Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'Fly Leasing Ltd |
Entity Central Index Key | '0001407298 |
Document Type | '20-F |
Document Period End Date | 31-Dec-13 |
Amendment Flag | 'false |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 41,306,338 |
Manager Shares Outstanding | 100 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $404,472 | $163,124 |
Restricted cash and cash equivalents | 174,829 | 137,457 |
Rent receivables | 2,922 | 3,124 |
Investment in unconsolidated subsidiaries | 8,179 | 6,308 |
Flight equipment held for operating leases, net | 3,034,912 | 2,616,864 |
Deferred tax asset, net | ' | 9,450 |
Fair market value of derivative assets | 7,395 | 319 |
Other assets, net | 39,650 | 32,026 |
Total assets | 3,672,359 | 2,968,672 |
Liabilities | ' | ' |
Accounts payable and accrued liabilities | 16,592 | 15,662 |
Rentals received in advance | 17,422 | 14,402 |
Payable to related parties | 3,756 | 2,789 |
Security deposits | 52,837 | 47,474 |
Maintenance payment liability | 233,811 | 225,733 |
Unsecured borrowings, net | 291,567 | ' |
Secured borrowings, net | 2,254,705 | 2,052,412 |
Deferred tax liability, net | 7,746 | ' |
Fair market value of derivative liabilities | 24,577 | 48,967 |
Other liabilities | 20,523 | 29,231 |
Total liabilities | 2,923,536 | 2,436,670 |
Shareholders' equity | ' | ' |
Common shares, $0.001 par value; 499,999,900 shares authorized; 41,306,338 and 28,040,305 shares issued and outstanding at December 31, 2013 and 2012, respectively | 41 | 28 |
Manager shares, $0.001 par value; 100 shares authorized, issued and outstanding | ' | ' |
Additional paid-in capital | 658,492 | 482,733 |
Retained earnings | 104,143 | 83,138 |
Accumulated other comprehensive loss, net | -13,853 | -33,897 |
Total shareholders' equity | 748,823 | 532,002 |
Total liabilities and shareholders' equity | $3,672,359 | $2,968,672 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common shares, par value | $0.00 | $0.00 |
Common shares, shares authorized | 499,999,900 | 499,999,900 |
Common shares, shares issued | 41,306,338 | 28,040,305 |
Common shares, shares outstanding | 41,306,338 | 28,040,305 |
Manager shares, par value | $0.00 | $0.00 |
Manager shares, shares authorized | 100 | 100 |
Manager shares, shares issued | 100 | 100 |
Manager shares, shares outstanding | 100 | 100 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' |
Operating lease revenue | $359,409 | $376,437 | $230,716 |
Equity earnings from unconsolidated subsidiaries | 1,871 | 9,383 | 5,647 |
Gain on sale of aircraft | 6,277 | 8,360 | 9,137 |
Gain on sale of investment in unconsolidated subsidiary | ' | 36,882 | ' |
Lease termination settlement | ' | ' | 2,135 |
Interest and other income | 1,930 | 1,634 | 1,154 |
Total revenues | 369,487 | 432,696 | 248,789 |
Expenses | ' | ' | ' |
Depreciation | 146,400 | 136,633 | 95,718 |
Aircraft impairment | 8,825 | 11,382 | 7,500 |
Interest expense | 120,399 | 142,491 | 90,547 |
Net (gain) loss on extinguishment of debt | -15,881 | 7,628 | ' |
Selling, general and administrative | 37,418 | 40,192 | 27,248 |
Ineffective, dedesignated and terminated derivatives | -1,263 | 31,871 | ' |
Acquisition costs | ' | ' | 18,038 |
Maintenance and other costs | 15,454 | 10,968 | 4,400 |
Total expenses | 311,352 | 381,165 | 243,451 |
Net income before provision for income taxes | 58,135 | 51,531 | 5,338 |
Provision for income taxes | 5,659 | 3,862 | 4,242 |
Net income | $52,476 | $47,669 | $1,096 |
Weighted average number of shares: | ' | ' | ' |
Basic | 34,129,880 | 25,792,932 | 25,843,348 |
Diluted | 34,243,456 | 25,961,605 | 25,992,062 |
Earnings per share: | ' | ' | ' |
Basic | $1.51 | $1.81 | $0.03 |
Diluted | $1.50 | $1.80 | $0.03 |
Dividends declared and paid per share | $0.88 | $0.84 | $0.80 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net income | $52,476 | $47,669 | $1,096 | |||
Other comprehensive income, net of tax | ' | ' | ' | |||
Change in fair value of derivatives, net of deferred tax | 22,093 | [1],[2] | 9,075 | [1] | -4,959 | [1] |
Reclassification from other comprehensive income into earnings due to termination of derivative liabilities, net of deferred tax liability of $3,926 | ' | 27,479 | [3] | ' | ||
Reclassified from other comprehensive income into earnings, net of deferred tax $209, $41 and $186 for the years ended December 31, 2011, 2012 and 2013 respectively | -1,302 | [2],[4] | -290 | [4] | 1,464 | [4] |
Comprehensive income (loss) | $73,267 | $83,933 | ($2,399) | |||
[1] | Deferred tax expense was $3.5 million and $1.4 million for the years ended December 31, 2013 and 2012, respectively. Deferred tax benefit was $0.5 million for the year ended DecemberB 31, 2011. | |||||
[2] | See Note 8 to Notes to Consolidated Financial Statements. | |||||
[3] | Deferred tax expense was $3.9 million for the year ended DecemberB 31, 2012. | |||||
[4] | Deferred tax benefit was $0.2 million and $41,000 for the years ended DecemberB 31, 2013 and 2012, respectively. Deferred tax expense was $0.2 million for the year ended December 31, 2011. |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Consolidated Statements of Comprehensive Income [Abstract] | ' | ' | ' |
Change in fair value of derivatives, deferred tax expense (benefit) | $3,486 | $1,456 | ($470) |
Reclassification from other comprehensive income into earnings due to termination of derivative liabilities, deferred tax expense (benefit) | ' | 3,926 | ' |
Reclassification from other comprehensive income into earnings, deferred tax expense (benefit) | ($186) | $41 | $209 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Manager Shares [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Beginning balance at Dec. 31, 2010 | ' | $27,000 | $463,559,000 | $77,984,000 | ($66,666,000) | $474,904,000 | ||
Beginning balance, shares at Dec. 31, 2010 | 100 | 26,707,501 | ' | ' | ' | ' | ||
Dividends to shareholders | ' | ' | ' | -20,738,000 | ' | -20,738,000 | ||
Dividend equivalents | ' | ' | ' | -360,000 | ' | -360,000 | ||
Shares repurchased | ' | -1,102,106 | -13,141,000 | ' | ' | -13,142,000 | ||
Shares repurchased, shares | ' | -1,000 | ' | ' | ' | ' | ||
Shares issued in connection with vested share grants | ' | 80,132 | ' | ' | ' | ' | ||
Share-based compensation | ' | ' | 4,768,000 | ' | ' | 4,768,000 | ||
Net income | ' | ' | ' | 1,096,000 | ' | 1,096,000 | ||
Net change in the fair value of derivatives, net of deferred tax asset of $470, $1,456 and $3,486 for the years ended December 31, 2011, 2012 and 2013 respectively | ' | ' | ' | ' | -4,959,000 | -4,959,000 | [1] | |
Reclassified from other comprehensive income into earnings, net of deferred tax $209, $41 and $186 for the years ended December 31, 2011, 2012 and 2013 respectively | ' | ' | ' | ' | 1,464,000 | 1,464,000 | [2] | |
Ending balance at Dec. 31, 2011 | ' | 26,000 | 455,186,000 | 57,982,000 | -70,161,000 | 443,033,000 | ||
Ending balance, shares at Dec. 31, 2011 | 100 | 25,685,527 | ' | ' | ' | ' | ||
Dividends to shareholders | ' | ' | ' | -21,629,000 | ' | -21,629,000 | ||
Dividend equivalents | ' | ' | ' | -884,000 | ' | -884,000 | ||
Shares issued in connection with vested share grants, shares | ' | 163,718 | ' | ' | ' | ' | ||
New shares issued, value | ' | 2,000 | 23,912,000 | ' | ' | 23,914,000 | ||
New shares issued, shares | ' | 2,191,060 | ' | ' | ' | ' | ||
Share-based compensation | ' | ' | 3,635,000 | ' | ' | 3,635,000 | ||
Net income | ' | ' | ' | 47,669,000 | ' | 47,669,000 | ||
Net change in the fair value of derivatives, net of deferred tax asset of $470, $1,456 and $3,486 for the years ended December 31, 2011, 2012 and 2013 respectively | ' | ' | ' | ' | 9,075,000 | 9,075,000 | [1] | |
Reclassification from other comprehensive income into earnings due to termination of derivative liabilities, net of deferred tax liability of $3,926 | ' | ' | ' | ' | 27,479,000 | 27,479,000 | [3] | |
Reclassified from other comprehensive income into earnings, net of deferred tax $209, $41 and $186 for the years ended December 31, 2011, 2012 and 2013 respectively | ' | ' | ' | ' | -290,000 | -290,000 | [2] | |
Ending balance at Dec. 31, 2012 | ' | 28,000 | 482,733,000 | 83,138,000 | -33,897,000 | 532,002,000 | ||
Ending balance, shares at Dec. 31, 2012 | 100 | 28,040,305 | ' | ' | ' | ' | ||
Dividends to shareholders | ' | ' | ' | -30,531,000 | ' | -30,531,000 | ||
Dividend equivalents | ' | ' | ' | -940,000 | ' | -940,000 | ||
Shares issued in connection with vested share grants, shares | ' | 122,534 | ' | ' | ' | ' | ||
New shares issued, value | ' | 13,000 | 172,582,000 | ' | ' | 172,595,000 | ||
New shares issued, shares | ' | 13,142,856 | ' | ' | ' | ' | ||
Shares issued in connection with SARs exercised, shares | ' | 643 | ' | ' | ' | ' | ||
Share-based compensation | ' | ' | 3,177,000 | ' | ' | 3,177,000 | ||
Derivative instruments terminated in connection with aircraft sale , net of defered tax asset of $320 | ' | ' | ' | ' | -747,000 | -747,000 | ||
Net income | ' | ' | ' | 52,476,000 | ' | 52,476,000 | ||
Net change in the fair value of derivatives, net of deferred tax asset of $470, $1,456 and $3,486 for the years ended December 31, 2011, 2012 and 2013 respectively | [4] | ' | ' | ' | ' | 22,093,000 | 22,093,000 | [1] |
Reclassified from other comprehensive income into earnings, net of deferred tax $209, $41 and $186 for the years ended December 31, 2011, 2012 and 2013 respectively | [4] | ' | ' | ' | ' | -1,302,000 | -1,302,000 | [2] |
Ending balance at Dec. 31, 2013 | ' | $41,000 | $658,492,000 | $104,143,000 | ($13,853,000) | $748,823,000 | ||
Ending balance, shares at Dec. 31, 2013 | 100 | 41,306,338 | ' | ' | ' | ' | ||
[1] | Deferred tax expense was $3.5 million and $1.4 million for the years ended December 31, 2013 and 2012, respectively. Deferred tax benefit was $0.5 million for the year ended DecemberB 31, 2011. | |||||||
[2] | Deferred tax benefit was $0.2 million and $41,000 for the years ended DecemberB 31, 2013 and 2012, respectively. Deferred tax expense was $0.2 million for the year ended December 31, 2011. | |||||||
[3] | Deferred tax expense was $3.9 million for the year ended DecemberB 31, 2012. | |||||||
[4] | See Note 8 to Notes to Consolidated Financial Statements. |
Consolidated_Statements_of_Sha1
Consolidated Statements of Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statement of Shareholders' Equity [Abstract] | ' | ' |
Derivative instruments terminated in connection with aircraft sale, tax | $320 | ' |
Change in fair value of derivatives, deferred tax expense (benefit) | 3,486 | 1,456 |
Reclassification from other comprehensive income into earnings due to termination of derivative liabilities, deferred tax expense (benefit) | ' | 3,926 |
Reclassification from other comprehensive income into earnings, deferred tax expense (benefit) | -186 | 41 |
Underwriting commission | ' | $1,086 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net income | $52,476 | $47,669 | $1,096 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ' | ' | ' |
Equity earnings from unconsolidated subsidiaries | -1,871 | -9,383 | -5,647 |
Gain on sale of aircraft | -6,277 | -8,360 | -9,137 |
Gain on sale of investment in unconsolidated subsidiary | ' | -36,882 | ' |
Depreciation | 146,400 | 136,633 | 95,718 |
Aircraft impairment | 8,825 | 11,382 | 7,500 |
Amortization of debt issuance costs | 5,735 | 3,202 | 7,471 |
Amortization of lease incentives | 9,019 | 6,989 | 6,856 |
Amortization of lease discounts/premiums and other items | 8,173 | 6,281 | 1,307 |
Amortization of GAAM acquisition date fair market value adjustments | 12,602 | 23,611 | 5,838 |
Net (gain) loss on extinguishment of debt | -15,881 | 7,387 | ' |
Share-based compensation | 3,177 | 3,635 | 4,768 |
Deferred income taxes | 6,195 | -8,180 | 2,562 |
Unrealized loss (gain) on derivative instruments | -1,263 | 31,871 | -1,489 |
Security deposits and maintenance payment liability relieved | -31,360 | -47,694 | -3,911 |
Security deposits and maintenance payment claims applied towards operating lease revenues | -2,596 | -7,671 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Rent receivables | -4,982 | -1,070 | 120 |
Other assets | -1,969 | 5,644 | -1,913 |
Payable to related parties | -10,544 | -4,837 | 1,781 |
Accounts payable and accrued liabilities | -1,305 | 8,148 | 2,415 |
Rentals received in advance | 2,344 | -1,240 | -2,923 |
Other liabilities | 4,576 | 13,247 | -2,135 |
Net cash flows provided by operating activities | 181,474 | 180,382 | 110,277 |
Cash Flows from Investing Activities | ' | ' | ' |
Investment in unconsolidated subsidiaries | ' | ' | -28,054 |
Distributions from unconsolidated subsidiaries | ' | 6,269 | 26,951 |
Proceeds from sale of investment in BBAM LP | ' | 49,500 | ' |
Purchase of GAAM Portfolio, net of cash assumed | ' | ' | -113,623 |
Purchase of additional flight equipment | -632,944 | -50,803 | -52,128 |
Proceeds from sale of aircraft | 48,539 | 67,740 | 126,913 |
Lessor contribution to maintenance | -24,185 | -16,626 | -11,312 |
Net cash flows provided by (used in) investing activities | -608,590 | 56,080 | -51,253 |
Cash Flows from Financing Activities | ' | ' | ' |
Restricted cash and cash equivalents | -39,731 | 160,947 | -21,712 |
Security deposits received | 13,910 | 9,398 | 3,567 |
Security deposits returned | -7,271 | -4,257 | -3,703 |
Maintenance payment liability receipts | 56,968 | 57,892 | 53,515 |
Maintenance payment liability disbursements | -16,612 | -28,150 | -14,544 |
Debt extinguishment costs | -3,856 | ' | ' |
Proceeds for unsecured borrowings | 291,389 | ' | ' |
Proceeds from secured borrowings | 587,083 | 459,200 | 46,596 |
Proceeds from Term Loan upsizing | 101,892 | ' | ' |
Debt issuance costs | -11,825 | -16,483 | -801 |
Repayment of secured borrowings | -444,607 | -847,607 | -204,867 |
Proceeds from sale of notes payable | ' | 87,282 | 33,765 |
Proceeds from (payment for) termination of interest rate swap contract | ' | -35,066 | 1,398 |
Shares repurchased | ' | ' | -13,142 |
Proceeds from issuance of shares, net of fees paid | 172,595 | 23,914 | ' |
Dividends | -30,531 | -21,629 | -20,738 |
Dividend equivalents | -940 | -884 | -360 |
Net cash flows proved by (used in) financing activities | 668,464 | -155,443 | -141,026 |
Net increase (decrease) in cash | 241,348 | 81,019 | -82,002 |
Cash at beginning of period | 163,124 | 82,105 | 164,107 |
Cash at end of period | 404,472 | 163,124 | 82,105 |
Cash paid during the period for: | ' | ' | ' |
Interest | 97,451 | 118,672 | 74,804 |
Taxes | 84 | 2,057 | 1,381 |
Noncash Activities: | ' | ' | ' |
Security deposits and maintenance payment liability disbursements applied as rentals received in advance | 676 | 345 | ' |
Security deposits assumed on purchase of flight equipment | 1,774 | 1,080 | ' |
Maintenance reserves assumed on purchase of flight equipment | ' | 8,482 | ' |
Security deposit and maintenance payment liability disbursements applied to rent receivables | 5,184 | 1,128 | ' |
Withholding taxes netted against distributions received from BBAM LP | ' | 1,847 | 1,264 |
Security deposits netted against sales price from sale of flight equipment | ' | 2,170 | 1,700 |
Maintenance payment liabilities and claims netted against sales price from sale of flight equipment | ' | ' | 8,006 |
Debt issuance costs netted with proceeds from secured borrowings | ' | ' | 1,402 |
Secured borrowings assumed by buyer | 38,500 | ' | ' |
Derivative liabilities assumed by buyer | $5,000 | ' | ' |
Organization
Organization | 12 Months Ended |
Dec. 31, 2013 | |
Organization [Abstract] | ' |
ORGANIZATION | ' |
1. ORGANIZATION | |
Fly Leasing Limited (the “Company” or “Fly”) is a Bermuda exempted company that was incorporated on May 3, 2007, under the provisions of Section 14 of the Companies Act 1981 of Bermuda. The Company was formed to acquire, finance, lease and sell commercial jet aircraft and other aviation assets directly or indirectly through its subsidiaries. | |
Although the Company is organized under the laws of Bermuda, it is a resident of Ireland for tax purposes and is subject to Irish corporation tax on its income in the same way, and to the same extent, as if the Company were organized under the laws of Ireland. | |
In accordance with the Company’s amended and restated bye-laws, Fly issued 100 shares (“Manager Shares”) with a par value of $0.001 to Fly Leasing Management Co. Limited (the “Manager”) for no consideration. Subject to the provisions of the Company’s amended and restated bye-laws, the Manager Shares have the right to appoint the nearest whole number of directors to the Company which is not more than 3/7th of the number of directors comprising the board of directors. The Manager Shares are not entitled to receive any dividends, are not convertible into common shares and, except as provided for in the Company’s amended and restated bye-laws, have no voting rights. | |
On October 14, 2011, the Company completed the acquisition of a portfolio of 49 aircraft and other assets (“GAAM Portfolio”) valued at approximately $1.4 billion and managed by Global Aviation Asset Management (“GAAM”). The purchase was funded with approximately $141.7 million of the Company’s unrestricted cash and the assumption of approximately $1.2 billion of secured, non-recourse debt. The Company incurred approximately $18.0 million in expenses in connection with the acquisition, including a one-time $12.5 million fee to BBAM LP for arranging the acquisition. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
BASIS OF PREPARATION | |
Fly is a holding company that conducts its business through its subsidiaries. The Company directly or indirectly owns all of the common shares of its consolidated subsidiaries. The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of Fly and all of its subsidiaries. In instances where it is the primary beneficiary, Fly would consolidate a Variable Interest Entity (“VIE”). All intercompany transactions and balances have been eliminated. The consolidated financial statements are stated in U.S. Dollars, which is the principal operating currency of the Company. | |
The Company has one operating and reportable segment which is aircraft leasing. | |
USE OF ESTIMATES | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, deferred tax assets and accruals and reserves. To the extent available, the Company utilizes industry specific resources, third-party appraisers and other materials to support management’s estimates, particularly with respect to flight equipment. Despite management’s best efforts to accurately estimate such amounts, actual results could differ from those estimates. | |
RISKS AND UNCERTAINTIES | |
The Company encounters several types of risk during the course of its business, including credit and market risks. Credit risk addresses a lessee’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects the change in the value of derivatives and credit facilities due to changes in interest rate spreads or other market factors, including the value of collateral underlying the Company’s credit facilities. | |
Other types of risk encountered by the Company include the following: | |
•The success of the Company is dependent on the performance of the commercial aviation industry. A downturn in the industry could adversely impact the 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. | |
•The Company will require access to the debt and equity markets to refinance its outstanding indebtedness and to grow its business through the acquisition of additional aircraft. | |
•The Company relies and is dependent upon an external servicer to manage its business and service its aircraft portfolio. | |
CASH AND CASH EQUIVALENTS | |
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | |
RESTRICTED CASH AND CASH EQUIVALENTS | |
Pursuant to certain of the Company’s debt facilities, payments received from lessees serve as collateral to the lenders and are thus subject to withdrawal restrictions. The Company’s restricted cash and cash equivalents consist primarily of (i) security deposits and certain maintenance payments received from lessees under the terms of various lease agreements, (ii) a portion of rents collected which may be required to be held as cash collateral and (iii) other cash, which may be subject to withdrawal restrictions pursuant to the Company’s credit agreements as further described in Note 7. | |
All restricted cash is held by major financial institutions in segregated accounts. | |
RENT RECEIVABLES | |
Rent receivables represent unpaid lessee obligations under existing lease contracts. Any allowance for doubtful accounts is established on a specific identification basis and is maintained at a level believed by management to be adequate to absorb probable losses inherent in rent receivables. The assessment of credit risk is primarily based on the extent to which amounts outstanding exceed the value of security held, the financial strength and condition of a debtor and the current economic and regulatory conditions of the debtor’s operating environment. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows and consideration of current factors and economic trends impacting the lessees and their credit-worthiness, all of which may be susceptible to significant change. Uncollectible rent receivables are charged off against the allowance, while recoveries of amounts previously charged off are credited to the allowance. A provision for credit losses is recorded based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. As of December 31, 2013 and 2012, the Company had no allowance for doubtful accounts. The Company had one and two lessees on non-accrual status as of December 31, 2013 and 2012, respectively, and recognized revenue from those lessees when cash was received. | |
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES | |
Fly has a 57.4% interest in Fly-Z/C Aircraft Holdings LP (“Fly-Z/C LP”). On December 28, 2012, Fly sold its 15.0% interest in BBAM Limited Partnership (“BBAM LP”). | |
Fly accounts for its interest in unconsolidated subsidiaries using the equity method as the Company does not control the entities. Under the equity method, the Company’s investment is initially recorded at cost and the carrying amount is affected by its share of the unconsolidated subsidiaries’ undistributed earnings and losses, and distributions of dividends and capital. | |
The Company periodically reviews the carrying amount of its investment in the unconsolidated subsidiaries, or whenever events or changes in circumstances indicate that a decline in value may have occurred. If its investment is determined to be impaired on an other-than-temporary basis, a loss equal to the difference between the fair value of the investment and its carrying value is recorded in the period of identification. | |
FLIGHT EQUIPMENT HELD FOR OPERATING LEASES | |
Flight equipment held for operating leases are recorded at cost and depreciated to estimated residual values on a straight-line basis over their estimated remaining useful lives. Useful life is generally 25 years from the date of manufacture. Residual values are generally estimated to be 15% of original manufacturer’s estimated realized price for the flight equipment when new. Management may, at its discretion, 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 residual values. Examples of such situations include, but are not limited to: | |
•Flight equipment where original manufacturer’s prices are not relevant due to plane modifications and conversions. | |
•Flight equipment which is out of production and may have a shorter useful life or lower residual value due to obsolescence. | |
•The remaining life of a converted freighter is determined based on the date of conversion, in which case, the total useful life may extend beyond 25 years from the date of manufacture. | |
Estimated residual values and useful lives of flight equipment are reviewed and adjusted, if appropriate, at each reporting period. | |
Major improvements to be performed by the Company pursuant to the lease agreement are accounted for as lease incentives and are amortized against revenue over the term of the lease, assuming no lease renewals. Lessee specific modifications to the aircraft are capitalized and also amortized against revenue over the term of the lease. Generally, lessees are responsible for repairs, scheduled maintenance and overhauls during the lease term and to be compliant with return conditions of flight equipment at lease termination. | |
Major improvements and modifications incurred for an aircraft that is off-lease are capitalized and depreciated over the remaining life of the flight equipment. In addition, costs paid by us for scheduled maintenance and overhauls are also capitalized and depreciated over a period to the next scheduled maintenance or overhaul event. Miscellaneous repairs are expensed when incurred. | |
At the time of an aircraft acquisition, the Company evaluates whether the lease acquired with the aircraft is at fair market value by comparing the contractual lease rates to the range of current lease rates of like aircraft. A lease premium is recognized when it is determined that the acquired lease’s terms are above market value; lease discounts are recognized when it is determined that the acquired lease’s terms are below fair market value. Lease discounts are capitalized into other liabilities and accreted as additional rental revenue on a straight-line basis over the lease term. Lease premiums are capitalized into other assets and amortized against rental revenue on a straight-line basis over the lease term. | |
IMPAIRMENT OF FLIGHT EQUIPMENT | |
The Company evaluates flight equipment for impairment when circumstances indicate that the carrying amounts of such assets may not be recoverable. The Company’s evaluation of impairment indicators include, but are not limited to, recent transactions for similar aircraft, adverse changes in market conditions for specific aircraft types, third party appraisals of specific aircraft, published values for similar aircraft, any occurrences of adverse changes in the aviation industry and the overall market conditions that could impact the fair value of our aircraft. The review for recoverability includes an assessment of the estimated future cash flows associated with the use of an asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, the Company will assess whether the carrying values of the flight equipment exceed the fair values and an impairment loss is required. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected lease rates, transition costs, estimated down time and estimated residual or scrap values for an aircraft. The impairment loss is measured as the excess of the carrying amount of the impaired asset over its fair value. See Note 16 – Fair Value Measurements. | |
Future cash flows are assumed to occur under current market conditions and assume adequate time for a sale between a willing and able buyer and a willing seller. Expected future lease rates are based on all relevant information available, including the existing lease, current contracted rates for similar aircraft, appraisal data and industry trends. Residual value assumptions generally reflect an aircraft’s salvage value, except where more recent industry information indicates a different value is appropriate. | |
The preparation of these impairment analyses requires the use of assumptions and estimates, including the level of future rents, the residual value of the flight equipment to be realized upon sale at some date in the future, estimated downtime between re-leasing events and the amount of re-leasing costs. For the year ended December 31, 2013, the Company recognized an impairment loss of $8.8 million in respect of an Airbus A319-100 aircraft which was manufactured in 2000. This aircraft will be sold by the Company in 2014. For the year ended December 31, 2012, the Company recognized an impairment loss of $11.4 million in respect of two Boeing 737-500 aircraft which were manufactured in 1992 and one Airbus A320-200 aircraft which was manufactured in 2002. The Airbus A320-200 aircraft was sold during the first quarter of 2013. For the year ended December 31, 2011, the Company recognized an impairment loss of $7.5 million in respect of two Boeing 737-500 aircraft. The leases related to these two aircraft expired in 2012 and the Company disposed of the aircraft in 2013. | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
The Company uses derivative financial instruments to manage its exposure to interest rate and foreign currency risks. All derivatives are recognized on the balance sheet at their fair values. Pursuant to hedge accounting provisions, changes in the fair value of the item being hedged are recognized into earnings in the same period and in the same income statement line as the change in the fair value of the derivative instrument. On the date that the Company enters into a derivative contract, the Company formally documents all relationships between the hedging instruments and the hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. | |
Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash flow hedges are accounted for by recording the fair value of the derivative instrument on the balance sheet as either a freestanding asset or liability. Changes in the fair value of a derivative that is designated and qualifies as an effective cash flow hedge are recorded in accumulated other comprehensive income, net of tax, until earnings are affected by the variability of cash flows of the hedged item. Any derivative gains and losses that are not effective in hedging the variability of expected cash flows of the hedged item or that do not qualify for hedge accounting treatment are recognized directly into income. | |
At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in cash flows of the derivative instrument have been highly effective in offsetting changes in the cash flows of the hedged items and whether they are expected to be highly effective in the future. The Company discontinues hedge accounting prospectively when (i) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the derivative instrument is carried at its fair market value on the balance sheet with changes in fair value recognized into current-period earnings. The remaining balance in accumulated other comprehensive income associated with the derivative that has been discontinued is not recognized in the income statement unless it is probable that the forecasted transaction will not occur. Such amounts are recognized in earnings when earnings are affected by the hedged transaction. | |
OTHER ASSETS | |
Other assets consist primarily of debt issuance costs, unamortized lease premiums, initial direct lease costs and other miscellaneous receivables. The Company capitalizes costs incurred in arranging financing as debt issuance costs. Debt issuance costs are amortized to interest expense using the effective interest method over the terms of the credit facilities. Lease premiums are amortized into operating lease income over the lease term. | |
SECURITY DEPOSITS | |
In the normal course of leasing aircraft to third parties under its lease agreements, the Company receives cash or letters of credit as security for certain contractual obligations which is held on deposit until termination of the lease. Security deposits are returned to the lessee at lease termination or taken into income if the lessee fails to perform under its lease. | |
MAINTENANCE PAYMENT LIABILITY | |
The Company’s flight equipment is typically subject to triple-net leases under which the lessee is responsible for maintenance, insurance and taxes. Fly’s operating leases also obligate the lessees to comply with all governmental requirements applicable to the flight equipment, including without limitation, operational, maintenance, registration requirements and airworthiness directives. | |
Under the terms of the lease agreements, cash collected from lessees for future maintenance of the aircraft is recorded as maintenance payment liabilities. The Company does not recognize such maintenance payments as revenue during the lease. Maintenance payment liabilities are attributable to specific aircraft and are typically based on hours or cycles of utilization, depending upon the component. Upon the occurrence of qualified maintenance events, the lessee submits a request for reimbursement and upon disbursement of the funds, the liability is relieved. | |
In some leases, the lessor may be obligated to contribute to maintenance related expenses on an aircraft during the term of the lease. In other instances, the lessee or lessor may be obligated to make a payment to the other party at lease termination based on a computation stipulated in the lease agreement. The calculation is based on utilization and condition of the airframe, engines and other major life-limited components as determined at lease termination. | |
The Company may also incur maintenance expenses on off-lease aircraft. Scheduled major maintenance or overhaul activities and costs for certain high-value components that are paid by the Company are capitalized and depreciated over the period until the next overhaul is required. Such payments made by the Company for minor maintenance, repairs and re-leasing of aircraft are expensed as incurred. | |
Maintenance payment liability balances at the end of a lease or any amount received as part of a redelivery adjustment are recorded as lease revenue at lease termination, including early termination upon a default. When flight equipment is sold, the maintenance payment liability amounts may be remitted to the buyer in accordance with the terms of the related agreements and are released from the balance sheet as part of the disposition gain or loss. | |
REVENUE RECOGNITION | |
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Where revenue amounts do not meet these recognition criteria, they are deferred and recognized in the period in which the recognition criteria are met. Rental income from aircraft is recognized on a straight-line basis over the initial term of the respective lease. The operating lease agreements generally do not provide for purchase options, however, the leases may allow the lessee the option to extend the lease for an additional term. Contingent rents are recognized as revenue when the contingency is resolved. Revenue is not recognized when collection is not reasonably assured. | |
SHARE-BASED COMPENSATION | |
The Company has a 2010 Omnibus Incentive Plan (“2010 Plan”) which permitted the issuance of up to 1,500,000 share grants in the form of (i) stock appreciation rights (“SARs”); (ii) restricted stock units (“RSUs”); (iii) nonqualified stock options; and (iv) other stock-based awards. In May 2012, the Company made an additional aggregate grant of 300,000 SARs and RSUs to certain employees of BBAM LP, who provide services to the Company pursuant to management and servicing agreements. As of December 31, 2013 and 2012, the Company had made grants aggregating 1,500,000 under the 2010 Plan, respectively. There are no shares remaining available for grants under the 2010 Plan. | |
In accordance with GAAP, compensation expense associated with grants to employees are valued at the grant date and amortized on a straight-line basis over the service period. Grants to non-employees are initially measured at grant date, and then re-measured at each interim reporting period until the awards are vested. Determining the appropriate fair value model and calculation of the fair value of stock-based awards requires judgment, including estimating stock price volatility, forfeitures and expected grant life. | |
TAXES | |
The Company provides for income taxes by tax jurisdiction (see Note 10). Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statements and tax basis of existing assets and liabilities at the enacted tax rates expected to apply when the assets are recovered or liabilities are settled. A valuation allowance is used to reduce deferred tax assets to the amount which management ultimately expects to be more-likely-than-not realized. | |
The Company applies a recognition threshold of more-likely-than-not to be sustained in the examination of tax uncertainty in income taxes. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The Company has elected to classify any interest on unpaid income taxes and penalties as a component of the provision for income taxes. No interest on unpaid income taxes and penalties were incurred during the years ended December 31, 2013, 2012 and 2011. | |
NEW ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued guidance which requires companies to present, in one place, information about reclassifications out of accumulated other comprehensive income (“AOCI”). It also requires companies to present the reclassifications by component. For significant items reclassified out of AOCI to net income in their entirety, companies must disclose the line item on the statement of income that was affected. This can be done on the face of the statement in certain circumstances or in the notes. For significant items not reclassified to net income in their entirety during the reporting period, companies must cross-reference the note where additional details about the effects of the reclassification are disclosed. The Company adopted the guidance prospectively commencing in the 2013 fiscal year and interim periods within the year. | |
Flight_Equipment_Held_for_Oper
Flight Equipment Held for Operating Leases | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Flight Equipment Held for Operating Leases [Abstract] | ' | ||||||
FLIGHT EQUIPMENT HELD FOR OPERATING LEASES | ' | ||||||
3. FLIGHT EQUIPMENT HELD FOR OPERATING LEASES | |||||||
As of December 31, 2013 and 2012, the Company had 113 and 109 aircraft held for operating leases, respectively. During the year ended December 31, 2013, the Company purchased fourteen aircraft for a total acquisition cost of $642.2 million. | |||||||
During the year ended December 31, 2012, the Company purchased four aircraft for a total acquisition cost of $60.4 million. To partially finance the acquisitions, the Company entered into loan agreements with an international commercial bank to borrow a total of $50.0 million. | |||||||
During the year ended December 31, 2013, the Company sold ten aircraft and recognized a pre-tax gain on sale totaling $6.3 million. The buyer of six of the aircraft also assumed the underlying debt financing and derivative instruments associated with the aircraft. During the year ended December 31, 2012, the Company sold four aircraft and recognized a pre-tax gain on sale totaling $8.4 million. A portion of the proceeds received was used to repay the debt associated with the four aircraft. | |||||||
For the year ended December 31, 2013, the Company recognized an impairment loss of $8.8 million in respect of an Airbus A319-100 aircraft which was manufactured in 2000. This aircraft will be sold by the Company in 2014. For the year ended December 31, 2012, the Company recognized an impairment loss of $11.4 million in respect of two Boeing 737-500 aircraft which were manufactured in 1992 and one Airbus A320-200 aircraft which was manufactured in 2002. The Airbus A320-200 aircraft was sold during the first quarter of 2013. For the year ended December 31, 2011, the Company recognized an impairment loss of $7.5 million in respect of two Boeing 737-500 aircraft. The leases related to these two aircraft expired in 2012 and the Company disposed of the aircraft in 2013. | |||||||
Flight equipment held for operating leases consist of the following: | |||||||
December 31, 2013 | December 31, 2012 | ||||||
(Dollars in thousands) | |||||||
Cost................................................................... | $ | $ | |||||
3,597,330 | 3,047,274 | ||||||
Accumulated depreciation..................................... | -562,418 | -430,410 | |||||
Net flight equipment held for operating leases................. | $ | $ | |||||
3,034,912 | 2,616,864 | ||||||
The Company capitalized $17.2 million and $11.4 million, respectively, of major maintenance expenditures for the years ended December 31, 2013 and 2012. These amounts have been included in flight equipment held for operating leases. | |||||||
The classification of the net book value of flight equipment held for operating leases and operating lease revenues by geographic region in the tables and discussion below is based on the principal operating location of the aircraft lessee. | |||||||
The distribution of the net book value of flight equipment held for operating leases by geographic region is as follows: | |||||||
December 31, 2013 | December 31, 2012 | ||||||
(Dollars in thousands) | |||||||
Europe: | |||||||
United Kingdom................................................................................................... | $ | 11% | $ | 14% | |||
347,627 | 365,411 | ||||||
Turkey................................................................................................................... | 191,527 | 6% | 113,244 | 4% | |||
Germany............................................................................................................... | 152,894 | 5% | 107,568 | 4% | |||
Other..................................................................................................................... | 459,243 | 15% | 493,263 | 19% | |||
Europe — Total................................................................................................... | 1,151,291 | 37% | 1,079,486 | 41% | |||
Asia and South Pacific: | |||||||
China..................................................................................................................... | 353,868 | 12% | 300,568 | 11% | |||
India..................................................................................................................... | 120,771 | 4% | 146,659 | 6% | |||
Other..................................................................................................................... | 394,627 | 13% | 265,911 | 10% | |||
Asia and South Pacific — Total............................................................................... | 869,266 | 29% | 713,138 | 27% | |||
North America: | |||||||
United States....................................................................................................... | 291,724 | 10% | 266,603 | 10% | |||
Other..................................................................................................................... | 33,162 | 1% | 34,650 | 2% | |||
North America — Total......................................................................................... | 324,886 | 11% | 301,253 | 12% | |||
Mexico, South and Central America: | |||||||
Chile................................................................................................... | 255,832 | 9% | — | — | |||
Brazil..................................................................................................................... | 98,393 | 3% | 97,319 | 4% | |||
Mexico................................................................................................................. | 127,943 | 4% | 169,710 | 6% | |||
Mexico, South and Central America — Total............................................................. | 482,168 | 16% | 267,029 | 10% | |||
Middle East and Africa — Total............................................................................... | 189,682 | 6% | 163,489 | 6% | |||
Off-Lease — Total............................................................................................... | 17,619 | 1% | 92,469 | 4% | |||
Total flight equipment held for operating leases, net..................................................... | $ | 100% | $ | 100% | |||
3,034,912 | 2,616,864 | ||||||
At December 31, 2013, aircraft held for operating leases were on lease to 62 lessees in 34 countries. The Company had one aircraft that was off-lease at December 31, 2013. At December 31, 2012, aircraft held for operating leases were on lease to 55 lessees in 32 countries. The Company had six aircraft that were off-lease at December 31, 2012. | |||||||
The distribution of operating lease revenue by geographic region for the years ended December 31, 2013, 2012 and 2011 is as follows: | |||||||
Year ended | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | |||||
2013 | 2012 | 2011 | |||||
(Dollars in thousands) | |||||||
Europe: | |||||||
United Kingdom................................................................................. | $ | 13% | $ | 12% | $ | 8% | |
48,507 | 45,916 | 19,444 | |||||
Turkey............................................................................................... | 14,703 | 4% | 12,319 | 3% | 5,874 | 3% | |
Germany............................................................................................. | 19,882 | 6% | 28,746 | 8% | 15,560 | 7% | |
Other................................................................................................. | 69,480 | 20% | 83,347 | 22% | 68,513 | 29% | |
Europe — Total................................................................................. | 152,572 | 43% | 170,328 | 45% | 109,391 | 47% | |
Asia and South Pacific: | |||||||
China................................................................................................. | 41,332 | 12% | 36,918 | 10% | 13,620 | 6% | |
India................................................................................................... | 21,894 | 6% | 39,312 | 10% | 22,341 | 10% | |
Other................................................................................................. | 32,841 | 9% | 34,506 | 10% | 11,288 | 4% | |
Asia and South Pacific — Total........................................................... | 96,067 | 27% | 110,736 | 30% | 47,249 | 20% | |
North America: | |||||||
United States..................................................................................... | 40,482 | 11% | 41,311 | 11% | 39,088 | 17% | |
Other................................................................................................. | 3,891 | 1% | 3,891 | 1% | 3,891 | 2% | |
North America — Total....................................................................... | 44,373 | 12% | 45,202 | 12% | 42,979 | 19% | |
Mexico, South and Central America: | |||||||
Chile................................................................................................... | 10,055 | 3% | — | — | — | — | |
Brazil................................................................................................. | 19,038 | 5% | 12,630 | 3% | 1,687 | 1% | |
Mexico............................................................................................... | 18,996 | 5% | 18,843 | 5% | 16,276 | 7% | |
Mexico, South and Central America — Total........................................... | 48,089 | 13% | 31,473 | 8% | 17,963 | 8% | |
Middle East and Africa — Total........................................................... | 18,308 | 5% | 18,698 | 5% | 13,134 | 6% | |
Total Operating Lease Revenue............................................................. | $ | 100% | $ | 100% | $ | 100% | |
359,409 | 376,437 | 230,716 | |||||
The Company had no customer that accounted for 10% or more of total operating lease revenue for any of the years ended December 31, 2013, 2012 and 2011. In 2013, the Company had one lessee on non-accrual basis due to concerns about the lessee’s financial condition and only recognized revenue as cash was received. In 2012 and 2011, the Company had two lessees which it placed on non-accrual status. These leases were terminated during the first quarter of 2013. During the years ended December 31, 2013, 2012 and 2011, the Company recognized revenue of $0.8 million, $7.5 million and $10.4 million, respectively, from these lessees. | |||||||
For the years ended December 31, 2013, 2012 and 2011, the Company recognized end of lease revenues totaling $47.6 million, $49.8 million and $2.9 million, respectively. | |||||||
The amortization of lease premiums, net of lease discounts which have been included as a component of operating lease revenue was $3.4 million and $7.5 million for the years ended December 31, 2013 and 2012, respectively. The amortization of lease discounts, net of lease premiums, was $1.9 million for the year ended December 31, 2011. | |||||||
As of December 31, 2013 and 2012, the weighted average remaining lease term of the Company’s aircraft held for operating leases was 4.3 and 3.2 years, respectively. | |||||||
Presented below are the contracted future minimum rental payments due under non-cancellable operating leases, as of December 31, 2013. For leases that have floating rental rates based on the six-month LIBOR, the future minimum rental payments due assume that the rental payment due as of December 31, 2013 is held constant for the duration of the lease. | |||||||
Year ending December 31, | (Dollars in thousands) | ||||||
2014......................................................................................................... | $ | ||||||
344,216 | |||||||
2015......................................................................................................... | 277,152 | ||||||
2016......................................................................................................... | 198,864 | ||||||
2017......................................................................................................... | 164,308 | ||||||
2018......................................................................................................... | 107,460 | ||||||
Thereafter................................................................................................. | 222,669 | ||||||
Future minimum rental payments under operating leases................................... | $ | ||||||
1,314,669 | |||||||
For the years ended December 31, 2013, 2012 and 2011, amortization of lease incentives recorded as a reduction of operating lease revenue totaled $9.0 million, $7.0 million and $6.9 million, respectively. At December 31, 2013, lease incentive amortization for the next five years and thereafter is as follows: | |||||||
Year ending December 31, | (Dollars in thousands) | ||||||
2014......................................................................................................... | $ | ||||||
12,327 | |||||||
2015......................................................................................................... | 11,004 | ||||||
2016......................................................................................................... | 8,994 | ||||||
2017......................................................................................................... | 7,174 | ||||||
2018......................................................................................................... | 3,785 | ||||||
Thereafter................................................................................................. | 2,811 | ||||||
Future amortization of lease incentives............................................................. | $ | ||||||
46,095 | |||||||
In connection with the early termination of four leases in a prior period, the Company reached a settlement with the guarantor of these leases in February 2009. Pursuant to the terms of the settlement agreement, the Company received a lump-sum payment of $6.3 million at the settlement date, with an additional $5.9 million that was paid in monthly installments through 2011 with interest at 8.0% per annum. During the year ended December 31, 2011, payments totaling $2.1 million were received. | |||||||
Investment_in_Unconsolidated_S
Investment in Unconsolidated Subsidiaries | 12 Months Ended |
Dec. 31, 2013 | |
Investment in Unconsolidated Subsidiaries [Abstract] | ' |
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES | ' |
4. INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES | |
Investment in BBAM LP | |
On April 29, 2010, the Company through its wholly-owned subsidiary, Fly-BBAM Holdings, Ltd. (“Fly-BBAM”), purchased a 15% interest in BBAM LP, a newly formed, privately-held aircraft leasing and management business for $8.75 million. BBAM LP provides management and administrative services to Fly, including servicing of its aircraft portfolio. Summit Aviation Partners LLC (“Summit”) owned the remaining 85% interest in BBAM LP. | |
On December 28, 2012, the Company sold its 15% interest in BBAM LP for $49.5 million and recognized a gain of $36.9 million. In June 2013, the Company received an additional $1.0 million of proceeds as a result of working capital adjustments pursuant to the purchase and sale agreement. | |
For the years ended December 31, 2012 and 2011, the Company recognized $7.8 million and $5.4 million, respectively, in equity earnings from its investment in BBAM LP. The Company amortized the difference between the cost of its initial investment and its share of underlying equity in the net assets of BBAM LP against its equity earnings from BBAM LP. The Company received distributions totaling $6.0 million and $5.0 million during the years ended December 31, 2012 and 2011, respectively. | |
Investment in Fly-Z/C LP | |
The Company has a 57.4% limited partnership interest in Fly-Z/C LP. Summit has a 10.2% interest in the joint venture and the limited partners appointed a subsidiary of BBAM LP as the general partner of the joint venture. For the years ended December 31, 2013, 2012 and 2011, the Company recognized $1.9 million, $1.6 million and $0.3 million, respectively, in equity earnings from its investment in Fly-Z/C LP. The Company did not receive any distributions in 2013. The Company received distributions totaling $0.5 million and $23.2 million during the years ended December 31, 2012 and 2011, respectively. The distribution in 2011 includes $22.2 million received in connection with the completion of a $40.0 million debt financing by the Fly-Z/C LP. | |
Other_Assets
Other Assets | 12 Months Ended | ||
Dec. 31, 2013 | |||
Other Assets [Abstract] | ' | ||
OTHER ASSETS | ' | ||
5. OTHER ASSETS | |||
The principal components of the Company’s other assets are as follows: | |||
December 31, 2013 | December 31, 2012 | ||
(Dollars in thousands) | |||
Loan issuance costs, net....................................... | $ | $ | |
25,593 | 18,461 | ||
Lease premiums................................................. | 4,949 | 8,718 | |
Other assets....................................................... | 9,108 | 4,847 | |
Total other assets | $ | $ | |
39,650 | 32,026 | ||
For the years ended December 31, 2013, 2012 and 2011, the Company amortized $5.1 million, $3.2 million and $6.5 million, respectively, of loan issuance cost into interest expense. | |||
Unsecured_Borrowings
Unsecured Borrowings | 12 Months Ended | ||
Dec. 31, 2013 | |||
Unsecured Borrowings [Abstract] | ' | ||
UNSECURED BORROWINGS | ' | ||
6. UNSECURED BORROWINGS | |||
Balance as of | |||
December 31, 2013 | December 31, 2012 | ||
(in thousands) | |||
Outstanding principal balance: | |||
Unsecured Notes issued............................................... | $ | $─ | |
300,000 | |||
Unamortized discount................................................. | -8,433 | ─ | |
Unsecured borrowings, net......................................... | $ | $─ | |
291,567 | |||
On December 11, 2013, the Company completed a public offering of $300.0 million aggregate principal amount of 6.75% Senior Notes due 2020 (the “Unsecured Notes”). In connection with the issuance, the Company paid an underwriting discount totaling $8.5 million. The Unsecured Notes are unsecured obligations of the Company and will rank pari passu in right of payment with any existing and future senior indebtedness of the Company. Interest on the Unsecured Notes is payable semi-annually on June 15 and December 15 of each year, beginning on June 15, 2014. | |||
At any time prior to December 15, 2016, the Company may redeem up to 35% of the original principal amount of the Unsecured Notes with the proceeds of certain equity offerings at a redemption price of 106.75% of the principal amount thereof, together with accrued and unpaid interest to, but not including, the date of redemption. On or after December 15, 2016, the Company may redeem the Unsecured Notes, in whole or in part, at the redemption prices listed below, plus accrued and unpaid interest to the redemption date. | |||
Redeemed during the 12-month period commencing on December 15 of the years set forth below: | |||
Redemption Price | |||
2016....................................................................................................... | 105.063% | ||
2017....................................................................................................... | 103.375% | ||
2018....................................................................................................... | 101.688% | ||
2019 and thereafter................................................................................. | 100.000% | ||
At any time prior to December 15, 2016, the Company may also redeem all or a portion of the Unsecured Notes at par but will have to pay a ‘‘make-whole premium’’ equal to the present value of all future interest payments called for under the indenture. | |||
Should the Company experience a change of control (as defined in the indenture), holders of the Unsecured Notes have the right to require the Company to repurchase all or any part of their Unsecured Notes for payment in cash equal to 101% of the aggregate principal amount of the Unsecured Notes repurchased plus accrued and unpaid interest. | |||
The Company received net proceeds of approximately $291.4 million, after deducting underwriters’ discounts and commissions and offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for general corporate purposes, including the acquisition of aircraft. The Unsecured Notes have a maturity date of December 15, 2020. | |||
Pursuant to the indenture, the Company is subject to financial and operating covenants which relate to its operations, dividend payments, incurrence of debt, repurchases of common shares, investments, disposition of aircraft, and capital expenditures. If the Unsecured Notes obtain a certain investment grade rating, certain covenants as specified in the indenture will be suspended. As of December 31, 2013, the Company was not in default under the Unsecured Notes. | |||
Secured_Borrowings
Secured Borrowings | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Secured Borrowings [Abstract] | ' | |||||
SECURED BORROWINGS | ' | |||||
7. SECURED BORROWINGS | ||||||
The Company’s secured borrowings balance, net of unamortized debt discounts, as of December 31, 2013 is presented below: | ||||||
Net carrying value as of | Weighted average | Maturity | ||||
December 31, | interest rate (1) as of | date | ||||
December 31, | ||||||
2013 | 2012 | 2013 | 2012 | |||
(in thousands) | ||||||
Notes Payable............................................................................. | $ | $ | 3.63% | 3.85% | November 2033 | |
575,326 | 639,281 | |||||
Nord LB Facility........................................................................... | 440,456 | 490,717 | 4.15% | 4.14% | Nov-18 | |
CBA Facility............................................................................... | 159,802 | 268,625 | 4.91% | 5.18% | September 2014 – October 2020 | |
Term Loan................................................................................. | 465,103 | 377,646 | 4.50% | 5.75% | Aug-19 | |
Fly Acquisition II......................................................................... | 126,766 | − | 4.16% | − | Jul-18 | |
Other aircraft secured borrowings................................................... | 487,252 | 276,143 | 4.71% | 5.54% | August 2014 – September 2025 | |
Total............................................................................................. | $ | $ | ||||
2,254,705 | 2,052,412 | |||||
____________ | ||||||
(1) Represents the contractual interest rates and effect of derivative instruments, and excludes the amortization of debt discounts and debt issuance costs. | ||||||
The Company is subject to certain operating covenants under its loan agreements relating to the maintenance, registration and insurance of its aircraft. The Company may also be required to maintain certain lease concentration limits, and there may be limitations on the re-leasing of aircraft and the disposition of aircraft. In addition, pursuant to certain of our loan agreements, the Company may be subject to additional operating covenants relating to the operations of the borrower entity; restrictions on the acquisition or substitution of additional aircraft; restrictions on the modification of aircraft and capital expenditures; limits on the amount and type of guarantees that can be provided or assumed or other indebtedness that can be incurred; and restrictions on the Company’s ability to grant liens or other encumbrances on the aircraft. The Company’s failure to comply with any one of these covenants may trigger an event of default under the relevant loan or facility agreement. | ||||||
Generally, an event of default under any of the Company’s loan or facility agreement may include, among other things: | ||||||
· | Interest or principal is not paid when due or within a prescribed period of time following its due date; | |||||
· | Failure to make certain other payments and such payments are not made within a prescribed period of time following written notice; | |||||
· | Failure to maintain required insurance levels; | |||||
· | Failure to comply with certain other covenants and such noncompliance continues for a specified period of time following written notice; or | |||||
· | Any of the aircraft owning or borrower entities become the subject of insolvency proceedings. | |||||
As of December 31, 2013, the Company was not in default under any of its secured borrowings. | ||||||
Notes Payable | ||||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance: | ||||||
Notes issued............................................................. | $ | $ | ||||
592,903 | 660,444 | |||||
Unamortized discount................................................. | -17,577 | -21,163 | ||||
Notes payable, net..................................................... | $ | $ | ||||
575,326 | 639,281 | |||||
On October 2, 2007, B&B Air Funding issued $853.0 million of aircraft lease-backed Class G-1 notes (the “Notes”) at an offering price of 99.71282%. The Notes are direct obligations of B&B Air Funding and are not obligations of, or guaranteed by Fly. Interest is payable monthly based on the current one-month LIBOR plus a spread of 0.77%, which includes an amount payable to Ambac Assurance Corporation, the provider of a financial guaranty insurance policy (the “Policy Provider”) that supports payment of interest and in certain circumstances, principal on the Notes. | ||||||
As of December 31, 2013 and 2012 accrued interest on the Notes totaled $0.2 million and $0.3 million, respectively. | ||||||
The Notes are secured by: (i) first priority, perfected security interests in and pledges or assignments of equity ownership and beneficial interests in the subsidiaries of B&B Air Funding; (ii) interests in the leases of the aircraft they own; (iii) cash held by or for them; and (iv) rights under agreements with BBAM, the initial liquidity facility provider, hedge counterparties and the insurance policy provider. Rentals paid under leases and proceeds from the sale of aircraft are placed in the collections account and paid out according to the priority of payments set forth in the indenture. The Notes are also secured by a lien or similar interest in any of the aircraft B&B Air Funding currently owns that are registered in the United States or Ireland. B&B Air Funding may not encumber the aircraft it currently owns or incur additional indebtedness except as permitted under the securitization related documents. | ||||||
In 2009, the Company repurchased through a wholly-owned subsidiary $169.4 million principal amount of the Notes. In 2011, the Company sold $40.8 million principal amount of these repurchased Notes. During the first quarter of 2012, the Company sold the remaining $106.7 million principal amount of Notes for $87.3 million. | ||||||
As of December 31, 2013 and 2012, the outstanding principal amount of the Notes was $592.9 million and $660.4 million, respectively. | ||||||
Until August 2012, there were scheduled minimum principal payments of approximately $1.0 million per month, subject to satisfying certain debt service coverage ratios and other covenants. Thereafter, all revenues collected during each monthly period have been applied to repay the outstanding balance of the Notes, after the payment of certain expenses and other costs, including the fees to the policy provider, interest and interest rate swap payments. The final maturity date of the Notes is November 14, 2033. | ||||||
In 2013 and 2012, the Company made principal payments of $67.5 million and $14.4 million, respectively. The payment in 2012 was net of $0.1 million, which was paid back to the Company in respect of the Notes it previously held. | ||||||
Prior to August 2012, a portion of the proceeds received from the sale of any aircraft included in the Initial Portfolio was applied to repay the debt allocated to such aircraft. In 2012, three aircraft were sold and the Company repaid debt of $38.8 million associated with these aircraft. The Company wrote-off loan costs and unamortized discounts of $1.5 million associated with the repaid debt. | ||||||
During the year ended December 31, 2013, two aircraft that secured the Notes were sold. | ||||||
The Company may, on a payment date, redeem the Notes in whole or from time to time in part, at the outstanding principal amount, together with accrued and unpaid interest. | ||||||
B&B Air Funding is subject to financial and operating covenants which relate to, among other things, its operations, disposition of aircraft, lease concentration limits, restrictions on the acquisition of additional aircraft, and restrictions on the modification of aircraft and capital expenditures. A breach of the covenants could result in the acceleration of the Notes and exercise of remedies available in relation to the collateral, including the sale of aircraft at public or private sale. | ||||||
On April 29, 2010, the servicing agreement for B&B Air Funding was amended to include the following servicer termination events: | ||||||
• Bankruptcy or insolvency of BBAM LP; | ||||||
•BBAM LP ceases to own, directly or indirectly, at least 50% of the Servicer; | ||||||
• Summit ceases to own, directly or indirectly, at least 33.33% of the partnership interests in BBAM LP; provided that a sale that results in such ownership being at a level below 33.33% shall not constitute a servicer termination event if the sale is to a publicly listed entity or other person with a net worth of at least $100 million; and | ||||||
• 50% or more of the Servicer’s key finance and legal team or technical and marketing team cease to be employed by BBAM LP and are not replaced with employees with reasonably comparable experience within 90 days. | ||||||
In connection with the issuance of the Notes, B&B Air Funding entered into a revolving credit facility (“Note Liquidity Facility”) that provides additional liquidity of up to $60.0 million. Subject to the terms and conditions of the Note Liquidity Facility, advances may be drawn for the benefit of the Note holders to cover certain expenses of B&B Air Funding, including maintenance expenses, interest rate swap payments and interest on the Notes. Advances shall bear interest at one-month LIBOR plus a spread of 1.20%. A commitment fee of 0.40% per annum is due and payable on each payment date based on the unused portion of the Note Liquidity Facility. As of December 31, 2013 and 2012, B&B Air Funding had not drawn on the Note Liquidity Facility. | ||||||
The financial guaranty insurance policy (the “Policy”) issued by the Policy Provider supports the payment of interest due on the Notes and the payment of the outstanding principal balance of the Notes on the final maturity date and, under certain circumstances, prior thereto. A downgrade of the Policy Provider’s credit rating or its failure to meet its obligations under the Policy will not have a direct impact on B&B Air Funding’s obligations or rights under the Notes. | ||||||
B&B Air Acquisition Facility | ||||||
In November 2007, B&B Air Acquisition entered into a credit facility that provided for aircraft financing (“B&B Air Acquisition Facility”). The facility was funded in two tranches, Tranche A and B. Tranche A was senior to Tranche B. Borrowings under the B&B Air Acquisition Facility incurred interest at a rate based on one-month LIBOR plus an applicable margin. The applicable margins for Tranche A and B were 1.50% per annum and 4.00% per annum, respectively. | ||||||
On August 9, 2012, the B&B Air Acquisition Facility, which financed 16 aircraft at that time, was repaid with proceeds from a new Term Loan (see below) and approximately $122.5 million of the Company’s cash. | ||||||
Nord LB Facility | ||||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance............................... | $ | $ | ||||
452,371 | 508,942 | |||||
Unamortized debt discount................................... | -11,915 | -18,225 | ||||
Nord LB Facility balance, net............................... | $ | $ | ||||
440,456 | 490,717 | |||||
The Company assumed a debt facility (the “Nord LB Facility”) provided by Norddeutsche Landesbank Gironzentrale (“Nord LB”) that financed 19 of the aircraft acquired in the GAAM Portfolio. On February 6, 2012, the Company completed an extension of the Nord LB Facility from November 2012 to November 2018. On February 14, 2012, the Company paid $25.0 million to Nord LB which was applied towards repayment of outstanding principal amounts. On November 14, 2012, the Company made an additional principal payment of $15.0 million to Nord LB. From February 6, 2012 until November 14, 2012, the Company paid Nord LB a fee equal to 0.45% per annum, or $1.9 million. | ||||||
Prior to November 14, 2012, the Nord LB Facility was structured as a single loan facility pursuant to which one of the Company’s subsidiaries was the borrower. The Nord LB Facility is now structured as individual loans with each aircraft owning subsidiary acting as the borrower of its respective loan. Borrowings are secured by Fly’s equity interest in the subsidiaries which own the financed aircraft, the related leases, maintenance reserves and other deposits. The loans are cross-collateralized and contain cross-default provisions. | ||||||
Commencing November 14, 2012, the loans under the Nord LB Facility bear interest at one month LIBOR plus 3.30% until the final maturity date of November 14, 2018. As of December 31, 2013, the blended weighted average interest rate for the facility was 4.15%, excluding the amortization of debt discount and debt issuance costs. As of December 31, 2013 and 2012, interest accrued on the facility totaled $0.7 million and $0.9 million, respectively. | ||||||
The Company pays 95% of lease rentals received towards interest and principal. Upon the termination or expiration of a lease, no payments are due under the Nord LB Facility with respect to the outstanding loan amount for that aircraft until the earlier of six months from such termination or expiration or the date the aircraft is re-leased. Interest during this period increases the outstanding balance under the facility. If an aircraft remains off-lease after six months from the termination or expiration, interest must be paid on each payment date. If an aircraft remains off-lease after twelve months, the Company must pay debt service equal to 85% of the lease rate paid under the prior lease agreement. The lenders may require payment in full or foreclose on an aircraft that remains off-lease after 24 months, but the lenders may not foreclose on any other aircraft. During the years ended December 31, 2013 and 2012, the Company made total principal payments of $57.9 million and $110.1 million, respectively, under the Nord LB Facility. | ||||||
In the event the Company sells any of the financed aircraft, substantially all sales proceeds (after payment of certain expenses) must first be used to repay the debt associated with such aircraft and second to repay the outstanding amounts which finance the other aircraft unless certain conditions are met. In addition, any security deposit amounts that the Company retains after termination of a lease and any maintenance reserve amounts which are retained and are not expected to be required for future maintenance will be used to prepay the Nord LB Facility. If the Company earns a 10% return on its equity investment after full repayment of the facility, the Company will pay Nord LB a fee equal to 10% of returns in excess of 10%, up to a maximum of $5.0 million. | ||||||
In 2013, the Company sold one Boeing 737-700 aircraft from the Nord LB Facility and repaid the debt associated with this aircraft. In 2012, the Company sold one Airbus A319-100 aircraft financed by the Nord LB Facility. The Company repaid the debt associated with the aircraft and wrote off $0.8 million of unamortized discount. | ||||||
An event of default with respect to the loan on any aircraft will trigger an event of default on the loans with respect to every other financed aircraft. A default by any of the aircraft owning entities in respect of obligations in excess of $10,000,000 and holders of such obligation accelerate or demand repayment of amounts due thereunder would constitute an event of default. | ||||||
The Nord LB Facility does not contain any financial covenants. As of December 31, 2013, 17 aircraft were financed under the Nord LB Facility. | ||||||
CBA Facility | ||||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance: | ||||||
Senior tranches......................................................... | $ | $ | ||||
30,512 | 242,815 | |||||
Junior tranches......................................................... | 5,900 | 32,701 | ||||
Tranche A......................................................... | 87,925 | − | ||||
Tranche B......................................................... | 37,486 | − | ||||
Total outstanding principal balance............................... | 161,823 | 275,516 | ||||
Unamortized debt discount......................................... | -2,021 | -6,891 | ||||
CBA Facility balance, net............................................. | $ | $ | ||||
159,802 | 268,625 | |||||
The Company’s subsidiaries assumed a debt facility provided by Bank of Scotland plc (“BOS”), Commonwealth Bank of Australia and CommBank Europe Limited (together, “CBA”) (the “CBA Facility” which the Company formerly referred to as the “BOS Facility”) that financed 21 of the 49 aircraft acquired in the GAAM Portfolio. The CBA Facility originally consisted of individual loans for each aircraft with maturity dates matching the scheduled lease expiry dates. The loan maturity dates ranged from 2013 to 2017 and could consist of a senior and junior tranche. | ||||||
Subsequent to the acquisition of the GAAM Portfolio, twelve aircraft have been refinanced. One aircraft was refinanced in 2011 and nine aircraft were refinanced in 2012, resulting in repayments of $20.0 million and $194.9 million under this facility, respectively. Pursuant to the refinancing, the Company incurred debt extinguishment costs of $1.6 million which included non-cash write-offs of loan costs and unamortized debt discount totaling $1.4 million in 2012. In May 2013, two additional aircraft were refinanced, resulting in repayments of $54.5 million under this facility. | ||||||
On November 15, 2013, the Company, through its subsidiaries, amended and extended the CBA Facility, which was then secured by nine aircraft. Pursuant to the amendment agreement, the Company made a one-time principal payment of $18.9 million and BOS forgave 11.25% or $9.9 million of its portion of the senior tranche borrowings and 100% or $19.2 million of the junior tranche borrowings. CBA has provided for seven new loans on seven of the nine aircraft. | ||||||
In connection with the loan amendment, the Company recognized a net gain on forgiveness of debt of $22.2 million which included write-offs of unamortized debt discount and loan costs of $2.0 million, swap breakage costs of $4.9 million and closing costs of $0.9 million. | ||||||
Subsequent to December 31, 2013, the Company entered into sale agreements for two Airbus A319-100 aircraft manufactured in 2000. The proceeds from the sale will be paid to the lenders as full and final discharge of the loans secured by these aircraft. The loans have a total outstanding principal balance of $36.4 million as of December 31, 2013 and will mature in late 2014. | ||||||
The loans provided pursuant to the CBA Facility are cross-collateralized and cross-defaulted. All payments under the CBA Facility are fully guaranteed by and recourse to the Company. | ||||||
The Company makes scheduled monthly payments of principal and interest on each loan in accordance with a fixed amortization schedule. The Company is required to repay the associated debt upon lease termination or sale of an aircraft. Upon a lease termination or expiration, the Company may elect to extend the loan maturity date for up to nine months during which only interest is payable. If the aircraft is re-leased during this nine month period with the consent of the facility agent, the loan will be extended. If the Company is unable to re-lease the aircraft on terms acceptable to the lenders or sell the aircraft, the loan becomes due and payable at the end of this nine month period. In 2013 and 2012, total scheduled payments of $13.5 million and $23.0 million, respectively, were made by the Company. | ||||||
If any lessee fails to make a payment of rent on a financed aircraft, the Company may pay the interest and principal due under the respective loan from its own funds provided that the Company has not made such payments on six successive occasions or on any nine occasions. If a lease event of default continues and the Company is no longer permitted to make such payments, the lenders may instruct the Company to terminate the relevant lease agreement and re-pay the loan subject to the nine month remarketing period described above. | ||||||
Borrowings under the CBA Facility accrue interest at either a fixed or variable interest rate. Variable borrowings bear interest based on one-month LIBOR plus an applicable composite margin of 2.50%. As of December 31, 2013 and 2012, the weighted average interest rates on the tranche loans, excluding the debt discount amortization, are presented below: | ||||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
Fixed rate loans: | ||||||
Senior tranche................................................... | 5.62% | 5.88% | ||||
Junior tranche..................................................... | 7.91% | 7.39% | ||||
Tranche A......................................................... | 6.53% | − | ||||
Tranche B......................................................... | 4.58% | − | ||||
Variable rate loans: | ||||||
Senior tranche................................................... | – | 1.64% | ||||
Junior tranche..................................................... | – | 2.91% | ||||
Tranche A......................................................... | 2.66% | − | ||||
Tranche B......................................................... | 2.66% | − | ||||
Facility weighted average interest rate..................... | 4.91% | 5.18% | ||||
As of December 31, 2013 and 2012, interest accrued on the facility totaled $0.2 million and $0.4 million, respectively. | ||||||
Borrowings under the CBA Facility are secured by the Company’s equity interest in the subsidiaries which own the aircraft and the related leases. If, upon the repayment of any loan, the ratio of the total principal amount outstanding under the CBA Facility to the aggregate appraised value of the aircraft is equal to or greater than 80%, the Company will be required to pay into a collateral account an amount as is necessary to that reduces this ratio to less than 80%. | ||||||
Term Loan | ||||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance............................... | $ | $ | ||||
475,313 | 390,062 | |||||
Unamortized debt discount................................... | -10,210 | -12,416 | ||||
Term loan, net................................................... | $ | $ | ||||
465,103 | 377,646 | |||||
On August 9, 2012, the Company, through a wholly-owned subsidiary, entered into a $395.0 million senior secured term loan that was scheduled to mature in 2018 (the “Term Loan”) with a consortium of lenders. The Term Loan was originally issued at an offering price of 96% of par value, or a discount of $15.8 million, bearing interest at LIBOR plus a margin of 5.50%, with a LIBOR floor of 1.25%. | ||||||
Debt proceeds of $266.7 million, along with approximately $122.5 million of the Company’s cash, were applied towards full repayment of the B&B Air Acquisition Facility which financed 16 aircraft. The Company received the remaining proceeds of $112.5 million as seven additional aircraft, which were previously financed in the CBA Facility, were delivered into the Term Loan. These proceeds were applied towards full repayment of debt outstanding in the CBA Facility in respect of these seven aircraft, as well as associated break costs. | ||||||
On December 18, 2012, the Company re-priced the Term Loan reducing the interest rate margin from 5.50% to 4.50%. In conjunction with the re-pricing, the Company paid the lenders a one-time prepayment penalty of 1.00% of the outstanding principal amount which totaled $3.9 million. The Company recorded debt extinguishment costs of $4.2 million associated with the lenders who did not participate in the re-pricing and whom were replaced with new lenders. | ||||||
On May 21, 2013, the Company completed a second re-pricing of the Term Loan, further reducing the interest rate margin to 3.50% and the LIBOR floor by 0.25% to 1.00%. In conjunction with this re-pricing, the Company paid the lenders a prepayment penalty of 1.00% of the outstanding principal amount which totaled $3.8 million. | ||||||
During the first quarter of 2013, the Company sold one aircraft financed through the Term Loan. During the third quarter of 2013, the Company purchased one Boeing 737-800 aircraft using a combination of unrestricted cash and proceeds from the sale of the aircraft previously financed under this facility. The acquired aircraft replaced the aircraft that was sold as collateral under this facility. | ||||||
On November 21, 2013, the Company amended and upsized the Term Loan by $105.0 million. The incremental borrowing was priced at 99.75% of the principal amount. The Company received net proceeds of approximately $102.0 million, which were used to finance the acquisition of aircraft. At December 31, 2013, $33.6 million was held in an escrow account to finance the acquisition of two additional aircraft, which were acquired during the first quarter of 2014. In connection with this amendment, the Company recorded debt extinguishment costs of $1.2 million. | ||||||
In conjunction with the upsizing, the maturity of the Term Loan was extended by one year from August 2018 to August 2019. In addition, the maximum Loan-to-Value ratio (“LTV”) as measured on a quarterly basis, was increased from 67.5% to 70.0% of the lower of the mean or median of half-life adjusted base value of the financed aircraft as determined by three independent appraisers (“LTV Maintenance Test”). As of December 31, 2013, there was no breach of the LTV Maintenance Test. The Company is required to seek new appraisals semi-annually. | ||||||
The Term Loan requires quarterly principal payments of $5.9 million. In 2013 and 2012, the Company made principal payments of $19.8 million and $4.9 million, respectively. | ||||||
Until November 2014, the Term Loan can be prepaid in part or in whole for an amount equal to 101% of the outstanding principal amount being repaid. Thereafter, the Term Loan can be prepaid in part or in whole for an amount equal to the outstanding principal amount being repaid. | ||||||
Borrowings under the Term Loan are secured by the Company’s equity interests in the aircraft owning and/or leasing subsidiaries, the aircraft and related leases and other deposits. The loan is also guaranteed by the Company. The Term Loan contains certain concentration limits with respect to types of aircraft which can be financed in the Term Loan, as well as geographic and single lessee concentration limits. These concentration limits apply upon the acquisition, sale, removal or substitution of an aircraft. The Term Loan also includes certain customary covenants, including reporting requirements and maintenance of public ratings. | ||||||
An event of default under the Term Loan includes any of the aircraft owning entities defaulting in respect of obligations in excess of $50,000,000 and holders of such obligation accelerate or demand repayment of amounts due thereunder. | ||||||
As of December 31, 2013 and 2012, interest accrued on the Term Loan totaled $2.9 million and $3.2 million, respectively. As of December 31, 2013, 28 aircraft were financed under the Term Loan. | ||||||
Fly Acquisition II Facility | ||||||
On November 7, 2012, the Company, through a wholly-owned subsidiary, entered into a revolving credit facility with a consortium of lenders (“Fly Acquisition II Facility”) providing loans in an aggregate amount of up to $250.0 million for an availability period of two years followed by a three year term, with an initial maturity date of November 7, 2017. | ||||||
On July 3, 2013, the Company increased total commitments under the Fly Acquisition II Facility to $450.0 million. The availability period was extended to July 3, 2015. The availability period will be followed by a three-year term period, with a final maturity date of July 3, 2018. The Company pays a commitment fee of 0.75% per annum on a monthly basis to each lender on the undrawn amount of their commitment which accrues during the availability period. The applicable margin has been reduced by 0.50% to 3.25% during the availability period, stepping up to 3.75%, 4.25% and 4.75% in each subsequent year during the term period. | ||||||
In 2013, the Company purchased six Boeing 737-800 aircraft manufactured in 2013 using a combination of unrestricted cash and $195.6 million drawn under the Fly Acquisition II Facility. In addition, the Company refinanced two aircraft originally financed under the CBA Facility using a combination of unrestricted cash and $44.4 million drawn under the Fly Acquisition II Facility during the first quarter of 2013. During the third quarter of 2013, these two aircraft were refinanced out of this facility, resulting in repayments of $43.8 million. During the fourth quarter of 2013, two additional aircraft were refinanced out of this facility, resulting in repayments of $66.2 million. As of December 31, 2013, the outstanding principal balance under the facility was $126.8 million and four aircraft remained financed through this facility. | ||||||
The borrowing base for each aircraft in the portfolio is equal to 72.5% of the lower of (x) the original purchase price of the aircraft depreciated on a straight line basis assuming a 25-year useful life and (y) the current market value or base value appraisal. The outstanding aggregate amount of loans under the facility cannot exceed 72.5% of the sum of (x) the aggregate borrowing base of all aircraft and (y) 50% of maintenance reserves paid with respect to the aircraft. Aircraft financed under the Fly Acquisition II Facility may not be more than eight years of age at the time of such funding. | ||||||
During the availability period, the Company is required to make monthly principal payments equal to the aggregate outstanding principal amount of the loans less 72.5% of the aggregate purchase price of the aircraft depreciated on a straight line basis assuming a 25-year useful life of the aircraft. | ||||||
The Company may make voluntary prepayments under the Fly Acquisition II Facility. In addition, the Company is required to make partial prepayments with any proceeds from the sale of aircraft and all insurance and other proceeds received with respect to any event of total loss of an aircraft. Amounts repaid may be redrawn during the availability period. | ||||||
Borrowings are secured by the beneficial interests in the aircraft owning and leasing subsidiaries, the aircraft and related leases, certain cash collateral and other deposits. In addition, the Company is required to maintain cash collateral equal to 2% of the aggregate outstanding principal balance of the loans. If there is an event of default in respect of the borrowing base or if certain concentration criteria are not met at the end of the availability period, then all of the maintenance reserves to be paid in respect of the financed aircraft following the occurrence of such event will be pledged to the lenders. Upon the occurrence of an event of default in respect of the borrowing base, the Company will also be required to pledge to the lenders all maintenance reserves in respect of the financed aircraft prior to such event of default. | ||||||
Events of default under the Fly Acquisition II Facility include, among other things: | ||||||
•a final judgment for a payment obligation is rendered against Fly Acquisition II or any of its subsidiaries in an amount in excess of $2,500,000 which remains undischarged for 45 days; and | ||||||
•certain early termination events related to Fly Acquisition II’s swap agreements. | ||||||
Other Aircraft Secured Debt | ||||||
In addition to the debt financings described above, the Company has entered into and may periodically enter into secured debt to finance the acquisition of aircraft. These borrowings may finance the acquisition of one or more aircraft and are usually structured as individual loans which are secured by pledges of the Company’s rights, title and interest in the financed aircraft and leases. The maturity date on each loan matches the corresponding lease expiration date. The Company makes scheduled monthly payments of principal and interest on each loan in accordance with a fixed amortization schedule. Principal payments totaled $28.7 million and $21.8 million in 2013 and 2012, respectively. | ||||||
In 2013, the Company purchased four aircraft with unrestricted cash and secured debt financing in an aggregate amount of $237.5 million. At December 31, 2013, $134.9 million was recourse to the Company. Also in 2013, the Company refinanced four aircraft out of the Fly Acquisition II Facility with four aircraft notes payable totaling $112.0 million. | ||||||
Although these recourse loans are secured by aircraft and their associated leases, the Company has guaranteed and will be responsible for timely payment of all debt service and other amounts due under these loans in the event that the underlying leases do not provide sufficient cash flow to meet required debt payments. In addition, certain of our secured, recourse indebtedness contain cross default provisions to other recourse indebtedness which if triggered could significantly increase the amount of indebtedness which is payable by the Company at the time of the cross default. | ||||||
Other aircraft secured debt borrowings include: (i) two loans financing three aircraft that were assumed with the acquisition of the GAAM Portfolio, (ii) three loans that were arranged in connection with the re-lease of aircraft, (iii) eight loans that were arranged in connection with the purchase of additional aircraft and (iv) four loans re-financing aircraft already owned by the Company. As of December 31, 2013 and 2012, interest accrued on these loans totaled $1.1 million and $1.0 million, respectively. | ||||||
The following table contains a summary of the key terms related to these other aircraft secured debt financings: | ||||||
Number of | Principal Balance | Weighted Average | Maturity | |||
Aircraft | Outstanding as of | Interest | Date | |||
Financed | December 31, | Rates (1) | ||||
2013 | 2012 | |||||
(in thousands) | ||||||
GAAM Facility No. 1 (2) ................................................. | — | $— | $ | — | — | |
42,090 | ||||||
GAAM Facility No. 2....................................................... | 2 | 29,095 | 31,630 | 6.30% | August 2014 – December 2015 | |
GAAM Note Payable (3)................................................... | 4 | 59,813 | 65,298 | 4.57% | December 2015 – January 2018 | |
Aircraft Note Payable (4)................................................. | 12 | 401,198 | 141,357 | 4.62% | June 2015 – September 2025 | |
Total outstanding principal balance..................................... | $ | $ | ||||
490,106 | 280,375 | |||||
Unamortized debt discount (2) (3)..................................... | -2,854 | -4,232 | ||||
Other aircraft secured borrowings | $ | $ | ||||
balance, net..................... | 487,252 | 276,143 | ||||
(1)Represents the contractual interest rates. | ||||||
(2)In connection with the sale of the six aircraft financed by this facility in March 2013, the buyer assumed the debt facility which had an outstanding balance of $38.5 million, net of unamortized discount of $2.9 million. As of December 31, 2012, the unamortized discount associated with GAAM Facility No. 1 totaled $3.2 million. | ||||||
(3)Includes four loans financing four aircraft. As of December 31, 2013 and 2012, the unamortized discount associated with the GAAM Note Payable totaled $0.6 million and $1.0 million, respectively. | ||||||
(4)Includes twelve loans arranged in connection with the purchase of aircraft. | ||||||
Other Secured Borrowing | ||||||
The Company had an $85.0 million credit facility agreement with an international commercial bank. The outstanding principal balance of $34.5 million was fully repaid during the first quarter of 2012. | ||||||
Borrowings Future Minimum Principal Payments | ||||||
During the year ended December 31, 2013, the Company made scheduled principal payments on its borrowings totaling $444.6 million. The anticipated future minimum principal payments due for its borrowings are as follows: | ||||||
Year ending December 31, | (Dollars in thousands) | |||||
2014....................................................................................................... | $ | |||||
235,651 | ||||||
2015....................................................................................................... | 248,666 | |||||
2016....................................................................................................... | 196,290 | |||||
2017....................................................................................................... | 182,725 | |||||
2018....................................................................................................... | 490,043 | |||||
Thereafter............................................................................................. | 945,907 | |||||
Future minimum principal payments due..................................................... | $ | |||||
2,299,282 | ||||||
Derivatives
Derivatives | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivatives [Abstract] | ' | ||||||||||
DERIVATIVES | ' | ||||||||||
8. DERIVATIVES | |||||||||||
Derivatives are used by the Company to manage its exposure to identified risks, such as interest rate and foreign currency exchange fluctuations. The Company uses interest rate swap contracts to hedge variable interest payments due on loans associated with aircraft with fixed rate rentals. As of December 31, 2013, the Company’s total unsecured and secured debt balance, excluding unamortized debt discount, was $2.6 billion. Debt with floating interest rates totaled $1.9 million, of which $1.6 million was associated with aircraft with fixed rate rentals. | |||||||||||
Interest rate swap contracts allow the Company to pay fixed interest rates and receive variable interest rates with the swap counterparty based on the one-month LIBOR on the notional amounts over the life of the contracts. The notional amounts decrease over time. As of December 31, 2013 and 2012, the Company had interest rate swap contracts with notional amounts aggregating $1.5 billion and $933.3 million, respectively. Six of the interest rate swap contracts were assumed in connection with the acquisition of the GAAM Portfolio. The unrealized fair market value gain on the interest rate swap contracts, reflected as derivative assets, was $7.4 million as of December 31, 2013. The unrealized fair market value loss on the interest rate swap contracts, reflected as derivative liabilities, was $24.6 million and $47.5 million as of December 31, 2013 and 2012, respectively. | |||||||||||
To mitigate its exposure to foreign currency exchange fluctuations, the Company enters into cross currency swap contracts in conjunction with leases in which a portion or all of the lease rentals are denominated in currency other than U.S. dollars (“USD”). Pursuant to such cross currency swaps, the Company receives USD based on a fixed conversion rate through the maturity date of the respective swap contract. As of December 31, 2013 and 2012, the Company had one and four cross currency swap contracts, respectively, that were assumed in connection with the acquisition of the GAAM Portfolio. The unrealized fair market value loss on the Australian dollar (“AUD”) cross currency swap contracts, reflected as derivative liabilities, was approximately $35,000 and $1.4 million as of December 31, 2013 and 2012, respectively. The unrealized fair market value gain on the Euro cross currency swap contracts, reflected as a derivative asset, was $0.3 million as of December 31, 2012. | |||||||||||
The Company determines the fair value of derivative instruments using a discounted cash flow model. The model incorporates an assessment of the risk of non-performance by the swap counterparty in valuing derivative assets and an evaluation of the Company’s credit risk in valuing derivative liabilities. | |||||||||||
The Company considers in its assessment of non-performance risk, if applicable, netting arrangements under master netting agreements, any collateral requirement, and the derivative payment priority in the Company’s debt agreements. The valuation model uses various inputs including contractual terms, interest rate curves, credit spreads and measures of volatility. | |||||||||||
Designated Derivatives | |||||||||||
The Company’s interest rate derivatives have been designated as cash flow hedges. The effective portion of changes in fair value of these derivatives are recorded as a component of accumulated other comprehensive income, net of a provision for income taxes. Changes in the fair value of these derivatives are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. For the year ended December 31, 2013, the Company recorded an unrealized gain of $22.1 million, net of the applicable net tax expense of $3.5 million. For the year ended December 31, 2012, the Company recorded a net unrealized gain of $9.1 million, after the applicable net tax expense of $1.4 million. For the year ended December 31, 2011, the Company recorded a net unrealized loss of $5.0 million, after the applicable net tax benefit of $0.5 million. | |||||||||||
As of December 31, 2013, the Company had the following designated derivative instruments classified as derivative assets on the balance sheet (dollar amounts in thousands): | |||||||||||
Type | Quantity | Maturity | Hedge | Swap | Fair | Credit | Adjusted | Deferred | Gain | Gain | |
Dates | Interest | Contract | Market | Risk | Fair Market | Tax | Recognized in | Recognized | |||
Rates | Notional | Value of | Adjustment | Value of | Expense | Accumulated | into | ||||
Amount | Derivative | Derivative | Comprehensive | Earnings | |||||||
Assets | Assets | Loss | |||||||||
Interest rate swap contracts | 31 | 10/15/2017 -9/27/2025 | 0.89% - | $ | $ | $ | $ | $ | $ | $ | |
6.22% | 540,742 | 7,814 | -167 | 7,647 | -1,025 | 6,917 | 82 | ||||
Accrued interest... | — | -252 | — | -252 | — | — | — | ||||
Total – designated derivative assets | 31 | $ | $ | $ | $ | $ | $ | $ | |||
540,742 | 7,562 | -167 | 7,395 | -1,025 | 6,917 | 82 | |||||
As of December 31, 2013, the Company had the following designated derivative instruments classified as derivative liabilities on the balance sheet (dollar amounts in thousands): | |||||||||||
Type | Quantity | Maturity | Hedge | Swap | Fair | Credit | Adjusted | Deferred | Loss | Loss | |
Dates | Interest | Contract | Market | Risk | Fair Market | Tax | Recognized in | Recognized | |||
Rates | Notional | Value of | Adjustment | Value of | Benefit | Accumulated | into | ||||
Amount | Derivative | Derivative | Comprehensive | Earnings | |||||||
Liability | Liability | Loss | |||||||||
Interest rate swap contracts | 9 | 1/14/2015 -9/27/2025 | 1.98% - | $ | $ | $ | $ | $ | $ | $— | |
4.93% | 620,853 | -24,446 | 792 | -23,654 | 2,957 | -20,697 | |||||
Accrued interest... | — | -888 | — | -888 | — | — | — | ||||
Total – designated derivative liabilities | 9 | $ | $ | $ | $ | $ | $ | $— | |||
620,853 | -25,334 | 792 | -24,542 | 2,957 | -20,697 | ||||||
Undesignated Derivatives | |||||||||||
Cross currency swap contracts assumed in connection with the acquisition of the GAAM Portfolio have historically qualified for hedge accounting treatment. However, due to foreign currency exchange rates of the underlying contracts being different from market rates at the acquisition date, these contracts no longer qualified for hedge accounting treatment and were de-designated. Changes in the fair value of these derivatives are recorded directly into income. | |||||||||||
As of December 31, 2013, the Company had the following undesignated derivative liability (dollar amounts in thousands): | |||||||||||
Type | Quantity | Maturity | Hedge | Contracted | Swap | Fair | Credit | Adjusted | Gain | ||
Date | Interest | Fixed | Contract | Market | Risk | Fair Market | Recognized | ||||
Rate | Conversion | Notional | Value of | Adjustment | Value of | into | |||||
Rate to | Amount | Derivative | Derivative | Earnings | |||||||
U.S. Dollar | Liability | Liability | |||||||||
Cross currency swap contract | 1 | 1/23/14 | — | 1AUD to | $ | $ | $— | $ | $ | ||
$0.78 | 370 | -35 | -35 | 1,397 | |||||||
Total – non-designated derivative liability | 1 | $ | $ | $— | $ | $ | |||||
370 | -35 | -35 | 1,397 | ||||||||
Terminated Derivatives | |||||||||||
In 2010 and 2011, the Company terminated two interest rate swap contracts and received settlement proceeds totaling $2.1 million which were amortized into interest expense over the original term of the contracts. In 2013, of the remaining amount to be amortized, $0.3 million was amortized into interest expense and the balance of $1.0 million was written off as a loss on debt extinguishment upon repayment of the associated debt. | |||||||||||
During the year ended December 31, 2013, in connection with three cross currency and one interest rate swap contracts that terminated, the Company recognized net fair value losses totaling $0.2 million. | |||||||||||
During the year ended December 31, 2012, the Company terminated four cross currency swap contracts and received net settlement proceeds of $1.3 million. The gain associated with the terminated contracts totaled $0.7 million. | |||||||||||
In connection with the repayment of the B&B Air Acquisition Facility, the Company terminated eleven swaps associated with the facility and made payments totaling $36.3 million in the third quarter of 2012. The loss recognized into earnings associated with the terminated contracts totaled $32.3 million. | |||||||||||
During 2008, the Company terminated a cross currency swap contract and received settlement proceeds totaling $2.1 million which was amortized into operating lease revenue through April 15, 2016, the original contract maturity date. In connection with the sale of the aircraft and associated lease rentals, the remaining amount of $1.1 million was fully amortized in 2011. | |||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Share Based Compensation [Abstract] | ' | |||
SHARE-BASED COMPENSATION | ' | |||
9. SHARE-BASED COMPENSATION | ||||
Description of Plan | ||||
On April 29, 2010, the Company adopted the 2010 Omnibus Incentive Plan (“2010 Plan”) and reserved 1,500,000 shares for issuance under the 2010 Plan. The 2010 Plan permits the grant of (i) SARs; (ii) RSUs; (iii) nonqualified stock options; and (iv) other stock-based awards. In 2010, the Company made an initial grant aggregating 599,999 SARs and RSUs to certain employees of BBAM LP who provide services to the Company pursuant to management and servicing agreements. In 2011 and 2012, the Company made additional grants of 600,001 and 300,000 SARs and RSUs, respectively. There are no remaining shares available for grants under the 2010 Plan. | ||||
SARs entitle the holder to receive any increase in value between the grant date price of Fly’s ADSs and their value on the exercise date. RSUs entitle the holder to receive a number of Fly’s ADSs equal to the number of RSUs awarded upon vesting. The granted SARs and RSUs vest in three equal installments and expire on the tenth anniversary of the grant date. The Company settles SARs and RSUs with newly issued ADSs. | ||||
The holder of a SAR or RSU is also entitled to dividend equivalent rights (“Dividend Equivalent”) on each SAR and RSU. For each Dividend Equivalent, the holder shall have the non-forfeitable right to receive a cash amount equal to the per share dividend paid by the Company during the period between the grant date and the earlier of the (i) award exercise date, (ii) termination date or (iii) expiration date (“Dividend Amount”). Dividend Equivalents expire at the same time and in the same proportion that the SARs and RSUs are either exercised, cancelled, forfeited or expired. Dividend Amounts are payable to the holder only when the SAR or RSU on which the Dividend Equivalent applies has vested. | ||||
Valuation Assumptions | ||||
The Company accounts for grants to the CEO and CFO as grants to employees and grants to other BBAM LP employees as grants to non-employees. Grants to employees are valued at the grant date and amortized on a straight-line basis into share-based compensation expense over the service period. Grants to non-employees are initially measured at grant date, and then re-measured at each interim reporting period until the awards are vested. | ||||
The Company uses the Black-Scholes option pricing model to determine the fair value of SARs. The fair value of SARs expected to vest is estimated on the date of grant, or if applicable, on the measurement date using the following assumptions: | ||||
Year ended | Year ended | Year ended | ||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||
Risk-free interest rate......................................... | 0.90% – 2.51% | 0.90% – 2.73% | 1.67% – 3.47% | |
Volatility............................................................... | 51% – 63% | 54% – 70% | 60% – 70% | |
Expected life..................................................... | 6 – 8 years | 6 – 10 years | 6 – 9 years | |
The expected stock price volatility was determined based on the historical volatility of the Company’s common shares as well as other companies operating in similar businesses. The risk-free interest rate is based on the US Treasury yield curve in effect at the time of grant, or as applicable as of the measurement date, for the period corresponding with the expected life of the SAR. The dividend yield assumption was not factored into the valuation model as the SAR grant holder is entitled to the Dividend Amount. | ||||
Grant Activity | ||||
A summary of the Company’s SAR activity for the years ended December 31, 2013, 2012 and 2011 are presented as follows: | ||||
Number of | Weighted | Weighted | ||
shares | average | average | ||
exercise | remaining | |||
price | contractual | |||
life (in years) | ||||
Outstanding at January 1, 2011......................................................... | 359,605 | $ | 9.3 | |
12.42 | ||||
SARs granted................................................................................. | 349,235 | 13.30 | — | |
SARs exercised............................................................................... | — | — | — | |
SARs canceled or forfeited............................................................... | — | — | — | |
Outstanding at December 31, 2011..................................................... | 708,840 | 12.85 | 8.8 | |
SARs granted................................................................................. | 183,164 | 12.28 | — | |
SARs exercised............................................................................... | — | — | — | |
SARs canceled or forfeited............................................................... | — | — | — | |
Outstanding at December 31, 2012................................................... | 892,004 | 12.74 | 8.1 | |
SARs granted................................................................................. | — | — | — | |
SARs exercised............................................................................... | -3,370 | 12.42 | — | |
SARs canceled or forfeited............................................................... | — | — | — | |
Outstanding at December 31, 2013................................................... | 888,634 | 12.74 | 7.1 | |
Exercisable at December 31, 2013..................................................... | 650,116 | $ | 6.8 | |
12.72 | ||||
No SARs were granted to employees and non-employees during the year ended December 31, 2013. SARs granted to employees and non-employees during the year ended December 31, 2012 totaled 33,096 and 150,068, respectively. SARs granted to employees and non-employees during the year ended December 31, 2011 totaled 63,104 and 286,131, respectively. | ||||
The aggregate intrinsic value of the SARs is calculated as the difference between the exercise price of the underlying awards and the Company’s closing ADS price of $16.07, $12.32 and $12.52 as of December 31, 2013, 2012 and 2011, respectively. The SARs had an intrinsic value of $0.8 million as of December 31, 2013. As of December 31, 2012 and 2011, the unvested SARs had no intrinsic value. The grant date fair value of the SARs granted in 2012 and 2011 was $1.4 million and $3.2 million, respectively. | ||||
A summary of the Company’s RSU activity for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||
Number of shares | Weighted average | |||
grant date fair | ||||
value | ||||
Outstanding and unvested at January 1, 2011............................. | 160,262 | $ | ||
12.42 | ||||
RSUs granted....................................................................... | 250,766 | 13.30 | ||
RSUs vested......................................................................... | -80,132 | 12.42 | ||
RSUs canceled or forfeited..................................................... | — | — | ||
Outstanding and unvested at December 31, 2011......................... | 330,896 | 13.09 | ||
RSUs granted....................................................................... | 116,836 | 12.28 | ||
RSUs vested......................................................................... | -163,718 | 12.87 | ||
RSUs canceled or forfeited..................................................... | — | — | ||
Outstanding and unvested at December 31, 2012......................... | 284,014 | 12.88 | ||
RSUs granted....................................................................... | — | — | ||
RSUs vested......................................................................... | -122,534 | 12.98 | ||
RSUs canceled or forfeited..................................................... | — | — | ||
Outstanding and unvested at December 31, 2013......................... | 161,480 | $ | ||
12.81 | ||||
No RSUs were granted to employees and non-employees during the year ended December 31, 2013. RSUs granted to employees and non-employees during the year ended December 31, 2012 totaled 21,112 and 95,724, respectively. RSUs granted to employees and non-employees during the year ended December 31, 2011 totaled 45,312 and 205,454, respectively. | ||||
The weighted average grant date fair value of the RSUs was determined based on the closing market price of the Company’s ADSs on the date of the award. As of December 31, 2013, the aggregate intrinsic value of RSUs outstanding using the closing price of $16.07 per ADS was $2.6 million. The aggregate intrinsic value of RSUs outstanding using the closing price of $12.32 per ADS as of December 31, 2012 was $3.5 million. The aggregate intrinsic value of RSUs outstanding using the closing price of $12.52 per ADS as of December 31, 2011 was $4.1 million. | ||||
Share-based compensation expense related to SARs and RSUs is recorded as a component of selling, general and administrative expenses, and totaled $3.2 million, $3.6 million and $4.8 for the years ended December 31, 2013, 2012 and 2011, respectively. Unamortized share-based compensation expense totaled $0.9 million, $2.6 million and $3.6 million at December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, 2012 and 2011, unvested RSUs and SARs had weighted average remaining vesting terms of approximately six months, eleven months and twelve months, respectively. | ||||
Income_Taxes
Income Taxes | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Income Taxes [Abstract] | ' | |||
INCOME TAXES | ' | |||
10. INCOME TAXES | ||||
Fly is a tax resident of Ireland and has wholly-owned subsidiaries in Ireland, France, Luxembourg, Australia, Singapore and Labuan that are tax residents in those jurisdictions. In general, Irish resident companies pay corporation tax at the rate of 12.5% on trading income and 25.0% on non-trading income. In calculating net trading income, Fly and its Irish tax resident subsidiaries are entitled to a deduction for trading expenses and tax depreciation on their aircraft. In addition, repatriated earnings and any undistributed earnings from the Company’s Cayman and Australian subsidiaries will be taxed at the 25.0% and 12.5% tax rate, respectively. Fly’s French resident subsidiaries pay a corporation tax of 33.33%, Fly’s Luxembourg resident subsidiary pays a corporation tax of 28.8% and Fly’s Australian resident subsidiaries pay a corporation tax of 30.0% on their net trading income. | ||||
The Company’s tax provision also included U.S. federal and state taxes on its share of BBAM LP’s taxable income sourced in the U.S. BBAM LP operates in jurisdictions in which it, rather than its partners, is responsible for the taxes levied. These taxes are included in BBAM LP’s results and are reflected in the Company’s equity earnings from BBAM LP. | ||||
Fly-BBAM was subject to Irish tax on dividends paid to it by BBAM LP at either 12.5% or 25.0% depending on the underlying source of income. Subject to limitations under current Irish law, U.S. taxes paid by the Company or taxes paid by BBAM LP’s subsidiaries were credited against Irish tax liability associated with its investment in BBAM LP. | ||||
Income tax expense by jurisdiction is shown below: | ||||
Year ended | Year ended | Year ended | ||
December 31, | December 31, | December 31, | ||
2013 | 2012 | 2011 | ||
(Dollars in thousands) | ||||
Current tax (benefit) expense: | ||||
Ireland..................................................................................... | $ | $ | $ | |
400 | 10,201 | 95 | ||
France..................................................................................... | 20 | 32 | 25 | |
Luxembourg........................................................................... | 175 | 26 | — | |
United States......................................................................... | -1,131 | 1,783 | 1,560 | |
Current tax expense (benefit) — total......................................... | -536 | 12,042 | 1,680 | |
Deferred tax expense (benefit): | ||||
Ireland..................................................................................... | 3,470 | -10,118 | 1,639 | |
France..................................................................................... | -13 | -2 | 6 | |
Australia................................................................................... | 2,738 | 2,101 | 731 | |
United States......................................................................... | — | -161 | 186 | |
Deferred tax expense (benefit) — total....................................... | 6,195 | -8,180 | 2,562 | |
Total income tax expense......................................................... | $ | $ | $ | |
5,659 | 3,862 | 4,242 | ||
In the year ended December 31, 2013, the Company recognized a tax benefit of $1.1 million related to 2012 U.S. Federal and State taxes primarily resulting from the re-allocation of BBAM LP’s U.S. sourced income among its partners. | ||||
The Company had no unrecognized tax benefits as of December 31, 2013 and 2012. The principal components of the Company’s net deferred tax asset (liability) were as follows: | ||||
December 31, 2013 | December 31, 2012 | |||
(Dollars in thousands) | ||||
Deferred tax asset: | ||||
Net operating loss carry forwards..................................................... | $ | $ | ||
193,006 | 165,397 | |||
Deductible intra-group interest......................................................... | — | 8,663 | ||
Net unrealized losses on derivative instruments................................... | 1,932 | 6,928 | ||
Basis difference on acquisition of GAAM Australian assets................... | 9,597 | 16,493 | ||
Other............................................................................................. | 202 | 61 | ||
Valuation allowance....................................................................... | -19,412 | -24,588 | ||
Total deferred tax asset................................................................... | 185,325 | 172,954 | ||
Deferred tax liability: | ||||
Excess of tax depreciation over book depreciation............................... | -171,969 | -137,509 | ||
Book/tax differences identified in connection with GAAM Portfolio acquisition: | ||||
Debt............................................................................................... | -1,859 | -4,324 | ||
Security deposits and maintenance reserve liability............................... | -388 | -551 | ||
Lease premiums, net....................................................................... | -142 | -307 | ||
Net earnings of non-European Union member subsidiaries..................... | -18,713 | -20,813 | ||
Total deferred tax liability............................................................... | -193,071 | -163,504 | ||
Deferred tax (liability) asset, net....................................................... | $ | $ | ||
-7,746 | 9,450 | |||
The Company had recorded valuation allowances against a deferred tax asset in connection with basis differences on the acquisition of GAAM’s Australian assets. In connection with the sale of aircraft owned by a wholly-owned Australian subsidiary in 2013, the Company generated capital gains and has utilized approximately $2.3 million of the deferred tax asset. | ||||
Under current tax rules in Ireland, the Company is allowed to carry forward its net operating losses for an indefinite period to offset any future income. However, the Company has recorded a net valuation allowance of $1.7 million for the year ended December 31, 2013. | ||||
The Company records valuation allowances to reduce deferred tax assets to the extent it believes it is more likely than not that a portion of such assets will not be realized. In making such determinations, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and its ability to carry back losses to prior years. The Company is required to make assumptions and judgments about potential outcomes that may be outside its control. Critical factors include the projection, source, and character of future taxable income. Although realization is not assured, the Company believes it is more likely than not that deferred tax assets, net of the valuation allowance, will be realized. The amount of deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward periods are reduced or current tax planning strategies are not implemented. At December 31, 2013 and 2012, the Company had a valuation allowance of $19.4 million and $24.6 million, respectively. | ||||
The Company is allowed to carry forward its net operating losses for an indefinite period to be offset against income of the same trade under current tax rules in Ireland. | ||||
The table below is a reconciliation of the Irish statutory corporation tax rate of 12.5% on trading income to the Company’s recorded income tax expense (benefit): | ||||
Year ended | Year ended | Year ended | ||
December 31, | December 31, | December 31, | ||
2013 | 2012 | 2011 | ||
(Percentage) | ||||
Irish statutory corporate tax rate on trading income..................... | 12.5% | 12.5% | 12.5% | |
Valuation allowances............................................................... | 1.6% | — | — | |
Equity earnings from Fly-Z/C LP............................................. | -0.40% | -0.40% | -0.70% | |
Tax on investment in BBAM LP............................................... | — | 1.3% | 20.4% | |
Tax impact of repurchased and resold Notes............................. | -0.80% | -1.20% | -3.00% | |
Share-based compensation..................................................... | 0.70% | 0.9% | 11.2% | |
Tax on gain on sale of investment in BBAM LP........................... | — | 9.1% | — | |
Deductible intra-group interest................................................. | -2.20% | -12.90% | — | |
Foreign tax rate differentials................................................... | 3.3% | -2.40% | -2.80% | |
True-up of prior year tax provision........................................... | 0.2% | 1.1% | — | |
Non-taxable gain on debt extinguishment................................... | -5.10% | — | — | |
Non-deductible transaction fees and expenses........................... | 0.1% | — | 40.7% | |
Other..................................................................................... | -0.20% | -0.50% | 1.2% | |
Income tax expense............................................................... | 9.7% | 7.5% | 79.5% | |
The Company is not under examination in any tax jurisdiction at the present time. The tax years from 2009 onwards are open for examination by the tax authorities. | ||||
Other_Liabilities
Other Liabilities | 12 Months Ended | ||
Dec. 31, 2013 | |||
Other Liabilities [Abstract] | ' | ||
OTHER LIABILITIES | ' | ||
11. OTHER LIABILITIES | |||
The following table describes the principal components of the Company’s other liabilities: | |||
56 | |||
December 31, 2013 | December 31, 2012 | ||
(Dollars in thousands) | |||
Net current tax provision............................................. | $ | $ | |
1,517 | 9,985 | ||
Lease incentive obligation............................................. | 8,534 | 9,483 | |
Deferred rent payable................................................... | 9,169 | 7,773 | |
Unamortized lease discounts......................................... | 256 | 1,345 | |
Other........................................................................... | 1,047 | 645 | |
Total other liabilities..................................................... | $ | $ | |
20,523 | 29,231 | ||
For the years ended December 31, 2013 and 2012, amortization of lease discounts recorded into rental revenue totaled $0.4 million and $0.5 million, respectively. | |||
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Shareholders' Equity [Abstract] | ' | |||||
SHAREHOLDERS' EQUITY | ' | |||||
12. SHAREHOLDERS’ EQUITY | ||||||
In July 2013, the Company sold 13,142,856 common shares in the form of ADSs at a price of $14.00 per ADS in an underwritten public offering generating net proceeds of approximately $172.6 million. As of December 31, 2013, there were 41,306,338 shares outstanding. | ||||||
During the years ended December 31, 2013, 2012 and 2011, the Company declared and paid dividends of $0.88 per share or $31.5 million, $0.84 per share or $22.5 million and $0.80 per share or $21.1 million, respectively. On January 9, 2014, the Company declared a dividend of $0.25 per share or approximately $10.3 million, including dividend equivalents paid to vested SARs, which was paid on February 20, 2014 to shareholders of record at January 31, 2014. | ||||||
The Company’s board of directors approved certain share repurchase programs pursuant to which the Company may make share repurchases from time to time in the open market or in privately negotiated transactions. The timing of the repurchases under these programs, as set forth below, may depend on a variety of factors, including market conditions, and the program may be suspended or discontinued at any time prior to the expiration date. | ||||||
Board Approval Date | Expiration Date | Maximum dollar | Calendar | Total number | Average price | |
value of shares that | year shares were | of shares | paid per | |||
may be purchased | purchased | purchased | share | |||
under this program | ||||||
May 3, 2010................................................... | May 2011 | $30.0 million | 2011 | 23,135 | $ | |
12.43 | ||||||
May 3, 2011................................................... | May-12 | $30.0 million | 2011 | 43,533 | $ | |
10.87 | ||||||
May 2, 2012................................................... | May-13 | $25.0 million | — | — | — | |
May 1, 2013................................................... | May-14 | $30.0 million | — | — | — | |
The Company also made share repurchases outside of these programs. On March 8, 2011, the Company repurchased 1,035,438 of its shares from a third party at a price of $11.93 per share or $12.3 million pursuant to a Stock Purchase Agreement. | ||||||
On December 28, 2012, Summit and Onex Corporation and its affiliates (collectively, “Onex”) invested an aggregate of $25.0 million, for a total of 2,191,060 newly issued common shares of the Company at a price of $11.41 per share. The share price represents a 5% discount to the volume-weighted average price of the Company’s common shares in the five-day period ended November 29, 2012. The shares are subject to lock-up provisions, and the Company has agreed to register these shares with the Securities and Exchange Commission pursuant to a registration rights agreement. | ||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Earnings Per Share [Abstract] | ' | |||
EARNINGS PER SHARE | ' | |||
13. EARNINGS PER SHARE | ||||
The following table sets forth the calculation of basic and diluted earnings per share: | ||||
Year ended | Year ended | Year ended | ||
December 31, | December 31, | December 31, | ||
2013 | 2012 | 2011 | ||
(Dollars in thousands, except share and per share data) | ||||
Numerator | ||||
Net income........................................................................................................................... | $ | $ | $ | |
52,476 | 47,669 | 1,096 | ||
Less: Dividend equivalents paid to vested RSUs and SARs........................................................... | -940 | -884 | -360 | |
Net income available to common shareholders........................................................................... | $ | $ | $ | |
51,536 | 46,785 | 736 | ||
Denominator | ||||
Weighted average shares outstanding-Basic............................................................................... | 34,129,880 | 25,792,932 | 25,843,348 | |
Dilutive common equivalent shares: | ||||
RSUs..................................................................................................................................... | 102,914 | 164,998 | 143,344 | |
SARs..................................................................................................................................... | 10,662 | 3,675 | 5,370 | |
Weighted average shares outstanding-Diluted............................................................................. | 34,243,456 | 25,961,605 | 25,992,062 | |
Earnings per share: | ||||
Basic..................................................................................................................................... | $ | $ | $ | |
1.51 | 1.81 | 0.03 | ||
Diluted................................................................................................................................... | $ | $ | $ | |
1.50 | 1.80 | 0.03 | ||
Basic earnings per share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share are calculated by dividing net income available to common shareholders by the sum of the weighted average number of common shares outstanding and the potential number of dilutive common shares outstanding during the period, excluding the effect of any anti-dilutive securities. | ||||
SARs and RSUs granted by the Company that contain non-forfeitable rights to receive dividend equivalents are deemed participating securities (see Note 9). Net income available to common shareholders is determined by reducing the Company’s net income for the period by dividend equivalents paid on vested RSUs and SARs during the period. | ||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
14. COMMITMENTS AND CONTINGENCIES | |
From time to time, the Company contracts with third-party service providers to perform maintenance or overhaul activities on its off-lease aircraft. | |
At December 31, 2013, the Company had a commitment to purchase two aircraft for approximately $36.5 million. | |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
RELATED PARTY TRANSACTIONS | ' | |||||||
15. RELATED PARTY TRANSACTIONS | ||||||||
Fly has no employees and has outsourced the daily operations of the Company by entering into management, servicing and administrative agreements (the “Agreements”) with BBAM. Services to be rendered under these agreements include acquiring and disposing of aircraft; marketing of aircraft for lease and re-lease; collecting rent and other payments from the lessees; monitoring maintenance, insurance and other obligations under the leases; enforcing the Company’s rights under the lease terms; and maintaining the books and records of the Company and its subsidiaries. The Manager manages the Company under the direction of its chief executive officer and chief financial officer. Pursuant to the terms of the Agreements, certain fees and expenses that may be payable to the Manager may be reduced for any like payments made to other BBAM affiliates. | ||||||||
In connection with the acquisition of the GAAM Portfolio, the Company amended its agreement with its Manager and entered into new servicing agreements with affiliates of BBAM LP related to the GAAM portfolio. | ||||||||
On December 28, 2012, in connection with the sale of the Company’s 15% interest in BBAM to Onex, the Management Agreement was amended and the term of the agreement was extended to December 28, 2022, with an automatic five year renewal period unless the Company pays a termination fee to the Manager of $8.0 million, subject to potential future adjustment. In connection with the sale of its 15% interest in BBAM LP, the Company paid BBAM a fee equal to 1.5% of the selling price or $0.7 million. | ||||||||
Pursuant to the Agreements, BBAM is entitled to receive servicing fees. With respect to the Company’s Initial Portfolio, BBAM is entitled to receive a base fee of $150,000 per month, subject to certain adjustments, and a rent fee equal to 1.0% of the aggregate amount of aircraft rent due and 1% of rent actually collected. With respect to all other aircraft, BBAM is entitled to receive a servicing fee equal to 3.5% of the aggregate amount of rent actually received for such aircraft. For the years ended December 31, 2013, 2012 and 2011, base and rent fees incurred amounted to $12.1 million, $12.6 million and $8.5 million, respectively. | ||||||||
BBAM is entitled to an administrative agency fee from B&B Air Funding equal to $750,000 per annum, subject to adjustments based on the Consumer Price Index. Until August 2012, BBAM was entitled to an administrative fee from B&B Air Acquisition of $240,000 per annum. For all other aircraft, BBAM is entitled to an administrative fee of $1,000 per month per aircraft. In addition, BBAM is entitled to a servicer administrative fee of $10,000 per month under each of the Term Loan and Fly Acquisition II Facility. For the years ended December 31, 2013, 2012 and 2011, $1.9 million, $1.8 million and $1.2 million of administrative fees were paid in each respective period. | ||||||||
For its role as exclusive arranger, BBAM receives a fee equal to 1.5% of the purchase price of aircraft acquired, excluding aircraft in the Initial Portfolio. BBAM also receives 1.5% of the sales proceeds of all disposed aircraft. However, in connection with the acquisition of the 49 aircraft in the GAAM Portfolio, the Company paid its Manager a one-time acquisition fee of $12.5 million. In addition, the Company paid the Manager a disposition fee equal to 2% of the gross proceeds in respect of the disposition of any of these 49 aircraft made on or prior to October 14, 2013 when the gross proceeds on such disposition exceeded the net book value of such aircraft. The disposition fee payable on these 49 acquired aircraft after October 14, 2013 will be 1.5% of the aggregate gross proceeds on disposition. For the year ended December 31, 2013, $9.5 million and $2.0 million of fees were incurred for aircraft acquired and disposed, respectively. For the year ended December 31, 2012, $0.9 million and $1.2 million of fees were incurred for aircraft acquired and disposed, respectively. For the year ended December 31, 2011, $1.5 million and $2.1 million of fees were incurred for aircraft acquired and disposed, respectively | ||||||||
On December 28, 2012, the Company issued 2,191,060 shares at $11.41 per share or $25.0 million to Summit and Onex. The share price represents a 5% discount to the volume-weighted average price of the Company’s common shares in the five-day period ended November 29, 2012. The shares are subject to lock-up provisions, and the Company has registered these shares with the Securities and Exchange Commission pursuant to a registration statement. The Company paid a 4.0% commission or $1.0 million to BBAM in connection with the issuance of these shares. | ||||||||
The Company makes quarterly payments to the Manager as compensation for providing the chief executive officer, the chief financial officer and other personnel, and for certain corporate overhead costs related to Fly (“Management Expenses”), subject to adjustments tied to the Consumer Price Index. Beginning on October 15, 2011, the Company has agreed to make quarterly payments to the Manager in the amount of $2.5 million, subject to an annual adjustment tied to the Consumer Price Index applicable to the prior calendar year. The amount is subject to adjustment by notice from the Manager and the approval of the independent members of the Company’s board of directors. For the years ended December 31, 2013, 2012 and 2011, the Company incurred $10.5 million, $10.3 million and $7.2 million of Management Expenses, respectively. | ||||||||
In connection with its services, the Manager may incur expenses such as insurance, as well as legal and professional advisory fees on behalf of the Company. The Company had $0.8 million and $0.5 million of reimbursable expenses due to the Manager at December 31, 2013 and 2012, respectively. | ||||||||
In connection with the Company’s underwritten public offering in July 2013, the Company sold 142,857 common shares in the form of ADSs to certain officers and directors of Fly and BBAM LP at the public offering price of $14.00 per ADS, generating proceeds of $2.0 million. | ||||||||
In connection with the repricing of the Term loan on December 18, 2012, the Company paid a one-time success fee to BBAM of $0.2 million. | ||||||||
The Company’s minimum long-term contractual obligations with BBAM LP as of December 31, 2013, excluding rent fees, consisted of the following: | ||||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||
(Dollars in thousands) | ||||||||
Fixed base fee payments (1)......................................... | $ | $ | $ | $ | $ | $ | $ | |
2,013 | 2,013 | 2,013 | 2,013 | 2,013 | 14,095 | 24,160 | ||
Fixed administrative agency fee payments due by B&B Air Funding (1) | 839 | 839 | 839 | 839 | 839 | 5,872 | 10,067 | |
Fixed administrative agency fee payments due by Fly Acquisition II | 168 | 168 | 168 | 168 | 109 | 284 | 1,065 | |
Fixed administrative services fee due by Fly Peridot......... | 416 | 378 | 261 | 238 | 201 | 185 | 1,679 | |
Fixed administrative agency fee payments due by other subsidiaries | 540 | 448 | 335 | 293 | 190 | 304 | 2,110 | |
Fixed payments for Management Expenses (1) (2)........... | 10,633 | 10,633 | 10,633 | 10,633 | 10,633 | 50,530 | 103,695 | |
Total........................................................................... | $ | $ | $ | $ | $ | $ | $ | |
14,609 | 14,479 | 14,249 | 14,184 | 13,985 | 71,270 | 142,776 | ||
(1)Amounts in the table assume CPI rates in effect as of December 31, 2013 remain constant in future periods. | ||||||||
(2)The initial term of the Management Agreement is for ten years, with an automatic five year renewal period. The agreement provides for an early termination fee of $8.0 million, subject to potential future adjustment. The table assumes termination of the agreement after the initial ten year term and payment of the applicable termination fee. | ||||||||
In 2010, Summit purchased 1,000,000 shares of the Company from Babcock & Brown. Fly has a right of first refusal on any sale of these shares by Summit until April 2015. | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Fair Value Measurements [Abstract] | ' | ||||
FAIR VALUE MEASUREMENTS | ' | ||||
16. FAIR VALUE MEASUREMENTS | |||||
Assets and liabilities recorded at fair value on a recurring basis in the consolidated balance sheets are categorized based upon the level of judgment associated with the inputs used to measure their fair values. The hierarchy levels established by FASB give the highest priority to quoted prices in active markets and the lowest priority to unobservable data. Fair value measurements are disclosed by level within the following fair value hierarchy: | |||||
Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||
Level 2 — Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |||||
Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. | |||||
The Company’s financial instruments consist principally of cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, derivative instruments, accounts payable and secured borrowings. Fair value of an asset is defined as the price a seller would receive in a current transaction between knowledgeable, willing and able parties. A liability’s fair value is defined as the amount that an obligor would pay to transfer the liability to a new obligor, not the amount that would be paid to settle the liability with the creditor. | |||||
The fair value of the Company’s cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, and accounts payable approximate their carrying value. (The fair values of cash, restricted cash and cash equivalents are a Level 1 hierarchy. The fair values of accounts receivable and accounts payable are Level 2 hierarchy.) Where available, the fair value of the Company’s notes payable and debt facilities are based on observable market prices or parameters or derived from such prices or parameters (Level 2). Where observable prices or inputs are not available, valuation models are applied, using the net present value of cash flow streams over the term using estimated market rates for similar instruments and remaining terms (Level 3). These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company determines the fair value of its derivative instruments using a discounted cash flow model which incorporates an assessment of the risk of non-performance by the swap counterparty and an evaluation of Fly’s credit risk in valuing derivative liabilities. The valuation model uses various inputs including contractual terms, interest rate curves, credit spreads and measures of volatility. | |||||
The Company also measures the fair value for certain assets and liabilities on a non-recurring basis, when 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 Fly’s investments in unconsolidated affiliates and flight equipment held for operating leases. Fly accounts for its investments in unconsolidated affiliates under the equity method and records impairment when its fair value is less than its carrying value (Level 3). | |||||
The Company records flight equipment at fair value when the carrying value may not be recoverable. Such fair value measurements are based on management’s best estimates and judgment, and uses Level 3 inputs which include assumptions as to future cash proceeds from the leasing and eventual disposition of the aircraft. For the years ended December 31, 2013 and 2012, the Company wrote down one aircraft to its net realizable value and recognized a charge of $8.8 million and $11.4 million, respectively. For the year ended December 31, 2011, the Company wrote down two aircraft to their net realizable value and recognized a charge of $7.5 million. | |||||
The carrying amounts and fair values of the Company’s financial instruments are as follows: | |||||
December 31, 2013 | December 31, 2012 | ||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||
(Dollars in thousands) | |||||
Notes payable..................................................................... | $ | $ | $ | $ | |
575,326 | 498,038 | 639,281 | 587,795 | ||
Nord LB Facility................................................................. | 440,456 | 440,456 | 490,717 | 490,717 | |
CBA Facility....................................................................... | 159,802 | 153,390 | 268,625 | 266,794 | |
Term Loan......................................................................... | 465,103 | 478,877 | 377,646 | 397,864 | |
Fly Acquisition II................................................................. | 126,766 | 134,320 | — | — | |
Other aircraft secured debt................................................... | 487,252 | 488,267 | 276,143 | 275,122 | |
Unsecured debt................................................................... | 291,567 | 305,250 | — | — | |
Derivative asset................................................................... | 7,395 | 7,395 | 319 | 319 | |
Derivative liabilities............................................................... | 24,577 | 24,577 | 48,967 | 48,967 | |
As of December 31, 2013 and 2012, the categorized asset and liabilities measured at fair value on a recurring basis, based upon the lowest level of significant inputs to the valuations are as follows: | |||||
Level 1 | Level 2 | Level 3 | Total | ||
(Dollars in thousands) | |||||
December 31, 2013: | |||||
Derivative asset............................................................................................................. | — | $ | — | $ | |
7,395 | 7,395 | ||||
Derivative liabilities......................................................................................................... | — | 24,577 | — | 24,577 | |
December 31, 2012: | |||||
Derivative asset............................................................................................................. | — | 319 | — | 319 | |
Derivative liabilities......................................................................................................... | — | 48,967 | — | 48,967 | |
Unaudited_Quarterly_Condensed_
Unaudited Quarterly Condensed Consolidated Financial Information | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Unaudited Quarterly Condensed Consolidated Financial Information [Abstract] | ' | ||||
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED FINANCIAL INFORMATION | ' | ||||
17. UNAUDITED QUARTERLY CONDENSED CONSOLIDATED FINANCIAL INFORMATION | |||||
The unaudited quarterly financial statements for the year ended December 31, 2013 are presented below: | |||||
(Dollars in thousands, except per share data) | March 31, | June 30, | September 30, | December 31, | |
2013 | 2013 | 2013 | 2013 | ||
Total revenues........................................................................................................... | $ | $ | $ | $ | |
114,365 | 90,538 | 79,115 | 85,469 | ||
Net income............................................................................................................... | $ | $ | $ | $ | |
32,845 | 5,915 | 304 | 13,412 | ||
Earnings per share — Basic......................................................................................... | $ | $ | $ | $ | |
1.15 | 0.20 | 0.00 | 0.32 | ||
Earnings per share — Diluted....................................................................................... | $ | $ | $ | $ | |
1.15 | 0.20 | 0.00 | 0.32 | ||
The unaudited quarterly financial statements for the year ended December 31, 2012 are presented below: | |||||
(Dollars in thousands, except per share data) | March 31, | June 30, | September 30, | December 31, | |
2012 | 2012 | 2012 | 2012 | ||
Total revenues........................................................................................................... | $ | $ | $ | $ | |
104,507 | 110,910 | 86,408 | 130,871 | ||
Net income (loss)....................................................................................................... | $ | $ | $ | $ | |
20,387 | 25,729 | -29,439 | 30,992 | ||
Earnings (loss) per share — Basic................................................................................. | $ | $ | $ | $ | |
0.78 | 1.00 | -1.15 | 1.18 | ||
Earnings (loss) per share — Diluted............................................................................. | $ | $ | $ | $ | |
0.78 | 0.99 | -1.15 | 1.17 | ||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
18. SUBSEQUENT EVENTS | |
On January 9, 2014, the Company declared a dividend of $0.25 per share or approximately $10.3 million, which was paid on February 20, 2014 to shareholders of record at January 31, 2014. | |
In January 2014, the Company entered into two sale agreements with an unrelated third party in respect of two Airbus A319-100 aircraft. | |
In February 2014, the Company purchased two aircraft for $36.5 million. The acquisition was partially financed with proceeds received from the Term Loan of $33.6 million. | |
On February 4, 2014, the Company entered into two purchase agreements with an unrelated third party for two Boeing 737-800 aircraft. | |
Consolidated_Financial_Informa
Consolidated Financial Information Of Parent | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Consolidated Financial Information of Parent [Abstract] | ' | |||
Consolidated Financial Information Of Parent | ' | |||
Schedule I — Consolidated financial information of parent | ||||
Fly Leasing Limited | ||||
Condensed Balance Sheets | ||||
AS OF DECEMBER 31, 2013 AND 2012 | ||||
(Dollar amounts in thousands) | ||||
December 31, | December 31, | |||
2013 | 2012 | |||
Assets | ||||
Cash and cash equivalents....................................................................................................................................... | $ | $ | ||
277,267 | 82,124 | |||
Receivable from subsidiaries................................................................................................................................... | 309 | — | ||
Notes receivable from subsidiaries........................................................................................................................... | 56,132 | 5,986 | ||
Investments in subsidiaries..................................................................................................................................... | 742,668 | 473,665 | ||
Investment in unconsolidated subsidiary................................................................................................................... | 8,179 | 6,308 | ||
Other assets, net................................................................................................................................................... | 1,524 | 445 | ||
Total assets........................................................................................................................................................... | 1,086,079 | 568,528 | ||
Liabilities | ||||
Payable to related parties......................................................................................................................................... | 24,051 | 1,126 | ||
Payable to subsidiaries........................................................................................................................................... | — | 9,814 | ||
Note payable to subsidiaries..................................................................................................................................... | — | 3,986 | ||
Unsecured borrowings, net..................................................................................................................................... | 291,567 | — | ||
Deferred tax liability, net......................................................................................................................................... | 17,955 | 19,609 | ||
Accrued and other liabilities..................................................................................................................................... | 3,683 | 1,991 | ||
Total liabilities....................................................................................................................................................... | 337,256 | 36,526 | ||
Shareholders’ equity............................................................................................................................................... | 748,823 | 532,002 | ||
Total liabilities and shareholders’ equity..................................................................................................................... | $ | $ | ||
1,086,079 | 568,528 | |||
Fly Leasing Limited | ||||
Condensed Statements of Income | ||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||
(Dollar amounts in thousands, except per share data) | ||||
Year ended | Year ended | Year ended | ||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||
Revenues | ||||
Equity in earnings of subsidiaries....................................................................... | $ | $ | $ | |
51,136 | 47,602 | 6,613 | ||
Equity in earnings from unconsolidated subsidiary............................................... | 1,871 | 1,631 | 279 | |
Intercompany management fee income............................................................... | 15,780 | 16,154 | 9,550 | |
Intercompany interest income........................................................................... | 1,407 | — | — | |
Interest and other income................................................................................. | 185 | 176 | 79 | |
Total revenues............................................................................................... | 70,379 | 65,563 | 16,521 | |
Expense | ||||
Interest expense............................................................................................. | 1,887 | — | — | |
Selling, general and administrative..................................................................... | 17,644 | 19,053 | 15,923 | |
Total expenses............................................................................................... | 19,531 | 19,053 | 15,923 | |
Net income before provision for income taxes..................................................... | 50,848 | 46,510 | 598 | |
Income tax benefit........................................................................................... | -1,628 | -1,159 | -498 | |
Net income | $ | $ | $ | |
52,476 | 47,669 | 1,096 | ||
Weighted average number of shares: | ||||
Basic............................................................................................................... | 34,129,880 | 25,792,932 | 25,843,348 | |
Diluted............................................................................................................. | 34,243,456 | 25,961,605 | 25,992,062 | |
Earnings per share: | ||||
Basic............................................................................................................... | $ | $ | $ | |
1.51 | 1.81 | 0.03 | ||
Diluted............................................................................................................. | $ | $ | $ | |
1.50 | 1.80 | 0.03 | ||
Schedule I — Consolidated financial information of parent | ||||
Fly Leasing Limited | ||||
Condensed Statements of Cash Flows | ||||
FOR THE YEARS ENDED DECEMBER 31, 2013, 2012 AND 2011 | ||||
(Dollar amounts in thousands) | ||||
Year ended | Year ended | Year ended | ||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||
Cash Flows from Operating Activities | ||||
Net Income | $ | $ | $ | |
52,476 | 47,669 | 1,096 | ||
Adjustments to reconcile net income to net cash flow provided by operating activities: | ||||
Equity in earnings of subsidiaries........................................................................... | -51,136 | -47,602 | -6,613 | |
Equity in earnings of unconsolidated subsidiary....................................................... | -1,871 | -1,631 | -279 | |
Income tax benefit............................................................................................. | -1,654 | -1,203 | -497 | |
Share-based compensation................................................................................... | 3,177 | 3,635 | 4,768 | |
Amortization of debt discount and others............................................................... | 76 | — | — | |
Changes in operating assets and liabilities:............................................................... | ||||
Receivable/(payable) to subsidiaries....................................................................... | 12,797 | -3,330 | 13,967 | |
Other assets..................................................................................................... | 45 | 7 | -69 | |
Payable to related parties..................................................................................... | -1,435 | 1,121 | -22 | |
Accrued and other liabilities................................................................................. | 670 | 1,316 | -133 | |
Net cash flows provided by (used in) operating activities......................................... | 13,145 | -18 | 12,218 | |
Cash Flows from Investing Activities | ||||
Capital contributions to subsidiaries....................................................................... | -256,515 | -21,000 | -122,703 | |
Distributions received from subsidiaries................................................................. | 6,000 | 41,462 | 102,109 | |
Capital contributions to unconsolidated subsidiary................................................... | — | — | -5,863 | |
Distributions received from unconsolidated subsidiary............................................. | — | 458 | 1,007 | |
Notes payable to subsidiaries............................................................................... | — | — | -47,100 | |
Net cash flows provided by (used in) investing activities........................................... | -250,515 | 20,920 | -72,550 | |
Cash Flows from Financing Activities | ||||
Proceeds from issuance of shares, net of fees paid................................................. | 172,595 | 23,914 | — | |
Proceeds from issuance of unsecured borrowings................................................... | 291,389 | — | — | |
Dividends........................................................................................................... | -30,531 | -21,629 | -20,738 | |
Dividend equivalents........................................................................................... | -940 | -884 | -360 | |
Shares repurchased............................................................................................. | — | — | -13,142 | |
Net cash flows provided by (used in) financing activities......................................... | 432,513 | 1,401 | -34,240 | |
Net increase in (decrease) cash............................................................................. | 195,143 | 22,303 | -94,572 | |
Cash at beginning of period................................................................................. | 82,124 | 59,821 | 154,393 | |
Cash at end of period......................................................................................... | $ | $ | $ | |
277,267 | 82,124 | 59,821 | ||
Supplemental Disclosure of Non Cash Activities: | ||||
Taxes paid......................................................................................................... | $ — | $ — | $ — | |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies [Abstract] | ' |
BASIS OF PREPARATION | ' |
BASIS OF PREPARATION | |
Fly is a holding company that conducts its business through its subsidiaries. The Company directly or indirectly owns all of the common shares of its consolidated subsidiaries. The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The consolidated financial statements include the accounts of Fly and all of its subsidiaries. In instances where it is the primary beneficiary, Fly would consolidate a Variable Interest Entity (“VIE”). All intercompany transactions and balances have been eliminated. The consolidated financial statements are stated in U.S. Dollars, which is the principal operating currency of the Company. | |
The Company has one operating and reportable segment which is aircraft leasing. | |
USE OF ESTIMATES | ' |
USE OF ESTIMATES | |
The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, deferred tax assets and accruals and reserves. To the extent available, the Company utilizes industry specific resources, third-party appraisers and other materials to support management’s estimates, particularly with respect to flight equipment. Despite management’s best efforts to accurately estimate such amounts, actual results could differ from those estimates. | |
RISKS AND UNCERTAINTIES | ' |
RISKS AND UNCERTAINTIES | |
The Company encounters several types of risk during the course of its business, including credit and market risks. Credit risk addresses a lessee’s or derivative counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects the change in the value of derivatives and credit facilities due to changes in interest rate spreads or other market factors, including the value of collateral underlying the Company’s credit facilities. | |
Other types of risk encountered by the Company include the following: | |
•The success of the Company is dependent on the performance of the commercial aviation industry. A downturn in the industry could adversely impact the 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. | |
•The Company will require access to the debt and equity markets to refinance its outstanding indebtedness and to grow its business through the acquisition of additional aircraft. | |
•The Company relies and is dependent upon an external servicer to manage its business and service its aircraft portfolio. | |
CASH AND CASH EQUIVALENTS | ' |
CASH AND CASH EQUIVALENTS | |
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. | |
RESTRICTED CASH AND CASH EQUIVALENTS | ' |
RESTRICTED CASH AND CASH EQUIVALENTS | |
Pursuant to certain of the Company’s debt facilities, payments received from lessees serve as collateral to the lenders and are thus subject to withdrawal restrictions. The Company’s restricted cash and cash equivalents consist primarily of (i) security deposits and certain maintenance payments received from lessees under the terms of various lease agreements, (ii) a portion of rents collected which may be required to be held as cash collateral and (iii) other cash, which may be subject to withdrawal restrictions pursuant to the Company’s credit agreements as further described in Note 7. | |
All restricted cash is held by major financial institutions in segregated accounts. | |
RENT RECEIVABLES | ' |
RENT RECEIVABLES | |
Rent receivables represent unpaid lessee obligations under existing lease contracts. Any allowance for doubtful accounts is established on a specific identification basis and is maintained at a level believed by management to be adequate to absorb probable losses inherent in rent receivables. The assessment of credit risk is primarily based on the extent to which amounts outstanding exceed the value of security held, the financial strength and condition of a debtor and the current economic and regulatory conditions of the debtor’s operating environment. Determination of the allowance is inherently subjective as it requires significant estimates, including the amounts and timing of expected future cash flows and consideration of current factors and economic trends impacting the lessees and their credit-worthiness, all of which may be susceptible to significant change. Uncollectible rent receivables are charged off against the allowance, while recoveries of amounts previously charged off are credited to the allowance. A provision for credit losses is recorded based on management’s periodic evaluation of the factors previously mentioned, as well as other pertinent factors. As of December 31, 2013 and 2012, the Company had no allowance for doubtful accounts. The Company had one and two lessees on non-accrual status as of December 31, 2013 and 2012, respectively, and recognized revenue from those lessees when cash was received. | |
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES | ' |
INVESTMENT IN UNCONSOLIDATED SUBSIDIARIES | |
Fly has a 57.4% interest in Fly-Z/C Aircraft Holdings LP (“Fly-Z/C LP”). On December 28, 2012, Fly sold its 15.0% interest in BBAM Limited Partnership (“BBAM LP”). | |
Fly accounts for its interest in unconsolidated subsidiaries using the equity method as the Company does not control the entities. Under the equity method, the Company’s investment is initially recorded at cost and the carrying amount is affected by its share of the unconsolidated subsidiaries’ undistributed earnings and losses, and distributions of dividends and capital. | |
The Company periodically reviews the carrying amount of its investment in the unconsolidated subsidiaries, or whenever events or changes in circumstances indicate that a decline in value may have occurred. If its investment is determined to be impaired on an other-than-temporary basis, a loss equal to the difference between the fair value of the investment and its carrying value is recorded in the period of identification. | |
FLIGHT EQUIPMENT HELD FOR OPERATING LEASES | ' |
FLIGHT EQUIPMENT HELD FOR OPERATING LEASES | |
Flight equipment held for operating leases are recorded at cost and depreciated to estimated residual values on a straight-line basis over their estimated remaining useful lives. Useful life is generally 25 years from the date of manufacture. Residual values are generally estimated to be 15% of original manufacturer’s estimated realized price for the flight equipment when new. Management may, at its discretion, 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 residual values. Examples of such situations include, but are not limited to: | |
•Flight equipment where original manufacturer’s prices are not relevant due to plane modifications and conversions. | |
•Flight equipment which is out of production and may have a shorter useful life or lower residual value due to obsolescence. | |
•The remaining life of a converted freighter is determined based on the date of conversion, in which case, the total useful life may extend beyond 25 years from the date of manufacture. | |
Estimated residual values and useful lives of flight equipment are reviewed and adjusted, if appropriate, at each reporting period. | |
Major improvements to be performed by the Company pursuant to the lease agreement are accounted for as lease incentives and are amortized against revenue over the term of the lease, assuming no lease renewals. Lessee specific modifications to the aircraft are capitalized and also amortized against revenue over the term of the lease. Generally, lessees are responsible for repairs, scheduled maintenance and overhauls during the lease term and to be compliant with return conditions of flight equipment at lease termination. | |
Major improvements and modifications incurred for an aircraft that is off-lease are capitalized and depreciated over the remaining life of the flight equipment. In addition, costs paid by us for scheduled maintenance and overhauls are also capitalized and depreciated over a period to the next scheduled maintenance or overhaul event. Miscellaneous repairs are expensed when incurred. | |
At the time of an aircraft acquisition, the Company evaluates whether the lease acquired with the aircraft is at fair market value by comparing the contractual lease rates to the range of current lease rates of like aircraft. A lease premium is recognized when it is determined that the acquired lease’s terms are above market value; lease discounts are recognized when it is determined that the acquired lease’s terms are below fair market value. Lease discounts are capitalized into other liabilities and accreted as additional rental revenue on a straight-line basis over the lease term. Lease premiums are capitalized into other assets and amortized against rental revenue on a straight-line basis over the lease term. | |
IMPAIRMENT OF FLIGHT EQUIPMENT | ' |
IMPAIRMENT OF FLIGHT EQUIPMENT | |
The Company evaluates flight equipment for impairment when circumstances indicate that the carrying amounts of such assets may not be recoverable. The Company’s evaluation of impairment indicators include, but are not limited to, recent transactions for similar aircraft, adverse changes in market conditions for specific aircraft types, third party appraisals of specific aircraft, published values for similar aircraft, any occurrences of adverse changes in the aviation industry and the overall market conditions that could impact the fair value of our aircraft. The review for recoverability includes an assessment of the estimated future cash flows associated with the use of an asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, the Company will assess whether the carrying values of the flight equipment exceed the fair values and an impairment loss is required. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected lease rates, transition costs, estimated down time and estimated residual or scrap values for an aircraft. The impairment loss is measured as the excess of the carrying amount of the impaired asset over its fair value. See Note 16 – Fair Value Measurements. | |
Future cash flows are assumed to occur under current market conditions and assume adequate time for a sale between a willing and able buyer and a willing seller. Expected future lease rates are based on all relevant information available, including the existing lease, current contracted rates for similar aircraft, appraisal data and industry trends. Residual value assumptions generally reflect an aircraft’s salvage value, except where more recent industry information indicates a different value is appropriate. | |
The preparation of these impairment analyses requires the use of assumptions and estimates, including the level of future rents, the residual value of the flight equipment to be realized upon sale at some date in the future, estimated downtime between re-leasing events and the amount of re-leasing costs. For the year ended December 31, 2013, the Company recognized an impairment loss of $8.8 million in respect of an Airbus A319-100 aircraft which was manufactured in 2000. This aircraft will be sold by the Company in 2014. For the year ended December 31, 2012, the Company recognized an impairment loss of $11.4 million in respect of two Boeing 737-500 aircraft which were manufactured in 1992 and one Airbus A320-200 aircraft which was manufactured in 2002. The Airbus A320-200 aircraft was sold during the first quarter of 2013. For the year ended December 31, 2011, the Company recognized an impairment loss of $7.5 million in respect of two Boeing 737-500 aircraft. The leases related to these two aircraft expired in 2012 and the Company disposed of the aircraft in 2013. | |
DERIVATIVE FINANCIAL INSTRUMENTS | ' |
DERIVATIVE FINANCIAL INSTRUMENTS | |
The Company uses derivative financial instruments to manage its exposure to interest rate and foreign currency risks. All derivatives are recognized on the balance sheet at their fair values. Pursuant to hedge accounting provisions, changes in the fair value of the item being hedged are recognized into earnings in the same period and in the same income statement line as the change in the fair value of the derivative instrument. On the date that the Company enters into a derivative contract, the Company formally documents all relationships between the hedging instruments and the hedged items, as well as its risk management objective and strategy for undertaking each hedge transaction. | |
Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Cash flow hedges are accounted for by recording the fair value of the derivative instrument on the balance sheet as either a freestanding asset or liability. Changes in the fair value of a derivative that is designated and qualifies as an effective cash flow hedge are recorded in accumulated other comprehensive income, net of tax, until earnings are affected by the variability of cash flows of the hedged item. Any derivative gains and losses that are not effective in hedging the variability of expected cash flows of the hedged item or that do not qualify for hedge accounting treatment are recognized directly into income. | |
At the hedge’s inception and at least quarterly thereafter, a formal assessment is performed to determine whether changes in cash flows of the derivative instrument have been highly effective in offsetting changes in the cash flows of the hedged items and whether they are expected to be highly effective in the future. The Company discontinues hedge accounting prospectively when (i) it determines that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item; (ii) the derivative expires or is sold, terminated, or exercised; or (iii) management determines that designating the derivative as a hedging instrument is no longer appropriate. In all situations in which hedge accounting is discontinued and the derivative remains outstanding, the derivative instrument is carried at its fair market value on the balance sheet with changes in fair value recognized into current-period earnings. The remaining balance in accumulated other comprehensive income associated with the derivative that has been discontinued is not recognized in the income statement unless it is probable that the forecasted transaction will not occur. Such amounts are recognized in earnings when earnings are affected by the hedged transaction. | |
OTHER ASSETS | ' |
OTHER ASSETS | |
Other assets consist primarily of debt issuance costs, unamortized lease premiums, initial direct lease costs and other miscellaneous receivables. The Company capitalizes costs incurred in arranging financing as debt issuance costs. Debt issuance costs are amortized to interest expense using the effective interest method over the terms of the credit facilities. Lease premiums are amortized into operating lease income over the lease term. | |
SECURITY DEPOSITS | ' |
SECURITY DEPOSITS | |
In the normal course of leasing aircraft to third parties under its lease agreements, the Company receives cash or letters of credit as security for certain contractual obligations which is held on deposit until termination of the lease. Security deposits are returned to the lessee at lease termination or taken into income if the lessee fails to perform under its lease. | |
MAINTENANCE PAYMENT LIABILITY | ' |
MAINTENANCE PAYMENT LIABILITY | |
The Company’s flight equipment is typically subject to triple-net leases under which the lessee is responsible for maintenance, insurance and taxes. Fly’s operating leases also obligate the lessees to comply with all governmental requirements applicable to the flight equipment, including without limitation, operational, maintenance, registration requirements and airworthiness directives. | |
Under the terms of the lease agreements, cash collected from lessees for future maintenance of the aircraft is recorded as maintenance payment liabilities. The Company does not recognize such maintenance payments as revenue during the lease. Maintenance payment liabilities are attributable to specific aircraft and are typically based on hours or cycles of utilization, depending upon the component. Upon the occurrence of qualified maintenance events, the lessee submits a request for reimbursement and upon disbursement of the funds, the liability is relieved. | |
In some leases, the lessor may be obligated to contribute to maintenance related expenses on an aircraft during the term of the lease. In other instances, the lessee or lessor may be obligated to make a payment to the other party at lease termination based on a computation stipulated in the lease agreement. The calculation is based on utilization and condition of the airframe, engines and other major life-limited components as determined at lease termination. | |
The Company may also incur maintenance expenses on off-lease aircraft. Scheduled major maintenance or overhaul activities and costs for certain high-value components that are paid by the Company are capitalized and depreciated over the period until the next overhaul is required. Such payments made by the Company for minor maintenance, repairs and re-leasing of aircraft are expensed as incurred. | |
Maintenance payment liability balances at the end of a lease or any amount received as part of a redelivery adjustment are recorded as lease revenue at lease termination, including early termination upon a default. When flight equipment is sold, the maintenance payment liability amounts may be remitted to the buyer in accordance with the terms of the related agreements and are released from the balance sheet as part of the disposition gain or loss. | |
REVENUE RECOGNITION | ' |
REVENUE RECOGNITION | |
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Where revenue amounts do not meet these recognition criteria, they are deferred and recognized in the period in which the recognition criteria are met. Rental income from aircraft is recognized on a straight-line basis over the initial term of the respective lease. The operating lease agreements generally do not provide for purchase options, however, the leases may allow the lessee the option to extend the lease for an additional term. Contingent rents are recognized as revenue when the contingency is resolved. Revenue is not recognized when collection is not reasonably assured. | |
SHARE-BASED COMPENSATION | ' |
SHARE-BASED COMPENSATION | |
The Company has a 2010 Omnibus Incentive Plan (“2010 Plan”) which permitted the issuance of up to 1,500,000 share grants in the form of (i) stock appreciation rights (“SARs”); (ii) restricted stock units (“RSUs”); (iii) nonqualified stock options; and (iv) other stock-based awards. In May 2012, the Company made an additional aggregate grant of 300,000 SARs and RSUs to certain employees of BBAM LP, who provide services to the Company pursuant to management and servicing agreements. As of December 31, 2013 and 2012, the Company had made grants aggregating 1,500,000 under the 2010 Plan, respectively. There are no shares remaining available for grants under the 2010 Plan. | |
In accordance with GAAP, compensation expense associated with grants to employees are valued at the grant date and amortized on a straight-line basis over the service period. Grants to non-employees are initially measured at grant date, and then re-measured at each interim reporting period until the awards are vested. Determining the appropriate fair value model and calculation of the fair value of stock-based awards requires judgment, including estimating stock price volatility, forfeitures and expected grant life. | |
TAXES | ' |
TAXES | |
The Company provides for income taxes by tax jurisdiction (see Note 10). Deferred income tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statements and tax basis of existing assets and liabilities at the enacted tax rates expected to apply when the assets are recovered or liabilities are settled. A valuation allowance is used to reduce deferred tax assets to the amount which management ultimately expects to be more-likely-than-not realized. | |
The Company applies a recognition threshold of more-likely-than-not to be sustained in the examination of tax uncertainty in income taxes. Measurement of the tax uncertainty occurs if the recognition threshold has been met. The Company has elected to classify any interest on unpaid income taxes and penalties as a component of the provision for income taxes. No interest on unpaid income taxes and penalties were incurred during the years ended December 31, 2013, 2012 and 2011. | |
NEW ACCOUNTING PRONOUNCEMENTS | ' |
NEW ACCOUNTING PRONOUNCEMENTS | |
In February 2013, the FASB issued guidance which requires companies to present, in one place, information about reclassifications out of accumulated other comprehensive income (“AOCI”). It also requires companies to present the reclassifications by component. For significant items reclassified out of AOCI to net income in their entirety, companies must disclose the line item on the statement of income that was affected. This can be done on the face of the statement in certain circumstances or in the notes. For significant items not reclassified to net income in their entirety during the reporting period, companies must cross-reference the note where additional details about the effects of the reclassification are disclosed. The Company adopted the guidance prospectively commencing in the 2013 fiscal year and interim periods within the year. | |
Flight_Equipment_Held_for_Oper1
Flight Equipment Held for Operating Leases (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Flight Equipment Held for Operating Leases [Abstract] | ' | ||||||
Flight equipment held for operating leases | ' | ||||||
December 31, 2013 | December 31, 2012 | ||||||
(Dollars in thousands) | |||||||
Cost................................................................... | $ | $ | |||||
3,597,330 | 3,047,274 | ||||||
Accumulated depreciation..................................... | -562,418 | -430,410 | |||||
Net flight equipment held for operating leases................. | $ | $ | |||||
3,034,912 | 2,616,864 | ||||||
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ||||||
December 31, 2013 | December 31, 2012 | ||||||
(Dollars in thousands) | |||||||
Europe: | |||||||
United Kingdom................................................................................................... | $ | 11% | $ | 14% | |||
347,627 | 365,411 | ||||||
Turkey................................................................................................................... | 191,527 | 6% | 113,244 | 4% | |||
Germany............................................................................................................... | 152,894 | 5% | 107,568 | 4% | |||
Other..................................................................................................................... | 459,243 | 15% | 493,263 | 19% | |||
Europe — Total................................................................................................... | 1,151,291 | 37% | 1,079,486 | 41% | |||
Asia and South Pacific: | |||||||
China..................................................................................................................... | 353,868 | 12% | 300,568 | 11% | |||
India..................................................................................................................... | 120,771 | 4% | 146,659 | 6% | |||
Other..................................................................................................................... | 394,627 | 13% | 265,911 | 10% | |||
Asia and South Pacific — Total............................................................................... | 869,266 | 29% | 713,138 | 27% | |||
North America: | |||||||
United States....................................................................................................... | 291,724 | 10% | 266,603 | 10% | |||
Other..................................................................................................................... | 33,162 | 1% | 34,650 | 2% | |||
North America — Total......................................................................................... | 324,886 | 11% | 301,253 | 12% | |||
Mexico, South and Central America: | |||||||
Chile................................................................................................... | 255,832 | 9% | — | — | |||
Brazil..................................................................................................................... | 98,393 | 3% | 97,319 | 4% | |||
Mexico................................................................................................................. | 127,943 | 4% | 169,710 | 6% | |||
Mexico, South and Central America — Total............................................................. | 482,168 | 16% | 267,029 | 10% | |||
Middle East and Africa — Total............................................................................... | 189,682 | 6% | 163,489 | 6% | |||
Off-Lease — Total............................................................................................... | 17,619 | 1% | 92,469 | 4% | |||
Total flight equipment held for operating leases, net..................................................... | $ | 100% | $ | 100% | |||
3,034,912 | 2,616,864 | ||||||
Summary of distribution of operating lease revenue by geographic region | ' | ||||||
Year ended | Year ended | Year ended | |||||
December 31, | December 31, | December 31, | |||||
2013 | 2012 | 2011 | |||||
(Dollars in thousands) | |||||||
Europe: | |||||||
United Kingdom................................................................................. | $ | 13% | $ | 12% | $ | 8% | |
48,507 | 45,916 | 19,444 | |||||
Turkey............................................................................................... | 14,703 | 4% | 12,319 | 3% | 5,874 | 3% | |
Germany............................................................................................. | 19,882 | 6% | 28,746 | 8% | 15,560 | 7% | |
Other................................................................................................. | 69,480 | 20% | 83,347 | 22% | 68,513 | 29% | |
Europe — Total................................................................................. | 152,572 | 43% | 170,328 | 45% | 109,391 | 47% | |
Asia and South Pacific: | |||||||
China................................................................................................. | 41,332 | 12% | 36,918 | 10% | 13,620 | 6% | |
India................................................................................................... | 21,894 | 6% | 39,312 | 10% | 22,341 | 10% | |
Other................................................................................................. | 32,841 | 9% | 34,506 | 10% | 11,288 | 4% | |
Asia and South Pacific — Total........................................................... | 96,067 | 27% | 110,736 | 30% | 47,249 | 20% | |
North America: | |||||||
United States..................................................................................... | 40,482 | 11% | 41,311 | 11% | 39,088 | 17% | |
Other................................................................................................. | 3,891 | 1% | 3,891 | 1% | 3,891 | 2% | |
North America — Total....................................................................... | 44,373 | 12% | 45,202 | 12% | 42,979 | 19% | |
Mexico, South and Central America: | |||||||
Chile................................................................................................... | 10,055 | 3% | — | — | — | — | |
Brazil................................................................................................. | 19,038 | 5% | 12,630 | 3% | 1,687 | 1% | |
Mexico............................................................................................... | 18,996 | 5% | 18,843 | 5% | 16,276 | 7% | |
Mexico, South and Central America — Total........................................... | 48,089 | 13% | 31,473 | 8% | 17,963 | 8% | |
Middle East and Africa — Total........................................................... | 18,308 | 5% | 18,698 | 5% | 13,134 | 6% | |
Total Operating Lease Revenue............................................................. | $ | 100% | $ | 100% | $ | 100% | |
359,409 | 376,437 | 230,716 | |||||
Schedule of contracted future minimum rental payments due under non-cancellable operating leases | ' | ||||||
Year ending December 31, | (Dollars in thousands) | ||||||
2014......................................................................................................... | $ | ||||||
344,216 | |||||||
2015......................................................................................................... | 277,152 | ||||||
2016......................................................................................................... | 198,864 | ||||||
2017......................................................................................................... | 164,308 | ||||||
2018......................................................................................................... | 107,460 | ||||||
Thereafter................................................................................................. | 222,669 | ||||||
Future minimum rental payments under operating leases................................... | $ | ||||||
1,314,669 | |||||||
Summary of lease incentive amortization | ' | ||||||
Year ending December 31, | (Dollars in thousands) | ||||||
2014......................................................................................................... | $ | ||||||
12,327 | |||||||
2015......................................................................................................... | 11,004 | ||||||
2016......................................................................................................... | 8,994 | ||||||
2017......................................................................................................... | 7,174 | ||||||
2018......................................................................................................... | 3,785 | ||||||
Thereafter................................................................................................. | 2,811 | ||||||
Future amortization of lease incentives............................................................. | $ | ||||||
46,095 | |||||||
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Other Assets [Abstract] | ' | ||
Principal components of other assets | ' | ||
December 31, 2013 | December 31, 2012 | ||
(Dollars in thousands) | |||
Loan issuance costs, net....................................... | $ | $ | |
25,593 | 18,461 | ||
Lease premiums................................................. | 4,949 | 8,718 | |
Other assets....................................................... | 9,108 | 4,847 | |
Total other assets | $ | $ | |
39,650 | 32,026 | ||
Unsecured_Borrowings_Tables
Unsecured Borrowings (Tables) (Unsecured Debt [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Unsecured Debt [Member] | ' | ||
Debt Instrument [Line Items] | ' | ||
Schedule Of Borrowings | ' | ||
Balance as of | |||
December 31, 2013 | December 31, 2012 | ||
(in thousands) | |||
Outstanding principal balance: | |||
Unsecured Notes issued............................................... | $ | $─ | |
300,000 | |||
Unamortized discount................................................. | -8,433 | ─ | |
Unsecured borrowings, net......................................... | $ | $─ | |
291,567 | |||
Schedule Of Unsecured Debt Redemption Prices | ' | ||
Redeemed during the 12-month period commencing on December 15 of the years set forth below: | |||
Redemption Price | |||
2016....................................................................................................... | 105.063% | ||
2017....................................................................................................... | 103.375% | ||
2018....................................................................................................... | 101.688% | ||
2019 and thereafter................................................................................. | 100.000% | ||
Secured_Borrowings_Tables
Secured Borrowings (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Instrument [Line Items] | ' | |||||
Secured Borrowings Balance, Net Of Unamortized Debt Discounts | ' | |||||
Net carrying value as of | Weighted average | Maturity | ||||
December 31, | interest rate (1) as of | date | ||||
December 31, | ||||||
2013 | 2012 | 2013 | 2012 | |||
(in thousands) | ||||||
Notes Payable............................................................................. | $ | $ | 3.63% | 3.85% | November 2033 | |
575,326 | 639,281 | |||||
Nord LB Facility........................................................................... | 440,456 | 490,717 | 4.15% | 4.14% | Nov-18 | |
CBA Facility............................................................................... | 159,802 | 268,625 | 4.91% | 5.18% | September 2014 – October 2020 | |
Term Loan................................................................................. | 465,103 | 377,646 | 4.50% | 5.75% | Aug-19 | |
Fly Acquisition II......................................................................... | 126,766 | − | 4.16% | − | Jul-18 | |
Other aircraft secured borrowings................................................... | 487,252 | 276,143 | 4.71% | 5.54% | August 2014 – September 2025 | |
Total............................................................................................. | $ | $ | ||||
2,254,705 | 2,052,412 | |||||
____________ | ||||||
(1) Represents the contractual interest rates and effect of derivative instruments, and excludes the amortization of debt discounts and debt issuance costs. | ||||||
Schedule Of Future Minimum Principal Payments | ' | |||||
Year ending December 31, | (Dollars in thousands) | |||||
2014....................................................................................................... | $ | |||||
235,651 | ||||||
2015....................................................................................................... | 248,666 | |||||
2016....................................................................................................... | 196,290 | |||||
2017....................................................................................................... | 182,725 | |||||
2018....................................................................................................... | 490,043 | |||||
Thereafter............................................................................................. | 945,907 | |||||
Future minimum principal payments due..................................................... | $ | |||||
2,299,282 | ||||||
Nord LB Facility [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Borrowings | ' | |||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance............................... | $ | $ | ||||
452,371 | 508,942 | |||||
Unamortized debt discount................................... | -11,915 | -18,225 | ||||
Nord LB Facility balance, net............................... | $ | $ | ||||
440,456 | 490,717 | |||||
BOS Facility [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Borrowings | ' | |||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance: | ||||||
Senior tranches......................................................... | $ | $ | ||||
30,512 | 242,815 | |||||
Junior tranches......................................................... | 5,900 | 32,701 | ||||
Tranche A......................................................... | 87,925 | − | ||||
Tranche B......................................................... | 37,486 | − | ||||
Total outstanding principal balance............................... | 161,823 | 275,516 | ||||
Unamortized debt discount......................................... | -2,021 | -6,891 | ||||
CBA Facility balance, net............................................. | $ | $ | ||||
159,802 | 268,625 | |||||
Weighted Average Interest Rates On Senior And Junior Tranche Loans, Excluding Debt Discount Amortization | ' | |||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
Fixed rate loans: | ||||||
Senior tranche................................................... | 5.62% | 5.88% | ||||
Junior tranche..................................................... | 7.91% | 7.39% | ||||
Tranche A......................................................... | 6.53% | − | ||||
Tranche B......................................................... | 4.58% | − | ||||
Variable rate loans: | ||||||
Senior tranche................................................... | – | 1.64% | ||||
Junior tranche..................................................... | – | 2.91% | ||||
Tranche A......................................................... | 2.66% | − | ||||
Tranche B......................................................... | 2.66% | − | ||||
Facility weighted average interest rate..................... | 4.91% | 5.18% | ||||
Class G One Notes [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Borrowings | ' | |||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance: | ||||||
Notes issued............................................................. | $ | $ | ||||
592,903 | 660,444 | |||||
Unamortized discount................................................. | -17,577 | -21,163 | ||||
Notes payable, net..................................................... | $ | $ | ||||
575,326 | 639,281 | |||||
Term Loan [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Borrowings | ' | |||||
Balance as of | ||||||
December 31, 2013 | December 31, 2012 | |||||
(in thousands) | ||||||
Outstanding principal balance............................... | $ | $ | ||||
475,313 | 390,062 | |||||
Unamortized debt discount................................... | -10,210 | -12,416 | ||||
Term loan, net................................................... | $ | $ | ||||
465,103 | 377,646 | |||||
Other Aircraft Secured Borrowings [Member] | ' | |||||
Debt Instrument [Line Items] | ' | |||||
Schedule Of Borrowings | ' | |||||
Number of | Principal Balance | Weighted Average | Maturity | |||
Aircraft | Outstanding as of | Interest | Date | |||
Financed | December 31, | Rates (1) | ||||
2013 | 2012 | |||||
(in thousands) | ||||||
GAAM Facility No. 1 (2) ................................................. | — | $— | $ | — | — | |
42,090 | ||||||
GAAM Facility No. 2....................................................... | 2 | 29,095 | 31,630 | 6.30% | August 2014 – December 2015 | |
GAAM Note Payable (3)................................................... | 4 | 59,813 | 65,298 | 4.57% | December 2015 – January 2018 | |
Aircraft Note Payable (4)................................................. | 12 | 401,198 | 141,357 | 4.62% | June 2015 – September 2025 | |
Total outstanding principal balance..................................... | $ | $ | ||||
490,106 | 280,375 | |||||
Unamortized debt discount (2) (3)..................................... | -2,854 | -4,232 | ||||
Other aircraft secured borrowings | $ | $ | ||||
balance, net..................... | 487,252 | 276,143 | ||||
(1)Represents the contractual interest rates. | ||||||
(2)In connection with the sale of the six aircraft financed by this facility in March 2013, the buyer assumed the debt facility which had an outstanding balance of $38.5 million, net of unamortized discount of $2.9 million. As of December 31, 2012, the unamortized discount associated with GAAM Facility No. 1 totaled $3.2 million. | ||||||
(3)Includes four loans financing four aircraft. As of December 31, 2013 and 2012, the unamortized discount associated with the GAAM Note Payable totaled $0.6 million and $1.0 million, respectively. | ||||||
(4)Includes twelve loans arranged in connection with the purchase of aircraft. | ||||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Derivatives Fair Value [Line Items] | ' | ||||||||||
Undesignated Derivative Instruments | ' | ||||||||||
Type | Quantity | Maturity | Hedge | Contracted | Swap | Fair | Credit | Adjusted | Gain | ||
Date | Interest | Fixed | Contract | Market | Risk | Fair Market | Recognized | ||||
Rate | Conversion | Notional | Value of | Adjustment | Value of | into | |||||
Rate to | Amount | Derivative | Derivative | Earnings | |||||||
U.S. Dollar | Liability | Liability | |||||||||
Cross currency swap contract | 1 | 1/23/14 | — | 1AUD to | $ | $ | $— | $ | $ | ||
$0.78 | 370 | -35 | -35 | 1,397 | |||||||
Total – non-designated derivative liability | 1 | $ | $ | $— | $ | $ | |||||
370 | -35 | -35 | 1,397 | ||||||||
Derivative Assets [Member] | ' | ||||||||||
Derivatives Fair Value [Line Items] | ' | ||||||||||
Designated Derivative Instruments | ' | ||||||||||
Type | Quantity | Maturity | Hedge | Swap | Fair | Credit | Adjusted | Deferred | Gain | Gain | |
Dates | Interest | Contract | Market | Risk | Fair Market | Tax | Recognized in | Recognized | |||
Rates | Notional | Value of | Adjustment | Value of | Expense | Accumulated | into | ||||
Amount | Derivative | Derivative | Comprehensive | Earnings | |||||||
Assets | Assets | Loss | |||||||||
Interest rate swap contracts | 31 | 10/15/2017 -9/27/2025 | 0.89% - | $ | $ | $ | $ | $ | $ | $ | |
6.22% | 540,742 | 7,814 | -167 | 7,647 | -1,025 | 6,917 | 82 | ||||
Accrued interest... | — | -252 | — | -252 | — | — | — | ||||
Total – designated derivative assets | 31 | $ | $ | $ | $ | $ | $ | $ | |||
540,742 | 7,562 | -167 | 7,395 | -1,025 | 6,917 | 82 | |||||
Derivative Liabilities [Member] | ' | ||||||||||
Derivatives Fair Value [Line Items] | ' | ||||||||||
Designated Derivative Instruments | ' | ||||||||||
Type | Quantity | Maturity | Hedge | Swap | Fair | Credit | Adjusted | Deferred | Loss | Loss | |
Dates | Interest | Contract | Market | Risk | Fair Market | Tax | Recognized in | Recognized | |||
Rates | Notional | Value of | Adjustment | Value of | Benefit | Accumulated | into | ||||
Amount | Derivative | Derivative | Comprehensive | Earnings | |||||||
Liability | Liability | Loss | |||||||||
Interest rate swap contracts | 9 | 1/14/2015 -9/27/2025 | 1.98% - | $ | $ | $ | $ | $ | $ | $— | |
4.93% | 620,853 | -24,446 | 792 | -23,654 | 2,957 | -20,697 | |||||
Accrued interest... | — | -888 | — | -888 | — | — | — | ||||
Total – designated derivative liabilities | 9 | $ | $ | $ | $ | $ | $ | $— | |||
620,853 | -25,334 | 792 | -24,542 | 2,957 | -20,697 | ||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Share Based Compensation [Abstract] | ' | |||
The fair value of SARs expected to vest is estimated on the following assumptions | ' | |||
Year ended | Year ended | Year ended | ||
December 31, 2013 | December 31, 2012 | December 31, 2011 | ||
Risk-free interest rate......................................... | 0.90% – 2.51% | 0.90% – 2.73% | 1.67% – 3.47% | |
Volatility............................................................... | 51% – 63% | 54% – 70% | 60% – 70% | |
Expected life..................................................... | 6 – 8 years | 6 – 10 years | 6 – 9 years | |
Summary of the Company's SAR activity | ' | |||
Number of | Weighted | Weighted | ||
shares | average | average | ||
exercise | remaining | |||
price | contractual | |||
life (in years) | ||||
Outstanding at January 1, 2011......................................................... | 359,605 | $ | 9.3 | |
12.42 | ||||
SARs granted................................................................................. | 349,235 | 13.30 | — | |
SARs exercised............................................................................... | — | — | — | |
SARs canceled or forfeited............................................................... | — | — | — | |
Outstanding at December 31, 2011..................................................... | 708,840 | 12.85 | 8.8 | |
SARs granted................................................................................. | 183,164 | 12.28 | — | |
SARs exercised............................................................................... | — | — | — | |
SARs canceled or forfeited............................................................... | — | — | — | |
Outstanding at December 31, 2012................................................... | 892,004 | 12.74 | 8.1 | |
SARs granted................................................................................. | — | — | — | |
SARs exercised............................................................................... | -3,370 | 12.42 | — | |
SARs canceled or forfeited............................................................... | — | — | — | |
Outstanding at December 31, 2013................................................... | 888,634 | 12.74 | 7.1 | |
Exercisable at December 31, 2013..................................................... | 650,116 | $ | 6.8 | |
12.72 | ||||
Summary of the Company's RSU activity | ' | |||
Number of shares | Weighted average | |||
grant date fair | ||||
value | ||||
Outstanding and unvested at January 1, 2011............................. | 160,262 | $ | ||
12.42 | ||||
RSUs granted....................................................................... | 250,766 | 13.30 | ||
RSUs vested......................................................................... | -80,132 | 12.42 | ||
RSUs canceled or forfeited..................................................... | — | — | ||
Outstanding and unvested at December 31, 2011......................... | 330,896 | 13.09 | ||
RSUs granted....................................................................... | 116,836 | 12.28 | ||
RSUs vested......................................................................... | -163,718 | 12.87 | ||
RSUs canceled or forfeited..................................................... | — | — | ||
Outstanding and unvested at December 31, 2012......................... | 284,014 | 12.88 | ||
RSUs granted....................................................................... | — | — | ||
RSUs vested......................................................................... | -122,534 | 12.98 | ||
RSUs canceled or forfeited..................................................... | — | — | ||
Outstanding and unvested at December 31, 2013......................... | 161,480 | $ | ||
12.81 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Income Taxes [Abstract] | ' | |||
Income tax expense by jurisdiction | ' | |||
Year ended | Year ended | Year ended | ||
December 31, | December 31, | December 31, | ||
2013 | 2012 | 2011 | ||
(Dollars in thousands) | ||||
Current tax (benefit) expense: | ||||
Ireland..................................................................................... | $ | $ | $ | |
400 | 10,201 | 95 | ||
France..................................................................................... | 20 | 32 | 25 | |
Luxembourg........................................................................... | 175 | 26 | — | |
United States......................................................................... | -1,131 | 1,783 | 1,560 | |
Current tax expense (benefit) — total......................................... | -536 | 12,042 | 1,680 | |
Deferred tax expense (benefit): | ||||
Ireland..................................................................................... | 3,470 | -10,118 | 1,639 | |
France..................................................................................... | -13 | -2 | 6 | |
Australia................................................................................... | 2,738 | 2,101 | 731 | |
United States......................................................................... | — | -161 | 186 | |
Deferred tax expense (benefit) — total....................................... | 6,195 | -8,180 | 2,562 | |
Total income tax expense......................................................... | $ | $ | $ | |
5,659 | 3,862 | 4,242 | ||
Components of the Company's net deferred tax asset | ' | |||
December 31, 2013 | December 31, 2012 | |||
(Dollars in thousands) | ||||
Deferred tax asset: | ||||
Net operating loss carry forwards..................................................... | $ | $ | ||
193,006 | 165,397 | |||
Deductible intra-group interest......................................................... | — | 8,663 | ||
Net unrealized losses on derivative instruments................................... | 1,932 | 6,928 | ||
Basis difference on acquisition of GAAM Australian assets................... | 9,597 | 16,493 | ||
Other............................................................................................. | 202 | 61 | ||
Valuation allowance....................................................................... | -19,412 | -24,588 | ||
Total deferred tax asset................................................................... | 185,325 | 172,954 | ||
Deferred tax liability: | ||||
Excess of tax depreciation over book depreciation............................... | -171,969 | -137,509 | ||
Book/tax differences identified in connection with GAAM Portfolio acquisition: | ||||
Debt............................................................................................... | -1,859 | -4,324 | ||
Security deposits and maintenance reserve liability............................... | -388 | -551 | ||
Lease premiums, net....................................................................... | -142 | -307 | ||
Net earnings of non-European Union member subsidiaries..................... | -18,713 | -20,813 | ||
Total deferred tax liability............................................................... | -193,071 | -163,504 | ||
Deferred tax (liability) asset, net....................................................... | $ | $ | ||
-7,746 | 9,450 | |||
Reconciliation of the income tax expense (benefit) | ' | |||
Year ended | Year ended | Year ended | ||
December 31, | December 31, | December 31, | ||
2013 | 2012 | 2011 | ||
(Percentage) | ||||
Irish statutory corporate tax rate on trading income..................... | 12.5% | 12.5% | 12.5% | |
Valuation allowances............................................................... | 1.6% | — | — | |
Equity earnings from Fly-Z/C LP............................................. | -0.40% | -0.40% | -0.70% | |
Tax on investment in BBAM LP............................................... | — | 1.3% | 20.4% | |
Tax impact of repurchased and resold Notes............................. | -0.80% | -1.20% | -3.00% | |
Share-based compensation..................................................... | 0.70% | 0.9% | 11.2% | |
Tax on gain on sale of investment in BBAM LP........................... | — | 9.1% | — | |
Deductible intra-group interest................................................. | -2.20% | -12.90% | — | |
Foreign tax rate differentials................................................... | 3.3% | -2.40% | -2.80% | |
True-up of prior year tax provision........................................... | 0.2% | 1.1% | — | |
Non-taxable gain on debt extinguishment................................... | -5.10% | — | — | |
Non-deductible transaction fees and expenses........................... | 0.1% | — | 40.7% | |
Other..................................................................................... | -0.20% | -0.50% | 1.2% | |
Income tax expense............................................................... | 9.7% | 7.5% | 79.5% | |
Other_Liabilities_Tables
Other Liabilities (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Other Liabilities [Abstract] | ' | ||
Principal Components Of The Company's Other Liabilities | ' | ||
56 | |||
December 31, 2013 | December 31, 2012 | ||
(Dollars in thousands) | |||
Net current tax provision............................................. | $ | $ | |
1,517 | 9,985 | ||
Lease incentive obligation............................................. | 8,534 | 9,483 | |
Deferred rent payable................................................... | 9,169 | 7,773 | |
Unamortized lease discounts......................................... | 256 | 1,345 | |
Other........................................................................... | 1,047 | 645 | |
Total other liabilities..................................................... | $ | $ | |
20,523 | 29,231 | ||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Shareholders' Equity [Abstract] | ' | |||||
Schedule Of Share Repurchase Program | ' | |||||
Board Approval Date | Expiration Date | Maximum dollar | Calendar | Total number | Average price | |
value of shares that | year shares were | of shares | paid per | |||
may be purchased | purchased | purchased | share | |||
under this program | ||||||
May 3, 2010................................................... | May 2011 | $30.0 million | 2011 | 23,135 | $ | |
12.43 | ||||||
May 3, 2011................................................... | May-12 | $30.0 million | 2011 | 43,533 | $ | |
10.87 | ||||||
May 2, 2012................................................... | May-13 | $25.0 million | — | — | — | |
May 1, 2013................................................... | May-14 | $30.0 million | — | — | — | |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Earnings Per Share [Abstract] | ' | |||
Calculation Of Basic And Diluted Earnings Per Share | ' | |||
Year ended | Year ended | Year ended | ||
December 31, | December 31, | December 31, | ||
2013 | 2012 | 2011 | ||
(Dollars in thousands, except share and per share data) | ||||
Numerator | ||||
Net income........................................................................................................................... | $ | $ | $ | |
52,476 | 47,669 | 1,096 | ||
Less: Dividend equivalents paid to vested RSUs and SARs........................................................... | -940 | -884 | -360 | |
Net income available to common shareholders........................................................................... | $ | $ | $ | |
51,536 | 46,785 | 736 | ||
Denominator | ||||
Weighted average shares outstanding-Basic............................................................................... | 34,129,880 | 25,792,932 | 25,843,348 | |
Dilutive common equivalent shares: | ||||
RSUs..................................................................................................................................... | 102,914 | 164,998 | 143,344 | |
SARs..................................................................................................................................... | 10,662 | 3,675 | 5,370 | |
Weighted average shares outstanding-Diluted............................................................................. | 34,243,456 | 25,961,605 | 25,992,062 | |
Earnings per share: | ||||
Basic..................................................................................................................................... | $ | $ | $ | |
1.51 | 1.81 | 0.03 | ||
Diluted................................................................................................................................... | $ | $ | $ | |
1.50 | 1.80 | 0.03 | ||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Related Party Transactions [Abstract] | ' | |||||||
Minimum Long-Term Contractual Obligations With BBAM LP, Excluding Rent Fees | ' | |||||||
2014 | 2015 | 2016 | 2017 | 2018 | Thereafter | Total | ||
(Dollars in thousands) | ||||||||
Fixed base fee payments (1)......................................... | $ | $ | $ | $ | $ | $ | $ | |
2,013 | 2,013 | 2,013 | 2,013 | 2,013 | 14,095 | 24,160 | ||
Fixed administrative agency fee payments due by B&B Air Funding (1) | 839 | 839 | 839 | 839 | 839 | 5,872 | 10,067 | |
Fixed administrative agency fee payments due by Fly Acquisition II | 168 | 168 | 168 | 168 | 109 | 284 | 1,065 | |
Fixed administrative services fee due by Fly Peridot......... | 416 | 378 | 261 | 238 | 201 | 185 | 1,679 | |
Fixed administrative agency fee payments due by other subsidiaries | 540 | 448 | 335 | 293 | 190 | 304 | 2,110 | |
Fixed payments for Management Expenses (1) (2)........... | 10,633 | 10,633 | 10,633 | 10,633 | 10,633 | 50,530 | 103,695 | |
Total........................................................................... | $ | $ | $ | $ | $ | $ | $ | |
14,609 | 14,479 | 14,249 | 14,184 | 13,985 | 71,270 | 142,776 | ||
(1)Amounts in the table assume CPI rates in effect as of December 31, 2013 remain constant in future periods. | ||||||||
(2)The initial term of the Management Agreement is for ten years, with an automatic five year renewal period. The agreement provides for an early termination fee of $8.0 million, subject to potential future adjustment. The table assumes termination of the agreement after the initial ten year term and payment of the applicable termination fee. | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Fair Value Measurements [Abstract] | ' | ||||
Carrying Amounts And Fair Values Of Financial Instruments | ' | ||||
December 31, 2013 | December 31, 2012 | ||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||
(Dollars in thousands) | |||||
Notes payable..................................................................... | $ | $ | $ | $ | |
575,326 | 498,038 | 639,281 | 587,795 | ||
Nord LB Facility................................................................. | 440,456 | 440,456 | 490,717 | 490,717 | |
CBA Facility....................................................................... | 159,802 | 153,390 | 268,625 | 266,794 | |
Term Loan......................................................................... | 465,103 | 478,877 | 377,646 | 397,864 | |
Fly Acquisition II................................................................. | 126,766 | 134,320 | — | — | |
Other aircraft secured debt................................................... | 487,252 | 488,267 | 276,143 | 275,122 | |
Unsecured debt................................................................... | 291,567 | 305,250 | — | — | |
Derivative asset................................................................... | 7,395 | 7,395 | 319 | 319 | |
Derivative liabilities............................................................... | 24,577 | 24,577 | 48,967 | 48,967 | |
Asset And Liabilities Measured At Fair Value On A Recurring Basis | ' | ||||
Level 1 | Level 2 | Level 3 | Total | ||
(Dollars in thousands) | |||||
December 31, 2013: | |||||
Derivative asset............................................................................................................. | — | $ | — | $ | |
7,395 | 7,395 | ||||
Derivative liabilities......................................................................................................... | — | 24,577 | — | 24,577 | |
December 31, 2012: | |||||
Derivative asset............................................................................................................. | — | 319 | — | 319 | |
Derivative liabilities......................................................................................................... | — | 48,967 | — | 48,967 | |
Unaudited_Quarterly_Condensed_1
Unaudited Quarterly Condensed Consolidated Financial Information (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Unaudited Quarterly Condensed Consolidated Financial Information [Abstract] | ' | ||||
Unaudited quarterly financial statements | ' | ||||
(Dollars in thousands, except per share data) | March 31, | June 30, | September 30, | December 31, | |
2013 | 2013 | 2013 | 2013 | ||
Total revenues........................................................................................................... | $ | $ | $ | $ | |
114,365 | 90,538 | 79,115 | 85,469 | ||
Net income............................................................................................................... | $ | $ | $ | $ | |
32,845 | 5,915 | 304 | 13,412 | ||
Earnings per share — Basic......................................................................................... | $ | $ | $ | $ | |
1.15 | 0.20 | 0.00 | 0.32 | ||
Earnings per share — Diluted....................................................................................... | $ | $ | $ | $ | |
1.15 | 0.20 | 0.00 | 0.32 | ||
The unaudited quarterly financial statements for the year ended December 31, 2012 are presented below: | |||||
(Dollars in thousands, except per share data) | March 31, | June 30, | September 30, | December 31, | |
2012 | 2012 | 2012 | 2012 | ||
Total revenues........................................................................................................... | $ | $ | $ | $ | |
104,507 | 110,910 | 86,408 | 130,871 | ||
Net income (loss)....................................................................................................... | $ | $ | $ | $ | |
20,387 | 25,729 | -29,439 | 30,992 | ||
Earnings (loss) per share — Basic................................................................................. | $ | $ | $ | $ | |
0.78 | 1.00 | -1.15 | 1.18 | ||
Earnings (loss) per share — Diluted............................................................................. | $ | $ | $ | $ | |
0.78 | 0.99 | -1.15 | 1.17 | ||
Organization_Narrative_Details
Organization (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Oct. 14, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | |
item | ||||
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Manager shares, shares issued | ' | 100 | ' | 100 |
Manager shares, par value | ' | $0.00 | ' | $0.00 |
Consideration for Manager shares | ' | $0 | ' | ' |
Manager shares right to appoint directors description | ' | 'not more than 3/7th of the number of directors | ' | ' |
Manager share voting rights | ' | 'no voting rights | ' | ' |
Acquisition of a portfolio of aircraft | 49 | ' | ' | ' |
Company's unrestricted cash | 141,700,000 | ' | ' | ' |
Secured, non-recourse debt | 1,200,000,000 | ' | ' | ' |
Other assets valued at approximately | 1,400,000,000 | ' | ' | ' |
Expenses in connection with acquisition | ' | ' | 18,038,000 | ' |
BBAM Limited Partnership [Member] | ' | ' | ' | ' |
Organization Consolidation and Presentation of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' |
Arrangement fee included in acquisition expenses | $12,500,000 | ' | ' | ' |
Recovered_Sheet1
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 28, 2012 | Apr. 29, 2010 | Dec. 31, 2013 | |
item | item | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | A-320-200 [Member] | B-737-500 [Member] | B-737-500 [Member] | A-319-100 [Member] | B-737-500 And A320-200 [Member] | Fly ZC Aircraft Holdings LP [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | Flight Equipment Held for Operating Leases [Member] | |
segment | item | item | item | ||||||||||||
Summary of Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of operating and reportable segment | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of highly liquid investments | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowances for doubtful accounts | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lessees on non accrual status | 1 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of limited partnership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.40% | ' | 15.00% | ' |
Company sold its interest in BBAM LP, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years |
Percentage of residual values | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% |
Total useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '25 years |
Additional aggregate grants of SAR and RSU | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft for which impairment loss recognized | ' | ' | ' | ' | ' | ' | 1 | 2 | 2 | ' | ' | ' | ' | ' | ' |
Aggregate initial grants | ' | ' | ' | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issue of shares | ' | ' | ' | 1,500,000 | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses recognized | ' | ' | ' | ' | ' | ' | ' | ' | $7,500,000 | $8,800,000 | $11,400,000 | ' | ' | ' | ' |
Recovered_Sheet2
Flight Equipment Held For Operating Leases (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 14, 2011 | |
country | country | item | |||
item | item | ||||
Flight Equipment Held for Operating Leases [Abstract] | ' | ' | ' | ' | ' |
Number of aircraft purchased during the period | ' | 14 | 4 | ' | ' |
Gain on sale of aircraft | ' | $6,300,000 | $8,400,000 | ' | ' |
Fair value of assets acquired in a business acquisition | ' | ' | ' | ' | 1,400,000,000 |
Number of major customer | ' | 0 | 0 | 0 | ' |
Number of aircraft sold | ' | 10 | 4 | ' | ' |
Acquisition cost of aircraft purchased | ' | 642,200,000 | 60,400,000 | ' | ' |
Outstanding principal balance | ' | ' | 50,000,000 | ' | ' |
Major maintenance expenditures capitalized | ' | 17,200,000 | 11,400,000 | ' | ' |
Number of lessees in operating lease | ' | 62 | 55 | ' | ' |
Number of countries aircraft held for operating lease to lessees | ' | 34 | 32 | ' | ' |
Number of aircraft off lease | ' | 1 | 6 | ' | ' |
Revenue recognized | ' | 800,000 | 7,500,000 | 10,400,000 | ' |
Revenue recognized at the end of lease | ' | 47,600,000 | 49,800,000 | 2,900,000 | ' |
Number of aircraft written down | ' | 1 | 1 | 2 | ' |
Amortization of lease premiums net of lease discounts | ' | 3,400,000 | 7,500,000 | 1,900,000 | ' |
Weighted average remaining lease term of the Company's aircraft held for operating leases | ' | '4 years 3 months 18 days | '3 years 2 months 12 days | ' | ' |
Number of lease termination | ' | 4 | ' | ' | ' |
Amortization of lease incentives | ' | 9,019,000 | 6,989,000 | 6,856,000 | ' |
Payment received in connection with early lease terminations | 6,300,000 | ' | ' | ' | ' |
Monthly payments received in connection with early lease termination | ' | ' | ' | 5,900,000 | ' |
Interest received along with monthly installment | ' | ' | ' | 8.00% | ' |
Number of aircraft held for operating leases | ' | 113 | 109 | ' | ' |
Lease termination settlement | ' | ' | ' | 2,135,000 | ' |
A-319-100 [Member] | ' | ' | ' | ' | ' |
Flight Equipment Held for Operating Leases [Abstract] | ' | ' | ' | ' | ' |
Impairment losses recognized | ' | 8,800,000 | ' | ' | ' |
A-320-200 [Member] | ' | ' | ' | ' | ' |
Flight Equipment Held for Operating Leases [Abstract] | ' | ' | ' | ' | ' |
Number of aircraft written down | ' | ' | 1 | ' | ' |
B-737-500 [Member] | ' | ' | ' | ' | ' |
Flight Equipment Held for Operating Leases [Abstract] | ' | ' | ' | ' | ' |
Impairment losses recognized | ' | ' | ' | 7,500,000 | ' |
Number of aircraft written down | ' | ' | 2 | ' | ' |
B-737-500 And A320-200 [Member] | ' | ' | ' | ' | ' |
Flight Equipment Held for Operating Leases [Abstract] | ' | ' | ' | ' | ' |
Impairment losses recognized | ' | ' | $11,400,000 | ' | ' |
Aircraft [Member] | ' | ' | ' | ' | ' |
Flight Equipment Held for Operating Leases [Abstract] | ' | ' | ' | ' | ' |
Number of aircraft sold | ' | 6 | ' | ' | ' |
Recovered_Sheet3
Flight Equipment Held For Operating Leases (Flight Equipment Held For Operating Leases) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Flight equipment held for operating leases | ' | ' |
Cost | $3,597,330 | $3,047,274 |
Accumulated depreciation | -562,418 | -430,410 |
Net flight equipment held for operating leases | $3,034,912 | $2,616,864 |
Flight_Equipment_Held_for_Oper2
Flight Equipment Held for Operating Leases (Summary Of Net Book Value Of Flight Equipment Held For Operating Leases By Geographic Region) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | $3,034,912 | $2,616,864 |
Off Lease [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 17,619 | 92,469 |
Property on lease held by geographic region, percentage | 1.00% | 4.00% |
Europe [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 1,151,291 | 1,079,486 |
Property on lease held by geographic region, percentage | 37.00% | 41.00% |
Europe [Member] | UNITED KINGDOM [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 347,627 | 365,411 |
Property on lease held by geographic region, percentage | 11.00% | 14.00% |
Europe [Member] | GERMANY [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 152,894 | 107,568 |
Property on lease held by geographic region, percentage | 5.00% | 4.00% |
Europe [Member] | TURKEY [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 191,527 | 113,244 |
Property on lease held by geographic region, percentage | 6.00% | 4.00% |
Europe [Member] | Other Country [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 459,243 | 493,263 |
Property on lease held by geographic region, percentage | 15.00% | 19.00% |
Asia and South Pacific [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 869,266 | 713,138 |
Property on lease held by geographic region, percentage | 29.00% | 27.00% |
Asia and South Pacific [Member] | CHINA [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 353,868 | 300,568 |
Property on lease held by geographic region, percentage | 12.00% | 11.00% |
Asia and South Pacific [Member] | INDIA [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 120,771 | 146,659 |
Property on lease held by geographic region, percentage | 4.00% | 6.00% |
Asia and South Pacific [Member] | Other Country [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 394,627 | 265,911 |
Property on lease held by geographic region, percentage | 13.00% | 10.00% |
North America [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 324,886 | 301,253 |
Property on lease held by geographic region, percentage | 11.00% | 12.00% |
North America [Member] | UNITED STATES [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 291,724 | 266,603 |
Property on lease held by geographic region, percentage | 10.00% | 10.00% |
North America [Member] | Other Country [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 33,162 | 34,650 |
Property on lease held by geographic region, percentage | 1.00% | 2.00% |
Mexico South and Central America [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 482,168 | 267,029 |
Property on lease held by geographic region, percentage | 16.00% | 10.00% |
Mexico South and Central America [Member] | CHILE [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 255,832 | ' |
Property on lease held by geographic region, percentage | 9.00% | ' |
Mexico South and Central America [Member] | BRAZIL [Member} | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 98,393 | 97,319 |
Property on lease held by geographic region, percentage | 3.00% | 4.00% |
Mexico South and Central America [Member] | MEXICO [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | 127,943 | 169,710 |
Property on lease held by geographic region, percentage | 4.00% | 6.00% |
Middle East and Africa [Member] | ' | ' |
Summary of net book value of flight equipment held for operating leases by geographic region | ' | ' |
Property on lease held by geographic region | $189,682 | $163,489 |
Property on lease held by geographic region, percentage | 6.00% | 6.00% |
Flight_Equipment_Held_for_Oper3
Flight Equipment Held for Operating Leases (Summary Of Distribution Of Operating Lease Revenue By Geographic Region) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | $359,409 | $376,437 | $230,716 |
Europe [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 152,572 | 170,328 | 109,391 |
Operating lease revenue, Percentage | 43.00% | 45.00% | 47.00% |
Europe [Member] | UNITED KINGDOM [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 48,507 | 45,916 | 19,444 |
Operating lease revenue, Percentage | 13.00% | 12.00% | 8.00% |
Europe [Member] | GERMANY [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 19,882 | 28,746 | 15,560 |
Operating lease revenue, Percentage | 6.00% | 8.00% | 7.00% |
Europe [Member] | TURKEY [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 14,703 | 12,319 | 5,874 |
Operating lease revenue, Percentage | 4.00% | 3.00% | 3.00% |
Europe [Member] | Other Country [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 69,480 | 83,347 | 68,513 |
Operating lease revenue, Percentage | 20.00% | 22.00% | 29.00% |
Asia and South Pacific [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 96,067 | 110,736 | 47,249 |
Operating lease revenue, Percentage | 27.00% | 30.00% | 20.00% |
Asia and South Pacific [Member] | INDIA [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 21,894 | 39,312 | 22,341 |
Operating lease revenue, Percentage | 6.00% | 10.00% | 10.00% |
Asia and South Pacific [Member] | CHINA [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 41,332 | 36,918 | 13,620 |
Operating lease revenue, Percentage | 12.00% | 10.00% | 6.00% |
Asia and South Pacific [Member] | Other Country [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 32,841 | 34,506 | 11,288 |
Operating lease revenue, Percentage | 9.00% | 10.00% | 4.00% |
North America [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 44,373 | 45,202 | 42,979 |
Operating lease revenue, Percentage | 12.00% | 12.00% | 19.00% |
North America [Member] | UNITED STATES [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 40,482 | 41,311 | 39,088 |
Operating lease revenue, Percentage | 11.00% | 11.00% | 17.00% |
North America [Member] | Other Country [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 3,891 | 3,891 | 3,891 |
Operating lease revenue, Percentage | 1.00% | 1.00% | 2.00% |
Mexico South and Central America [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 48,089 | 31,473 | 17,963 |
Operating lease revenue, Percentage | 13.00% | 8.00% | 8.00% |
Mexico South and Central America [Member] | CHILE [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 10,055 | ' | ' |
Operating lease revenue, Percentage | 3.00% | ' | ' |
Mexico South and Central America [Member] | BRAZIL [Member} | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 19,038 | 12,630 | 1,687 |
Operating lease revenue, Percentage | 5.00% | 3.00% | 1.00% |
Mexico South and Central America [Member] | MEXICO [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | 18,996 | 18,843 | 16,276 |
Operating lease revenue, Percentage | 5.00% | 5.00% | 7.00% |
Middle East and Africa [Member] | ' | ' | ' |
Summary of distribution of operating lease revenue by geographic region | ' | ' | ' |
Operating lease revenue | $18,308 | $18,698 | $13,134 |
Operating lease revenue, Percentage | 5.00% | 5.00% | 6.00% |
Flight_Equipment_Held_for_Oper4
Flight Equipment Held for Operating Leases (Schedule Of Contracted Future Minimum Rental Payments Due Under Non-Cancellable Operating Leases) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Contracted future minimum rentals due under operating leases | ' |
2014 | $344,216 |
2015 | 277,152 |
2016 | 198,864 |
2017 | 164,308 |
2018 | 107,460 |
Thereafter | 222,669 |
Future minimum rental payments under operating leases | $1,314,669 |
Flight_Equipment_Held_for_Oper5
Flight Equipment Held for Operating Leases (Summary Of Lease Incentive Amortization) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Summary of lease incentive amortization | ' |
2014 | $12,327 |
2015 | 11,004 |
2016 | 8,994 |
2017 | 7,174 |
2018 | 3,785 |
Thereafter | 2,811 |
Future amortization of lease incentives | $46,095 |
Recovered_Sheet4
Investment In Unconsolidated Subsidiaries (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 28, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 29, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Summit [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | Fly ZC Aircraft Holdings LP [Member] | Fly ZC Aircraft Holdings LP [Member] | Fly ZC Aircraft Holdings LP [Member] | ||||
Investment in Unconsolidated Subsidiaries (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of limited partnership interest | ' | ' | ' | ' | ' | ' | ' | 15.00% | 57.40% | ' | ' |
Privately-held aircraft leasing and management business | ' | ' | ' | ' | ' | ' | ' | $8,750,000 | ' | ' | ' |
Company sold its interest in BBAM LP, percentage | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' |
Proceeds as a result of working capital adjustments | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' |
Company sold its interest in BBAM LP | ' | ' | ' | ' | 49,500,000 | ' | ' | ' | ' | ' | ' |
Gain on sale of investment in unconsolidated subsidiary | ' | 36,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity earnings from investment | 1,871,000 | 9,383,000 | 5,647,000 | ' | ' | 7,800,000 | 5,400,000 | ' | 1,900,000 | 1,600,000 | 300,000 |
Distributions from unconsolidated subsidiaries | ' | 6,269,000 | 26,951,000 | ' | ' | 6,000,000 | 5,000,000 | ' | ' | 500,000 | 23,200,000 |
Summit interest in joint venture | ' | ' | ' | 10.20% | ' | ' | ' | 85.00% | ' | ' | ' |
Received in connection with the completion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,200,000 |
Debt financing by the joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other Assets [Abstract] | ' | ' | ' |
Amortized of loan issuance cost into interest expense | $5.10 | $3.20 | $6.50 |
Other_Assets_Principal_Compone
Other Assets (Principal Components Of Other Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Principal components of other assets | ' | ' |
Loan issuance costs, net | $25,593 | $18,461 |
Lease premiums | 4,949 | 8,718 |
Other assets | 9,108 | 4,847 |
Total other assets | 39,650 | 32,026 |
Parent Company [Member] | ' | ' |
Principal components of other assets | ' | ' |
Total other assets | $1,524 | $445 |
Unsecured_Borrowings_Narrative
Unsecured Borrowings (Narrative) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 11, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes | $2,600,000,000 | ' |
Percentage of aggregate principal of debt to be paid upon change in contro | 101.00% | ' |
Proceeds for unsecured borrowings | 291,389,000 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes | 300,000,000 | 300,000,000 |
Interest rate | ' | 6.75% |
Underwriter's fees | 8,500,000 | ' |
Redemption of principal amount | 35.00% | ' |
Redemption price | 106.75% | ' |
Proceeds for unsecured borrowings | $291,400,000 | ' |
Maturity date of the notes | 15-Dec-20 | ' |
Unsecured_Borrowings_Schedule_
Unsecured Borrowings (Schedule Of Unsecured Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 11, 2013 |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes | $2,600,000,000 | ' |
Unsecured borrowings, net | 291,567,000 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes | 300,000,000 | 300,000,000 |
Unamortized discount | -8,433,000 | ' |
Unsecured borrowings, net | $291,567,000 | ' |
Unsecured_Borrowings_Schedule_1
Unsecured Borrowings (Schedule Of Unsecured Debt Redemption Prices) (Details) (Unsecured Debt [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price | 106.75% |
2016 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price | 105.06% |
2017 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price | 103.38% |
2018 [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price | 101.69% |
2019 and thereafter [Member] | ' |
Debt Instrument, Redemption [Line Items] | ' |
Redemption price | 100.00% |
Secured_Borrowings_Notes_Payab
Secured Borrowings (Notes Payable Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 2007 | Aug. 31, 2012 | Apr. 30, 2010 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | Apr. 29, 2010 | Apr. 30, 2010 | |
Class G One Notes [Member] | Class G One Notes [Member] | Class G One Notes [Member] | Class G One Notes [Member] | Class G One Notes [Member] | Class G One Notes [Member] | Class G One Notes [Member] | Class G One Notes [Member] | Note Liquidity Facility [Member] | Note Liquidity Facility [Member] | ||||
item | item | ||||||||||||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued | ' | $50,000,000 | ' | $853,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
B&B Air Funding issued aircraft lease-backed Class G-1 notes at offering price | ' | ' | ' | 99.71% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest payable based on LIBOR | ' | ' | ' | 0.77% | ' | ' | ' | ' | ' | ' | ' | 1.20% | ' |
Accrued interest on the notes | ' | ' | ' | ' | ' | ' | ' | 200,000 | 300,000 | ' | ' | ' | ' |
Principal amount of notes repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,400,000 | ' | ' |
Principal amounts of repurchased Notes sold to third parties | ' | ' | ' | ' | ' | ' | 106,700,000 | ' | ' | 40,800,000 | ' | ' | ' |
Proceeds from the sale of repurchased notes | ' | ' | ' | ' | ' | ' | 87,300,000 | ' | ' | ' | ' | ' | ' |
Secured borrowings, net | 2,254,705,000 | 2,052,412,000 | ' | ' | ' | ' | ' | 575,326,000 | 639,281,000 | ' | ' | ' | ' |
Scheduled monthly minimum principal payments | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | 444,607,000 | 847,607,000 | 204,867,000 | ' | ' | ' | ' | 67,500,000 | 14,400,000 | ' | ' | ' | ' |
Proceeds from previously held note | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Number Of aircraft financed sold | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Number of aircraft financed | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Repayment of debt by selling financed aircrafts | ' | 38,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Write off of unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' |
Maximum additional liquidity of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 | ' |
Percentage of Servicer that BBAM LP ceases to own, directly or indirectly | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Percentage of the partnership interests in BBAM LP Summit ceases to own, directly or indirectly | ' | ' | ' | ' | ' | 33.33% | ' | ' | ' | ' | ' | ' | ' |
Publicly listed entity or other person net worth to not constitute a servicer termination event | ' | ' | ' | ' | ' | $100,000,000 | ' | ' | ' | ' | ' | ' | ' |
Commitment fee, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% |
Secured_Borrowings_BB_Air_Acqu
Secured Borrowings (B&B Air Acquisition Facility Narrative) (Details) (B and B Air Acquisition Facility [Member], USD $) | 0 Months Ended | 0 Months Ended | ||
In Millions, unless otherwise specified | Aug. 09, 2012 | Nov. 07, 2007 | Nov. 07, 2007 | Nov. 07, 2007 |
item | item | Tranche A [Member] | Tranche B [Member] | |
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' |
Number of tranches funded | ' | 2 | ' | ' |
Interest payable based on LIBOR | ' | ' | 1.50% | 4.00% |
Number of aircraft financed | 16 | ' | ' | ' |
Repayment of outstanding amount in cash | $122.50 | ' | ' | ' |
Secured_Borrowings_Nord_LB_Fac
Secured Borrowings (Nord LB Facility Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Feb. 29, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Oct. 14, 2011 | Oct. 14, 2011 |
Nord LB Facility [Member] | Nord LB Facility [Member] | Nord LB Facility [Member] | Nord LB Facility [Member] | Nord LB Facility [Member] | Global Aviation Asset Management Portfolio [Member] | Global Aviation Asset Management Portfolio [Member] | |||
item | item | Nord LB Facility [Member] | |||||||
item | |||||||||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft financed | ' | ' | ' | ' | ' | ' | 17 | 49 | 19 |
Repayment of outstanding principal amounts to Nord LB | ' | ' | $15,000,000 | $25,000,000 | ' | ' | ' | ' | ' |
Loan extension fee | ' | ' | ' | ' | ' | 0.45% | ' | ' | ' |
Loan fee | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' |
Interest payable based on LIBOR | ' | ' | ' | ' | 3.30% | ' | ' | ' | ' |
Weighted average interest rate | 4.91% | 5.18% | ' | ' | 4.14% | ' | 4.15% | ' | ' |
Accrued interest on the notes | ' | ' | ' | ' | 900,000 | ' | 700,000 | ' | ' |
Percentage of lease rate paid to debt service | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' |
Period consider for no interest payment after termination of lease contrac | ' | ' | ' | ' | ' | ' | '6 months | ' | ' |
Period consider for interest payment after termination of lease contract | ' | ' | ' | ' | ' | ' | '6 months | ' | ' |
Percentage of lease rate paid to debt service for aircraft remaining off-lease after twelve months | ' | ' | ' | ' | ' | ' | 85.00% | ' | ' |
Period after lenders may require payment in full | ' | ' | ' | ' | ' | ' | '24 months | ' | ' |
Total principal payments under the Nord facility | ' | ' | ' | ' | 110,100,000 | ' | 57,900,000 | ' | ' |
Percentage of return on full equity investment | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Lender fee percentage | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Percentage of return on equity investment | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Maximum amount of fee payable | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Write off of unamortized discount | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' |
Entities default obligation | ' | ' | ' | ' | ' | ' | $10,000,000 | ' | ' |
Secured_Borrowings_CBA_Facilit
Secured Borrowings (CBA Facility Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 15, 2013 | 31-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 15, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 14, 2011 | Oct. 14, 2011 | Nov. 15, 2013 | Nov. 15, 2013 | |
A-319-100 [Member] | BOS Facility [Member] | BOS Facility [Member] | BOS Facility [Member] | BOS Facility [Member] | BOS Facility [Member] | BOS Facility [Member] | CBA Facility [Member] | CBA Facility [Member] | CBA Facility [Member] | Global Aviation Asset Management Portfolio [Member] | Global Aviation Asset Management Portfolio [Member] | Junior Tranches [Member] | Senior Tranches [Member] | ||||
item | item | item | item | item | item | A-319-100 [Member] | item | item | BOS Facility [Member] | BOS Facility [Member] | BOS Facility [Member] | ||||||
item | |||||||||||||||||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of aircraft financed | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | 49 | 21 | ' | ' |
Number of aircraft refinanced | ' | ' | ' | ' | ' | 2 | 12 | 9 | 1 | ' | 7 | ' | ' | ' | ' | ' | ' |
Facility principal repayments due to refinancing | ' | ' | ' | ' | ' | $54,500,000 | ' | $194,900,000 | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt extinguishment costs | 3,856,000 | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of debt | 444,607,000 | 847,607,000 | 204,867,000 | ' | 18,900,000 | ' | ' | 23,000,000 | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' |
Debt forgiveness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,200,000 | 9,900,000 |
Percentage of debt forgiven to borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 11.25% |
Number of new loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' |
Write-offs of loan costs and unamortized debt discount | ' | ' | ' | ' | 2,000,000 | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gain on forgiveness of debt | ' | ' | ' | ' | 22,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Swap brokerage costs | ' | ' | ' | ' | 4,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing costs | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured borrowings, net | 2,254,705,000 | 2,052,412,000 | ' | ' | ' | ' | 159,802,000 | 268,625,000 | ' | 36,400,000 | ' | 159,802,000 | 268,625,000 | ' | ' | ' | ' |
Number of aircraft financed by notes | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date extension option upon election after lease termination or expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 months | ' | ' | ' | ' | ' |
Scheduled payments made | 444,607,000 | 847,607,000 | 204,867,000 | ' | 18,900,000 | ' | ' | 23,000,000 | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | ' |
Interest payable based on LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' |
Accrued interest on the notes | ' | ' | ' | ' | ' | ' | ' | $400,000 | ' | ' | ' | $200,000 | ' | ' | ' | ' | ' |
Debt instrument, collateral percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | ' | ' | ' |
Secured_Borrowings_Term_Loan_N
Secured Borrowings (Term Loan Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 14, 2011 | Nov. 21, 2013 | 21-May-13 | Dec. 18, 2012 | Aug. 09, 2012 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
item | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | Term Loan [Member] | ||||
item | item | |||||||||||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued | ' | $50,000,000 | ' | ' | ' | ' | ' | $395,000,000 | ' | ' | ' | ' |
Term loan issued at offering price | ' | ' | ' | ' | ' | ' | ' | 96.00% | ' | ' | ' | ' |
Amount of amortized discount | ' | ' | ' | ' | ' | ' | ' | 15,800,000 | ' | 10,210,000 | 12,416,000 | ' |
Interest payable based on LIBOR | ' | ' | ' | ' | ' | 3.50% | 4.50% | 5.50% | ' | ' | ' | ' |
Debt instrument LIBOR floor rate | ' | ' | ' | ' | ' | 1.00% | ' | 1.25% | ' | ' | ' | ' |
Debt proceeds used to repay B&B Air Acquisition Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 266,700,000 | ' | ' |
Repayment of B&B air acquisition facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | 122,500,000 | ' | ' |
Number of aircraft financed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | ' |
Remaining debt proceeds | ' | ' | ' | ' | ' | ' | ' | ' | ' | 112,500,000 | ' | ' |
Financed additional aircraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' |
Prepayment penalty | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' |
Prepayment penalty, amount | ' | ' | ' | ' | ' | 3,800,000 | 3,900,000 | ' | ' | ' | ' | ' |
Incremental borrowing, percentage of principal amount | ' | ' | ' | ' | 99.75% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of debt | ' | ' | ' | ' | 102,000,000 | ' | ' | ' | ' | ' | ' | ' |
Payments of debt extinguishment costs | 3,856,000 | ' | ' | ' | 1,200,000 | ' | 4,200,000 | ' | ' | ' | ' | ' |
Proceeds held in escrow account | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,600,000 | ' | ' |
Acquisition of a portfolio of aircraft | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | 2 |
Loan to value ratio | ' | ' | ' | ' | 70.00% | ' | ' | ' | 67.50% | ' | ' | ' |
Quarterly principal payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' |
Repayment of debt | 444,607,000 | 847,607,000 | 204,867,000 | ' | ' | ' | ' | ' | ' | 19,800,000 | 4,900,000 | ' |
Increase in term loan amount | ' | ' | ' | ' | 105,000,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding principal amount being repaid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 101.00% | ' | ' |
Entities default obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' |
Accrued interest on the notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,900,000 | $3,200,000 | ' |
Number of aircraft financed by notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' |
Secured_Borrowings_Fly_Acquisi
Secured Borrowings (Fly Acquisition II Facility Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||
Jul. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Jul. 03, 2013 | Nov. 07, 2012 | Dec. 31, 2013 | Apr. 30, 2010 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Note Liquidity Facility [Member] | |
Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | Fly Acquisition II Facility [Member] | ||
item | item | item | item | Aircraft [Member] | ||||||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initiation date | ' | ' | ' | ' | ' | 7-Nov-12 | ' | ' | ' | ' |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | $450,000,000 | $250,000,000 | ' | ' |
Maturity Date | ' | ' | ' | ' | ' | 7-Nov-17 | ' | ' | ' | ' |
Extended availability period | ' | ' | ' | ' | ' | 3-Jul-15 | ' | ' | ' | ' |
Availability period of credit facility | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' |
Addtional credit facility term | '3 years | '3 years | ' | ' | ' | ' | ' | ' | ' | ' |
Final debt maturity date | ' | ' | ' | ' | ' | 3-Jul-18 | ' | ' | ' | ' |
Commitment fee, percentage | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | 0.40% |
Decrease in interest at LIBOR plus a margin for available period | ' | ' | ' | ' | ' | -0.50% | ' | ' | ' | ' |
Interest at LIBOR plus a margin for available period | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' |
Interest at LIBOR plus a margin for year 3 of loan term | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' |
Interest at LIBOR plus a margin for year 4 of loan term | ' | ' | ' | ' | ' | 4.25% | ' | ' | ' | ' |
Interest at LIBOR plus a margin for year 5 of loan term | ' | ' | ' | ' | ' | 4.75% | ' | ' | ' | ' |
Additional borrowings from credit facility | ' | ' | ' | ' | 44,400,000 | 195,600,000 | ' | ' | ' | ' |
Repayments of credit facility | ' | ' | 66,200,000 | 43,800,000 | ' | ' | ' | ' | ' | ' |
Credit facility agreement outstanding principal balance | ' | ' | 126,800,000 | ' | ' | 126,800,000 | ' | ' | ' | ' |
Number of aircraft financed | ' | ' | 6 | ' | ' | 6 | ' | ' | ' | ' |
Number of aircraft refinanced | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Number of aircraft refinanced out | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' |
Percentage of depreciated purchase price consider for loan availability | ' | ' | ' | ' | ' | 72.50% | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' |
Percentage of maintenance reserves | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' |
Maximum age at time of funding | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' |
Required to maintain a cash collateral account with an amount equal the outstanding loan balance | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' |
Fly Acquisition II and any of its subsidiaries defaults in respect of obligations in excess | ' | ' | ' | ' | ' | $2,500,000 | ' | ' | ' | ' |
Obligation remains undischarged for a period | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' |
Secured_Borrowings_Other_Aircr
Secured Borrowings (Other Aircraft Secured Debt Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
item | item | ||
loan | |||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' |
Repayment of debt | $444,607,000 | $847,607,000 | $204,867,000 |
Number of aircraft purchased during the period | 14 | 4 | ' |
Purchase of aircraft | 632,944,000 | 50,803,000 | 52,128,000 |
Number of loans refinancing aircraft owned by Company | 4 | ' | ' |
Other Aircraft Secured Borrowings [Member] | ' | ' | ' |
Secured Borrowings (Textual) [Abstract] | ' | ' | ' |
Repayment of debt | 28,700,000 | 21,800,000 | ' |
Number of aircraft purchased during the period | 4 | ' | ' |
Purchase of aircraft | 237,500,000 | ' | ' |
Recourse debt | 134,900,000 | ' | ' |
Refinanced amount | 112,000,000 | ' | ' |
Number of loans on aircraft that were assumed with the acquisition of the GAAM portfolio | 2 | ' | ' |
Number of aircraft financed | 3 | ' | ' |
Number of loans that were arranged in connection with the re-lease of aircraft | 3 | ' | ' |
Loans that were arranged in connection with the purchase of additional aircraft | 8 | ' | ' |
Accrued interest on the notes | $1,100,000 | $1,000,000 | ' |
Secured_Borrowings_Other_Secur
Secured Borrowings (Other Secured Borrowing Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Dec. 31, 2013 | |
Other Secured Borrowings [Member] | Other Secured Borrowings [Member] | ||||
Secured Borrowings (Textual) [Abstract] | ' | ' | ' | ' | ' |
Credit facility agreement with an international commercial bank | ' | ' | ' | ' | $85,000,000 |
Credit facility agreement outstanding principal balance | ' | ' | ' | 34,500,000 | ' |
Repayment of debt | $444,607,000 | $847,607,000 | $204,867,000 | $34,500,000 | ' |
Secured_Borrowings_Schedule_Of
Secured Borrowings (Schedule Of Secured Borrowings Balance, Net Of Unamortized Debt Discounts) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | $2,254,705 | $2,052,412 |
Weighted average interest rate | 4.91% | 5.18% |
Class G One Notes [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | 575,326 | 639,281 |
Weighted average interest rate | 3.63% | 3.85% |
Maturity Date | 1-Nov-33 | ' |
Nord LB Facility [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | 440,456 | 490,717 |
Weighted average interest rate | 4.15% | 4.14% |
Maturity Date | 1-Nov-18 | ' |
CBA Facility [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | 159,802 | 268,625 |
Weighted average interest rate | 4.91% | 5.18% |
CBA Facility [Member] | Minimum [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Maturity Date | 1-Sep-14 | ' |
CBA Facility [Member] | Maximum [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Maturity Date | 1-Oct-20 | ' |
Term Loan [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | 465,103 | 377,646 |
Weighted average interest rate | 4.50% | 5.75% |
Maturity Date | 1-Aug-19 | ' |
Fly Acquisition II [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | 126,766 | ' |
Weighted average interest rate | 4.16% | ' |
Maturity Date | 1-Jul-18 | ' |
Other Aircraft Secured Borrowings [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Net carrying value of secured borrowings | $487,252 | $276,143 |
Weighted average interest rate | 4.71% | 5.54% |
Other Aircraft Secured Borrowings [Member] | Minimum [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Maturity Date | 1-Aug-14 | ' |
Other Aircraft Secured Borrowings [Member] | Maximum [Member] | ' | ' |
Secured borrowings balance, net of unamortized debt discounts | ' | ' |
Maturity Date | 1-Sep-25 | ' |
Secured_Borrowings_Schedule_Of1
Secured Borrowings (Schedule Of Notes Payable) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Outstanding principal balance: | ' | ' |
Notes issued | $2,600,000,000 | ' |
Notes payable, net | 2,254,705,000 | 2,052,412,000 |
Class G One Notes [Member] | ' | ' |
Outstanding principal balance: | ' | ' |
Notes issued | 592,903,000 | 660,444,000 |
Unamortized discount | -17,577,000 | -21,163,000 |
Notes payable, net | $575,326,000 | $639,281,000 |
Secured_Borrowings_Schedule_Of2
Secured Borrowings (Schedule Of Nord LB Facility) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instruments | ' | ' |
Outstanding principal balance | $2,600,000,000 | ' |
Notes payable, net | 2,254,705,000 | 2,052,412,000 |
Nord LB Facility [Member] | ' | ' |
Debt Instruments | ' | ' |
Outstanding principal balance | 452,371,000 | 508,942,000 |
Unamortized debt discount | -11,915,000 | -18,225,000 |
Notes payable, net | $440,456,000 | $490,717,000 |
Secured_Borrowings_Schedule_Of3
Secured Borrowings (Schedule Of CBA Facility) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instruments | ' | ' |
Outstanding principal balance | $2,600,000,000 | ' |
Notes payable, net | 2,254,705,000 | 2,052,412,000 |
BOS Facility [Member] | ' | ' |
Debt Instruments | ' | ' |
Outstanding principal balance | 161,823,000 | 275,516,000 |
Unamortized debt discount | -2,021,000 | -6,891,000 |
Notes payable, net | 159,802,000 | 268,625,000 |
BOS Facility [Member] | Senior Tranches [Member] | ' | ' |
Debt Instruments | ' | ' |
Outstanding principal balance | 30,512,000 | 242,815,000 |
BOS Facility [Member] | Junior Tranches [Member] | ' | ' |
Debt Instruments | ' | ' |
Outstanding principal balance | 5,900,000 | 32,701,000 |
CBA Facility [Member] | ' | ' |
Debt Instruments | ' | ' |
Notes payable, net | 159,802,000 | 268,625,000 |
CBA Facility [Member] | Tranche A [Member] | ' | ' |
Debt Instruments | ' | ' |
Outstanding principal balance | 87,925,000 | ' |
CBA Facility [Member] | Tranche B [Member] | ' | ' |
Debt Instruments | ' | ' |
Outstanding principal balance | $37,486,000 | ' |
Secured_Borrowings_Schedule_Of4
Secured Borrowings (Schedule Of Weighted Average Interest Rates On Senior And Junior Tranche Loans, Excluding Debt Discount Amortization) (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Variable rate loans: | ' | ' |
Facility weighted average interest rate | 4.91% | 5.18% |
BOS Facility [Member] | Senior Tranches [Member] | ' | ' |
Fixed rate loans: | ' | ' |
Fixed rate loans | 5.62% | 5.88% |
Variable rate loans: | ' | ' |
Variable rate loans | ' | 1.64% |
BOS Facility [Member] | Junior Tranches [Member] | ' | ' |
Fixed rate loans: | ' | ' |
Fixed rate loans | 7.91% | 7.39% |
Variable rate loans: | ' | ' |
Variable rate loans | ' | 2.91% |
CBA Facility [Member] | ' | ' |
Variable rate loans: | ' | ' |
Facility weighted average interest rate | 4.91% | 5.18% |
CBA Facility [Member] | Tranche A [Member] | ' | ' |
Fixed rate loans: | ' | ' |
Fixed rate loans | 6.53% | ' |
Variable rate loans: | ' | ' |
Variable rate loans | 2.66% | ' |
CBA Facility [Member] | Tranche B [Member] | ' | ' |
Fixed rate loans: | ' | ' |
Fixed rate loans | 4.58% | ' |
Variable rate loans: | ' | ' |
Variable rate loans | 2.66% | ' |
Secured_Borrowings_Schedule_Of5
Secured Borrowings (Schedule Of Term Loan) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 09, 2012 |
Debt Instruments | ' | ' | ' |
Outstanding principal balance | $2,600,000,000 | ' | ' |
Notes payable, net | 2,254,705,000 | 2,052,412,000 | ' |
Term Loan [Member] | ' | ' | ' |
Debt Instruments | ' | ' | ' |
Outstanding principal balance | 475,313,000 | 390,062,000 | ' |
Unamortized debt discount | -10,210,000 | -12,416,000 | -15,800,000 |
Notes payable, net | $465,103,000 | $377,646,000 | ' |
Secured_Borrowings_Schedule_Of6
Secured Borrowings (Schedule Of Other Aircraft Secured Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||||
Global Aviation Asset Management Facility Number One [Member] | Global Aviation Asset Management Facility Number One [Member] | Global Aviation Asset Management Facility Number One [Member] | Global Aviation Asset Management Note Payable One [Member] | Global Aviation Asset Management Note Payable One [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | Other Aircraft Secured Borrowings [Member] | |||||||||||
item | item | Global Aviation Asset Management Facility Number One [Member] | Global Aviation Asset Management Facility Number Two [Member] | Global Aviation Asset Management Facility Number Two [Member] | Global Aviation Asset Management Facility Number Two [Member] | Global Aviation Asset Management Facility Number Two [Member] | Global Aviation Asset Management Note Payable One [Member] | Global Aviation Asset Management Note Payable One [Member] | Global Aviation Asset Management Note Payable One [Member] | Global Aviation Asset Management Note Payable One [Member] | Aircraft Note Payable [Member] | Aircraft Note Payable [Member] | Aircraft Note Payable [Member] | Aircraft Note Payable [Member] | ||||||||||||||||
item | Minimum [Member] | Maximum [Member] | item | Minimum [Member] | Maximum [Member] | item | Minimum [Member] | Maximum [Member] | ||||||||||||||||||||||
Debt Instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of aircraft financed | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | 2 | ' | ' | ' | 4 | [1] | ' | ' | ' | 12 | [2] | ' | ' | ' | ||||||
Weighted average interest rate | 4.91% | 5.18% | ' | ' | ' | ' | ' | 4.71% | 5.54% | ' | 6.30% | [3] | ' | ' | ' | 4.57% | [1],[3] | ' | ' | ' | 4.62% | [2],[3] | ' | ' | ' | |||||
Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'AugustB 2014 | 'DecemberB 2015 | ' | ' | 'December 2015 | 'January 2018 | ' | ' | 'June 2015 | 'September 2025 | ||||||||
Outstanding principal balance | $2,600,000,000 | ' | $38,500,000 | ' | ' | ' | ' | $490,106,000 | $280,375,000 | $42,090,000 | [4] | $29,095,000 | $31,630,000 | ' | ' | $59,813,000 | [1] | $65,298,000 | [1] | ' | ' | $401,198,000 | [2] | $141,357,000 | [2] | ' | ' | |||
Unamortized discount | ' | ' | ' | -2,900,000 | -3,200,000 | -600,000 | -1,000,000 | -2,854,000 | [1],[4] | -4,232,000 | [1],[4] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Notes payable, net | $2,254,705,000 | $2,052,412,000 | ' | ' | ' | ' | ' | $487,252,000 | $276,143,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Number of Aircraft Sold | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | Includes four loans financing four aircraft. As of DecemberB 31, 2013 and 2012, the unamortized discount associated with the GAAM Note Payable totaled $0.6 million and $1.0 million, respectively. | |||||||||||||||||||||||||||||
[2] | Includes twelve loans arranged in connection with the purchase of aircraft. | |||||||||||||||||||||||||||||
[3] | Represents the contractual interest rates. | |||||||||||||||||||||||||||||
[4] | In connection with the sale of the six aircraft financed by this facility in March 2013, the buyer assumed the debt facility which had an outstanding balance of $38.5 million, net of unamortized discount of $2.9 million. As of DecemberB 31, 2012, the unamortized discount associated with GAAM Facility No.B 1 totaled $3.2 million. |
Secured_Borrowings_Schedule_Of7
Secured Borrowings (Schedule Of Future Minimum Principal Payments) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Future minimum principal payments | ' |
2014 | $235,651 |
2015 | 248,666 |
2016 | 196,290 |
2017 | 182,725 |
2018 | 490,043 |
Thereafter | 945,907 |
Future minimum principal payments due | $2,299,282 |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
contract | contract | |||||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Unsecured and secured debt balance, excluding unamortized debt discount | $2,600,000,000 | ' | ' | |||
Debt with floating interest rates | 2,299,282,000 | ' | ' | |||
Fair market value gain on interest rate swap contracts reflected as derivative assets | 7,400,000 | ' | ' | |||
Fair market value loss on interest rate swap contracts reflected as derivative liabilities | 24,600,000 | 47,500,000 | ' | |||
Number of cross currency swap contracts which in connection with acquisition of GAAM Portfolio | 1 | 4 | ' | |||
Change in fair value of derivatives, net of deferred tax | 22,093,000 | [1],[2] | 9,075,000 | [1] | -4,959,000 | [1] |
Change in fair value of derivatives, deferred tax expense (benefit) | 3,486,000 | 1,456,000 | -470,000 | |||
Amortization of terminated Cross Currency derivative | ' | ' | 1,100,000 | |||
Floating Rate [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Debt with floating interest rates | 1,900,000 | ' | ' | |||
Aircraft With Fixed Rates [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Debt with floating interest rates | 1,600,000 | ' | ' | |||
Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Derivative, Notional Amount | 1,500,000,000 | 933,300,000 | ' | |||
Change in fair value of derivatives, net of deferred tax | 22,100,000 | 9,100,000 | -5,000,000 | |||
Change in fair value of derivatives, deferred tax expense (benefit) | 3,500,000 | 1,400,000 | -500,000 | |||
Number of terminated interest rate swap | 1 | 2 | 2 | |||
Received settlement proceeds | ' | ' | 2,100,000 | |||
Interest expense amortization of terminated derivative | 300,000 | ' | ' | |||
Loss on extinguishment of debt | 1,000,000 | ' | ' | |||
Loss recognized into earnings associated with the terminated contracts | 200,000 | ' | ' | |||
Cross Currency Interest Rate Contract [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Number of terminated cross currency swap contracts | 3 | 4 | ' | |||
Received settlement proceeds | ' | 1,300,000 | ' | |||
Gain associated with the terminated contracts | ' | 700,000 | ' | |||
Global Aviation Asset Management Portfolio [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Number of interest rate swap contract assumed with GAAM acquisition | 6 | ' | ' | |||
Euro Cross Currency Swap [Member] | Cross Currency Interest Rate Contract [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Fair market value gain on the Euro cross currency swap contracts, reflected as a derivative asset | ' | 300,000 | ' | |||
Australian Dollar Cross Currency Swap [Member] | Cross Currency Interest Rate Contract [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Fair market value loss on the Australian dollar (AUD) cross currency swap contracts, reflected as derivative liabilities | 35,000 | 1,400,000 | ' | |||
B and B Air Acquisition Facility [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives (Textual) [Abstract] | ' | ' | ' | |||
Number of interest rate swap contract assumed with GAAM acquisition | ' | 11 | ' | |||
Payment made for termination of swaps | ' | 36,300,000 | ' | |||
Loss recognized into earnings associated with the terminated contracts | ' | $32,300,000 | ' | |||
[1] | Deferred tax expense was $3.5 million and $1.4 million for the years ended December 31, 2013 and 2012, respectively. Deferred tax benefit was $0.5 million for the year ended DecemberB 31, 2011. | |||||
[2] | See Note 8 to Notes to Consolidated Financial Statements. |
Derivatives_Designated_Derivat
Derivatives (Designated Derivative Instruments Classified As Derivative Assets) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Gain Recognized in Accumulated Comprehensive Loss | $22,093 | [1],[2] | $9,075 | [1] | ($4,959) | [1] |
Gain Recognized into Earnings | ' | -27,479 | [3] | ' | ||
Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Gain Recognized in Accumulated Comprehensive Loss | 22,100 | 9,100 | -5,000 | |||
Interest Rate Swap [Member] | Derivative Assets [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Hedge Interest Rates, Lower Range | 0.89% | ' | ' | |||
Hedge Interest Rates, Higher Range | 6.22% | ' | ' | |||
Interest Rate Swap [Member] | Minimum [Member] | Derivative Assets [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Maturity Dates | 15-Oct-17 | ' | ' | |||
Interest Rate Swap [Member] | Maximum [Member] | Derivative Assets [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Maturity Dates | 27-Sep-25 | ' | ' | |||
Designated as Hedging Instrument [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Quantity | 31 | ' | ' | |||
Swap Contract Notional Amount | 540,742 | ' | ' | |||
Fair Market Value of Derivative Asset | 7,562 | ' | ' | |||
Credit Risk Adjustment | -167 | ' | ' | |||
Adjusted Fair Market Value of Derivative Asset | 7,395 | ' | ' | |||
Deferred Tax Expense | -1,025 | ' | ' | |||
Designated as Hedging Instrument [Member] | Derivative Assets [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Gain Recognized in Accumulated Comprehensive Loss | 6,917 | ' | ' | |||
Gain Recognized into Earnings | 82 | ' | ' | |||
Designated as Hedging Instrument [Member] | Accrued Interest [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Fair Market Value of Derivative Asset | -252 | ' | ' | |||
Adjusted Fair Market Value of Derivative Asset | -252 | ' | ' | |||
Gain Recognized into Earnings | ' | ' | ' | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Quantity | 31 | ' | ' | |||
Swap Contract Notional Amount | 540,742 | ' | ' | |||
Fair Market Value of Derivative Asset | 7,814 | ' | ' | |||
Credit Risk Adjustment | -167 | ' | ' | |||
Adjusted Fair Market Value of Derivative Asset | 7,647 | ' | ' | |||
Deferred Tax Expense | -1,025 | ' | ' | |||
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Derivative Assets [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Gain Recognized in Accumulated Comprehensive Loss | 6,917 | ' | ' | |||
Gain Recognized into Earnings | $82 | ' | ' | |||
[1] | Deferred tax expense was $3.5 million and $1.4 million for the years ended December 31, 2013 and 2012, respectively. Deferred tax benefit was $0.5 million for the year ended DecemberB 31, 2011. | |||||
[2] | See Note 8 to Notes to Consolidated Financial Statements. | |||||
[3] | Deferred tax expense was $3.9 million for the year ended DecemberB 31, 2012. |
Derivatives_Designated_Derivat1
Derivatives (Designated Derivative Instruments Classified As Derivative Liabilities) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Deferred Tax Benefit | $1,932 | $6,928 | ' | |||
Loss Recognized in Accumulated Comprehensive Loss | 22,093 | [1],[2] | 9,075 | [1] | -4,959 | [1] |
Loss Recognized into Earnings | ' | -27,479 | [3] | ' | ||
Designated as Hedging Instrument [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Quantity | 9 | ' | ' | |||
Swap Contract Notional Amount | 620,853 | ' | ' | |||
Fair Market Value of Derivative Liability | -25,334 | ' | ' | |||
Credit Risk Adjustment | 792 | ' | ' | |||
Adjusted Fair Market Value of Derivative Liability | -24,542 | ' | ' | |||
Deferred Tax Benefit | 2,957 | ' | ' | |||
Designated as Hedging Instrument [Member] | Derivative Liabilities [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Loss Recognized in Accumulated Comprehensive Loss | -20,697 | ' | ' | |||
Loss Recognized into Earnings | ' | ' | ' | |||
Designated as Hedging Instrument [Member] | Accrued Interest [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Fair Market Value of Derivative Liability | -888 | ' | ' | |||
Adjusted Fair Market Value of Derivative Liability | -888 | ' | ' | |||
Loss Recognized into Earnings | ' | ' | ' | |||
Interest Rate Swap [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Loss Recognized in Accumulated Comprehensive Loss | 22,100 | 9,100 | -5,000 | |||
Interest Rate Swap [Member] | Derivative Liabilities [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Hedge Interest Rates, Lower Range | 1.98% | ' | ' | |||
Hedge Interest Rates, Higher Range | 4.93% | ' | ' | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Quantity | 9 | ' | ' | |||
Swap Contract Notional Amount | 620,853 | ' | ' | |||
Fair Market Value of Derivative Liability | -24,446 | ' | ' | |||
Credit Risk Adjustment | 792 | ' | ' | |||
Adjusted Fair Market Value of Derivative Liability | -23,654 | ' | ' | |||
Deferred Tax Benefit | 2,957 | ' | ' | |||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Derivative Liabilities [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Loss Recognized in Accumulated Comprehensive Loss | -20,697 | ' | ' | |||
Loss Recognized into Earnings | ' | ' | ' | |||
Interest Rate Swap [Member] | Minimum [Member] | Derivative Liabilities [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Maturity Dates | 14-Jan-15 | ' | ' | |||
Interest Rate Swap [Member] | Maximum [Member] | Derivative Liabilities [Member] | ' | ' | ' | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | |||
Maturity Dates | 27-Sep-25 | ' | ' | |||
[1] | Deferred tax expense was $3.5 million and $1.4 million for the years ended December 31, 2013 and 2012, respectively. Deferred tax benefit was $0.5 million for the year ended DecemberB 31, 2011. | |||||
[2] | See Note 8 to Notes to Consolidated Financial Statements. | |||||
[3] | Deferred tax expense was $3.9 million for the year ended DecemberB 31, 2012. |
Derivatives_Undesignated_Deriv
Derivatives (Undesignated Derivative Liabilities) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
contract | |
Derivatives Fair Value [Line Items] | ' |
Quantity | 1 |
Swap Contract Notional Amount | $370 |
Fair Market Value of Derivative Liability | -35 |
Credit Risk Adjustment | ' |
Fair Market Value of Derivative Assets | -35 |
Gain Recognized into Earnings | 1,397 |
Cross Currency Interest Rate Contract [Member] | ' |
Derivatives Fair Value [Line Items] | ' |
Quantity | 1 |
Maturity Dates | 23-Jan-14 |
Contracted Fixed Conversion Rate to U.S. Dollar | 0.7803 |
Swap Contract Notional Amount | 370 |
Fair Market Value of Derivative Liability | -35 |
Credit Risk Adjustment | ' |
Fair Market Value of Derivative Assets | -35 |
Gain Recognized into Earnings | $1,397 |
Share_Based_Compensation_Narra
Share Based Compensation (Narrative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 29, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | Stock Appreciation Right and Restricted Stock Unit [Member] | Stock Appreciation Right and Restricted Stock Unit [Member] | Stock Appreciation Right and Restricted Stock Unit [Member] | Stock Appreciation Right and Restricted Stock Unit [Member] | ||||
item | ||||||||||||||||
Share Based Compensation (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares for issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | 1,500,000 | ' | ' | ' | ' |
Aggregate initial grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 599,999 |
Additional grants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | 600,001 | ' |
Number of equal installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Shares available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Rights or units granted to employees | ' | ' | ' | ' | 33,096 | 63,104 | ' | 21,112 | 45,312 | ' | ' | ' | ' | ' | ' | ' |
Rights or units granted to non-employees | ' | ' | ' | ' | 150,068 | 286,131 | ' | 95,724 | 205,454 | ' | ' | ' | ' | ' | ' | ' |
Closing ADS Price | ' | ' | ' | $16.07 | $12.32 | $12.52 | $16.07 | $12.32 | $12.52 | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of unvested rights or units | ' | ' | ' | $800,000 | $0 | $0 | $2,600,000 | $3,500,000 | $4,100,000 | ' | ' | ' | ' | ' | ' | ' |
Grant date fair value of the rights or units granted | ' | ' | ' | ' | 1,400,000 | 3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares, granted | ' | ' | ' | 0 | 183,164 | 349,235 | 0 | 116,836 | 250,766 | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' |
Weighted average remaining vesting term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | '11 months | '12 months | ' |
Share-based compensation related to SARs and RSUs granted under the 2010 Plan | 3,177,000 | 3,635,000 | 4,768,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized share-based compensation expense total | $900,000 | $2,600,000 | $3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBased_Compensation_The_Fa
Share-Based Compensation (The Fair Value Of SARs Expected To Vest Estimated On The Following Assumptions) (Details) (Stock Appreciation Rights (SARs) [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' |
The fair value of SARs expected to vest is estimated on the following assumptions | ' | ' | ' |
Risk-free interest rate, Minimum | 0.90% | 0.90% | 1.67% |
Risk-free interest rate, Maximum | 2.51% | 2.73% | 3.47% |
Volatility, Minimum | 51.00% | 54.00% | 60.00% |
Volatility, Maximum | 63.00% | 70.00% | 70.00% |
Expected life, minimum | '6 years | '6 years | '6 years |
Expected life , maximum | '8 years | '10 years | '9 years |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of The Company's SAR Activity) (Details) (Stock Appreciation Rights (SARs) [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' |
Summary of the Company's SAR activity | ' | ' | ' | ' |
Number of shares, Outstanding, Beginning Balance | 892,004 | 708,840 | 359,605 | ' |
Weighted average exercise price, Outstanding Beginning Balance | $12.74 | $12.85 | $12.42 | ' |
Weighted average remaining contractual life | '7 years 1 month 6 days | '8 years 1 month 6 days | '8 years 9 months 18 days | '9 years 3 months 18 days |
Number of shares, granted | 0 | 183,164 | 349,235 | ' |
Weighted average exercise price, SARs exercised | $12.42 | ' | ' | ' |
Number of shares, SARs exercised | -3,370 | ' | ' | ' |
Weighted average exercise price, SARs granted | ' | $12.28 | $13.30 | ' |
Number of shares, Outstanding, Ending Balance | 888,634 | 892,004 | 708,840 | ' |
Weighted average exercise price, Outstanding Ending balance | $12.74 | $12.74 | $12.85 | ' |
Number of shares, Exercisable | 650,116 | ' | ' | ' |
Weighted average exercise price , Exercisable | $12.72 | ' | ' | ' |
Weighted average remaining contractual life , Exercisable | '6 years 9 months 18 days | ' | ' | ' |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of The Company's RSU Activity) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Summary of the Company's SAR activity | ' | ' | ' | ' |
Number of shares, Outstanding, Beginning Balance | 284,014 | 330,896 | 160,262 | ' |
Number of shares, granted | 0 | 116,836 | 250,766 | ' |
Weighted average grant date fair value , RSUs granted | ' | $12.28 | $13.30 | ' |
Number of shares, RSUs vested | -122,534 | -163,718 | -80,132 | ' |
Weighted average grant date fair value , RSUs vested | $12.98 | $12.87 | $12.42 | ' |
Number of shares, Outstanding, Ending Balance | 161,480 | 284,014 | 330,896 | ' |
Weighted average grant date fair value, Ending Balance | $12.81 | $12.88 | $13.09 | $12.42 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Corporation tax at the rate on trading income | 12.50% | 12.50% | 12.50% |
Corporation tax at the rate on non trading income | 25.00% | ' | ' |
Federal and state income tax benefit | $1,100,000 | ' | ' |
Valuation allowance | 19,412,000 | 24,588,000 | ' |
Unrecognized tax benefits | 0 | 0 | ' |
Deferred tax asset from the sale of aircraft owned by Australian subsidiary | 185,325,000 | 172,954,000 | ' |
Minimum [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Irish tax on dividends paid by BBAM LP | 12.50% | ' | ' |
Maximum [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Irish tax on dividends paid by BBAM LP | 25.00% | ' | ' |
Irish Taxing Authority [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Valuation allowance | 1,700,000 | ' | ' |
Cayman Island Subsidiary [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Tax rate for repatriated and undistributed earnings from Company's Cayman and Australian subsidiaries | 25.00% | ' | ' |
French Subsidiary [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Corporation tax rate paid by Fly's subsidiaries residing in Australia | 33.33% | ' | ' |
Luxembourg Subsidiary [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Corporation tax rate paid by Fly's subsidiaries residing in Australia | 28.80% | ' | ' |
Australian Subsidiary [Member] | ' | ' | ' |
Income Tax Expense (Benefit) [Line Items] | ' | ' | ' |
Tax rate for repatriated and undistributed earnings from Company's Cayman and Australian subsidiaries | 12.50% | ' | ' |
Corporation tax rate paid by Fly's subsidiaries residing in Australia | 30.00% | ' | ' |
Deferred tax asset from the sale of aircraft owned by Australian subsidiary | ($2,300,000) | ' | ' |
Income_Taxes_Income_Tax_Expens
Income Taxes (Income Tax Expense By Jurisdiction) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current tax expense: | ' | ' | ' |
Current tax expense total | ($536) | $12,042 | $1,680 |
Deferred tax expense (benefit): | ' | ' | ' |
Deferred tax expense (benefit) total | 6,195 | -8,180 | 2,562 |
Income Tax Expense (Benefit), Total | 5,659 | 3,862 | 4,242 |
IRELAND [Member] | ' | ' | ' |
Current tax expense: | ' | ' | ' |
Current tax expense total | 400 | 10,201 | 95 |
Deferred tax expense (benefit): | ' | ' | ' |
Deferred tax expense (benefit) total | 3,470 | -10,118 | 1,639 |
FRANCE [Member] | ' | ' | ' |
Current tax expense: | ' | ' | ' |
Current tax expense total | 20 | 32 | 25 |
Deferred tax expense (benefit): | ' | ' | ' |
Deferred tax expense (benefit) total | -13 | -2 | 6 |
LUXEMBOURG [Member] | ' | ' | ' |
Current tax expense: | ' | ' | ' |
Current tax expense total | 175 | 26 | ' |
AUSTRALIA [Member] | ' | ' | ' |
Deferred tax expense (benefit): | ' | ' | ' |
Deferred tax expense (benefit) total | 2,738 | 2,101 | 731 |
UNITED STATES [Member] | ' | ' | ' |
Current tax expense: | ' | ' | ' |
Current tax expense total | -1,131 | 1,783 | 1,560 |
Deferred tax expense (benefit): | ' | ' | ' |
Deferred tax expense (benefit) total | ' | ($161) | $186 |
Income_Taxes_Components_Of_The
Income Taxes (Components Of The Company's Net Deferred Tax Asset) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax asset: | ' | ' |
Net operating loss carry forwards | $193,006 | $165,397 |
Deductible intra-group interest | ' | 8,663 |
Net unrealized losses on derivative instruments | 1,932 | 6,928 |
Basis difference on acquisition of GAAM Australian assets | 9,597 | 16,493 |
Other | 202 | 61 |
Valuation allowance | -19,412 | -24,588 |
Total deferred tax asset | 185,325 | 172,954 |
Deferred tax liability: | ' | ' |
Excess of tax depreciation over book depreciation | -171,969 | -137,509 |
Book/tax differences identified in connection with GAAM Portfolio acquisition: | ' | ' |
Debt | -1,859 | -4,324 |
Security deposits and maintenance reserve liability | -388 | -551 |
Lease premiums, net | -142 | -307 |
Net earnings of non-European Union member subsidiaries | -18,713 | -20,813 |
Total deferred tax liability | -193,071 | -163,504 |
Deferred tax (liability) asset, net | ($7,746) | $9,450 |
Income_Taxes_Reconciliation_Of
Income Taxes (Reconciliation Of The Income Tax Expense (Benefit)) (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of the income tax expense (benefit) | ' | ' | ' |
Irish statutory corporate tax rate on trading income | 12.50% | 12.50% | 12.50% |
Valuation allowance | 1.60% | ' | ' |
Equity earnings from FLY-Z/C LP | -0.40% | -0.40% | -0.70% |
Tax on investment in BBAM LP | ' | 1.30% | 20.40% |
Tax impact on repurchased and resold Notes | -0.80% | -1.20% | -3.00% |
Share-based compensation | 0.70% | 0.90% | 11.20% |
Tax on gain on sale of investment in BBAM LP | ' | 9.10% | ' |
Deductible intra-group interest | -2.20% | -12.90% | ' |
Foreign tax rate differentials | 3.30% | -2.40% | -2.80% |
True-up of prior year tax provision | 0.20% | 1.10% | ' |
Non-taxable gain on debt extinguishment | -5.10% | ' | ' |
Non-deductible transaction fees and expenses | 0.10% | ' | 40.70% |
Other | -0.20% | -0.50% | 1.20% |
Income tax expense | 9.70% | 7.50% | 79.50% |
Other_Liabilities_Narrative_De
Other Liabilities (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Other Liabilities (Textual) [Abstract] | ' | ' |
Amortization of lease discount | $0.40 | $0.50 |
Other_Liabilities_Principal_Co
Other Liabilities (Principal Components Of The Company's Other Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Principal components of the Company's other liabilities | ' | ' |
Net current tax provision | $1,517 | $9,985 |
Lease incentive obligation | 8,534 | 9,483 |
Deferred rent payable | 9,169 | 7,773 |
Unamortized lease discounts | 256 | 1,345 |
Other | 1,047 | 645 |
Total other liabilities | $20,523 | $29,231 |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Nov. 29, 2012 | Dec. 31, 2012 | Dec. 28, 2012 | |
American Depository Shares [Member] | Stock Appreciation Rights (SARs) [Member] | Summit [Member] | Summit and Onex [Member] | Summit and Onex [Member] | Summit and Onex [Member] | |||||
Subsequent Event [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New shares issued, shares | ' | ' | ' | ' | 13,142,856 | ' | ' | ' | 2,191,060 | ' |
New shares issued, value | ' | $172,595,000 | $23,914,000 | ' | $172,600,000 | ' | $25,000,000 | ' | ' | ' |
Share offering price | ' | ' | ' | ' | $14 | ' | ' | ' | ' | $11.41 |
Dividends paid per share | ' | $0.88 | $0.84 | $0.80 | ' | $0.25 | ' | ' | ' | ' |
Dividends paid amount | ' | 31,500,000 | 22,500,000 | 21,100,000 | ' | 10,300,000 | ' | ' | ' | ' |
Shares outstanding | ' | 41,306,338 | 28,040,305 | ' | ' | ' | ' | ' | ' | ' |
Dividend payment date | ' | ' | ' | ' | ' | 20-Feb-14 | ' | ' | ' | ' |
Dividend record date | ' | ' | ' | ' | ' | 31-Jan-14 | ' | ' | ' | ' |
Shares repurchased, shares | 1,035,438 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average price paid per share | $11.93 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total purchase price of shares repurchased | $12,300,000 | ' | ' | $13,142,000 | ' | ' | ' | ' | ' | ' |
Discount to the volume weighted average price of the Company's common shares | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Period of volume weighted average price | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Share Repurchase Program) (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Stock Repurchased Program One [Member] | Stock Repurchased Program Two [Member] | Stock Repurchased Program Three [Member] | Stock Repurchased Program Four [Member] | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Board Approval Date | ' | 3-May-10 | 3-May-11 | 2-May-12 | 1-May-13 |
Expiration Date | ' | 'MayB 2011 | 'May 2012 | 'May 2013 | 'May 2014 |
Maximum dollar value of shares that may be purchased under this program | ' | $30 | $30 | $25 | $30 |
Calendar year shares were purchased | ' | '2011 | '2011 | ' | ' |
Total number of shares purchased | 1,035,438 | 23,135 | 43,533 | ' | ' |
Average price paid per share | $11.93 | $12.43 | $10.87 | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Numerator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $13,412 | $304 | $5,915 | $32,845 | $30,992 | ($29,439) | $25,729 | $20,387 | $52,476 | $47,669 | $1,096 |
Less: Dividend equivalents paid to vested RSUs and SARs | ' | ' | ' | ' | ' | ' | ' | ' | -940 | -884 | -360 |
Net income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $51,536 | $46,785 | $736 |
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average shares outstanding-Basic | ' | ' | ' | ' | ' | ' | ' | ' | 34,129,880 | 25,792,932 | 25,843,348 |
Weighted average shares outstanding-Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 34,243,456 | 25,961,605 | 25,992,062 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.32 | $0 | $0.20 | $1.15 | $1.18 | ($1.15) | $1 | $0.78 | $1.51 | $1.81 | $0.03 |
Diluted | $0.32 | $0 | $0.20 | $1.15 | $1.17 | ($1.15) | $0.99 | $0.78 | $1.50 | $1.80 | $0.03 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive common equivalent shares | ' | ' | ' | ' | ' | ' | ' | ' | 102,914 | 164,998 | 143,344 |
Stock Appreciation Rights (SARs) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dilutive common equivalent shares | ' | ' | ' | ' | ' | ' | ' | ' | 10,662 | 3,675 | 5,370 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
item | |
Commitments and Contingencies [Abstract] | ' |
Number of aircrafts to be purchased | 2 |
Purchase commitment for aircraft | $36.50 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
Dec. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Oct. 15, 2011 | Jul. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 29, 2012 | Dec. 31, 2012 | Dec. 28, 2012 | Dec. 28, 2012 | Aug. 28, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2012 | |
employee | American Depository Shares [Member] | Certain Officers And Directors [Member] | Other Aircraft [Member] | GAAM Portfolio [Member] | Summit and Onex [Member] | Summit and Onex [Member] | Summit and Onex [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | BBAM Limited Partnership [Member] | ||||||
American Depository Shares [Member] | Other Aircraft [Member] | Fly Acquisition Second Fly Period [Member] | |||||||||||||||||
item | |||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Employees | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of interest in BBAM Limited Partnership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' |
Management agreement renewal period | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' |
Payment to the manager | ' | $8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8,000,000 | ' | ' | ' | ' | ' |
Percentage of selling price fee paid to BBAM | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' |
Fees related to disposition of interest in equity investment joint venture | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receive a base fee per month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' |
Percentage of rent fee on aggregate amount of aircraft rent due | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Percentage of actual rent collected | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' |
Base and rent fees incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,100,000 | 12,600,000 | 8,500,000 | ' |
Administrative agency fee from B&B air funding per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' |
Administrative fee from B&B Air Acquisition per annum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,000 | ' | ' | ' | ' |
Administrative fee per month per aircraft | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' |
Administrative fee per month from Fly Acquisition II and Fly Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 |
Payment of administrative fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 1,800,000 | 1,200,000 | ' |
Percentage of purchase price BBAM receives for aircraft acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' |
Percentage of sales proceeds BBAM receives for all disposed aircraft | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' |
Number of aircraft acquisition in the GAAM Portfolio | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment to manager a one-time acquisition fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee incurred for aircraft acquired | ' | 9,500,000 | 900,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fee incurred for aircraft disposed | ' | 2,000,000 | 1,200,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | 41,306,338 | 28,040,305 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,191,060 | ' | ' | ' | ' | ' | ' |
Period of volume weighted average price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' |
Issued shares value | ' | 41,000 | 28,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' |
Discount to the volume weighted average price of the Company's common shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of commission of issuance and sale of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' |
Commission of issuance and sale of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' |
Management expenses, quarterly payments | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management expenses, incurred | ' | 10,500,000 | 10,300,000 | 7,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reimbursable expenses due to the Manager | ' | 800,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New shares issued, shares | ' | ' | ' | ' | ' | ' | 13,142,856 | 142,857 | ' | ' | ' | 2,191,060 | ' | ' | ' | ' | ' | ' | ' |
Share offering price | ' | ' | ' | ' | ' | ' | $14 | $14 | ' | ' | ' | ' | $11.41 | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of shares | ' | 172,595,000 | 23,914,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of one-time success fee to BBAM | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summit purchased, shares from Babcock & Brown | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Min
Related Party Transactions (Minimum Long-Term Contractual Obligations With BBAM LP, Excluding Rent Fees) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | ' | |
2014 | $14,609,000 | |
2015 | 14,479,000 | |
2016 | 14,249,000 | |
2017 | 14,184,000 | |
2018 | 13,985,000 | |
Thereafter | 71,270,000 | |
Total | 142,776,000 | |
Management agreement period | '10 years | |
Management agreement renewal period | '5 years | |
Payment to the manager | 8,000,000 | |
Fixed Base Fee Payments [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
2014 | 2,013,000 | [1] |
2015 | 2,013,000 | [1] |
2016 | 2,013,000 | [1] |
2017 | 2,013,000 | [1] |
2018 | 2,013,000 | [1] |
Thereafter | 14,095,000 | [1] |
Total | 24,160,000 | [1] |
Fixed Administrative Agency Fee Payments Due by B and B Air Funding [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
2014 | 839,000 | [1] |
2015 | 839,000 | [1] |
2016 | 839,000 | [1] |
2017 | 839,000 | [1] |
2018 | 839,000 | [1] |
Thereafter | 5,872,000 | [1] |
Total | 10,067,000 | [1] |
Fixed Administrative Agency Fee Payments Due by Fly Acquisition II [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
2014 | 168,000 | |
2015 | 168,000 | |
2016 | 168,000 | |
2017 | 168,000 | |
2018 | 109,000 | |
Thereafter | 284,000 | |
Total | 1,065,000 | |
Fixed Administrative Services Fee Due by Fly Peridot [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
2014 | 416,000 | |
2015 | 378,000 | |
2016 | 261,000 | |
2017 | 238,000 | |
2018 | 201,000 | |
Thereafter | 185,000 | |
Total | 1,679,000 | |
Fixed Administrative Agency Fee Payments Due by Other Subsidiaries [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
2014 | 540,000 | |
2015 | 448,000 | |
2016 | 335,000 | |
2017 | 293,000 | |
2018 | 190,000 | |
Thereafter | 304,000 | |
Total | 2,110,000 | |
Fixed Payments for Management Expenses [Member] | ' | |
Related Party Transaction [Line Items] | ' | |
2014 | 10,633,000 | [1],[2] |
2015 | 10,633,000 | [1],[2] |
2016 | 10,633,000 | [1],[2] |
2017 | 10,633,000 | [1],[2] |
2018 | 10,633,000 | [1],[2] |
Thereafter | 50,530,000 | [1],[2] |
Total | $103,695,000 | [1],[2] |
[1] | Amounts in the table assume CPI rates in effect as of December 31, 2013 remain constant in future periods. | |
[2] | The initial term of the Management Agreement is for ten years, with an automatic five year renewal period. The agreement provides for an early termination fee of $8.0 million, subject to potential future adjustment. The table assumes termination of the agreement after the initial ten year term and payment of the applicable termination fee. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
item | item | item | |
Fair Value Measurements [Abstract] | ' | ' | ' |
Number of aircraft written down | 1 | 1 | 2 |
Recognized impairment charge of aircraft | $8.80 | $11.40 | $7.50 |
Fair_Value_Measurements_Carryi
Fair Value Measurements (Carrying Amounts And Fair Values Of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative asset | $7,395 | $319 |
Derivative liabilities | 24,577 | 48,967 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable, fair value | 575,326 | 639,281 |
Derivative asset | 7,395 | 319 |
Derivative liabilities | 24,577 | 48,967 |
Carrying Amount [Member] | Nord LB Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 440,456 | 490,717 |
Carrying Amount [Member] | CBA Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 159,802 | 268,625 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes payable, fair value | 498,038 | 587,795 |
Derivative asset | 7,395 | 319 |
Derivative liabilities | 24,577 | 48,967 |
Fair Value [Member] | Nord LB Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 440,456 | 490,717 |
Fair Value [Member] | CBA Facility [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 153,390 | 266,794 |
Term Loan [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 465,103 | 377,646 |
Term Loan [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 478,877 | 397,864 |
Fly Acquisition II [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 126,766 | ' |
Fly Acquisition II [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 134,320 | ' |
Other Aircraft Secured Borrowings [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 487,252 | 276,143 |
Other Aircraft Secured Borrowings [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 488,267 | 275,122 |
Unsecured Debt [Member] | Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | 291,567 | ' |
Unsecured Debt [Member] | Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Debt, fair value | $305,250 | ' |
Fair_Value_Measurements_Asset_
Fair Value Measurements (Asset And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative asset | $7,395 | $319 |
Derivative liabilities | 24,577 | 48,967 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative asset | 7,395 | 319 |
Derivative liabilities | 24,577 | 48,967 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Assets and Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Derivative asset | 7,395 | 319 |
Derivative liabilities | $24,577 | $48,967 |
Unaudited_Quarterly_Condensed_2
Unaudited Quarterly Condensed Consolidated Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Unaudited Quarterly Condensed Consolidated Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $85,469 | $79,115 | $90,538 | $114,365 | $130,871 | $86,408 | $110,910 | $104,507 | $369,487 | $432,696 | $248,789 |
Net income (loss) | $13,412 | $304 | $5,915 | $32,845 | $30,992 | ($29,439) | $25,729 | $20,387 | $52,476 | $47,669 | $1,096 |
Earnings (loss) per share - Basic | $0.32 | $0 | $0.20 | $1.15 | $1.18 | ($1.15) | $1 | $0.78 | $1.51 | $1.81 | $0.03 |
Earnings (loss) per share - Diluted | $0.32 | $0 | $0.20 | $1.15 | $1.17 | ($1.15) | $0.99 | $0.78 | $1.50 | $1.80 | $0.03 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
item | Aircraft Purchase Agreement One [Member] | Aircraft Purchase Agreement One [Member] | Aircraft Purchase Agreement Two [Member] | Aircraft Purchase Agreement Two [Member] | Subsequent Event [Member] | |||||
agreement | item | agreement | ||||||||
item | ||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent event date | ' | ' | ' | 1-Jan-14 | ' | ' | 1-Feb-14 | ' | 4-Feb-14 | ' |
Dividends declared and paid per share | $0.88 | $0.84 | $0.80 | ' | ' | ' | ' | ' | ' | $0.25 |
Dividends paid amount | $31,500,000 | $22,500,000 | $21,100,000 | ' | ' | ' | ' | ' | ' | $10,300,000 |
Dividend declared date | ' | ' | ' | ' | 9-Jan-14 | ' | ' | ' | ' | ' |
Dividends payable date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20-Feb-14 |
Dividend record date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Jan-14 |
Number of sale agreements | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Payments to acquire aircraft | ' | ' | ' | ' | ' | 36,500,000 | ' | ' | ' | ' |
Proceeds from Term Loan upsizing to fund aircraft purchase | $101,892,000 | ' | ' | ' | ' | $33,600,000 | ' | ' | ' | ' |
Number of aircraft purchased | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' |
Number of purchase agreements | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Number of aircraft sold | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Consolidated_Financial_Informa1
Consolidated Financial Information of Parent (Consoidated Balance Sheets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $404,472 | $163,124 | $82,105 | $164,107 |
Investment in unconsolidated subsidiaries | 8,179 | 6,308 | ' | ' |
Other assets, net | 39,650 | 32,026 | ' | ' |
Total assets | 3,672,359 | 2,968,672 | ' | ' |
Liabilities | ' | ' | ' | ' |
Payable to related parties | 3,756 | 2,789 | ' | ' |
Unsecured borrowings, net | 291,567 | ' | ' | ' |
Deferred tax liability, net | 193,071 | 163,504 | ' | ' |
Total liabilities | 2,923,536 | 2,436,670 | ' | ' |
Shareholders' equity | 748,823 | 532,002 | 443,033 | 474,904 |
Total liabilities and shareholders' equity | 3,672,359 | 2,968,672 | ' | ' |
Parent Company [Member] | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 277,267 | 82,124 | 59,821 | 154,393 |
Receivable From Subsidiaries | 309 | ' | ' | ' |
Notes receivable from subsidiaries | 56,132 | 5,986 | ' | ' |
Investments in subsidiaries | 742,668 | 473,665 | ' | ' |
Investment in unconsolidated subsidiaries | 8,179 | 6,308 | ' | ' |
Other assets, net | 1,524 | 445 | ' | ' |
Total assets | 1,086,079 | 568,528 | ' | ' |
Liabilities | ' | ' | ' | ' |
Payable to related parties | 24,051 | 1,126 | ' | ' |
Payable to subsidiaries | ' | 9,814 | ' | ' |
Note payable to subsidiaries | ' | 3,986 | ' | ' |
Unsecured borrowings, net | 291,567 | ' | ' | ' |
Deferred tax liability, net | 17,955 | 19,609 | ' | ' |
Accrued and other liabilities | 3,683 | 1,991 | ' | ' |
Total liabilities | 337,256 | 36,526 | ' | ' |
Shareholders' equity | 748,823 | 532,002 | ' | ' |
Total liabilities and shareholders' equity | $1,086,079 | $568,528 | ' | ' |
Consolidated_Financial_Informa2
Consolidated Financial Information of Parent (Statements Of Income) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | $1,930 | $1,634 | $1,154 |
Total revenues | 85,469 | 79,115 | 90,538 | 114,365 | 130,871 | 86,408 | 110,910 | 104,507 | 369,487 | 432,696 | 248,789 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 120,399 | 142,491 | 90,547 |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 37,418 | 40,192 | 27,248 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 311,352 | 381,165 | 243,451 |
Net income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 58,135 | 51,531 | 5,338 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | 5,659 | 3,862 | 4,242 |
Net income | 13,412 | 304 | 5,915 | 32,845 | 30,992 | -29,439 | 25,729 | 20,387 | 52,476 | 47,669 | 1,096 |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 34,129,880 | 25,792,932 | 25,843,348 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 34,243,456 | 25,961,605 | 25,992,062 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.32 | $0 | $0.20 | $1.15 | $1.18 | ($1.15) | $1 | $0.78 | $1.51 | $1.81 | $0.03 |
Diluted | $0.32 | $0 | $0.20 | $1.15 | $1.17 | ($1.15) | $0.99 | $0.78 | $1.50 | $1.80 | $0.03 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings of subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 51,136 | 47,602 | 6,613 |
Equity in earnings from unconsolidated subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 1,871 | 1,631 | 279 |
Intercompany management fee income | ' | ' | ' | ' | ' | ' | ' | ' | 15,780 | 16,154 | 9,550 |
Intercompany interest income | ' | ' | ' | ' | ' | ' | ' | ' | 1,407 | ' | ' |
Interest and other income | ' | ' | ' | ' | ' | ' | ' | ' | 185 | 176 | 79 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 70,379 | 65,563 | 16,521 |
Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,887 | ' | ' |
Selling, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 17,644 | 19,053 | 15,923 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 19,531 | 19,053 | 15,923 |
Net income from continuing operations before provision for income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 50,848 | 46,510 | 598 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -1,628 | -1,159 | -498 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $52,476 | $47,669 | $1,096 |
Weighted average number of shares: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | 34,129,880 | 25,792,932 | 25,843,348 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 34,243,456 | 25,961,605 | 25,992,062 |
Earnings per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | $1.51 | $1.81 | $0.03 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | $1.50 | $1.80 | $0.03 |
Consolidated_Financial_Informa3
Consolidated Financial Information of Parent (Statements Of Cash Flows) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net income | $52,476 | $47,669 | $1,096 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ' | ' | ' |
Share-based compensation | 3,177 | 3,635 | 4,768 |
Changes in operating assets and liabilities: | ' | ' | ' |
Other assets | -1,969 | 5,644 | -1,913 |
Payable to related parties | -10,544 | -4,837 | 1,781 |
Accrued and other liabilities | 4,576 | 13,247 | -2,135 |
Net cash flows (used in) provided by operating activities | 181,474 | 180,382 | 110,277 |
Cash Flows from Investing Activities | ' | ' | ' |
Net cash flows provided by (used in) investing activities | -608,590 | 56,080 | -51,253 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds for unsecured borrowings | 291,389 | ' | ' |
Dividends | -30,531 | -21,629 | -20,738 |
Dividend equivalents | -940 | -884 | -360 |
Shares repurchased | ' | ' | -13,142 |
Net cash flows provided by (used in) financing activities | 668,464 | -155,443 | -141,026 |
Net (decrease) increase in cash | 241,348 | 81,019 | -82,002 |
Cash at beginning of period | 163,124 | 82,105 | 164,107 |
Cash at end of period | 404,472 | 163,124 | 82,105 |
Supplemental Disclosure of Non Cash Activities: | ' | ' | ' |
Taxes paid | 84 | 2,057 | 1,381 |
Parent Company [Member] | ' | ' | ' |
Cash Flows from Operating Activities | ' | ' | ' |
Net income | 52,476 | 47,669 | 1,096 |
Adjustments to reconcile net income to net cash flows provided by operating activities: | ' | ' | ' |
Equity in earnings of subsidiaries | -51,136 | -47,602 | -6,613 |
Equity in earnings of unconsolidated subsidiary | -1,871 | -1,631 | -279 |
Income tax benefit | -1,654 | -1,203 | -497 |
Share-based compensation | 3,177 | 3,635 | 4,768 |
Amortization of debt discount and others | 76 | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Receivable/(payable) to subsidiaries | 12,797 | -3,330 | 13,967 |
Other assets | 45 | 7 | -69 |
Payable to related parties | -1,435 | 1,121 | -22 |
Accrued and other liabilities | 670 | 1,316 | -133 |
Net cash flows (used in) provided by operating activities | 13,145 | -18 | 12,218 |
Cash Flows from Investing Activities | ' | ' | ' |
Capital contributions to subsidiaries | -256,515 | -21,000 | -122,703 |
Distributions received from subsidiaries | 6,000 | 41,462 | 102,109 |
Capital contributions to unconsolidated subsidiary | ' | ' | -5,863 |
Distributions received from unconsolidated subsidiary | ' | 458 | 1,007 |
Notes payable to subsidiaries | ' | ' | -47,100 |
Net cash flows provided by (used in) investing activities | -250,515 | 20,920 | -72,550 |
Cash Flows from Financing Activities | ' | ' | ' |
Proceeds from issuance of shares, net of fees paid | 172,595 | 23,914 | ' |
Proceeds for unsecured borrowings | 291,389 | ' | ' |
Dividends | -30,531 | -21,629 | -20,738 |
Dividend equivalents | -940 | -884 | -360 |
Shares repurchased | ' | ' | -13,142 |
Net cash flows provided by (used in) financing activities | 432,513 | 1,401 | -34,240 |
Net (decrease) increase in cash | 195,143 | 22,303 | -94,572 |
Cash at beginning of period | 82,124 | 59,821 | 154,393 |
Cash at end of period | $277,267 | $82,124 | $59,821 |