v3.26.3
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 413,601 $ 385,502
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in (earnings) losses of unconsolidated entities [1],[2] (24,540) 16,841
Gain on insurance recoveries (49,545) (54,325)
Security deposits and maintenance claims included in earnings (6,763) (24,919)
Equity-based compensation 21,446 16,059
Depreciation and amortization 142,570 170,076
Deferred income taxes 13,148 77,559
Change in fair value of guarantees 1,255 2,460
Amortization of lease intangibles and incentives 18,243 31,843
Amortization of deferred financing costs 9,026 8,772
Provision for credit losses 0 276
Other 4,807 710
Change in:    
Accounts receivable 52,927 (38,968)
Contract liabilities - affiliate 234,000 0
Inventory (885,934) (391,908)
Other assets (112,055) (64,011)
Accounts payable and accrued liabilities 105,209 100,739
Management fees payable to affiliate 0 (960)
Other liabilities 32,289 (22,568)
Net cash used in operating activities (333,017) (131,666)
Cash flows from investing activities:    
Investment in unconsolidated entities (129,540) (188,698)
Return of capital from unconsolidated entities 67,352 27,113
Principal collections on finance leases 0 1,580
Principal collections on notes receivable 2,823 4,328
Acquisition of business, net of cash acquired 0 (37,133)
Acquisition of leasing equipment (298,126) (489,781)
Investments in financing receivables 0 (2,764)
Investment in promissory notes (4,754) 0
Acquisition of property, plant and equipment (66,373) (17,511)
Acquisition of lease intangibles (1,034) 2,757
Deposits for acquisition of leasing equipment [3] (34,446) (58,646)
Proceeds from settlement of insurance claims 49,533 54,325
Proceeds from deposits on sale of leasing equipment 0 6,405
Return of deposits for acquisition of leasing equipment [3] 8,362 45,151
Net cash provided by investing activities 757,672 722,668
Cash flows from financing activities:    
Proceeds from debt 1,225,000 430,000
Repayment of debt (1,225,000) (430,000)
Payment of deferred financing costs (12,123) (524)
Receipt of security deposits under operating lease agreements 1,005 4,490
Return of security deposits under operating lease agreements (1,514) (3,469)
Receipt of maintenance deposits under operating lease agreements 15,420 40,284
Release of maintenance deposits under operating lease agreements (5,720) (5,452)
Share repurchases (49,955) 0
Settlement of equity-based compensation (33,611) (1,497)
Redemption of preferred shares (105,493) (124,167)
Cash dividends - ordinary shares (138,554) (92,305)
Cash dividends - preferred shares (8,962) (13,533)
Net cash used in financing activities (339,507) (196,173)
Net increase in cash and cash equivalents and restricted cash 85,148 394,829
Cash and cash equivalents and restricted cash, beginning of period 300,626 115,266
Cash and cash equivalents and restricted cash, end of period 385,774 510,095
Supplemental disclosure of non-cash investing and financing activities (see Note 2 for additional non-cash information):    
Receipt of notes receivable in connection with the sale of leasing equipment 47,181 32,996
Acquisition of leasing equipment in accrued liabilities (2,303) (22,634)
Purchase deposits reclassified to leasing equipment from other assets upon acquisition 0 (52,817)
Accounts receivable settled with maintenance deposits (10,427) (23,883)
Nonrelated Party    
Adjustments to reconcile net income to net cash used in operating activities:    
Gain on sale of assets (285,068) (294,761)
Cash flows from investing activities:    
Proceeds from sale of assets 988,218 890,434
Equity Method Investee    
Adjustments to reconcile net income to net cash used in operating activities:    
Gain on sale of assets (17,633) (50,083)
Cash flows from investing activities:    
Deposits for acquisition of leasing equipment (2,932) (23,473)
Proceeds from sale of assets 175,657 485,108
Return of deposits for acquisition of leasing equipment $ 2,932 $ 42,813
[1] Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships within the Aerospace Products segment.
[2] Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[3] Includes deposits for acquisition of leasing equipment paid on behalf of the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $23,473), and return of deposits for the acquisition of leasing equipment reimbursed from the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $42,813).