Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Aircraft Acquisition

As of December 31, 2024, the Company had commitments to acquire a total of 269 new aircraft for delivery through 2029, with an estimated aggregate commitment of $17.1 billion.

The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for most of the 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 currently unable to determine the full impact of these delays.

Contractual commitment schedule


	Estimated Delivery Years
Aircraft Type	2025	2026	2027	2028	2029	Thereafter	Total
Airbus A220-100/300	14	6	12	12	2	—	46
Airbus A320/321neo(1)	7	23	57	40	4	—	131
Airbus A330-900neo	—	1	—	—	—	—	1
Airbus A350F	—	—	2	4	1	—	7
Boeing 737-7/8/9 MAX	27	20	21	2	—	—	70
Boeing 787-9/10	8	5	1	—	—	—	14
Total(2)	56	55	93	58	7	—	269


(1) The Company's Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants.
(2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation.

Pursuant to its 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 both Airbus and Boeing.

The FAA has continued to enforce a cap on Boeing’s 737 MAX production until quality control issues are resolved. In addition, the Boeing labor strike near the end of 2024 further negatively impacted the production and delivery of Boeing aircraft. The Company expects its Boeing deliveries will continue to be delayed and is unable to estimate the duration of delays or the impact on our Boeing

orderbook. The residual impacts of the Boeing labor strike have impacted and may continue to impact the broader aviation supply chain.

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, our lease agreements generally provide each of the Company and the lessees with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements.

As a result of continued manufacturing delays and supply chain constraints described herein, the Company’s aircraft delivery schedule could continue to be subject to material changes and delivery delays are expected to extend for at least the next three to four years.

Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $17.1 billion as of December 31, 2024 are as follows:


	(in thousands)
Years ending December 31,
2025	$	4,310,840
2026	3,661,676
2027	5,479,867
2028	3,256,284
2029	414,700
Thereafter	—
Total	$	17,123,367

The Company has made non-refundable deposits on flight equipment purchases of $0.8 billion and $1.2 billion as of December 31, 2024 and 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.