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