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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income $ 210,812 $ 261,121
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation of flight equipment 559,242 528,266
Stock-based compensation expense 17,112 14,611
Deferred taxes 50,575 59,114
Amortization of discounts and debt issuance costs 26,401 26,719
Amortization of prepaid lease costs 50,579 36,064
Gain on aircraft sales, trading and other activity (97,978) (86,838)
Changes in operating assets and liabilities:    
Other assets (25,377) 7,028
Accrued interest and other payables 8,555 38,986
Rentals received in advance (14,778) (4,172)
Net cash provided by operating activities 785,143 880,899
Investing Activities    
Acquisition of flight equipment under operating lease (1,466,104) (2,416,609)
Payments for deposits on flight equipment purchases (179,213) (134,825)
Proceeds from aircraft sales, trading and other activity 430,476 1,261,476
Acquisition of aircraft furnishings, equipment and other assets (191,952) (125,541)
Net cash used in investing activities (1,406,793) (1,415,499)
Financing Activities    
Cash dividends paid on Class A common stock (46,703) (44,382)
Cash dividends paid on preferred stock (22,933) (20,850)
Tax withholdings on stock-based compensation (9,384) (3,354)
Net change in unsecured revolving facility (1,010,000) (20,000)
Proceeds from debt financings 3,024,408 1,538,087
Payments in reduction of debt financings (1,503,849) (1,287,880)
Debt issuance costs (7,534) (9,149)
Security deposits and maintenance reserve receipts 198,377 188,471
Security deposits and maintenance reserve disbursements (9,568) (5,925)
Net cash provided by financing activities 612,814 335,018
Net decrease in cash (8,836) (199,582)
Cash, cash equivalents and restricted cash at beginning of period 464,492 780,017
Cash, cash equivalents and restricted cash at end of period 455,656 580,435
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest, including capitalized interest of $21,709 and $21,336 at June 30, 2024 and 2023, respectively 390,120 325,365
Cash paid for income taxes 21,313 5,573
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 351,720 552,058
Flight equipment subject to operating leases reclassified to flight equipment held for sale 744,559 1,339,087
Flight equipment subject to operating leases reclassified to investment in sales-type lease 33,629 0
Cash dividends declared on Class A common stock, not yet paid $ 23,389 $ 22,205