Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35121 | |
Entity Registrant Name | AIR LEASE CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-1840403 | |
Entity Address, Address Line One | 2000 Avenue of the Stars, | |
Entity Address, Address Line Two | Suite 1000N | |
Entity Address, City or Town | Los Angeles, | |
Entity Address, Postal Zip Code | 90067 | |
Entity Address, State or Province | CA | |
City Area Code | 310 | |
Local Phone Number | 553-0555 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 110,858,351 | |
Entity Central Index Key | 0001487712 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Class A Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | AL | |
Security Exchange Name | NYSE | |
6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | AL PRA | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 1,490,765 | $ 1,086,500 |
Restricted cash | 21,291 | 21,792 |
Flight equipment subject to operating leases | 26,552,246 | 27,101,808 |
Less accumulated depreciation | (4,267,934) | (4,202,804) |
Flight equipment subject to operating leases, net | 22,284,312 | 22,899,004 |
Deposits on flight equipment purchases | 1,626,874 | 1,508,892 |
Other assets | 1,451,607 | 1,452,534 |
Total assets | 26,874,849 | 26,968,722 |
Liabilities and Shareholders’ Equity | ||
Accrued interest and other payables | 544,280 | 611,757 |
Debt financing, net of discounts and issuance costs | 17,824,725 | 17,022,480 |
Security deposits and maintenance reserves on flight equipment leases | 1,120,234 | 1,173,831 |
Rentals received in advance | 135,642 | 138,816 |
Deferred tax liability | 880,383 | 1,013,270 |
Total liabilities | 20,505,264 | 19,960,154 |
Shareholders’ Equity | ||
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | 106 | 106 |
Paid-in capital | 3,259,105 | 3,399,245 |
Retained earnings | 3,109,331 | 3,609,885 |
Accumulated other comprehensive loss | (70) | (1,808) |
Total shareholders’ equity | 6,369,585 | 7,008,568 |
Total liabilities and shareholders’ equity | 26,874,849 | 26,968,722 |
Class A Common Stock | ||
Shareholders’ Equity | ||
Common stock | 1,113 | 1,140 |
Class B Non-Voting Common Stock | ||
Shareholders’ Equity | ||
Common stock | $ 0 | $ 0 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, issued (in shares) | 10,600,000 | 10,600,000 |
Preferred stock, outstanding (in shares) | 10,600,000 | 10,600,000 |
Preferred stock, aggregate liquidation preference | $ 850,000 | $ 850,000 |
Common stock, outstanding (in shares) | 0 | |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, issued (in shares) | 111,317,259 | 113,987,154 |
Common stock, outstanding (in shares) | 111,317,259 | 113,987,154 |
Class B Non-Voting Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, issued (in shares) | 0 | 0 |
Common stock, outstanding (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | ||
Rental of flight equipment | $ 566,554 | $ 468,095 |
Aircraft sales, trading and other | $ 30,107 | $ 6,732 |
Revenue from Contract with Customer, Product and Service [Extensible Enumeration] | Aircraft Sales, Trading And Other [Member] | Aircraft Sales, Trading And Other [Member] |
Total revenues | $ 596,661 | $ 474,827 |
Expenses | ||
Interest | 117,277 | 117,986 |
Amortization of debt discounts and issuance costs | 13,198 | 12,025 |
Interest expense | 130,475 | 130,011 |
Depreciation of flight equipment | 235,308 | 208,965 |
Write-off of Russian fleet | 802,352 | 0 |
Selling, general and administrative | 32,762 | 26,914 |
Stock-based compensation | (2,523) | 5,408 |
Total expenses | 1,198,374 | 371,298 |
(Loss)/income before taxes | (601,713) | 103,529 |
Income tax benefit/(expense) | 132,720 | (19,437) |
Net (loss)/income | (468,993) | 84,092 |
Preferred stock dividends | (10,425) | (3,844) |
Net (loss) income available to common stockholders, diluted | (479,418) | 80,248 |
Net (loss)/income available to common stockholders, basic | (479,418) | 80,248 |
Other comprehensive income/(loss): | ||
Foreign currency translation adjustment | (3,019) | (3,807) |
Change in fair value of hedged transactions | 5,230 | 2,221 |
Total tax (expense)/benefit on other comprehensive income/loss | (473) | 339 |
Other comprehensive income/(loss), net of tax | 1,738 | (1,247) |
Total comprehensive (loss)/income attributable for common stockholders | $ (477,680) | $ 79,001 |
(Loss)/Earnings per share of common stock: | ||
Basic (in dollars per share) | $ (4.21) | $ 0.70 |
Diluted (in dollars per share) | $ (4.21) | $ 0.70 |
Weighted-average shares outstanding | ||
Basic (in shares) | 113,894,867 | 113,958,403 |
Diluted (in shares) | 113,894,867 | 114,237,109 |
Dividends declared per share of common stock (in dollars per share) | $ 0.185 | $ 0.16 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income/(Loss) | Class A Common Stock | Class A Common StockCommon Stock | Class A Common StockRetained Earnings | Class B Non-Voting Common StockCommon Stock |
Beginning balance (in shares) at Dec. 31, 2020 | 10,000,000 | 113,852,896 | 0 | ||||||
Beginning balance at Dec. 31, 2020 | $ 6,072,341 | $ 100 | $ 2,793,178 | $ 3,277,599 | $ 325 | $ 1,139 | $ 0 | ||
Increase (Decrease) in Shareholders' Equity | |||||||||
Issuance of preferred stock (in shares) | 300,000 | ||||||||
Issuance of preferred stock | 295,449 | $ 3 | 295,446 | ||||||
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares) | 425,232 | ||||||||
Issuance of common stock upon vesting of restricted stock units | 1,441 | 1,437 | $ 4 | ||||||
Stock-based compensation | 5,408 | 5,408 | |||||||
Cash dividends | $ (18,259) | $ (18,259) | |||||||
Cash dividends (declared on preferred stock) | (3,844) | (3,844) | |||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | (1,247) | (1,247) | |||||||
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares) | (157,266) | ||||||||
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options | (7,169) | (7,167) | $ (2) | ||||||
Net (loss)/income | 84,092 | 84,092 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 10,300,000 | 114,120,862 | 0 | ||||||
Ending balance at Mar. 31, 2021 | 6,428,212 | $ 103 | 3,088,302 | 3,339,588 | (922) | $ 1,141 | $ 0 | ||
Beginning balance (in shares) at Dec. 31, 2021 | 10,600,000 | 113,987,154,000 | 0 | ||||||
Beginning balance at Dec. 31, 2021 | 7,008,568 | $ 106 | 3,399,245 | 3,609,885 | (1,808) | $ 1,140 | $ 0 | ||
Increase (Decrease) in Shareholders' Equity | |||||||||
Issuance of common stock upon vesting of restricted stock units and upon exercise of options (in shares) | 477,656,000 | ||||||||
Issuance of common stock upon vesting of restricted stock units | $ 2 | (3) | $ 5 | ||||||
Common stock repurchased (in shares) | (2,959,458) | (2,959,458,000) | |||||||
Common stock repurchased | $ (129,549) | (129,519) | $ (30) | ||||||
Stock-based compensation | (2,523) | (2,523) | |||||||
Cash dividends | $ (21,136) | $ (21,136) | |||||||
Cash dividends (declared on preferred stock) | (10,425) | (10,425) | |||||||
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax | 1,738 | 1,738 | |||||||
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options (in shares) | (188,093,000) | ||||||||
Tax withholding on stock based compensation/ related to vesting of restricted stock units and exercise of stock options | (8,097) | (8,095) | $ (2) | ||||||
Net (loss)/income | (468,993) | (468,993) | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 10,600,000 | 111,317,259,000 | 0 | ||||||
Ending balance at Mar. 31, 2022 | $ 6,369,585 | $ 106 | $ 3,259,105 | $ 3,109,331 | $ (70) | $ 1,113 | $ 0 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share (in dollars per share) | $ 0.185 | $ 0.16 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities | ||
Net (loss)/income | $ (468,993) | $ 84,092 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of flight equipment | 235,308 | 208,965 |
Asset write offs | 802,352 | 0 |
Stock-based compensation | (2,523) | 5,408 |
Deferred taxes | (133,360) | 18,577 |
Amortization of debt discounts and issuance costs | 13,198 | 12,025 |
Amortization of prepaid lease costs | 13,193 | 10,790 |
Gain on aircraft sales, trading and other activity | (66,791) | (99) |
Changes in operating assets and liabilities: | ||
Other assets | (74,560) | (35,323) |
Accrued interest and other payables | (64,068) | (59,914) |
Rentals received in advance | 938 | (10,231) |
Net cash provided by operating activities | 254,694 | 234,290 |
Investing Activities | ||
Acquisition of flight equipment under operating lease | (395,402) | (404,379) |
Payments for deposits on flight equipment purchases | (172,943) | (103,382) |
Proceeds from aircraft sales, trading and other activity | 750 | 0 |
Acquisition of aircraft furnishings, equipment and other assets | (52,974) | (41,923) |
Net cash used in investing activities | (620,569) | (549,684) |
Financing Activities | ||
Issuance of common stock upon exercise of options | 0 | 1,441 |
Cash dividends paid on Class A common stock | (21,088) | (18,216) |
Common shares repurchased | (97,644) | 0 |
Net proceeds from preferred stock issuance | 0 | 295,449 |
Cash dividends paid on preferred stock | (10,425) | (3,844) |
Tax withholdings on stock-based compensation | (8,095) | (7,169) |
Proceeds from debt financings | 1,497,615 | 791,645 |
Payments in reduction of debt financings | (708,847) | (1,157,577) |
Debt issuance costs | (2,740) | (1,335) |
Security deposits and maintenance reserve receipts | 125,727 | 21,278 |
Security deposits and maintenance reserve disbursements | (4,864) | (11,852) |
Net cash provided / (used) by financing activities | 769,639 | (90,180) |
Net increase / (decrease) in cash | 403,764 | (405,574) |
Cash, cash equivalents and restricted cash at beginning of period | 1,108,292 | 1,757,767 |
Cash, cash equivalents and restricted cash at end of period | 1,512,056 | 1,352,193 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest, including capitalized interest of $9,365 and $13,543 at March 31, 2022 and 2021, respectively | 179,026 | 177,685 |
Cash paid for income taxes | 3,446 | 1,101 |
Supplemental Disclosure of Noncash Activities | ||
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment | 85,791 | 176,618 |
Cash dividends declared on Class A common stock, not yet paid | $ 21,136 | $ 18,259 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for interest, capitalized interest | $ 9,365 | $ 13,543 |
Company Background and Overview
Company Background and Overview | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Company Background and Overview | Company Background and OverviewAir Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of March 31, 2022, the Company owned 370 aircraft, managed 87 aircraft and had 451 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee. |
Basis of Preparation and Critic
Basis of Preparation and Critical Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation and Critical Accounting Policies | Basis of Preparation and Critical Accounting Policies The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at March 31, 2022, and for all periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the operating results expected for the year ending December 31, 2022. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Reclassifications Certain reclassifications have been made in the prior year’s consolidated financial statements to conform to the classifications in 2022. |
Debt Financing
Debt Financing | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Financing | Debt Financing The Company’s consolidated debt as of March 31, 2022 and December 31, 2021 is summarized below: March 31, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,695,077 $ 16,892,058 Term financings 195,275 167,000 Total unsecured debt financing 17,890,352 17,059,058 Secured Term financings 123,452 126,660 Export credit financing 16,637 18,301 Total secured debt financing 140,089 144,961 Total debt financing 18,030,441 17,204,019 Less: Debt discounts and issuance costs (205,716) (181,539) Debt financing, net of discounts and issuance costs $ 17,824,725 $ 17,022,480 Senior unsecured notes (including Medium-Term Note Program) As of March 31, 2022, the Company had $17.7 billion in senior unsecured notes outstanding. As of December 31, 2021, the Company had $16.9 billion in senior unsecured notes outstanding. During the three months ended March 31, 2022, the Company issued $1.5 billion in aggregate principal amount of senior unsecured notes comprised of (i) $750.0 million in aggregate principal amount of 2.20% Medium-Term Notes due 2027, and (ii) $750.0 million in aggregate principal amount of 2.875% Medium-Term Notes due 2032. Unsecured revolving credit facility As of March 31, 2022 and December 31, 2021, the Company did not have any amounts outstanding under its unsecured revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. As of March 31, 2022, borrowings under the Revolving Credit Facility accrued interest at LIBOR plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt. In April 2022, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2025 to May 5, 2026 and, after giving effect to $65.0 million in commitments that matured on May 5, 2022, increased the total revolving commitments to approximately $7.0 billion as of May 5, 2022. As of May 5, 2022, lenders held revolving commitments totaling approximately $6.5 billion that mature on May 5, 2026, commitments totaling $132.5 million that mature on May 5, 2025 and commitments totaling $400.0 million that mature on May 5, 2023. The amended Revolving Credit Facility also replaced LIBOR with Term SOFR as the benchmark interest rate and made certain conforming changes related thereto. As a result of the amendment, borrowings under the amended Revolving Credit Facility accrue interest at the Adjusted Term SOFR (as defined in the Revolving Credit Facility), plus a margin of 1.05% per year subject to increases or decreases based on declines or improvements in the credit ratings for the Company’s debt. Other debt financings From time to time, the Company enters into other debt financings such as unsecured term financings and secured term financings, including export credit. As of March 31, 2022, the outstanding balance on other debt financings was $335.4 million and the Company had pledged three aircraft as collateral with a net book value of $219.7 million. As of December 31, 2021, the outstanding balance on other debt financings was $312.0 million and the Company had pledged three aircraft as collateral with a net book value of $222.2 million. Maturities Maturities of debt outstanding as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 $ 1,376,451 2023 2,538,951 2024 2,894,628 2025 2,327,389 2026 3,472,845 Thereafter 5,420,177 Total $ 18,030,441 |
Flight equipment subject to ope
Flight equipment subject to operating lease | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Flight equipment subject to operating lease | Flight equipment subject to operating lease The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the three months ended March 31, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Additions 490,888 Depreciation (235,308) Transfers to net investments in sales-type leases (79,255) Write-off of Russian fleet (791,017) Net book value as of March 31, 2022 $ 22,284,312 Accumulated depreciation as of March 31, 2022 $ (4,267,934) Write-off of Russian fleet In response to the sanctions against certain industry sectors and parties in Russia, in March 2022, the Company terminated all of its leasing activities in Russia, including 24 aircraft in its owned fleet. As of May 5, 2022, 21 aircraft in the Company’s owned fleet remain in Russia. Most of the operators of these aircraft have continued to fly the aircraft notwithstanding the termination of leasing activities and our repeated demands for the return of our assets. While the Company maintains title to the aircraft, the Company has determined that it is unlikely it will regain possession of the aircraft that have not been returned and that remain in Russia. As such, d uring the three months ended March 31, 2022, the Company recognized a loss from asset write-offs of its interests in owned aircraft that remain in Russia, totaling approximately $791.0 million. The 21 aircraft that remain in Russia have been removed from the Company’s owned fleet count. The Company is vigorously pursuing insurance claims to recover its losses relating to these aircraft. Collection, timing and amounts of any insurance recoveries is uncertain. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Aircraft Acquisition During the quarter ended March 31, 2022, the Company increased its committed orderbook by entering into agreements with Boeing to purchase 50 aircraft, which includes the conversion of three 787-9 aircraft to 18 737 MAX aircraft. In addition, the Company canceled five aircraft in its orderbook that were slated for delivery in Russia. As of March 31, 2022, the Company had commitments to purchase 451 aircraft from Boeing and Airbus for delivery through 2028, with an estimated aggregate commitment of $28.8 billion. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft deliveries in its orderbook. The Company remains in discussions with Boeing and Airbus to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of the delivery delays. Estimated Delivery Years Aircraft Type 2022 2023 2024 2025 2026 Thereafter Total Airbus A220-100/300 4 17 23 20 12 — 76 Airbus A320/321neo (1) 24 24 26 23 32 64 193 Airbus A330-900neo 7 6 4 — — — 17 Airbus A350-900/1000 3 3 3 — — — 9 Airbus A350F — — — — 2 5 7 Boeing 737-8/9 MAX 25 31 35 18 16 — 125 Boeing 787-9/10 3 7 8 6 — — 24 Total (2) 66 88 99 67 62 69 451 (1) The Company’s Airbus A320/321neo aircraft orders include 27 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation. Pursuant to our purchase agreements with Boeing and Airbus, we agree to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly delayed the planned purchases of our aircraft on order with Boeing and Airbus. The Company is currently experiencing delivery delays with both Boeing and Airbus aircraft. However, the most significant delivery delays are with the Company’s aircraft orders for Boeing 787 aircraft. During 2020, Boeing began to experience manufacturing issues on its 787 aircraft, which resulted in significant aircraft delivery delays. Boeing has halted 787 deliveries and has not indicated when they will resume. Accordingly, we have not taken delivery of any 787s since the halting of the deliveries, and the timing of deliveries of the aircraft for the remainder of this year and potentially beyond remains uncertain. The aircraft purchase commitments discussed above could also be impacted by lease cancellations. The Company's leases typically provide that the Company and the airline customer each have a cancellation right related to certain aircraft delivery delays. The Company’s purchase agreements with Boeing and Airbus also generally provide that the Company and the manufacturer each have cancellation rights that typically parallel the Company’s cancellation rights in its leases. The Company’s leases and its purchase agreements with Boeing and Airbus generally provide for cancellation rights starting at one year after the original contractual delivery date, regardless of cause. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $28.8 billion at March 31, 2022, are as follows: (in thousands) Years ending December 31, 2022 $ 4,446,438 2023 6,049,551 2024 6,400,067 2025 4,006,352 2026 3,491,754 Thereafter 4,450,903 Total $ 28,845,065 The Company has made non-refundable deposits on the aircraft for which the Company has commitments to purchase of $1.6 billion and $1.5 billion as of March 31, 2022 and December 31, 2021, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits. Further, the Company would be exposed to breach of contract claims by its lessees and manufacturers. |
Rental Income
Rental Income | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Rental Income | Rental Income At March 31, 2022, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 1,547,862 2023 1,952,007 2024 1,826,854 2025 1,678,155 2026 1,485,049 Thereafter 5,605,989 Total $ 14,095,916 |
(Loss)_Earnings Per Share
(Loss)/Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
(Loss)/Earnings Per Share | (Loss)/Earnings Per Share Basic (loss)/earnings per share is computed by dividing net (loss) income by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of March 31, 2022, the Company did not have any Class B non-voting common stock outstanding. Diluted earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. Since the Company was in a loss position for the three months ended March 31, 2022, diluted net loss per share is the same as basic net loss per share for the period as the inclusion of all potential common shares outstanding would have been anti-dilutive. For the three months ended March 31, 2022, the Company excluded 249,781 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. For the three months ended March 31, 2021, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 1,046,967 and 1,085,311 shares related to restricted stock units for which the performance metric had yet to be achieved as of March 31, 2022 and 2021, respectively. The following table sets forth the reconciliation of basic and diluted (loss)/earnings per share: Three Months Ended 2022 2021 (in thousands, except share and per share) Basic (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Weighted-average common shares outstanding 113,894,867 113,958,403 Basic (loss)/earnings per share $ (4.21) $ 0.70 Diluted (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Number of shares used in basic computation 113,894,867 113,958,403 Weighted-average effect of dilutive securities — 278,706 Number of shares used in per share computation 113,894,867 114,237,109 Diluted (loss)/earnings per share $ (4.21) $ 0.70 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company has a cross-currency swap related to its Canadian dollar Medium-Term Notes which were issued in December 2019. The fair value of the swap as a foreign currency exchange derivative is categorized as a Level 2 measurement in the fair value hierarchy and is measured on a recurring basis. As of March 31, 2022 and December 31, 2021, the estimated fair value of the foreign currency exchange derivative asset was $19.4 million and $14.1 million, respectively. Financial Instruments Not Measured at Fair Values The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of March 31, 2022 was $17.5 billion compared to a book value of $18.0 billion. The estimated fair value of debt financing as of December 31, 2021 was $17.6 billion compared to a book value of $17.2 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at March 31, 2022, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at March 31, 2022 and December 31, 2021 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had 111,317,259 and 113,987,154 Class A common shares issued and outstanding, respectively. The Company was authorized to issue 10,000,000 shares of Class B common stock, $0.01 par value at March 31, 2022 and December 31, 2021. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of March 31, 2022 or December 31, 2021. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at March 31, 2022 and December 31, 2021. As of March 31, 2022 and December 31, 2021, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2022 Carrying Value Issue Date Dividend Rate in Effect at March 31, 2022 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total Preferred Stock 10,600,000 $ 850,000 During the three months ended March 31, 2022, the Company repurchased 2,959,458 shares of its Class A common stock under its stock repurchase program at an average purchase price of $43.77 per share. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation On May 7, 2014, the stockholders of the Company approved the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”). Upon approval of the 2014 Plan, no new awards may be granted under the Amended and Restated 2010 Equity Incentive Plan (the “2010 Plan”). As of March 31, 2022, the number of stock options (“Stock Options”) and restricted stock units (“RSUs”) authorized under the 2014 Plan is approximately 4,199,596. The Company has issued RSUs with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a one As of March 31, 2022, the Company had no outstanding Stock Options and no unrecognized compensation costs related to outstanding Stock Options. For the three months ended March 31, 2022 and 2021, there were no stock-based compensation expenses related to Stock Options. For the three months ended March 31, 2022, the Company recorded a net reversal of previously recognized stock based compensation of $2.5 million. The Company recorded $5.4 million of stock-based compensation expense related to RSUs for the three months ended March 31, 2021. The decrease in stock-based compensation relates to reductions in the underlying vesting estimates of certain book value RSUs as the performance criteria is no longer being considered probable of being achieved. Restricted Stock Units Compensation cost for RSUs is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the three months ended March 31, 2022, the Company granted 629,903 RSUs of which 137,729 are TSR RSUs and 220,437 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2022: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 629,903 $ 48.06 Vested (471,867) $ 42.23 Forfeited/canceled (146,306) $ 40.03 Unvested at March 31, 2022 1,583,145 $ 46.11 Expected to vest after March 31, 2022 1,399,784 $ 46.74 As of March 31, 2022, there was $47.5 million of unrecognized compensation cost related to unvested stock-based payments granted to employees. Total unrecognized compensation cost will be recognized over a weighted-average remaining period of 2.34 years. |
Aircraft Under Management
Aircraft Under Management | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Aircraft Under Management | Aircraft Under Management As of March 31, 2022, the Company managed 87 aircraft across three aircraft management platforms. The Company managed 48 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and five on behalf of financial institutions. The Company managed 34 aircraft on behalf of third-party investors, through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of March 31, 2022, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $62.4 million and $73.2 million as of March 31, 2022 and December 31, 2021, respectively, and are included in Other assets on the Consolidated Balance Sheets. Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of March 31, 2022, the Company managed 48 aircraft across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $8.8 million and $9.3 million as of March 31, 2022 and December 31, 2021, respectively and is included in Other assets on the Consolidated Balance Sheets. In response to the sanctions against certain industry sectors and parties in Russia, in March 2022 the Company terminated all of its leasing activities in Russia, including eight aircraft from its managed fleet. As of May 5, 2022, six aircraft in the Company’s managed fleet remain in Russia. While the Company maintains title to the aircraft, the Company has determined that it is unlikely it will regain possession of the aircraft that have not been returned and that remain in Russia. As a result, during the three months ended March 31, 2022, the Company recognized asset write-offs of $11.4 million related to its investments in the managed platforms that own such aircraft. |
Net Investment in Sales-type Le
Net Investment in Sales-type Lease | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Net Investment in Sales-type Lease | Net Investment in Sales-type Leases As of March 31, 2022, the Company had four A320-200 aircraft on lease to an airline with terms that meet the criteria of being classified as a sales-type lease. Net investment in sales-type leases was included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands): March 31, 2022 Future minimum lease payments to be received $ 98,810 Estimated residual values of leased flight equipment 36,675 Less: Unearned income (22,782) Net Investment in Sales-type Leases $ 112,703 As of March 31, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 6,970 2023 9,840 2024 9,840 2025 9,840 2026 9,840 Thereafter 52,480 Total $ 98,810 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 4, 2022, the Company’s board of directors approved quarterly dividends for the Company’s Class A common stock and Series A, B and C Preferred Stock. The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.185 June 7, 2022 July 8, 2022 Series A Preferred Stock $ 0.384375 May 31, 2022 June 15, 2022 Series B Preferred Stock $ 11.625 May 31, 2022 June 15, 2022 Series C Preferred Stock $ 10.3125 May 31, 2022 June 15, 2022 |
Basis of Preparation and Crit_2
Basis of Preparation and Critical Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. |
Basis of Accounting | The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. |
Reclassifications | Reclassifications Certain reclassifications have been made in the prior year’s consolidated financial statements to conform to the classifications in 2022. |
Debt Financing (Tables)
Debt Financing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of consolidated debt | The Company’s consolidated debt as of March 31, 2022 and December 31, 2021 is summarized below: March 31, 2022 December 31, 2021 (in thousands) Unsecured Senior notes $ 17,695,077 $ 16,892,058 Term financings 195,275 167,000 Total unsecured debt financing 17,890,352 17,059,058 Secured Term financings 123,452 126,660 Export credit financing 16,637 18,301 Total secured debt financing 140,089 144,961 Total debt financing 18,030,441 17,204,019 Less: Debt discounts and issuance costs (205,716) (181,539) Debt financing, net of discounts and issuance costs $ 17,824,725 $ 17,022,480 |
Schedule of maturities of debt outstanding | Maturities of debt outstanding as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 $ 1,376,451 2023 2,538,951 2024 2,894,628 2025 2,327,389 2026 3,472,845 Thereafter 5,420,177 Total $ 18,030,441 |
Flight equipment subject to o_2
Flight equipment subject to operating lease (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Flight Equipment Subject to Operating Lease | The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the three months ended March 31, 2022: (in thousands) Net book value as of December 31, 2021 $ 22,899,004 Additions 490,888 Depreciation (235,308) Transfers to net investments in sales-type leases (79,255) Write-off of Russian fleet (791,017) Net book value as of March 31, 2022 $ 22,284,312 Accumulated depreciation as of March 31, 2022 $ (4,267,934) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual commitments to acquire aircraft | Estimated Delivery Years Aircraft Type 2022 2023 2024 2025 2026 Thereafter Total Airbus A220-100/300 4 17 23 20 12 — 76 Airbus A320/321neo (1) 24 24 26 23 32 64 193 Airbus A330-900neo 7 6 4 — — — 17 Airbus A350-900/1000 3 3 3 — — — 9 Airbus A350F — — — — 2 5 7 Boeing 737-8/9 MAX 25 31 35 18 16 — 125 Boeing 787-9/10 3 7 8 6 — — 24 Total (2) 66 88 99 67 62 69 451 (1) The Company’s Airbus A320/321neo aircraft orders include 27 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation. |
Schedule of contractual commitments for the acquisition of aircraft at an estimated aggregate purchase price | Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $28.8 billion at March 31, 2022, are as follows: (in thousands) Years ending December 31, 2022 $ 4,446,438 2023 6,049,551 2024 6,400,067 2025 4,006,352 2026 3,491,754 Thereafter 4,450,903 Total $ 28,845,065 |
Rental Income (Tables)
Rental Income (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Schedule of minimum future rentals | At March 31, 2022, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of March 31, 2022 are as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 1,547,862 2023 1,952,007 2024 1,826,854 2025 1,678,155 2026 1,485,049 Thereafter 5,605,989 Total $ 14,095,916 |
(Loss) Earnings Per Share (Tabl
(Loss) Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic and diluted (loss)/earnings per share | The following table sets forth the reconciliation of basic and diluted (loss)/earnings per share: Three Months Ended 2022 2021 (in thousands, except share and per share) Basic (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Weighted-average common shares outstanding 113,894,867 113,958,403 Basic (loss)/earnings per share $ (4.21) $ 0.70 Diluted (loss)/earnings per share: Numerator Net (loss)/income $ (468,993) $ 84,092 Preferred stock dividends (10,425) (3,844) Net (loss)/income attributable to common stockholders $ (479,418) $ 80,248 Denominator Number of shares used in basic computation 113,894,867 113,958,403 Weighted-average effect of dilutive securities — 278,706 Number of shares used in per share computation 113,894,867 114,237,109 Diluted (loss)/earnings per share $ (4.21) $ 0.70 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of preferred stock issued and outstanding | The following table summarizes the Company’s preferred stock issued and outstanding as of March 31, 2022 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of March 31, 2022 Carrying Value Issue Date Dividend Rate in Effect at March 31, 2022 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M LIBOR plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total Preferred Stock 10,600,000 $ 850,000 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of activities for unvested RSUs | The following table summarizes the activities for the Company’s unvested RSUs for the three months ended March 31, 2022: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2021 1,571,415 $ 43.88 Granted 629,903 $ 48.06 Vested (471,867) $ 42.23 Forfeited/canceled (146,306) $ 40.03 Unvested at March 31, 2022 1,583,145 $ 46.11 Expected to vest after March 31, 2022 1,399,784 $ 46.74 |
Net Investment in Sales-type _2
Net Investment in Sales-type Lease (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of components of investment in sales-type leases, net | The Company’s investment in sales-type leases consisted of the following (in thousands): March 31, 2022 Future minimum lease payments to be received $ 98,810 Estimated residual values of leased flight equipment 36,675 Less: Unearned income (22,782) Net Investment in Sales-type Leases $ 112,703 |
Schedule of future minimum lease payments to be received on sales-type lease | As of March 31, 2022, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2022 (excluding the three months ended March 31, 2022) $ 6,970 2023 9,840 2024 9,840 2025 9,840 2026 9,840 Thereafter 52,480 Total $ 98,810 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Schedule of dividends declared | The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.185 June 7, 2022 July 8, 2022 Series A Preferred Stock $ 0.384375 May 31, 2022 June 15, 2022 Series B Preferred Stock $ 11.625 May 31, 2022 June 15, 2022 Series C Preferred Stock $ 10.3125 May 31, 2022 June 15, 2022 |
Company Background and Overvi_2
Company Background and Overview (Details) | Mar. 31, 2022aircraft |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of aircraft owned | 370 |
Number of aircraft managed | 87 |
Number of aircraft on order with manufacturers | 451 |
Debt Financing - Consolidated D
Debt Financing - Consolidated Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt financing | $ 18,030,441 | $ 17,204,019 |
Less: Debt discounts and issuance costs | (205,716) | (181,539) |
Debt financing, net of discounts and issuance costs | 17,824,725 | 17,022,480 |
Total unsecured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 17,890,352 | 17,059,058 |
Senior notes | ||
Debt Instrument [Line Items] | ||
Total debt financing | 17,695,077 | 16,892,058 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 195,275 | 167,000 |
Total secured debt financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | 140,089 | 144,961 |
Term financings | ||
Debt Instrument [Line Items] | ||
Total debt financing | 123,452 | 126,660 |
Export credit financing | ||
Debt Instrument [Line Items] | ||
Total debt financing | $ 16,637 | $ 18,301 |
Debt Financing - Narrative (Det
Debt Financing - Narrative (Details) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2022USD ($) | Mar. 31, 2022USD ($)aircraft | May 05, 2022USD ($) | Dec. 31, 2021USD ($)aircraft | |
Debt Instrument [Line Items] | ||||
Debt financing balance | $ 18,030,441,000 | $ 17,204,019,000 | ||
Senior notes | ||||
Debt Instrument [Line Items] | ||||
Debt financing balance | 17,695,077,000 | 16,892,058,000 | ||
Medium Term Note Program | Senior notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount issued | 1,500,000,000 | |||
Medium Term Note Program, $750 Million, Due 2027 | Senior notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount issued | $ 750,000,000 | |||
Interest rate | 2.20% | |||
Medium Term Note Program Due 2032 | Senior notes | ||||
Debt Instrument [Line Items] | ||||
Principal amount issued | $ 750,000,000 | |||
Interest rate | 2.875% | |||
Revolving credit facility | ||||
Debt Instrument [Line Items] | ||||
Debt financing balance | $ 0 | 0 | ||
Facility fee | 0.20% | |||
Revolving credit facility | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 7,000,000,000 | |||
Revolving credit facility | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Interest margin | 1.05% | |||
Revolving credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Interest margin | 1.05% | |||
Unsecured Revolving Credit Facility Mature May 5, 2022 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Line of credit maturity amount | $ 65,000,000 | |||
Unsecured Revolving Credit Facility Mature May 5, 2026 | Debt Instrument, Redemption, May 5, 2026 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Line of credit maturity amount | 6,500,000,000 | |||
Unsecured Revolving Credit Facility Mature May 5, 2025 | Debt Instrument, Redemption, May 5, 2025 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Line of credit maturity amount | 132,500,000 | |||
Unsecured Revolving Credit Facility Mature May 5, 2023 | Debt Instrument, Redemption, May 5, 2023 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Line of credit maturity amount | $ 400,000,000 | |||
Other Debt Financings | ||||
Debt Instrument [Line Items] | ||||
Debt financing balance | $ 335,400,000 | $ 312,000,000 | ||
Number of aircraft pledged as collateral | aircraft | 3 | 3 | ||
Net book value of aircraft pledged as collateral | $ 219,700,000 | $ 222,200,000 |
Debt Financing - Maturities of
Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 1,376,451 | |
2023 | 2,538,951 | |
2024 | 2,894,628 | |
2025 | 2,327,389 | |
2026 | 3,472,845 | |
Thereafter | 5,420,177 | |
Total | $ 18,030,441 | $ 17,204,019 |
Flight equipment subject to o_3
Flight equipment subject to operating lease - Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Depreciation | $ (235,308) | $ (208,965) |
Flight Equipment | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Net book value, beginning balance | 22,899,004 | |
Additions | 490,888 | |
Depreciation | (235,308) | |
Transfers to net investments in sales-type leases | (79,255) | |
Write-off of Russian fleet | (791,017) | |
Net book value, ending balance | 22,284,312 | |
Accumulated depreciation as of March 31, 2022 | $ (4,267,934) |
Flight equipment subject to o_4
Flight equipment subject to operating lease - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)aircraft | May 05, 2022aircraft | |
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Number of aircraft under operating lease terminated | 24 | |
Subsequent Event | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Number of aircraft under operating lease terminated remaining in Russia | 21 | |
Flight Equipment | ||
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items] | ||
Write-off of Russian fleet | $ | $ 791,017 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)aircraft | Dec. 31, 2021USD ($) | |
Long-term Purchase Commitment [Line Items] | ||
Number of aircraft on order with manufacturers | 451 | |
Purchase obligation | $ | $ 28,845,065 | |
Minimum aircraft delivery delays that could trigger lessee cancellation clauses | 1 year | |
Non-refundable deposits on aircraft | $ | $ 1,626,874 | $ 1,508,892 |
Purchase agreements, termination commencement period | 1 year | |
Boeing Aircraft | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitment, number of aircraft | 50 | |
B-787-9 | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitment, number of aircraft converted | 3 | |
B-737-Max as a Result of Conversion of B-787 | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitment, number of aircraft | 18 | |
Aircrafts | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase commitment, number of aircraft | 451 | |
Purchase commitment, number of aircraft cancelled | 5 | |
Non-refundable deposits on aircraft | $ | $ 1,600,000 | $ 1,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Aircraft Acquisition (Details) | 3 Months Ended |
Mar. 31, 2022aircraft | |
Aircrafts | |
Long-term Purchase Commitment [Line Items] | |
2022 | 66 |
2023 | 88 |
2024 | 99 |
2025 | 67 |
2026 | 62 |
Thereafter | 69 |
Total | 451 |
Airbus A220-100/300 | |
Long-term Purchase Commitment [Line Items] | |
2022 | 4 |
2023 | 17 |
2024 | 23 |
2025 | 20 |
2026 | 12 |
Thereafter | 0 |
Total | 76 |
Airbus A320/321neo | |
Long-term Purchase Commitment [Line Items] | |
2022 | 24 |
2023 | 24 |
2024 | 26 |
2025 | 23 |
2026 | 32 |
Thereafter | 64 |
Total | 193 |
Number of long-range variant aircraft | 27 |
Number of extra long-range variant aircrafts | 49 |
Airbus A330-900neo | |
Long-term Purchase Commitment [Line Items] | |
2022 | 7 |
2023 | 6 |
2024 | 4 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 17 |
Airbus A350-900/1000 | |
Long-term Purchase Commitment [Line Items] | |
2022 | 3 |
2023 | 3 |
2024 | 3 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total | 9 |
Airbus A350F | |
Long-term Purchase Commitment [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 2 |
Thereafter | 5 |
Total | 7 |
Boeing 737-8/9 MAX | |
Long-term Purchase Commitment [Line Items] | |
2022 | 25 |
2023 | 31 |
2024 | 35 |
2025 | 18 |
2026 | 16 |
Thereafter | 0 |
Total | 125 |
Boeing 787-9/10 | |
Long-term Purchase Commitment [Line Items] | |
2022 | 3 |
2023 | 7 |
2024 | 8 |
2025 | 6 |
2026 | 0 |
Thereafter | 0 |
Total | 24 |
Commitments and Contingencies_3
Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 4,446,438 |
2023 | 6,049,551 |
2024 | 6,400,067 |
2025 | 4,006,352 |
2026 | 3,491,754 |
Thereafter | 4,450,903 |
Total | $ 28,845,065 |
Rental Income (Details)
Rental Income (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 (excluding the three months ended March 31, 2022) | $ 1,547,862 |
2023 | 1,952,007 |
2024 | 1,826,854 |
2025 | 1,678,155 |
2026 | 1,485,049 |
Thereafter | 5,605,989 |
Total | $ 14,095,916 |
(Loss)_Earnings Per Share - Nar
(Loss)/Earnings Per Share - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2022class_of_stockshares | Mar. 31, 2021shares | Dec. 31, 2021shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of classes of common stock | class_of_stock | 2 | ||
Common stock, outstanding (in shares) | 0 | ||
Class B Non-Voting Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock, outstanding (in shares) | 0 | 0 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 249,781 | 0 | |
Restricted Stock Units (RSUs) | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities (in shares) | 1,046,967 | 1,085,311 |
(Loss)_Earnings Per Share - Rec
(Loss)/Earnings Per Share - Reconciliation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator | ||
Net (loss)/income | $ (468,993) | $ 84,092 |
Preferred stock dividends | (10,425) | (3,844) |
Net (loss)/income available to common stockholders, basic | $ (479,418) | $ 80,248 |
Denominator | ||
Weighted-average common shares outstanding (in shares) | 113,894,867 | 113,958,403 |
Basic (loss) earnings per share (in dollars per share) | $ (4.21) | $ 0.70 |
Numerator | ||
Net (loss)/income | $ (468,993) | $ 84,092 |
Preferred stock dividends | (10,425) | (3,844) |
Net (loss) income available to common stockholders, diluted | $ (479,418) | $ 80,248 |
Denominator | ||
Basic (in shares) | 113,894,867 | 113,958,403 |
Weighted-average effect of dilutive securities (in shares) | 0 | 278,706 |
Number of shares used in per share computation | 113,894,867 | 114,237,109 |
Diluted (loss) earnings per share (in dollars per share) | $ (4.21) | $ 0.70 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Reported Value Measurement | ||
Fair Value Measurements | ||
Debt financing | $ 18,000 | $ 17,200 |
Level 2 | ||
Fair Value Measurements | ||
Debt financing | 17,500 | 17,600 |
Recurring basis | Foreign Exchange Contract | Level 2 | ||
Fair Value Measurements | ||
Derivative asset, fair value | $ 19.4 | $ 14.1 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |
Apr. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||
Common stock, outstanding (in shares) | 0 | 0 | 0 | ||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, issued (in shares) | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 | |
Preferred stock, outstanding (in shares) | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 | |
Preferred stock, aggregate liquidation preference | $ 850,000 | $ 850,000 | $ 850,000 | $ 850,000 | |
Number of shares repurchased | 2,959,458 | ||||
Shares repurchased, average cost (in dollars per share) | $ 43.77 | ||||
Subsequent Event | |||||
Class of Stock [Line Items] | |||||
Number of shares repurchased | 461,416 | ||||
Shares repurchased, average cost (in dollars per share) | $ 44.33 | ||||
Stock repurchase program, authorized amount | $ 150,000 | ||||
Class A Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, issued (in shares) | 111,317,259 | 113,987,154 | 113,987,154 | 113,987,154 | |
Common stock, outstanding (in shares) | 111,317,259 | 113,987,154 | 113,987,154 | 113,987,154 | |
Class B Non-Voting Common Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Common stock, issued (in shares) | 0 | 0 | 0 | 0 | |
Common stock, outstanding (in shares) | 0 | 0 | 0 | 0 | |
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, issued (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, outstanding (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |
Preferred stock, dividend rate | 6.15% | 6.15% | |||
Preferred stock, aggregate liquidation preference | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 | |
Preferred stock, liquidation preference (in dollars per share) | $ 25 | $ 25 | $ 25 | $ 25 | |
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, issued (in shares) | 300,000 | 300,000 | 300,000 | 300,000 | |
Preferred stock, outstanding (in shares) | 300,000 | 300,000 | 300,000 | 300,000 | |
Preferred stock, dividend rate | 4.65% | 4.65% | |||
Preferred stock, aggregate liquidation preference | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |
Series C Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred stock, issued (in shares) | 300,000 | 300,000 | 300,000 | 300,000 | |
Preferred stock, outstanding (in shares) | 300,000 | 300,000 | 300,000 | 300,000 | |
Preferred stock, dividend rate | 4.125% | 4.125% | |||
Preferred stock, aggregate liquidation preference | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ in Thousands | 3 Months Ended | 10 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||
Preferred stock, issued (in shares) | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 |
Preferred stock, outstanding (in shares) | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 |
Preferred stock, carrying value (in dollars) | $ 850,000 | $ 850,000 | $ 850,000 | $ 850,000 |
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, issued (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, outstanding (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Preferred stock, carrying value (in dollars) | $ 250,000 | $ 250,000 | $ 250,000 | $ 250,000 |
Preferred stock, dividend rate | 6.15% | 6.15% | ||
Series A Preferred Stock | LIBOR | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, basis spread | 3.65% | |||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, issued (in shares) | 300,000 | 300,000 | 300,000 | 300,000 |
Preferred stock, outstanding (in shares) | 300,000 | 300,000 | 300,000 | 300,000 |
Preferred stock, carrying value (in dollars) | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 |
Preferred stock, dividend rate | 4.65% | 4.65% | ||
Series B Preferred Stock | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, basis spread | 4.076% | |||
Series C Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, issued (in shares) | 300,000 | 300,000 | 300,000 | 300,000 |
Preferred stock, outstanding (in shares) | 300,000 | 300,000 | 300,000 | 300,000 |
Preferred stock, carrying value (in dollars) | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 |
Preferred stock, dividend rate | 4.125% | 4.125% | ||
Series C Preferred Stock | US Treasury (UST) Interest Rate | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, basis spread | 3.149% |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) | May 07, 2014shares | Mar. 31, 2022USD ($)criteriashares | Mar. 31, 2021USD ($) |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding (in shares) | 0 | ||
Unrecognized compensation cost | $ | $ 47,500,000 | ||
Weighted-average period of recognition of unrecognized stock-based compensation cost | 2 years 4 months 2 days | ||
Share-based Payment Arrangement, Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ | $ 0 | ||
Stock-based compensation | $ | $ 0 | $ 0 | |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of different vesting criteria | criteria | 4 | ||
Reversal of stock based compensation | $ | $ 2,500,000 | ||
Stock-based compensation | $ | $ 5,400,000 | ||
Number of shares other than options granted | 629,903 | ||
Restricted Stock Units (RSUs) | Vesting Tranche One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock Units (RSUs) | Vesting Tranche Two | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Restricted Stock Units (RSUs) | Vesting Tranche Two | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
Restricted Stock With Total Shareholder Return Conditions | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares other than options granted | 137,729 | ||
Restricted Stock Units (RSUs), Book Value | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares other than options granted | 220,437 | ||
Equity Incentive Plan 2010 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares granted | 0 | ||
Number of shares authorized | 4,199,596 |
Stock-based Compensation - Unve
Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Unvested Restricted Stock Units, Number of Shares | |
Unvested at the beginning of the period (in shares) | shares | 1,571,415 |
Granted (in shares) | shares | 629,903 |
Vested (in shares) | shares | (471,867) |
Forfeited/canceled (in shares) | shares | (146,306) |
Unvested at the end of the period (in shares) | shares | 1,583,145 |
Expected to vest after the end of the period (in shares) | shares | 1,399,784 |
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 43.88 |
Granted (in dollars per share) | $ / shares | 48.06 |
Vested (in dollars per share) | $ / shares | 42.23 |
Forfeited/canceled (in dollars per share) | $ / shares | 40.03 |
Unvested at the end of the period (in dollars per share) | $ / shares | 46.11 |
Expected to vest after the end of the period (in dollars per share) | $ / shares | $ 46.74 |
Aircraft Under Management (Deta
Aircraft Under Management (Details) | 3 Months Ended | |||
Mar. 31, 2022USD ($)aircraftjoint_ventureentityaircraft_management_platform | Mar. 31, 2021USD ($) | May 05, 2022USD ($) | Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft managed | aircraft | 87 | |||
Number of aircraft management platforms | aircraft_management_platform | 3 | |||
Percentage of non-controlling interest ownership, number of entities | entity | 2 | |||
Number of managed aircraft terminating lease | aircraft | 8 | |||
Asset write offs | $ | $ 802,352,000 | $ 0 | ||
Investments in Managed Platforms [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Asset write offs | $ | $ 11,400,000 | |||
Subsequent Event | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of managed aircraft terminating lease remaining in Russia | $ | 6 | |||
Financial Institutions Borrower | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft | aircraft | 5 | |||
Blackbird Capital I and Blackbird Capital II | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft | aircraft | 34 | |||
Number of joint ventures participated in | joint_venture | 2 | |||
Percentage of equity ownership | 9.50% | |||
Equity method investment | $ | $ 62,400,000 | $ 73,200,000 | ||
Thunderbolt Platform | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of aircraft | aircraft | 48 | |||
Investment in aircraft sold | $ | $ 8,800,000 | $ 9,300,000 | ||
Thunderbolt II And Thunderbolt III | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of noncontrolling interest | 5.00% | |||
Aircraft Held For Sale | Thunderbolt Platform | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of entities which aircraft is managed | entity | 3 |
Net Investment in Sales-type _3
Net Investment in Sales-type Lease - Narrative (Details) | Mar. 31, 2022aircraft |
Leases [Abstract] | |
Sales-type lease, number of aircrafts | 4 |
Net Investment in Sales-type _4
Net Investment in Sales-type Lease - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
Future minimum lease payments to be received | $ 98,810 |
Estimated residual values of leased flight equipment | 36,675 |
Less: Unearned income | (22,782) |
Net Investment in Sales-type Leases | $ 112,703 |
Net Investment in Sales-type _5
Net Investment in Sales-type Lease - Future Minimum Lease Payments to be Received on Sales-type Lease (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Leases [Abstract] | |
2022 (excluding the three months ended March 31, 2022) | $ 6,970 |
2023 | 9,840 |
2024 | 9,840 |
2025 | 9,840 |
2026 | 9,840 |
Thereafter | 52,480 |
Total | $ 98,810 |
Subsequent Events - Dividends D
Subsequent Events - Dividends Declared (Details) - $ / shares | May 04, 2022 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | $ 0.185 | $ 0.16 | |
Class A Common Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | $ 0.185 | ||
Series A Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | 0.384375 | ||
Series B Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | 11.625 | ||
Series C Preferred Stock | Subsequent Event | |||
Subsequent Events | |||
Cash dividends declared per share (in dollars per share) | $ 10.3125 |