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LEASING EQUIPMENT, NET | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
LEASING EQUIPMENT, NET | LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows:
| December 31,
| 2021 |  | 2020
Leasing equipment | $ | 2,356,219 |  |  | $ | 2,042,404 |
Less: Accumulated depreciation | (464,570) |  |  | (407,145) |
Leasing equipment, net | $ | 1,891,649 |  |  | $ | 1,635,259 |
During the year ended December 31, 2021, we evaluated our leasing equipment portfolio and identified certain assets with indicators of impairment including, but not limited to, early lease terminations and a decline in market values due to the ongoing COVID-19 pandemic for leasing equipment. For these assets, we performed a recoverability assessment at the individual asset level and determined that the carrying amounts exceeded the estimated future undiscounted net cash flows and these assets were impaired. To determine fair value, we used both a market approach, using quoted market prices for the same or similar assets, and an income approach, using discounted cash flows and an estimated discount rate. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $10.5 million, net of redelivery compensation. The following table presents information related to acquisitions and dispositions of aviation leasing equipment:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Acquisitions: |  |  |  |  |
Aircraft | 52 |  |  | 20 |  |  | 31 |
Engines | 60 |  |  | 37 |  |  | 31 |
Dispositions: |  |  |  |  |
Aircraft | 4 |  |  | — |  |  | 5 |
Engines | 56 |  |  | 25 |  |  | 58 |
Depreciation expense for leasing equipment is summarized as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
Depreciation expense for leasing equipment | $ | 148,549 |  |  | $ | 142,266 |  |  | $ | 137,004 |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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