XML 137 R37.htm IDEA: XBRL DOCUMENT
v3.25.1

SEGMENT INFORMATION (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | I. For the Three Months Ended March 31, 2025
| Three Months Ended March 31, 2025
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |
Aerospace products revenue (1) | $ | — |  |  | $ | 365,063 |  |  | $ | — |  |  | $ | — |  |  | $ | 365,063 |
Lease income | 68,467 |  |  | — |  |  | 4 |  |  | — |  |  | 68,471 |
Maintenance revenue | 49,607 |  |  | — |  |  | — |  |  | — |  |  | 49,607 |
Asset sales revenue | 18,939 |  |  | — |  |  | — |  |  | — |  |  | 18,939 |
Total revenues | $ | 137,013 |  |  | $ | 365,063 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 502,080 |
Expenses |  |  |  |  |  |  |  |  |
Cost of sales | 19,959 |  |  | 228,755 |  |  | — |  |  | — |  |  | 248,714 |
Operating expenses | 7,426 |  |  | 5,687 |  |  | 19,325 |  |  | — |  |  | 32,438 |
General and administrative | — |  |  | — |  |  | 3,116 |  |  | — |  |  | 3,116 |
Acquisition and transaction expenses | 2,905 |  |  | 1,132 |  |  | 3,255 |  |  | — |  |  | 7,292 |
Depreciation and amortization | 55,061 |  |  | 3,584 |  |  | 917 |  |  | — |  |  | 59,562 |
Total expenses | 85,351 |  |  | 239,158 |  |  | 26,613 |  |  | — |  |  | 351,122 |
Other income (expense) |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | (62,040) |  |  | — |  |  | (62,040) |
Equity in (losses) earnings of unconsolidated entities (2) | (777) |  |  | 113 |  |  | — |  |  | (6,950) |  |  | (7,614) |
Other income (3) | 43,489 |  |  | — |  |  | 452 |  |  | — |  |  | 43,941 |
Total other income (expense) | 42,712 |  |  | 113 |  |  | (61,588) |  |  | (6,950) |  |  | (25,713) |
Income (loss) before income taxes | 94,374 |  |  | 126,018 |  |  | (88,197) |  |  | (6,950) |  |  | 125,245 |
Provision for (benefit from) income taxes | 17,348 |  |  | 19,375 |  |  | (13,864) |  |  | — |  |  | 22,859 |
Net income (loss) | 77,026 |  |  | 106,643 |  |  | (74,333) |  |  | (6,950) |  |  | 102,386 |
Less: Dividends on preferred shares | — |  |  | — |  |  | 6,115 |  |  | — |  |  | 6,115 |
Less: Loss on redemption of preferred shares | — |  |  | — |  |  | 6,327 |  |  | — |  |  | 6,327 |
Net income (loss) attributable to shareholders | $ | 77,026 |  |  | $ | 106,643 |  |  | $ | (86,775) |  |  | $ | (6,950) |  |  | $ | 89,944 |
______________________________________________________ (1) Includes revenue of $100,638 for the three months ended March 31, 2025 for sales to the 2025 Partnership. See Note 11 for additional information. (2) Includes the profit elimination of $(6,950) for the three months ended March 31, 2025 for sales to the 2025 Partnership within the Aerospace Products segment. (3) Includes gain on sale of $10,870 for the three months ended March 31, 2025 for sales to the 2025 Partnership within the Aviation Leasing segment. II. For the Three Months Ended March 31, 2024
| Three Months Ended March 31, 2024
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |
Aerospace products revenue | $ | — |  |  | $ | 189,057 |  |  | $ | — |  |  | $ | 189,057 |
Lease income | 50,913 |  |  | — |  |  | 2,327 |  |  | 53,240 |
Maintenance revenue | 45,790 |  |  | — |  |  | — |  |  | 45,790 |
Asset sales revenue | 38,607 |  |  | — |  |  | — |  |  | 38,607 |
Total revenues | $ | 135,310 |  |  | $ | 189,057 |  |  | $ | 2,327 |  |  | $ | 326,694 |
Expenses |  |  |  |  |  |  |
Cost of sales | 31,889 |  |  | 110,915 |  |  | — |  |  | 142,804 |
Operating expenses | 8,207 |  |  | 7,470 |  |  | 9,640 |  |  | 25,317 |
General and administrative | — |  |  | — |  |  | 3,683 |  |  | 3,683 |
Acquisition and transaction expenses | 2,761 |  |  | 246 |  |  | 3,172 |  |  | 6,179 |
Management fees and incentive allocation to affiliate | — |  |  | — |  |  | 4,895 |  |  | 4,895 |
Depreciation and amortization | 46,084 |  |  | 933 |  |  | 2,903 |  |  | 49,920 |
Asset impairment | 962 |  |  | — |  |  | — |  |  | 962 |
Total expenses | 89,903 |  |  | 119,564 |  |  | 24,293 |  |  | 233,760 |
Other income (expense) |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | (47,707) |  |  | (47,707) |
Equity in losses of unconsolidated entities | (146) |  |  | (521) |  |  | — |  |  | (667) |
Other income | 369 |  |  | — |  |  | 265 |  |  | 634 |
Total other income (expense) | 223 |  |  | (521) |  |  | (47,442) |  |  | (47,740) |
Income (loss) before income taxes | 45,630 |  |  | 68,972 |  |  | (69,408) |  |  | 45,194 |
Provision for income taxes | 3,033 |  |  | 2,539 |  |  | — |  |  | 5,572 |
Net income (loss) | 42,597 |  |  | 66,433 |  |  | (69,408) |  |  | 39,622 |
Less: Dividends on preferred shares | — |  |  | — |  |  | 8,335 |  |  | 8,335 |
Net income (loss) attributable to shareholders | $ | 42,597 |  |  | $ | 66,433 |  |  | $ | (77,743) |  |  | $ | 31,287 |
Revenue from External Customers by Geographic Areas |
| Three Months Ended March 31, 2025
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
Africa | $ | 2,199 |  |  | $ | 9,482 |  |  |  |  |  |  | $ | — |  |  | $ | 11,681 |
Asia | 32,141 |  |  | 42,959 |  |  |  |  |  |  | 4 |  |  | 75,104 |
Europe | 74,044 |  |  | 96,872 |  |  |  |  |  |  | — |  |  | 170,916 |
North America | 18,263 |  |  | 207,432 |  |  |  |  |  |  | — |  |  | 225,695 |
South America | 10,366 |  |  | 8,318 |  |  |  |  |  |  | — |  |  | 18,684 |
Total revenues (1) | $ | 137,013 |  |  | $ | 365,063 |  |  |  |  |  |  | $ | 4 |  |  | $ | 502,080 |
______________________________________________________ (1) The United States, included in North America, Ireland, included in Europe, and Bermuda, included in North America, represent 26%, 19% and 11% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues. Summary information with respect to our geographic sources of revenue, based on location of customer and lessee, is as follows:
| Three Months Ended March 31, 2024
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |
Africa | $ | 868 |  |  | $ | 5,686 |  |  | $ | — |  |  | $ | 6,554 |
Asia | 25,119 |  |  | 28,500 |  |  | 2,327 |  |  | 55,946 |
Europe | 71,044 |  |  | 67,716 |  |  | — |  |  | 138,760 |
North America | 20,847 |  |  | 81,372 |  |  | — |  |  | 102,219 |
South America | 17,432 |  |  | 5,783 |  |  | — |  |  | 23,215 |
Total revenues (1) | $ | 135,310 |  |  | $ | 189,057 |  |  | $ | 2,327 |  |  | $ | 326,694 |
______________________________________________________ (1) The United States, included in North America, and Ireland, included in Europe, represent 30% and 13% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues.
Summary of Contracted Minimum Future Annual Revenues | Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2025:
| March 31, 2025 |  |
Remainder of 2025 | $ | 130,220 |  |  |
2026 | 119,499 |  |  |
2027 | 99,075 |  |  |
2028 | 85,577 |  |  |
2029 | 54,851 |  |  |
Thereafter | 62,270 |  |  |
Total | $ | 551,492 |  |  |
Long-lived Assets by Geographic Areas | The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net:
|  |  |  |  |  |  | March 31, 2025 (unaudited) |  | December 31, 2024
Property, plant and equipment and leasing equipment, net |  |  |  |  |  |  |
Africa |  |  |  |  |  |  | $ | 23,571 |  |  | $ | 37,369 |
Asia |  |  |  |  |  |  | 449,632 |  |  | 596,547 |
Europe |  |  |  |  |  |  | 860,284 |  |  | 1,038,176 |
North America |  |  |  |  |  |  | 544,316 |  |  | 592,675 |
South America |  |  |  |  |  |  | 219,618 |  |  | 216,414 |
Total property, plant and equipment and leasing equipment, net |  |  |  |  |  |  | $ | 2,097,421 |  |  | $ | 2,481,181 |
________________________________________________________ (1) The United States, included in North America represents 19% of property, plant and equipment and leasing equipment, net as of March 31, 2025. The United States, included in North America, and Italy, included in Europe, represent 17% and 12% of property, plant and equipment and leasing equipment, net as of December 31, 2024, respectively. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479773/842-30-50-12 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + 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 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + 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 -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + 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