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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
2 Months Ended 12 Months Ended
Feb. 29, 2020
Feb. 28, 2022
Feb. 28, 2021
Dec. 31, 2019
Cash flows from operating activities:        
Net income $ 3,659 $ (278,209) $ (333,168) $ 156,575
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation 59,853 337,528 347,517 356,021
Amortization of deferred financing costs 2,446 16,267 14,791 14,578
Amortization of lease premiums, discounts and incentives 3,669 20,190 22,842 22,636
Deferred income taxes 1,453 (9,386) 6,506 20,223
Non-cash share-based payment expense 10,678 0 28,049 15,830
Cash flow hedges reclassified into earnings 0 0 0 184
Sales-type and Direct Financing Leases, Profit (Loss) (5,658) (14,297) (16,859) (25,842)
Security deposits and maintenance payments included in earnings (47,293) (123,969) (135,115) (49,029)
Gain on the sale of flight equipment (15,354) (26,001) (33,536) (45,532)
Gain (Loss) on Extinguishment of Debt 3,955 14,156 2,640 7,577
Impairment of flight equipment 62,657 452,250 425,579 7,404
Provision for Loan and Lease Losses 288 930 5,258 0
Other (402) (3,043) (2,305) 206
Changes on certain assets and liabilities:        
Accounts receivable (6,377) 16,948 (57,292) (13,162)
Other assets 5,786 (29,963) (66,290) 2,594
Accounts payable, accrued expenses and other liabilities 10,205 (5,716) (13,655) (5,483)
Lease rentals received in advance 143 (23,414) (53,658) 19,954
Net Cash and Restricted Cash Provided by (Used in) Operating Activities 101,024 372,865 175,022 536,418
Cash flows from investing activities:        
Acquisition and improvement of flight equipment (23,035) (795,426) (145,589) (1,172,370)
Proceeds from sale of flight equipment 103,679 210,718 180,342 361,747
Aircraft purchase deposits and progress payments, net of returned deposits and aircraft sales deposits (4,614) (202) (13,024) 760
Unconsolidated equity method investment and associated costs 0 0 0 (15,175)
Distributions from unconsolidated equity method investment in excess of earnings 0 104 419 36,750
Other (56) (1,694) (676) 4,259
Net cash and restricted cash provided by (used in) investing activities 75,974 (586,500) 21,472 (784,029)
Cash flows from financing activities:        
Payments for Repurchase of Equity (2,370) 0 (25,536) (36,739)
Proceeds from Contributions from Parent 0 0 25,536 0
Proceeds from Issuance of Preferred Stock and Preference Stock 0 392,997 0 0
Proceeds from secured and unsecured debt financings 100,000 20,000 1,932,943 2,116,848
Repayments of secured and unsecured debt financings (268,799) (646,943) (1,697,662) (1,817,558)
Deferred financing costs 0 (5,339) (12,832) (13,800)
Payment for Debt Extinguishment or Debt Prepayment Cost (2,685) (13,372) (1,524) (7,183)
Security deposits and maintenance payments received 29,806 88,891 87,510 202,833
Security deposits and maintenance payments returned (16,956) (26,857) (71,743) (117,872)
Dividends paid 0 (5,658) (24,025) (91,328)
Net cash and restricted cash provided by (used in) financing activities (161,004) (196,281) 212,667 235,201
Net (decrease) increase in cash and restricted cash 15,994 (409,916) 409,161 (12,410)
Cash and restricted cash at beginning of year 155,443 580,598 171,437 167,853
Cash and restricted cash at end of year 171,437 170,682 580,598 155,443
Cash and Cash Equivalents, at Carrying Value 166,083 167,891 578,004 140,882
Restricted Cash and Cash Equivalents 5,354 2,791 2,594 14,561
Supplemental disclosures of cash flow information:        
Cash paid during the year for interest 21,487 200,922 241,011 246,026
Cash paid (received) during the year for income taxes (15) 240 1,469 (656)
Supplemental disclosures of non-cash investing activities:        
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment 7,873 12,391 70,716 90,397
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions 16,693 21,764 29,869 31,958
Transfers from Flight equipment held for lease to Net investment in direct financing and sales-type leases and Other assets $ 31,821 $ 57,489 $ 90,352 $ 104,838