Company: AYR
Filing Date: 2025-04-23
Form Type: 10-K
Source: 0001628280-25-019189
Chunk: 129

Company: Aircastle LTD
Filing Date: 2025-04-23
Form: 10-K
Item: Item 7
Chunk 129
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 29, 2024, the Company recorded impairment charges totaling $55.2 million, of which $39.5 million were transactional impairments related to scheduled aircraft lease expirations and engine redeliveries.  The Company recognized $48.0 million of maintenance revenue for these aircraft and engines.

Maintenance and other costs decreased $12.9 million, primarily attributable to fewer aircraft transitions. The year ended February 29, 2024 included higher costs due to the timing of transition of aircraft to new lessees, which largely related to aircraft for which the previous lease was terminated early, and the aircraft was repossessed from the prior operator.

35

Other Income (Expense):

Total other income increased by $51.0 million.  During the year ended February 28, 2025, the Company received cash proceeds of $49.5 million in settlement of the Company’s claims against certain of the insurers under its C&P Policies in respect of aircraft formerly on lease to Russian airlines.

During the year ended February 29, 2024, the Company recognized $5.6 million of other income primarily consisting of cash received in connection with claims settlements from various airline customers that had entered into bankruptcy proceedings or similar-type restructurings.

Income Tax Provision:

We recognized income tax provision of $21.9 million and $23.3 million and our effective tax rate was 15.4% and 22.3% for the years ended February 28, 2025 and February 29, 2024, respectively.  The decrease in our effective tax rate is primarily attributable to the mix of profits in taxable and nontaxable jurisdictions.  The year ended February 28, 2025 included $49.5 million of settlement proceeds, a portion of which was recorded in a nontaxable jurisdiction.

Results of Operations for the year ended February 29, 2024, as compared to the year ended February 28, 2023:

We have omitted discussion of the above two periods covered by our consolidated financial statements presented in this Annual Report because that disclosure was already included in our Annual Report on Form 10-K for the fiscal year ended February 29, 2024, filed with the SEC on April 25, 2024.  You are encouraged to reference Part II, Item 7, within that report, for a discussion of our financial condition and result of operations for the year ended February 29, 2024 to the year ended February 28