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Reportable Segments | 3 Months Ended
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Mar. 31, 2018
Reportable Segments |
Reportable Segments | 11. Reportable Segments The Company has two reportable segments: (i) Leasing and Related Operations which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment and the selective purchase and resale of commercial aircraft engines and other aircraft equipment and other related businesses 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. The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. 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 |  |  |  |  |  |  |  |
Three months ended March 31, 2018 |  | Related Operations |  | Spare Parts Sales |  | Eliminations (1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 39,644 |  | $ | — |  | $ | — |  | $ | 39,644
Maintenance reserve revenue |  |  | 15,440 |  |  | — |  |  | — |  |  | 15,440
Spare parts and equipment sales |  |  | — |  |  | 6,286 |  |  | — |  |  | 6,286
Gain on sale of leased equipment |  |  | 640 |  |  | — |  |  | — |  |  | 640
Other revenue |  |  | 1,851 |  |  | 1,113 |  |  | (1,082) |  |  | 1,882
Total revenue |  |  | 57,575 |  |  | 7,399 |  |  | (1,082) |  |  | 63,892
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 17,269 |  |  | 86 |  |  | — |  |  | 17,355
Cost of spare parts and equipment sales |  |  | — |  |  | 4,783 |  |  | — |  |  | 4,783
Write-down of equipment |  |  | — |  |  | — |  |  | — |  |  | —
General and administrative |  |  | 14,495 |  |  | 1,116 |  |  | — |  |  | 15,611
Technical expense |  |  | 3,677 |  |  | — |  |  | — |  |  | 3,677
Interest expense |  |  | 13,595 |  |  | — |  |  | — |  |  | 13,595
Total expenses |  |  | 49,036 |  |  | 5,985 |  |  | — |  |  | 55,021
Earnings from operations |  | $ | 8,539 |  | $ | 1,414 |  | $ | (1,082) |  | $ | 8,871
|  | Leasing and |  |  |  |  |  |  |  |
Three months ended March 31, 2017 |  | Related Operations |  | Spare Parts Sales |  | Eliminations (1) |  | Total
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 30,233 |  | $ | — |  | $ | — |  | $ | 30,233
Maintenance reserve revenue |  |  | 31,961 |  |  | — |  |  | — |  |  | 31,961
Spare parts sales and equipment sales |  |  | 6,425 |  |  | 6,171 |  |  | — |  |  | 12,596
Gain on sale of leased equipment |  |  | 983 |  |  | — |  |  | — |  |  | 983
Other revenue |  |  | 2,125 |  |  | 175 |  |  | (127) |  |  | 2,173
Total revenue |  |  | 71,727 |  |  | 6,346 |  |  | (127) |  |  | 77,946
Expenses: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization expense |  |  | 16,540 |  |  | 88 |  |  | — |  |  | 16,628
Cost of spare parts and equipment sales (2) |  |  | 4,705 |  |  | 5,613 |  |  | — |  |  | 10,318
Write-down of equipment (2) |  |  | 12,091 |  |  | — |  |  | — |  |  | 12,091
General and administrative |  |  | 12,414 |  |  | 787 |  |  | — |  |  | 13,201
Technical expense |  |  | 2,292 |  |  | — |  |  |  |  |  | 2,292
Interest expense |  |  | 10,865 |  |  | — |  |  | — |  |  | 10,865
Total expenses |  |  | 58,907 |  |  | 6,488 |  |  | — |  |  | 65,395
Earnings (loss) from operations |  | $ | 12,820 |  | $ | (142) |  | $ | (127) |  | $ | 12,551
(1) Represents revenue generated between our operating segments.
(2) The amounts herein include reclassifications of scrap inventory write-offs and lower of cost or market write-downs that were previously presented within Write-down of equipment to the Costs of spare parts and equipment sales expense line item. The three months ended March 31, 2017 was impacted by a $0.9 million reclassification, reflected as an increase to Cost of spare parts and equipment sales and a decrease to Write-down of equipment.
Total assets as of March 31, 2018 |  | $ | 1,693,802 |  | $ | 30,703 |  | $ | — |  | $ | 1,724,505
Total assets as of December 31, 2017 |  | $ | 1,580,094 |  | $ | 23,337 |  | $ | — |  | $ | 1,603,431

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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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