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Net Investment in Sales-type Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Net Investment in Sales-type Leases | Net Investment in Sales-type Leases As of September 30, 2024, the Company had sales-type leases for 14 aircraft and one engine. As of December 31, 2023, the Company had sales-type leases for 12 aircraft in its owned fleet. Net investment in sales-type leases are included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands):
| September 30, 2024 |  | December 31, 2023
Future minimum lease payments to be received | $ | 341,757 |  |  | $ | 285,443 |
Estimated residual values of leased flight equipment | 135,758 |  |  | 108,688 |
Less: Unearned income | (62,959) |  |  | (53,412) |
Net Investment in Sales-type Leases | $ | 414,556 |  |  | $ | 340,719 |
As of September 30, 2024, future minimum lease payments to be received on sales-type leases were as follows:
| (in thousands)
Years ending December 31, |
2024 (excluding the nine months ended September 30, 2024) | $ | 9,481 |
2025 | 37,924 |
2026 | 37,924 |
2027 | 37,924 |
2028 | 37,924 |
Thereafter | 180,580 |
Total | $ | 341,757 |

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- Definition The entire disclosure of lessor's sales-type leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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