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Debt Financing | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Debt Financing | Debt Financing The Company’s consolidated debt as of September 30, 2024 and December 31, 2023 is summarized below:
| September 30, 2024 |  | December 31, 2023
| (in thousands)
Unsecured |  |  |
Senior unsecured securities | $ | 16,429,118 |  |  | $ | 16,329,605 |
Term financings | 2,082,800 |  |  | 1,628,400 |
Revolving credit facility | 1,286,000 |  |  | 1,100,000 |
Total unsecured debt financing | 19,797,918 |  |  | 19,058,005 |
Secured |  |  |
Term financings | 357,629 |  |  | 100,471 |
Export credit financing | 194,120 |  |  | 204,984 |
Total secured debt financing | 551,749 |  |  | 305,455 |
Total debt financing | 20,349,667 |  |  | 19,363,460 |
Less: Debt discounts and issuance costs | (187,807) |  |  | (180,803) |
Debt financing, net of discounts and issuance costs | $ | 20,161,860 |  |  | $ | 19,182,657 |
As of September 30, 2024, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test. Senior unsecured securities (including Medium-Term Note Program) As of September 30, 2024 and December 31, 2023, the Company had $16.4 billion and $16.3 billion in senior unsecured securities outstanding, respectively. During the nine months ended September 30, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029, (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”), (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”), (iv) $600.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2026 and (v) $600.0 million in aggregate principal amount of 5.20% Medium-Term Notes due 2031. The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps. Unsecured syndicated revolving credit facility As of September 30, 2024 and December 31, 2023, the Company had $1.3 billion and $1.1 billion, respectively, outstanding under its unsecured syndicated revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of November 7, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings. Unsecured term financings As of September 30, 2024 and December 31, 2023, the outstanding balance on the Company’s unsecured term financings was $2.1 billion and $1.6 billion, respectively. In August 2024, the Company amended its existing $750.0 million term loan that, among other things, increased the aggregate term loan commitments by an additional $500.0 million and reduced the interest rate applicable to borrowings. Under the terms of the loan agreement, the Company had the ability to set the funding date of the additional commitments, subject to an outside funding date of November 15, 2024. The Company elected to borrow the additional $500.0 million on October 1, 2024. As amended, the term loan bears interest at a floating rate of Term SOFR plus 1.20% plus a credit spread adjustment of 0.10% and has a final maturity on November 24, 2026. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility. As of September 30, 2024 and October 1, 2024, the Company had $750.0 million and $1.25 billion in borrowings outstanding under the term loan, respectively. In addition, during the three months ended September 30, 2024, the Company entered into a $250.0 million unsecured term loan with a one-year maturity bearing interest at a floating rate of Term SOFR plus 1.25% plus a credit spread adjustment of 0.10%. Secured debt financings In August 2024, the Company entered into a $267.3 million secured term loan and pledged six aircraft as collateral with a net book value of $346.6 million. The term loan bears interest at a floating rate of Term SOFR plus 1.35% and has a final maturity on July 31, 2031. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility. As of September 30, 2024, the Company had an outstanding balance of $551.7 million in secured debt financings, including the secured term loan mentioned above, and had pledged ten aircraft as collateral, with a net book value of $778.9 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of September 30, 2024 and December 31, 2023 are recourse in nature. Maturities Maturities of debt outstanding as of September 30, 2024 are as follows (in thousands):
Years ending December 31, |
2024 | $ | 423,509 |
2025 | 2,798,505 |
2026 | 5,281,687 |
2027 | 2,786,350 |
2028 | 4,238,788 |
Thereafter | 4,820,828 |
Total | $ | 20,349,667 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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