2021 Q3 Form 10-Q Financial Statement
#000136298821000025 Filed on July 14, 2021
Income Statement
Concept | 2021 Q3 | 2021 Q2 | 2020 Q2 |
---|---|---|---|
Revenue | $157.7M | $165.8M | $282.5M |
YoY Change | -7.98% | -41.31% | 26.46% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $16.00M | $15.58M | $47.45M |
YoY Change | 18.01% | -67.16% | 159.05% |
% of Gross Profit | |||
Research & Development | |||
YoY Change | |||
% of Gross Profit | |||
Depreciation & Amortization | $83.39M | $82.39M | $89.21M |
YoY Change | -3.87% | -7.65% | -0.41% |
% of Gross Profit | |||
Operating Expenses | $184.1M | $184.1M | $278.3M |
YoY Change | -50.54% | -33.83% | 48.89% |
Operating Profit | |||
YoY Change | |||
Interest Expense | $56.00M | $58.22M | $59.05M |
YoY Change | -0.07% | -1.4% | -12.17% |
% of Operating Profit | |||
Other Income/Expense, Net | $43.48M | -$14.00K | -$32.09M |
YoY Change | -21517.24% | -99.96% | 1580.31% |
Pretax Income | $4.479M | $3.711M | $4.046M |
YoY Change | -49.4% | -8.28% | 106.53% |
Income Tax | $7.665M | -$8.292M | -$551.0K |
% Of Pretax Income | 171.13% | -223.44% | -13.62% |
Net Earnings | $9.803M | -$9.753M | -$26.54M |
YoY Change | -104.59% | -63.25% | -185.3% |
Net Earnings / Revenue | 6.22% | -5.88% | -9.39% |
Basic Earnings Per Share | |||
Diluted Earnings Per Share | |||
COMMON SHARES | |||
Basic Shares Outstanding | 14.05K shares | 14.05K shares | 14.05K shares |
Diluted Shares Outstanding |
Balance Sheet
Concept | 2021 Q3 | 2021 Q2 | 2020 Q2 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | |||
YoY Change | |||
Cash & Equivalents | $337.5M | $642.9M | $325.7M |
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 | $36.12M | $35.66M | $34.45M |
YoY Change | 3.57% | 3.52% | -56.28% |
Other Assets | |||
YoY Change | |||
Total Long-Term Assets | |||
YoY Change | |||
TOTAL ASSETS | |||
Total Short-Term Assets | |||
Total Long-Term Assets | |||
Total Assets | $7.545B | $7.658B | $7.878B |
YoY Change | -5.6% | -2.79% | -8.76% |
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 | $5.426B | $5.937B | $6.043B |
YoY Change | -12.03% | -1.75% | -8.62% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | $239.7M | $235.5M | $349.8M |
YoY Change | -29.17% | -32.67% | -37.55% |
Common Stock | $1.879B | $1.486B | $1.486B |
YoY Change | 26.48% | 0.0% | 1.68% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $2.119B | $1.721B | $2.038B |
YoY Change | |||
Total Liabilities & Shareholders Equity | $7.545B | $7.658B | $7.878B |
YoY Change | -5.6% | -2.79% | -8.76% |
Cashflow Statement
Concept | 2021 Q3 | 2021 Q2 | 2020 Q2 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | $9.803M | -$9.753M | -$26.54M |
YoY Change | -104.59% | -63.25% | -185.3% |
Depreciation, Depletion And Amortization | $83.39M | $82.39M | $89.21M |
YoY Change | -3.87% | -7.65% | -0.41% |
Cash From Operating Activities | $69.99M | -$44.48M | |
YoY Change | -257.37% | ||
INVESTING ACTIVITIES | |||
Capital Expenditures | |||
YoY Change | |||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $409.0K | |
YoY Change | -100.0% | ||
Cash From Investing Activities | $4.549M | $17.85M | |
YoY Change | -74.51% | ||
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | $27.22M | $323.9M | |
YoY Change | -91.6% | ||
Cash From Financing Activities | -$9.534M | $186.2M | |
YoY Change | -105.12% | ||
NET CHANGE | |||
Cash From Operating Activities | $69.99M | -$44.48M | |
Cash From Investing Activities | $4.549M | $17.85M | |
Cash From Financing Activities | -$9.534M | $186.2M | |
Net Change In Cash | $65.01M | $159.6M | |
YoY Change | -59.27% | ||
FREE CASH FLOW | |||
Cash From Operating Activities | $69.99M | -$44.48M | |
Capital Expenditures | |||
Free Cash Flow | |||
YoY Change |
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CY2021Q2 | us-gaap |
Depreciation
Depreciation
|
82391000 | USD |
CY2020Q2 | us-gaap |
Depreciation
Depreciation
|
89212000 | USD |
CY2021Q2 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
4191000 | USD |
CY2020Q2 | us-gaap |
Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
|
3311000 | USD |
CY2021Q2 | ayr |
Amortizationof Lease Incentives Premiumsand Discounts Net
AmortizationofLeaseIncentivesPremiumsandDiscountsNet
|
5325000 | USD |
CY2020Q2 | ayr |
Amortizationof Lease Incentives Premiumsand Discounts Net
AmortizationofLeaseIncentivesPremiumsandDiscountsNet
|
7347000 | USD |
CY2021Q2 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
1850000 | USD |
CY2020Q2 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
5404000 | USD |
CY2021Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
0 | USD |
CY2020Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
28049000 | USD |
CY2021Q2 | ayr |
Proceedsfrom Collectionof Lease Investments
ProceedsfromCollectionofLeaseInvestments
|
3913000 | USD |
CY2020Q2 | ayr |
Proceedsfrom Collectionof Lease Investments
ProceedsfromCollectionofLeaseInvestments
|
5032000 | USD |
CY2021Q2 | ayr |
Security Deposits And Maintenance Payments Included In Earnings Net
SecurityDepositsAndMaintenancePaymentsIncludedInEarningsNet
|
13139000 | USD |
CY2020Q2 | ayr |
Security Deposits And Maintenance Payments Included In Earnings Net
SecurityDepositsAndMaintenancePaymentsIncludedInEarningsNet
|
81634000 | USD |
CY2021Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
9021000 | USD |
CY2020Q2 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
12078000 | USD |
CY2021Q2 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-24000 | USD |
CY2020Q2 | us-gaap |
Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
|
-8000 | USD |
CY2021Q2 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
20583000 | USD |
CY2020Q2 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
77298000 | USD |
CY2021Q2 | us-gaap |
Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
|
6000 | USD |
CY2020Q2 | us-gaap |
Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
|
3307000 | USD |
CY2021Q2 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
290000 | USD |
CY2020Q2 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
715000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-1661000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
46088000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
11651000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
62590000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-3604000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-24059000 | USD |
CY2021Q2 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-2496000 | USD |
CY2020Q2 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-9740000 | USD |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
69990000 | USD |
CY2020Q2 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-44475000 | USD |
CY2021Q2 | us-gaap |
Payments For Flight Equipment
PaymentsForFlightEquipment
|
70834000 | USD |
CY2020Q2 | us-gaap |
Payments For Flight Equipment
PaymentsForFlightEquipment
|
28426000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Sale Of Flight Equipment
ProceedsFromSaleOfFlightEquipment
|
63420000 | USD |
CY2020Q2 | us-gaap |
Proceeds From Sale Of Flight Equipment
ProceedsFromSaleOfFlightEquipment
|
51881000 | USD |
CY2021Q2 | us-gaap |
Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
|
-11963000 | USD |
CY2020Q2 | us-gaap |
Payments For Proceeds From Previous Acquisition
PaymentsForProceedsFromPreviousAcquisition
|
5198000 | USD |
CY2021Q2 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
0 | USD |
CY2020Q2 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
409000 | USD |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
4549000 | USD |
CY2020Q2 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
17848000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
|
0 | USD |
CY2020Q2 | us-gaap |
Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
|
-25536000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
|
0 | USD |
CY2020Q2 | us-gaap |
Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
|
25536000 | USD |
CY2021Q2 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
0 | USD |
CY2020Q2 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
550000000 | USD |
CY2021Q2 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
27224000 | USD |
CY2020Q2 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
323910000 | USD |
CY2021Q2 | us-gaap |
Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
24000 | USD |
CY2020Q2 | us-gaap |
Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
|
8000 | USD |
CY2021Q2 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
4604000 | USD |
CY2020Q2 | us-gaap |
Payments Of Financing Costs
PaymentsOfFinancingCosts
|
0 | USD |
CY2021Q2 | ayr |
Security Depositsand Maintenance Payments Received Financing Activities
SecurityDepositsandMaintenancePaymentsReceivedFinancingActivities
|
22793000 | USD |
CY2020Q2 | ayr |
Security Depositsand Maintenance Payments Received Financing Activities
SecurityDepositsandMaintenancePaymentsReceivedFinancingActivities
|
15318000 | USD |
CY2021Q2 | ayr |
Security Depositsand Maintenance Payments Returned Financing Activities
SecurityDepositsandMaintenancePaymentsReturnedFinancingActivities
|
475000 | USD |
CY2020Q2 | ayr |
Security Depositsand Maintenance Payments Returned Financing Activities
SecurityDepositsandMaintenancePaymentsReturnedFinancingActivities
|
31140000 | USD |
CY2021Q2 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
0 | USD |
CY2020Q2 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
24025000 | USD |
CY2021Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-9534000 | USD |
CY2020Q2 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
186235000 | USD |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
65005000 | USD |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
159608000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
580598000 | USD |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
171437000 | USD |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
645603000 | USD |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
331045000 | USD |
CY2021Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
642910000 | USD |
CY2020Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
325691000 | USD |
CY2021Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
2693000 | USD |
CY2020Q2 | us-gaap |
Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
|
5354000 | USD |
CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2036189000 | USD |
CY2020Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
28049000 | USD |
CY2021Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
645603000 | USD |
CY2020Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
331045000 | USD |
CY2021Q2 | us-gaap |
Interest Paid Net
InterestPaidNet
|
44948000 | USD |
CY2020Q2 | us-gaap |
Interest Paid Net
InterestPaidNet
|
74457000 | USD |
CY2021Q2 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
891000 | USD |
CY2020Q2 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
159000 | USD |
CY2021Q2 | ayr |
Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Assumedin Acquisitionof Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsAssumedinAcquisitionofFlightEquipment
|
0 | USD |
CY2020Q2 | ayr |
Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Assumedin Acquisitionof Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsAssumedinAcquisitionofFlightEquipment
|
29869000 | USD |
CY2021Q2 | ayr |
Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Settled In Sale Of Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsSettledInSaleOfFlightEquipment
|
12138000 | USD |
CY2020Q2 | ayr |
Advance Lease Rentals Security Deposits Maintenance Payments Other Liabilitiesand Other Assets Settled In Sale Of Flight Equipment
AdvanceLeaseRentalsSecurityDepositsMaintenancePaymentsOtherLiabilitiesandOtherAssetsSettledInSaleOfFlightEquipment
|
252000 | USD |
CY2021Q2 | us-gaap |
Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
|
3554000 | USD |
CY2020Q2 | us-gaap |
Property Plant And Equipment Transfers And Changes
PropertyPlantAndEquipmentTransfersAndChanges
|
81600000 | USD |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1731070000 | USD |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9753000 | USD |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-9753000 | USD |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1721317000 | USD |
CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-26539000 | USD |
CY2020Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-26539000 | USD |
CY2020Q1 | ayr |
Paymentsfor Unvestedequitybasedinstrumentson Merger Date
PaymentsforUnvestedequitybasedinstrumentsonMergerDate
|
25536000 | USD |
CY2020Q2 | 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 |
CY2020Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
2037699000 | USD |
CY2021Q2 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | segment |
CY2021Q2 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">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> | |
CY2020Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | USD |
CY2021Q2 | us-gaap |
Revenue Recognition Leases
RevenueRecognitionLeases
|
<div style="margin-bottom:9pt;margin-top:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:700;line-height:120%">COVID-19 Pandemic</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">COVID-19 has had an unprecedented negative impact on the aviation sector, resulting in a dramatic slowdown in air traffic. While there have been some improvements in certain markets recently, according to IATA, as of May 31, 2021, air travel was still down to approximately 37% of normal levels and a full recovery to pre-pandemic levels is not expected for several years. Substantially all the world’s airlines have experienced financial difficulties and liquidity challenges, including many of our customers. While we believe long-term demand for air travel will return to historical trends over time, the near-term impacts of COVID-19’s economic shock are material; the extent and duration of those impacts cannot currently be determined.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">As the airline industry begins to recover, airlines continue to seek support from their respective governments, raise debt and equity, delay or cancel new aircraft orders, furlough employees, request concessions from lessors, and in certain cases, seek judicial protection. As of July 9, 2021, we have agreed to $111,720 in total deferrals of lease payments with twenty-two customers. These deferrals have been granted for an average of six to nine months of lease rentals and represent 19% of Lease rental and Direct financing and sales-type lease revenues for the twelve months ended May 31, 2021. Of the total deferrals, $89,400 is included in Accounts receivable or Other assets as of May 31, 2021, with the balance representing future lease payments. Approximately 76% of our total deferrals as of July 9, 2021, have been agreed to as part of broader lease restructurings. These generally include term extensions, better security packages, or other valuable consideration in exchange for near-term economic concessions. Some have repayment terms that extend beyond twelve months and in a limited number of situations, we have agreed to broader lease restructurings that do not include the full repayment of all of lease payments.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10.5pt;font-weight:400;line-height:120%">If air traffic remains depressed and if our customers are unable to obtain sufficient funds from private, governmental or other sources, we may need to grant additional deferrals to some of our customers or extend the period of repayment for deferrals we have already made. We may ultimately not be able to collect all the amounts we have deferred.</span></div>As of July 9, 2021, six of our customers are subject to judicial insolvency proceedings or similar protection. These customers lease 22 aircraft, which represent 13% of our net book value of flight equipment (including Flight equipment held for lease and Net investment in leases, or “net book value”) and 11% of our Lease rental and direct financing and sales-type lease revenue as of and for the twelve months ended May 31, 2021. LATAM, our second largest customer, is included in this group and represents 8% of our net book value of flight equipment and 7% of our Lease rental revenue as of and for the twelve months ended May 31, 2021. We are actively engaged in these judicial proceedings to protect our economic interests. However, the outcome of these proceedings is uncertain and could result in these customers negotiating reductions in aircraft lease rentals, rejecting their leases or taking other actions that could adversely impact us or the value of our aircraft. Based on historic experience, the judicial process can take up to twelve to eighteen months to be resolved. As a result of these proceedings, the recognition of lease rental revenue for certain customers may be done on a cash basis of accounting rather than the accrual method depending on the customers’ lease security arrangements. | |
CY2021Q2 | ayr |
Iat Aestimatedpercentageofnormalairtraffic
IATAestimatedpercentageofnormalairtraffic
|
0.37 | |
CY2021 | ayr |
Numberof Aircrafts Leasedto Bankrupt Customers
NumberofAircraftsLeasedtoBankruptCustomers
|
22 | aircraft |
CY2021Q2 | ayr |
Percentage Of Fleet Having Floating Rate Lease Rentals
PercentageOfFleetHavingFloatingRateLeaseRentals
|
0.01 | |
CY2021Q2 | ayr |
Percentage Of Interest Expense Derived From Floating Rate Debt
PercentageOfInterestExpenseDerivedFromFloatingRateDebt
|
0.05 | |
CY2020Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | USD |
CY2021Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | USD |
CY2021Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | USD |
CY2021Q2 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | USD |
CY2020Q3 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
|
0 | USD |
CY2021Q2 | us-gaap |
Asset Impairment Charges
AssetImpairmentCharges
|
20583000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
|
445308000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
|
566477000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
|
506285000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable In Four Years
OperatingLeasesFutureMinimumPaymentsReceivableInFourYears
|
377617000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable In Five Years
OperatingLeasesFutureMinimumPaymentsReceivableInFiveYears
|
233328000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
|
523563000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Receivable
OperatingLeasesFutureMinimumPaymentsReceivable
|
2652578000 | USD |
CY2021Q2 | ayr |
Numberof Offlease Aircraft Marketedfor Lease
NumberofOffleaseAircraftMarketedforLease
|
17 | aircraft |
CY2021Q1 | ayr |
Numberof Offlease Aircraft Marketedfor Leaseor Sale
NumberofOffleaseAircraftMarketedforLeaseorSale
|
16 | aircraft |
CY2021Q2 | us-gaap |
Property Subject To Or Available For Operating Lease Number Of Units
PropertySubjectToOrAvailableForOperatingLeaseNumberOfUnits
|
250 | aircraft |
CY2021Q1 | us-gaap |
Property Subject To Or Available For Operating Lease Number Of Units
PropertySubjectToOrAvailableForOperatingLeaseNumberOfUnits
|
252 | aircraft |
CY2021Q2 | us-gaap |
Capital Leased Assets Number Of Units
CapitalLeasedAssetsNumberOfUnits
|
15 | aircraft |
CY2021Q1 | us-gaap |
Capital Leased Assets Number Of Units
CapitalLeasedAssetsNumberOfUnits
|
15 | aircraft |
CY2021Q2 | us-gaap |
Capital Leases Net Investment In Direct Financing Leases Unguaranteed Residual Values Of Leased Property
CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty
|
131006000 | USD |
CY2021Q1 | us-gaap |
Capital Leases Net Investment In Direct Financing Leases Unguaranteed Residual Values Of Leased Property
CapitalLeasesNetInvestmentInDirectFinancingLeasesUnguaranteedResidualValuesOfLeasedProperty
|
129165000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Net Investment In Direct Financing Leases Minimum Payments To Be Received
CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived
|
61321000 | USD |
CY2021Q1 | us-gaap |
Capital Leases Net Investment In Direct Financing Leases Minimum Payments To Be Received
CapitalLeasesNetInvestmentInDirectFinancingLeasesMinimumPaymentsToBeReceived
|
67075000 | USD |
CY2021Q2 | ayr |
Capital Leases Investment In Direct Financing And Sales Type Leasesbefore Allowance
CapitalLeasesInvestmentInDirectFinancingAndSalesTypeLeasesbeforeAllowance
|
192327000 | USD |
CY2021Q1 | ayr |
Capital Leases Investment In Direct Financing And Sales Type Leasesbefore Allowance
CapitalLeasesInvestmentInDirectFinancingAndSalesTypeLeasesbeforeAllowance
|
196240000 | USD |
CY2021Q2 | us-gaap |
Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
|
870000 | USD |
CY2021Q1 | us-gaap |
Allowance For Notes And Loans Receivable Current
AllowanceForNotesAndLoansReceivableCurrent
|
864000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Net Investment In Direct Financing And Sales Type Leases
CapitalLeasesNetInvestmentInDirectFinancingAndSalesTypeLeases
|
191457000 | USD |
CY2021Q1 | us-gaap |
Capital Leases Net Investment In Direct Financing And Sales Type Leases
CapitalLeasesNetInvestmentInDirectFinancingAndSalesTypeLeases
|
195376000 | USD |
CY2021Q1 | us-gaap |
Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
|
864000 | USD |
CY2021Q2 | us-gaap |
Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
|
6000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable In Three Years
CapitalLeasesFutureMinimumPaymentsReceivableInThreeYears
|
12568000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable In Four Years
CapitalLeasesFutureMinimumPaymentsReceivableInFourYears
|
6989000 | USD |
CY2021Q2 | us-gaap |
Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
|
870000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable Remainder Of Fiscal Year
CapitalLeasesFutureMinimumPaymentsReceivableRemainderOfFiscalYear
|
17073000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable In Two Years
CapitalLeasesFutureMinimumPaymentsReceivableInTwoYears
|
13470000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable In Five Years
CapitalLeasesFutureMinimumPaymentsReceivableInFiveYears
|
6060000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable Due Thereafter
CapitalLeasesFutureMinimumPaymentsReceivableDueThereafter
|
15414000 | USD |
CY2021Q2 | us-gaap |
Capital Leases Future Minimum Payments Receivable
CapitalLeasesFutureMinimumPaymentsReceivable
|
71574000 | USD |
CY2021Q2 | us-gaap |
Sales Type And Direct Financing Leases Lease Receivable Undiscounted Excess Amount
SalesTypeAndDirectFinancingLeasesLeaseReceivableUndiscountedExcessAmount
|
61321000 | USD |
CY2021Q2 | ayr |
Differencebetweenthe Present Valueand Undiscounted Sales Typeand Direct Financing Lease Receivable
DifferencebetweenthePresentValueandUndiscountedSalesTypeandDirectFinancingLeaseReceivable
|
10253000 | USD |
CY2021Q1 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
35377000 | USD |
CY2021Q2 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
287000 | USD |
CY2021Q2 | us-gaap |
Equity Method Investments
EquityMethodInvestments
|
35664000 | USD |
CY2021Q2 | us-gaap |
Secured Debt
SecuredDebt
|
742214000 | USD |
CY2021Q2 | ayr |
Numberof Aircraft Financed
NumberofAircraftFinanced
|
32 | aircraft |
CY2021Q1 | us-gaap |
Secured Debt
SecuredDebt
|
768850000 | USD |
CY2021Q2 | us-gaap |
Unsecured Debt
UnsecuredDebt
|
4365260000 | USD |
CY2021Q1 | us-gaap |
Unsecured Debt
UnsecuredDebt
|
4366261000 | USD |
CY2021Q2 | us-gaap |
Long Term Debt
LongTermDebt
|
5107474000 | USD |
CY2021Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
5135111000 | USD |
CY2021Q2 | us-gaap |
Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
|
1380000000 | USD |
CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
|
3711000 | USD |
CY2020Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
|
4046000 | USD |
CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
|
-22043000 | USD |
CY2020Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
|
-31867000 | USD |
CY2021Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-18332000 | USD |
CY2020Q2 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
|
-27821000 | USD |
CY2021Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.452 | |
CY2020Q2 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.020 | |
CY2021Q2 | ayr |
Interest Expense Debt Settlement Of Derivatives And Other Liabilities
InterestExpenseDebtSettlementOfDerivativesAndOtherLiabilities
|
54033000 | USD |
CY2020Q2 | ayr |
Interest Expense Debt Settlement Of Derivatives And Other Liabilities
InterestExpenseDebtSettlementOfDerivativesAndOtherLiabilities
|
55739000 | USD |
CY2021Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
4191000 | USD |
CY2020Q2 | us-gaap |
Amortization Of Financing Costs
AmortizationOfFinancingCosts
|
3311000 | USD |
CY2021Q2 | us-gaap |
Interest Expense
InterestExpense
|
58224000 | USD |
CY2020Q2 | us-gaap |
Interest Expense
InterestExpense
|
59050000 | USD |
CY2021Q2 | us-gaap |
Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
|
35000 | USD |
CY2020Q2 | us-gaap |
Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
|
324000 | USD |
CY2021Q2 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
152000 | USD |
CY2020Q2 | us-gaap |
Interest Costs Capitalized
InterestCostsCapitalized
|
0 | USD |
CY2021Q2 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-58037000 | USD |
CY2020Q2 | us-gaap |
Interest Income Expense Net
InterestIncomeExpenseNet
|
-58726000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
|
413000 | USD |
CY2020Q2 | us-gaap |
Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
|
411000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
1446000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
1789000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
1721000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
1752000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
1783000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
4387000 | USD |
CY2021Q2 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
12878000 | USD |
CY2021Q2 | us-gaap |
Unrecorded Unconditional Purchase Obligation Minimum Quantity Required
UnrecordedUnconditionalPurchaseObligationMinimumQuantityRequired
|
23 | aircraft |
CY2021Q2 | us-gaap |
Purchase Obligation
PurchaseObligation
|
779372000 | USD |
CY2021Q2 | us-gaap |
Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
|
134520000 | USD |
CY2021Q2 | us-gaap |
Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
|
360828000 | USD |
CY2021Q2 | us-gaap |
Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
|
132699000 | USD |
CY2021Q2 | us-gaap |
Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
|
39404000 | USD |
CY2021Q2 | us-gaap |
Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
|
111921000 | USD |
CY2021Q2 | ayr |
Purchase Obligation To Be Paid After Year Four
PurchaseObligationToBePaidAfterYearFour
|
0 | USD |
CY2021Q2 | us-gaap |
Purchase Obligation
PurchaseObligation
|
779372000 | USD |
CY2021Q2 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
602000 | USD |
CY2021Q1 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
637000 | USD |
CY2021Q2 | ayr |
Lease Incentives And Lease Premiums Net
LeaseIncentivesAndLeasePremiumsNet
|
67471000 | USD |
CY2021Q1 | ayr |
Lease Incentives And Lease Premiums Net
LeaseIncentivesAndLeasePremiumsNet
|
75169000 | USD |
CY2021Q2 | us-gaap |
Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
|
53618000 | USD |
CY2021Q1 | us-gaap |
Disposal Group Including Discontinued Operation Property Plant And Equipment
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
|
53289000 | USD |
CY2021Q2 | us-gaap |
Deposits On Flight Equipment
DepositsOnFlightEquipment
|
41279000 | USD |
CY2021Q1 | us-gaap |
Deposits On Flight Equipment
DepositsOnFlightEquipment
|
52092000 | USD |
CY2021Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
7769000 | USD |
CY2021Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
8056000 | USD |
CY2021Q2 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
75287000 | USD |
CY2021Q1 | us-gaap |
Deferred Rent Receivables Net
DeferredRentReceivablesNet
|
69103000 | USD |
CY2021Q2 | us-gaap |
Other Assets Miscellaneous
OtherAssetsMiscellaneous
|
71639000 | USD |
CY2021Q1 | us-gaap |
Other Assets Miscellaneous
OtherAssetsMiscellaneous
|
53598000 | USD |
CY2021Q2 | us-gaap |
Other Assets
OtherAssets
|
317665000 | USD |
CY2021Q1 | us-gaap |
Other Assets
OtherAssets
|
311944000 | USD |
CY2021Q2 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
30186000 | USD |
CY2021Q1 | us-gaap |
Accounts Payable And Other Accrued Liabilities
AccountsPayableAndOtherAccruedLiabilities
|
43088000 | USD |
CY2021Q2 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
76939000 | USD |
CY2021Q1 | us-gaap |
Deferred Tax Liabilities
DeferredTaxLiabilities
|
75124000 | USD |
CY2021Q2 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
52904000 | USD |
CY2021Q1 | us-gaap |
Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
|
43676000 | USD |
CY2021Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
10636000 | USD |
CY2021Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
11003000 | USD |
CY2021Q2 | us-gaap |
Deferred Revenue Leases Net
DeferredRevenueLeasesNet
|
1145000 | USD |
CY2021Q1 | us-gaap |
Deferred Revenue Leases Net
DeferredRevenueLeasesNet
|
1376000 | USD |
CY2021Q2 | us-gaap |
Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
171810000 | USD |
CY2021Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
|
174267000 | USD |