Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Accrued Expenses And Other Liabilities

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Accrued Expenses And Other Liabilities
12 Months Ended
Dec. 31, 2011
Accrued Expenses And Other Liabilities [Abstract]  
Accrued Expenses And Other Liabilities

13. Accrued expenses and other liabilities

Accrued expenses and other liabilities consist of the following at December 31:

  2010 2011
Guarantee liability $ 1,251 $
Accrued expenses   73,691   29,682
Accrued interest   24,137   26,702
Lease deficiency   22,310   18,074
  $ 121,389 $ 74,458

 

     Accrued expenses— The decrease in accrued expenses in the year ended December 31, 2011 is mainly caused by the AeroTurbine Transaction.

     Lease deficiency—Lease deficiency represents lease rates for current lease contracts which are below current market rentals for the applicable aircraft at the time of purchase. The lease deficiency amortizes over the remaining term of the related lease agreements as a non-cash increase in lease revenue. The remaining weighted average amortization period for the lease deficiency is 109 (2010: 110) months.