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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
As a result of the spin-off of FTAI Infrastructure effective on August 1, 2022, the Company reevaluated its operating segments. The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aviation Leasing and (ii) Aerospace Products. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to customers. The Aerospace Products segment develops and manufactures through a joint venture, and repairs and sells, through exclusivity arrangements, aftermarket components for aircraft engines. The information for the year ended December 31, 2022 discloses the reportable segments on this basis, and prior periods have been restated to reflect the change in accordance with the requirements of ASC 280 – Segment Reporting.
Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, shared services costs, and management fees. Additionally, Corporate and Other also includes offshore energy related assets, which consist of vessels and equipment that support offshore oil and gas activities and production which are typically subject to operating leases.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. The CODM evaluates performance for each reportable segment primarily based on Adjusted EBITDA. Historically, the CODM’s assessment of segment performance included asset information. During the third quarter of 2022, the CODM determined that segment asset information is not a key factor in measuring performance or allocating resources. Therefore, segment asset information is not included in the tables below as it is not provided to or reviewed by our CODM.
During the year, the Company changed its measure of segment profit to include the add back of dividends on preferred shares in Adjusted EBITDA. Prior period Adjusted EBITDA amounts and the reconciliation to net income (loss) attributable to shareholders from continuing operations have been recast to reflect this change in the measure of segment profit.
Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.
We believe that net income (loss) attributable to shareholders from continuing operations, as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to shareholders as determined in accordance with U.S. GAAP.
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 LeasingAerospace ProductsCorporate and OtherTotal
Revenues$527,913 $153,550 $26,948 $708,411 
Expenses
Cost of sales159,490 88,895 — 248,385 
Operating expenses81,232 11,967 39,065 132,264 
General and administrative— — 14,164 14,164 
Acquisition and transaction expenses1,923 243 11,041 13,207 
Management fees and incentive allocation to affiliate— — 3,562 3,562 
Depreciation and amortization144,258 258 8,401 152,917 
Asset impairment137,219 — — 137,219 
Interest expense— — 169,194 169,194 
Total expenses524,122 101,363 245,427 870,912 
Other income (expense)
Equity in earnings (losses) of unconsolidated entities740 (1,109)— (369)
Gain on sale of assets, net58,649 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 taxes63,426 69,640 (238,377)(105,311)
Provision for (benefit from) income taxes2,502 2,961 (163)5,300 
Net income (loss) from continuing operations60,924 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)
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 LeasingAerospace ProductsCorporate and OtherTotal
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)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
Year Ended December 31, 2022
Aviation LeasingAerospace ProductsCorporate and OtherTotal
Revenues
Africa$250 $1,615 $— $1,865 
Asia84,953 12,731 26,948 124,632 
Europe130,128 37,495 — 167,623 
North America270,514 101,632 — 372,146 
South America42,068 77 — 42,145 
Total revenues$527,913 $153,550 $26,948 $708,411 
II. For the Year Ended December 31, 2021
Year Ended December 31, 2021
Aviation LeasingAerospace ProductsCorporate and OtherTotal
Revenues$298,121 $23,301 $14,161 $335,583 
Expenses
Cost of sales— 14,308 — 14,308 
Operating expenses32,757 5,429 21,429 59,615 
General and administrative— — 13,448 13,448 
Acquisition and transaction expenses982 — 16,929 17,911 
Management fees and incentive allocation to affiliate— — 684 684 
Depreciation and amortization139,678 66 7,996 147,740 
Asset impairment10,463 — — 10,463 
Interest expense— — 155,017 155,017 
Total expenses183,880 19,803 215,503 419,186 
Other (expense) income
Equity in losses of unconsolidated entities— (1,403)— (1,403)
Gain on sale of assets, net29,098 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 taxes142,812 22,012 (204,559)(39,735)
Provision for (benefit from) income taxes2,073 1,135 (82)3,126 
Net income (loss) from continuing operations140,739 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)
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 LeasingAerospace ProductsCorporate and OtherTotal
Adjusted EBITDA$321,913 $22,278 $(21,363)$322,828 
Add: Non-controlling share of Adjusted EBITDA— 
Add: Equity in losses of unconsolidated entities(1,403)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities1,203 
Less: Interest expense and dividends on preferred shares(179,775)
Less: Depreciation and amortization expense(175,718)
Less: Incentive allocations— 
Less: Asset impairment charges(10,463)
Less: Changes in fair value of non-hedge derivative instruments— 
Less: Losses on the modification or extinguishment of debt and capital lease obligations(3,254)
Less: Acquisition and transaction expenses(17,911)
Less: Equity-based compensation expense— 
Less: Provision for income taxes(3,126)
Net loss attributable to shareholders from continuing operations$(67,619)
Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
Year Ended December 31, 2021
Aviation LeasingAerospace ProductsCorporate and OtherTotal
Revenues
Africa$235 $— $— $235 
Asia114,313 — 14,161 128,474 
Europe131,205 2,333 — 133,538 
North America41,228 20,968 — 62,196 
South America11,140 — — 11,140 
Total revenues$298,121 $23,301 $14,161 $335,583 
III. For the Year Ended December 31, 2020
Year Ended December 31, 2020
Aviation LeasingAerospace ProductsCorporate and OtherTotal
Revenues$281,211 $— $16,723 $297,934 
Expenses
Operating expenses20,667 — 19,454 40,121 
General and administrative— — 14,106 14,106 
Acquisition and transaction expenses6,687 — 3,181 9,868 
Management fees and incentive allocation to affiliate— — 5,446 5,446 
Depreciation and amortization133,904 — 7,382 141,286 
Asset impairment33,978 — — 33,978 
Interest expense— — 87,442 87,442 
Total expenses195,236 — 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 income94 — — 94 
Total other expense(2,138)— (6,943)(9,081)
Income (loss) from continuing operations before income taxes83,837 — (127,231)(43,394)
(Benefit from) provision for income taxes(4,812)— 469 (4,343)
Net income (loss) from continuing operations88,649 — (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)
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 LeasingAerospace ProductsCorporate and OtherTotal
Adjusted EBITDA$288,752 $— $(22,283)$266,469 
Add: Non-controlling share of Adjusted EBITDA— 
Add: Equity in losses of unconsolidated entities(1,932)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities1,932 
Less: Interest expense and dividends on preferred shares(105,311)
Less: Depreciation and amortization expense(171,632)
Less: Incentive allocations— 
Less: Asset impairment charges(33,978)
Less: Changes in fair value of non-hedge derivative instruments— 
Less: Losses on the modification or extinguishment of debt and capital lease obligations(6,943)
Less: Acquisition and transaction expenses(9,868)
Less: Equity-based compensation expense— 
Less: Benefit from income taxes4,343 
Net loss attributable to shareholders from continuing operations$(56,920)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:
Year Ended December 31, 2020
Aviation LeasingAerospace ProductsCorporate and OtherTotal
Revenues
Africa$10,259 $— $— $10,259 
Asia110,057 — 16,637 126,694 
Europe124,670 — — 124,670 
North America32,961 — 86 33,047 
South America3,264 — — 3,264 
Total revenues$281,211 $— $16,723 $297,934 
IV. Location of long-lived assets
The following tables sets forth summarized geographic location of property, plant and equipment and leasing equipment, net:
December 31, 2022December 31, 2021
Total
Property, plant and equipment and leasing equipment, net
Africa$7,952 $— 
Asia383,378 543,609 
Europe821,840 839,555 
North America424,617 265,203 
South America285,780 245,533 
Total property, plant and equipment and leasing equipment, net$1,923,567 $1,893,900