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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Aircraft Acquisition As of September 30, 2023, the Company had commitments to purchase 351 aircraft from Airbus and Boeing for delivery through 2028, with ongoing delays that could extend through 2029, with an estimated aggregate commitment of $22.6 billion. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for a majority of the aircraft in its orderbook. The Company remains in discussions with Airbus and Boeing to determine the extent and duration of delivery delays; however, the Company is not currently able to determine the full impact of these delays.
|  | Estimated Delivery Years
Aircraft Type |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter |  | Total
Airbus A220-100/300 |  | 6 |  |  | 19 |  |  | 10 |  |  | 18 |  |  | 14 |  |  | — |  |  | 67 |
Airbus A320/321neo(1) |  | 10 |  |  | 20 |  |  | 13 |  |  | 40 |  |  | 40 |  |  | 38 |  |  | 161 |
Airbus A330-900neo |  | 2 |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8 |
Airbus A350-900/1000 |  | — |  |  | 4 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |
Airbus A350F |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | 3 |  |  | 7 |
Boeing 737-8/9 MAX |  | 6 |  |  | 32 |  |  | 30 |  |  | 16 |  |  | — |  |  | — |  |  | 84 |
Boeing 787-9/10 |  | — |  |  | 10 |  |  | 9 |  |  | 1 |  |  | — |  |  | — |  |  | 20 |
Total(2) |  | 24 |  |  | 91 |  |  | 62 |  |  | 75 |  |  | 58 |  |  | 41 |  |  | 351 |
(1) The Company’s Airbus A320/321neo aircraft orders include 12 long-range variants and 49 extra long-range variants.
(2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation.
Pursuant to the Company’s purchase agreements with Airbus and Boeing, the Company agrees to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly impacted the planned purchases of the Company’s aircraft on order with both Airbus and Boeing. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Airbus and Boeing generally provide each of the Company and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, the Company’s lease agreements generally provide each of the Company and the lessee with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $22.6 billion as of September 30, 2023, are as follows (in thousands):
Years ending December 31, |
2023 (excluding the nine months ended September 30, 2023) | $ | 1,660,591 |
2024 | 6,516,990 |
2025 | 4,306,517 |
2026 | 4,200,731 |
2027 | 3,459,362 |
Thereafter | 2,479,725 |
Total | $ | 22,623,916 |
The Company has made non-refundable deposits on flight equipment purchases of $1.2 billion and $1.3 billion as of September 30, 2023 and December 31, 2022, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits and may also be exposed to breach of contract claims by its lessees as well as the manufacturers.

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