2020 Q2 Form 10-Q Financial Statement

#000136298820000066 Filed on May 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q3 2019 Q2
Revenue $282.5M $143.9M $223.4M
YoY Change 26.46% -24.57% 9.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $47.45M $12.00M $18.32M
YoY Change 159.05% -34.45% -1.43%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $89.21M $60.70M $89.58M
YoY Change -0.41% -22.23% 17.59%
% of Gross Profit
Operating Expenses $278.3M $119.7M $186.9M
YoY Change 48.89% -23.12% 21.58%
Operating Profit
YoY Change
Interest Expense $59.05M $44.56M $67.23M
YoY Change -12.17% -22.81% 16.35%
% of Operating Profit
Other Income/Expense, Net -$32.09M -$7.770M -$1.910M
YoY Change 1580.31% -2211.41% -311.99%
Pretax Income $4.046M $3.655M $1.959M
YoY Change 106.53% 20.51% 148.6%
Income Tax -$551.0K $1.283M $5.992M
% Of Pretax Income -13.62% 35.1% 305.87%
Net Earnings -$26.54M $16.37M $31.11M
YoY Change -185.3% -52.98% -38.03%
Net Earnings / Revenue -9.39% 11.37% 13.93%
Basic Earnings Per Share -$0.46 $0.41
Diluted Earnings Per Share -$0.46 $0.41
COMMON SHARES
Basic Shares Outstanding 14.05K shares 74.33M shares 74.65M shares
Diluted Shares Outstanding 75.27M shares 75.44M shares

Balance Sheet

Concept 2020 Q2 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $325.7M $254.4M $500.4M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $34.45M $69.03M $78.79M
YoY Change -56.28% -15.97% -1.63%
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $7.878B $8.321B $8.634B
YoY Change -8.76% 7.62% 19.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $6.043B $6.282B $6.613B
YoY Change -8.62% 8.83% 25.97%
SHAREHOLDERS EQUITY
Retained Earnings $349.8M $581.1M $560.2M
YoY Change -37.55% 26.79% 26.2%
Common Stock $1.486B $1.457B $1.461B
YoY Change 1.68% -2.91% -3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.038B $2.010B $2.021B
YoY Change
Total Liabilities & Shareholders Equity $7.878B $8.321B $8.634B
YoY Change -8.76% 7.62% 19.7%

Cashflow Statement

Concept 2020 Q2 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$26.54M $16.37M $31.11M
YoY Change -185.3% -52.98% -38.03%
Depreciation, Depletion And Amortization $89.21M $60.70M $89.58M
YoY Change -0.41% -22.23% 17.59%
Cash From Operating Activities -$44.48M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $409.0K
YoY Change
Cash From Investing Activities $17.85M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $323.9M
YoY Change
Cash From Financing Activities $186.2M
YoY Change
NET CHANGE
Cash From Operating Activities -$44.48M
Cash From Investing Activities $17.85M
Cash From Financing Activities $186.2M
Net Change In Cash $159.6M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$44.48M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2020Q1 us-gaap Income Tax Expense Benefit
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149000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
714000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3098000 USD
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-356000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
34810000 USD
CY2020Q1 us-gaap Depreciation
Depreciation
89705000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-34221000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
34810000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-184000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
184000 USD
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-34221000 USD
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
34994000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-34221000 USD
CY2019Q1 us-gaap Depreciation
Depreciation
84735000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3581000 USD
CY2019Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
3364000 USD
CY2020Q1 ayr Amortizationof Lease Incentives Premiumsand Discounts Net
AmortizationofLeaseIncentivesPremiumsandDiscountsNet
5696000 USD
CY2019Q1 ayr Amortizationof Lease Incentives Premiumsand Discounts Net
AmortizationofLeaseIncentivesPremiumsandDiscountsNet
5711000 USD
CY2020Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
6857000 USD
CY2019Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
3164000 USD
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
38727000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2726000 USD
CY2020Q1 ayr Proceedsfrom Collectionof Lease Investments
ProceedsfromCollectionofLeaseInvestments
8138000 USD
CY2019Q1 ayr Proceedsfrom Collectionof Lease Investments
ProceedsfromCollectionofLeaseInvestments
5925000 USD
CY2020Q1 ayr Security Deposits And Maintenance Payments Included In Earnings Net
SecurityDepositsAndMaintenancePaymentsIncludedInEarningsNet
47284000 USD
CY2019Q1 ayr Security Deposits And Maintenance Payments Included In Earnings Net
SecurityDepositsAndMaintenancePaymentsIncludedInEarningsNet
14975000 USD
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
27049000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
12002000 USD
CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3955000 USD
CY2019Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
62657000 USD
CY2019Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 USD
CY2020Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
3595000 USD
CY2019Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
0 USD
CY2020Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
601000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1797000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
24683000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3662000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
7941000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1030000 USD
CY2020Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3127000 USD
CY2019Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-7337000 USD
CY2020Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-8788000 USD
CY2019Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
3134000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
69217000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
106360000 USD
CY2020Q1 us-gaap Payments For Flight Equipment
PaymentsForFlightEquipment
49129000 USD
CY2019Q1 us-gaap Payments For Flight Equipment
PaymentsForFlightEquipment
355817000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Flight Equipment
ProceedsFromSaleOfFlightEquipment
150040000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Flight Equipment
ProceedsFromSaleOfFlightEquipment
56307000 USD
CY2020Q1 us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
8451000 USD
CY2019Q1 us-gaap Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
-19697000 USD
CY2020Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
CY2019Q1 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
7551000 USD
CY2020Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
56000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1118000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
92404000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-286246000 USD
CY2020Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-27906000 USD
CY2019Q1 us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
-11424000 USD
CY2020Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
25536000 USD
CY2019Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
650000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
215000000 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
282470000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
76131000 USD
CY2020Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
2685000 USD
CY2019Q1 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
CY2020Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
CY2019Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
1921000 USD
CY2020Q1 ayr Security Depositsand Maintenance Payments Received Financing Activities
SecurityDepositsandMaintenancePaymentsReceivedFinancingActivities
37504000 USD
CY2019Q1 ayr Security Depositsand Maintenance Payments Received Financing Activities
SecurityDepositsandMaintenancePaymentsReceivedFinancingActivities
45149000 USD
CY2020Q1 ayr Security Depositsand Maintenance Payments Returned Financing Activities
SecurityDepositsandMaintenancePaymentsReturnedFinancingActivities
19819000 USD
CY2019Q1 ayr Security Depositsand Maintenance Payments Returned Financing Activities
SecurityDepositsandMaintenancePaymentsReturnedFinancingActivities
27914000 USD
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
24025000 USD
CY2019Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
22518000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
356135000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
120241000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
517756000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-59645000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155443000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
167853000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
673199000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108208000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
667845000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
92629000 USD
CY2020Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5354000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
15579000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
673199000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
108208000 USD
CY2020Q1 us-gaap Interest Paid Net
InterestPaidNet
55295000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
54673000 USD
CY2020Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
127000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-858000 USD
CY2020Q1 ayr Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Assumedin Acquisitionof Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsAssumedinAcquisitionofFlightEquipment
37742000 USD
CY2019Q1 ayr Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Assumedin Acquisitionof Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsAssumedinAcquisitionofFlightEquipment
22355000 USD
CY2020Q1 ayr Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Settled In Sale Of Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsSettledInSaleOfFlightEquipment
16927000 USD
CY2019Q1 ayr Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Settled In Sale Of Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsSettledInSaleOfFlightEquipment
10877000 USD
CY2020Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
31821000 USD
CY2019Q1 us-gaap Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
42709000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
2052684000 USD
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2370000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
38727000 USD
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
2005000 USD
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
24025000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-34221000 USD
CY2020Q1 ayr Paymentsfor Unvestedequitybasedinstrumentson Merger Date
PaymentsforUnvestedequitybasedinstrumentsonMergerDate
-25536000 USD
CY2020Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
25536000 USD
CY2020Q1 ayr Shares Canceledat Merger Date
SharesCanceledatMergerDate
-74960937 shares
CY2020Q1 ayr Sharescanceledat Merger Datevalue
SharescanceledatMergerDatevalue
0 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
2026590000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2008681000 USD
CY2019Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
0 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
11424000 USD
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2410000 USD
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
22518000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
34810000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-184000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
2012939000 USD
CY2020Q1 us-gaap Business Acquisition Share Price
BusinessAcquisitionSharePrice
32.00
CY2020Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.</span></div>
CY2020Q1 us-gaap Revenue Recognition Leases
RevenueRecognitionLeases
<div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Lease Revenue Recognition</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">We lease flight equipment under net operating leases with lease terms typically ranging from three to seven years. We generally do not offer renewal terms or purchase options in our leases, although certain of our operating leases allow the lessee the option to extend the lease for an additional term. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the initial lease, assuming no renewals. Operating lease rentals that adjust based on a London Interbank Offered Rate (“LIBOR”) index are recognized on a straight-line basis over the lease term using the prevailing rate at lease commencement. Changes to rate-based lease rentals are recognized in the statements of income (loss) in the period of change. Revenue is not recognized when collection is not probable. When collectability is not probable, the customer is placed on non-accrual status, and revenue is recognized when cash payments are received.</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">In certain instances, we may provide lease concessions to customers, generally in the form of lease rental deferrals. While these deferral arrangements affect the timing of lease rental payments, the total amount of lease rental payments required over the lease term is generally the same as that which was required under the original lease agreement. We account for the deferrals as if no modifications to the lease agreements were made and record the deferred rentals as a receivable </span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">within Other assets in our consolidated balance sheet. We continue to recognize lease rental revenue for such receivables to the extent collectability is probable.</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">The COVID-19 virus has had an unprecedented negative impact on the global economy, and in particular on the aviation sector. There has been a dramatic slowdown in air traffic, with many markets in near complete shutdown. According to IATA air travel is down to approximately </span><span style="font-family:inherit;font-size:10.5pt;"><span>20%</span></span><span style="font-family:inherit;font-size:10.5pt;"> of normal levels and a recovery to pre-pandemic levels is not expected for several years. Substantially all of the world’s airlines are experiencing financial difficulties and liquidity challenges. While we believe the long-term demand for air travel will return to historical trends over time, the near-term impacts of the COVID-19 virus’ economic shock are material; the extent and duration of which cannot currently be determined.</span></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10.5pt;"><span style="font-family:inherit;font-size:10.5pt;">Airlines have been seeking to preserve liquidity through a combination of requesting government support, raising debt and equity, delaying or canceling new aircraft orders, furloughing employees, as well as requesting deferrals from lessors. We have agreed to defer near-term lease payments with certain of our airline customers, which they are obliged to repay over time. As of May 7, 2020, we have agreed to defer approximately </span><span style="font-family:inherit;font-size:10.5pt;"><span>$70,000</span></span><span style="font-family:inherit;font-size:10.5pt;"> in near-term lease payments with </span><span style="font-family:inherit;font-size:10.5pt;"><span>35</span></span><span style="font-family:inherit;font-size:10.5pt;"> airlines, including </span><span style="font-family:inherit;font-size:10.5pt;"><span>$18,545</span></span><span style="font-family:inherit;font-size:10.5pt;"> that appear in our Consolidated Balance Sheet as components of Accounts receivable, Net investment in leases, or Other assets as of </span><span style="font-family:inherit;font-size:10.5pt;">March 31, 2020</span><span style="font-family:inherit;font-size:10.5pt;">. If air traffic remains depressed over an extended period and if our customers are unable to obtain sufficient funds from private, governmental or other sources, we may need to extend further deferrals to some of our other customers or to extend the deferrals we have already made. We may ultimately not be able to collect all the amounts we have deferred.</span></div>
CY2020Q1 us-gaap Deferred Revenue Leases Current
DeferredRevenueLeasesCurrent
18545000 USD
CY2020Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
672070000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
551433000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
592544000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
512637000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
401032000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
476472000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
3206188000 USD
CY2020Q1 ayr Numberof Offlease Aircraft Marketedfor Lease
NumberofOffleaseAircraftMarketedforLease
5 Aircraft
CY2019Q4 ayr Numberof Offlease Aircraft Marketedfor Leaseor Sale
NumberofOffleaseAircraftMarketedforLeaseorSale
3 Aircraft
CY2020Q1 us-gaap Property Subject To Or Available For Operating Lease Number Of Units
PropertySubjectToOrAvailableForOperatingLeaseNumberOfUnits
274 Aircraft
CY2019Q4 us-gaap Property Subject To Or Available For Operating Lease Number Of Units
PropertySubjectToOrAvailableForOperatingLeaseNumberOfUnits
278 Aircraft
CY2020Q1 us-gaap Capital Leased Assets Number Of Units
CapitalLeasedAssetsNumberOfUnits
30 Aircraft
CY2019Q4 us-gaap Capital Leased Assets Number Of Units
CapitalLeasedAssetsNumberOfUnits
29 Aircraft
CY2020Q1 us-gaap Capital Leases Net Investment In Direct Financing Leases Minimum Payments To Be Received
CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived
160315000 USD
CY2019Q4 us-gaap Capital Leases Net Investment In Direct Financing Leases Minimum Payments To Be Received
CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived
164816000 USD
CY2020Q1 us-gaap Capital Leases Net Investment In Direct Financing Leases Unguaranteed Residual Values Of Leased Property
CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty
270014000 USD
CY2019Q4 us-gaap Capital Leases Net Investment In Direct Financing Leases Unguaranteed Residual Values Of Leased Property
CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty
254580000 USD
CY2020Q1 ayr Capital Leases Investment In Direct Financing And Sales Type Leasesbefore Allowance
CapitalLeasesInvestmentInDirectFinancingAndSalesTypeLeasesbeforeAllowance
430329000 USD
CY2019Q4 ayr Capital Leases Investment In Direct Financing And Sales Type Leasesbefore Allowance
CapitalLeasesInvestmentInDirectFinancingAndSalesTypeLeasesbeforeAllowance
419396000 USD
CY2020Q1 us-gaap Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
9865000 USD
CY2019Q4 us-gaap Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
0 USD
CY2020Q1 us-gaap Capital Leases Net Investment In Direct Financing And Sales Type Leases
CapitalLeasesNetInvestmentInDirectFinancingAndSalesTypeLeases
420464000 USD
CY2019Q4 us-gaap Capital Leases Net Investment In Direct Financing And Sales Type Leases
CapitalLeasesNetInvestmentInDirectFinancingAndSalesTypeLeases
419396000 USD
CY2019Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
0 USD
CY2020Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
3595000 USD
CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
9865000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
46034000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable In Two Years
CapitalLeasesFutureMinimumPaymentsReceivableInTwoYears
44415000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable In Three Years
CapitalLeasesFutureMinimumPaymentsReceivableInThreeYears
33270000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable In Four Years
CapitalLeasesFutureMinimumPaymentsReceivableInFourYears
28523000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable In Five Years
CapitalLeasesFutureMinimumPaymentsReceivableInFiveYears
10232000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable Due Thereafter
CapitalLeasesFutureMinimumPaymentsReceivableDueThereafter
21989000 USD
CY2020Q1 us-gaap Capital Leases Future Minimum Payments Receivable
CapitalLeasesFutureMinimumPaymentsReceivable
184463000 USD
CY2020Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
160315000 USD
CY2020Q1 ayr Differencebetweenthe Present Valueand Undiscounted Sales Typeand Direct Financing Lease Receivable
DifferencebetweenthePresentValueandUndiscountedSalesTypeandDirectFinancingLeaseReceivable
24148000 USD
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14048 shares
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Common Stock Value
CommonStockValue
140.48 USD
CY2019Q4 us-gaap Equity Method Investments
EquityMethodInvestments
32974000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
714000 USD
CY2020Q1 us-gaap Equity Method Investments
EquityMethodInvestments
33688000 USD
CY2020Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-3955000 USD
CY2020Q1 us-gaap Secured Debt
SecuredDebt
999109000 USD
CY2020Q1 ayr Numberof Aircraft Financed
NumberofAircraftFinanced
36 Aircraft
CY2019Q4 us-gaap Secured Debt
SecuredDebt
1129345000 USD
CY2020Q1 us-gaap Unsecured Debt
UnsecuredDebt
4435107000 USD
CY2019Q4 us-gaap Unsecured Debt
UnsecuredDebt
3932491000 USD
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
5434216000 USD
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
5061836000 USD
CY2020Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
450000000 USD
CY2020Q1 ayr Totalparvalueofauthorizedcommonandpreferredshares
Totalparvalueofauthorizedcommonandpreferredshares
3000000 USD
CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q1 us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
25536000 USD
CY2020Q1 ayr Shares Repurchasedfrom Employeesand Directors
SharesRepurchasedfromEmployeesandDirectors
73903 shares
CY2020Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
50000000 shares
CY2020Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3364000 USD
CY2020Q1 ayr Costof Shares Repurchasedfrom Employeesand Directors
CostofSharesRepurchasedfromEmployeesandDirectors
2370000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
4905000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
1916000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-39691000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
36348000 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-34786000 USD
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
38264000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.081
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
3023000 USD
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies Other
EffectiveIncomeTaxRateReconciliationTaxContingenciesOther
0.083
CY2020Q1 ayr Merger Expenses
MergerExpenses
32210000 USD
CY2020Q1 ayr Interest Expense Debt Settlement Of Derivatives And Other Liabilities
InterestExpenseDebtSettlementOfDerivativesAndOtherLiabilities
58426000 USD
CY2019Q1 ayr Interest Expense Debt Settlement Of Derivatives And Other Liabilities
InterestExpenseDebtSettlementOfDerivativesAndOtherLiabilities
60279000 USD
CY2020Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
0 USD
CY2019Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
-184000 USD
CY2020Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
3581000 USD
CY2020Q1 us-gaap Interest Expense
InterestExpense
62007000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
63827000 USD
CY2020Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
500000 USD
CY2019Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
364000 USD
CY2020Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-61507000 USD
CY2019Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-63463000 USD
CY2020Q1 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
416000 USD
CY2019Q1 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
356000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1386000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1883000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1799000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1693000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1724000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6107000 USD
CY2020Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
14592000 USD
CY2020Q1 us-gaap Unrecorded Unconditional Purchase Obligation Minimum Quantity Required
UnrecordedUnconditionalPurchaseObligationMinimumQuantityRequired
27 Aircraft
CY2020Q1 us-gaap Purchase Obligation
PurchaseObligation
1019710000 USD
CY2020Q1 us-gaap Long Term Purchase Commitment Minimum Quantity Required
LongTermPurchaseCommitmentMinimumQuantityRequired
25 Aircraft
CY2020Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
125800000 USD
CY2020Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
508424000 USD
CY2020Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
192507000 USD
CY2020Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
119131000 USD
CY2020Q1 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
73848000 USD
CY2020Q1 us-gaap Purchase Obligation
PurchaseObligation
1019710000 USD
CY2020Q1 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
833000 USD
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
1007000 USD
CY2020Q1 ayr Lease Incentives And Lease Premiums Net
LeaseIncentivesAndLeasePremiumsNet
101765000 USD
CY2019Q4 ayr Lease Incentives And Lease Premiums Net
LeaseIncentivesAndLeasePremiumsNet
112923000 USD
CY2020Q1 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
326000 USD
CY2019Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
333000 USD
CY2020Q1 us-gaap Deposits On Flight Equipment
DepositsOnFlightEquipment
41124000 USD
CY2019Q4 us-gaap Deposits On Flight Equipment
DepositsOnFlightEquipment
33754000 USD
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9057000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9329000 USD
CY2020Q1 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
9100000 USD
CY2019Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
5255000 USD
CY2020Q1 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
49713000 USD
CY2019Q4 us-gaap Other Assets Miscellaneous
OtherAssetsMiscellaneous
38608000 USD
CY2020Q1 us-gaap Other Assets
OtherAssets
211918000 USD
CY2019Q4 us-gaap Other Assets
OtherAssets
201209000 USD
CY2020Q1 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
40027000 USD
CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
47228000 USD
CY2020Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
71297000 USD
CY2019Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
64674000 USD
CY2020Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
47834000 USD
CY2019Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
44694000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12359000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
12800000 USD
CY2020Q1 us-gaap Deferred Revenue Leases Net
DeferredRevenueLeasesNet
2343000 USD
CY2019Q4 us-gaap Deferred Revenue Leases Net
DeferredRevenueLeasesNet
2718000 USD
CY2020Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
173860000 USD
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
172114000 USD
CY2020Q1 ayr Flight Equipment Leasedto Insolvent Customers
FlightEquipmentLeasedtoInsolventCustomers
127713000 USD

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