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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset		Range of Estimated Useful Lives		Residual Value Estimates
Aircraft		25 years from date of manufacture		Generally not to exceed 15% of manufacturer’s list price when new
Aircraft engines		2 - 6 years, based on maintenance adjusted service life		Sum of engine core salvage value plus the estimated fair value of life limited parts
Aviation tooling and equipment		3 - 6 years from date of purchase		Scrap value at end of useful life
Furniture and fixtures		3 - 6 years from date of purchase		None

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- References

No definition available.

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- Definition

Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

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