LEASING EQUIPMENT, NET

12 Months Ended

Dec. 31, 2021

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