Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 39

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 16
Chunk 39
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, including the use of tax professionals with specialized skills, to evaluate the Company’s application of the tax laws in relevant jurisdictions and the related income tax.How We Addressed the Matter in Our AuditTo test the Company’s application of tax laws in relevant jurisdictions and the related income tax, we performed audit procedures that included, among others, understanding the Company’s tax structure as it relates to current leases through review of its organization chart and various lease documents.  We evaluated the Company’s treatment of tax law changes, if any, in the foreign jurisdictions it operates to current tax laws.  We also obtained, and assessed the completeness of, a list of transactions to transfer, purchase and sell aircraft during the period and evaluated the tax treatment of certain transactions through review of the lease documents and our assessment of the tax law.  Our audit procedures were performed with the assistance of our tax professionals with specialized skills and knowledge.

/s/ Ernst & Young LLP

We have served as the Company’s auditor since 2004.

Stamford, CT

April 23, 2025

F - 3

Aircastle Limited and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)

 February 28/29, 20252024ASSETSCash and cash equivalents$279,052 $129,977 Accounts receivable9,662 12,518 Flight equipment held for lease, net7,644,867 6,940,502 Net investment in leases, net257,249 282,439 Unconsolidated equity method investment45,813 42,710 Other assets273,521 271,807 Total assets$8,510,164 $7,679,953 LIABILITIES AND SHAREHOLDERS’ EQUITYLIABILITIESBorrowings from secured financings, net$502,609 $875,397 Borrowings from unsecured financings, net4,452,781 3,823,099 Accounts payable, accrued expenses and other liabilities295,132 219,588 Lease rentals received in advance68,120 52,654 Security deposits82,477 69,544 Maintenance payments583,658 505,897 Total liabilities5,984,777 5,546,179 Commitments and ContingenciesSHAREHOLDERS’ EQUITYPreference shares, $0.01 par value, 50,000,000