0001140361-22-042077 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 14, 2022
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FTAI AVIATION LTD.
Entity Central Index Key	0001590364
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, Address Line Two	45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,664,223
Ordinary shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NASDAQ
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIP
Security Exchange Name	NASDAQ
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIO
Security Exchange Name	NASDAQ
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIN
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 15,597	$ 2,158
Accounts receivable, net	82,877	121,257
Leasing equipment, net	1,559,575	1,714,136
Finance leases, net	7,094	7,583
Investments	22,280	22,917
Intangible assets, net	29,416	30,962
Inventory, net	160,019	100,308
Other assets	141,294	97,531
Total assets	2,018,152	2,096,852
Liabilities
Accounts payable and accrued liabilities	26,982	32,058
Management fees payable to affiliate	46,095	43,477
Loans payable to affiliate	27,090	25,181
Maintenance deposits	51,430	106,164
Security deposits	25,905	38,639
Other liabilities	47,383	31,274
Total liabilities	224,885	276,793
Commitments and contingencies
Equity
Ordinary shares ($1.00 par value per share; 50,000 shares authorized; 105.2 and 100.0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	0	0
Additional paid in capital	1,087,534	1,139,628
Retained earnings	705,733	680,431
Total equity	1,793,267	1,820,059
Total liabilities and equity	$ 2,018,152	$ 2,096,852

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS [Abstract]
Ordinary shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares, shares authorized (in shares)	50,000	50,000
Ordinary shares, shares issued (in shares)	105.2	100
Ordinary shares, shares outstanding (in shares)	105.2	100

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Expenses
Operating expenses	14,612	10,130	83,651	20,641
Cost of sales	95,948	5,367	120,139	8,577
General and administrative	3,354	2,862	9,125	7,166
Acquisition and transaction expenses	2,848	1,132	5,449	3,710
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
Depreciation and amortization	32,877	34,825	106,567	102,194
Asset impairment	4,495	859	128,171	3,048
Interest expense	644	584	1,910	1,734
Total expenses	155,317	57,875	459,704	154,097
Other income (expense)
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Gain on sale of assets, net	0	12,685	79,933	17,467
Other income (expense)	42	(1,341)	245	(717)
Total other income (expense)	(316)	10,975	80,053	15,700
Income before income taxes	62,616	47,038	32,554	90,085
Provision for income taxes	3,818	500	7,252	1,037
Net income attributable to shareholders	$ 58,798	$ 46,538	$ 25,302	$ 89,048
Earnings per share:
Basic (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48
Diluted (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48
Weighted average shares outstanding:
Basic (in shares)	105.2	100	103.5	100
Diluted (in shares)	105.2	100	103.5	100

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Additional Paid In Capital	Retained Earnings	Total
Beginning balance at Dec. 31, 2020	$ 897,089	$ 550,560	$ 1,447,649
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	42,510	42,510
Capital contributions	140,273	0	140,273
Capital distributions	(88,159)	0	(88,159)
Ending balance at Jun. 30, 2021	949,203	593,070	1,542,273
Beginning balance at Dec. 31, 2020	897,089	550,560	1,447,649
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)			89,048
Ending balance at Sep. 30, 2021	1,001,591	639,608	1,641,199
Beginning balance at Jun. 30, 2021	949,203	593,070	1,542,273
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	46,538	46,538
Capital contributions	109,191	0	109,191
Capital distributions	(56,803)	0	(56,803)
Ending balance at Sep. 30, 2021	1,001,591	639,608	1,641,199
Beginning balance at Dec. 31, 2021	1,139,628	680,431	1,820,059
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	(33,496)	(33,496)
Capital contributions	230,766	0	230,766
Capital distributions	(104,821)	0	(104,821)
Ending balance at Jun. 30, 2022	1,265,573	646,935	1,912,508
Beginning balance at Dec. 31, 2021	1,139,628	680,431	1,820,059
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)			25,302
Ending balance at Sep. 30, 2022	1,087,534	705,733	1,793,267
Beginning balance at Jun. 30, 2022	1,265,573	646,935	1,912,508
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	58,798	58,798
Capital contributions	11,365	0	11,365
Capital distributions	(189,404)	0	(189,404)
Ending balance at Sep. 30, 2022	$ 1,087,534	$ 705,733	$ 1,793,267

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 58,798	$ 46,538	$ (33,496)	$ 42,510	$ 25,302	$ 89,048
Adjustments to reconcile net income to cash provided by operating activities:
Equity in losses of unconsolidated entities					125	1,050
Gain on sale of assets, net					(106,169)	(17,467)
Security deposits and maintenance claims included in earnings					(31,558)	(30,866)
Depreciation and amortization	32,877	34,825			106,567	102,194
Payment-in-kind interest					1,910	1,734
Asset impairment	4,495	859			128,171	3,048
Change in deferred income taxes					6,614	(23)
Amortization of lease intangibles and incentives					30,315	21,348
Provision for credit losses					47,128	821
Change in:
Accounts receivable, net					(25,933)	(38,575)
Inventory, net					(11,041)	(11,918)
Other assets					(1,211)	972
Accounts payable and accrued liabilities					(19,659)	(3,677)
Management fees payable to affiliate					2,618	15,692
Other liabilities					(1,875)	(1,553)
Net cash provided by operating activities					151,304	131,828
Cash flows from investing activities:
Distribution from unconsolidated entities					512	0
Principal collections on finance leases					2,165	1,707
Acquisition of leasing equipment					(360,642)	(298,912)
Acquisition of property, plant and equipment					(949)	(1,121)
Acquisition of lease intangibles					(6,542)	(7,403)
Purchase deposits for aircraft and engines					(28,621)	(13,790)
Proceeds from sale of leasing equipment					262,096	78,463
Proceeds from deposit of sale of aircraft and engines					7,801	600
Return of purchase deposits					0	1,010
Net cash used in investing activities					(124,180)	(239,446)
Cash flows from financing activities:
Receipt of security deposits					2,636	1,390
Return of security deposits					(935)	(1,034)
Receipt of maintenance deposits					37,586	23,075
Release of maintenance deposits					(878)	(19,615)
Capital contributions from Parent					242,131	249,464
Capital distributions to Parent					(294,225)	(144,962)
Net cash (used in) provided by financing activities					(13,685)	108,318
Net increase in cash and cash equivalents					13,439	700
Cash and cash equivalents, beginning of period			$ 2,158	$ 1,388	2,158	1,388	$ 1,388
Cash and cash equivalents, end of period	$ 15,597	$ 2,088			15,597	2,088	$ 2,158
Supplemental disclosure of non-cash investing and financing activities:
Acquisition and transfers of leasing equipment					124,932	66,988
Assumed and settled security deposits					(12,161)	(1,909)
Assumed and settled maintenance deposits					$ (73,136)	$ (30,302)

BACKGROUND AND BASIS OF PRESENTATION	9 Months Ended
BACKGROUND AND BASIS OF PRESENTATION	Sep. 30, 2022
BACKGROUND AND BASIS OF PRESENTATION [Abstract]
BACKGROUND AND BASIS OF PRESENTATION	1. BACKGROUND AND BASIS OF PRESENTATION Background FTAI Aviation Ltd. (“we”, “us”, “our” or the “Company and formerly FTAI Finance Holdco Ltd.”) is a Cayman Islands exempted company which, through its subsidiaries, owns and leases aviation equipment. The Company was incorporated on December 8, 2017 and as of September 30, 2022, was wholly owned by Fortress Transportation and Infrastructure Investors LLC (the “Parent”). On November 10, 2022, pursuant to the Agreement and Plan of Merger dated August 12, 2022, by and among the Company, the Parent, and FTAI Aviation Merger Sub LLC, the Parent became a wholly-owned subsidiary of the Company. In connection with the consummation of the merger, the Company’s corporate name was changed to FTAI Aviation Ltd., and the Company replaced the Parent as the publicly traded company. We consist of an equipment leasing business that owns and leases aviation equipment and also develops, manufactures, repairs and sells aftermarket components for aircraft engines. We have two reportable segments, (i) Aviation Leasing and (ii) Aerospace Products (see Note 12). During the third quarter of 2021, the Parent announced its plan to spin off its infrastructure business and separate into two distinct, publicly traded companies (the ‘‘Separation’’) comprising the infrastructure business and the equipment leasing business. As part of a restructuring for the Separation, the Company, the Parent and its subsidiaries completed a series of transactions which included the contribution of remaining interests in aviation legal entities to the Company. As a result, on March 31, 2022 the Company acquired a 100% interest in FTAI CHR JV Holdings LLC, a subsidiary that owns a 25% ownership interest in the Advanced Engine Repair JV, and a 100% interest in WWTAI Aviation LLC, a subsidiary that owns aviation assets. The Parent completed the spin-off of its infrastructure business into an independent publicly traded company on August 1, 2022. Basis of Presentation The accompanying consolidated financial statements were prepared on a standalone legal entity basis. These financial statements reflect the consolidated historical results of operations, financial position and cash flows of FTAI Aviation Ltd. in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The transfer of a business between entities under common control that result in a change in reporting entity require retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. The transfer of remaining aviation legal entities, as described above, represents a transfer of a business under a common control transaction which has been recorded at carrying value and accounted for retrospectively for all periods presented. Historically, separate financial statements have not been prepared for the Company and it has not operated as a standalone business separate from the Parent. The accompanying consolidated financial statements have been prepared from Parent’s historical accounting records and are presented on a standalone basis as if the operations had been conducted independently from Parent. The historical results of operations, financial position, and cash flows of FTAI Aviation Ltd. represented in the consolidated financial statements may not be indicative of what they would have been had the Company actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. The assets and liabilities in the consolidated financial statements have been reflected on a historical cost basis. Corporate Function The consolidated financial statements include all revenues and costs directly attributable to FTAI Aviation Ltd. and an allocation of certain expenses. The Parent is externally managed by Fortress Investment Group LLC (the ‘‘Manager’’), which performs the Parent’s corporate function (‘‘Corporate’’), and incurs a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Consolidated Statements of Operations, an allocation of these expenses is included to reflect our portion of such corporate overhead from the Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on the Company. These allocated costs are recorded in General and administrative, and Acquisition and transaction expenses in the Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Parent’s corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Aviation Ltd. operated as an independent, standalone public entity, nor are they indicative of FTAI Aviation Ltd.’s future expenses. Actual costs that may have been incurred if we had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Parent funded our operating and investing activities as needed. Cash transfers to and from the Parent are reflected in the Consolidated Statements of Cash Flows as ‘‘Capital contributions from Parent” and “Capital distributions to Parent”. Refer to Note 11 for additional discussion on corporate costs allocated from the Parent that are included in these consolidated financial statements. Unaudited interim financial information The accompanying interim consolidated balance sheet as of September 30, 2022, the consolidated statements of operations, changes in equity and cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP. In the opinion of our management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments necessary for the fair statement of our financial position as of September 30, 2022, the results of operations, changes in equity and cash flows for the nine months ended September 30, 2022 and 2021. The results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other period.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include both our accounts and those of our subsidiaries.

Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions. All intercompany transactions and balances have been eliminated.

We use the equity method of accounting for investments in entities in which we exercise significant influence, but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities.

Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Parent. Actual results could differ from those estimates.

Risks and Uncertainties—In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee or customer to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing and customer arrangements are denominated in U.S. dollars.

Cash and Cash Equivalents—We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Inventory, net—We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory, net is carried at the lower of cost or net realizable value on our Consolidated Balance Sheets.

Property, Plant and Equipment, Leasing Equipment and Depreciation—Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset	Range of Estimated Useful Lives	Residual Value Estimates
Aircraft	25 years from date of manufacture	Generally not to exceed 15% of manufacturer’s list price when new
Aircraft engines	2 - 6 years, based on maintenance adjusted service life	Sum of engine core salvage value plus the estimated fair value of life limited parts
Aviation tooling and equipment	3 - 6 years from date of purchase	Scrap value at end of useful life
Furniture and fixtures	3 - 6 years from date of purchase	None

Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Property, plant and equipment is included in Other Assets in the Consolidated Balance Sheets.

We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted.

For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required.

In accounting for leasing equipment, we make estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities. In making these estimates, we rely upon observable market data for the same or similar types of equipment and our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.

Impairment of Long-Lived Assets—We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; a significant change in market conditions; or the introduction of newer technology aircraft or engines. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected leases, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge.

Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, residual values, economic conditions, technology, demand for a particular asset type and other factors.

Security Deposits—Our operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration.

Maintenance Payments—Typically, under an operating lease of aircraft, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work.

We record the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities in the Consolidated Balance Sheets. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability.

In certain acquired leases, we or the lessee may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. When the lessee is required to return the aircraft in an improved maintenance condition, we record a maintenance right asset, as a component of other assets, for the estimated value of the end-of-life maintenance payment at acquisition. We recognize payments received as end-of-lease compensation adjustments, within lease revenue or as a reduction to the maintenance right asset, when payment is received or collectability is assured. In the event we are required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability and expensed when we are obligated and can reasonably estimate such payment.

Lease Incentives and Amortization—Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals.

Intangibles and Amortization—Intangibles include the value of acquired favorable and unfavorable leases.

In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.

Revenues

Operating Leases—We lease equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.

Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee.

Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period.

For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount which is recorded as a favorable or unfavorable lease intangible.

Finance Leases—From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received.

Asset sales revenue—Asset sales revenue primarily consists of the transaction price related to the sale of aircraft and aircraft engines from our Aviation Leasing segment. From time to time, the Company may assign the related lease agreements to the customer as part of the sale of these assets. We routinely sell leasing equipment to customers and such transactions are considered recurring and ordinary in nature to our business. As such, these sales are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control over an asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations. See Note 9 for additional information.

Aerospace Products revenue—Aerospace Products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B and CFM56-5B engines, engine modules, spare parts and used material inventory, and are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control over the related asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations.

Leasing Arrangements—At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are included in Other assets and Other liabilities in our Consolidated Balance Sheets.

All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. Operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives.

Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability and is recorded in Operating expenses in the Consolidated Statements of Operations. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs.

We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.

Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations and, when deemed necessary, enter into collateral arrangements. During the three and nine months ended September 30, 2022, no customer accounted for more than 10% of total revenue. During the three and nine months ended September 30, 2021, one customer in the Aviation Leasing segment accounted for approximately 14% of total revenue in both periods.

As of September 30, 2022, there were two customers that represented 32% and 14% of total Accounts receivable, net. As of December 31, 2021, there were two customers that represented 52% and 19% of total Accounts receivable, net.

We maintain cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.

Allowance for Doubtful Accounts—We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The allowance for doubtful accounts was $54.7 million and $16.0 million as of September 30, 2022 and December 31, 2021, respectively. There was no provision for credit losses and $1.5 million of provision for credit losses for the three months ended September 30, 2022 and 2021, respectively. There were provisions for credit losses of $47.1 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in Operating expenses in the Consolidated Statements of Operations.

Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the first quarter of 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $47.1 million in provision for credit losses during the nine months ended September 30, 2022. Our allowance for doubtful accounts as of September 30, 2022 includes all accounts receivable exposure to Russian and Ukrainian customers.

Expense Recognition—Expenses are recognized on an accrual basis as incurred.

Acquisition and Transaction Expenses—Acquisition and transaction expenses is comprised of indirect costs related to asset acquisitions, dispositions and terminated deal costs, including salaries, advisory, legal, accounting, valuation and other professional or consulting fees.

Foreign Currency—Our functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

Income Taxes—The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

We account for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized.

We file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations.

Other Assets—Other assets is primarily comprised of lease incentives of $35.5 million and $46.2 million, purchase deposits of $28.6 million and $13.7 million, prepaid expenses of $0.7 million and $3.1 million, notes receivable of $56.0 million and $22.9 million, maintenance right assets of $12.4 million and $5.1 million, and operating lease right-of-use assets, net of $3.2 million and $2.3 million, as of September 30, 2022 and December 31, 2021, respectively. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $7.5 million in amortization for the remaining lease incentives during the nine months ended September 30, 2022.

Accounts Payable and Accrued Liabilities—Accounts payable and accrued liabilities primarily include payables relating to aviation leasing equipment maintenance and aircraft engine modules, spare parts, used material inventory, accrued compensation and operating expenses.

Recent Accounting Pronouncements—In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. This ASU requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease under Topic 842 and (ii) the lessor would have otherwise recognized a day-one loss. This standard is effective for all reporting periods beginning after December 15, 2021. We adopted this guidance in the first quarter of 2022, which did not have a material impact on our consolidated financial statements.

LEASING EQUIPMENT, NET

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASING EQUIPMENT, NET

3. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:

	September 30,			December 31,
	2022			2021
Leasing equipment		1,990,115		$	2,122,428
Less: Accumulated depreciation		(430,540	)		(408,292	)
Leasing equipment, net	$	1,559,575		$	1,714,136

Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the nine months ended September 30, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. As of September 30, 2022, four aircraft and two engines were still located in Ukraine and eight aircraft and seventeen engines were still located in Russia. We determined that it is unlikely that we will regain possession of the aircraft and engines that have not yet been recovered from Ukraine and Russia. As a result, we recognized an impairment charge totaling $120.0 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we do not expect to recover from Ukraine and Russia. Additionally, we identified certain assets in our leasing equipment portfolio with indicators of impairment. As a result, we adjusted the carrying value of these assets to fair value and recognized transaction impairment charges of $8.2 million, net of redelivery compensation during the nine months ended September 30, 2022.

The following table presents information related to acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2022:

Acquisitions:
Aircraft			23
Engines			45
Dispositions:
Aircraft			5
Engines			50

Depreciation expense for leasing equipment is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense for leasing equipment	$	32,728	$	34,718	$	106,180	$	101,992

FINANCE LEASES, NET

9 Months Ended

Sep. 30, 2022

FINANCE LEASES, NET [Abstract]

FINANCE LEASES, NET

4. FINANCE LEASES, NET

Finance leases, net are summarized as follows:

	September 30,			December 31,
	2022			2021
Finance leases	$	7,697		$	8,358
Unearned revenue		(603	)		(775	)
Finance leases, net	$	7,094		$	7,583

During the three months ended September 30, 2022, we entered into a 36-month sales-type lease arrangement for two airframes.

INVESTMENTS

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

5. INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:

				Carrying Value
	Investment	Ownership Percentage		September 30, 2022		December 31, 2021
Advanced Engine Repair JV	Equity method		25%	$	20,439	$	21,317
Falcon MSN 177 LLC	Equity method		50%		1,841		1,600
				$	22,280	$	22,917

We did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2022 and 2021.

The following table presents our proportionate share of equity in losses:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Advanced Engine Repair JV	$	(314	)	$	(369	)	$	(879	)	$	(1,050	)
Falcon MSN 177 LLC		(44	)		—			754			—
Total	$	(358	)	$	(369	)	$	(125	)	$	(1,050	)

Advanced Engine Repair JV

In December 2016, we invested $15.0 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new costs savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.

In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest.

Falcon MSN 177 LLC

In November 2021, we invested $1.6 million for a 50% interest in Falcon MSN 177 LLC, an entity that consists of one Dassault Falcon 2000 aircraft. Falcon MSN 177 LLC leases the aircraft to charter operators on aircraft, crew maintenance, and insurance contracts. We account for our investment in Falcon as an equity method investment as we have significant influence through our interest.

INTANGIBLE ASSETS AND LIABILITIES, NET

9 Months Ended

Sep. 30, 2022

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

6. INTANGIBLE ASSETS AND LIABILITIES, NET

Our intangible assets and liabilities, net are summarized as follows:

	September 30, 2022			December 31, 2021
Intangible assets
Acquired favorable lease intangibles	$	59,789		$	67,013
Less: Accumulated amortization		(30,373	)		(36,051	)
Total intangible assets, net	$	29,416		$	30,962

Intangible liabilities
Acquired unfavorable lease intangibles	$	13,114		$	14,795
Less: Accumulated amortization		(2,216	)		(6,068	)
Acquired unfavorable lease intangibles, net	$	10,898		$	8,727

Intangible assets and liabilities are all held within the Aviation Leasing segment. Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities in the Consolidated Balance Sheets.

Amortization of intangible assets and liabilities is as follows:

	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Lease intangibles	Revenues	$	3,291	$	1,266	$	10,259	$	3,216

As of September 30, 2022, estimated net annual amortization of intangible assets and liabilities is as follows:

Remainder of 2022		3,323
2023		8,398
2024		4,848
2025		1,962
2026		519
Thereafter		(532	)
Total	$	18,518

LOANS PAYABLE TO AFFILIATE	9 Months Ended
LOANS PAYABLE TO AFFILIATE	Sep. 30, 2022
LOANS PAYABLE TO AFFILIATE [Abstract]
LOANS PAYABLE TO AFFILIATE	7. LOANS PAYABLE TO AFFILIATE FTAI CHR JV Promissory Note—On December 28, 2016, the Company entered into a Loan Agreement (the “Loan”) with Fortress Worldwide Transportation and Infrastructure General Partnership, an affiliate, pursuant to which it borrowed an initial aggregate amount of $9.0 million in connection with its investment in the Advanced Engine Repair JV. In 2019, the Company made additional borrowings of $8.1 million. Borrowings under the Loan are unsecured and bear payment-in-kind accrued interest at a rate of 10% per year. The outstanding loan amount, including payment-in-kind accrued interest, was $27.1 million and $25.2 million as of September 30, 2022 and December 31, 2021, respectively. Interest expense on the Loan was $0.6 million, $0.6 million, $1.9 million, and $1.7 million for the three and nine months ended September 30, 2022 and 2021, respectively. The maturity date of the loan, including payment-in-kind accrued interest, is December 26, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

8. FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•

Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•

Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•

Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•

Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•

Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.

•

Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

Our cash and cash equivalents consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy.

The fair value of the loan payable to affiliate cannot be objectively determined due to the nature of the affiliate transaction.

Except as discussed below, our financial instruments other than cash and cash equivalents consist principally of accounts receivable, note receivable, accounts payable and accrued liabilities, security deposits and maintenance deposits, whose fair value approximates their carrying value due to their short maturity profiles.

We measure the fair value of certain assets and liabilities on a non-recurring basis when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the leasing and eventual sale of assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

REVENUES

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

9. REVENUES

We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues are within the scope of ASC 842, Leases and ASC 606, Revenue from contracts with customers, unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues.

During the three months ended September 30, 2022, we updated our corporate strategy based on the opportunities available in the market such that the sale of aircraft and engines is now an output of our recurring, ordinary activities. As a result of this update, the transaction price allocated to the sale of assets is included in Revenues in the Consolidated Statement of Operations for the three months ended September 30, 2022 and are accounted for in accordance with ASC 606. The corresponding net book values of the assets sold are recorded in Cost of sales in the Consolidated Statement of Operations for the three months ended September 30, 2022. Sales transactions of aircraft and engines prior to the three months ended September 30, 2022 were accounted for in accordance with ASC 610-20, Gains and losses from the derecognition of nonfinancial assets and were included in Gain on sale of assets, net on the Consolidated Statement of Operations, as we were previously only occasionally selling these assets. Generally, assets sold were under leasing arrangements with customers prior to sales and are included in Leasing equipment, net, on the Consolidated Balance Sheets.

	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	40,273	$	—	$	40,273
Maintenance revenue		35,507		—		35,507
Finance lease income		119		—		119
Asset sales revenue		85,488		—		85,488
Aerospace products revenue		—		53,401		53,401
Other revenue		3,461		—		3,461
Total revenues	$	164,848	$	53,401	$	218,249

	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	40,392	$	—	$	40,392
Maintenance revenue		40,252		—		40,252
Finance lease income		439		—		439
Aerospace products revenue		—		7,730		7,730
Other revenue		5,125		—		5,125
Total revenues	$	86,208	$	7,730	$	93,938

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	111,316	$	—	$	111,316
Maintenance revenue		112,171		—		112,171
Finance lease income		332		—		332
Asset sales revenue		85,488		—		85,488
Aerospace products revenue		—		94,211		94,211
Other revenue		8,687		—		8,687
Total revenues	$	317,994	$	94,211	$	412,205

	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	120,389	$	—	$	120,389
Maintenance revenue		87,763		—		87,763
Finance lease income		1,285		—		1,285
Aerospace products revenue		—		13,284		13,284
Other revenue		5,761		—		5,761
Total revenues	$	215,198	$	13,284	$	228,482

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases:

	September 30, 2022
Remainder of 2022	$	32,414
2023		104,995
2024		70,428
2025		43,890
2026		24,835
Thereafter		65,820
Total	$	342,382

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

10. INCOME TAXES

The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Current:
Cayman Islands	$	—		$	—	$	—		$	—
United States:
Federal		247			336		581			793
State and local		(437	)		54		69			218
Non-U.S.		3			32		(12	)		49
Total current (benefit) provision		(187	)		422		638			1,060
Deferred:
Cayman Islands	$	—		$	—	$	—		$	—
United States:
Federal		3,029			45		4,560			45
State and local		346			14		608			14
Non-U.S.		630			19		1,446			(82	)
Total deferred provision (benefit)		4,005			78		6,614			(23	)
Total	$	3,818		$	500	$	7,252		$	1,037

The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates.

As of and for the nine months ended September 30, 2022, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2018. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

9 Months Ended

Sep. 30, 2022

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

11. MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

In connection with the Parent’s spin-off of its infrastructure business on August 1, 2022, the Parent assigned the then-existing management and advisory agreement, dated as of May 20, 2015, with its Manager to FTAI Infrastructure Inc. (the entity which holds the infrastructure business of the Parent). On July 31, 2022, the Parent entered into a new management and advisory agreement (the “Management Agreement”), by and among the Parent, and each of the subsidiaries that are party thereto and the Manager, with substantially similar terms and conditions as the existing management and advisory agreement between the Parent and the Manager. The Company, as part of the Parent, is externally managed by the Manager.

The Manager is paid annual fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. Additionally, we have entered into certain incentive allocation arrangements with Master GP, which owns approximately 0.05% of the Partnership and is the general partner of the Partnership.

The Manager is entitled to a management fee, incentive allocations (comprised of Income Incentive Allocation and Capital Gains Incentive Allocation, defined below) and reimbursement of certain expenses. The management fee is determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with U.S. GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.5% and is payable monthly in arrears in cash.

The income incentive allocation is calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with U.S. GAAP excluding the Parent’s pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the Parent’s independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to the Master GP during the relevant quarter.

The Master GP is entitled to an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations will be prorated for any period of less than three months.

Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of the Parent’s pro rata share of cumulative realized gains from the date of the Parent’s IPO through the end of the applicable calendar year, net of the Parent’s pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to the Master GP.

A portion of the management fee, income incentive allocation, and capital gains incentive allocation that are attributable to the operations of FTAI Aviation Ltd. is recorded in the Management fees and incentive allocation to affiliate on the Consolidated Statement of Operations. These amounts are allocated on the following basis:

Management fee—Management fee is allocated to FTAI Aviation Ltd. from the Parent by applying the calculation methodology described above to the equity of FTAI Aviation Ltd. included in these consolidated financial statements.

Income Incentive Allocation and Capital Gains Incentive Allocation—The Income Incentive Allocation and Capital Gains Incentive Allocation are allocated to FTAI Aviation Ltd., from the Parent, by applying the calculation methodology described above to FTAI Aviation Ltd.’s financial results in each respective period.

The following table summarizes the management fees and incentive allocations included in these consolidated financial statements:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Management fees	$	539		2,116	$	4,692		7,027
Income incentive allocation		—		—		—		—
Capital gains incentive allocation		—		—		—		—
Total	$	539	$	2,116	$	4,692	$	7,027

The Parent pays all of its operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by the Parent include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of the Parent’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Parent (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Parent, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the Parent’s shareholders, costs incurred by the Manager or its affiliates for travel on the Parent’s behalf, costs associated with any computer software or hardware that is used by the Parent, costs to obtain liability insurance to indemnify the Parent’s directors and officers and the compensation and expenses of the Parent’s transfer agent.

The Parent will pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses. A portion of the Parent’s reimbursement to the Manager is allocated to FTAI Aviation Ltd. based on an estimate of time incurred by the Manager’s employees on activities related to our operations.

A portion of these reimbursable expenses that the Parent paid to the Manager and are attributable to FTAI Aviation Ltd. are included in the consolidated financial statements as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	1,466	$	1,195	$	4,160	$	3,584
Acquisition and transaction expenses		1,025		273		1,677		820
Total	$	2,491	$	1,468	$	5,837	$	4,404

In addition to the above, the following corporate expenses, which were allocated from the Parent, are also included in the consolidated financial statements:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	1,888	$	1,667	$	4,965	$	3,582

The following table summarizes amounts due to the Parent, which are included within Management fees payable to affiliate in the Consolidated Balance Sheets:

		September 30, 2022				December 31, 2021
Management fees payable to affiliate		$	46,095			$	43,477

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

12. SEGMENT INFORMATION

During the third quarter of 2022, as a result of the Parent’s spin-off of its infrastructure business effective on August 1, 2022 and its reevaluation of segments, the Company reevaluated its operating segments. The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aviation Leasing and (ii) Aerospace Products. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to customers. The Aerospace Products segment develops, manufactures, repairs, and sells aircraft engines and aftermarket components for aircraft engines. The interim periods disclose the reportable segments under this basis with prior periods restated to reflect the change in accordance with the requirements of ASC 280.

Corporate and Other primarily consists of debt, allocated corporate general and administrative expenses, shared services costs, and management fees.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. The CODM evaluates performance for each reportable segment primarily based on Adjusted EBITDA. Historically, the CODM’s assessment of segment performance included asset information. During the third quarter of 2022, the CODM determined that segment asset information is not a key factor in measuring performance or allocating resources. Therefore, segment asset information is not included in the tables below as it is not provided to or reviewed by our CODM.

Adjusted EBITDA is defined as net income (loss) attributable to shareholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

We believe that net income attributable to shareholders, as defined by GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income attributable to shareholders as determined in accordance with GAAP.

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended September 30, 2022

	Three Months Ended September 30, 2022
	Aviation Leasing			Aerospace Products			Corporate and Other			Total
Revenues	$	164,848		$	53,401		$	—		$	218,249

Expenses
Operating expenses		10,533			3,491			588			14,612
Cost of sales		64,855			31,093			—			95,948
General and administrative		—			—			3,354			3,354
Acquisition and transaction expenses		247			15			2,586			2,848
Management fees and incentive allocation to affiliate		—			—			539			539
Depreciation and amortization		32,728			77			72			32,877
Asset impairment		4,495			—			—			4,495
Interest expense		—			—			644			644
Total expenses		112,858			34,676			7,783			155,317

Other expense
Equity in losses of unconsolidated entities		(45	)		(313	)		—			(358	)
Other income		42			—			—			42
Total other expense		(3	)		(313	)		—			(316	)
Income (loss) before income taxes		51,987			18,412			(7,783	)		62,616
Provision for income taxes		1,232			2,586			—			3,818
Net income (loss) attributable to shareholders	$	50,755		$	15,826		$	(7,783	)	$	58,798

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	95,994	$	18,560	$	(4,481	)	$	110,073
Add: Equity in losses of unconsolidated entities									(358	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									241
Less: Interest expense									(644	)
Less: Depreciation and amortization expense									(39,353	)
Less: Asset impairment charges									(4,495	)
Less: Acquisition and transaction expenses									(2,848	)
Less: Provision for income taxes									(3,818	)
Net income attributable to shareholders								$	58,798

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	—	$	—	$	250
Asia		23,496		1,200				24,696
Europe		41,869		15,511		—		57,380
North America		90,183		36,690				126,873
South America		9,050		—		—		9,050
Total revenues	$	164,848	$	53,401	$	—	$	218,249

II. For the Nine Months Ended September 30, 2022

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products			Corporate and Other			Total
Revenues	$	317,994	$	94,211		$	—		$	412,205

Expenses
Operating expenses		72,135		8,094			3,422			83,651
Cost of sales		64,855		55,284			—			120,139
General and administrative		—		—			9,125			9,125
Acquisition and transaction expenses		624		15			4,810			5,449
Management fees and incentive allocation to affiliate		—		—			4,692			4,692
Depreciation and amortization		106,180		178			209			106,567
Asset impairment		128,171		—			—			128,171
Interest expense		—		—			1,910			1,910
Total expenses		371,965		63,571			24,168			459,704

Other expense
Equity in earnings (losses) of unconsolidated entities		753		(878	)		—			(125	)
Gain on sale of assets, net		61,371		18,562			—			79,933
Other income		245		—			—			245
Total other income		62,369		17,684			—			80,053
Income (loss) before income taxes		8,398		48,324			(24,168	)		32,554
Provision for income taxes		2,197		5,055			—			7,252
Net income (loss) attributable to shareholders	$	6,201	$	43,269		$	(24,168	)	$	25,302

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	273,788	$	48,685	$	(17,239	)	$	305,234
Add: Equity in losses of unconsolidated entities									(125	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									(165	)
Less: Interest expense									(1,910	)
Less: Depreciation and amortization expense									(136,860	)
Less: Asset impairment charges									(128,171	)
Less: Acquisition and transaction expenses									(5,449	)
Less: Provision for income taxes									(7,252	)
Net income attributable to shareholders								$	25,302

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	850	$	—	$	1,100
Asia		60,111		2,601		—		62,712
Europe		94,751		26,410		—		121,161
North America		130,362		64,350		—		194,712
South America		32,520		—		—		32,520
Total revenues	$	317,994	$	94,211	$	—	$	412,205

III. For the Three Months Ended September 30, 2021

	Three Months Ended September 30, 2021
	Aviation Leasing			Aerospace Products			Corporate and Other			Total
Revenues	$	86,208		$	7,730		$	—		$	93,938

Expenses
Operating expenses		7,282			1,774			1,074			10,130
Cost of sales		—			5,367			—			5,367
General and administrative		—			—			2,862			2,862
Acquisition and transaction expenses		234			—			898			1,132
Management fees and incentive allocation to affiliate		—			—			2,116			2,116
Depreciation and amortization		34,718			40			67			34,825
Asset impairment		859			—			—			859
Interest expense		—			—			584			584
Total expenses		43,093			7,181			7,601			57,875

Other income (expense)
Equity in losses of unconsolidated entities		—			(369	)		—			(369	)
Gain on sale of assets, net		10,961			1,724			—			12,685
Other expense		(1,341	)		—			—			(1,341	)
Total other income		9,620			1,355			—			10,975
Income (loss) before income taxes		52,735			1,904			(7,601	)		47,038
Provision for (benefit from) income taxes		610			(110	)		—			500
Net income (loss)	$	52,125		$	2,014		$	(7,601	)	$	46,538

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	94,990	$	2,001	$	(6,052	)	$	90,939
Add: Equity in losses of unconsolidated entities									(369	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									312
Less: Interest expense									(584	)
Less: Depreciation and amortization expense									(41,269	)
Less: Asset impairment charges									(859	)
Less: Acquisition and transaction expenses									(1,132	)
Less: Provision for income taxes									(500	)
Net income attributable to shareholders								$	46,538

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Asia	$	36,420	$	—	$	—	$	36,420
Europe		35,709		—		—		35,709
North America		10,422		7,730		—		18,152
South America		3,657		—		—		3,657
Total revenues	$	86,208	$	7,730	$	—	$	93,938

IV. For the Nine Months Ended September 30, 2021

	Nine Months Ended September 30, 2021
	Aviation Leasing			Aerospace Products			Corporate and Other			Total
Revenues	$	215,198		$	13,284		$	—		$	228,482

Expenses
Operating expenses		14,177			3,519			2,945			20,641
Cost of sales		—			8,577			—			8,577
General and administrative		—			—			7,166			7,166
Acquisition and transaction expenses		804			—			2,906			3,710
Management fees and incentive allocation to affiliate		—			—			7,027			7,027
Depreciation and amortization		101,992			40			162			102,194
Asset impairment		3,048			—			—			3,048
Interest expense		—			—			1,734			1,734
Total expenses		120,021			12,136			21,940			154,097

Other (expense) income
Equity in losses of unconsolidated entities		—			(1,050	)		—			(1,050	)
Gain on sale of assets, net		15,751			1,716			—			17,467
Other expense		(717	)		—			—			(717	)
Total other income		15,034			666			—			15,700
Income (loss) before income taxes		110,211			1,814			(21,940	)		90,085
Provision (benefit from) for income taxes		1,048			(11	)		—			1,037
Net income (loss) attributable to shareholders	$	109,163		$	1,825		$	(21,940	)	$	89,048

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	237,404	$	1,998	$	(17,138	)	$	222,264
Add: Equity in losses of unconsolidated entities									(1,050	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									906
Less: Interest expense									(1,734	)
Less: Depreciation and amortization expense									(123,543	)
Less: Asset impairment charges									(3,048	)
Less: Acquisition and transaction expenses									(3,710	)
Less: Provision for income taxes									(1,037	)
Net income attributable to shareholders								$	89,048

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	235
Asia		93,925		—		—		93,925
Europe		88,296		812		—		89,108
North America		26,630		12,472		—		39,102
South America		6,112		—		—		6,112
Total revenues	$	215,198	$	13,284	$	—	$	228,482

V. Location of Long-Lived Assets

The following tables set forth summarized geographic location of leasing equipment, net:

	September 30, 2022
	Total
Leasing equipment, net
Africa	$	17,776
Asia		222,830
Europe		602,833
North America		391,219
South America		324,917
Total leasing equipment, net	$	1,559,575

	December 31, 2021
	Total
Leasing equipment, net
Asia	$	365,331
Europe		839,555
North America		263,718
South America		245,532
Total leasing equipment, net	$	1,714,136

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

EARNINGS PER SHARE AND EQUITY

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

13. EARNINGS PER SHARE AND EQUITY

Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share data)	2022		2021		2022		2021
Net income attributable to shareholders	$	58,798	$	46,538	$	25,302	$	89,048
Weighted average shares outstanding:
Basic		105.2		100.0		103.5		100.0
Diluted		105.2		100.0		103.5		100.0
Basic and Diluted Net earnings per share	$	558.92	$	465.38	$	244.46	$	890.48

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

14. COMMITMENTS AND CONTINGENCIES

From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. As of September 30, 2022 and December 31, 2021, the Company was not subject to any material litigation and the Company was not aware of any material litigation.

Rent expense, primarily for the corporate office facilities, was $0.3 million and $0.8 million for the three and nine months ended September 30, 2022. Rent expense, primarily for the corporate office facilities, was $0.2 million and $0.8 million for the three and nine months ended September 30, 2021.

As of September 30, 2022, the Company is obligated under non-cancelable operating leases relating principally to the office facilities in Miami and New York City for future minimum lease payments as follows:

	September 30, 2022
2022	$	203
2023		831
2024		858
2025		864
2026		321
Thereafter		—
Total	$	3,077

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Merger Transaction On November 10, 2022, pursuant to the Agreement and Plan of Merger dated August 12, 2022, by and among the Company, the Parent, and FTAI Aviation Merger Sub LLC, the Parent became a wholly-owned subsidiary of the Company.

BACKGROUND AND BASIS OF PRESENTATION (Policies)	9 Months Ended
BACKGROUND AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2022
BACKGROUND AND BASIS OF PRESENTATION [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared on a standalone legal entity basis. These financial statements reflect the consolidated historical results of operations, financial position and cash flows of FTAI Aviation Ltd. in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The transfer of a business between entities under common control that result in a change in reporting entity require retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. The transfer of remaining aviation legal entities, as described above, represents a transfer of a business under a common control transaction which has been recorded at carrying value and accounted for retrospectively for all periods presented. Historically, separate financial statements have not been prepared for the Company and it has not operated as a standalone business separate from the Parent. The accompanying consolidated financial statements have been prepared from Parent’s historical accounting records and are presented on a standalone basis as if the operations had been conducted independently from Parent. The historical results of operations, financial position, and cash flows of FTAI Aviation Ltd. represented in the consolidated financial statements may not be indicative of what they would have been had the Company actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. The assets and liabilities in the consolidated financial statements have been reflected on a historical cost basis.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Basis of Accounting

Principles of Consolidation

Use of Estimates

Risks and Uncertainties

Cash and Cash Equivalents

Cash and Cash Equivalents—We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Inventory, net

Property, Plant and Equipment, Leasing Equipment and Depreciation

Asset	Range of Estimated Useful Lives	Residual Value Estimates
Aircraft	25 years from date of manufacture	Generally not to exceed 15% of manufacturer’s list price when new
Aircraft engines	2 - 6 years, based on maintenance adjusted service life	Sum of engine core salvage value plus the estimated fair value of life limited parts
Aviation tooling and equipment	3 - 6 years from date of purchase	Scrap value at end of useful life
Furniture and fixtures	3 - 6 years from date of purchase	None

Impairment of Long-Lived Assets

Security Deposits

Maintenance Payments

Lease Incentives and Amortization

Intangibles and Amortization

Intangibles and Amortization—Intangibles include the value of acquired favorable and unfavorable leases.

Revenues

Leasing Arrangements

Concentration of Credit Risk

Allowance for Doubtful Accounts

Expense Recognition

Expense Recognition—Expenses are recognized on an accrual basis as incurred.

Acquisition and Transaction Expenses

Foreign Currency

Income Taxes

Other Assets

Accounts Payable and Accrued Liabilities

Recent Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Property, Plant and Equipment

Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset	Range of Estimated Useful Lives	Residual Value Estimates
Aircraft	25 years from date of manufacture	Generally not to exceed 15% of manufacturer’s list price when new
Aircraft engines	2 - 6 years, based on maintenance adjusted service life	Sum of engine core salvage value plus the estimated fair value of life limited parts
Aviation tooling and equipment	3 - 6 years from date of purchase	Scrap value at end of useful life
Furniture and fixtures	3 - 6 years from date of purchase	None

LEASING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Lessor, Operating Leases

Leasing equipment, net is summarized as follows:

	September 30,			December 31,
	2022			2021
Leasing equipment		1,990,115		$	2,122,428
Less: Accumulated depreciation		(430,540	)		(408,292	)
Leasing equipment, net	$	1,559,575		$	1,714,136

Lessor, Acquisition and Disposition of Leasing Equipment

The following table presents information related to acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2022:

Acquisitions:
Aircraft			23
Engines			45
Dispositions:
Aircraft			5
Engines			50

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense for leasing equipment	$	32,728	$	34,718	$	106,180	$	101,992

FINANCE LEASES, NET (Tables)

9 Months Ended

Sep. 30, 2022

FINANCE LEASES, NET [Abstract]

Finance leases

Finance leases, net are summarized as follows:

	September 30,			December 31,
	2022			2021
Finance leases	$	7,697		$	8,358
Unearned revenue		(603	)		(775	)
Finance leases, net	$	7,094		$	7,583

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of our investments:

				Carrying Value
	Investment	Ownership Percentage		September 30, 2022		December 31, 2021
Advanced Engine Repair JV	Equity method		25%	$	20,439	$	21,317
Falcon MSN 177 LLC	Equity method		50%		1,841		1,600
				$	22,280	$	22,917

The following table presents our proportionate share of equity in losses:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Advanced Engine Repair JV	$	(314	)	$	(369	)	$	(879	)	$	(1,050	)
Falcon MSN 177 LLC		(44	)		—			754			—
Total	$	(358	)	$	(369	)	$	(125	)	$	(1,050	)

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

9 Months Ended

Sep. 30, 2022

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Our intangible assets and liabilities, net are summarized as follows:

	September 30, 2022			December 31, 2021
Intangible assets
Acquired favorable lease intangibles	$	59,789		$	67,013
Less: Accumulated amortization		(30,373	)		(36,051	)
Total intangible assets, net	$	29,416		$	30,962

Intangible liabilities
Acquired unfavorable lease intangibles	$	13,114		$	14,795
Less: Accumulated amortization		(2,216	)		(6,068	)
Acquired unfavorable lease intangibles, net	$	10,898		$	8,727

Schedule of Intangible Assets and Liabilities

Amortization of intangible assets and liabilities is as follows:

	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Lease intangibles	Revenues	$	3,291	$	1,266	$	10,259	$	3,216

Schedule of Net Annual Amortization of Intangibles

As of September 30, 2022, estimated net annual amortization of intangible assets and liabilities is as follows:

Remainder of 2022		3,323
2023		8,398
2024		4,848
2025		1,962
2026		519
Thereafter		(532	)
Total	$	18,518

REVENUES (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	40,273	$	—	$	40,273
Maintenance revenue		35,507		—		35,507
Finance lease income		119		—		119
Asset sales revenue		85,488		—		85,488
Aerospace products revenue		—		53,401		53,401
Other revenue		3,461		—		3,461
Total revenues	$	164,848	$	53,401	$	218,249

	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	40,392	$	—	$	40,392
Maintenance revenue		40,252		—		40,252
Finance lease income		439		—		439
Aerospace products revenue		—		7,730		7,730
Other revenue		5,125		—		5,125
Total revenues	$	86,208	$	7,730	$	93,938

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	111,316	$	—	$	111,316
Maintenance revenue		112,171		—		112,171
Finance lease income		332		—		332
Asset sales revenue		85,488		—		85,488
Aerospace products revenue		—		94,211		94,211
Other revenue		8,687		—		8,687
Total revenues	$	317,994	$	94,211	$	412,205

	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Total
Revenues
Lease income	$	120,389	$	—	$	120,389
Maintenance revenue		87,763		—		87,763
Finance lease income		1,285		—		1,285
Aerospace products revenue		—		13,284		13,284
Other revenue		5,761		—		5,761
Total revenues	$	215,198	$	13,284	$	228,482

Finance Lease, Lease Income

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases:

	September 30, 2022
Remainder of 2022	$	32,414
2023		104,995
2024		70,428
2025		43,890
2026		24,835
Thereafter		65,820
Total	$	342,382

Operating Lease, Lease Income

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases:

	September 30, 2022
Remainder of 2022	$	32,414
2023		104,995
2024		70,428
2025		43,890
2026		24,835
Thereafter		65,820
Total	$	342,382

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2022			2021		2022			2021
Current:
Cayman Islands	$	—		$	—	$	—		$	—
United States:
Federal		247			336		581			793
State and local		(437	)		54		69			218
Non-U.S.		3			32		(12	)		49
Total current (benefit) provision		(187	)		422		638			1,060
Deferred:
Cayman Islands	$	—		$	—	$	—		$	—
United States:
Federal		3,029			45		4,560			45
State and local		346			14		608			14
Non-U.S.		630			19		1,446			(82	)
Total deferred provision (benefit)		4,005			78		6,614			(23	)
Total	$	3,818		$	500	$	7,252		$	1,037

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Related Party Transactions

The following table summarizes the management fees and incentive allocations included in these consolidated financial statements:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Management fees	$	539		2,116	$	4,692		7,027
Income incentive allocation		—		—		—		—
Capital gains incentive allocation		—		—		—		—
Total	$	539	$	2,116	$	4,692	$	7,027

A portion of these reimbursable expenses that the Parent paid to the Manager and are attributable to FTAI Aviation Ltd. are included in the consolidated financial statements as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	1,466	$	1,195	$	4,160	$	3,584
Acquisition and transaction expenses		1,025		273		1,677		820
Total	$	2,491	$	1,468	$	5,837	$	4,404

In addition to the above, the following corporate expenses, which were allocated from the Parent, are also included in the consolidated financial statements:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	1,888	$	1,667	$	4,965	$	3,582

The following table summarizes amounts due to the Parent, which are included within Management fees payable to affiliate in the Consolidated Balance Sheets:

		September 30, 2022				December 31, 2021
Management fees payable to affiliate		$	46,095			$	43,477

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment:

I. For the Three Months Ended September 30, 2022

	Three Months Ended September 30, 2022
	Aviation Leasing			Aerospace Products			Corporate and Other			Total
Revenues	$	164,848		$	53,401		$	—		$	218,249

Expenses
Operating expenses		10,533			3,491			588			14,612
Cost of sales		64,855			31,093			—			95,948
General and administrative		—			—			3,354			3,354
Acquisition and transaction expenses		247			15			2,586			2,848
Management fees and incentive allocation to affiliate		—			—			539			539
Depreciation and amortization		32,728			77			72			32,877
Asset impairment		4,495			—			—			4,495
Interest expense		—			—			644			644
Total expenses		112,858			34,676			7,783			155,317

Other expense
Equity in losses of unconsolidated entities		(45	)		(313	)		—			(358	)
Other income		42			—			—			42
Total other expense		(3	)		(313	)		—			(316	)
Income (loss) before income taxes		51,987			18,412			(7,783	)		62,616
Provision for income taxes		1,232			2,586			—			3,818
Net income (loss) attributable to shareholders	$	50,755		$	15,826		$	(7,783	)	$	58,798

II. For the Nine Months Ended September 30, 2022

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products			Corporate and Other			Total
Revenues	$	317,994	$	94,211		$	—		$	412,205

Expenses
Operating expenses		72,135		8,094			3,422			83,651
Cost of sales		64,855		55,284			—			120,139
General and administrative		—		—			9,125			9,125
Acquisition and transaction expenses		624		15			4,810			5,449
Management fees and incentive allocation to affiliate		—		—			4,692			4,692
Depreciation and amortization		106,180		178			209			106,567
Asset impairment		128,171		—			—			128,171
Interest expense		—		—			1,910			1,910
Total expenses		371,965		63,571			24,168			459,704

Other expense
Equity in earnings (losses) of unconsolidated entities		753		(878	)		—			(125	)
Gain on sale of assets, net		61,371		18,562			—			79,933
Other income		245		—			—			245
Total other income		62,369		17,684			—			80,053
Income (loss) before income taxes		8,398		48,324			(24,168	)		32,554
Provision for income taxes		2,197		5,055			—			7,252
Net income (loss) attributable to shareholders	$	6,201	$	43,269		$	(24,168	)	$	25,302

III. For the Three Months Ended September 30, 2021

	Three Months Ended September 30, 2021
	Aviation Leasing			Aerospace Products			Corporate and Other			Total
Revenues	$	86,208		$	7,730		$	—		$	93,938

Expenses
Operating expenses		7,282			1,774			1,074			10,130
Cost of sales		—			5,367			—			5,367
General and administrative		—			—			2,862			2,862
Acquisition and transaction expenses		234			—			898			1,132
Management fees and incentive allocation to affiliate		—			—			2,116			2,116
Depreciation and amortization		34,718			40			67			34,825
Asset impairment		859			—			—			859
Interest expense		—			—			584			584
Total expenses		43,093			7,181			7,601			57,875

Other income (expense)
Equity in losses of unconsolidated entities		—			(369	)		—			(369	)
Gain on sale of assets, net		10,961			1,724			—			12,685
Other expense		(1,341	)		—			—			(1,341	)
Total other income		9,620			1,355			—			10,975
Income (loss) before income taxes		52,735			1,904			(7,601	)		47,038
Provision for (benefit from) income taxes		610			(110	)		—			500
Net income (loss)	$	52,125		$	2,014		$	(7,601	)	$	46,538

IV. For the Nine Months Ended September 30, 2021

	Nine Months Ended September 30, 2021
	Aviation Leasing			Aerospace Products			Corporate and Other			Total
Revenues	$	215,198		$	13,284		$	—		$	228,482

Expenses
Operating expenses		14,177			3,519			2,945			20,641
Cost of sales		—			8,577			—			8,577
General and administrative		—			—			7,166			7,166
Acquisition and transaction expenses		804			—			2,906			3,710
Management fees and incentive allocation to affiliate		—			—			7,027			7,027
Depreciation and amortization		101,992			40			162			102,194
Asset impairment		3,048			—			—			3,048
Interest expense		—			—			1,734			1,734
Total expenses		120,021			12,136			21,940			154,097

Other (expense) income
Equity in losses of unconsolidated entities		—			(1,050	)		—			(1,050	)
Gain on sale of assets, net		15,751			1,716			—			17,467
Other expense		(717	)		—			—			(717	)
Total other income		15,034			666			—			15,700
Income (loss) before income taxes		110,211			1,814			(21,940	)		90,085
Provision (benefit from) for income taxes		1,048			(11	)		—			1,037
Net income (loss) attributable to shareholders	$	109,163		$	1,825		$	(21,940	)	$	89,048

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	95,994	$	18,560	$	(4,481	)	$	110,073
Add: Equity in losses of unconsolidated entities									(358	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									241
Less: Interest expense									(644	)
Less: Depreciation and amortization expense									(39,353	)
Less: Asset impairment charges									(4,495	)
Less: Acquisition and transaction expenses									(2,848	)
Less: Provision for income taxes									(3,818	)
Net income attributable to shareholders								$	58,798

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	273,788	$	48,685	$	(17,239	)	$	305,234
Add: Equity in losses of unconsolidated entities									(125	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									(165	)
Less: Interest expense									(1,910	)
Less: Depreciation and amortization expense									(136,860	)
Less: Asset impairment charges									(128,171	)
Less: Acquisition and transaction expenses									(5,449	)
Less: Provision for income taxes									(7,252	)
Net income attributable to shareholders								$	25,302

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	94,990	$	2,001	$	(6,052	)	$	90,939
Add: Equity in losses of unconsolidated entities									(369	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									312
Less: Interest expense									(584	)
Less: Depreciation and amortization expense									(41,269	)
Less: Asset impairment charges									(859	)
Less: Acquisition and transaction expenses									(1,132	)
Less: Provision for income taxes									(500	)
Net income attributable to shareholders								$	46,538

The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders:

	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other			Total
Adjusted EBITDA	$	237,404	$	1,998	$	(17,138	)	$	222,264
Add: Equity in losses of unconsolidated entities									(1,050	)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities									906
Less: Interest expense									(1,734	)
Less: Depreciation and amortization expense									(123,543	)
Less: Asset impairment charges									(3,048	)
Less: Acquisition and transaction expenses									(3,710	)
Less: Provision for income taxes									(1,037	)
Net income attributable to shareholders								$	89,048

Revenue from External Customers by Geographic Areas

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	—	$	—	$	250
Asia		23,496		1,200				24,696
Europe		41,869		15,511		—		57,380
North America		90,183		36,690				126,873
South America		9,050		—		—		9,050
Total revenues	$	164,848	$	53,401	$	—	$	218,249

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	850	$	—	$	1,100
Asia		60,111		2,601		—		62,712
Europe		94,751		26,410		—		121,161
North America		130,362		64,350		—		194,712
South America		32,520		—		—		32,520
Total revenues	$	317,994	$	94,211	$	—	$	412,205

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Asia	$	36,420	$	—	$	—	$	36,420
Europe		35,709		—		—		35,709
North America		10,422		7,730		—		18,152
South America		3,657		—		—		3,657
Total revenues	$	86,208	$	7,730	$	—	$	93,938

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:

	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	235
Asia		93,925		—		—		93,925
Europe		88,296		812		—		89,108
North America		26,630		12,472		—		39,102
South America		6,112		—		—		6,112
Total revenues	$	215,198	$	13,284	$	—	$	228,482

Long-lived Assets by Geographic Areas

The following tables set forth summarized geographic location of leasing equipment, net:

	September 30, 2022
	Total
Leasing equipment, net
Africa	$	17,776
Asia		222,830
Europe		602,833
North America		391,219
South America		324,917
Total leasing equipment, net	$	1,559,575

	December 31, 2021
	Total
Leasing equipment, net
Asia	$	365,331
Europe		839,555
North America		263,718
South America		245,532
Total leasing equipment, net	$	1,714,136

EARNINGS PER SHARE AND EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below.

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share data)	2022		2021		2022		2021
Net income attributable to shareholders	$	58,798	$	46,538	$	25,302	$	89,048
Weighted average shares outstanding:
Basic		105.2		100.0		103.5		100.0
Diluted		105.2		100.0		103.5		100.0
Basic and Diluted Net earnings per share	$	558.92	$	465.38	$	244.46	$	890.48

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Lease Payments

	September 30, 2022
2022	$	203
2023		831
2024		858
2025		864
2026		321
Thereafter		—
Total	$	3,077

BACKGROUND AND BASIS OF PRESENTATION (Details) - Segment	9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of reportable segments	2
FTAI CHR JV Holdings LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Acquired interest		100.00%
Advanced Engine Repair JV
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary ownership		25.00%
WWTAI Aviation LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary ownership		100.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounting Policies [Line Items]
Provision for doubtful accounts	$ 54,700		$ 54,700		$ 16,000
Bad debt expense	0	$ 1,500	47,100	$ 800
Purchase deposits			28,621	$ 13,790
Operating lease, ROU asset	3,200		3,200		2,300
Amortization of lease incentives			$ 7,500
Aircraft
Accounting Policies [Line Items]
Property, plant and equipment, useful life			25 years
Maximum percentage of manufacturer's list price			15.00%
Aircraft Engines \| Minimum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			2 years
Aircraft Engines \| Maximum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			6 years
Aviation Tooling and Equipment \| Minimum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			3 years
Aviation Tooling and Equipment \| Maximum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			6 years
Furniture and fixtures \| Minimum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			3 years
Furniture and fixtures \| Maximum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			6 years
Other Assets
Accounting Policies [Line Items]
Capitalized costs, potential asset acquisitions	35,500		$ 35,500		46,200
Purchase deposits			28,600		13,700
Prepaid expense	700		700		3,100
Notes receivable	56,000		56,000		22,900
Maintenance right assets	$ 12,400		$ 12,400		$ 5,100
Customer One \| Customer Concentration Risk \| Sales Revenue, Segment
Accounting Policies [Line Items]
Concentration risk		14.00%		14.00%
Customer One \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			32.00%		52.00%
Customer Two \| Customer Concentration Risk \| Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			14.00%		19.00%

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Property, plant and equipment, net	$ 1,559,575,000	$ 1,714,136,000
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Leasing equipment	1,990,115	2,122,428
Less: Accumulated depreciation	(430,540)	(408,292)
Property, plant and equipment, net	$ 1,559,575	$ 1,714,136

LEASING EQUIPMENT, NET (Details) $ in Millions	9 Months Ended
LEASING EQUIPMENT, NET (Details) $ in Millions	Sep. 30, 2022 USD ($) Aircraft Engines
Leases [Line Items]
Impairment of long lived assets \| $	$ 8.2
Ukraine and Russia
Leases [Line Items]
Impairment of long lived assets \| $	$ 120.0
Ukraine
Leases [Line Items]
Number of aircraft located \| Aircraft	4
Number of engines located \| Engines	2
Russia
Leases [Line Items]
Number of aircraft located \| Aircraft	8
Number of engines located \| Engines	17

LEASING EQUIPMENT, NET - Lessor, Acquisition and Disposition of Leasing Equipment (Details)	9 Months Ended
	Sep. 30, 2022 Aircraft Engines
Leases [Abstract]
Aircraft \| Aircraft	23
Engines \| Engines	45
Aircraft \| Aircraft	5
Engines \| Engines	50

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - Leasing Equipment - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Depreciation expense for leasing equipment	$ 32,728	$ 34,718	$ 106,180	$ 101,992
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 32,728	$ 34,718	$ 106,180	$ 101,992

FINANCE LEASES, NET (Details) $ in Thousands	3 Months Ended
FINANCE LEASES, NET (Details) $ in Thousands	Sep. 30, 2022 USD ($) Airframe	Dec. 31, 2021 USD ($)
FINANCE LEASES, NET [Abstract]
Finance leases	$ 7,697	$ 8,358
Unearned revenue	(603)	(775)
Finance leases, net	$ 7,094	$ 7,583
Sales-type lease, term of contract	36 months
Number of airframes \| Airframe	2

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 22,280		$ 22,280		$ 22,917
Other-than-temporary impairments	$ 0	$ 0	$ 0	$ 0
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25.00%		25.00%				25.00%	25.00%
Carrying Value	$ 20,439		$ 20,439		21,317			$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%		50.00%			50.00%
Carrying Value	$ 1,841		$ 1,841		$ 1,600	$ 1,600

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (358)	$ (369)	$ (125)	$ (1,050)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(314)	(369)	(879)	(1,050)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (44)	$ 0	$ 754	$ 0

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 22,280	$ 22,917
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 20,439	21,317		$ 15,000
Ownership percentage	25.00%	25.00%			25.00%
Equity method investment contribution amount	$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 1,841	$ 1,600	$ 1,600
Ownership percentage		50.00%		50.00%

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets
Acquired favorable lease intangibles	$ 59,789	$ 67,013
Less: Accumulated amortization	(30,373)	(36,051)
Total intangible assets, net	29,416	30,962
Intangible liabilities
Acquired unfavorable lease intangibles	13,114	14,795
Less: Accumulated amortization	(2,216)	(6,068)
Acquired unfavorable lease intangibles, net	$ 10,898	$ 8,727

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Revenues	$ 3,291	$ 1,266	$ 10,259	$ 3,216

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 3,323
2023	8,398
2024	4,848
2025	1,962
2026	519
Thereafter	(532)
Total	$ 18,518

LOANS PAYABLE TO AFFILIATE (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 18, 2016	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2019	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding loan amount		$ 27,090		$ 27,090			$ 25,181
Interest expense on loan		$ 644	$ 584	$ 1,910	$ 1,734
Promissory Note [Member]
Debt Instrument [Line Items]
Borrowed initial aggregate amount	$ 9,000					$ 8,100
Paid-in-kind accrued interest		10.00%		10.00%
Outstanding loan amount		$ 27,100		$ 27,100			$ 25,200
Interest expense on loan		$ 600	$ 600	$ 1,900	$ 1,700
Maturity date				Dec. 26, 2026

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	40,273	40,392	111,316	120,389
Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,507	40,252	112,171	87,763
Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	119	439	332	1,285
Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,488		85,488
Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,461	5,125	8,687	5,761
Aviation Leasing
Disaggregation of Revenue [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	40,273	40,392	111,316	120,389
Aviation Leasing \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,507	40,252	112,171	87,763
Aviation Leasing \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	119	439	332	1,285
Aviation Leasing \| Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,488		85,488
Aviation Leasing \| Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aviation Leasing \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,461	5,125	8,687	5,761
Aerospace Products
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aerospace Products \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aerospace Products \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aerospace Products \| Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Aerospace Products \| Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 32,414
2023	104,995
2024	70,428
2025	43,890
2026	24,835
Thereafter	65,820
Total	$ 342,382

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
United States:
Federal	$ 247	$ 336	$ 581	$ 793
State and local	(437)	54	69	218
Non-U.S.	3	32	(12)	49
Total current (benefit) provision	(187)	422	638	1,060
United States:
Federal	3,029	45	4,560	45
State and local	346	14	608	14
Non-U.S.	630	19	1,446	(82)
Total deferred provision (benefit)	4,005	78	6,614	(23)
Total	3,818	500	7,252	1,037
Cayman Islands
United States:
Total current (benefit) provision	0	0	0	0
United States:
Total deferred provision (benefit)	$ 0	$ 0	$ 0	$ 0

INCOME TAXES - Narrative (Details)	9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal tax at statutory rate	21.00%

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Ownership percentage by manager			0.05%
Management fees and incentive allocation to affiliate	$ 539	$ 2,116	$ 4,692	$ 7,027
Management fees payable to affiliate	46,095		46,095		$ 43,477
Management fees
Related Party Transaction [Line Items]
Management fees payable to affiliate	46,095		46,095		$ 43,477
General and administrative
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	1,888	1,667	$ 4,965	3,582
Manager \| Management fees
Related Party Transaction [Line Items]
Management fee percentage rate			1.50%
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	539	2,116	$ 4,692	7,027
Management fees and incentive allocation to affiliate	2,491	1,468	5,837	4,404
General Partner \| Management fees
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
General Partner \| Income incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
General Partner \| Capital gains incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
General Partner \| General and administrative
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	1,466	1,195	4,160	3,584
General Partner \| Acquisition and transaction expenses
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 1,025	$ 273	$ 1,677	$ 820
Threshold 1 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			0.00%
Quarterly percent threshold of pre-incentive allocation net income			2.00%
Annual percent threshold of pre-incentive allocation net income			8.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			100.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation \| Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income			2.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation \| Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income			2.2223%
Threshold 3 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			10.00%

SEGMENT INFORMATION - Statement of Income by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment			2
Revenues
Total revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Expenses
Operating expenses	14,612	10,130	83,651	20,641
Cost of sales	95,948	5,367	120,139	8,577
General and administrative	3,354	2,862	9,125	7,166
Acquisition and transaction expenses	2,848	1,132	5,449	3,710
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
Depreciation and amortization	32,877	34,825	106,567	102,194
Asset impairment	4,495	859	128,171	3,048
Interest expense	644	584	1,910	1,734
Total expenses	155,317	57,875	459,704	154,097
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(358)	(369)	(125)	(1,050)
Gain on sale of assets, net	0	12,685	79,933	17,467
Other (expense) income	42	(1,341)	245	(717)
Total other income (expense)	(316)	10,975	80,053	15,700
Income before income taxes	62,616	47,038	32,554	90,085
Provision for (benefit from) income taxes	3,818	500	7,252	1,037
Net income (loss) attributable to shareholders	58,798	46,538	25,302	89,048
Corporate and Other
Revenues
Total revenues	0	0	0	0
Expenses
Operating expenses	588	1,074	3,422	2,945
Cost of sales	0	0	0	0
General and administrative	3,354	2,862	9,125	7,166
Acquisition and transaction expenses	2,586	898	4,810	2,906
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
Depreciation and amortization	72	67	209	162
Asset impairment	0	0	0	0
Interest expense	644	584	1,910	1,734
Total expenses	7,783	7,601	24,168	21,940
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	0	0	0	0
Gain on sale of assets, net		0	0	0
Other (expense) income	0	0	0	0
Total other income (expense)	0	0	0	0
Income before income taxes	(7,783)	(7,601)	(24,168)	(21,940)
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss) attributable to shareholders	(7,783)	(7,601)	(24,168)	(21,940)
Aviation Leasing
Revenues
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Operating Segments
Revenues
Total revenues	164,848	86,208	317,994	215,198
Expenses
Operating expenses	10,533	7,282	72,135	14,177
Cost of sales	64,855	0	64,855	0
General and administrative	0	0	0	0
Acquisition and transaction expenses	247	234	624	804
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	32,728	34,718	106,180	101,992
Asset impairment	4,495	859	128,171	3,048
Interest expense	0	0	0	0
Total expenses	112,858	43,093	371,965	120,021
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(45)	0	753	0
Gain on sale of assets, net		10,961	61,371	15,751
Other (expense) income	42	(1,341)	245	(717)
Total other income (expense)	(3)	9,620	62,369	15,034
Income before income taxes	51,987	52,735	8,398	110,211
Provision for (benefit from) income taxes	1,232	610	2,197	1,048
Net income (loss) attributable to shareholders	50,755	52,125	6,201	109,163
Aerospace Products
Revenues
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Operating Segments
Revenues
Total revenues	53,401	7,730	94,211	13,284
Expenses
Operating expenses	3,491	1,774	8,094	3,519
Cost of sales	31,093	5,367	55,284	8,577
General and administrative	0	0	0	0
Acquisition and transaction expenses	15	0	15	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	77	40	178	40
Asset impairment	0	0	0	0
Interest expense	0	0	0	0
Total expenses	34,676	7,181	63,571	12,136
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(313)	(369)	(878)	(1,050)
Gain on sale of assets, net		1,724	18,562	1,716
Other (expense) income	0	0	0	0
Total other income (expense)	(313)	1,355	17,684	666
Income before income taxes	18,412	1,904	48,324	1,814
Provision for (benefit from) income taxes	2,586	(110)	5,055	(11)
Net income (loss) attributable to shareholders	$ 15,826	$ 2,014	$ 43,269	$ 1,825

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 110,073	$ 90,939	$ 305,234	$ 222,264
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	241	312	(165)	906
Less: Interest expense	(644)	(584)	(1,910)	(1,734)
Less: Depreciation and amortization expense	(39,353)	(41,269)	(136,860)	(123,543)
Less: Asset impairment charges	(4,495)	(859)	(128,171)	(3,048)
Less: Acquisition and transaction expenses	(2,848)	(1,132)	(5,449)	(3,710)
Less: Provision for income taxes	(3,818)	(500)	(7,252)	(1,037)
Net income (loss) attributable to shareholders	58,798	46,538	25,302	89,048
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(4,481)	(6,052)	(17,239)	(17,138)
Equity in losses of unconsolidated entities	0	0	0	0
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(2,586)	(898)	(4,810)	(2,906)
Less: Provision for income taxes	0	0	0	0
Net income (loss) attributable to shareholders	(7,783)	(7,601)	(24,168)	(21,940)
Aviation Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	95,994	94,990	273,788	237,404
Equity in losses of unconsolidated entities	(45)	0	753	0
Less: Asset impairment charges	(4,495)	(859)	(128,171)	(3,048)
Less: Acquisition and transaction expenses	(247)	(234)	(624)	(804)
Less: Provision for income taxes	(1,232)	(610)	(2,197)	(1,048)
Net income (loss) attributable to shareholders	50,755	52,125	6,201	109,163
Aerospace Products \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	18,560	2,001	48,685	1,998
Equity in losses of unconsolidated entities	(313)	(369)	(878)	(1,050)
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(15)	0	(15)	0
Less: Provision for income taxes	(2,586)	110	(5,055)	11
Net income (loss) attributable to shareholders	$ 15,826	$ 2,014	$ 43,269	$ 1,825

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Africa
Segment Reporting Information [Line Items]
Total revenues	250		1,100	235
Africa \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0		0	0
Asia
Segment Reporting Information [Line Items]
Total revenues	24,696	36,420	62,712	93,925
Asia \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues		0	0	0
Europe
Segment Reporting Information [Line Items]
Total revenues	57,380	35,709	121,161	89,108
Europe \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
North America
Segment Reporting Information [Line Items]
Total revenues	126,873	18,152	194,712	39,102
North America \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues		0	0	0
South America
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
South America \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Africa \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	250		250	235
Aviation Leasing \| Asia \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	23,496	36,420	60,111	93,925
Aviation Leasing \| Europe \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	41,869	35,709	94,751	88,296
Aviation Leasing \| North America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	90,183	10,422	130,362	26,630
Aviation Leasing \| South America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Africa \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	0		850	0
Aerospace Products \| Asia \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,200	0	2,601	0
Aerospace Products \| Europe \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	15,511	0	26,410	812
Aerospace Products \| North America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	36,690	7,730	64,350	12,472
Aerospace Products \| South America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - Property, plant and equipment and leasing equipment, net - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 1,559,575	$ 1,714,136
Africa
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	17,776
Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	222,830	365,331
Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	602,833	839,555
North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	391,219	263,718
South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 324,917	$ 245,532

EARNINGS PER SHARE AND EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 58,798	$ 46,538	$ 25,302	$ 89,048
Weighted average shares outstanding:
Basic (in shares)	105.2	100	103.5	100
Diluted (in shares)	105.2	100	103.5	100
Basic, net earnings per share (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48
Diluted, net earnings per share (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Topic 470
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-Section S99
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Section 50
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
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-Subparagraph (c)
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+ Details

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Rent expense, primarily for corporate office facilities	$ 0.3	$ 0.2	$ 0.8	$ 0.8

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 203
2023	831
2024	858
2025	864
2026	321
Thereafter	0
Total	$ 3,077