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Reportable Segments | 12 Months Ended
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Dec. 31, 2017
Reportable Segments |
Reportable Segments | (15) Reportable Segments The Company operates in two reportable business segments: (i) Leasing and Related Operations which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment, the selective purchase and resale of commercial aircraft engines and other aircraft equipment, and engine management and (ii) Spare Parts Sales which involves the purchase and resale of after-market engine and airframe parts, whole engines, engine modules and portable aircraft components and leasing of engines destined for disassembly and sale of parts. The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses and inter-company allocation of interest expense. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies. The following tables present a summary of the reportable segments (in thousands):
|  | Leasing and |  |  |  |  | Intercompany |  |  |
For the year ended December 31, 2017 |  | Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 130,369 |  | $ | — |  | $ | — |  | $ | 130,369
Maintenance reserve revenue |  |  | 80,189 |  |  | — |  |  | — |  |  | 80,189
Spare parts and equipment sales |  |  | 22,285 |  |  | 29,138 |  |  | — |  |  | 51,423
Gain on sale of leased equipment |  |  | 4,929 |  |  | — |  |  | — |  |  | 4,929
Other revenue |  |  | 7,702 |  |  | 1,601 |  |  | (1,373) |  |  | 7,930
Total revenue |  |  | 245,474 |  |  | 30,739 |  |  | (1,373) |  |  | 274,840
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 65,677 |  |  | 346 |  |  | — |  |  | 66,023
Cost of spare parts and equipment sales |  |  | 17,344 |  |  | 23,504 |  |  | — |  |  | 40,848
General and administrative |  |  | 52,024 |  |  | 3,713 |  |  | — |  |  | 55,737
Net finance costs |  |  | 48,720 |  |  | — |  |  | — |  |  | 48,720
Other expense |  |  | 34,659 |  |  | — |  |  | — |  |  | 34,659
Total expenses |  |  | 218,424 |  |  | 27,563 |  |  | — |  |  | 245,987
Earnings from operations |  | $ | 27,050 |  | $ | 3,176 |  | $ | (1,373) |  | $ | 28,853
|  | Leasing and |  |  |  |  | Intercompany |  |  |
For the year ended December 31, 2016 |  | Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 119,895 |  | $ | — |  | $ | — |  | $ | 119,895
Maintenance reserve revenue |  |  | 57,091 |  |  | — |  |  | — |  |  | 57,091
Spare parts and equipment sales |  |  | 3,335 |  |  | 14,448 |  |  | — |  |  | 17,783
Gain on sale of leased equipment |  |  | 3,482 |  |  | — |  |  | — |  |  | 3,482
Other revenue |  |  | 8,711 |  |  | 1,947 |  |  | (1,635) |  |  | 9,023
Total revenue |  |  | 192,514 |  |  | 16,395 |  |  | (1,635) |  |  | 207,274
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 65,939 |  |  | 341 |  |  | — |  |  | 66,280
Cost of spare parts and equipment sales |  |  | 2,394 |  |  | 10,899 |  |  | — |  |  | 13,293
General and administrative |  |  | 44,703 |  |  | 3,077 |  |  | — |  |  | 47,780
Net finance costs |  |  | 40,813 |  |  | 468 |  |  | — |  |  | 41,281
Other expense |  |  | 16,507 |  |  | — |  |  | — |  |  | 16,507
Total expenses |  |  | 170,356 |  |  | 14,785 |  |  | — |  |  | 185,141
Earnings from operations |  | $ | 22,158 |  | $ | 1,610 |  | $ | (1,635) |  | $ | 22,133
|  | Leasing and |  |  |  |  | Intercompany |  |  |
For the year ended December 31, 2015 |  | Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 108,046 |  | $ | — |  | $ | — |  | $ | 108,046
Maintenance reserve revenue |  |  | 53,396 |  |  | — |  |  | — |  |  | 53,396
Spare parts and equipment sales |  |  | 9,975 |  |  | 15,607 |  |  | — |  |  | 25,582
Gain on sale of leased equipment |  |  | 8,320 |  |  | — |  |  | — |  |  | 8,320
Other revenue |  |  | 2,517 |  |  | 659 |  |  | (458) |  |  | 2,718
Total revenue |  |  | 182,254 |  |  | 16,266 |  |  | (458) |  |  | 198,062
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 69,135 |  |  | 289 |  |  | — |  |  | 69,424
Cost of spare parts and equipment sales |  |  | 5,734 |  |  | 12,115 |  |  | — |  |  | 17,849
General and administrative |  |  | 39,974 |  |  | 2,770 |  |  | — |  |  | 42,744
Net finance costs |  |  | 37,474 |  |  | 387 |  |  | — |  |  | 37,861
Other expense |  |  | 18,584 |  |  | — |  |  | — |  |  | 18,584
Total expenses |  |  | 170,901 |  |  | 15,561 |  |  | — |  |  | 186,462
Earnings from operations |  | $ | 11,353 |  | $ | 705 |  | $ | (458) |  | $ | 11,600
Total assets as of December 31, 2017 |  | $ | 1,580,094 |  | $ | 23,337 |  | $ | — |  | $ | 1,603,431
Total assets as of December 31, 2016 |  | $ | 1,307,460 |  | $ | 30,427 |  | $ | — |  | $ | 1,337,887
Total assets as of December 31, 2015 |  | $ | 1,267,414 |  | $ | 26,871 |  | $ | — |  | $ | 1,294,285

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
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