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v3.19.2

Reportable Segments (Tables) | 6 Months Ended
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Jun. 30, 2019
Segment Reporting [Abstract] |
Summary of the reportable segments | The following tables present a summary of the reportable segments (in thousands):
Three Months Ended June 30, 2019 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations (1) |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 45,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 45,025 |
Maintenance reserve revenue |  | 26,475 |  |  | — |  |  | — |  |  | 26,475 |
Spare parts and equipment sales |  | 266 |  |  | 14,320 |  |  | — |  |  | 14,586 |
Gain on sale of leased equipment |  | 5,120 |  |  | — |  |  | — |  |  | 5,120 |
Other revenue |  | 4,583 |  |  | 31 |  |  | (23 | ) |  | 4,591 |
Total revenue |  | 81,469 |  |  | 14,351 |  |  | (23 | ) |  | 95,797 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 20,023 |  |  | 20 |  |  | — |  |  | 20,043 |
Cost of spare parts and equipment sales |  | 252 |  |  | 12,333 |  |  | — |  |  | 12,585 |
Write-down of equipment |  | 3,262 |  |  | — |  |  | — |  |  | 3,262 |
General and administrative |  | 19,919 |  |  | 1,470 |  |  | — |  |  | 21,389 |
Technical expense |  | 1,407 |  |  | — |  |  | — |  |  | 1,407 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 16,781 |  |  | — |  |  | — |  |  | 16,781 |
Loss on debt extinguishment |  | 220 |  |  | — |  |  | — |  |  | 220 |
Total finance costs |  | 17,001 |  |  | — |  |  | — |  |  | 17,001 |
Total expenses |  | 61,864 |  |  | 13,823 |  |  | — |  |  | 75,687 |
Earnings from operations |  | $ | 19,605 |  |  | $ | 528 |  |  | $ | (23 | ) |  | $ | 20,110 |
Three Months Ended June 30, 2018 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations (1) |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 43,081 |  |  | $ | — |  |  | $ | — |  |  | $ | 43,081 |
Maintenance reserve revenue |  | 22,045 |  |  | — |  |  | — |  |  | 22,045 |
Spare parts and equipment sales (2) |  | — |  |  | 11,653 |  |  | — |  |  | 11,653 |
Gain on sale of leased equipment (2) |  | 52 |  |  | — |  |  | — |  |  | 52 |
Other revenue |  | 1,856 |  |  | 210 |  |  | (195 | ) |  | 1,871 |
Total revenue |  | 67,034 |  |  | 11,863 |  |  | (195 | ) |  | 78,702 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 18,297 |  |  | 87 |  |  | — |  |  | 18,384 |
Cost of spare parts and equipment sales (2) |  | — |  |  | 10,305 |  |  | — |  |  | 10,305 |
Write-down of equipment |  | 3,578 |  |  | — |  |  | — |  |  | 3,578 |
General and administrative |  | 15,683 |  |  | 1,099 |  |  | — |  |  | 16,782 |
Technical expense |  | 3,232 |  |  | — |  |  | — |  |  | 3,232 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 15,138 |  |  | — |  |  | — |  |  | 15,138 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |
Total finance costs |  | 15,138 |  |  | — |  |  | — |  |  | 15,138 |
Total expenses |  | 55,928 |  |  | 11,491 |  |  | — |  |  | 67,419 |
Earnings from operations |  | $ | 11,106 |  |  | $ | 372 |  |  | $ | (195 | ) |  | $ | 11,283 |
Six Months Ended June 30, 2019 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations (1) |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 93,394 |  |  | $ | — |  |  | $ | — |  |  | $ | 93,394 |
Maintenance reserve revenue |  | 51,825 |  |  | — |  |  | — |  |  | 51,825 |
Spare parts and equipment sales |  | 2,751 |  |  | 29,337 |  |  | — |  |  | 32,088 |
Gain on sale of leased equipment |  | 14,690 |  |  | — |  |  | — |  |  | 14,690 |
Other revenue |  | 7,561 |  |  | 125 |  |  | (117 | ) |  | 7,569 |
Total revenue |  | 170,221 |  |  | 29,462 |  |  | (117 | ) |  | 199,566 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 40,259 |  |  | 42 |  |  | — |  |  | 40,301 |
Cost of spare parts and equipment sales |  | 2,088 |  |  | 24,909 |  |  | — |  |  | 26,997 |
Write-down of equipment |  | 4,367 |  |  | — |  |  | — |  |  | 4,367 |
General and administrative |  | 39,893 |  |  | 2,936 |  |  | — |  |  | 42,829 |
Technical expense |  | 3,194 |  |  | 1 |  |  | — |  |  | 3,195 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 34,660 |  |  | — |  |  | — |  |  | 34,660 |
Loss on debt extinguishment |  | 220 |  |  | — |  |  | — |  |  | 220 |
Total finance costs |  | 34,880 |  |  | — |  |  | — |  |  | 34,880 |
Total expenses |  | 124,681 |  |  | 27,888 |  |  | — |  |  | 152,569 |
Earnings from operations |  | $ | 45,540 |  |  | $ | 1,574 |  |  | $ | (117 | ) |  | $ | 46,997 |
Six Months Ended June 30, 2018 |  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations (1) |  | Total
Revenue: |  |  |  |  |  |  |  |
Lease rent revenue |  | $ | 82,726 |  |  | $ | — |  |  | $ | — |  |  | $ | 82,726 |
Maintenance reserve revenue |  | 37,485 |  |  | — |  |  | — |  |  | 37,485 |
Spare parts and equipment sales (2) |  | — |  |  | 24,639 |  |  | — |  |  | 24,639 |
Gain on sale of leased equipment (2) |  | 597 |  |  | — |  |  | — |  |  | 597 |
Other revenue |  | 3,706 |  |  | 1,323 |  |  | (1,277 | ) |  | 3,752 |
Total revenue |  | 124,514 |  |  | 25,962 |  |  | (1,277 | ) |  | 149,199 |
Expenses: |  |  |  |  |  |  |  |
Depreciation and amortization expense |  | 35,565 |  |  | 174 |  |  | — |  |  | 35,739 |
Cost of spare parts and equipment sales (2) |  | — |  |  | 21,692 |  |  | — |  |  | 21,692 |
Write-down of equipment |  | 3,578 |  |  | — |  |  | — |  |  | 3,578 |
General and administrative |  | 30,178 |  |  | 2,215 |  |  | — |  |  | 32,393 |
Technical expense |  | 6,909 |  |  | — |  |  | — |  |  | 6,909 |
Net finance costs: |  |  |  |  |  |  |  |
Interest expense |  | 28,732 |  |  | — |  |  | — |  |  | 28,732 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |
Total finance costs |  | 28,732 |  |  | — |  |  | — |  |  | 28,732 |
Total expenses |  | 104,962 |  |  | 24,081 |  |  | — |  |  | 129,043 |
Earnings from operations |  | $ | 19,552 |  |  | $ | 1,881 |  |  | $ | (1,277 | ) |  | $ | 20,156 |
______________________________
(1) | Represents revenue generated between our operating segments.
(2) | Effective January 1, 2018, the Company adopted ASC 606 and has identified the sale of parts from engines previously transferred from the lease portfolio to the Spare Parts segment as sales to customers of the reporting entity. As such, the Company presents the sale of these assets on a gross basis and have reclassified the three and six months ended June 30, 2018 gross revenue and costs on sale to the Spare parts and equipment sales and Cost of spare parts and equipment sales line items from the net gain (loss) presentation within the Gain on sale of leased equipment line item.
|  | Leasing and Related Operations |  | Spare Parts Sales |  | Eliminations |  | Total
Total assets as of June 30, 2019 |  | $ | 1,874,523 |  |  | $ | 56,260 |  |  | $ | — |  |  | $ | 1,930,783 |
Total assets as of December 31, 2018 |  | $ | 1,882,860 |  |  | $ | 52,083 |  |  | $ | — |  |  | $ | 1,934,943 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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