Flight Equipment Held for Sale

9 Months Ended

Sep. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

As of September 30, 2024, the Company had 23 aircraft, with a carrying value of $741.1 million, which were classified as held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 23 aircraft to be completed by the second half of 2025. During the nine months ended September 30, 2024, the Company received an aggregate of $186.9 million in purchase deposits pursuant to sale agreements related to five of the 23 aircraft, which amount is included in Accrued interest and other payables on the Consolidated Balance Sheets.

During the nine months ended September 30, 2024, the Company transferred 35 aircraft from flight equipment subject to operating lease to flight equipment held for sale and completed the sale of 25 aircraft from its held for sale portfolio. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2023, the Company had 14 aircraft, with a carrying value of $605.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets.

The following table summarizes the activities of the Company’s flight equipment held for sale for the nine months ended September 30, 2024 based on carrying value:


	(in thousands)
Flight equipment held for sale as of December 31, 2023	$	605,104
Flight equipment subject to operating leases reclassified to flight equipment held for sale	1,143,097
Aircraft sales	(1,007,111)
Flight equipment held for sale as of September 30, 2024	$	741,090