ACG Sustainability and Industry Outlook
Appendix: Footnotes
Slide 3
1 - Source: IATA December 2023 Air Passenger Market Analysis.
2- Source: IATA. December 6, 2023 "Airlines Set to Earn 2.7% Net Profit Margin on Record Revenues in 2024"
Slide 4
1 - Counts include owned and managed aircraft. All percentage calculations are based on net book value of owned
aircraft and exclude aircraft off-lease and investments in finance leases. "Asia Pacific" excludes China.
Slide 5
1- Excludes investments in finance leases.
2- Includes $332 million of assets held for sale.
3- Includes 11 owned Boeing 757s, 3 managed Airbus A330s and 1 managed Boeing 777.
4-Weighted average age of owned aircraft based on net book value.
Slide 7
1- Committed minimum lease rentals (inclusive of executed deferral and restructuring agreements) we are due
under operating leases as of December 31, 2023.
2- Weighted average remaining lease term figure excludes aircraft off-lease and investments in finance leases.
Slide 8
1-Source for global fleet percent: Cirium. The global fleet includes commercial aircraft used for passenger service.
ACG percentages based on new technology by count.
Slide 9
1- See Appendix: Forward Liquidity Coverage on page 15 for calculation details.
2- Debt covenant to maintain 1.25x unencumbered assets to unsecured debt.
3- Excludes revolving lines of credit and commercial paper, which had outstanding balances of $0 million and $810
million, respectively, as of December 31, 2023.
4- Includes $2.66 billion under our syndicated revolving credit facility, $1.2 billion intercompany line of credit with
Tokyo Century and $500 million AFS secured credit facility.
Slide 11
1- Based on narrowbody by count, which is the percent of the number of owned narrowbody aircraft.
2- Weighted average of owned aircraft based on net book value. Remaining lease term figure excludes aircraft off-lease and
investments in finance leases.
3-Owned and managed aircraft.
4- Calculated as Net Debt divided by Equity. Net Debt is calculated as debt financings net of cash and restricted cash. Net Debt is
a non-GAAP financial measure. See Appendix for reconciliation to the most directly comparable GAAP measure.
5-Comprised of cash and cash equivalents, in each case to the extent that such assets are not subject to a lien, and non-pledged
aircraft assets (aircraft, engines, airframes, parts and pre-delivery payments).
Slide 13
1- We have entered into interest rate swaps that exchange a portion of this floating rate interest to fixed interest rates to
manage exposure to changes in SOFR. The interest rate swaps have amortizing notional values and mature in July 2025 and
December 2027. As of December 31, 2023, our interest rate swaps had a notional value of $1,025 million.
Slide 14
1- Excludes revolving lines of credit and commercial paper, which had outstanding balances of $0 million and $810 million,
respectively, as of December 31, 2023.
Slide 15
1 - Sources and Uses are for the next twelve months as of December 31, 2023. Outstanding commercial paper as of December 31,
2023 is subtracted from the amount of undrawn revolving credit available to us, and therefore is not included in the "Uses"
column.
2- The European ECAs have agreed to guarantee future financings of certain of our Airbus deliveries; we have not entered into
any related loan agreements as of December 31, 2023.
3-Comprised of $1.85 billion undrawn commitments out of $2.66 billion total commitments under our syndicated revolving
credit facility, $1.2 billion intercompany line of credit with Tokyo Century, $500 million AFS secured credit facility and $72 million
in unrestricted cash.
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