024, the estimated fair value of one of the Company’s foreign exchange swaps was a derivative asset of $5.6 million and the remaining three swaps was a derivative liability of $8.5 million. As of December 31, 2023, the estimated fair value of the Company’s foreign exchange swaps was a derivative asset of $17.0 million. Derivative assets are included in Other assets on the Company’s Consolidated Balance Sheets while derivative liabilities are included in Accrued interest and other payables on the Company’s Consolidated Balance Sheets. Financial Instruments Not Measured at Fair Values The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of March 31, 2024 was $19.0 billion compared to a book value of $19.7 billion. The estimated fair value of debt financing as of December 31, 2023 was $18.7 billion compared to a book value of $19.4 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2024, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2024 and December 31, 2023 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.
|
Shareholders' Equity |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity The Company was authorized to issue up to 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company had 111,366,501 and 111,027,252 shares of Class A common stock issued and outstanding, respectively. The Company authorized for issuance up to 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2024 and December 31, 2023. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2024 or December 31, 2023. The Company was authorized to issue up to 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2024 (in thousands, except for share amounts and percentages):
|
Stock-based Compensation |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation On May 3, 2023, the stockholders of the Company approved the Air Lease Corporation 2023 Equity Incentive Plan (the “2023 Plan”). As of March 31, 2024, the number of shares of Class A Common Stock available for new award grants under the 2023 Plan is approximately 3,719,460. The Company has issued restricted stock units (“RSUs”) with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a or year period. The Company recorded $8.3 million and $5.9 million of stock-based compensation expense related to RSUs for the three months ended March 31, 2024 and 2023, respectively. Restricted Stock Units Compensation cost for RSUs is measured at the grant date based on fair value and recognized over the vesting period. The fair value of time based and book value RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of TSR goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the three months ended March 31, 2024, the Company granted 810,284 RSUs of which 133,438 are TSR RSUs and 308,421 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2024:
As of March 31, 2024, there was $58.1 million of unrecognized compensation expense related to unvested stock-based payments granted to employees. Total unrecognized compensation expense will be recognized over a weighted-average remaining period of 2.12 years.
|
Aircraft Under Management |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aircraft Under Management | Aircraft Under Management As of March 31, 2024, the Company managed 73 aircraft across two aircraft management platforms. The Company managed 40 aircraft through its Thunderbolt platform and 33 aircraft through the Blackbird investment funds. As of March 31, 2024, the Company managed 33 aircraft on behalf of third-party investors through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of March 31, 2024, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $69.5 million and $69.4 million as of March 31, 2024 and December 31, 2023, respectively, and are included in Other assets on the Consolidated Balance Sheets. Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of March 31, 2024, the Company managed 40 aircraft across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $8.8 million as of each of March 31, 2024 and December 31, 2023 and is included in Other assets on the Consolidated Balance Sheets. As of May 6, 2024, two aircraft in the Company’s managed fleet remain in Russia. While the respective managed platform 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. On November 6, 2023, Thunderbolt I entered into an agreement to sell all aircraft in its portfolio, consisting of 13 aircraft. As servicer of Thunderbolt I, the Company is facilitating the sale and transfer of the aircraft. During the three months ended March 31, 2024, Thunderbolt I completed the sale of four of the 13 aircraft.
|
Net Investment in Sales-type Leases |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment in Sales-type Leases | Net Investment in Sales-type Leases As of March 31, 2024 and December 31, 2023, the Company had sales-type leases for 13 aircraft and 12 aircraft in its owned fleet, respectively. Net investment in sales-type leases are included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands):
As of March 31, 2024, future minimum lease payments to be received on sales-type leases were as follows:
|
Subsequent Events |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events | Subsequent Events On May 3, 2024, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series A, Series B and Series C preferred stock. The following table summarizes the details of the dividends that were declared:
|
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Pay vs Performance Disclosure | ||
Net income | $ 107,866 | $ 128,720 |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Preparation and Critical Accounting Policies (Policies) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. |
Basis of Accounting | The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.
|
Debt Financing (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Debt | The Company’s consolidated debt as of March 31, 2024 and December 31, 2023 is summarized below:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Debt Outstanding | Maturities of debt outstanding as of March 31, 2024 are as follows (in thousands):
|
Flight equipment subject to operating lease (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of 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, 2024:
|
Flight Equipment Held for Sale (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Flight Equipment Held for Sale | The following table summarizes the activities for the Company’s held for sale for the three months ended March 31, 2024 based on carrying value:
|
Commitments and Contingencies (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Contractual Commitments to Acquire Aircraft | The following table shows the Company’s contractual delivery commitment schedule as of March 31, 2024:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Commitments for the Acquisition of the Aircraft, at an Estimated Aggregate Purchase Price | Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $20.9 billion as of March 31, 2024, are as follows (in thousands):
|
Rental Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Minimum Future Rentals on Non-Cancellable Operating Leases of Flight Equipment | As of March 31, 2024, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2024 are as follows (in thousands):
|
Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share | The following table sets forth the reconciliation of basic and diluted earnings per share:
|
Shareholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Preferred Stock Issued and Outstanding | The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2024 (in thousands, except for share amounts and percentages):
|
Stock-based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Activities for Unvested RSUs | The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2024:
|
Net Investment in Sales-type Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Investment in Sales-Type Leases, Net | The Company’s investment in sales-type leases consisted of the following (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease | As of March 31, 2024, future minimum lease payments to be received on sales-type leases were as follows:
|
Subsequent Events (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Events [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Declared | The following table summarizes the details of the dividends that were declared:
|
Company Background and Overview (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
aircraft
| |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of aircraft owned | 472 |
Number of aircraft managed | 73 |
Number of aircraft on order with manufacturers | 320 |
Debt Financing - Schedule of Consolidated Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Instrument [Line Items] | ||
Total debt financing | $ 19,667,697 | $ 19,363,460 |
Less: Debt discounts and issuance costs | (187,736) | (180,803) |
Debt financing, net of discounts and issuance costs | 19,479,961 | 19,182,657 |
Total unsecured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 19,369,169 | 19,058,005 |
Senior unsecured securities | ||
Debt Instrument [Line Items] | ||
Total debt financing | 16,307,719 | 16,329,605 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 1,608,450 | 1,628,400 |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Total debt financing | 1,453,000 | 1,100,000 |
Total secured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 298,528 | 305,455 |
Export credit financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 201,417 | 204,984 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | $ 97,111 | $ 100,471 |
Debt Financing - Schedule of Maturities of Debt Outstanding (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Disclosure [Abstract] | ||
2024 | $ 1,726,518 | |
2025 | 2,422,736 | |
2026 | 4,441,613 | |
2027 | 4,161,117 | |
2028 | 2,987,622 | |
Thereafter | 3,928,091 | |
Total | $ 19,667,697 | $ 19,363,460 |
Flight equipment subject to operating lease - Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Movement in Property, Plant and Equipment [Roll Forward] | ||
Depreciation | $ (277,260) | $ (259,680) |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | (276,094) | (80,036) |
Flight equipment subject to operating leases reclassified to investment in sales-type lease | (33,629) | $ 0 |
Flight Equipment | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Net book value, beginning balance | 26,231,208 | |
Purchase of aircraft | 900,278 | |
Depreciation | (277,260) | |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | (276,094) | |
Flight equipment subject to operating leases reclassified to investment in sales-type lease | (33,629) | |
Net book value, ending balance | 26,544,503 | |
Accumulated depreciation | $ (5,729,380) |
Flight equipment subject to operating lease - Narrative (Details) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2022
USD ($)
|
May 06, 2024
aircraft
|
|
Subsequent Event | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Number of aircraft under operating lease terminated remaining in Russia | aircraft | 16 | |
Flight Equipment | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Write-off of aircrafts | $ | $ 771.5 |
Flight Equipment Held for Sale - Schedule of Flight Equipment Held for Sale (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] | ||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | $ 276,094 | $ 80,036 |
Flight Equipment | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] | ||
Flight equipment subject to operating leases reclassified to flight equipment held for sale | 276,094 | |
Disposal Group, Held-for-sale, Not Discontinued Operations | Flight Equipment | ||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward] | ||
Flight equipment held for sale, beginning balance | 605,104 | |
Flight equipment subject to operating leases reclassified to flight equipment held for sale | 276,094 | |
Aircraft sales | (214,798) | |
Flight equipment held for sale, ending balance | $ 666,400 |
Commitments and Contingencies - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024
USD ($)
aircraft
|
Dec. 31, 2023
USD ($)
|
|
Long-term Purchase Commitment [Line Items] | ||
Number of aircraft on order with manufacturers | aircraft | 320 | |
Purchase obligation | $ 20,881,596 | |
Minimum aircraft delivery delays that could trigger lessee cancellation clauses | 1 year | |
Purchase agreements, termination commencement period | 1 year | |
Non-refundable deposits on aircraft | $ 1,088,363 | $ 1,203,068 |
Aircrafts | ||
Long-term Purchase Commitment [Line Items] | ||
Non-refundable deposits on aircraft | $ 1,100,000 | $ 1,200,000 |
Commitments and Contingencies - Schedule of Commitments for the Acquisition of the Aircraft, at an Estimated Aggregate Purchase Price (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2024 | $ 5,521,459 |
2025 | 4,245,270 |
2026 | 3,804,021 |
2027 | 4,626,120 |
2028 | 2,330,499 |
Thereafter | 354,227 |
Total | $ 20,881,596 |
Rental Income (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Leases [Abstract] | |
2024 | $ 1,824,562 |
2025 | 2,328,165 |
2026 | 2,088,796 |
2027 | 1,888,157 |
2028 | 1,710,994 |
Thereafter | 6,717,010 |
Total | $ 16,557,684 |
Earnings Per Share - Narrative (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
class_of_stock
shares
|
Mar. 31, 2023
shares
|
Dec. 31, 2023
shares
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of classes of common stock | class_of_stock | 2 | ||
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded related to restricted stock units | 0 | 0 | |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of shares excluded related to restricted stock units | 1,084,610 | 969,698 | |
Class B Non‑Voting Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, outstanding (in shares) | 0 | 0 |
Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Numerator | ||
Net income | $ 107,866 | $ 128,720 |
Preferred stock dividends | (10,425) | (10,425) |
Net income/(loss) attributable to common stockholders, basic | $ 97,441 | $ 118,295 |
Denominator | ||
Weighted-average shares outstanding (in shares) | 111,174,593 | 110,943,552 |
Basic earnings per share (in dollars per share) | $ 0.88 | $ 1.07 |
Numerator | ||
Net income | $ 107,866 | $ 128,720 |
Preferred stock dividends | (10,425) | (10,425) |
Net income/(loss) attributable to common stockholders, diluted | $ 97,441 | $ 118,295 |
Denominator | ||
Number of shares used in basic computation (in shares) | 111,174,593 | 110,943,552 |
Weighted-average effect of dilutive securities (in shares) | 355,177 | 256,444 |
Number of shares used in per share computation (in shares) | 111,529,770 | 111,199,996 |
Diluted earnings per share (in dollars per share) | $ 0.87 | $ 1.06 |
Fair Value Measurements (Details) $ in Millions |
Mar. 31, 2024
USD ($)
swap
|
Dec. 31, 2023
USD ($)
|
---|---|---|
Fair Value Measurements | ||
Number of cross-currency swaps | swap | 4 | |
Reported Value Measurement | ||
Fair Value Measurements | ||
Debt financing | $ 19,700.0 | $ 19,400.0 |
Level 2 | ||
Fair Value Measurements | ||
Debt financing | 19,000.0 | 18,700.0 |
Recurring Basis | Foreign Exchange Contract | Level 2 | ||
Fair Value Measurements | ||
Derivative assets | 5.6 | $ 17.0 |
Derivative liability | $ 8.5 |
Net Investment in Sales-type Leases - Narrative (Details) - aircraft |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Sales-type lease, number of aircrafts | 13 | 12 |
Net Investment in Sales-type Leases - Schedule of Components of Investment in Sales-Type Leases, Net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Future minimum lease payments to be received | $ 315,151 | $ 285,443 |
Estimated residual values of leased flight equipment | 117,415 | 108,688 |
Less: Unearned income | (57,291) | (53,412) |
Net Investment in Sales-type Leases | $ 375,275 | $ 340,719 |
Net Investment in Sales-type Leases - Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
2024 | $ 25,516 | |
2025 | 34,022 | |
2026 | 34,022 | |
2027 | 34,022 | |
2028 | 34,022 | |
Thereafter | 153,547 | |
Total | $ 315,151 | $ 285,443 |
Subsequent Events (Details) - $ / shares |
3 Months Ended | ||
---|---|---|---|
May 03, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Subsequent Events | |||
Common stock, cash dividends declared per share (in dollars per share) | $ 0.21 | $ 0.20 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Events | |||
Common stock, cash dividends declared per share (in dollars per share) | $ 0.21 | ||
Series A Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Preferred stock, cash dividends declared per share (in dollars per share) | 0.592675 | ||
Series B Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Preferred stock, cash dividends declared per share (in dollars per share) | 11.625 | ||
Series C Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Preferred stock, cash dividends declared per share (in dollars per share) | $ 10.3125 |
?$G^<"('')?\R"EJ$U+$-+MZ37+<]N&H2>IG0^"FB!B(Q[%0N'+
M9+QN+9>3[7Q%Y*#N#@'D0^"D*K2]M"O16K(+)^B3UJ4U-91=#^*V!UV[^(O*
MQ!F;;O=28(6L&)-_*LUN&4LZ^0^ 6=G]9FJ,]26E:/;;(F=L5CHW2RW#54*(
M5!U:D>'P")VCB8!A3;C$FT@D]XGVW73-->98+TCSM43#([LH>]DNHFX:'-U%
M_\.^(:WH2@]UYTY9W^OR;^RV4+AO22^: )-O./"CA:EM@M^&M>X@$?0
M/^JM-#-_H!!: 5=4<"0A3[S59+E>V'@7\)-"JT[&R%:R%^+93C8D\0(K! PR
M;0G8/ YP#XQ9D-'XW3.]84N;>#H^TK^ZVDTM>ZS@7K!?E.@R\3YXB$".&Z9W
MHOT&?3TSR\L$4^X7M5UL]-%#6:.TJ/ID8U!1WCWQ2W\.)PF&1X6C4*6K_(,R#6 @?+V;8XEK)'2@K36CVP;GJM(D<+^VF?#2*5CGIF<6=
M+ IN*,I& RMSN).EX>4&RXRCAO-'MA*H+ZY]0[:LAI^UN+<-;O0#W!C>$])6
MP]LRQ_QK?9\X]D2CCNAM=!+P/5-CB$,/HB!*3N#%O>.QPXO_E^/W7&="ZEHA
M_+5<::,H>_X>BD)C)!DV8BOJ2E