LEASING EQUIPMENT, NET

12 Months Ended

Dec. 31, 2022

LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows:


	December 31,
	2022		2021

Leasing equipment	$	2,413,230	$	2,312,040
Less: Accumulated depreciation	(499,677)		(456,403)
Leasing equipment, net	$	1,913,553	$	1,855,637

Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the year ended December 31, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. As of December 31, 2022, four aircraft and one engine were still located in Ukraine and eight aircraft and seventeen engines were still located in Russia. We determined that it is unlikely that we will regain possession of the aircraft and engines that have not yet been recovered from Ukraine and Russia. As a result, we recognized an impairment charge totaling $120.0 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we do not expect to recover from Ukraine and Russia. Additionally, we identified certain assets in our leasing equipment portfolio with indicators of impairment. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $17.2 million, net of redelivery compensation during the year ended December 31, 2022.

The following table presents information related to acquisitions and dispositions of aviation leasing equipment:


	Year Ended December 31,
	2022	2021	2020
Acquisitions:
Aircraft	39	52	20
Engines	64	60	37
Dispositions:
Aircraft	8	4	—
Engines	71	56	25

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2022		2021		2020
Depreciation expense for leasing equipment	$	152,378	$	147,444	$	141,161