Company: AYR
Filing Date: 2025-07-10
Form Type: 10-Q
Source: 0001628280-25-034715
Chunk: 17

Company: Aircastle LTD
Filing Date: 2025-07-10
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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18, 2023, Ireland enacted Finance (No. 2) Bill 2023 (the “Finance Bill”) which includes legislative changes for new tax measures and amendments to the Irish tax code, such as provisions to implement the Pillar Two GloBE rules, new outbound payment rules, and a dividend withholding tax, among other changes.  The Finance Bill did not have a significant impact on our consolidated financial statements for the three months ended May 31, 2025.On December 18, 2023, Bermuda enacted the Bermuda CIT Act, which imposes the 15% Bermuda CIT that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025.  The Company has appropriately considered the impact of the Bermuda CIT and its impact on current and deferred income taxes.

Note 12. Interest, Net

The following table shows the components of interest, net: Three Months Ended May 31, 20252024Interest on borrowings and other liabilities$66,277 $61,867 Amortization of deferred financing fees and debt discount4,470 4,343 Interest expense70,747 66,210 Less: Interest income(1,906)(735)Less: Capitalized interest— (662)Interest, net$68,841 $64,813 

17

Aircastle Limited and SubsidiariesNotes to Unaudited Consolidated Financial Statements(Dollars in thousands, except per share amounts)May 31, 2025

Note 13. Commitments and Contingencies

Rent expense, for office space leased in Stamford, Connecticut, Dublin, Ireland and Singapore was $0.5 million and $0.5 million for the three months ended May 31, 2025 and 2024, respectively.As of May 31, 2025, future minimum lease payments relating to our non-cancelable office leases were as follows:Year Ending February 28/29,Amount2026 (Remainder of fiscal year)$2,084 20272,772 20282,803 20292,010 20301,201 Thereafter15,111 Total$25,981 At May 31, 2025, we had commitments to purchase 23 aircraft for $1.2 billion.At May 31, 2025, commitments, including $34.4 million of remaining