XML 430 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Cash Flows [Abstract]      
Net (loss) income $ (721,158) $ 1,009,431 $ (294,923)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation and amortization 2,389,807 1,737,925 1,645,373
Net charges related to Ukraine Conflict 2,922,350 0 0
Asset impairment 96,591 128,409 1,086,983
Amortization of debt issuance costs, debt discount, debt premium and lease premium 338,032 113,981 64,970
Amortization of fair value adjustments on debt (4,790) (16,977) (47,279)
Maintenance rights write-off [1] 389,852 138,780 133,015
Maintenance liability release to income (203,490) (273,146) (344,210)
Net gain on sale of assets (228,930) (89,428) (89,618)
Deferred tax benefit (9,586) (5,905) (20,882)
Share-based compensation 102,848 96,087 69,187
Collections of finance leases 630,427 124,325 68,128
(Loss) gain on investments at fair value 17,676 (2,301) 143,510
(Gain) loss on debt extinguishment (2,041) 9,713 118,460
Transaction and integration-related expenses 0 186,474 0
Other (157,143) 61,212 252,350
Changes in operating assets and liabilities:      
Trade receivables 39,162 232,119 (128,188)
Other assets 113,374 112,790 (400,316)
Accounts payable, accrued expenses and other liabilities (542,019) 130,333 (126,177)
Net cash provided by operating activities 5,170,962 3,693,822 2,130,383
Purchase of flight equipment (3,480,074) (1,703,395) (778,547)
Proceeds from sale or disposal of assets 1,635,777 796,613 471,437
Prepayments on flight equipment (391,498) (86,386) (405,178)
Acquisition of GECAS, net of cash acquired 0 (22,493,195) 0
Other 75,296 27,427 0
Net cash used in investing activities (2,160,499) (23,458,936) (712,288)
Issuance of debt 467,996 26,496,660 10,946,333
Repayment of debt (4,230,082) (5,973,508) (11,560,015)
Debt issuance and extinguishment costs paid, net of debt premium received 379 (422,260) (253,806)
Maintenance payments received 779,824 448,516 345,699
Maintenance payments returned (245,294) (209,087) (412,492)
Security deposits received 332,822 210,781 137,130
Security deposits returned (245,084) (290,758) (297,469)
Dividend paid to non-controlling interest holders and others (3,957) (323) (2,935)
Repurchase of shares and tax withholdings on share-based compensation (17,419) (76,220) (127,777)
Net cash (used in) provided by financing activities (3,160,815) 20,183,801 (1,225,332)
Net (decrease) increase in cash, cash equivalents and restricted cash (150,352) 418,687 192,763
Effect of exchange rate changes (7,631) 776 2,180
Cash, cash equivalents and restricted cash at beginning of period 1,914,753 1,495,290 1,300,347
Cash, cash equivalents and restricted cash at end of period 1,756,770 1,914,753 1,495,290
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 1,565,163 1,109,948 1,196,467
Income taxes (refunded) paid, net $ (567) $ 4,928 $ (3,862)
[1] Maintenance rights write-off consisted of the following:
End-of-lease ("EOL") and Maintenance Reserved ("MR") contract maintenance
rights expense
$232,622 $7,048 $45,655 
MR contract maintenance rights write-off offset by maintenance liability release260,245 17,260 35,897 
EOL contract maintenance rights write-off offset by EOL compensation received191,478 114,472 51,463 
EOL and MR contract maintenance rights write-off related to the Ukraine Conflict (294,493)— — 
Maintenance rights write-off$389,852 $138,780 $133,015