Lease Rental Revenues

12 Months Ended

Feb. 28, 2023

Leases [Abstract]

Lease Rental Revenues

Lease Rental Revenues

Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at February 28, 2023 were as follows:

Year Ended February 28/29,	Amount(1)
2024	$	591,755
2025	509,891
2026	394,826
2027	335,740
2028	269,593
Thereafter	770,670
Total	$	2,872,475

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(1)Reflects impact of lessee lease rental deferrals.

At February 28, 2023 and 2022, the amounts of lease incentive liabilities recorded in maintenance payments on the consolidated balance sheets were $22.4 million and $16.5 million, respectively.

Net Investment in Leases, Net

At February 28, 2023 and 2022, our net investment in leases consisted of 4 and 11 aircraft, respectively. The components of our net investment in leases at February 28, 2023 and 2022 were as follows:

	February 28,
	2023		2022
Lease receivable	$	31,674	$	52,021
Unguaranteed residual value of flight equipment	37,287		100,068
Net investment in leases	68,961		152,089
Allowance for credit losses	(1,267)		(1,764)
Net investment in leases, net	$	67,694	$	150,325

The activity in the allowance for credit losses related to our net investment in leases for the years ended February 28, 2023 and 2022 was as follows:

	Amount
Balance at February 28, 2021	$	864
Provision for credit losses	930
Write-offs	(30)
Balance at February 28, 2022	1,764
Provision for credit losses	1,507
Write-offs	(2,004)
Balance at February 28, 2023	$	1,267

During the year ended February 28, 2023, we wrote off allowance for credit losses totaling $2.0 million related to the sale of 3 aircraft and scheduled lease expirations of 2 aircraft that were classified as net investment in leases.

As of February 28, 2023, future lease payments on net investment in leases are as follows:

Year Ending February 28/29,	Amount
2024	$	5,901
2025	6,912
2026	6,613
2027	6,750
2028	6,540
Thereafter	5,382
Total lease payments to be received	38,098
Present value of lease payments - lease receivable	(31,674)
Difference between undiscounted lease payments and lease receivable	$	6,424