XML 57 R40.htm IDEA: XBRL DOCUMENT
v3.22.4

SEGMENT INFORMATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 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 Year Ended December 31, 2022
| Year Ended December 31, 2022
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues | $ | 527,913 |  |  | $ | 153,550 |  |  |  |  |  |  | $ | 26,948 |  |  | $ | 708,411 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | 159,490 |  |  | 88,895 |  |  |  |  |  |  | — |  |  | 248,385 |
Operating expenses | 81,232 |  |  | 11,967 |  |  |  |  |  |  | 39,065 |  |  | 132,264 |
General and administrative | — |  |  | — |  |  |  |  |  |  | 14,164 |  |  | 14,164 |
Acquisition and transaction expenses | 1,923 |  |  | 243 |  |  |  |  |  |  | 11,041 |  |  | 13,207 |
Management fees and incentive allocation to affiliate | — |  |  | — |  |  |  |  |  |  | 3,562 |  |  | 3,562 |
Depreciation and amortization | 144,258 |  |  | 258 |  |  |  |  |  |  | 8,401 |  |  | 152,917 |
Asset impairment | 137,219 |  |  | — |  |  |  |  |  |  | — |  |  | 137,219 |
Interest expense | — |  |  | — |  |  |  |  |  |  | 169,194 |  |  | 169,194 |
Total expenses | 524,122 |  |  | 101,363 |  |  |  |  |  |  | 245,427 |  |  | 870,912 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Equity in earnings (losses) of unconsolidated entities | 740 |  |  | (1,109) |  |  |  |  |  |  | — |  |  | (369) |
Gain on sale of assets, net | 58,649 |  |  | 18,562 |  |  |  |  |  |  | — |  |  | 77,211 |
Loss on extinguishment of debt | — |  |  | — |  |  |  |  |  |  | (19,859) |  |  | (19,859) |
Other income (expense) | 246 |  |  | — |  |  |  |  |  |  | (39) |  |  | 207 |
Total other income (expense) | 59,635 |  |  | 17,453 |  |  |  |  |  |  | (19,898) |  |  | 57,190 |
Income (loss) from continuing operations before income taxes | 63,426 |  |  | 69,640 |  |  |  |  |  |  | (238,377) |  |  | (105,311) |
Provision for (benefit from) income taxes | 2,502 |  |  | 2,961 |  |  |  |  |  |  | (163) |  |  | 5,300 |
Net income (loss) from continuing operations | 60,924 |  |  | 66,679 |  |  |  |  |  |  | (238,214) |  |  | (110,611) |
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Less: Dividends on preferred shares | — |  |  | — |  |  |  |  |  |  | 27,164 |  |  | 27,164 |
Net income (loss) attributable to shareholders from continuing operations | $ | 60,924 |  |  | $ | 66,679 |  |  |  |  |  |  | $ | (265,378) |  |  | $ | (137,775) |
| Year Ended December 31, 2021
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues | $ | 298,121 |  |  | $ | 23,301 |  |  |  |  |  |  | $ | 14,161 |  |  | $ | 335,583 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Cost of sales | — |  |  | 14,308 |  |  |  |  |  |  | — |  |  | 14,308 |
Operating expenses | 32,757 |  |  | 5,429 |  |  |  |  |  |  | 21,429 |  |  | 59,615 |
General and administrative | — |  |  | — |  |  |  |  |  |  | 13,448 |  |  | 13,448 |
Acquisition and transaction expenses | 982 |  |  | — |  |  |  |  |  |  | 16,929 |  |  | 17,911 |
Management fees and incentive allocation to affiliate | — |  |  | — |  |  |  |  |  |  | 684 |  |  | 684 |
Depreciation and amortization | 139,678 |  |  | 66 |  |  |  |  |  |  | 7,996 |  |  | 147,740 |
Asset impairment | 10,463 |  |  | — |  |  |  |  |  |  | — |  |  | 10,463 |
Interest expense | — |  |  | — |  |  |  |  |  |  | 155,017 |  |  | 155,017 |
Total expenses | 183,880 |  |  | 19,803 |  |  |  |  |  |  | 215,503 |  |  | 419,186 |
Other (expense) income |  |  |  |  |  |  |  |  |  |  |
Equity in losses of unconsolidated entities | — |  |  | (1,403) |  |  |  |  |  |  | — |  |  | (1,403) |
Gain on sale of assets, net | 29,098 |  |  | 19,917 |  |  |  |  |  |  | — |  |  | 49,015 |
Loss on extinguishment of debt | — |  |  | — |  |  |  |  |  |  | (3,254) |  |  | (3,254) |
Other (expense) income | (527) |  |  | — |  |  |  |  |  |  | 37 |  |  | (490) |
Total other income (expense) | 28,571 |  |  | 18,514 |  |  |  |  |  |  | (3,217) |  |  | 43,868 |
Income (loss) from continuing operations before income taxes | 142,812 |  |  | 22,012 |  |  |  |  |  |  | (204,559) |  |  | (39,735) |
Provision for (benefit from) income taxes | 2,073 |  |  | 1,135 |  |  |  |  |  |  | (82) |  |  | 3,126 |
Net income (loss) from continuing operations | 140,739 |  |  | 20,877 |  |  |  |  |  |  | (204,477) |  |  | (42,861) |
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Less: Dividends on preferred shares | — |  |  | — |  |  |  |  |  |  | 24,758 |  |  | 24,758 |
Net income (loss) attributable to shareholders from continuing operations | $ | 140,739 |  |  | $ | 20,877 |  |  |  |  |  |  | $ | (229,235) |  |  | $ | (67,619) |
| Year Ended December 31, 2020
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues | $ | 281,211 |  |  | $ | — |  |  |  |  |  |  | $ | 16,723 |  |  | $ | 297,934 |
Expenses |  |  |  |  |  |  |  |  |  |  |
Operating expenses | 20,667 |  |  | — |  |  |  |  |  |  | 19,454 |  |  | 40,121 |
General and administrative | — |  |  | — |  |  |  |  |  |  | 14,106 |  |  | 14,106 |
Acquisition and transaction expenses | 6,687 |  |  | — |  |  |  |  |  |  | 3,181 |  |  | 9,868 |
Management fees and incentive allocation to affiliate | — |  |  | — |  |  |  |  |  |  | 5,446 |  |  | 5,446 |
Depreciation and amortization | 133,904 |  |  | — |  |  |  |  |  |  | 7,382 |  |  | 141,286 |
Asset impairment | 33,978 |  |  | — |  |  |  |  |  |  | — |  |  | 33,978 |
Interest expense | — |  |  | — |  |  |  |  |  |  | 87,442 |  |  | 87,442 |
Total expenses | 195,236 |  |  | — |  |  |  |  |  |  | 137,011 |  |  | 332,247 |
Other income (expense) |  |  |  |  |  |  |  |  |  |  |
Equity in losses of unconsolidated entities | (1,932) |  |  | — |  |  |  |  |  |  | — |  |  | (1,932) |
Loss on sale of assets, net | (300) |  |  | — |  |  |  |  |  |  | — |  |  | (300) |
Loss on extinguishment of debt | — |  |  | — |  |  |  |  |  |  | (6,943) |  |  | (6,943) |
Other income | 94 |  |  | — |  |  |  |  |  |  | — |  |  | 94 |
Total other expense | (2,138) |  |  | — |  |  |  |  |  |  | (6,943) |  |  | (9,081) |
Income (loss) from continuing operations before income taxes | 83,837 |  |  | — |  |  |  |  |  |  | (127,231) |  |  | (43,394) |
(Benefit from) provision for income taxes | (4,812) |  |  | — |  |  |  |  |  |  | 469 |  |  | (4,343) |
Net income (loss) from continuing operations | 88,649 |  |  | — |  |  |  |  |  |  | (127,700) |  |  | (39,051) |
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries | — |  |  | — |  |  |  |  |  |  | — |  |  | — |
Less: Dividends on preferred shares | — |  |  | — |  |  |  |  |  |  | 17,869 |  |  | 17,869 |
Net income (loss) attributable to shareholders from continuing operations | $ | 88,649 |  |  | $ | — |  |  |  |  |  |  | $ | (145,569) |  |  | $ | (56,920) |
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:
| Year Ended December 31, 2022
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Adjusted EBITDA | $ | 384,125 |  |  | $ | 70,365 |  |  |  |  |  |  | $ | (26,393) |  |  | $ | 428,097 |
Add: Non-controlling share of Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  | — |
Add: Equity in losses of unconsolidated entities |  |  |  |  |  |  |  |  |  |  | (369) |
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities |  |  |  |  |  |  |  |  |  |  | (40) |
Less: Interest expense and dividends on preferred shares |  |  |  |  |  |  |  |  |  |  | (196,358) |
Less: Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  | (190,031) |
Less: Incentive allocations |  |  |  |  |  |  |  |  |  |  | (3,489) |
Less: Asset impairment charges |  |  |  |  |  |  |  |  |  |  | (137,219) |
Less: Changes in fair value of non-hedge derivative instruments |  |  |  |  |  |  |  |  |  |  | — |
Less: Losses on the modification or extinguishment of debt and capital lease obligations |  |  |  |  |  |  |  |  |  |  | (19,859) |
Less: Acquisition and transaction expenses |  |  |  |  |  |  |  |  |  |  | (13,207) |
Less: Equity-based compensation expense |  |  |  |  |  |  |  |  |  |  | — |
Less: Provision for income taxes |  |  |  |  |  |  |  |  |  |  | (5,300) |
Net loss attributable to shareholders from continuing operations |  |  |  |  |  |  |  |  |  |  | $ | (137,775) |
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:
| Year Ended December 31, 2021
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Adjusted EBITDA | $ | 321,913 |  |  | $ | 22,278 |  |  |  |  |  |  | $ | (21,363) |  |  | $ | 322,828 |
Add: Non-controlling share of Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  | — |
Add: Equity in losses of unconsolidated entities |  |  |  |  |  |  |  |  |  |  | (1,403) |
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities |  |  |  |  |  |  |  |  |  |  | 1,203 |
Less: Interest expense and dividends on preferred shares |  |  |  |  |  |  |  |  |  |  | (179,775) |
Less: Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  | (175,718) |
Less: Incentive allocations |  |  |  |  |  |  |  |  |  |  | — |
Less: Asset impairment charges |  |  |  |  |  |  |  |  |  |  | (10,463) |
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 |  |  |  |  |  |  |  |  |  |  | (17,911) |
Less: Equity-based compensation expense |  |  |  |  |  |  |  |  |  |  | — |
Less: Provision for income taxes |  |  |  |  |  |  |  |  |  |  | (3,126) |
Net loss attributable to shareholders from continuing operations |  |  |  |  |  |  |  |  |  |  | $ | (67,619) |
The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:
| Year Ended December 31, 2020
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Adjusted EBITDA | $ | 288,752 |  |  | $ | — |  |  |  |  |  |  | $ | (22,283) |  |  | $ | 266,469 |
Add: Non-controlling share of Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  | — |
Add: Equity in losses of unconsolidated entities |  |  |  |  |  |  |  |  |  |  | (1,932) |
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities |  |  |  |  |  |  |  |  |  |  | 1,932 |
Less: Interest expense and dividends on preferred shares |  |  |  |  |  |  |  |  |  |  | (105,311) |
Less: Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  | (171,632) |
Less: Incentive allocations |  |  |  |  |  |  |  |  |  |  | — |
Less: Asset impairment charges |  |  |  |  |  |  |  |  |  |  | (33,978) |
Less: Changes in fair value of non-hedge derivative instruments |  |  |  |  |  |  |  |  |  |  | — |
Less: Losses on the modification or extinguishment of debt and capital lease obligations |  |  |  |  |  |  |  |  |  |  | (6,943) |
Less: Acquisition and transaction expenses |  |  |  |  |  |  |  |  |  |  | (9,868) |
Less: Equity-based compensation expense |  |  |  |  |  |  |  |  |  |  | — |
Less: Benefit from income taxes |  |  |  |  |  |  |  |  |  |  | 4,343 |
Net loss attributable to shareholders from continuing operations |  |  |  |  |  |  |  |  |  |  | $ | (56,920) |
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:
| Year Ended December 31, 2022
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
Africa | $ | 250 |  |  | $ | 1,615 |  |  |  |  |  |  | $ | — |  |  | $ | 1,865 |
Asia | 84,953 |  |  | 12,731 |  |  |  |  |  |  | 26,948 |  |  | 124,632 |
Europe | 130,128 |  |  | 37,495 |  |  |  |  |  |  | — |  |  | 167,623 |
North America | 270,514 |  |  | 101,632 |  |  |  |  |  |  | — |  |  | 372,146 |
South America | 42,068 |  |  | 77 |  |  |  |  |  |  | — |  |  | 42,145 |
Total revenues | $ | 527,913 |  |  | $ | 153,550 |  |  |  |  |  |  | $ | 26,948 |  |  | $ | 708,411 |
Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
| Year Ended December 31, 2021
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
Africa | $ | 235 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 235 |
Asia | 114,313 |  |  | — |  |  |  |  |  |  | 14,161 |  |  | 128,474 |
Europe | 131,205 |  |  | 2,333 |  |  |  |  |  |  | — |  |  | 133,538 |
North America | 41,228 |  |  | 20,968 |  |  |  |  |  |  | — |  |  | 62,196 |
South America | 11,140 |  |  | — |  |  |  |  |  |  | — |  |  | 11,140 |
Total revenues | $ | 298,121 |  |  | $ | 23,301 |  |  |  |  |  |  | $ | 14,161 |  |  | $ | 335,583 |
Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
| Year Ended December 31, 2020
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
Africa | $ | 10,259 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 10,259 |
Asia | 110,057 |  |  | — |  |  |  |  |  |  | 16,637 |  |  | 126,694 |
Europe | 124,670 |  |  | — |  |  |  |  |  |  | — |  |  | 124,670 |
North America | 32,961 |  |  | — |  |  |  |  |  |  | 86 |  |  | 33,047 |
South America | 3,264 |  |  | — |  |  |  |  |  |  | — |  |  | 3,264 |
Total revenues | $ | 281,211 |  |  | $ | — |  |  |  |  |  |  | $ | 16,723 |  |  | $ | 297,934 |
Long-lived Assets by Geographic Areas | The following tables sets forth summarized geographic location of property, plant and equipment and leasing equipment, net:
|  |  |  |  |  |  |  |  |  |  | December 31, 2022 | December 31, 2021
|  |  |  |  |  |  |  |  |  |  | Total
Property, plant and equipment and leasing equipment, net |  |  |  |  |  |  |  |  |  |  |  |
Africa |  |  |  |  |  |  |  |  |  |  | $ | 7,952 |  | $ | — |
Asia |  |  |  |  |  |  |  |  |  |  | 383,378 |  | 543,609 |
Europe |  |  |  |  |  |  |  |  |  |  | 821,840 |  | 839,555 |
North America |  |  |  |  |  |  |  |  |  |  | 424,617 |  | 265,203 |
South America |  |  |  |  |  |  |  |  |  |  | 285,780 |  | 245,533 |
Total property, plant and equipment and leasing equipment, net |  |  |  |  |  |  |  |  |  |  | $ | 1,923,567 |  | $ | 1,893,900 |

X
- Definition Tabular disclosure of long-lived assets, excluding financial instruments, long-term customer relationships of a financial institution, mortgage rights, deferred policy acquisition costs, and deferred tax assets, by geographic areas located in the entity's country of domicile and foreign countries in which the entity holds assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph b -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
Name: | us-gaap_LongLivedAssetsByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration