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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2019
Commitments and Contingencies |
Commitments and Contingencies | ​ Note 5. Commitments and Contingencies ​ As of September 30, 2019, as adjusted for the conversion referenced in footnote 2 in the table below, the Company had commitments to acquire a total of 316 new aircraft for delivery through 2024 as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Aircraft Type |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total |
Airbus A320/321neo(1) |  | 7 |  | 28 |  | 32 |  | 25 |  | 25 |  | — |  | 117 | ​
Airbus A330-900neo |  | 1 |  | 3 |  | 3 |  | 6 |  | 3 |  | — |  | 16 | ​
Airbus A350-900/1000 |  | — |  | 3 |  | 6 |  | 3 |  | 2 |  | — |  | 14 | ​
Boeing 737-7/8/9 MAX(2) |  | — |  | 31 |  | 46 |  | 28 |  | 25 |  | 5 |  | 135 | ​
Boeing 787-9/10(2) |  | 1 |  | 15 |  | 7 |  | 6 |  | 5 |  | — |  | 34 | ​
Total(3)(4) |  | 9 |  | 80 |  | 94 |  | 68 |  | 60 |  | 5 |  | 316 | ​
(1) | Our Airbus A320/321neo aircraft orders include 56 long-range variants.
(2) | The table above reflects the conversion of purchase orders for 15 Boeing 737 MAX aircraft to five Boeing 787-9 aircraft pursuant to an October 2019 agreement with Boeing. The table also reflects our estimate of future Boeing 737 MAX aircraft delivery delays based on information currently available to us. The actual delivery dates of such Boeing 737 MAX aircraft may differ from our estimate and could be further impacted by the length of the grounding and the pace at which Boeing can deliver aircraft following the lifting of the grounding, among other factors.
(3) | In addition to the aircraft from our order book, we have a commitment to purchase one used Airbus A330-300 aircraft from a third party, which is scheduled for delivery in 2019.
(4) | Excluded from the table above are memorandums of understanding (“MOU”) with Airbus, signed in June 2019, to launch the A321 XLR aircraft and to order the A220 aircraft. Through these MOUs, we have the right to purchase 100 aircraft comprised of 27 A321 XLR aircraft, 23 A321neo aircraft and 50 A220 aircraft, and we have purchase options for an additional 25 A220 aircraft.
​ Pursuant to our purchase agreements with Boeing and Airbus for new aircraft, the Company and each manufacturer agrees to contractual delivery dates for each aircraft ordered. However, these dates can change for a variety of reasons. In the last few years, Airbus and Boeing have had delivery delays, and these delays have significantly impacted when our aircraft have been delivered. ​ ​ Our leases typically provide that the Company and our airline customers each have a cancellation right related to aircraft delivery delays. The lease cancellation rights typically parallel our cancellation rights in our purchase agreements with Boeing and Airbus, and typically provide for cancellation rights starting at one year after the original contractual delivery date, regardless of cause. ​ For several years, we have experienced delivery delays for certain of our Airbus orderbook aircraft, primarily the A321neo aircraft and, to a lesser extent, A330neo aircraft. Airbus has told us to continue to expect several months of delivery delays relating to such aircraft scheduled to deliver through 2021. ​ The worldwide grounding of the Boeing 737 MAX began on March 10, 2019, and remains in effect. As a result, Boeing has halted deliveries of all Boeing 737 MAX aircraft. Lifting of the grounding is subject to global regulatory authorities and we are unable to speculate as to when this may occur. Boeing 737 MAX deliveries may be impacted by the duration of the grounding and the speed by which Boeing can deliver aircraft following the lifting of the grounding. We expect that if the grounding continues for an extended time, or if there are significant Boeing 737 MAX delivery delays even after the grounding is lifted, some of our customers may seek to cancel their lease contracts with us. It is unclear at this point if we will cancel some of our Boeing 737 MAX delivery positions with Boeing or find replacement lessees. We are currently in discussions with Boeing regarding the mitigation of possible damages resulting from the grounding of and the delivery delays associated with the Boeing 737 MAX aircraft that we own and have on order. ​ Commitments for the acquisition of aircraft and other equipment, calculated at an estimated aggregate purchase price (including adjustments for inflation) was approximately $22.5 billion at September 30, 2019, as adjusted for the conversion referenced in footnote 2 in the table above, and are due as follows (in thousands): ​
​ | ​ | ​ | ​
Years ending December 31, |  | ​
2019 | ​ | $ | 771,134
2020 | ​ |  | 6,419,215
2021 | ​ |  | 6,647,270
2022 | ​ |  | 4,750,559
2023 | ​ |  | 3,678,420
Thereafter | ​ |  | 225,142
Total | ​ | $ | 22,491,740
​ In addition to the Company's commitments, as of September 30, 2019, the Company had options to acquire up to five Airbus A350-1000 aircraft and 45 Boeing 737-8 MAX aircraft. If exercised, deliveries of these aircraft are scheduled to commence in 2023 and continue through 2024. ​ We have made non-refundable deposits on the aircraft for which we have commitments to purchase of $1.6 billion and $1.8 billion as of September 30, 2019 and December 31, 2018, respectively, which are subject to manufacturer performance commitments. If we are unable to satisfy our purchase commitments, we may be forced to forfeit our deposits. Further, we would be exposed to breach of contract claims by our lessees and manufacturers.

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