Reportable Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Reportable Segments

Reportable Segments

The Company has two reportable business segments: (i) Leasing and Related Operations which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines and other aircraft equipment and the selective purchase and resale of commercial aircraft engines and other aircraft equipment and other related businesses and (ii) Spare Parts Sales which involves the purchase and resale of after-market engine parts, whole engines, engine modules and portable aircraft components.

The Company evaluates the performance of each of the segments based on profit or loss after general and administrative expenses. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies.

The following tables present a summary of the reportable segments (in thousands):

For the year ended December 31, 2020	Leasing and Related Operations		Spare Parts Sales		Eliminations (1)		Total
Revenue:
Lease rent revenue	$	142,895	$	—	$	—	$	142,895
Maintenance reserve revenue	105,365		—		—		105,365
Spare parts and equipment sales	1,514		17,514		(403)		18,625
Gain on sale of leased equipment	3,391		—		—		3,391
Other revenue	18,404		327		(315)		18,416
Total revenue	271,569		17,841		(718)		288,692
Expenses:
Depreciation and amortization expense	94,442		99		—		94,541
Cost of spare parts and equipment sales	156		16,606		—		16,762
Write-down of equipment	20,540		—		—		20,540
General and administrative	63,993		3,514		403		67,910
Technical expense	6,533		—		—		6,533
Net finance costs:
Interest expense	63,024		—		—		63,024
Loss on debt extinguishment	4,688		—		—		4,688
Total finance costs	67,712		—		—		67,712
Total expenses	253,376		20,219		403		273,998
Earnings (loss) from operations	$	18,193	$	(2,378)	$	(1,121)	$	14,694

For the Year ended December 31, 2019	Leasing and Related Operations		Spare Parts Sales		Eliminations (1)		Total
Revenue:
Lease rent revenue	$	190,690	$	—	$	—	$	190,690
Maintenance reserve revenue	108,998		—		—		108,998
Spare parts and equipment sales	18,684		55,967		—		74,651
Gain on sale of leased equipment	20,044		—		—		20,044
Other revenue	14,738		277		(238)		14,777
Total revenue	353,154		56,244		(238)		409,160
Expenses:
Depreciation and amortization expense	86,159		77		—		86,236
Cost of spare parts and equipment sales	15,241		47,406		—		62,647
Write-down of equipment	18,220		—		—		18,220
General and administrative	81,302		5,221		—		86,523
Technical expense	8,122		—		—		8,122
Net finance costs:
Interest expense	66,889		—		—		66,889
Loss on debt extinguishment	220						220
Total finance costs	67,109		—		—		67,109
Total expenses	276,153		52,704		—		328,857
Earnings from operations	$	77,001	$	3,540	$	(238)	$	80,303

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(1)    Represents revenue generated between our operating segments.

	Leasing and Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of December 31, 2020	$	2,312,172	$	52,776	$	—	$	2,364,948
Total assets as of December 31, 2019	$	1,898,313	$	42,295	$	—	$	1,940,608