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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Aircraft Acquisition
As of December 31, 2023, the Company had commitments to acquire a total of 334 new aircraft for delivery through 2028, with an estimated aggregate commitment of $21.7 billion.
The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some 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 yet able to determine the full impact of these delays.
Estimated Delivery Years
Aircraft Type20242025202620272028ThereafterTotal
Airbus A220-100/30019 10 18 14 — — 61 
Airbus A320/321neo(1)
21 13 40 40 38 — 152 
Airbus A330-900neo6 1 — — — — 7 
Airbus A350-900/10004 — — — — — 4 
Airbus A350F— — — 4 3 — 7 
Boeing 737-7/8/9 MAX31 32 16 — 2 — 81 
Boeing 787-9/1011 10 1 — — — 22 
Total(2)
92 66 75 58 43 — 334 
(1) The Company's Airbus A320/321neo aircraft orders include 11 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 Airbus and Boeing. The Company is currently experiencing delivery delays with both Airbus and Boeing aircraft.

In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The FAA approved an inspection and maintenance process allowing grounded 737-9 MAX aircraft to be safely returned to service upon successful completion. However, Boeing will not be allowed to increase 737 MAX production rates until certain quality control issues are resolved. Due to these production constraints, we expect further delivery delays on our 737 MAX aircraft orders, and the Company is unable to speculate when Boeing 737 MAX production rates will normalize.

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 $21.7 billion as of December 31, 2023 are as follows:

(in thousands)
Years ending December 31,
2024$6,827,356 
20254,424,683 
20264,357,060 
20273,551,190 
20282,576,015 
Thereafter — 
Total $21,736,304 

The Company has made non-refundable deposits on flight equipment purchases of $1.2 billion and $1.3 billion as of December 31, 2023 and 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.