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Debt Obligations
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
September 30,
2022		December 31,
2021
(in thousands)
Credit facility at a floating rate of interest of one-month LIBOR plus 1.375% at September 30, 2022, secured by engines. The facility has a committed amount of $1.0 billion at September 30, 2022, which revolves until the maturity date of June 2024
$702,000 $590,000 
WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines and one airframe
264,954 273,723 
WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines and one airframe
36,804 38,022 
WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines and one airframe
16,156 18,158 
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines
259,090 272,909 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
35,998 38,004 
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines
13,948 16,342 
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines
248,530 262,260 
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines
38,885 38,885 
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines
215,309 223,815 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
32,195 32,195 
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft
3,811 5,307 
1,867,680 1,809,620 
Less: unamortized debt issuance costs(16,030)(19,356)
Total debt obligations$1,851,650 $1,790,264 

One-month LIBOR was 3.14% and 0.10% as of September 30, 2022 and December 31, 2021, respectively.

Principal outstanding at September 30, 2022, is expected to be repayable as follows:
Year(in thousands)
2022$37,599 
202362,286 
2024763,453 
202560,218 
2026282,385 
Thereafter661,739 
Total$1,867,680 
Virtually all of the above debt requires ongoing compliance with certain financial covenants, including debt/equity ratios, minimum tangible net worth and minimum interest coverage ratios, and other eligibility criteria including customer and geographic concentration restrictions. The Company also has certain negative financial covenants such as liens, advances, change in business, sales of assets, dividends and stock repurchases. These covenants are tested either monthly, quarterly or annually, and the Company was in full compliance with all financial covenant requirements at September 30, 2022.