Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 10, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-32959 | ||
Entity Registrant Name | AIRCASTLE LIMITED | ||
Entity Incorporation, State or Country Code | D0 | ||
Entity Tax Identification Number | 98-0444035 | ||
Entity Address, Address Line One | c/o Aircastle Advisor LLC | ||
Entity Address, Address Line Two | 201 Tresser Boulevard, Suite 400 | ||
Entity Address, City or Town | Stamford | ||
Entity Address, State or Province | CT | ||
City Area Code | 203 | ||
Local Phone Number | 504-1020 | ||
Title of Each Class | Common Shares, par value $0.01 per share | ||
Trading Symbol | AYR | ||
Name of Each Exchange on Which Registered | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,100 | ||
Entity Common Stock, Shares Outstanding | 75,109,023 | ||
Documents Incorporated by Reference [Text Block] | Documents of Which Portions Are Incorporated by Reference Parts of Form 10-K into Which Portion Of Documents Are Incorporated Portions of the Proxy Statement for Aircastle Limited for its 2020 Annual General Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K, provided that if such Proxy Statement is not filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year covered by this Form 10-K, an amendment to this Form 10-K shall be filed no later than the end of such 120-day period. Part III (Items 10, 11, 12, 13 and 14) | ||
Entity Central Index Key | 0001362988 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Address, Postal Zip Code | 06901 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and cash equivalents | $ 140,882 | $ 152,719 |
Restricted cash and cash equivalents | 14,561 | 15,134 |
Accounts receivable | 18,006 | 15,091 |
Flight equipment held for lease, net of accumulated depreciation of $1,501,664 and $1,221,985, respectively | 7,375,018 | 6,935,585 |
Net investment in direct financing and sales-type leases | 419,396 | 469,180 |
Unconsolidated equity method investments | 32,974 | 69,111 |
Other assets | 201,209 | 214,361 |
Total assets | 8,202,046 | 7,871,181 |
LIABILITIES | ||
Borrowings from secured financings, net of debt issuance costs | 1,129,345 | 798,457 |
Borrowings from unsecured financings, net of debt issuance costs | 3,932,491 | 3,962,896 |
Accounts payable, accrued expenses and other liabilities | 172,114 | 153,341 |
Lease rentals received in advance | 108,060 | 87,772 |
Security deposits | 124,954 | 120,962 |
Maintenance payments | 682,398 | 739,072 |
Total liabilities | 6,149,362 | 5,862,500 |
Commitments and Contingencies | ||
SHAREHOLDERS’ EQUITY | ||
Preference shares, $0.01 par value, 50,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common shares, $0.01 par value, 250,000,000 shares authorized, 75,122,129 shares issued and outstanding at December 31, 2019; and 75,454,511 shares issued and outstanding at December 31, 2018 | 751 | 754 |
Additional paid-in capital | 1,446,664 | 1,468,779 |
Retained earnings | 605,269 | 539,332 |
Accumulated other comprehensive loss | 0 | (184) |
Total shareholders’ equity | 2,052,684 | 2,008,681 |
Total liabilities and shareholders’ equity | $ 8,202,046 | $ 7,871,181 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accumulated depreciation on flight equipment held for lease | $ 1,501,664 | $ 1,221,985 |
Common shares, par value | $ 0.01 | $ 0.01 |
Common shares, shares authorized | 250,000,000 | 250,000,000 |
Common shares, shares issued | 74,991,025 | 75,454,511 |
Common shares, shares outstanding | 74,991,025 | 75,454,511 |
Preference shares, par value | $ 0.01 | $ 0.01 |
Preference shares, shares authorized | 50,000,000 | 50,000,000 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Lease rental revenue | $ 777,403 | $ 722,694 | $ 721,302 |
Direct financing and sales-type lease revenue | 32,295 | 35,132 | 25,716 |
Amortization of lease premiums, discounts and incentives | (22,636) | (15,269) | (11,714) |
Total lease revenue | 862,049 | 848,295 | 791,432 |
Gain on sale of flight equipment | 45,532 | 36,766 | 55,167 |
Total revenues | 917,938 | 890,351 | 851,787 |
Operating expenses: | |||
Depreciation | 356,021 | 310,850 | 298,664 |
Interest, net | 258,070 | 234,504 | 241,231 |
Selling, general and administrative (including non-cash share-based payment expense of $15,830, $11,488 and $13,148, respectively) | 77,034 | 76,025 | 73,604 |
Impairment of aircraft | 7,404 | 0 | 80,430 |
Maintenance and other costs | 24,828 | 8,961 | 9,077 |
Total operating expenses | 723,357 | 630,340 | 703,006 |
Other income (expense): | |||
Loss on extinguishment of debt | (7,577) | 0 | 0 |
Other | (11,864) | 1,636 | (2,476) |
Total other income (expense) | (19,441) | 1,636 | (2,476) |
Income from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investment | 175,140 | 261,647 | 146,305 |
Income tax provision | 22,667 | 5,642 | 6,042 |
Earnings (loss) of unconsolidated equity method investment, net of tax | 4,102 | (8,086) | 7,611 |
Net income | $ 156,575 | $ 247,919 | $ 147,874 |
Earnings per common share — Basic: | |||
Net income per share (in dollars per share) | $ 2.09 | $ 3.18 | $ 1.88 |
Earnings per common share — Diluted: | |||
Net income per share (in dollars per share) | 2.06 | 3.17 | 1.87 |
Dividends declared per share (in dollars per share) | $ 1.22 | $ 1.14 | $ 1.06 |
Maintenance revenue | |||
Revenues: | |||
Revenue from contract with customer | $ 74,987 | $ 105,738 | $ 56,128 |
Other revenue | |||
Revenues: | |||
Revenue from contract with customer | $ 10,357 | $ 5,290 | $ 5,188 |
Consolidated Statements of In_2
Consolidated Statements of Income (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Non-cash share-based payment expense | $ 15,830 | $ 11,488 | $ 13,148 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 156,575 | $ 247,919 | $ 147,874 |
Other comprehensive income, net of tax: | |||
Net derivative loss reclassified into earnings | 184 | 1,166 | 2,202 |
Other comprehensive income | 184 | 1,166 | 2,202 |
Total comprehensive income | $ 156,759 | $ 249,085 | $ 150,076 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Net income | $ 156,575 | $ 247,919 | $ 147,874 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 356,021 | 310,850 | 298,664 |
Amortization of deferred financing costs | 14,578 | 14,627 | 19,435 |
Amortization of lease premiums, discounts and incentives | 22,636 | 15,269 | 11,714 |
Deferred income taxes | 20,223 | (496) | (8,948) |
Non-cash share-based payment expense | 15,830 | 11,488 | 13,148 |
Cash flow hedges reclassified into earnings | 184 | 1,166 | 2,202 |
Sales-type and Direct Financing Leases, Profit (Loss) | 25,842 | 0 | 0 |
Security deposits and maintenance payments included in earnings | (49,029) | (80,628) | (17,947) |
Gain on the sale of flight equipment | (45,532) | (36,766) | (55,167) |
Loss on extinguishment of debt | 7,577 | 0 | 0 |
Impairment of aircraft | 7,404 | 0 | 80,430 |
Other | 206 | 3,032 | 1,476 |
Changes on certain assets and liabilities: | |||
Accounts receivable | (13,162) | (12,328) | (6,734) |
Other assets | 2,594 | 5,065 | (7,655) |
Accounts payable, accrued expenses and other liabilities | (5,483) | 10,526 | 13,857 |
Lease rentals received in advance | 19,954 | 32,868 | (1,478) |
Net cash and restricted cash provided by operating activities | 536,418 | 522,592 | 490,871 |
Cash flows from investing activities: | |||
Acquisition and improvement of flight equipment | (1,172,370) | (1,317,497) | (1,038,343) |
Proceeds from sale of flight equipment | 361,747 | 338,831 | 833,576 |
Net investment in direct financing and sales-type leases | 0 | (15,783) | (331,721) |
Proceeds from Collection of Finance Receivables | 0 | 29,961 | 32,184 |
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits | (760) | 15,494 | 7,681 |
Unconsolidated equity method investment and associated costs | (15,175) | (3,350) | 0 |
Distributions from unconsolidated equity method investment in excess of earnings | 36,750 | 3,900 | 0 |
Other | 4,259 | 4,745 | (5,122) |
Net Cash Provided by (Used in) Investing Activities | (784,029) | (974,687) | (517,107) |
Cash flows from financing activities: | |||
Repurchase of shares | (36,739) | (71,421) | (4,862) |
Proceeds from secured and unsecured debt financings | 2,116,848 | 1,413,901 | 675,000 |
Repayments of secured and unsecured debt financings | (1,817,558) | (969,139) | (878,534) |
Deferred financing costs | (13,800) | (11,642) | (8,540) |
Debt extinguishment costs | (7,183) | 0 | 0 |
Security deposits and maintenance payments received | 202,833 | 203,925 | 192,830 |
Security deposits and maintenance payments returned | (117,872) | (90,803) | (141,185) |
Dividends paid | (91,328) | (88,730) | (83,433) |
Net cash and restricted cash provided by (used in) financing activities | 235,201 | 386,091 | (248,724) |
Net decrease in cash and restricted cash | (12,410) | (66,004) | (274,960) |
Cash and restricted cash at beginning of year | 167,853 | 233,857 | 508,817 |
Cash and restricted cash at end of year | 155,443 | 167,853 | 233,857 |
Reconciliation to Consolidated Balance Sheets: | |||
Unrestricted and restricted cash and cash equivalents | 155,443 | 167,853 | 508,817 |
Supplemental disclosures of cash flow information: | |||
Cash paid during the year for interest | 246,026 | 214,350 | 228,125 |
Cash (received) paid during the year for income taxes | (656) | 6,254 | 4,576 |
Supplemental disclosures of non-cash investing activities: | |||
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment | 90,397 | 71,837 | 132,585 |
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions | 31,958 | 63,432 | 149,100 |
Transfers from Flight equipment held for lease to Net investment in direct financing and sales-type leases and Other assets | $ 104,838 | $ 11,202 | $ 154,213 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2016 | $ 1,834,314 | $ 786 | $ 1,521,190 | $ 315,890 | $ (3,552) |
Beginning Balance (in shares) at Dec. 31, 2016 | 78,593,133 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares to stockholders, directors and employees | 0 | $ 3 | (3) | ||
Issuance of common shares to stockholders, directors and employees (in shares) | 344,017 | ||||
Repurchase of common shares from stockholders, directors and employees | (4,862) | $ (2) | (4,860) | ||
Repurchase of common shares from stockholders', directors and employees (in shares) | (229,187) | ||||
Amortization of share-based payments | 11,469 | 11,469 | |||
Dividends declared | (83,433) | (83,433) | |||
Net income | 147,874 | 147,874 | |||
Net derivative loss reclassified into earnings | 2,202 | 2,202 | |||
Beginning Balance (in shares) at Dec. 31, 2017 | 78,707,963 | ||||
Beginning Balance at Dec. 31, 2017 | 1,907,564 | $ 787 | 1,527,796 | 380,331 | (1,350) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares to stockholders, directors and employees | 0 | $ 4 | (4) | ||
Issuance of common shares to stockholders, directors and employees (in shares) | 423,202 | ||||
Repurchase of common shares from stockholders, directors and employees | (71,421) | $ (37) | (71,384) | ||
Repurchase of common shares from stockholders', directors and employees (in shares) | (3,676,654) | ||||
Amortization of share-based payments | 10,523 | 10,523 | |||
Reclassification of prior year director stock award liability | 1,848 | ||||
Dividends declared | (88,730) | (88,730) | |||
Net income | 247,919 | 247,919 | |||
Net derivative loss reclassified into earnings | $ 1,166 | 1,166 | |||
Beginning Balance (in shares) at Dec. 31, 2018 | 75,454,511 | 75,454,511 | |||
Beginning Balance at Dec. 31, 2018 | $ 2,008,681 | $ 754 | 1,468,779 | 539,332 | (184) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (188) | ||||
Issuance of common shares to stockholders, directors and employees | 0 | $ 13 | (13) | ||
Issuance of common shares to stockholders, directors and employees (in shares) | 1,281,598 | ||||
Repurchase of common shares from stockholders, directors and employees | (36,739) | $ (16) | (36,723) | ||
Repurchase of common shares from stockholders', directors and employees (in shares) | (1,613,980) | ||||
Amortization of share-based payments | 13,825 | 13,825 | |||
Reclassification of prior year director stock award liability | 796 | ||||
Dividends declared | (91,328) | (91,328) | |||
Net income | 156,575 | 156,575 | |||
Net derivative loss reclassified into earnings | $ 184 | (184) | |||
Beginning Balance (in shares) at Dec. 31, 2019 | 74,991,025 | 75,122,129 | |||
Beginning Balance at Dec. 31, 2019 | $ 2,052,684 | $ 751 | $ 1,446,664 | 605,269 | $ 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 690 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) | |||
Tax effect of change in fair value of derivatives | $ 0 | $ 0 | $ 35 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization and Basis of Presentation Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda exempted company that was incorporated on October 29, 2004 under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business is investing in aviation assets, including acquiring, leasing, managing and selling commercial jet aircraft. Aircastle is a holding company that conducts its business through subsidiaries. Aircastle directly or indirectly owns all of the outstanding common shares of its subsidiaries. The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The Company manages, analyzes and reports on its business and results of operations on the basis of one operating segment: leasing, financing, selling and managing commercial flight equipment. Our chief executive officer is the chief operating decision maker. On November 5, 2019, Aircastle entered into an Agreement and Plan of Merger (the “Merger Agreement”), with MM Air Limited, a Bermuda exempted company (“Parent”), and MM Air Merger Sub Limited, a Bermuda exempted company and wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, among other things, Merger Sub will merge with and into the Company, with Aircastle surviving as a wholly owned subsidiary of Parent (the “Merger”). Parent and Merger Sub are newly-formed entities controlled by affiliates of Marubeni Corporation (“Marubeni”) and Mizuho Leasing Company, Limited (“Mizuho Leasing”). The Marubeni Corporation is a related party and owns 28.8% of the Company’s outstanding common shares as of December 31, 2019. Pursuant to the Merger Agreement, subject to certain conditions set forth therein, at the effective time of the Merger (the “Effective Time”), each issued and outstanding common share, par value $0.01 per share, of the Company (the “Common Shares”) (other than (i) shares to be canceled or converted into shares of the surviving company pursuant to the Merger Agreement and (ii) restricted shares to be canceled and exchanged pursuant to the Merger Agreement), shall be converted into the right to receive $32.00 in cash, without interest (the “Merger Consideration”). Consummation of the Merger is subject to the satisfaction of certain remaining customary closing conditions, including, without limitation, (i) approval of the Merger Agreement and the transactions contemplated thereby by the affirmative votes of a majority of the votes cast by holders of outstanding Common Shares at a meeting of the Company’s shareholders; (ii) the receipt of any applicable pre-clearance or similar approval of certain remaining specified jurisdictions (i.e., Chile, Mexico and Morocco), and all required regulatory approvals being in full force and effect; (iii) the absence of any law, judgment or other legal restraint that prevents, makes illegal or prohibits the consummation of the Merger and the other transactions contemplated by the Merger Agreement; (iv) the accuracy of each party’s representations and warranties (subject to certain qualifications); (v) each party’s performance in all material respects of its obligations contained in the Merger Agreement; and (vi) the absence of a material adverse effect on the Company since the date of the Merger Agreement. The Merger Agreement includes customary representations, warranties and covenants of Aircastle, Parent, and Merger Sub. Among other things, Aircastle has agreed to customary covenants regarding the operation of the business of Aircastle and its subsidiaries prior to the closing. Aircastle is permitted to pay regular quarterly dividends up to $0.32 per common share pursuant to the Merger Agreement. The Company currently anticipates that the Merger will close in the first half of calendar year 2020, subject to the satisfaction of the remaining customary closing conditions. Effective January 1, 2019, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases (“ASC 842”) which, together with all subsequent amendments, replaced the existing guidance in ASC 840, Leases (“ASC 840”). The accounting for leases by lessors remained largely unchanged from the concepts that existed in ASC 840. The FASB decided that lessors would be precluded from recognizing selling profit and revenue at lease commencement for any sales-type or direct financing lease that does not transfer control of the underlying asset to the lessee. This requirement aligns the notion of what constitutes a sale in the lessor accounting guidance with that in the revenue recognition standard, which evaluates whether a sale has occurred from the customer’s perspective. As a result of the Company’s adoption of ASC 842, we recognized right-of-use assets and lease liabilities on our Consolidated Balance Sheet as of December 31, 2019 , for our office leases classified as operating leases under ASC 842, existing at, or entered into after, January 1, 2019. We adopted the standard using the required “modified retrospective” approach and the available practical expedients. ASC 842 requires collections on direct financing and sales-type leases to be reported within operating activities on our Consolidated Statement of Cash Flows for the year ended December 31, 2019. Our financial statements for comparative periods have not been adjusted and continue to be reported in accordance with ASC 840. The standard did not have a material impact on our consolidated financial statements and related disclosures. The Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure since the balance sheet date of December 31, 2019 through the date on which the consolidated financial statements included in this Form 10-K were issued. Principles of Consolidation The consolidated financial statements include the accounts of Aircastle and all of its subsidiaries. Aircastle consolidates four Variable Interest Entities (“VIEs”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We consolidate VIEs in which we have determined that we are the primary beneficiary. We use judgment when deciding (a) whether an entity is subject to consolidation as a VIE, (b) who the variable interest holders are, (c) the potential expected losses and residual returns of the variable interest holders, and (d) which variable interest holder is the primary beneficiary. When determining which enterprise is the primary beneficiary, we consider (1) the entity’s purpose and design, (2) which variable interest holder has the power to direct the activities that most significantly impact the entity’s economic performance, and (3) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When certain events occur, we reconsider whether we are the primary beneficiary of VIEs. We do not reconsider whether we are a primary beneficiary solely because of operating losses incurred by an entity. Risk and Uncertainties In the normal course of business, Aircastle encounters several significant types of economic risk including credit, market, aviation industry and capital market risks. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Aviation industry risk is the risk of a downturn in the commercial aviation industry which could adversely impact a lessee’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s aircraft. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes that the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Aircastle considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Restricted cash and cash equivalents consists primarily of rent collections, maintenance payments and security deposits received from lessees pursuant to the terms of various lease agreements held in lockbox accounts in accordance with our financings. Virtually all of our cash and cash equivalents and restricted cash and cash equivalents are held or managed by three major financial institutions. Flight Equipment Held for Lease and Depreciation Flight equipment held for lease is stated at cost and depreciated using the straight-line method, typically over a 25 -year life from the date of manufacture for passenger aircraft and over a 30 to 35 -year life for freighter aircraft, depending on whether the aircraft is a converted or purpose-built freighter, to estimated residual values. Estimated residual values are generally determined to be approximately 15% of the manufacturer’s estimated realized price for passenger aircraft when new and 5% to 10% for freighter aircraft when new. Management may make exceptions to this policy on a case-by-case basis when, in its judgment, the residual value calculated pursuant to this policy does not appear to reflect current expectations of value. Examples of situations where exceptions may arise include but are not limited to: • flight equipment where estimates of the manufacturer’s realized sales prices are not relevant (e.g., freighter conversions); • flight equipment where estimates of the manufacturer’s realized sales prices are not readily available; and • flight equipment which may have a shorter useful life due to obsolescence. Major improvements and modifications incurred in connection with the acquisition of aircraft that are required to get the aircraft ready for initial service are capitalized and depreciated over the remaining life of the flight equipment. For planned major maintenance activities for aircraft off-lease, the Company capitalizes the actual maintenance costs by applying the deferral method. Under the deferral method, we capitalize the actual cost of major maintenance events, which are depreciated on a straight-line basis over the period until the next maintenance event is required. In accounting for flight equipment held for lease, we make estimates about the expected useful lives, the fair value of attached leases, acquired maintenance assets or liabilities and the estimated residual values. In making these estimates, we rely upon actual industry experience with the same or similar aircraft types and our anticipated lessee’s utilization of the aircraft. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the fair value of the aircraft and lease. The fair value of the lease may include a maintenance premium and a lease premium or discount. When we acquire an aircraft with a lease, determining the fair value of attached leases requires us to make assumptions regarding the current fair values of leases for specific aircraft. We estimate a range of current lease rates of like aircraft in order to determine if the attached lease is within a fair value range. If a lease is below or above the range of current lease rates, we present value the estimated amount below or above the fair value range over the remaining term of the lease. The resulting lease discount or premium is amortized into lease rental income over the remaining term of the lease. Impairment of Flight Equipment We perform a recoverability assessment of all aircraft in our fleet, on an aircraft-by-aircraft basis annually during the second quarter. In addition, a recoverability assessment is performed whenever events or changes in circumstances, or indicators, suggest that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination, significant change in aircraft model’s storage levels, the introduction of newer technology aircraft or engines, an aircraft type is no longer in production or a significant airworthiness directive is issued. When we perform a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the aircraft exceed its net book value. The undiscounted cash flows consist of cash flows from currently contracted lease rental and maintenance payments, future projected lease rates, transition costs, estimated down time, estimated residual or scrap values for an aircraft, economic conditions and other factors. In the event that an aircraft does not meet the recoverability test, the aircraft will be adjusted to fair value, resulting in an impairment charge. See Note 2 — Fair Value Measurements. Management develops the assumptions used in the recoverability analysis based on current and future expectations of the global demand for a particular aircraft type and historical experience in the aircraft leasing market and aviation industry, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in projected lease rental and maintenance payments, residual values, economic conditions, technology, airline demand for a particular aircraft type and other factors. In monitoring the aircraft in our fleet for impairment charges, we identify those aircraft that are most susceptible to failing the recoverability assessment and monitor those aircraft more closely, which may result in more frequent recoverability assessments. The recoverability in the value of these aircraft is more sensitive to changes in contractual cash flows, future cash flow estimates and residual values or scrap values for each aircraft. These are typically older aircraft for which lessee demand is declining. Net Investment in Direct Financing and Sales-Type Leases If a lease meets specific criteria at lease commencement or at the effective date of a lease modification, we recognize the lease as a direct financing or sales-type lease. The net investment in direct financing and sales-type leases consists of the lease receivable, estimated unguaranteed residual value of the leased flight equipment at lease-end and, for direct financing leases, deferred selling profit. For sales-type leases, we recognize the difference between the net book value of the aircraft and the net investment in the lease as a gain or loss on sale of fight equipment. Selling profit on a direct financing lease is deferred and amortized over the lease term, and a selling loss is recognized at lease commencement. Interest income on our net investment in leases is recognized as Direct financing and sales-type lease revenue over the lease term in a manner that produces a constant rate of return on the net investment in the lease. Collectability of direct financing and sales-type leases is evaluated at lease commencement and periodically during the lease term. The evaluation is performed at an individual customer level and, among other things, considers the credit of the lessee and the value of the underlying aircraft. A loss allowance is established if there is evidence that we will be unable to collect all amounts due according to the contractual terms of the lease. At December 31, 2019, we had no allowance for credit losses for our Net investment in direct financing and sales-type leases. Unconsolidated Equity Method Investment Aircastle accounts for its interest in an unconsolidated joint venture using the equity method as we do not control the joint venture entity. Under the equity method, the investment is initially recorded at cost and the carrying amount is affected by its share of the unconsolidated joint venture’s undistributed earnings and losses, and distributions of dividends and capital. The investment may also reflect an equity loss in the event that circumstances indicate an other-than-temporary impairment. Security Deposits Most of our operating leases require the lessee to pay Aircastle a security deposit or provide a letter of credit. Security deposits represent cash received from the lessee that is held on deposit until lease expiration. Aircastle’s operating leases also obligate the lessees to maintain flight equipment and comply with all governmental requirements applicable to the flight equipment, including without limitation, operational, maintenance, registration requirements and airworthiness directives. Maintenance Payments Typically, under an operating lease, the lessee is responsible for performing all maintenance but they may also be required to make payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending upon the component, and are required to be made monthly in arrears or at the end of the lease term. Whether to permit a lessee to make maintenance payments at the end of the lease term, rather than requiring such payments to be made monthly, depends on a variety of factors, including the creditworthiness of the lessee, the level of security deposit which may be provided by the lessee and market conditions at the time we enter into the lease. If a lease requires monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following completion of the relevant work. If a lease requires end of lease term maintenance payments, typically the lessee would be required to pay us for its utilization of the aircraft during the lease; however, in some cases, we may owe a net payment to the lessee in the event heavy maintenance is performed and paid for by the lessee during the lease term and the aircraft is returned to us in better condition than at lease inception. We record monthly maintenance payments by the lessee as accrued maintenance payments liabilities in recognition of our contractual commitment to refund such receipts. In these contracts, we typically do not recognize such maintenance payments as maintenance revenue during the lease. Reimbursements to the lessee upon the receipt of evidence of qualifying maintenance work are charged against the existing accrued maintenance payments liability. We currently defer maintenance revenue recognition of most monthly maintenance payments collected until the end of the lease, when we are able to determine the amount, if any, by which the monthly maintenance payments received from a lessee exceed costs to be incurred by that lessee in performing heavy maintenance. End of lease term maintenance payments made to us are recognized as maintenance revenue, and end of lease term maintenance payments we make to a lessee are recorded as contra maintenance revenue. Lease Incentives and Amortization Many of our leases contain provisions which may require us to pay a portion of the lessee’s costs for heavy maintenance, overhaul or replacement of certain high-value components. We account for these expected payments as lease incentives, which are amortized as a reduction of revenue over the life of the lease. We estimate the amount of our portion for such costs, typically for the first major maintenance event for the airframe, engines, landing gear and auxiliary power units, expected to be paid to the lessee based on assumed utilization of the related aircraft by the lessee, the anticipated amount of the maintenance event cost and the estimated amounts the lessee is responsible to pay. The assumptions supporting these estimates are re-evaluated annually. This estimated lease incentive is not recognized as a lease incentive liability at the inception of the lease. We recognize the lease incentive as a reduction of lease revenue on a straight-line basis over the life of the lease, with the offset being recorded as a lease incentive liability which is included in maintenance payments on the balance sheet. The payment to the lessee for the lease incentive liability is first recorded against the lease incentive liability, and any excess above the lease incentive liability is recorded as a prepaid lease incentive asset, which is included in other assets on the balance sheet and continues to amortize over the remaining life of the lease. Lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs are capitalized and amortized into revenue over the initial life of the lease, assuming no lease renewals, and are included in other assets. Income Taxes Aircastle uses an asset and liability based approach in accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount estimated by us to be realizable. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. We did not have any unrecognized tax benefits. Lease Revenue Recognition We lease flight equipment under net operating leases with lease terms typically ranging from three to seven years. We generally do not offer renewal terms or purchase options in our leases, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a London Interbank Offered Rate (“LIBOR”) index are recognized on a straight-line basis over the lease term using the prevailing rate at lease commencement. Changes to rate-based lease rentals are recognized in the statements of income in the period of change. Revenue is not recognized when collection is not reasonably assured. When collectability is not probable, the customer is placed on non-accrual status, and revenue is recognized when cash payments are received. Comprehensive Income Comprehensive income consists of net income and other gains and losses, net of income taxes, if any, affecting shareholders’ equity that, under U.S. GAAP, are excluded from net income. Share-Based Compensation Aircastle recognizes compensation cost relating to share-based payment transactions in the financial statements based on the fair value of the equity instruments issued. Aircastle uses the straight-line method of accounting for compensation cost on share-based payment awards that contain pro-rata vesting provisions. Deferred Financing Costs Deferred financing costs, which are included in borrowings from secured and unsecured financings, net of debt issuance costs, in the Consolidated Balance Sheets, are amortized using the interest method for amortizing loans over the lives of the relevant related debt. Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments and related updates. The standard affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The standard takes effect for annual periods beginning after December 15, 2019. The Company’s net investments in direct financing and sales-type leases compose the financial assets principally affected by the standard. Operating lease receivables are not within the scope of ASC 326. Upon the Company’s adoption of ASC 326 in 2020, our net investments in direct financing and sales-type leases will be recorded in the consolidated financial statements net of an allowance for credit losses. This allowance for credit losses will reflect the Company’s estimate of lessee default probabilities and loss given default percentages. This estimate of expected credit losses will consider relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of reported amounts. Additional consideration will be given for potential non-credit losses to unguaranteed residual values. We will adopt the standard using the “modified retrospective” approach with a January 1, 2020 adjustment to the opening balance of retained earnings. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use-software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities . The standard changes how all entities evaluate decision-making fees under the variable interest entity guidance. The standard is applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value Measurements Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • The income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts. • The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The following tables set forth our financial assets and liabilities as of December 31, 2019 and 2018 that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of December 31, 2019 Fair Value Measurements at December 31, 2019 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Valuation Technique Assets : Cash and cash equivalents $ 140,882 $ 140,882 $ — $ — Market Restricted cash and cash equivalents 14,561 14,561 — — Market Derivative assets 115 — 115 — Market Total $ 155,558 $ 155,443 $ 115 $ — Fair Value Fair Value Measurements at December 31, 2018 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Valuation Assets : Cash and cash equivalents $ 152,719 $ 152,719 $ — $ — Market Restricted cash and cash equivalents 15,134 15,134 — — Market Derivative assets 4,886 — 4,886 — Market Total $ 172,739 $ 167,853 $ 4,886 $ — Our cash and cash equivalents, along with our restricted cash and cash equivalents balances, consist largely of money market securities that are considered to be highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. Our interest rate derivative included in Level 2 consists of United States dollar-denominated interest rate cap, and its fair value is based on the market comparisons for similar instruments. We also considered the credit rating and risk of the counterparty providing the interest rate cap based on quantitative and qualitative factors. For the years ended December 31, 2019 and 2018 , we had no transfers into or out of Level 3. We measure the fair value of certain assets and liabilities on a non-recurring basis, when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include our investment in unconsolidated joint ventures and aircraft. We record aircraft at fair value when we determine the carrying value may not be recoverable. Fair value measurements for aircraft in impairment tests are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions and appraisal data as to future cash proceeds from leasing and selling aircraft. We account for our investment in unconsolidated joint ventures under the equity method of accounting. Investments are recorded at cost and are adjusted by undistributed earnings and losses and the distributions of dividends and capital. These investments are also reviewed for impairment whenever events or circumstances indicate the fair value is less than its carrying value and the decline is other-than-temporary. Aircraft Valuation Transactional Impairments On April 10, 2019, the Company early terminated the leases for seven Boeing 737NG aircraft on lease to Jet Airways (India) Limited (“Jet Airways”) due to lessee default. As a result of these lease terminations, the Company recognized net maintenance revenue of $17,554 and impairment charges of $7,404 in the second quarter of 2019. We did not record any transactional impairments during 2018 . Annual Recoverability Assessment We completed our annual recoverability assessment of our aircraft in the second quarter this year. We also performed aircraft-specific analyses where there were changes in circumstances, such as approaching lease expirations. Other than the transactional impairment discussed above, no other impairments were recorded during 2019. The recoverability assessment is a comparison of the carrying value of each aircraft to its undiscounted expected future cash flows. We develop the assumptions used in the recoverability assessment, including those relating to current and future demand for each aircraft type, based on management’s experience in the aircraft leasing industry, as well as information received from third-party sources. Estimates of the undiscounted cash flows for each aircraft type are impacted by changes in contracted and future expected lease rates, residual values, expected scrap values, economic conditions and other factors. Management believes that the net book value of each aircraft is currently supported by the estimated future undiscounted cash flows expected to be generated by that aircraft and, accordingly, no aircraft were impaired as a consequence of our annual recoverability assessment. However, if our estimates or assumptions change, we may revise our cash flow assumptions and record future impairment charges. While we believe that the estimates and related assumptions used in the annual recoverability assessment are appropriate, actual results could differ from those estimates. Financial Instruments Our financial instruments, other than cash, consist principally of cash equivalents, restricted cash and cash equivalents, accounts receivable, accounts payable, amounts borrowed under financings and interest rate derivatives. The fair value of cash, cash equivalents, restricted cash and cash equivalents, accounts receivable and accounts payable approximates the carrying value of these financial instruments because of their short-term nature. The fair value of our senior notes is estimated using quoted market prices. The fair values of all our other financings are estimated using a discounted cash flow analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements. The carrying amounts and fair values of our financial instruments at December 31, 2019 and 2018 are as follows: December 31, 2019 December 31, 2018 Carrying Amount of Liability Fair Value of Liability Carrying Amount of Liability Fair Value of Liability Credit Facilities $ 150,000 $ 150,000 $ 425,000 $ 425,000 Unsecured Term Loan 215,000 215,000 120,000 120,000 ECA Financings 147,644 150,805 189,080 190,216 Bank Financings 993,593 1,010,482 619,715 623,604 Senior Notes 3,600,000 3,787,268 3,450,000 3,446,826 All of our financial instruments are classified as Level 2 with the exception of our senior notes, which are classified as Level 1. |
Lease Rental Revenues and Fligh
Lease Rental Revenues and Flight Equipment Held for Lease | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Rental Revenues and Flight Equipment Held for Lease | Lease Rental Revenues and Flight Equipment Held for Lease Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at December 31, 2019 were as follows: Year Ended December 31, Amount 2020 $ 767,025 2021 692,351 2022 607,368 2023 525,677 2024 414,660 Thereafter 551,169 Total $ 3,558,250 Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Year Ended December 31, Region 2019 2018 2017 Asia and Pacific 43 % 36 % 37 % Europe 27 % 28 % 24 % Middle East and Africa 10 % 11 % 12 % North America 9 % 9 % 8 % South America 11 % 16 % 19 % Total 100 % 100 % 100 % The classification of regions in the table above and in the tables and discussion below is determined based on the principal location of the lessee of each aircraft. The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Year Ended December 31, 2019 2018 2017 Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Largest lessees by lease rental revenue 2 16% 3 18% 4 24% The following table sets forth revenue attributable to individual countries representing at least 10% of total revenue (including maintenance revenue) based on each lessee’s principal place of business for the periods indicated: Year Ended December 31, 2019 2018 2017 Country Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Brazil (1) $ — —% $ 116,527 13% $ — —% India (2) 115,865 13% — —% — —% ______________ (1) For the year ended December 31, 2018 , total revenue included $72,242 of maintenance revenue related to early lease terminations with Avianca Brazil. Total revenue attributable to Brazil was less than 10% for the years ended December 31, 2019 and 2017 . (2) For the year ended December 31, 2019 , total revenue attributable to India included maintenance revenue of $14,915 . Total revenue attributable to India was less than 10% for the years ended December 31, 2018 and 2017 . Geographic concentration of net book value of flight equipment (including flight equipment held for lease and net investment in direct financing and sales-type leases, or “net book value”) was as follows: December 31, 2019 December 31, 2018 Region Number of Aircraft Net Book Value % Number of Aircraft Net Book Value % Asia and Pacific 94 38 % 78 36 % Europe 99 26 % 87 27 % Middle East and Africa 16 7 % 17 8 % North America 40 13 % 35 10 % South America 26 15 % 16 10 % Off-lease 3 (1) 1 % 15 (2) 9 % Total 278 100 % 248 100 % ______________ (1) Consisted of one Airbus A320-200 aircraft, which was delivered on lease to a customer in Europe during the first quarter of 2020, one Airbus A330-200 aircraft, which is subject to a lease commitment, and one Boeing 737-800 aircraft, which we are marketing for lease or sale. (2) Consisted of ten Airbus A320-200 aircraft, one Airbus A330-200 aircraft, one Boeing 737-800 aircraft and one Boeing 777-300ER aircraft, all of which delivered on lease to customers during 2019, one Airbus A330-200 aircraft, which is subject to a lease commitment, and one Airbus A320-200 aircraft, which was sold during 2019. The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in direct financing and sales-type leases) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of: December 31, 2019 December 31, 2018 Region Net Book Value Net Book Value % Number of Lessees Net Book Value Net Book Value % Number of Lessees India $ 924,190 12% 4 $ 865,046 12% 4 At December 31, 2019 and 2018 , the amounts of lease incentive liabilities recorded in maintenance payments on the Consolidated Balance Sheets were $9,176 and $15,636 , respectively. |
Net Investment in Finance Lease
Net Investment in Finance Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Net Investment in Finance Leases | Net Investment in Direct Financing and Sales-Type Leases At December 31, 2019 , our net investment in direct financing and sales-type leases consisted of 29 aircraft. The components of our net investment in direct financing and sales-type leases at December 31, 2019 are as follows: Amount Lease receivable $ 164,816 Unguaranteed residual value of flight equipment 254,580 Net investment in direct financing and sales-type leases $ 419,396 At December 31, 2019 , future lease payments on direct financing and sales-type leases are as follows: Year Ending December 31, Amount 2020 $ 59,963 2021 43,716 2022 33,220 2023 27,228 2024 8,343 Thereafter 16,030 Total undiscounted lease payments 188,500 Present value of lease payments - lease receivable (164,816 ) Difference between undiscounted lease payments and lease receivable $ 23,684 |
Unconsolidated Equity Method In
Unconsolidated Equity Method Investment | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Unconsolidated Equity Method Investment | Unconsolidated Equity Method Investment We have joint ventures with an affiliate of Ontario Teachers’ Pension Plan (“Teachers’”) and with Mizuho Leasing. Amount Investment in joint ventures at December 31, 2017 $ 76,982 Investment in joint ventures 4,115 Loss from joint ventures, net of tax (8,086 ) Distributions (3,900 ) Investment in joint ventures at December 31, 2018 $ 69,111 Investment in joint ventures 15,175 Earnings from joint ventures, net of tax 4,102 Distributions (36,750 ) Guarantee liabilities (18,664 ) Investment in joint venture at December 31, 2019 $ 32,974 During 2019, the sale of all eight aircraft held by the joint venture with Teachers’ to a single buyer was completed. Included in Other revenue is $5,431 in fees earned in relation to the sale of all eight aircraft in our Lancaster joint venture. Guarantee liabilities in Maintenance payments and Security deposits were offset against the investment in joint venture, as we had no further obligations due to the sale of the joint venture’s aircraft. Teachers’, as majority shareholder, chose to liquidate the joint venture and as a result we received a distribution of $36,750 during 2019. As of December 31, 2019 , minimal assets remain in the joint venture as needed to complete its liquidation during 2020. In 2019, we sold four aircraft to IBJ Air, in which we hold a 25% equity interest. Included in Other revenue is $1,985 in fees earned in relation to IBJ Air’s acquisition of these four aircraft. These transactions were approved by our Audit Committee as arm’s length transactions under our related party policy. At December 31, 2019 , the net book value of the IBJ Air joint venture’s nine aircraft was $327,839 . |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Aircastle consolidates four VIEs of which it is the primary beneficiary. The operating activities of these VIEs are limited to acquiring, owning, leasing, maintaining, operating and, under certain circumstances, selling the six aircraft discussed below. ECA Financings Aircastle, through various subsidiaries, each of which is owned by a charitable trust (such entities, collectively the “Air Knight VIEs”), has entered into six different twelve -year term loans, which are supported by guarantees from Compagnie Francaise d’ Assurance pour le Commerce Extérieur (“COFACE”), the French government sponsored export credit agency (“ECA”). We refer to these COFACE-supported financings as “ECA Financings.” Aircastle is the primary beneficiary of the Air Knight VIEs, as we have the power to direct the activities of the VIEs that most significantly impact the economic performance of such VIEs and we bear the significant risk of loss and participate in gains through a finance lease. The activity that most significantly impacts the economic performance is the leasing of aircraft of which our wholly owned subsidiary is the servicer and is responsible for managing the relevant aircraft. There is a cross collateralization guarantee between the Air Knight VIEs. In addition, Aircastle guarantees the debt of the Air Knight VIEs. The only assets that the Air Knight VIEs have on their books are net investments in direct financing and sales-type leases that are eliminated in the consolidated financial statements. The related aircraft, with a net book value as of December 31, 2019 of $376,630 , were included in our flight equipment held for lease. The consolidated debt outstanding, net of debt issuance costs, of the Air Knight VIEs as of December 31, 2019 is $145,443 . |
Borrowings from Secured and Uns
Borrowings from Secured and Unsecured Debt Financings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings from Secured and Unsecured Debt Financings | Borrowings from Secured and Unsecured Debt Financings The outstanding amounts of our secured and unsecured term debt financings were as follows: At December 31, 2019 At December 31, 2018 Debt Obligation Outstanding Borrowings Number of Aircraft Interest Rate Final Stated Maturity Outstanding Borrowings Secured Debt Financings: ECA Financings (1) $ 147,644 6 3.02% to 3.96% 12/03/21 to 11/30/24 $ 189,080 Bank Financings (2) 993,593 35 3.13% to 4.63% 06/17/23 to 01/19/26 619,715 Less: Debt Issuance Costs (11,892 ) (10,338 ) Total secured debt financings, net of debt issuance costs and discounts 1,129,345 41 798,457 Unsecured Debt Financings: Senior Notes due 2019 (3) — 500,000 Senior Notes due 2020 300,000 7.625% 04/15/20 300,000 Senior Notes due 2021 500,000 5.125% 03/15/21 500,000 Senior Notes due 2022 500,000 5.500% 02/15/22 500,000 Senior 5.00% Notes due 2023 500,000 5.000% 04/01/23 500,000 Senior 4.40% Notes due 2023 650,000 4.400% 09/25/23 650,000 Senior Notes due 2024 500,000 4.125% 05/01/24 500,000 Senior Notes due 2026 650,000 4.250% 06/15/26 — Unsecured Term Loan 215,000 3.359% 03/07/22 to 03/07/24 120,000 Revolving Credit Facilities 150,000 3.21% to 3.41% 12/27/21 to 06/27/22 425,000 Less: Debt issuance costs and discounts (32,509 ) (32,104 ) Total unsecured debt financings, net of debt issuance costs and discounts 3,932,491 3,962,896 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,061,836 $ 4,761,353 _______________ (1) The borrowings under these financings at December 31, 2019 have a weighted-average rate of interest of 3.58% . (2) The borrowings under these financings at December 31, 2019 have a weighted-average fixed rate of interest of 3.82% . (3) Repaid on July 15, 2019. Secured Debt Financing: Bank Financings On May 1, 2019, we entered into a full recourse $320,000 secured bank financing with BNP Paribas and Société Générale in relation to eight Airbus A320-200neo aircraft on lease with a customer in Asia. This financing bears interest at a fixed rate of 3.61% and matures in September 2024. In addition, on May 1, 2019, we entered into a full recourse $120,000 secured bank financing with Crédit Agricole in relation to three Airbus A320-200neo aircraft on lease with a customer in Asia. This financing bears interest at a fixed rate of 3.13% and matures in March 2025. On June 26, 2019, we amended and restated the original loan agreement, dated October 11, 2018, with National Bank of Australia to include an additional $40,000 in financing for two Boeing 737-800 aircraft on lease with a customer in North America. This financing bears interest at a fixed rate of 3.14% and matures in December 2024. Unsecured Debt Financings: Senior Notes due 2026 On June 13, 2019, Aircastle issued $650,000 aggregate principal amount of Senior Notes due 2026 (the “Senior Notes due 2026”) at an issue price of 99.515% . The Senior Notes due 2026 will mature on June 15, 2026 and bear interest at the rate of 4.250% per annum, payable semi-annually on June 15 and December 15 of each year, commencing on December 15, 2019. Interest accrues on the Senior Notes due 2026 from June 13, 2019. Prior to April 15, 2026, we may redeem all or part of the aggregate principal amount of the Senior Notes due 2026 at any time at a redemption price equal to the greater of (a) 100% of the principal amount of the notes redeemed, plus accrued and unpaid interest thereon to, but not including, the redemption date and (b) the sum of the present values of 100% of the principal amount of the notes redeemed and the remaining scheduled payments of interest on the notes from the redemption date through April 15, 2026 (computed using a discount rate equal to the Treasury Rate (as defined in the indenture governing the Senior Notes due 2026) as of such redemption date plus 0.35% , plus accrued and unpaid interest thereon to, but not including, the redemption date). In addition, on or after April 15, 2026, we may redeem all or part of the aggregate principal amount of the Senior Notes due 2026 at a redemption price equal to 100% , plus accrued and unpaid interest thereon to, but not including, the redemption date. If the Company undergoes a change of control (as defined in the indenture governing the Senior Notes due 2026) and, as a result of the change of control, the rating of the Senior Notes due 2026 is downgraded to below an investment grade rating by certain rating agencies in the manner specified in the indenture governing the Senior Notes due 2026, it must offer to repurchase the Senior Notes due 2026 at a price of 101% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the purchase date. The Senior Notes due 2026 are not guaranteed by any of the Company's subsidiaries or any third-party. The net proceeds from the issuance were used to repay amounts drawn under our existing revolving credit facility and to redeem the balance of our 6.25% Senior Notes due 2019, including accrued interest of $3,733 and call premium of $7,183 , on July 15, 2019. Unsecured Term Loan On February 27, 2019, we entered into an aggregate $215,000 floating rate loan commitment with Development Bank of Japan Inc. and certain other banks (the “Unsecured Term Loan”). This loan is split into two tranches: Tranche A for $60,000 with a three -year term; and Tranche B for $155,000 with a five -year term. The loan contains a $750,000 minimum net worth covenant, along with other customary provisions similar to our revolving credit facilities. This loan was funded in March 2019. The new Unsecured Term Loan replaced our existing term loan of $120,000 that matured on April 28, 2019. Revolving Credit Facility On December 27, 2018, we entered into a $250,000 three -year, unsecured revolving credit facility with a group of banks based in Asia. This new facility can be increased to a maximum of $350,000 . On January 25, 2019, we increased the facility by $30,000 to $280,000 . On June 20, 2019, we further increased the facility by $20,000 to $300,000 . The facility bears interest at a rate of LIBOR plus 1.50% and matures in December 2021. The facility contains provisions similar to our existing credit facility, including a $750,000 minimum net worth covenant. As a condition to this new facility, on January 9, 2019, we terminated our existing $135,000 revolving credit facility with a group of banks based in Asia. At December 31, 2019 , we had $150,000 outstanding under our revolving credit facilities and had $950,000 available. Maturities of the secured and unsecured debt financings over the next five years and thereafter are as follows: Year Ending December 31, Amount 2020 $ 429,324 2021 734,330 2022 739,934 2023 1,417,837 2024 981,886 Thereafter 802,926 Total $ 5,106,237 As of December 31, 2019 , we were in compliance with all applicable covenants in our financings. |
Shareholders' Equity and Share
Shareholders' Equity and Share Based Payment | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders’ Equity and Share Based Payment [Abstract] | |
Shareholders’ Equity and Share Based Payment | Shareholders’ Equity and Share-Based Payment On March 21, 2017, the Board of Directors adopted the Aircastle Limited Amended and Restated 2014 Omnibus Incentive Plan (the “Amended and Restated 2014 Plan”). The Amended and Restated 2014 Plan was approved by shareholders at the Company’s 2017 Annual General Meeting of Shareholders on May 19, 2017. The maximum number of Common Shares reserved for issuance under the Amended and Restated 2014 Plan is 6,750,000 Common Shares. Restricted common shares outstanding under prior plans in the amount of 333,974 shares will continue to vest subject to the terms and conditions of the prior plans and the applicable awards agreements which are included in the below table. The purpose of the Amended and Restated 2014 Plan is to provide an incentive to selected officers, employees, non-employee directors, independent contractors, and consultants of the Company or its affiliates whose contributions are essential to the growth and success of the business of the Company and its affiliates, to strengthen the commitment of such persons to the Company and its affiliates, motivate such persons to faithfully and diligently perform their responsibilities and attract and retain competent and dedicated persons whose efforts will result in the long-term growth and profitability of the Company and its affiliates. To accomplish such purposes, the Company may grant options, share appreciation rights, restricted shares, restricted share units, share bonuses, other share-based awards, cash awards or any combination of the foregoing. The Amended and Restated 2014 Plan provides that grantees of restricted common shares will have all of the rights of shareholders, including the right to receive dividends, other than the right to sell, transfer, assign or otherwise dispose of the shares until the lapse of the restricted period. Generally, the restricted common shares vest over three to five -year periods based on continued service and are being expensed on a straight-line basis over the requisite service period of the awards. The terms of the grants provide for accelerated vesting under certain circumstances, including termination without cause following a change of control. A summary of the fair value of non-vested restricted common shares for the years ended December 31, 2019 , 2018 and 2017 is as follows: Non-vested Shares Shares (in thousands) Weighted Average Grant Date Fair Value ($) Non-vested at December 31, 2016 676.7 $ 17.84 Granted 315.5 22.41 Canceled (4.2 ) 20.36 Vested (469.6 ) 18.60 Non-vested at December 31, 2017 518.4 $ 19.92 Granted 291.9 21.88 Canceled (16.8 ) 21.27 Vested (306.3 ) 19.52 Non-vested at December 31, 2018 487.2 $ 21.30 Granted 303.3 19.46 Canceled (16.7 ) 21.21 Vested (344.9 ) 20.85 Vesting-accelerated (1) (94.9 ) 32.01 Non-vested at December 31, 2019 334.0 $ 20.31 _______________ (1) See “ Share-based Compensation Related to Proposed Merger ” below . The fair value of the restricted common shares granted in 2019 , 2018 and 2017 were determined based upon the market price of the shares at the grant date. Performance Share Units During 2019 , the Company issued performance share units (“PSUs”) to certain employees. These awards were made under the Amended and Restated 2014 Plan. The PSUs are denominated in share units without dividend rights, each of which is equivalent to one common share, and are subject to market and performance conditions and time vesting. The PSUs granted in 2019 vest at the end of a three -year performance period which ends on December 31, 2021. Half of the PSUs vest on achieving relative total stockholder return goals (the “TSR PSUs”) while the other half vest on attaining annual Adjusted Return on Equity goals (the “AROE PSUs”). The table below shows the PSU awards issued during 2019 , including the number of common shares underlying the awards at the time of issuance: Minimum Target Maximum TSR PSUs — 168,784 337,568 AROE PSUs — 168,780 337,560 Total — 337,564 675,128 The fair value of the time-based TSR PSUs was 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 dividend yield. 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 time frame equal to the time from the valuation date until the end date of the performance period. The number of TSR PSUs that will ultimately vest is based on the percentile ranking of the Company’s TSR among the S&P Midcap 400 Index. The number of shares that will ultimately vest will range from 0% to 200% of the target TSR PSUs. The following table summarizes the assumption ranges used in calculating the fair value of TSR PSUs during the following periods: Year Ended December 31, 2019 2018 2017 Volatility 24.8% to 32.6% 24.8% to 32.6% 29.4% to 32.6% Dividend yield 4.3% to 5.5% 4.3% to 4.9% 4.3% Risk-free interest rate 1.4% to 2.6% 0.8% to 2.6% 0.8% to 1.5% The number of shares vesting from the AROE PSUs at the end of the three -year performance period will depend on the Company’s Adjusted Return on Equity as measured against the targets set by the Compensation Committee annually during the performance period, consistent with the business plan approved by the Board. The fair value of the 2019 AROE PSUs was determined based on the closing market price of the Company’s common shares on the date of grant reduced by the present value of expected dividends to be paid. The number of shares that will ultimately vest will range from 0% to 200% of the target AROE PSUs. During 2019 , the Company granted a target of 225,044 PSUs of which, 168,784 are TSR PSUs and 56,260 are AROE PSUs. As of December 31, 2019 , the remaining target AROE PSUs will be considered granted upon the Compensation Committee’s setting the target AROE for the respective periods: Remaining AROE Target PSUs 2020 2021 2018 PSUs 5,652 — 2019 PSUs 40,652 54,092 The following table summarizes the activities for our unvested PSUs for the years ended December 31, 2019 , 2018 and 2017 : Unvested Performance Stock Units Number of Units of TSR PSUs Number of Units of AROE PSUs TSR PSUs Weighted Fair Value on Date of Grant ($) AROE PSUs Weighted Fair Value on Date of Grant ($) Unvested at December 31, 2016 143,414 47,802 $ 25.07 $ 19.18 Granted (1) 107,426 116,721 25.00 20.37 Vested (50,899 ) (57,637 ) 24.83 20.02 Canceled/Forfeited (2) — (1,697 ) — 20.55 Unvested at December 31, 2017 199,941 105,189 $ 25.09 $ 20.02 Granted (1) 169,631 266,244 22.15 19.65 Vested — (129,522 ) — 20.14 Canceled/Forfeited (2) (92,515 ) (26,006 ) 25.20 19.99 Unvested as of December 31, 2018 277,057 215,905 $ 23.16 $ 19.47 Granted (1) 362,681 392,667 25.22 30.32 Vested (235,120 ) (188,740 ) 23.25 19.67 Canceled/Forfeited (2) (17,624 ) (14,363 ) 24.12 18.95 Vesting-accelerated (3) (164,810 ) (382,502 ) 32.01 32.01 Unvested as of December 31, 2019 222,184 22,967 $ 23.12 $ 20.14 Expected to vest after December 31, 2019 222,184 22,967 $ 23.12 $ 20.14 ______________ (1) Also includes shares above target. (2) Represents performance share units that were below target and as a result were forfeited. (3) See “ Share-based Compensation Related to Proposed Merger” below. During 2019 , the Company incurred share-based compensation expense of $6,602 related to restricted common shares and $9,228 related to PSUs. As of December 31, 2019 , the Company has unrecognized compensation cost, adjusted for actual forfeitures, of $2,965 related to non-vested restricted common shares and $3,367 related to PSUs, which is expected to be recognized over a weighted average period of 1.96 years. In addition, there is $15,149 of unrecognized expense due to the acceleration of RSAs and PSUs related to the Merger Agreement, which will be amortized through the estimated closing date. Share-based Compensation Related to Proposed Merger In connection with the Merger, the Company reserved the right to take certain actions, following reasonable consultation with Parent, to reduce the amount of any potential “parachute payments” subject to the excise tax imposed under Section 4999 of the Internal Revenue Code (including amounts payable to the Company’s executive officers), including accelerating the vesting and payment of certain equity and restricted cash awards and the payment of certain incentive compensation payments into 2019. Effective as of December 24, 2019, the Company accelerated the vesting and payment of certain PSUs and the vesting of certain restricted share awards held by the Company’s executive officers provided that, as set forth in the employment agreement amendments, if the executive officer is terminated for cause or resigns without “good reason” (as defined in the executive officer’s employment agreement) prior to the earlier of the consummation of the Merger or the termination of the Merger Agreement, the executive officer must repay to the Company the gross amount of the accelerated awards. In addition, the Merger Agreement contains additional repayment provisions as such if the Merger Agreement terminates. Cash bonuses were accelerated and paid based on the target level of performance. Any difference between the amounts accelerated for PSUs or bonuses paid in 2019 and the amounts earned based on actual performance for 2019 will be trued-up and paid to the executive officer (or repaid by the executive officer, if applicable) on the normal payment dates for such compensation in 2020. On May 17, 2019, our Board of Directors increased the authorization to repurchase the Company’s common shares to $100,000 from the $76,019 that was remaining under the previous authorization. During 2019 , we repurchased 973,528 common shares at an aggregate cost of $18,382 , including commissions. At December 31, 2019 , the remaining dollar value of common shares that may be purchased under the repurchase program is $90,351 . We also repurchased 640,452 shares totaling $18,357 from our employees and directors to settle tax obligations related to share vesting. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2019 | |
Dividends [Abstract] | |
Dividends | Dividends The following table sets forth the quarterly dividends declared by our Board of Directors for the three years ended December 31, 2019 : Declaration Date Dividend per Common Share Aggregate Dividend Amount Record Date Payment Date October 28, 2019 $ 0.32 $ 23,884 November 29, 2019 December 13, 2019 August 2, 2019 $ 0.30 $ 22,390 August 30, 2019 September 16, 2019 April 30, 2019 $ 0.30 $ 22,536 May 31, 2019 June 14, 2019 February 8, 2019 $ 0.30 $ 22,518 February 28, 2019 March 15, 2019 October 30, 2018 $ 0.30 $ 22,867 November 30, 2018 December 14, 2018 August 3, 2018 $ 0.28 $ 21,870 August 31, 2018 September 14, 2018 May 1, 2018 $ 0.28 $ 21,908 May 31, 2018 June 15, 2018 February 2, 2018 $ 0.28 $ 22,085 February 28, 2018 March 15, 2018 October 31, 2017 $ 0.28 $ 22,039 November 30, 2017 December 15, 2017 August 4, 2017 $ 0.26 $ 20,464 August 31, 2017 September 15, 2017 May 2, 2017 $ 0.26 $ 20,482 May 31, 2017 June 15, 2017 February 9, 2017 $ 0.26 $ 20,466 February 28, 2017 March 15, 2017 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share We include all common shares granted under our incentive compensation plan which remain unvested (“restricted common shares”) and contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid (“participating securities”), in the number of shares outstanding in our basic and diluted EPS calculations using the two-class method. All of our restricted common shares are currently participating securities. Our unvested PSUs are contingently issuable shares which are included in our diluted earnings per share calculations which do not include voting or dividend rights. The PSUs that vested as of December 31, 2019 are included in basic and diluted EPS as issued shares. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period as follows: Year Ended December 31, 2019 2018 2017 Weighted-average shares: Common shares outstanding 74,477,865 77,447,263 78,219,458 Restricted common shares 495,192 476,726 556,592 Total weighted-average shares 74,973,057 77,923,989 78,776,050 Percentage of weighted-average shares: Common shares outstanding 99.34 % 99.39 % 99.29 % Restricted common shares 0.66 % 0.61 % 0.71 % Total 100.00 % 100.00 % 100.00 % The calculations of both basic and diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Earnings per common share — Basic: Income from continuing operations $ 156,575 $ 247,919 $ 147,874 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (1,034 ) (1,517 ) (1,045 ) Income from continuing operations available to common shareholders — Basic $ 155,541 $ 246,402 $ 146,829 Weighted-average common shares outstanding — Basic 74,477,865 77,447,263 78,219,458 Net income per common share — Basic $ 2.09 $ 3.18 $ 1.88 Earnings per common share — Diluted: Income from continuing operations $ 156,575 $ 247,919 $ 147,874 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (1,034 ) (1,517 ) (1,045 ) Income from continuing operations available to common shareholders — Diluted $ 155,541 $ 246,402 $ 146,829 Weighted-average common shares outstanding — Basic 74,477,865 77,447,263 78,219,458 Effect of diluted shares (2) 904,417 301,356 153,983 Weighted-average common shares outstanding — Diluted 75,382,282 77,748,619 78,373,441 Net income per common share — Diluted $ 2.06 $ 3.17 $ 1.87 _____________ (1) For the years ended December 31, 2019 , 2018 and 2017 , distributed and undistributed earnings to restricted shares was 0.66% , 0.61% and 0.71% , respectively, of net income. The amount of restricted share forfeitures for all periods present was immaterial to the allocation of distributed and undistributed earnings. (2) For the years ended December 31, 2019 , 2018 and 2017 , dilutive shares represented contingently issuable shares related to the Company’s PSUs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income taxes have been provided for based upon the tax laws and rates in countries in which our operations are conducted and income is earned. The Company received an assurance from the Bermuda Minister of Finance that it would be exempted from local income, withholding and capital gains taxes until March 2035. Consequently, the provision for income taxes relates to income earned by certain subsidiaries of the Company which are located in, or earn income in, jurisdictions that impose income taxes, primarily the United States and Ireland. The sources of income from continuing operations before income taxes and earnings of unconsolidated equity method investment for the years ended December 31, 2019 , 2018 and 2017 were as follows: Year Ended December 31, 2019 2018 2017 U.S. operations $ 9,085 $ 8,104 $ 2,801 Non-U.S. operations 166,055 253,543 143,504 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 175,140 $ 261,647 $ 146,305 The components of the income tax provision from continuing operations for the years ended December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, 2019 2018 2017 Current: United States: Federal $ 782 $ 2,446 $ 6,503 State 437 (136 ) 1,913 Non-U.S. 1,225 3,828 6,574 Current income tax provision 2,444 6,138 14,990 Deferred: United States: Federal 7,205 2,901 (5,474 ) State 2,018 759 (1,161 ) Non-U.S. 11,000 (4,156 ) (2,313 ) Deferred income tax provision (benefit) 20,223 (496 ) (8,948 ) Total $ 22,667 $ 5,642 $ 6,042 Significant components of the Company’s deferred tax assets and liabilities at December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, 2019 2018 2017 Deferred tax assets: Non-cash share-based payments $ 614 $ 2,182 $ 1,899 Net operating loss carry forwards 69,806 48,660 22,804 Other 72,732 1,795 1,272 Total deferred tax assets 143,152 52,637 25,975 Deferred tax liabilities: Accelerated depreciation (136,268 ) (95,107 ) (62,379 ) Other (70,551 ) (338 ) 354 Total deferred tax liabilities (206,819 ) (95,445 ) (62,025 ) Net deferred tax liabilities $ (63,667 ) $ (42,808 ) $ (36,050 ) The Company had $69,332 of net operating loss (“NOL”) carry forwards available at December 31, 2019 to offset future taxable income subject to U.S. graduated tax rates. If not utilized, $47,850 of these carry forwards will expire by 2039, with $21,482 of these carry forwards having no expiration date. The Company also had NOL carry forwards of $488,600 with no expiration date to offset future Irish and Mauritius taxable income. Deferred tax assets and liabilities are included in Other assets and Accounts payable and accrued liabilities, respectively, in the accompanying Consolidated Balance Sheets. We do not expect to incur income taxes on future distributions of undistributed earnings of non-U.S. subsidiaries and accordingly, no deferred income taxes have been provided for the distributions of such earnings. As of December 31, 2019 we have elected to permanently reinvest our accumulated undistributed U.S. earnings of $27,970 . Accordingly, no U.S. withholding taxes have been provided. Withholding tax of $1,398 would be due if such earnings were remitted. Our aircraft-owning subsidiaries that are recognized as corporations for U.S. tax purposes are primarily non-U.S. corporations. These subsidiaries generally earn income from sources outside the United States and typically are not subject to U.S. federal, state or local income taxes. The aircraft owning subsidiaries resident in Ireland, Mauritius and the U.S. are subject to tax in those respective jurisdictions. We have a U.S.-based subsidiary which provides management services to our subsidiaries and is subject to U.S. federal, state and local income taxes. We also have Ireland and Singapore based subsidiaries which provide management services to our non-U.S. subsidiaries and are subject to tax in those respective jurisdictions. Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income from continuing operations at December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, 2019 2018 2017 Notional U.S. federal income tax expense at the statutory rate: $ 36,779 $ 54,946 $ 51,207 U.S. state and local income tax, net 1,549 525 168 Non-U.S. operations: Bermuda (16,950 ) (41,064 ) (21,517 ) Ireland (99 ) (2,567 ) (2,348 ) Singapore (28 ) (3,232 ) (15,839 ) Other low tax jurisdictions (2,504 ) (3,246 ) (5,581 ) Non-deductible expenses in the U.S. 3,581 157 (236 ) Other 339 123 188 Provision for income taxes $ 22,667 $ 5,642 $ 6,042 The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. We did not have any unrecognized tax benefits. We conduct business globally and, as a result, the Company and its subsidiaries or branches are subject to foreign, U.S. federal and various state and local income taxes, as well as withholding taxes. In the normal course of business the Company is subject to examination by taxing authorities throughout the world, including such major jurisdictions as Ireland and the United States. Our policy is that we will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. We did not accrue interest or penalties associated with any unrecognized tax benefits, nor was any interest expense or penalty recognized during the year. |
Interest, Net
Interest, Net | 12 Months Ended |
Dec. 31, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Interest, Net | Interest, Net The following table shows the components of interest, net for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Interest on borrowings, net settlements on interest rate derivatives, and other liabilities (1) $ 245,673 $ 221,987 $ 223,260 Amortization of deferred losses related to interest rate derivatives 184 1,166 2,202 Amortization of deferred financing fees and debt discount (2) 14,578 14,627 19,435 Interest expense 260,435 237,780 244,897 Less: Interest income (2,365 ) (2,943 ) (3,411 ) Less: Capitalized interest — (333 ) (255 ) Interest, net $ 258,070 $ 234,504 $ 241,231 ______________ (1) Included a loan termination gain of $838 related to the sale of aircraft during the year ended December 31, 2018 . (2) Included $172 and $300 in deferred financing fees written off related to the sale of aircraft during the years ended December 31, 2019 and 2018 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Rent expense, primarily for the corporate office and sales and marketing facilities, was $1,601 , $2,865 and $2,143 for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending December 31, Amount 2020 $ 1,870 2021 1,901 2022 1,811 2023 1,696 2024 1,727 Thereafter 6,112 Total $ 15,117 At December 31, 2019 , we had commitments to acquire 31 aircraft for $1,112,825 , including 25 Embraer E2 aircraft. Remaining commitments, including $120,887 of progress payments, contractual price escalations and other adjustments for these aircraft at December 31, 2019 , net of amounts already paid, are as follows: Year Ending December 31, Amount 2020 $ 218,916 2021 508,424 2022 192,506 2023 119,131 2024 73,848 Thereafter — Total $ 1,112,825 As of February 10, 2020 , we have commitments to acquire 31 aircraft for $1,112,825 . As of December 31, 2019, two lawsuits related to the Merger Agreement were filed against the Company by purported shareholders. The Company has not recognized a contingent liability as a result of these lawsuits as it believes the claims asserted are without merit. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets The following table describes the principal components of Other assets on our Consolidated Balance Sheets as of: December 31, 2019 2018 Deferred income tax asset $ 1,007 $ 912 Lease incentives and premiums, net of amortization of $71,851 and $47,304, respectively 112,923 99,079 Flight equipment held for sale 333 11,707 Aircraft purchase deposits and progress payments (1) 33,754 39,948 Fair value of interest rate cap 115 4,886 Note receivable (2) — 4,292 Right-of-use asset (3) 9,329 — Other assets 43,748 53,537 Total other assets $ 201,209 $ 214,361 ______________ (1) Includes progress payments for Embraer E2 aircraft order. (2) Related to the sale of aircraft during the year ended December 31, 2017. (3) Net of lease incentives and tenant allowances. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | Accounts Payable, Accrued Expenses and Other Liabilities The following table describes the principal components of Accounts payable, accrued expenses and other liabilities recorded on our Consolidated Balance Sheets as of: December 31, 2019 2018 Accounts payable and accrued expenses $ 47,228 $ 57,220 Deferred income tax liability 64,674 43,720 Accrued interest payable 44,694 45,277 Lease liability 12,800 — Lease discounts, net of amortization of $44,696 and $43,935, respectively 2,718 7,124 Total accounts payable, accrued expenses and other liabilities $ 172,114 $ 153,341 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss (Notes) | 12 Months Ended | |||||||
Dec. 31, 2017 | ||||||||
Equity [Abstract] | ||||||||
Accumulated Other Comprehensive Loss | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:8px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Accumulated Other Comprehensive Loss</font></div><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:32px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">The following table describes the principal components of accumulated other comprehensive loss recorded on our Consolidated Balance Sheets as of:</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Changes in accumulated other comprehensive loss by component</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Year Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount recognized in other comprehensive loss on derivatives, net of tax expense of $0 for all 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style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from accumulated other comprehensive loss into income, net of tax expense </font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;of $0 for all periods presented</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font 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style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:96px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:6px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">All amounts are net of tax. 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rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Losses on cash flow hedges</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount of effective amortization of net deferred interest rate derivative losses</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Effective amount of net settlements of interest rate derivatives, net of tax expense of $0 for all periods presented</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount of loss reclassified from accumulated other comprehensive loss into income</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:12px;text-align:left;padding-left:6px;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:4px;text-indent:6px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1) All amounts are net of tax.</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:6px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2) Included in interest expense.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:30px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">At </font><font style="font-family:inherit;font-size:10.5pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10.5pt;">, the amount of deferred net loss expected to be reclassified from OCI into interest expense over the next twelve months related to our terminated interest rate derivatives is </font><font style="font-family:inherit;font-size:10.5pt;">$0</font><font style="font-family:inherit;font-size:10.5pt;">.</font></div></div> |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Quarterly Financial Data (Unaudited) Quarterly results of our operations for the years ended December 31, 2019 and 2018 are summarized below: Fourth Third Second First 2019 Revenues $ 243,730 $ 236,865 $ 223,416 $ 213,927 Net income $ 47,318 $ 43,335 $ 31,112 $ 34,810 Basic earnings per share: Net income $ 0.63 $ 0.58 $ 0.41 $ 0.46 Diluted earnings per share: Net income $ 0.62 $ 0.57 $ 0.41 $ 0.46 2018 Revenues $ 292,566 $ 190,829 $ 204,276 $ 202,680 Net income $ 103,837 $ 36,332 $ 50,203 $ 57,547 Basic earnings per share: Net income $ 1.36 $ 0.47 $ 0.64 $ 0.73 Diluted earnings per share: Net income $ 1.35 $ 0.46 $ 0.64 $ 0.73 The sum of the quarterly earnings per share amounts may not equal the annual amount reported since per share amounts are computed independently for each period presented. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda exempted company that was incorporated on October 29, 2004 under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business is investing in aviation assets, including acquiring, leasing, managing and selling commercial jet aircraft. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Aircastle and all of its subsidiaries. Aircastle consolidates four Variable Interest Entities (“VIEs”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We consolidate VIEs in which we have determined that we are the primary beneficiary. We use judgment when deciding (a) whether an entity is subject to consolidation as a VIE, (b) who the variable interest holders are, (c) the potential expected losses and residual returns of the variable interest holders, and (d) which variable interest holder is the primary beneficiary. When determining which enterprise is the primary beneficiary, we consider (1) the entity’s purpose and design, (2) which variable interest holder has the power to direct the activities that most significantly impact the entity’s economic performance, and (3) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When certain events occur, we reconsider whether we are the primary beneficiary of VIEs. We do not reconsider whether we are a primary beneficiary solely because of operating losses incurred by an entity. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes that the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents | Cash and Cash Equivalents and Restricted Cash and Cash Equivalents Aircastle considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Restricted cash and cash equivalents consists primarily of rent collections, maintenance payments and security deposits received from lessees pursuant to the terms of various lease agreements held in lockbox accounts in accordance with our financings. Virtually all of our cash and cash equivalents and restricted cash and cash equivalents are held or managed by three major financial institutions. |
Lessor, Leases [Policy Text Block] | Lease Incentives and Amortization Many of our leases contain provisions which may require us to pay a portion of the lessee’s costs for heavy maintenance, overhaul or replacement of certain high-value components. We account for these expected payments as lease incentives, which are amortized as a reduction of revenue over the life of the lease. We estimate the amount of our portion for such costs, typically for the first major maintenance event for the airframe, engines, landing gear and auxiliary power units, expected to be paid to the lessee based on assumed utilization of the related aircraft by the lessee, the anticipated amount of the maintenance event cost and the estimated amounts the lessee is responsible to pay. The assumptions supporting these estimates are re-evaluated annually. This estimated lease incentive is not recognized as a lease incentive liability at the inception of the lease. We recognize the lease incentive as a reduction of lease revenue on a straight-line basis over the life of the lease, with the offset being recorded as a lease incentive liability which is included in maintenance payments on the balance sheet. The payment to the lessee for the lease incentive liability is first recorded against the lease incentive liability, and any excess above the lease incentive liability is recorded as a prepaid lease incentive asset, which is included in other assets on the balance sheet and continues to amortize over the remaining life of the lease. Lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs are capitalized and amortized into revenue over the initial life of the lease, assuming no lease renewals, and are included in other assets. Flight Equipment Held for Lease and Depreciation Flight equipment held for lease is stated at cost and depreciated using the straight-line method, typically over a 25 -year life from the date of manufacture for passenger aircraft and over a 30 to 35 -year life for freighter aircraft, depending on whether the aircraft is a converted or purpose-built freighter, to estimated residual values. Estimated residual values are generally determined to be approximately 15% of the manufacturer’s estimated realized price for passenger aircraft when new and 5% to 10% for freighter aircraft when new. Management may make exceptions to this policy on a case-by-case basis when, in its judgment, the residual value calculated pursuant to this policy does not appear to reflect current expectations of value. Examples of situations where exceptions may arise include but are not limited to: • flight equipment where estimates of the manufacturer’s realized sales prices are not relevant (e.g., freighter conversions); • flight equipment where estimates of the manufacturer’s realized sales prices are not readily available; and • flight equipment which may have a shorter useful life due to obsolescence. Major improvements and modifications incurred in connection with the acquisition of aircraft that are required to get the aircraft ready for initial service are capitalized and depreciated over the remaining life of the flight equipment. For planned major maintenance activities for aircraft off-lease, the Company capitalizes the actual maintenance costs by applying the deferral method. Under the deferral method, we capitalize the actual cost of major maintenance events, which are depreciated on a straight-line basis over the period until the next maintenance event is required. In accounting for flight equipment held for lease, we make estimates about the expected useful lives, the fair value of attached leases, acquired maintenance assets or liabilities and the estimated residual values. In making these estimates, we rely upon actual industry experience with the same or similar aircraft types and our anticipated lessee’s utilization of the aircraft. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the fair value of the aircraft and lease. The fair value of the lease may include a maintenance premium and a lease premium or discount. When we acquire an aircraft with a lease, determining the fair value of attached leases requires us to make assumptions regarding the current fair values of leases for specific aircraft. We estimate a range of current lease rates of like aircraft in order to determine if the attached lease is within a fair value range. If a lease is below or above the range of current lease rates, we present value the estimated amount below or above the fair value range over the remaining term of the lease. The resulting lease discount or premium is amortized into lease rental income over the remaining term of the lease. |
Impairment of Flight Equipment | Impairment of Flight Equipment We perform a recoverability assessment of all aircraft in our fleet, on an aircraft-by-aircraft basis annually during the second quarter. In addition, a recoverability assessment is performed whenever events or changes in circumstances, or indicators, suggest that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination, significant change in aircraft model’s storage levels, the introduction of newer technology aircraft or engines, an aircraft type is no longer in production or a significant airworthiness directive is issued. When we perform a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the aircraft exceed its net book value. The undiscounted cash flows consist of cash flows from currently contracted lease rental and maintenance payments, future projected lease rates, transition costs, estimated down time, estimated residual or scrap values for an aircraft, economic conditions and other factors. In the event that an aircraft does not meet the recoverability test, the aircraft will be adjusted to fair value, resulting in an impairment charge. See Note 2 — Fair Value Measurements. Management develops the assumptions used in the recoverability analysis based on current and future expectations of the global demand for a particular aircraft type and historical experience in the aircraft leasing market and aviation industry, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in projected lease rental and maintenance payments, residual values, economic conditions, technology, airline demand for a particular aircraft type and other factors. In monitoring the aircraft in our fleet for impairment charges, we identify those aircraft that are most susceptible to failing the recoverability assessment and monitor those aircraft more closely, which may result in more frequent recoverability assessments. The recoverability in the value of these aircraft is more sensitive to changes in contractual cash flows, future cash flow estimates and residual values or scrap values for each aircraft. These are typically older aircraft for which lessee demand is declining. |
Net Investment in Finance Leases | Net Investment in Direct Financing and Sales-Type Leases If a lease meets specific criteria at lease commencement or at the effective date of a lease modification, we recognize the lease as a direct financing or sales-type lease. The net investment in direct financing and sales-type leases consists of the lease receivable, estimated unguaranteed residual value of the leased flight equipment at lease-end and, for direct financing leases, deferred selling profit. For sales-type leases, we recognize the difference between the net book value of the aircraft and the net investment in the lease as a gain or loss on sale of fight equipment. Selling profit on a direct financing lease is deferred and amortized over the lease term, and a selling loss is recognized at lease commencement. Interest income on our net investment in leases is recognized as Direct financing and sales-type lease revenue over the lease term in a manner that produces a constant rate of return on the net investment in the lease. Collectability of direct financing and sales-type leases is evaluated at lease commencement and periodically during the lease term. The evaluation is performed at an individual customer level and, among other things, considers the credit of the lessee and the value of the underlying aircraft. A loss allowance is established if there is evidence that we will be unable to collect all amounts due according to the contractual terms of the lease. At December 31, 2019, we had no allowance for credit losses for our Net investment in direct financing and sales-type leases. |
Unconsolidated Equity Method Investment | Unconsolidated Equity Method Investment |
Security Deposits | Security Deposits Most of our operating leases require the lessee to pay Aircastle a security deposit or provide a letter of credit. Security deposits represent cash received from the lessee that is held on deposit until lease expiration. Aircastle’s operating leases also obligate the lessees to maintain flight equipment and comply with all governmental requirements applicable to the flight equipment, including without limitation, operational, maintenance, registration requirements and airworthiness directives. |
Maintenance Payments | Maintenance Payments Typically, under an operating lease, the lessee is responsible for performing all maintenance but they may also be required to make payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending upon the component, and are required to be made monthly in arrears or at the end of the lease term. Whether to permit a lessee to make maintenance payments at the end of the lease term, rather than requiring such payments to be made monthly, depends on a variety of factors, including the creditworthiness of the lessee, the level of security deposit which may be provided by the lessee and market conditions at the time we enter into the lease. If a lease requires monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following completion of the relevant work. If a lease requires end of lease term maintenance payments, typically the lessee would be required to pay us for its utilization of the aircraft during the lease; however, in some cases, we may owe a net payment to the lessee in the event heavy maintenance is performed and paid for by the lessee during the lease term and the aircraft is returned to us in better condition than at lease inception. We record monthly maintenance payments by the lessee as accrued maintenance payments liabilities in recognition of our contractual commitment to refund such receipts. In these contracts, we typically do not recognize such maintenance payments as maintenance revenue during the lease. Reimbursements to the lessee upon the receipt of evidence of qualifying maintenance work are charged against the existing accrued maintenance payments liability. We currently defer maintenance revenue recognition of most monthly maintenance payments collected until the end of the lease, when we are able to determine the amount, if any, by which the monthly maintenance payments received from a lessee exceed costs to be incurred by that lessee in performing heavy maintenance. End of lease term maintenance payments made to us are recognized as maintenance revenue, and end of lease term maintenance payments we make to a lessee are recorded as contra maintenance revenue. |
Income Taxes | Income Taxes Aircastle uses an asset and liability based approach in accounting for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statement and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is established, when necessary, to reduce deferred tax assets to the amount estimated by us to be realizable. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities. We did not have any unrecognized tax benefits. |
Lease Revenue Recognition | Lease Revenue Recognition We lease flight equipment under net operating leases with lease terms typically ranging from three to seven years. We generally do not offer renewal terms or purchase options in our leases, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a London Interbank Offered Rate (“LIBOR”) index are recognized on a straight-line basis over the lease term using the prevailing rate at lease commencement. Changes to rate-based lease rentals are recognized in the statements of income in the period of change. Revenue is not recognized when collection is not reasonably assured. When collectability is not probable, the customer is placed on non-accrual status, and revenue is recognized when cash payments are received. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other gains and losses, net of income taxes, if any, affecting shareholders’ equity that, under U.S. GAAP, are excluded from net income. |
Share Based Compensation | Share-Based Compensation Aircastle recognizes compensation cost relating to share-based payment transactions in the financial statements based on the fair value of the equity instruments issued. Aircastle uses the straight-line method of accounting for compensation cost on share-based payment awards that contain pro-rata vesting provisions. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs, which are included in borrowings from secured and unsecured financings, net of debt issuance costs, in the Consolidated Balance Sheets, are amortized using the interest method for amortizing loans over the lives of the relevant related debt. |
Recent Unadopted Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments and related updates. The standard affects entities holding financial assets and net investments in leases that are not accounted for at fair value through net income. The amendments affect loans, debt securities, trade receivables, net investments in leases, off-balance-sheet credit exposures, reinsurance receivables, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The standard takes effect for annual periods beginning after December 15, 2019. The Company’s net investments in direct financing and sales-type leases compose the financial assets principally affected by the standard. Operating lease receivables are not within the scope of ASC 326. Upon the Company’s adoption of ASC 326 in 2020, our net investments in direct financing and sales-type leases will be recorded in the consolidated financial statements net of an allowance for credit losses. This allowance for credit losses will reflect the Company’s estimate of lessee default probabilities and loss given default percentages. This estimate of expected credit losses will consider relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of reported amounts. Additional consideration will be given for potential non-credit losses to unguaranteed residual values. We will adopt the standard using the “modified retrospective” approach with a January 1, 2020 adjustment to the opening balance of retained earnings. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract. The standard requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use-software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810), Targeted Improvements to Related Party Guidance for Variable Interest Entities . The standard changes how all entities evaluate decision-making fees under the variable interest entity guidance. The standard is applied retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The adoption of the standard will not have a material impact on our consolidated financial statements or related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value assets and liabilities measured on recurring basis | The following tables set forth our financial assets and liabilities as of December 31, 2019 and 2018 that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value as of December 31, 2019 Fair Value Measurements at December 31, 2019 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Valuation Technique Assets : Cash and cash equivalents $ 140,882 $ 140,882 $ — $ — Market Restricted cash and cash equivalents 14,561 14,561 — — Market Derivative assets 115 — 115 — Market Total $ 155,558 $ 155,443 $ 115 $ — Fair Value Fair Value Measurements at December 31, 2018 Using Fair Value Hierarchy Level 1 Level 2 Level 3 Valuation Assets : Cash and cash equivalents $ 152,719 $ 152,719 $ — $ — Market Restricted cash and cash equivalents 15,134 15,134 — — Market Derivative assets 4,886 — 4,886 — Market Total $ 172,739 $ 167,853 $ 4,886 $ — |
Carrying amounts and fair values of financial instruments | The carrying amounts and fair values of our financial instruments at December 31, 2019 and 2018 are as follows: December 31, 2019 December 31, 2018 Carrying Amount of Liability Fair Value of Liability Carrying Amount of Liability Fair Value of Liability Credit Facilities $ 150,000 $ 150,000 $ 425,000 $ 425,000 Unsecured Term Loan 215,000 215,000 120,000 120,000 ECA Financings 147,644 150,805 189,080 190,216 Bank Financings 993,593 1,010,482 619,715 623,604 Senior Notes 3,600,000 3,787,268 3,450,000 3,446,826 |
Lease Rental Revenues and Fli_2
Lease Rental Revenues and Flight Equipment Held for Lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | The following table sets forth net book value of flight equipment (includes net book value of flight equipment held for lease and net investment in direct financing and sales-type leases) attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of: December 31, 2019 December 31, 2018 Region Net Book Value Net Book Value % Number of Lessees Net Book Value Net Book Value % Number of Lessees India $ 924,190 12% 4 $ 865,046 12% 4 |
Annual future minimum lease rentals receivable | Minimum future annual lease rentals contracted to be received under our existing operating leases of flight equipment at December 31, 2019 were as follows: Year Ended December 31, Amount 2020 $ 767,025 2021 692,351 2022 607,368 2023 525,677 2024 414,660 Thereafter 551,169 Total $ 3,558,250 |
Geographic concentration of lease rental revenue earnings | Geographic concentration of lease rental revenue earned from flight equipment held for lease was as follows: Year Ended December 31, Region 2019 2018 2017 Asia and Pacific 43 % 36 % 37 % Europe 27 % 28 % 24 % Middle East and Africa 10 % 11 % 12 % North America 9 % 9 % 8 % South America 11 % 16 % 19 % Total 100 % 100 % 100 % |
Revenue attributable to individual countries | The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Year Ended December 31, 2019 2018 2017 Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Number of Lessees Combined % of Lease Rental Revenue Largest lessees by lease rental revenue 2 16% 3 18% 4 24% The following table sets forth revenue attributable to individual countries representing at least 10% of total revenue (including maintenance revenue) based on each lessee’s principal place of business for the periods indicated: Year Ended December 31, 2019 2018 2017 Country Revenue % of Total Revenue Revenue % of Total Revenue Revenue % of Total Revenue Brazil (1) $ — —% $ 116,527 13% $ — —% India (2) 115,865 13% — —% — —% ______________ (1) For the year ended December 31, 2018 , total revenue included $72,242 of maintenance revenue related to early lease terminations with Avianca Brazil. Total revenue attributable to Brazil was less than 10% for the years ended December 31, 2019 and 2017 . (2) For the year ended December 31, 2019 , total revenue attributable to India included maintenance revenue of $14,915 . Total revenue attributable to India was less than 10% for the years ended December 31, 2018 and 2017 . |
Geographic concentration of net book value of flight equipment held for lease | Geographic concentration of net book value of flight equipment (including flight equipment held for lease and net investment in direct financing and sales-type leases, or “net book value”) was as follows: December 31, 2019 December 31, 2018 Region Number of Aircraft Net Book Value % Number of Aircraft Net Book Value % Asia and Pacific 94 38 % 78 36 % Europe 99 26 % 87 27 % Middle East and Africa 16 7 % 17 8 % North America 40 13 % 35 10 % South America 26 15 % 16 10 % Off-lease 3 (1) 1 % 15 (2) 9 % Total 278 100 % 248 100 % ______________ (1) Consisted of one Airbus A320-200 aircraft, which was delivered on lease to a customer in Europe during the first quarter of 2020, one Airbus A330-200 aircraft, which is subject to a lease commitment, and one Boeing 737-800 aircraft, which we are marketing for lease or sale. (2) Consisted of ten Airbus A320-200 aircraft, one Airbus A330-200 aircraft, one Boeing 737-800 aircraft and one Boeing 777-300ER aircraft, all of which delivered on lease to customers during 2019, one Airbus A330-200 aircraft, which is subject to a lease commitment, and one Airbus A320-200 aircraft, which was sold during 2019. |
Net Investment in Finance Lea_2
Net Investment in Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Components of our Net Investment in Finance Leases | The components of our net investment in direct financing and sales-type leases at December 31, 2019 are as follows: Amount Lease receivable $ 164,816 Unguaranteed residual value of flight equipment 254,580 Net investment in direct financing and sales-type leases $ 419,396 |
Schedule of Future Minimum Lease Payments for Capital Leases | At December 31, 2019 , future lease payments on direct financing and sales-type leases are as follows: Year Ending December 31, Amount 2020 $ 59,963 2021 43,716 2022 33,220 2023 27,228 2024 8,343 Thereafter 16,030 Total undiscounted lease payments 188,500 Present value of lease payments - lease receivable (164,816 ) Difference between undiscounted lease payments and lease receivable $ 23,684 |
Unconsolidated Equity Method _2
Unconsolidated Equity Method Investment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Amount Investment in joint ventures at December 31, 2017 $ 76,982 Investment in joint ventures 4,115 Loss from joint ventures, net of tax (8,086 ) Distributions (3,900 ) Investment in joint ventures at December 31, 2018 $ 69,111 Investment in joint ventures 15,175 Earnings from joint ventures, net of tax 4,102 Distributions (36,750 ) Guarantee liabilities (18,664 ) Investment in joint venture at December 31, 2019 $ 32,974 |
Borrowings from Secured and U_2
Borrowings from Secured and Unsecured Debt Financings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Outstanding amounts of secured and unsecured term debt financings | The outstanding amounts of our secured and unsecured term debt financings were as follows: At December 31, 2019 At December 31, 2018 Debt Obligation Outstanding Borrowings Number of Aircraft Interest Rate Final Stated Maturity Outstanding Borrowings Secured Debt Financings: ECA Financings (1) $ 147,644 6 3.02% to 3.96% 12/03/21 to 11/30/24 $ 189,080 Bank Financings (2) 993,593 35 3.13% to 4.63% 06/17/23 to 01/19/26 619,715 Less: Debt Issuance Costs (11,892 ) (10,338 ) Total secured debt financings, net of debt issuance costs and discounts 1,129,345 41 798,457 Unsecured Debt Financings: Senior Notes due 2019 (3) — 500,000 Senior Notes due 2020 300,000 7.625% 04/15/20 300,000 Senior Notes due 2021 500,000 5.125% 03/15/21 500,000 Senior Notes due 2022 500,000 5.500% 02/15/22 500,000 Senior 5.00% Notes due 2023 500,000 5.000% 04/01/23 500,000 Senior 4.40% Notes due 2023 650,000 4.400% 09/25/23 650,000 Senior Notes due 2024 500,000 4.125% 05/01/24 500,000 Senior Notes due 2026 650,000 4.250% 06/15/26 — Unsecured Term Loan 215,000 3.359% 03/07/22 to 03/07/24 120,000 Revolving Credit Facilities 150,000 3.21% to 3.41% 12/27/21 to 06/27/22 425,000 Less: Debt issuance costs and discounts (32,509 ) (32,104 ) Total unsecured debt financings, net of debt issuance costs and discounts 3,932,491 3,962,896 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,061,836 $ 4,761,353 _______________ (1) The borrowings under these financings at December 31, 2019 have a weighted-average rate of interest of 3.58% . (2) The borrowings under these financings at December 31, 2019 have a weighted-average fixed rate of interest of 3.82% . (3) Repaid on July 15, 2019. |
Schedule of Maturities of Long-term Debt | Maturities of the secured and unsecured debt financings over the next five years and thereafter are as follows: Year Ending December 31, Amount 2020 $ 429,324 2021 734,330 2022 739,934 2023 1,417,837 2024 981,886 Thereafter 802,926 Total $ 5,106,237 |
Shareholders' Equity and Shar_2
Shareholders' Equity and Share Based Payment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Shareholders’ Equity and Share Based Payment [Abstract] | |
Schedule of Assumption Ranges Used in Calculating the Fair Value of TSR PSUs [Table Text Block] | The following table summarizes the assumption ranges used in calculating the fair value of TSR PSUs during the following periods: Year Ended December 31, 2019 2018 2017 Volatility 24.8% to 32.6% 24.8% to 32.6% 29.4% to 32.6% Dividend yield 4.3% to 5.5% 4.3% to 4.9% 4.3% Risk-free interest rate 1.4% to 2.6% 0.8% to 2.6% 0.8% to 1.5% |
Schedule of Remaining Target AROE PSUs [Table Text Block] | During 2019 , the Company granted a target of 225,044 PSUs of which, 168,784 are TSR PSUs and 56,260 are AROE PSUs. As of December 31, 2019 , the remaining target AROE PSUs will be considered granted upon the Compensation Committee’s setting the target AROE for the respective periods: Remaining AROE Target PSUs 2020 2021 2018 PSUs 5,652 — 2019 PSUs 40,652 54,092 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | A summary of the fair value of non-vested restricted common shares for the years ended December 31, 2019 , 2018 and 2017 is as follows: Non-vested Shares Shares (in thousands) Weighted Average Grant Date Fair Value ($) Non-vested at December 31, 2016 676.7 $ 17.84 Granted 315.5 22.41 Canceled (4.2 ) 20.36 Vested (469.6 ) 18.60 Non-vested at December 31, 2017 518.4 $ 19.92 Granted 291.9 21.88 Canceled (16.8 ) 21.27 Vested (306.3 ) 19.52 Non-vested at December 31, 2018 487.2 $ 21.30 Granted 303.3 19.46 Canceled (16.7 ) 21.21 Vested (344.9 ) 20.85 Vesting-accelerated (1) (94.9 ) 32.01 Non-vested at December 31, 2019 334.0 $ 20.31 _______________ (1) See “ Share-based Compensation Related to Proposed Merger ” below . |
Schedule of Performance Award Ranges | The table below shows the PSU awards issued during 2019 , including the number of common shares underlying the awards at the time of issuance: Minimum Target Maximum TSR PSUs — 168,784 337,568 AROE PSUs — 168,780 337,560 Total — 337,564 675,128 |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes the activities for our unvested PSUs for the years ended December 31, 2019 , 2018 and 2017 : Unvested Performance Stock Units Number of Units of TSR PSUs Number of Units of AROE PSUs TSR PSUs Weighted Fair Value on Date of Grant ($) AROE PSUs Weighted Fair Value on Date of Grant ($) Unvested at December 31, 2016 143,414 47,802 $ 25.07 $ 19.18 Granted (1) 107,426 116,721 25.00 20.37 Vested (50,899 ) (57,637 ) 24.83 20.02 Canceled/Forfeited (2) — (1,697 ) — 20.55 Unvested at December 31, 2017 199,941 105,189 $ 25.09 $ 20.02 Granted (1) 169,631 266,244 22.15 19.65 Vested — (129,522 ) — 20.14 Canceled/Forfeited (2) (92,515 ) (26,006 ) 25.20 19.99 Unvested as of December 31, 2018 277,057 215,905 $ 23.16 $ 19.47 Granted (1) 362,681 392,667 25.22 30.32 Vested (235,120 ) (188,740 ) 23.25 19.67 Canceled/Forfeited (2) (17,624 ) (14,363 ) 24.12 18.95 Vesting-accelerated (3) (164,810 ) (382,502 ) 32.01 32.01 Unvested as of December 31, 2019 222,184 22,967 $ 23.12 $ 20.14 Expected to vest after December 31, 2019 222,184 22,967 $ 23.12 $ 20.14 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividends [Abstract] | |
Quarterly dividends declared by board of directors | The following table sets forth the quarterly dividends declared by our Board of Directors for the three years ended December 31, 2019 : Declaration Date Dividend per Common Share Aggregate Dividend Amount Record Date Payment Date October 28, 2019 $ 0.32 $ 23,884 November 29, 2019 December 13, 2019 August 2, 2019 $ 0.30 $ 22,390 August 30, 2019 September 16, 2019 April 30, 2019 $ 0.30 $ 22,536 May 31, 2019 June 14, 2019 February 8, 2019 $ 0.30 $ 22,518 February 28, 2019 March 15, 2019 October 30, 2018 $ 0.30 $ 22,867 November 30, 2018 December 14, 2018 August 3, 2018 $ 0.28 $ 21,870 August 31, 2018 September 14, 2018 May 1, 2018 $ 0.28 $ 21,908 May 31, 2018 June 15, 2018 February 2, 2018 $ 0.28 $ 22,085 February 28, 2018 March 15, 2018 October 31, 2017 $ 0.28 $ 22,039 November 30, 2017 December 15, 2017 August 4, 2017 $ 0.26 $ 20,464 August 31, 2017 September 15, 2017 May 2, 2017 $ 0.26 $ 20,482 May 31, 2017 June 15, 2017 February 9, 2017 $ 0.26 $ 20,466 February 28, 2017 March 15, 2017 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Allocation of distributed and undistributed earnings to both common shares and restricted common shares | In applying the two-class method, distributed and undistributed earnings are allocated to both common shares and restricted common shares based on the total weighted average shares outstanding during the period as follows: Year Ended December 31, 2019 2018 2017 Weighted-average shares: Common shares outstanding 74,477,865 77,447,263 78,219,458 Restricted common shares 495,192 476,726 556,592 Total weighted-average shares 74,973,057 77,923,989 78,776,050 Percentage of weighted-average shares: Common shares outstanding 99.34 % 99.39 % 99.29 % Restricted common shares 0.66 % 0.61 % 0.71 % Total 100.00 % 100.00 % 100.00 % |
Basic and Diluted earnings per share | The calculations of both basic and diluted earnings per share for the years ended December 31, 2019 , 2018 and 2017 are as follows: Year Ended December 31, 2019 2018 2017 Earnings per common share — Basic: Income from continuing operations $ 156,575 $ 247,919 $ 147,874 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (1,034 ) (1,517 ) (1,045 ) Income from continuing operations available to common shareholders — Basic $ 155,541 $ 246,402 $ 146,829 Weighted-average common shares outstanding — Basic 74,477,865 77,447,263 78,219,458 Net income per common share — Basic $ 2.09 $ 3.18 $ 1.88 Earnings per common share — Diluted: Income from continuing operations $ 156,575 $ 247,919 $ 147,874 Less: Distributed and undistributed earnings allocated to restricted common shares (1) (1,034 ) (1,517 ) (1,045 ) Income from continuing operations available to common shareholders — Diluted $ 155,541 $ 246,402 $ 146,829 Weighted-average common shares outstanding — Basic 74,477,865 77,447,263 78,219,458 Effect of diluted shares (2) 904,417 301,356 153,983 Weighted-average common shares outstanding — Diluted 75,382,282 77,748,619 78,373,441 Net income per common share — Diluted $ 2.06 $ 3.17 $ 1.87 _____________ (1) For the years ended December 31, 2019 , 2018 and 2017 , distributed and undistributed earnings to restricted shares was 0.66% , 0.61% and 0.71% , respectively, of net income. The amount of restricted share forfeitures for all periods present was immaterial to the allocation of distributed and undistributed earnings. (2) For the years ended December 31, 2019 , 2018 and 2017 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Sources of income from continuing operations before income taxes | The sources of income from continuing operations before income taxes and earnings of unconsolidated equity method investment for the years ended December 31, 2019 , 2018 and 2017 were as follows: Year Ended December 31, 2019 2018 2017 U.S. operations $ 9,085 $ 8,104 $ 2,801 Non-U.S. operations 166,055 253,543 143,504 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 175,140 $ 261,647 $ 146,305 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of the income tax provision from continuing operations for the years ended December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, 2019 2018 2017 Current: United States: Federal $ 782 $ 2,446 $ 6,503 State 437 (136 ) 1,913 Non-U.S. 1,225 3,828 6,574 Current income tax provision 2,444 6,138 14,990 Deferred: United States: Federal 7,205 2,901 (5,474 ) State 2,018 759 (1,161 ) Non-U.S. 11,000 (4,156 ) (2,313 ) Deferred income tax provision (benefit) 20,223 (496 ) (8,948 ) Total $ 22,667 $ 5,642 $ 6,042 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities at December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, 2019 2018 2017 Deferred tax assets: Non-cash share-based payments $ 614 $ 2,182 $ 1,899 Net operating loss carry forwards 69,806 48,660 22,804 Other 72,732 1,795 1,272 Total deferred tax assets 143,152 52,637 25,975 Deferred tax liabilities: Accelerated depreciation (136,268 ) (95,107 ) (62,379 ) Other (70,551 ) (338 ) 354 Total deferred tax liabilities (206,819 ) (95,445 ) (62,025 ) Net deferred tax liabilities $ (63,667 ) $ (42,808 ) $ (36,050 ) |
Analysis of effective income tax rate for continuing operations | Differences between statutory income tax rates and our effective income tax rates applied to pre-tax income from continuing operations at December 31, 2019 , 2018 and 2017 consisted of the following: Year Ended December 31, 2019 2018 2017 Notional U.S. federal income tax expense at the statutory rate: $ 36,779 $ 54,946 $ 51,207 U.S. state and local income tax, net 1,549 525 168 Non-U.S. operations: Bermuda (16,950 ) (41,064 ) (21,517 ) Ireland (99 ) (2,567 ) (2,348 ) Singapore (28 ) (3,232 ) (15,839 ) Other low tax jurisdictions (2,504 ) (3,246 ) (5,581 ) Non-deductible expenses in the U.S. 3,581 157 (236 ) Other 339 123 188 Provision for income taxes $ 22,667 $ 5,642 $ 6,042 |
Interest, Net (Tables)
Interest, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest Income (Expense), Net [Abstract] | |
Components of interest | The following table shows the components of interest, net for the years ended December 31, 2019 , 2018 and 2017 : Year Ended December 31, 2019 2018 2017 Interest on borrowings, net settlements on interest rate derivatives, and other liabilities (1) $ 245,673 $ 221,987 $ 223,260 Amortization of deferred losses related to interest rate derivatives 184 1,166 2,202 Amortization of deferred financing fees and debt discount (2) 14,578 14,627 19,435 Interest expense 260,435 237,780 244,897 Less: Interest income (2,365 ) (2,943 ) (3,411 ) Less: Capitalized interest — (333 ) (255 ) Interest, net $ 258,070 $ 234,504 $ 241,231 ______________ (1) Included a loan termination gain of $838 related to the sale of aircraft during the year ended December 31, 2018 . (2) Included $172 and $300 in deferred financing fees written off related to the sale of aircraft during the years ended December 31, 2019 and 2018 , respectively. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |
Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block] | Remaining commitments, including $120,887 of progress payments, contractual price escalations and other adjustments for these aircraft at December 31, 2019 , net of amounts already paid, are as follows: Year Ending December 31, Amount 2020 $ 218,916 2021 508,424 2022 192,506 2023 119,131 2024 73,848 Thereafter — Total $ 1,112,825 |
Operating Leases of Lessee Disclosure | As of December 31, 2019 , Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending December 31, Amount 2020 $ 1,870 2021 1,901 2022 1,811 2023 1,696 2024 1,727 Thereafter 6,112 Total $ 15,117 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Principal components of other assets | The following table describes the principal components of Other assets on our Consolidated Balance Sheets as of: December 31, 2019 2018 Deferred income tax asset $ 1,007 $ 912 Lease incentives and premiums, net of amortization of $71,851 and $47,304, respectively 112,923 99,079 Flight equipment held for sale 333 11,707 Aircraft purchase deposits and progress payments (1) 33,754 39,948 Fair value of interest rate cap 115 4,886 Note receivable (2) — 4,292 Right-of-use asset (3) 9,329 — Other assets 43,748 53,537 Total other assets $ 201,209 $ 214,361 ______________ (1) Includes progress payments for Embraer E2 aircraft order. (2) Related to the sale of aircraft during the year ended December 31, 2017. (3) Net of lease incentives and tenant allowances. |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Principal components of accounts payable, accrued expenses and other liabilities recorded on our consolidated balance sheet | The following table describes the principal components of Accounts payable, accrued expenses and other liabilities recorded on our Consolidated Balance Sheets as of: December 31, 2019 2018 Accounts payable and accrued expenses $ 47,228 $ 57,220 Deferred income tax liability 64,674 43,720 Accrued interest payable 44,694 45,277 Lease liability 12,800 — Lease discounts, net of amortization of $44,696 and $43,935, respectively 2,718 7,124 Total accounts payable, accrued expenses and other liabilities $ 172,114 $ 153,341 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | |||||||
Dec. 31, 2017 | ||||||||
Equity [Abstract] | ||||||||
Schedule of Accumulated Other Comprehensive Loss | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:justify;text-indent:32px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">The following table describes the principal components of accumulated other comprehensive loss recorded on our Consolidated Balance Sheets as of:</font></div><div style="line-height:120%;padding-bottom:4px;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:75%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Changes in accumulated other comprehensive loss by component</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Year Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Beginning balance</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount recognized in other comprehensive loss on derivatives, net of tax expense of $0 for all periods presented</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amounts reclassified from accumulated other comprehensive loss into income, net of tax expense </font></div><div style="font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#160;&#160;&#160;&#160;of $0 for all periods presented</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Net current period other comprehensive income</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:13px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Ending balance</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">(1,350</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:8px;text-align:left;text-indent:96px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:16px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:6px;"><font style="font-family:inherit;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">All amounts are net of tax. Amounts in parentheses indicate debits.</font></div></td></tr></table></div> | |||||||
Reclassification out of Accumulated Other Comprehensive Income | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:4px;text-align:left;padding-left:6px;text-indent:-6px;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:684px;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:516px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:69px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:8px;" rowspan="1" colspan="1"></td><td style="width:6px;" rowspan="1" colspan="1"></td><td style="width:69px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Reclassifications from accumulated other comprehensive loss</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Year Ended December 31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Losses on cash flow hedges</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount of effective amortization of net deferred interest rate derivative losses</font><font style="font-family:inherit;font-size:9pt;"><sup style="vertical-align:top;line-height:120%;font-size:6pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Effective amount of net settlements of interest rate derivatives, net of tax expense of $0 for all periods presented</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">Amount of loss reclassified from accumulated other comprehensive loss into income</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:12px;text-align:left;padding-left:6px;text-indent:144px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;text-decoration:underline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-bottom:4px;text-indent:6px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(1) All amounts are net of tax.</font></div><div style="line-height:120%;padding-bottom:16px;text-indent:6px;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">(2) Included in interest expense.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:30px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"></font></div></div> |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial data | Quarterly results of our operations for the years ended December 31, 2019 and 2018 are summarized below: Fourth Third Second First 2019 Revenues $ 243,730 $ 236,865 $ 223,416 $ 213,927 Net income $ 47,318 $ 43,335 $ 31,112 $ 34,810 Basic earnings per share: Net income $ 0.63 $ 0.58 $ 0.41 $ 0.46 Diluted earnings per share: Net income $ 0.62 $ 0.57 $ 0.41 $ 0.46 2018 Revenues $ 292,566 $ 190,829 $ 204,276 $ 202,680 Net income $ 103,837 $ 36,332 $ 50,203 $ 57,547 Basic earnings per share: Net income $ 1.36 $ 0.47 $ 0.64 $ 0.73 Diluted earnings per share: Net income $ 1.35 $ 0.46 $ 0.64 $ 0.73 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | Oct. 28, 2019$ / shares | Aug. 02, 2019$ / shares | Apr. 30, 2019$ / shares | Feb. 08, 2019$ / shares | Oct. 30, 2018$ / shares | Aug. 03, 2018$ / shares | May 01, 2018$ / shares | Feb. 02, 2018$ / shares | Oct. 31, 2017$ / shares | Aug. 04, 2017$ / shares | May 02, 2017$ / shares | Feb. 09, 2017$ / shares | Dec. 31, 2019USD ($)financial_institution$ / shares | Dec. 31, 2019USD ($)financial_institutionEntitysegment$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares |
Accounting Policies [Abstract] | ||||||||||||||||
Number of Operating Segments | segment | 1 | |||||||||||||||
Shares owned by Related Party Percentage | 28.80% | 28.80% | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss | $ | $ 0 | $ 0 | ||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 32 | $ 32 | ||||||||||||||
Net Cash and Restricted Cash Provided by (Used in) Operating Activities, As Previously Reported | $ | $ 536,418 | $ 522,592 | $ 490,871 | |||||||||||||
Collections on direct financing and sales-type leases | $ | $ 0 | $ 29,961 | $ 32,184 | |||||||||||||
Number of Major Financial Institutions | financial_institution | 3 | 3 | ||||||||||||||
Dividend per Common Share | $ / shares | $ 0.32 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.32 | $ 1.22 | $ 1.14 | $ 1.06 |
Passenger Aircraft | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 25 years | |||||||||||||||
Estimated residual value | 15.00% | 15.00% | ||||||||||||||
Freighter Aircraft | Minimum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 30 years | |||||||||||||||
Estimated residual value | 5.00% | 5.00% | ||||||||||||||
Freighter Aircraft | Maximum | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Estimated useful life | 35 years | |||||||||||||||
Estimated residual value | 10.00% | 10.00% | ||||||||||||||
Flight Equipment | Minimum | Property Subject to Operating Lease | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Operating Leases, Term of Contract | 3 years | 3 years | ||||||||||||||
Flight Equipment | Maximum | Property Subject to Operating Lease | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Operating Leases, Term of Contract | 7 years | 7 years | ||||||||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||||
Number of VIE's consolidated | Entity | 4 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Quoted Prices In Active Markets for Identical Assets (Level 1) | ||
Assets: | ||
Cash and cash equivalents | $ 140,882 | $ 152,719 |
Restricted cash and cash equivalents | 14,561 | 15,134 |
Derivative Asset | 0 | 0 |
Total | 155,443 | 167,853 |
Significant Other Observable Inputs (Level 2) | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Derivative Asset | 115 | 4,886 |
Total | 115 | 4,886 |
Significant Unobservable Inputs (Level 3) | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash and cash equivalents | 0 | 0 |
Derivative Asset | 0 | 0 |
Total | 0 | 0 |
Estimate of Fair Value Measurement | ||
Assets: | ||
Cash and cash equivalents | 140,882 | 152,719 |
Restricted cash and cash equivalents | 14,561 | 15,134 |
Derivative Asset | 115 | 4,886 |
Total | $ 155,558 | $ 172,739 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | DBJ Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 215,000 | $ 120,000 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | ECA Term Financings | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 147,644 | 189,080 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Bank Financings | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 993,593 | 619,715 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | DBJ Term Loan | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 215,000 | 120,000 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | ECA Term Financings | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 150,805 | 190,216 |
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Bank Financings | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 1,010,482 | 623,604 |
Unsecured Debt | Quoted Prices In Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Revolving Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 150,000 | 425,000 |
Unsecured Debt | Quoted Prices In Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Senior Notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | 3,600,000 | 3,450,000 |
Unsecured Debt | Quoted Prices In Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement | Senior Notes | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 3,787,268 | $ 3,446,826 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Textual) $ in Thousands | Apr. 10, 2019USD ($)Aircraft | Dec. 31, 2019USD ($)Aircraft | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | |||
Net Book Value | 7,375,018 | $ 6,935,585 | ||
Impairment of aircraft | 7,404 | 0 | $ 80,430 | |
Gain (Loss) on Disposition of Property Plant Equipment | $ 45,532 | 36,766 | 55,167 | |
Fleet Review [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Number of Impaired Aircraft | Aircraft | 0 | |||
Impairment of aircraft | $ 0 | |||
Maintenance revenue | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Revenue from contract with customer | $ 74,987 | $ 105,738 | $ 56,128 | |
Jet Airways [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Aircraft Leases Terminated | Aircraft | 7 | |||
Jet Airways [Member] | Transactional | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Tangible Asset Impairment Charges | $ 7,404 | |||
Jet Airways [Member] | Maintenance revenue | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Revenue from contract with customer | $ 17,554 |
Lease Rental Revenues and Fli_3
Lease Rental Revenues and Flight Equipment Held for Lease (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Annual future minimum lease rentals receivable | |
2020 | $ 767,025 |
2021 | 692,351 |
2022 | 607,368 |
2023 | 525,677 |
2024 | 414,660 |
Thereafter | 551,169 |
Total | $ 3,558,250 |
Lease Rental Revenues and Fli_4
Lease Rental Revenues and Flight Equipment Held for Lease (Details 1) - Lease Revenue - Geographic Concentration Risk | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic concentration | 100.00% | 100.00% | 100.00% |
Asia and Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic concentration | 43.00% | 36.00% | 37.00% |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic concentration | 27.00% | 28.00% | 24.00% |
Middle East and Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic concentration | 10.00% | 11.00% | 12.00% |
North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic concentration | 9.00% | 9.00% | 8.00% |
South America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic concentration | 11.00% | 16.00% | 19.00% |
Lease Rental Revenues and Fli_5
Lease Rental Revenues and Flight Equipment Held for Lease (Details 2) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Lessee | Dec. 31, 2018USD ($)Lessee | Dec. 31, 2017USD ($)Lessee | |
Revenue from External Customer [Line Items] | |||
Revenue | $ 777,403 | $ 722,694 | $ 721,302 |
Geographic Concentration Risk | Lease Revenue | |||
Revenue from External Customer [Line Items] | |||
Percentage of geographic concentration | 100.00% | 100.00% | 100.00% |
Geographic Concentration Risk | Total Revenue | BRAZIL | |||
Revenue from External Customer [Line Items] | |||
Percentage of geographic concentration | 0.00% | 13.00% | 0.00% |
Revenue | $ 0 | $ 116,527 | $ 0 |
Geographic Concentration Risk | Total Revenue | INDIA | |||
Revenue from External Customer [Line Items] | |||
Percentage of geographic concentration | 13.00% | 0.00% | 0.00% |
Revenue | $ 115,865 | $ 0 | $ 0 |
Major Customer Group One | Customer Concentration Risk | Lease Revenue | |||
Revenue from External Customer [Line Items] | |||
Concentration Risk, Number of Customers in Major Customer Group | Lessee | 2 | 3 | 4 |
Percentage of geographic concentration | 16.00% | 18.00% | 24.00% |
Maintenance revenue | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | $ 74,987 | $ 105,738 | $ 56,128 |
Maintenance revenue | BRAZIL | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | $ 72,242 | ||
Maintenance revenue | INDIA | |||
Revenue from External Customer [Line Items] | |||
Revenue from contract with customer | $ 14,915 |
Lease Rental Revenues and Fli_6
Lease Rental Revenues and Flight Equipment Held for Lease (Details 3) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Aircraft | Dec. 31, 2018USD ($)Aircraft | Dec. 31, 2017USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Book Value | $ | $ 7,375,018 | $ 6,935,585 | |
A-320-200 [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Offlease Aircraft with Future Lease Commitments | 1 | 10 | |
A-330-200 [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | |
B-737-800 [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Offlease Aircraft with Future Lease Commitments | 1 | ||
Number of Offlease Aircraft Marketed for Lease | 1 | ||
INDIA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Book Value | $ | $ 924,190 | $ 865,046 | |
Geographic Concentration Risk | Leased Assets | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 278 | 248 | |
Percentage of geographic concentration | 100.00% | 100.00% | |
Geographic Concentration Risk | Leased Assets | Asia and Pacific | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 94 | 78 | |
Percentage of geographic concentration | 38.00% | 36.00% | |
Geographic Concentration Risk | Leased Assets | Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 99 | 87 | |
Percentage of geographic concentration | 26.00% | 27.00% | |
Geographic Concentration Risk | Leased Assets | Middle East and Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 16 | 17 | |
Percentage of geographic concentration | 7.00% | 8.00% | |
Geographic Concentration Risk | Leased Assets | North America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 40 | 35 | |
Percentage of geographic concentration | 13.00% | 10.00% | |
Geographic Concentration Risk | Leased Assets | South America | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 26 | 16 | |
Percentage of geographic concentration | 15.00% | 10.00% | |
Geographic Concentration Risk | Leased Assets | Off-lease | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of Aircraft | 3 | 15 | |
Percentage of geographic concentration | 1.00% | 9.00% | |
Maintenance revenue | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer | $ | $ 74,987 | $ 105,738 | $ 56,128 |
Maintenance revenue | INDIA | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer | $ | $ 14,915 |
Lease Rental Revenues and Fli_7
Lease Rental Revenues and Flight Equipment Held for Lease Lease Rental Revenues and Flight Equipment Held for Lease (Details 4) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Lessee | Dec. 31, 2018USD ($)Lessee | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Flight equipment held for lease, net of accumulated depreciation of $1,501,664 and $1,221,985, respectively | $ 7,375,018 | $ 6,935,585 |
INDIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Flight equipment held for lease, net of accumulated depreciation of $1,501,664 and $1,221,985, respectively | $ 924,190 | $ 865,046 |
property subject to or available for operating lease, net (percentage) | 12.00% | 12.00% |
number of lessees | Lessee | 4 | 4 |
Lease Rental Revenues and Fli_8
Lease Rental Revenues and Flight Equipment Held for Lease (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)AircraftLessee | Dec. 31, 2018USD ($)AircraftLessee | Dec. 31, 2017Lessee | |
Revenue, Major Customer [Line Items] | |||
Net Book Value | $ | $ 7,375,018 | $ 6,935,585 | |
Maintenance Payments | |||
Revenue, Major Customer [Line Items] | |||
Lease incentive, payable | $ | $ 9,176 | $ 15,636 | |
Lease Revenue | Customer Concentration Risk | Major Customer Group One | |||
Revenue, Major Customer [Line Items] | |||
Concentration Risk, Number of Customers in Major Customer Group | Lessee | 2 | 3 | 4 |
Percentage of geographic concentration | 16.00% | 18.00% | 24.00% |
B-777-300 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Offlease Aircraft with Future Lease Commitments | 1 | ||
A-330-200 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Offlease Aircraft with Future Lease Commitments | 1 | 1 | |
B-737-800 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Number of Offlease Aircraft Marketed for Lease | 1 | ||
Offlease Aircraft with Future Lease Commitments | 1 | ||
A-320-200 [Member] | |||
Revenue, Major Customer [Line Items] | |||
Offlease Aircraft with Future Lease Commitments | 1 | 10 | |
Number of Offlease Aircraft Sold | 1 |
Net Investment in Finance Lea_3
Net Investment in Finance Leases Narrative (Details) | Dec. 31, 2019Aircraft |
Capital Leased Assets [Line Items] | |
Capital Leased Assets, Number of Units | 29 |
Net Investment in Finance Lea_4
Net Investment in Finance Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lease receivable | $ 164,816 |
Unguaranteed residual value of flight equipment | 254,580 |
Net investment in direct financing and sales-type leases | $ 419,396 |
Net Investment in Finance Lea_5
Net Investment in Finance Leases - Maturity Schedule (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 59,963 |
2021 | 43,716 |
2022 | 33,220 |
2023 | 27,228 |
2024 | 8,343 |
Thereafter | 16,030 |
Total undiscounted lease payments | 188,500 |
Present value of lease payments - lease receivable | (164,816) |
Difference between undiscounted lease payments and lease receivable | $ 23,684 |
Unconsolidated Equity Method _3
Unconsolidated Equity Method Investment (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Aircraft | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Distributions from unconsolidated equity method investment in excess of earnings | $ 36,750 | $ 3,900 | $ 0 |
Investment in joint ventures | 15,175 | 4,115 | |
Proceeds from Sale of Flight Equipment | 361,747 | 338,831 | $ 833,576 |
Customer Advances and Deposits | $ 682,398 | 739,072 | |
Total number of aircraft owned by joint ventures | Aircraft | 9,000 | ||
Net Book Value | $ 7,375,018 | $ 6,935,585 | |
OTPP [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Total number of aircraft sold by joint ventures | Aircraft | 8 | ||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 5,431 | ||
IBJ Air [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | 1,985 | ||
Equity Method Investee | |||
Schedule of Equity Method Investments [Line Items] | |||
Net Book Value | $ 327,839 | ||
Equity Method Investee | IBJ Air [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 25.00% | ||
Equity Method Investee | IBJ Air [Member] | B-737-800 [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Aircraft Sold | Aircraft | 4 |
Unconsolidated Equity Method _4
Unconsolidated Equity Method Investment - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Equity Method Investment [Roll Forward] | |||
Beginning balance | $ 69,111 | $ 76,982 | |
Investment in joint ventures | 15,175 | 4,115 | |
Earnings (loss) of unconsolidated equity method investment, net of tax | 4,102 | (8,086) | $ 7,611 |
Distributions | (36,750) | (3,900) | |
Guarantee liabilities | (18,664) | ||
Ending balance | $ 32,974 | $ 69,111 | $ 76,982 |
Variable Interest Entities (Det
Variable Interest Entities (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)AircraftTerm_LoanEntity | Dec. 31, 2018USD ($) | |
Variable Interest Entity [Line Items] | ||
Borrowings from secured financings, net of debt issuance costs | $ 1,129,345 | $ 798,457 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Number of VIE's consolidated | Entity | 4 | |
Number of Aircraft Sold | Aircraft | 6 | |
Air Knight VIEs | Variable Interest Entity, Primary Beneficiary | ECA Term Financings | ||
Variable Interest Entity [Line Items] | ||
Number of outstanding term loan | Term_Loan | 6 | |
Debt Instrument, Term | 12 years | |
Net book value of flight equipment held for lease | $ 376,630 | |
Consolidated debt outstanding | $ 145,443 |
Borrowings from Secured and U_3
Borrowings from Secured and Unsecured Debt Financings (Details) $ in Thousands | Dec. 31, 2018USD ($) | Jun. 30, 2019 | Dec. 31, 2019USD ($)Aircraft |
Debt Instrument [Line Items] | |||
Borrowings from secured financings | $ 798,457 | $ 1,129,345 | |
Number of Aircraft Financed | Aircraft | 41 | ||
Borrowings from unsecured financings, net of debt issuance costs | 3,962,896 | $ 3,932,491 | |
Total | 4,761,353 | 5,061,836 | |
Present Value of Redemption Price | 100.00% | ||
Secured Debt | |||
Debt Instrument [Line Items] | |||
Borrowings from secured financings | 798,457 | 1,129,345 | |
Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 425,000 | 150,000 | |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | $ 3,962,896 | 3,932,491 | |
2018 DBS Revolving Credit Facility [Member] [Domain] | Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Term | 3 years | ||
Senior Notes Due 2024 [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | $ 500,000 | $ 500,000 | |
Interest rate on senior notes due | 4.125% | ||
Senior Notes Due 2026 [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 0 | $ 650,000 | |
DBJ Term Loan | Term Loan | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 120,000 | $ 215,000 | |
Interest rate on senior notes due | 3.359% | ||
Senior Notes Due 2022 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 500,000 | $ 500,000 | |
Interest rate on senior notes due | 5.50% | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | (32,104) | $ (32,509) | |
ECA Term Financings | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 3.58% | ||
Borrowings from secured financings | 189,080 | $ 147,644 | |
Number of Aircraft Financed | Aircraft | 6 | ||
Bank Financings | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Debt, Weighted Average Interest Rate | 3.82% | ||
Bank Financings | Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Borrowings from secured financings | 619,715 | $ 993,593 | |
Number of Aircraft Financed | Aircraft | 35 | ||
Secured Debt | |||
Debt Instrument [Line Items] | |||
Unamortized Debt Issuance Expense | (10,338) | $ (11,892) | |
Senior Notes Due 2019 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 500,000 | 0 | |
Senior Notes due 2020 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 300,000 | $ 300,000 | |
Interest rate on senior notes due | 7.625% | ||
Senior Notes Due 2021 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 500,000 | $ 500,000 | |
Senior Notes due 2021 | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes due | 5.125% | ||
Minimum | Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes due | 3.21% | ||
Minimum | ECA Term Financings | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 3.0153% | ||
Minimum | Bank Financings | Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 3.13% | ||
Maximum | Revolving Credit Facility | Line of Credit | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes due | 3.41% | ||
Maximum | ECA Term Financings | Notes Payable, Other Payables | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 3.96% | ||
Maximum | Bank Financings | Notes Payable to Banks | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate During Period | 4.63% | ||
5.00 [Member] | Senior Notes Due 2023 [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | 500,000 | $ 500,000 | |
Interest rate on senior notes due | 5.00% | ||
4.25% [Member] | Senior Notes Due 2026 [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Interest rate on senior notes due | 4.25% | ||
4.40% [Member] | Senior 4.40% Notes due 2023 [Member] | Senior Notes | |||
Debt Instrument [Line Items] | |||
Borrowings from unsecured financings, net of debt issuance costs | $ 650,000 | $ 650,000 | |
Interest rate on senior notes due | 4.40% |
Borrowings from Secured and U_4
Borrowings from Secured and Unsecured Debt Financings (Details 1) $ in Thousands | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)Tranche | Dec. 31, 2019USD ($) | Jul. 15, 2019USD ($) | Jun. 26, 2019USD ($)Aircraft | May 01, 2019USD ($)Aircraft | Apr. 28, 2019USD ($) | Feb. 27, 2019USD ($) | Jan. 09, 2019USD ($) | Dec. 27, 2018USD ($) |
Debt Instrument [Line Items] | |||||||||||
Borrowings from unsecured financings, net of debt issuance costs | $ 3,962,896 | $ 3,932,491 | |||||||||
Present Value of Redemption Price | 100.00% | ||||||||||
Notes Payable to Banks | DBJ Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Number of tranches for debt instrument at time of issuance | Tranche | 2 | ||||||||||
Debt Instrument, Minimum Net Worth Covenant Required | $ 750,000 | ||||||||||
Senior Notes Due 2019 | Senior Notes Due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Accrued Interest Payable | $ 3,733 | ||||||||||
Debt Instrument, Call Premium | $ 7,183 | ||||||||||
Secured Debt | 2019 NAB Secured Debt Financing [Member] | 2019 BNP-SG Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.61% | ||||||||||
Secured Debt | 2019 Credit AG Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 120,000 | ||||||||||
Secured Debt | 2019 Credit AG Secured Debt Financing [Member] | 2019 BNP-SG Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | ||||||||||
Secured Debt | 2019 BNP-SG Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 320,000 | ||||||||||
Secured Debt | 2018 NBA Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.14% | ||||||||||
Debt Instrument, Face Amount | $ 40,000 | ||||||||||
4.25% [Member] | Senior 4.25% Notes due 2026 [Member] | Senior 4.25% Notes due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings from unsecured financings, net of debt issuance costs | $ 650,000 | ||||||||||
Debt issue price percent | 99.515% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||||||||||
Senior Notes due 2019 with 6.25% Interest Rate [Domain] | Senior Notes Due 2019 | Senior Notes Due 2019 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||||||
Debt Instrument, Redemption, Period One [Member] | Senior 4.25% Notes due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Debt Instrument, Redemption, Period One [Member] | 4.25% [Member] | Senior 4.25% Notes due 2026 [Member] | Senior 4.25% Notes due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate on any Advances | 0.35% | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||||
Debt Instrument, Redemption, Period Two [Member] | Senior 4.25% Notes due 2026 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | ||||||||||
Floating Rate Term Loan [Member] | Notes Payable to Banks | DBJ Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount | $ 120,000 | 215,000 | |||||||||
Debt Tranche A [Member] | Floating Rate Term Loan [Member] | Notes Payable to Banks | DBJ Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount - Tranche A | 60,000 | ||||||||||
Debt Tranche B [Member] | Floating Rate Term Loan [Member] | Notes Payable to Banks | DBJ Term Loan | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Face Amount - Tranche B | $ 155,000 | ||||||||||
Revolving Credit Facility | Line of Credit | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings from unsecured financings, net of debt issuance costs | 425,000 | 150,000 | |||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 150,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 950,000 | ||||||||||
Revolving Credit Facility | Line of Credit | 2018 DBS Revolving Credit Facility [Member] [Domain] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Minimum Net Worth Covenant Required | $ 750,000 | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 250,000 | $ 300,000 | $ 280,000 | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | ||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 20,000 | $ 30,000 | |||||||||
Revolving Credit Facility | Line of Credit | 2018 DBS Revolving Credit Facility [Member] [Domain] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Interest Rate on any Advances | 1.50% | ||||||||||
Revolving Credit Facility | Line of Credit | 2016 DBS Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 135,000 | ||||||||||
A-320-Neo [Member] | Secured Debt | 2019 Credit AG Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Number of Aircraft Securing Financing | Aircraft | 3 | ||||||||||
A-320-Neo [Member] | Secured Debt | 2019 BNP-SG Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Number of Aircraft Securing Financing | Aircraft | 8 | ||||||||||
B-737-800 [Member] | Secured Debt | 2018 NBA Secured Debt Financing [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Total Number of Aircraft Securing Financing | Aircraft | 2 |
Borrowings from Secured and U_5
Borrowings from Secured and Unsecured Debt Financings Borrowings from Secured and Unsecured Debt Financings (Details 2) $ in Thousands | Dec. 31, 2019USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2020 | $ 429,324 |
2021 | 734,330 |
2022 | 739,934 |
2023 | 1,417,837 |
2024 | 981,886 |
Thereafter | 802,926 |
Total | $ 5,106,237 |
Borrowings from Secured and U_6
Borrowings from Secured and Unsecured Debt Financings (Details Textual) $ in Thousands | Dec. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($)Tranche | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 15, 2019USD ($) | Jun. 26, 2019USD ($)Aircraft | May 01, 2019USD ($)Aircraft | Apr. 28, 2019USD ($) | Feb. 27, 2019USD ($) | Jan. 09, 2019USD ($) | Dec. 27, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||||||||
Repayments of Long-term Debt | $ 1,817,558 | $ 969,139 | $ 878,534 | |||||||||||
Net Book Value | $ 6,935,585 | $ 7,375,018 | 7,375,018 | 6,935,585 | ||||||||||
Borrowings from unsecured financings, net of debt issuance costs | 3,962,896 | 3,932,491 | 3,932,491 | 3,962,896 | ||||||||||
Present Value of Redemption Price | 100.00% | |||||||||||||
Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Borrowings from unsecured financings, net of debt issuance costs | 425,000 | 150,000 | 150,000 | 425,000 | ||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 150,000 | 150,000 | ||||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 950,000 | $ 950,000 | ||||||||||||
Senior 4.25% Notes due 2026 [Member] | Company Redemption Option | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||
Senior 4.25% Notes due 2026 [Member] | Change in Control | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.00% | |||||||||||||
DBJ Term Loan | Notes Payable to Banks | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Minimum Net Worth Covenant Required | $ 750,000 | |||||||||||||
Number of tranches for debt instrument at time of issuance | Tranche | 2 | |||||||||||||
ECA Term Financings | Notes Payable, Other Payables | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.58% | 3.58% | ||||||||||||
Bank Financings | Notes Payable, Other Payables | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt, Weighted Average Interest Rate | 3.82% | 3.82% | ||||||||||||
Senior Notes Due 2019 | Senior Notes Due 2019 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Accrued Interest Payable | $ 3,733 | |||||||||||||
Debt Instrument, Call Premium | $ 7,183 | |||||||||||||
2018 DBS Revolving Credit Facility [Member] [Domain] | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Minimum Net Worth Covenant Required | $ 750,000 | |||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 250,000 | $ 300,000 | $ 280,000 | $ 250,000 | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 350,000 | |||||||||||||
Line of Credit Facility, Increase (Decrease), Net | $ 20,000 | $ 30,000 | ||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||
2016 DBS Revolving Credit Facility [Member] | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 135,000 | |||||||||||||
2018 NBA Secured Debt Financing [Member] | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.14% | |||||||||||||
Debt Instrument, Face Amount | $ 40,000 | |||||||||||||
2018 NBA Secured Debt Financing [Member] | Secured Debt | B-737-800 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total Number of Aircraft Securing Financing | Aircraft | 2 | |||||||||||||
2019 BNP-SG Secured Debt Financing [Member] | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 320,000 | |||||||||||||
2019 BNP-SG Secured Debt Financing [Member] | Secured Debt | A-320-Neo [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total Number of Aircraft Securing Financing | Aircraft | 8 | |||||||||||||
2019 Credit AG Secured Debt Financing [Member] | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 120,000 | |||||||||||||
2019 Credit AG Secured Debt Financing [Member] | Secured Debt | A-320-Neo [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Total Number of Aircraft Securing Financing | Aircraft | 3 | |||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | 2018 DBS Revolving Credit Facility [Member] [Domain] | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Interest Rate on any Advances | 1.50% | |||||||||||||
4.25% [Member] | Senior 4.25% Notes due 2026 [Member] | Senior 4.25% Notes due 2026 [Member] | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | |||||||||||||
Borrowings from unsecured financings, net of debt issuance costs | $ 650,000 | |||||||||||||
Debt issue price percent | 99.515% | |||||||||||||
4.25% [Member] | Senior 4.25% Notes due 2026 [Member] | Senior 4.25% Notes due 2026 [Member] | Company Redemption Option | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | |||||||||||||
Interest Rate on any Advances | 0.35% | |||||||||||||
Senior Notes due 2019 with 6.25% Interest Rate [Domain] | Senior Notes Due 2019 | Senior Notes Due 2019 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||||
2019 BNP-SG Secured Debt Financing [Member] | 2019 Credit AG Secured Debt Financing [Member] | Secured Debt | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | |||||||||||||
Floating Rate Term Loan [Member] | DBJ Term Loan | Notes Payable to Banks | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 120,000 | 215,000 | ||||||||||||
Debt Tranche A [Member] | DBJ Term Loan | Notes Payable to Banks | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Term | 3 years | |||||||||||||
Debt Tranche A [Member] | Floating Rate Term Loan [Member] | DBJ Term Loan | Notes Payable to Banks | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount - Tranche A | 60,000 | |||||||||||||
Debt Tranche B [Member] | DBJ Term Loan | Notes Payable to Banks | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Term | 5 years | |||||||||||||
Debt Tranche B [Member] | Floating Rate Term Loan [Member] | DBJ Term Loan | Notes Payable to Banks | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount - Tranche B | $ 155,000 |
Shareholders' Equity and Shar_3
Shareholders' Equity and Share Based Payment (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NumberofPerformanceBasedShares | 337,564 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Non-vested beginning balance | 487,200 | 518,400 | 676,700 |
Granted | 303,300 | 291,900 | 315,500 |
Cancelled | (16,700) | (16,800) | (4,200) |
Vested | (344,900) | (306,300) | (469,600) |
Non-vested ending balance | 334,000 | 487,200 | 518,400 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Beginning Period, Weighted average grant date fair value | $ 21.30 | $ 19.92 | $ 17.84 |
Weighted average grant date fair value, Non-vested shares granted | 19.46 | 21.88 | 22.41 |
Weighted average grant date fair value, Non-vested shares cancelled | 21.21 | 21.27 | 20.36 |
Weighted average grant date fair value, Vested shares | 20.85 | 19.52 | 18.60 |
Ending Period, Weighted average grant date fair value | $ 20.31 | $ 21.30 | $ 19.92 |
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | (94,900) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Accelerated in Period, Weighted Average Acceleration Date Fair Value | $ 32.01 | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NumberofPerformanceBasedShares | 0 | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NumberofPerformanceBasedShares | 675,128 | ||
TSR Performance Based Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 24.80% | 24.80% | 29.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 32.60% | 32.60% | 32.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.40% | 0.80% | 0.80% |
NumberofPerformanceBasedShares | 168,784 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Non-vested beginning balance | 277,057 | 199,941 | 143,414 |
Granted | 362,681 | 169,631 | 107,426 |
Cancelled | (17,624) | (92,515) | 0 |
Vested | (235,120) | 0 | (50,899) |
Non-vested ending balance | 222,184 | 277,057 | 199,941 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Beginning Period, Weighted average grant date fair value | $ 23.16 | $ 25.09 | $ 25.07 |
Weighted average grant date fair value, Non-vested shares granted | 25.22 | 22.15 | 25 |
Weighted average grant date fair value, Non-vested shares cancelled | 24.12 | 25.20 | 0 |
Weighted average grant date fair value, Vested shares | 23.25 | 0 | 24.83 |
Ending Period, Weighted average grant date fair value | $ 23.12 | $ 23.16 | $ 25.09 |
Shares Expected to Vest | 222,184 | ||
Grant date Fair Value for Shares Expected To Vest | $ 23.12 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 2.60% | 2.60% | 1.50% |
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | (164,810) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Weighted Average Acceleration Date Fair Value | $ 32.01 | ||
TSR Performance Based Shares | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Range of Dividends Used | 4.30% | 4.30% | 4.30% |
NumberofPerformanceBasedShares | 0 | ||
TSR Performance Based Shares | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Range of Dividends Used | 5.50% | 4.90% | 4.30% |
NumberofPerformanceBasedShares | 337,568 | ||
Target AROE PSUs Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NumberofPerformanceBasedShares | 168,780 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Non-vested beginning balance | 215,905 | 105,189 | 47,802 |
Granted | 392,667 | 266,244 | 116,721 |
Cancelled | (14,363) | (26,006) | (1,697) |
Vested | (188,740) | (129,522) | (57,637) |
Non-vested ending balance | 22,967 | 215,905 | 105,189 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments, Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Beginning Period, Weighted average grant date fair value | $ 19.47 | $ 20.02 | $ 19.18 |
Weighted average grant date fair value, Non-vested shares granted | 30.32 | 19.65 | 20.37 |
Weighted average grant date fair value, Non-vested shares cancelled | 18.95 | 19.99 | 20.55 |
Weighted average grant date fair value, Vested shares | 19.67 | 20.14 | 20.02 |
Ending Period, Weighted average grant date fair value | $ 20.14 | $ 19.47 | $ 20.02 |
Shares Expected to Vest | 22,967 | ||
Grant date Fair Value for Shares Expected To Vest | $ 20.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number | (382,502) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Weighted Average Acceleration Date Fair Value | $ 32.01 | ||
Target AROE PSUs Granted [Member] | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NumberofPerformanceBasedShares | 0 | ||
Target AROE PSUs Granted [Member] | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
NumberofPerformanceBasedShares | 337,560 | ||
2019 [Member] | Target AROE PSUs Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining Target AROE PSUs Future Grants | 40,652 | 5,652 | |
2020 [Member] | Target AROE PSUs Granted [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining Target AROE PSUs Future Grants | 54,092 | 0 |
Shareholders' Equity and Shar_4
Shareholders' Equity and Share Based Payment Shareholders' Equity and Share Based Payment (Details Textual) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | May 21, 2019 | Mar. 31, 2019 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash share-based payment expense | $ 15,830 | $ 11,488 | $ 13,148 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 303,300 | 291,900 | 315,500 | |||
Stock Repurchased During Period, Value | $ 36,739 | $ 71,421 | $ 4,862 | |||
Employee service share-based compensation, nonvested awards, compensation cost not yet recognized, period for recognition | 1 year 11 months 15 days | |||||
Other Deferred Compensation Arrangements, Liability, Current | $ 15,149 | |||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | |||||
Remaining authorized repurchase amount | $ 90,351 | $ 76,019 | ||||
Common shares, par value | $ 0.01 | $ 0.01 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 334,000 | 487,200 | 518,400 | 676,700 | ||
Shares Repurchased from Employees and Directors | 640,452 | |||||
Cost of Shares Repurchased from Employees and Directors | $ 18,357 | |||||
NumberofPerformanceBasedShares | 337,564 | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
NumberofPerformanceBasedShares | 0 | |||||
Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
NumberofPerformanceBasedShares | 675,128 | |||||
Amended and Restated 2014 plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 6,750,000 | |||||
Prior Plans [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock, capital shares reserved for future issuance | 333,974 | |||||
TSR Performance Based Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 362,681 | 169,631 | 107,426 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 222,184 | 277,057 | 199,941 | 143,414 | ||
NumberofPerformanceBasedShares | 168,784 | |||||
TSR Performance Based Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||||
NumberofPerformanceBasedShares | 0 | |||||
TSR Performance Based Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |||||
NumberofPerformanceBasedShares | 337,568 | |||||
Target AROE PSUs Granted [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 56,260 | |||||
Total Performance-Based Shares Granted | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 225,044 | |||||
Target TSR PSUs Granted [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 168,784 | |||||
AROE Performance Based Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 392,667 | 266,244 | 116,721 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 22,967 | 215,905 | 105,189 | 47,802 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||
NumberofPerformanceBasedShares | 168,780 | |||||
AROE Performance Based Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||||
NumberofPerformanceBasedShares | 0 | |||||
AROE Performance Based Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
NumberofPerformanceBasedShares | 337,560 | |||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash share-based payment expense | $ 9,228 | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,367 | |||||
Performance Shares | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 3 years | |||||
Performance Shares | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Non-cash share-based payment expense | $ 6,602 | |||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 2,965 | |||||
Common Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Repurchased During Period, Shares | 973,528 | |||||
Stock Repurchased During Period, Value | $ 18,382 |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 28, 2019 | Aug. 02, 2019 | Apr. 30, 2019 | Feb. 08, 2019 | Oct. 30, 2018 | Aug. 03, 2018 | May 01, 2018 | Feb. 02, 2018 | Oct. 31, 2017 | Aug. 04, 2017 | May 02, 2017 | Feb. 09, 2017 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends [Abstract] | ||||||||||||||||
Dividend per Common Share | $ 0.32 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.30 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.28 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.32 | $ 1.22 | $ 1.14 | $ 1.06 |
Aggregate Dividend Amount | $ 23,884 | $ 22,390 | $ 22,536 | $ 22,518 | $ 22,867 | $ 21,870 | $ 21,908 | $ 22,085 | $ 22,039 | $ 20,464 | $ 20,482 | $ 20,466 | $ 91,328 | $ 88,730 | $ 83,433 |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Weighted-average shares: | |||
Common shares outstanding | 74,477,865 | 77,447,263 | 78,219,458 |
Restricted common shares | 495,192 | 476,726 | 556,592 |
Total weighted average shares | 74,973,057 | 77,923,989 | 78,776,050 |
Percentage of weighted-average shares: | |||
Common shares outstanding | 99.34% | 99.39% | 99.29% |
Restricted common shares | 0.66% | 0.61% | 0.71% |
Total | 100.00% | 100.00% | 100.00% |
Earnings Per Share (Details 1)
Earnings Per Share (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Restricted common shares | 0.66% | 0.61% | 0.71% | ||||||||
Earnings per common share — Basic: | |||||||||||
Income from continuing operations | $ 47,318 | $ 43,335 | $ 31,112 | $ 34,810 | $ 103,837 | $ 36,332 | $ 50,203 | $ 57,547 | $ 156,575 | $ 247,919 | $ 147,874 |
Less: Distributed and undistributed earnings allocated to restricted common shares(1) | (1,034) | (1,517) | (1,045) | ||||||||
Income from continuing operations available to common shareholders — Basic | $ 155,541 | $ 246,402 | $ 146,829 | ||||||||
Weighted-average common shares outstanding — Basic | 74,477,865 | 77,447,263 | 78,219,458 | ||||||||
Net income per share (in dollars per share) | $ 0.63 | $ 0.58 | $ 0.41 | $ 0.46 | $ 1.36 | $ 0.47 | $ 0.64 | $ 0.73 | $ 2.09 | $ 3.18 | $ 1.88 |
Earnings per common share — Diluted: | |||||||||||
Income from continuing operations | $ 47,318 | $ 43,335 | $ 31,112 | $ 34,810 | $ 103,837 | $ 36,332 | $ 50,203 | $ 57,547 | $ 156,575 | $ 247,919 | $ 147,874 |
Income from continuing operations available to common shareholders — Diluted | $ 155,541 | $ 246,402 | $ 146,829 | ||||||||
Weighted-average common shares outstanding — Basic | 74,477,865 | 77,447,263 | 78,219,458 | ||||||||
Effect of diluted shares(2) | (904,417) | (301,356) | (153,983) | ||||||||
Weighted-average common shares outstanding — Diluted | 75,382,282 | 77,748,619 | 78,373,441 | ||||||||
Net income per share (in dollars per share) | $ 0.62 | $ 0.57 | $ 0.41 | $ 0.46 | $ 1.35 | $ 0.46 | $ 0.64 | $ 0.73 | $ 2.06 | $ 3.17 | $ 1.87 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Sources of income from continuing operations before income taxes | |||
U.S. operations | $ 9,085 | $ 8,104 | $ 2,801 |
Non-U.S. operations | 166,055 | 253,543 | 143,504 |
Income from continuing operations before income taxes and earnings (loss) of unconsolidated equity method investment | $ 175,140 | $ 261,647 | $ 146,305 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 782 | $ 2,446 | $ 6,503 |
State | 437 | (136) | 1,913 |
Non-U.S. | 1,225 | 3,828 | 6,574 |
Current income tax provision | 2,444 | 6,138 | 14,990 |
Deferred: | |||
Federal | 7,205 | 2,901 | (5,474) |
State | 2,018 | 759 | (1,161) |
Non-U.S. | 11,000 | (4,156) | (2,313) |
Deferred income tax provision (benefit) | 20,223 | (496) | (8,948) |
Total | $ 22,667 | $ 5,642 | $ 6,042 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | |||
Non-cash share-based payments | $ 614 | $ 2,182 | $ 1,899 |
Net operating loss carry forwards | 69,806 | 48,660 | 22,804 |
Other | 72,732 | 1,795 | 1,272 |
Total deferred tax assets | 143,152 | 52,637 | 25,975 |
Deferred tax liabilities: | |||
Accelerated depreciation | (136,268) | (95,107) | (62,379) |
Other | (70,551) | (338) | 354 |
Total deferred tax liabilities | 206,819 | 95,445 | 62,025 |
Deferred Income Tax Liabilities, Net | $ (63,667) | $ (42,808) | $ (36,050) |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Statutory Rate [Line Items] | |||
Deferred Income Tax Expense (Benefit) | $ 20,223 | $ (496) | $ (8,948) |
Analysis of effective income tax rate for continuing operations | |||
U.S. state and local income tax, net | 36,779 | 54,946 | 51,207 |
Non-deductible expenses in the U.S. | 3,581 | 157 | (236) |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 339 | 123 | 188 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 1,549 | 525 | 168 |
Bermuda | Foreign Tax Authority | |||
Analysis of effective income tax rate for continuing operations | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (16,950) | (41,064) | (21,517) |
Ireland | Foreign Tax Authority | |||
Analysis of effective income tax rate for continuing operations | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (99) | (2,567) | (2,348) |
SINGAPORE | Foreign Tax Authority | |||
Analysis of effective income tax rate for continuing operations | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | (28) | (3,232) | (15,839) |
Other low tax jurisdictions | Foreign Tax Authority | |||
Analysis of effective income tax rate for continuing operations | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | $ (2,504) | $ (3,246) | $ (5,581) |
Income Taxes (Textual) (Details
Income Taxes (Textual) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Loss Carryforwards [Line Items] | |
Undistributed Earnings of Foreign Subsidiaries | $ 27,970 |
Deferred Tax Liability Not Recognized, Amount of Unrecognized Deferred Tax Liability, Undistributed Earnings of Foreign Subsidiaries | 1,398 |
UNITED STATES | Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 69,332 |
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 47,850 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 21,482 |
Irish, Mauritius and Singapore | Foreign Tax Authority | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 488,600 |
Interest, Net (Details)
Interest, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income (Expense), Net [Abstract] | |||
Interest on borrowings, net settlements on interest rate derivatives, and other liabilities(1) | $ 245,673 | $ 221,987 | $ 223,260 |
Amortization of deferred losses related to interest rate derivatives | 184 | 1,166 | 2,202 |
Amortization of deferred financing fees and debt discount(2) | 14,578 | 14,627 | 19,435 |
Interest expense | 260,435 | 237,780 | 244,897 |
Less: Interest income | (2,365) | (2,943) | (3,411) |
Less: Capitalized interest | 0 | (333) | (255) |
Interest, net | (258,070) | (234,504) | $ (241,231) |
Loss on Contract Termination | 838 | ||
Write off of Deferred Debt Issuance Cost | $ 172 | $ 300 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2020 | $ 1,870 |
2021 | 1,901 |
2022 | 1,811 |
2023 | 1,696 |
2024 | 1,727 |
Thereafter | 6,112 |
Total | $ 15,117 |
Commitments and Contingencies_2
Commitments and Contingencies Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Aircraft | Feb. 10, 2020USD ($)Aircraft | |
Long-term Purchase Commitment [Line Items] | ||
Long-term Purchase Commitment, Minimum Quantity Required | Aircraft | 25 | |
Purchase Obligation | $ 1,112,825 | |
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | Aircraft | 31 | |
Unrecorded Unconditional Purchase Obligation | $ 1,112,825 | |
Subsequent Event | ||
Long-term Purchase Commitment [Line Items] | ||
Unrecorded Unconditional Purchase Obligation, Minimum Quantity Required | Aircraft | 31 | |
Unrecorded Unconditional Purchase Obligation | $ 1,112,825 | |
Pre-Delivery Payments | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Obligation | $ 120,887 |
Commitments and Contingencies_3
Commitments and Contingencies Commitments and Contingencies Details 1 (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rent expense | $ 1,601 | $ 2,865 | $ 2,143 |
2020 | 218,916 | ||
2021 | 508,424 | ||
2022 | 192,506 | ||
2023 | 119,131 | ||
2024 | 73,848 | ||
Thereafter | 0 | ||
Total | $ 1,112,825 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Principal components of other assets | ||
Deferred federal income tax asset | $ 1,007 | $ 912 |
Lease Incentives And Lease Premiums, Net | 112,923 | 99,079 |
Flight equipment held for sale | 333 | 11,707 |
Aircraft purchase deposits and progress payments(1) | 33,754 | 39,948 |
Fair value of interest rate cap | 115 | 4,886 |
Note receivable(2) | 0 | 4,292 |
Right-of-use asset(3) | 9,329 | 0 |
Other assets | 43,748 | 53,537 |
Total other assets | 201,209 | 214,361 |
Lease Incentives and Lease Premiums, Accumulated Amortization | $ 71,851 | $ 47,304 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accounts payable and accrued expenses | $ 47,228 | $ 57,220 |
Deferred income tax liability | 64,674 | 43,720 |
Accrued interest payable | 44,694 | 45,277 |
Lease liability | 12,800 | 0 |
Lease discounts, net of amortization of $44,696 and $43,935, respectively | 2,718 | 7,124 |
Total accounts payable, accrued expenses and other liabilities | 172,114 | 153,341 |
Deferred revenue, leases, accumulated amortization | $ 44,696 | $ 43,935 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ (184) | |||
Other comprehensive income | 184 | $ 1,166 | $ 2,202 | |
Ending balance | 0 | (184) | ||
Losses on cash flow hedges | $ 260,435 | 237,780 | 244,897 | |
Interest Rate Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ (1,350) | (1,350) | $ (1,350) | |
Amount recognized in other comprehensive loss on derivatives, net of tax expense of $0 for all periods presented | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive loss into income, net of tax expense of $0 for all periods presented | 0 | 0 | ||
Other comprehensive income | 0 | 0 | ||
Ending balance | (1,350) | (1,350) | ||
Tax effect of change in fair value of derivatives | 0 | 0 | ||
Interest Rate Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive loss into income, net of tax expense of $0 for all periods presented | 0 | 0 | ||
Interest Rate Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges Amortization | Reclassification out of Accumulated Other Comprehensive Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Losses on cash flow hedges | 0 | 0 | ||
Interest Rate Contract | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges, Net Settlements | Reclassification out of Accumulated Other Comprehensive Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Losses on cash flow hedges | 0 | 0 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax | $ 0 | $ 0 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Details textual) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Terminated Interest Rate Contract | |
Interest Rate, Designated Derivatives, Deferred Gain or Loss Expected to be Amortized In Next Twelve Months | $ 0 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 243,730 | $ 236,865 | $ 223,416 | $ 213,927 | $ 292,566 | $ 190,829 | $ 204,276 | $ 202,680 | $ 917,938 | $ 890,351 | $ 851,787 |
Net income | $ 47,318 | $ 43,335 | $ 31,112 | $ 34,810 | $ 103,837 | $ 36,332 | $ 50,203 | $ 57,547 | $ 156,575 | $ 247,919 | $ 147,874 |
Basic earnings per share: | |||||||||||
Earnings (loss) per common share - Basic (in dollars per share) | $ 0.63 | $ 0.58 | $ 0.41 | $ 0.46 | $ 1.36 | $ 0.47 | $ 0.64 | $ 0.73 | $ 2.09 | $ 3.18 | $ 1.88 |
Diluted earnings per share: | |||||||||||
Earnings (loss) per common share - Diluted (in dollars per share) | $ 0.62 | $ 0.57 | $ 0.41 | $ 0.46 | $ 1.35 | $ 0.46 | $ 0.64 | $ 0.73 | $ 2.06 | $ 3.17 | $ 1.87 |