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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended September 30, 2022

			Three Months Ended September 30, 2022
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues			$	164,848					$	53,401					$	12,116					$	230,365
Expenses
Operating expenses			10,533						3,491						13,369						27,393
Cost of sales			64,855						31,093						—						95,948
General and administrative			—						—						3,354						3,354
Acquisition and transaction expenses			247						15						2,586						2,848
Management fees and incentive allocation to affiliate			—						—						4						4
Depreciation and amortization			32,728						77						2,048						34,853
Asset impairment			4,495						—						—						4,495
Interest expense			—						—						40,171						40,171
Total expenses			112,858						34,676						61,532						209,066
Other income (expense)
Equity in losses of unconsolidated entities			(45)						(313)						—						(358)
Gain on sale of assets, net			—						—						—						—
Loss on extinguishment of debt			—						—						(19,861)						(19,861)
Other income (expense)			42						—						(1,080)						(1,038)
Total other expense			(3)						(313)						(20,941)						(21,257)
Income (loss) from continuing operations before income taxes			51,987						18,412						(70,357)						42
Provision for income taxes			926						2,586						677						4,189
Net income (loss) from continuing operations			51,061						15,826						(71,034)						(4,147)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries			—						—						—						—
Less: Dividends on preferred shares			—						—						6,791						6,791
Net income (loss) attributable to shareholders from continuing operations			$	51,061					$	15,826					$	(77,825)					$	(10,938)

II. For the Nine Months Ended September 30, 2022

			Nine Months Ended September 30, 2022
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues			$	317,994					$	94,211					$	21,915					$	434,120
Expenses
Operating expenses			72,135						8,094						27,968						108,197
Cost of sales			64,855						55,284						—						120,139
General and administrative			—						—						11,821						11,821
Acquisition and transaction expenses			624						15						7,701						8,340
Management fees and incentive allocation to affiliate			—						—						4						4
Depreciation and amortization			109,147						178						6,136						115,461
Asset impairment			128,171						—						—						128,171
Interest expense			—						—						132,197						132,197
Total expenses			374,932						63,571						185,827						624,330
Other income (expense)
Equity in earnings (losses) of unconsolidated entities			753						(878)						—						(125)
Gain on sale of assets, net			61,371						18,562						—						79,933
Loss on extinguishment of debt			—						—						(19,861)						(19,861)
Other income (expense)			245						—						(37)						208
Total other income (expense)			62,369						17,684						(19,898)						60,155
Income (loss) before income taxes			5,431						48,324						(183,810)						(130,055)
Provision for income taxes			2,116						5,055						186						7,357
Net income (loss)			3,315						43,269						(183,996)						(137,412)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries			—						—						—						—
Less: Dividends on preferred shares			—						—						20,373						20,373
Net income (loss) attributable to shareholders from continuing operations			$	3,315					$	43,269					$	(204,369)					$	(157,785)

III. For the Three Months Ended September 30, 2021

			Three Months Ended September 30, 2021
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues			$	86,208					$	7,730					$	5,236					$	99,174
Expenses
Operating expenses			7,282						1,774						6,283						15,339
Cost of sales			—						5,367						—						5,367
General and administrative			—						—						3,679						3,679
Acquisition and transaction expenses			234						—						6,349						6,583
Management fees and incentive allocation to affiliate			—						—						16						16
Depreciation and amortization			34,181						40						2,016						36,237
Asset impairment			859						—						—						859
Interest expense			—						—						50,096						50,096
Total expenses			42,556						7,181						68,439						118,176
Other income (expense)
Equity in losses of unconsolidated entities			—						(369)						—						(369)
Gain on sale of assets, net			10,961						1,724						—						12,685
Other expense			(1,341)						—						—						(1,341)
Total other income			9,620						1,355						—						10,975
Income (loss) before income taxes			53,272						1,904						(63,203)						(8,027)
Provision for (benefit from) income taxes			595						(110)						—						485
Net income (loss)			52,677						2,014						(63,203)						(8,512)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries			—						—						—						—
Less: Dividends on preferred shares			—						—						6,791						6,791
Net income (loss) attributable to shareholders from continuing operations			$	52,677					$	2,014					$	(69,994)					$	(15,303)

			Nine Months Ended September 30, 2021
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues			$	215,198					$	13,284					$	8,870					$	237,352
Expenses
Operating expenses			14,177						3,519						16,495						34,191
Cost of sales			—						8,577						—						8,577
General and administrative			—						—						9,618						9,618
Acquisition and transaction expenses			804						—						11,822						12,626
Management fees and incentive allocation to affiliate			—						—						704						704
Depreciation and amortization			100,381						40						5,953						106,374
Asset impairment			3,048						—						—						3,048
Interest expense			—						—						115,598						115,598
Total expenses			118,410						12,136						160,190						290,736
Other income (expense)
Equity in losses of unconsolidated entities			—						(1,050)						—						(1,050)
Gain on sale of assets, net			15,751						1,716						—						17,467
Loss on extinguishment of debt			—						—						(3,254)						(3,254)
Other expense			(717)						—						—						(717)
Total other income (expense)			15,034						666						(3,254)						12,446
Income (loss) before income taxes			111,822						1,814						(154,574)						(40,938)
Provision for (benefit from) income taxes			909						(11)						(74)						824
Net income (loss)			110,913						1,825						(154,500)						(41,762)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries			—						—						—						—
Less: Dividends on preferred shares			—						—						17,967						17,967
Net income (loss) attributable to shareholders from continuing operations			$	110,913					$	1,825					$	(172,467)					$	(59,729)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:

			Three Months Ended September 30, 2022
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Adjusted EBITDA			$	95,994					$	18,560					$	(5,691)					$	108,863
Add: Non-controlling share of Adjusted EBITDA																					—
Add: Equity in losses of unconsolidated entities																					(358)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																					241
Less: Interest expense and dividends on preferred shares																					(46,962)
Less: Depreciation and amortization expense																					(41,329)
Less: Incentive allocations																					—
Less: Asset impairment charges																					(4,495)
Less: Changes in fair value of non-hedge derivative instruments																					—
Less: Losses on the modification or extinguishment of debt and capital lease obligations																					(19,861)
Less: Acquisition and transaction expenses																					(2,848)
Less: Equity-based compensation expense																					—
Less: Provision for income taxes																					(4,189)
Net loss attributable to shareholders from continuing operations																					$	(10,938)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:

			Nine Months Ended September 30, 2022
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Adjusted EBITDA			$	273,788					$	48,685					$	(17,915)					$	304,558
Add: Non-controlling share of Adjusted EBITDA																					—
Add: Equity in losses of unconsolidated entities																					(125)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																					(165)
Less: Interest expense and dividends on preferred shares																					(152,570)
Less: Depreciation and amortization expense																					(145,754)
Less: Incentive allocations																					—
Less: Asset impairment charges																					(128,171)
Less: Changes in fair value of non-hedge derivative instruments																					—
Less: Losses on the modification or extinguishment of debt and capital lease obligations																					(19,861)
Less: Acquisition and transaction expenses																					(8,340)
Less: Equity-based compensation expense																					—
Less: Provision for income taxes																					(7,357)
Net loss attributable to shareholders from continuing operations																					$	(157,785)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders:

			Three Months Ended September 30, 2021
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Adjusted EBITDA			$	94,990					$	2,001					$	(4,742)					$	92,249
Add: Non-controlling share of Adjusted EBITDA																					—
Add: Equity in income of unconsolidated entities																					(369)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																					312
Less: Interest expense and dividends on preferred shares																					(56,887)
Less: Depreciation and amortization expense																					(42,681)
Less: Incentive allocations																					—
Less: Asset impairment charges																					(859)
Less: Changes in fair value of non-hedge derivative instruments																					—
Less: Losses on the modification or extinguishment of debt and capital lease obligations																					—
Less: Acquisition and transaction expenses																					(6,583)
Less: Equity-based compensation expense																					—
Less: Provision for income taxes																					(485)
Net loss attributable to shareholders from continuing operations																					$	(15,303)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:

			Nine Months Ended September 30, 2021
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Adjusted EBITDA			$	237,404					$	1,998					$	(17,947)					$	221,455
Add: Non-controlling share of Adjusted EBITDA																					—
Add: Equity in losses of unconsolidated entities																					(1,050)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities																					906
Less: Interest expense and dividends on preferred shares																					(133,565)
Less: Depreciation and amortization expense																					(127,723)
Less: Incentive allocations																					—
Less: Asset impairment charges																					(3,048)
Less: Changes in fair value of non-hedge derivative instruments																					—
Less: Losses on the modification or extinguishment of debt and capital lease obligations																					(3,254)
Less: Acquisition and transaction expenses																					(12,626)
Less: Equity-based compensation expense																					—
Less: Provision for income taxes																					(824)
Net loss attributable to shareholders from continuing operations																					$	(59,729)

Revenue from External Customers by Geographic Areas

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Three Months Ended September 30, 2022
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues
Africa			$	250					$	—					$	—					$	250
Asia			23,496						1,200						12,116						36,812
Europe			41,869						15,511						—						57,380
North America			90,183						36,690						—						126,873
South America			9,050						—						—						9,050
Total			$	164,848					$	53,401					$	12,116					$	230,365

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Nine Months Ended September 30, 2022
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues
Africa			$	250					$	850					$	—					$	1,100
Asia			60,111						2,601						21,915						84,627
Europe			94,751						26,410						—						121,161
North America			130,362						64,350						—						194,712
South America			32,520						—						—						32,520
Total			$	317,994					$	94,211					$	21,915					$	434,120

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Three Months Ended September 30, 2021
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues
Asia			$	36,420					$	—					$	5,236					$	41,656
Europe			35,709						—						—						35,709
North America			10,422						7,730						—						18,152
South America			3,657						—						—						3,657
Total			$	86,208					$	7,730					$	5,236					$	99,174

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

			Nine Months Ended September 30, 2021
			Aviation Leasing						Aerospace Products						Corporate and Other						Total
Revenues
Africa			$	235					$	—					$	—					$	235
Asia			93,925						—						8,870						102,795
Europe			88,296						812						—						89,108
North America			26,630						12,472						—						39,102
South America			6,112						—						—						6,112
Total			$	215,198					$	13,284					$	8,870					$	237,352

Long-lived Assets by Geographic Areas

The following tables sets forth summarized geographic location of property, plant and equipment and leasing equipment, net:

																					September 30, 2022
																					Total
Property, plant and equipment and leasing equipment, net
Africa																					$	17,776
Asia																					401,057
Europe																					602,833
North America																					393,268
South America																					324,917
Total																					$	1,739,851

																					December 31, 2021
																					Total
Property, plant and equipment and leasing equipment, net
Asia																					$	543,610
Europe																					839,555
North America																					265,203
South America																					245,532
Total																					$	1,893,900

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