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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2022
Commission File Number 001-33159
AERCAP HOLDINGS N.V.
(Translation of Registrant’s Name into English)
AerCap House, 65 St. Stephen’s Green, Dublin D02 YX20, Ireland, +353 1 819 2010
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x
Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note:  Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.




Other Events
On August 11, 2022, AerCap Holdings N.V. furnished its interim financial report for the quarter ended June 30, 2022.
The information contained in this Form 6-K is incorporated by reference into the Company’s Form F-3 Registration Statements File Nos. 333-234028, 333-235323 and 333-260359 and Form S-8 Registration Statements File Nos. 333-180323, 333-154416, 333-165839, 333-194637 and 333-194638, and related Prospectuses, as such Registration Statements and Prospectuses may be amended from time to time.


2



INDEX
Signature

3


PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)
4


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
As of June 30, 2022 and December 31, 2021
NoteJune 30, 2022December 31, 2021
(U.S. Dollars in thousands, except share data)
Assets
Cash and cash equivalents6$1,229,008 $1,728,794 
Restricted cash6173,441 185,959 
Trade receivables125,642 181,455 
Flight equipment held for operating leases, net754,306,782 57,825,056 
Investment in finance leases, net82,033,033 1,929,220 
Flight equipment held for sale964,084 304,362 
Prepayments on flight equipment254,628,946 4,586,848 
Maintenance rights and lease premium, net103,777,875 4,444,520 
Other intangibles, net10196,238 208,879 
Deferred tax assets17109,662 121,571 
Associated companies11724,745 705,087 
Other assets122,378,135 2,348,017 
Total Assets$69,747,591 $74,569,768 
Liabilities and Equity
Accounts payable, accrued expenses and other liabilities14$1,789,922 $1,958,096 
Accrued maintenance liability152,315,468 2,900,651 
Lessee deposit liability743,485 773,753 
Debt1647,927,887 50,204,678 
Deferred tax liabilities171,859,478 2,085,230 
Commitments and contingencies25
Total Liabilities54,636,240 57,922,408 
Ordinary share capital, €0.01 par value, 450,000,000 ordinary shares authorized as of June 30, 2022 and December 31, 2021; 250,347,345 and 250,347,345 ordinary shares issued and 245,848,357 and 245,395,448 ordinary shares outstanding (including 5,032,769 and 5,822,811 shares of unvested restricted stock) as of June 30, 2022 and December 31, 2021, respectively
223,024 3,024 
Additional paid-in capital8,546,331 8,522,694 
Treasury shares, at cost (4,498,988 and 4,951,897 ordinary shares as of June 30, 2022 and December 31, 2021, respectively)
22(259,646)(285,901)
Accumulated other comprehensive income (loss)2,926 (79,335)
Accumulated retained earnings6,741,794 8,410,261 
Total AerCap Holdings N.V. shareholders’ equity15,034,429 16,570,743 
Non-controlling interest76,922 76,617 
Total Equity15,111,351 16,647,360 
Total Liabilities and Equity$69,747,591 $74,569,768 
Supplemental balance sheet informationamounts related to assets and liabilities of consolidated Variable Interest Entities (VIE) for which creditors do not have recourse to our general credit:
Restricted cash$73,847 $94,721 
Flight equipment held for operating leases and held for sale2,990,298 3,411,087 
Other assets141,869 100,638 
Accrued maintenance liability$107,341 $132,996 
Debt1,064,501 1,113,876 
Other liabilities99,709 86,894 
The accompanying notes are an integral part of these Unaudited Financial Statements.

5


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Income Statements
For the Three and Six Months Ended June 30, 2022 and 2021

Three Months Ended June 30,Six Months Ended June 30,
Note2022202120222021
(U.S. Dollars in thousands, except share and per share data)
Revenues and other income
Lease revenue:
Basic lease rents$1,461,526 $871,237 $3,015,172 $1,760,324 
Maintenance rents and other receipts102,798 130,934 288,693 313,829 
Total lease revenue1,564,324 1,002,171 3,303,865 2,074,153 
Net gain on sale of assets35,200 22,453 38,485 27,248 
Other income1971,188 207,444 118,378 226,017 
Total Revenues and other income1,670,712 1,232,068 3,460,728 2,327,418 
Expenses
Depreciation and amortization7, 10580,744 392,162 1,215,158 788,720 
Net charges related to Ukraine Conflict5  2,728,718  
Asset impairment2011,803 57,054 14,228 73,386 
Interest expense399,994 292,887 780,779 573,704 
Loss on debt extinguishment 901  2,041 6,061 
Leasing expenses193,231 59,010 401,286 103,542 
Selling, general and administrative expenses18104,872 73,071 202,347 130,422 
Transaction and integration-related expenses49,245 69,197 26,633 94,675 
Total Expenses1,300,790 943,381 5,371,190 1,770,510 
Loss on investment at fair value(12,464) (12,351)(2,463)
Income (loss) before income taxes and income of investments accounted for under the equity method
357,458 288,687 (1,922,813)554,445 
Income tax (expense) benefit17(50,044)(40,531)228,263 (80,395)
Equity in net earnings of investments accounted for under the equity method
33,148 1,703 34,431 3,855 
Net income (loss)$340,562 $249,859 $(1,660,119)$477,905 
Net income attributable to non-controlling interest
(736)(108)(885)(129)
Net income (loss) attributable to AerCap Holdings N.V.
$339,826 $249,751 $(1,661,004)$477,776 
Basic earnings (loss) per share22$1.41 $1.95 $(6.92)$3.73 
Diluted earnings (loss) per share22$1.40 $1.92 $(6.92)$3.68 
Weighted average shares outstanding - basic22240,367,450 128,243,450 240,008,449 128,064,564 
Weighted average shares outstanding - diluted22242,264,561 129,896,210 240,008,449 129,690,334 


The accompanying notes are an integral part of these Unaudited Financial Statements.

6


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
For the Three and Six Months Ended June 30, 2022 and 2021

Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
(U.S. Dollars in thousands)
Net income (loss)$340,562 $249,859 $(1,660,119)$477,905 
Other comprehensive income:
Net gain on derivatives (Note 13), net of tax of $(4,088), $(2,274), $(11,752) and $(5,339), respectively
28,613 15,920 82,261 37,372 
Total other comprehensive income28,613 15,920 82,261 37,372 
Comprehensive income (loss)369,175 265,779 (1,577,858)515,277 
Comprehensive income attributable to non-controlling interest(736)(108)(885)(129)
Total comprehensive income (loss) attributable to AerCap Holdings N.V.$368,439 $265,671 $(1,578,743)$515,148 



































The accompanying notes are an integral part of these Unaudited Financial Statements.

7


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2022 and 2021

Six Months Ended June 30,
20222021
(U.S. Dollars in thousands)
Net (loss) income$(1,660,119)$477,905 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization1,215,158 788,720 
Net charges related to Ukraine Conflict2,938,487  
Asset impairment14,228 73,386 
Amortization of debt issuance costs, debt discount, debt premium and lease premium161,633 33,932 
Amortization of fair value adjustments on debt(4,017)(8,254)
Maintenance rights write-off (a)179,667 30,211 
Maintenance liability release to income(131,427)(140,047)
Net gain on sale of assets(38,485)(27,248)
Deferred tax (benefit) expense(225,819)82,388 
Share-based compensation54,381 41,986 
Collections of finance leases140,140 42,344 
Loss on investment at fair value12,351 2,463 
Loss on debt extinguishment2,041 6,061 
Transaction and integration-related expenses 74,601 
Other(90,383)2,863 
Changes in operating assets and liabilities:
Trade receivables44,327 21,394 
Other assets48,132 (198,019)
Accounts payable, accrued expenses and other liabilities(151,845)(133,183)
Net cash provided by operating activities2,508,450 1,171,503 
Purchase of flight equipment(1,328,669)(470,584)
Proceeds from sale or disposal of assets796,373 267,779 
Prepayments on flight equipment(415,070)(30,537)
Other84,683  
Net cash used in investing activities(862,683)(233,342)
Issuance of debt84,996 1,320,537 
Repayment of debt(2,413,244)(1,945,210)
Debt issuance and extinguishment costs paid, net of debt premium received(9,135)(221,037)
Maintenance payments received353,522 163,280 
Maintenance payments returned(172,570)(91,957)
Security deposits received148,781 108,057 
Security deposits returned(140,441)(156,314)
Dividend paid to non-controlling interest holders and others(580)(183)
Repurchase of shares and tax withholdings on share-based compensation(8,140)(16,503)
Net cash used in financing activities(2,156,811)(839,330)
Net (decrease) increase in cash, cash equivalents and restricted cash(511,044)98,831 
Effect of exchange rate changes(1,260)(756)
Cash, cash equivalents and restricted cash at beginning of period1,914,753 1,495,290 
Cash, cash equivalents and restricted cash at end of period$1,402,449 $1,593,365 
The accompanying notes are an integral part of these Unaudited Financial Statements.

8


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows (Continued)
For the Six Months Ended June 30, 2022 and 2021

Six Months Ended June 30,
20222021
(U.S. Dollars in thousands)
Supplemental cash flow information:
Interest paid, net of amounts capitalized$760,509 $564,071 
Income taxes paid (refunded), net1,203 (201)

(a)Maintenance rights write-off consisted of the following:
End-of-Lease (“EOL”) and Maintenance Reserve (“MR”) contract maintenance rights expense$166,512 $6,170 
MR contract maintenance rights write-off offset by maintenance liability release242,142 7,340 
EOL contract maintenance rights write-off offset by EOL compensation received65,506 16,701 
EOL and MR contract maintenance rights write-off related to the Ukraine conflict
(294,493) 
Maintenance rights write-off$179,667 $30,211 



































The accompanying notes are an integral part of these Unaudited Financial Statements.

9


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows (Continued)
For the Six Months Ended June 30, 2022 and 2021
Non-Cash Investing and Financing Activities
Six Months Ended June 30, 2022:
Flight equipment held for operating leases in the amount of $282.1 million was reclassified to investment in finance leases, net/inventory.
Flight equipment held for operating leases in the amount of $81.9 million was reclassified to flight equipment held for sale.
Accrued maintenance liability in the amount of $14.1 million was settled with buyers upon sale or disposal of assets.
Six Months Ended June 30, 2021:
Flight equipment held for operating leases in the amount of $19.9 million was reclassified to investment in finance leases, net.
Flight equipment held for operating leases in the amount of $84.7 million was reclassified to flight equipment held for sale.
Accrued maintenance liability in the amount of $13.6 million was settled with buyers upon sale or disposal of assets.
































The accompanying notes are an integral part of these Unaudited Financial Statements.

10


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity
For the Three Months Ended June 30, 2022 and 2021

Number of ordinary shares issuedOrdinary share capitalAdditional paid-in capitalTreasury sharesAccumulated other comprehensive (loss) incomeAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
March 31, 2022
250,347,345 $3,024 $8,541,022 $(273,320)$(25,687)$6,408,091 $14,653,130 $76,648 $14,729,778 
Dividends paid— — — — — — — (462)(462)
Ordinary shares
issued, net of
tax withholdings
— — (21,570)13,674 — (6,123)(14,019)— (14,019)
Share-based
compensation
— — 26,879 — — — 26,879 — 26,879 
Total comprehensive
income
— — — — 28,613 339,826 368,439 736 369,175 
Balance as of
June 30, 2022
250,347,345 $3,024 $8,546,331 $(259,646)$2,926 $6,741,794 $15,034,429 $76,922 $15,111,351 

Number of ordinary shares issuedOrdinary share capitalAdditional paid-in capitalTreasury sharesAccumulated other comprehensive lossAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
March 31, 2021
138,847,345 $1,721 $2,088,760 $(443,228)$(133,633)$7,625,705 $9,139,325 $67,909 $9,207,234 
Dividends paid— — — — — — — (55)(55)
Repurchase of
shares
— — — (28,668)— — (28,668)— (28,668)
Ordinary shares
issued, net of
tax withholdings
— — (190,049)157,944 — 13,254 (18,851)— (18,851)
Share-based
compensation
— — 26,060 — — — 26,060 — 26,060 
Total comprehensive
income
— — — — 15,920 249,751 265,671 108 265,779 
Balance as of
June 30, 2021
138,847,345 $1,721 $1,924,771 $(313,952)$(117,713)$7,888,710 $9,383,537 $67,962 $9,451,499 









The accompanying notes are an integral part of these Unaudited Financial Statements.


11


AerCap Holdings N.V. and Subsidiaries
Unaudited Condensed Consolidated Statements of Equity (Continued)
For the Six Months Ended June 30, 2022 and 2021

Number of ordinary shares issuedOrdinary share capitalAdditional paid-in capitalTreasury sharesAccumulated other comprehensive (loss) incomeAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
December 31, 2021
250,347.345 $3,024 $8,522,694 $(285,901)$(79,335)$8,410,261 $16,570,743 $76,617 $16,647,360 
Dividends paid— — — — — — — (580)(580)
Repurchase of
shares
— — — (1,458)— — (1,458)— (1,458)
Ordinary shares
issued, net of
tax withholdings
— — (30,744)27,713 — (7,463)(10,494)— (10,494)
Share-based
compensation
— — 54,381 — — — 54,381 — 54,381 
Total comprehensive
income (loss)
— — — — 82,261 (1,661,004)(1,578,743)885 (1,577,858)
Balance as of
 June 30, 2022
250,347.345 $3,024 $8,546,331 $(259,646)$2,926 $6,741,794 $15,034,429 $76,922 $15,111,351 

Number of ordinary shares issuedOrdinary share capitalAdditional paid-in capitalTreasury sharesAccumulated other comprehensive lossAccumulated retained earningsAerCap Holdings N.V. shareholders’ equityNon-controlling interestTotal equity
(U.S. Dollars in thousands, except share data)
Balance as of
December 31, 2020
138,847,345 $1,721 $2,078,125 $(459,994)$(155,085)$7,399,703 $8,864,470 $68,016 $8,932,486 
Dividends paid— — — — — — — (183)(183)
Repurchase of
shares
— — — (28,668)— — (28,668)— (28,668)
Ordinary shares
issued, net of
tax withholdings
— — (195,340)174,710 — 11,231 (9,399)— (9,399)
Share-based
compensation
— — 41,986 — — — 41,986 — 41,986 
Total comprehensive
income
— — — — 37,372 477,776 515,148 129 515,277 
Balance as of
 June 30, 2021
138,847,345 $1,721 $1,924,771 $(313,952)$(117,713)$7,888,710 $9,383,537 $67,962 $9,451,499 








The accompanying notes are an integral part of these Unaudited Financial Statements.

12


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
1. General
The Company
AerCap Holdings N.V., together with its subsidiaries (“AerCap,” “we,” “us” or the “Company”), is the global leader in aviation leasing, with 2,268 aircraft owned, managed or on order, over 900 engines (including engines owned by our Shannon Engine Support (“SES”) joint venture), over 300 owned helicopters, and total assets of approximately $70 billion as of June 30, 2022. Our ordinary shares are listed on the New York Stock Exchange under the ticker symbol AER. Our headquarters is located in Dublin, and we have offices in Shannon, Miami, Singapore, Memphis, Amsterdam, Shanghai, Abu Dhabi and other locations. We also have representative offices at the world’s largest aircraft manufacturers, The Boeing Company (“Boeing”) in Seattle and Airbus S.A.S. (“Airbus”) in Toulouse.
AerCap completed the acquisition of GE Capital Aviation Services (“GECAS”) from General Electric (“GE”) (the “GECAS Transaction”) on November 1, 2021 (the “Closing Date”), as further described in Note 4—GECAS Transaction. The results of GECAS’s operations have been included in our Condensed Consolidated Financial Statements since November 1, 2021.
The Condensed Consolidated Financial Statements presented herein include the accounts of AerCap Holdings N.V. and its subsidiaries. AerCap Holdings N.V. was incorporated in the Netherlands as a public limited liability company (“naamloze vennootschap” or “N.V.”) on July 10, 2006.
2. Basis of presentation
General
Our Condensed Consolidated Financial Statements are presented in accordance with Accounting Principles Generally Accepted in the United States of America (“U.S. GAAP”).
We consolidate all companies in which we have effective control and all VIEs for which we are deemed the Primary Beneficiary (“PB”) under Accounting Standards Codification (“ASC”) 810. All intercompany balances and transactions with consolidated subsidiaries are eliminated. The results of consolidated entities are included from the effective date of control or, in the case of VIEs, from the date that we are or become the PB. The results of subsidiaries sold or otherwise deconsolidated are excluded from the date that we cease to control the subsidiary or, in the case of VIEs, when we cease to be the PB.
Unconsolidated investments where we have significant influence are reported using the equity method of accounting.
Our Condensed Consolidated Financial Statements are stated in U.S. dollars, which is our functional currency.
Our interim financial statements have been prepared pursuant to the rules of the U.S. Securities and Exchange Commission (“SEC”) and U.S. GAAP for interim financial reporting, and reflect all adjustments that are necessary to fairly state the results for the interim periods presented. Certain information and footnote disclosures required by U.S. GAAP for complete annual financial statements have been omitted and, therefore, our interim financial statements should be read in conjunction with our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on March 30, 2022. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of those for a full fiscal year.
Due to rounding, numbers presented throughout this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

13


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
2. Basis of presentation (Continued)

Use of estimates
The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
The use of estimates is or could be a significant factor affecting the reported carrying values of flight equipment, intangible assets, investment in finance leases, net, investments, trade receivables, notes receivables, deferred tax assets, income tax accruals and maintenance liabilities. Actual results may differ from our estimates under different conditions, sometimes materially.
Reportable segments
We manage our business and analyze and report our results of operations on the basis of one business segment: leasing, financing, sales and management of commercial flight equipment.
14


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
3. Summary of significant accounting policies
Total loss write-offs
Total loss write-offs result from the loss of an asset because of an unforeseen event (for example, an airplane crash incident, physical loss by wrongful deprivation, asset seizure, or other loss event). These events may be insured through the lessee’s insurance policies where we are named as the insured, and under our own insurance policies where the lessee’s insurance policy fails to indemnify us. We recognize an insurance receivable to the extent we have a claim from a loss from a total loss write-off event and the likelihood of recovering such loss or portion of the loss is probable at the balance sheet date.
We recognize insurance proceeds in excess of the loss recognized when all contingencies are resolved, which generally occurs when we receive a non-refundable cash payment from the insurers, or when we execute a binding settlement agreement with the insurers where a non-refundable payment will be made.
Unusual or infrequently occurring events or transactions
A material event or transaction that we consider to be unusual in nature or that is expected to occur infrequently, or both, is reported separately in our Condensed Consolidated Income Statements, gross of income taxes.
Our other significant accounting policies are described in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on March 30, 2022.
Future application of accounting standards:
Reference Rate Reform
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2020-04, Reference Rate Reform (ASC 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASC 848”). ASC 848 provided temporary optional expedients and exceptions to the U.S. GAAP guidance on contract modifications and hedge accounting to reduce the financial reporting burden in light of the market transition from London Interbank Offered Rates (“LIBOR”) and other reference interest rates to alternative reference rates.
Under ASC 848 companies can elect not to apply certain modification accounting requirements to contracts affected by reference rate reform if certain criteria are met. An entity that makes this election would not be required to remeasure the contracts at the modification date or reassess a previous accounting determination. The amendments of ASC 848 apply only to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in ASC 848 are effective from March 12, 2020 through December 31, 2022 and can be adopted prospectively for any interim period that includes or is subsequent to March 12, 2020. We have not adopted ASC 848 for this interim period and are currently evaluating the adoption impact the standard may have on our financial statements.
As of June 30, 2022, we had approximately $6.4 billion of floating rate debt outstanding that used either one-month, three-month or six-month USD LIBOR as the applicable reference rate to calculate interest on such debt, of which $5.6 billion is set to mature after June 30, 2023. As of June 30, 2022, we had approximately $4.2 billion notional amount of floating rate derivatives outstanding that used either one-month, three-month or six-month USD LIBOR. Certain of our floating rate debt and derivatives contain, or are subject to applicable law that establishes, LIBOR transition fall-back provisions and we expect these to transition to the Secured Overnight Financing Rate (“SOFR”) on or before June 30, 2023.

15


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
4. GECAS Transaction
AerCap completed the GECAS Transaction on November 1, 2021. Under the terms of the transaction agreement, GE received 111.5 million newly issued AerCap shares, approximately $23 billion of cash and $1 billion of AerCap senior notes. Immediately following the completion of the GECAS Transaction, GE held approximately 46% of AerCap’s issued and outstanding ordinary shares. In connection with the GECAS Transaction, GE appointed two members to join the Board of Directors of AerCap, bringing the number of directors serving on AerCap’s Board of Directors to 11. The GE shares are subject to a lock-up period which will expire in stages from nine to 15 months after the Closing Date. GE has entered into agreements with AerCap regarding voting restrictions, standstill provisions and certain registration rights.
Transaction and integration-related expenses related to the GECAS Transaction consisted of the following for the three and six months ended June 30, 2022 and 2021:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Professional fees and other expenses$5,406 $9,191 $15,594 $20,074 
Severance and other compensation expenses3,839  11,039  
Banking fees 60,006  74,601 
$9,245 $69,197 $26,633 $94,675 
16


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
5. Net charges related to Ukraine Conflict
On February 24, 2022, Russia launched a large-scale military invasion of Ukraine and is engaged in a broad military conflict with Ukraine (the “Ukraine Conflict”). In response to the Ukraine Conflict and ongoing related hostilities, the United States, the European Union, the United Kingdom and other countries have imposed broad, far-reaching sanctions against Russia, certain Russian persons and certain activities involving Russia or Russian persons. These sanctions include prohibitions regarding the supply of aircraft and aircraft components to Russian persons or for use in Russia, subject to certain wind-down periods (the “Sanctions”).
Prior to the Ukraine Conflict, we had 135 owned aircraft on lease to Russian airlines, as well as 14 owned engines on lease to Russian airlines, which represented approximately 5% of AerCap’s fleet by net book value as of December 31, 2021. Basic lease rents from our owned aircraft and engines leased to Russian airlines were approximately $33 million for the month of December 2021. We had no helicopters on lease to Russian customers. We have sought to repossess all our aircraft and engines from Russian airlines and remove them from Russia. As of June 30, 2022, we had recovered 22 of our 135 owned aircraft and three of our 14 owned engines outside of Russia. While we continue to hold title to the aircraft that remain in Russia, we have concluded that it is not likely we will regain possession of these assets.
In addition, we had seven owned aircraft on lease to Ukrainian airlines. As of June 30, 2022, five of these aircraft were in temporary storage outside of Ukraine. As of June 30, 2022, the remaining two aircraft were grounded in Ukraine, but the exact status of these aircraft remains difficult to ascertain.
In compliance with all applicable sanctions in March 2022, we terminated the leasing of all of our aircraft and engines with Russian airlines. These terminations result in reduced revenues and operating cash flows.
The Ukraine Conflict, including the Sanctions and the actions of our former Russian lessees and the Russian government, represents an unusual and infrequent event that is classified separately on our Condensed Consolidated Income Statements. During the first quarter of 2022, we recognized a pre-tax net charge of $2.7 billion to our earnings, comprised of write-offs and impairments of flight equipment, which were partially offset by the derecognition of lease-related assets and liabilities (including maintenance rights and lease premium intangible assets, maintenance liabilities, security deposits and other balances) and the collection of letter of credit proceeds. We recognized a total loss write-off on our assets that remain in Russia and Ukraine, and impairment losses on the assets we have recovered from Russian and Ukrainian airlines. The impairments recognized on assets recovered from Russian and Ukrainian airlines are based on the expected commercial strategy and corresponding cash flow estimates for each asset.
Six Months Ended
June 30, 2022
(U.S. Dollars in millions)
Write-offs and impairments of flight equipment$3,176 
Derecognition of lease-related assets and liabilities(237)
Letters of credit receipts(210)
Net charges related to Ukraine Conflict$2,729 
We had letters of credit related to our aircraft and engines leased to Russian airlines as of February 24, 2022 of approximately $260 million, all confirmed by financial institutions in Western Europe. We have presented requests for payment to all these institutions. To date, we have received payments of $210 million related to these letters of credit. We have initiated legal proceedings against one financial institution which rejected our payment demands in respect of certain letters of credit.
Our lessees are required to provide insurance coverage with respect to leased aircraft and we are named as insureds under those policies in the event of a total loss of an aircraft or engine. We also purchase contingent and possessed insurance (“C&P Policy”) which provides us with coverage when our flight equipment is not subject to a lease or where a lessee’s policy fails to indemnify us. In March 2022, we submitted an insurance claim for approximately $3.5 billion under our C&P Policy with respect to all aircraft and engines remaining in Russia. In June 2022, we commenced legal proceedings in London, England to recover up to $3.5 billion in connection with our previously submitted claim under the C&P Policy. Refer to Note 25—Commitments and Contingencies for further details.
17


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
5. Net charges related to Ukraine Conflict (Continued)
In parallel, during the three months ended June 30, 2022, we submitted claims as an additional insured under the Russian airlines’ insurance policies. Our efforts to recover from the airlines’ Russian insurers and their reinsurers continue. The collection, timing and amount of any potential recoveries under the airlines’ insurance and reinsurance policies are uncertain. As with the claim under the C&P Policy, we have not recognized any claim receivables in respect of our claims under the Russian airlines’ insurance and reinsurance policies as of June 30, 2022.
6. Cash, cash equivalents and restricted cash
Our restricted cash balance was $173.4 million and $186.0 million as of June 30, 2022 and December 31, 2021, respectively, and was primarily related to our Export Credit Agency (“ECA”) financings and Export-Import Bank of the United States (“Ex-Im”) financings, our AerFunding revolving credit facility, our Brazilian Development Bank (“BNDES”) financing and other debt. See Note 16—Debt.
The following is a summary of our cash, cash equivalents and restricted cash as of June 30, 2022, December 31, 2021 and June 30, 2021:
June 30, 2022December 31, 2021June 30, 2021
Cash and cash equivalents$1,229,008 $1,728,794 $1,402,918 
Restricted cash173,441 185,959 190,447 
Total cash, cash equivalents and restricted cash$1,402,449 $1,914,753 $1,593,365 
7. Flight equipment held for operating leases, net
Movements in flight equipment held for operating leases during the six months ended June 30, 2022 and 2021 were as follows:
Six Months Ended June 30,
20222021
Net book value at beginning of period$57,825,056 $35,156,450 
Additions1,707,720 785,047 
Depreciation(1,197,431)(776,414)
Disposals and transfers to held for sale(555,939)(330,940)
Transfers to investment in finance leases, net/inventory(282,133)(19,890)
Write-offs and impairments (Note 5 and 20)(3,190,491)(73,386)
Net book value at end of period$54,306,782 $34,740,867 
Accumulated depreciation and impairment as of June 30, 2022 and 2021, respectively:$(11,702,822)$(10,335,040)
18


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
8. Investment in finance leases, net
Components of investment in finance leases, net as of June 30, 2022 and December 31, 2021 were as follows:
June 30, 2022December 31, 2021
Future minimum lease payments to be received, net$1,664,495 $1,275,379 
Estimated residual values of leased flight equipment
1,105,961 1,131,419 
Less: Unearned income
(671,494)(406,286)
Less: Allowance for credit losses (Note 21)(65,929)(71,292)
$2,033,033 $1,929,220 
During the three months ended June 30, 2022 and 2021, we recognized interest income from investment in finance leases, net of $33.8 million and $12.5 million, respectively, included in basic lease rents. During the six months ended June 30, 2022 and 2021, we recognized interest income from investment in finance leases, net of $70.8 million and $24.7 million, respectively, included in basic lease rents.
9. Flight equipment held for sale
As of June 30, 2022, flight equipment with a total net book value of $64.1 million met the held for sale criteria and was classified as flight equipment held for sale in our Condensed Consolidated Balance Sheet. Aggregate maintenance and security deposit amounts received from the lessees of approximately $1.6 million will be assumed by the buyers of these aircraft upon consummation of the individual sales transactions.
As of December 31, 2021, 13 aircraft met the held for sale criteria. During the first quarter of 2022, the sale of ten of those aircraft closed and the sale of the remaining three aircraft closed during the second quarter of 2022.

19


AerCap Holdings N.V. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements (Continued)
(U.S. Dollars in thousands or as otherwise stated, except share and per share data)
10. Intangibles
Maintenance rights and lease premium, net
Maintenance rights and lease premium, net consisted of the following as of June 30, 2022 and December 31, 2021:
June 30, 2022December 31, 2021
Maintenance rights$2,815,514 $3,292,007 
Lease premium, net962,361 1,152,513 
$3,777,875 $4,444,520 
Movements in maintenance rights during the six months ended June 30, 2022 and 2021 were as follows:
Six Months Ended June 30,
20222021
Maintenance rights at beginning of period
$3,292,007 $642,825 
EOL and MR contract maintenance rights expense (a)
(166,512)(6,170)
MR contract maintenance rights write-off offset by maintenance liability release (a)
(242,142)(7,340)
EOL contract maintenance rights write-off offset by EOL compensation received
(65,506)(16,701)
EOL and MR contract maintenance rights write-off due to sale of aircraft(2,333)(2,362)
Maintenance rights at end of period
$2,815,514 $610,252 
(a)EOL and MR contract maintenance rights expense and MR contract maintenance rights write-off offset by maintenance liability release for the six months ended June 30, 2022 included amounts related to the Ukraine Conflict. Refer to Note 5—Net charges related to Ukraine Conflict for further details.
The following tables present details of lease premium assets and related accumulated amortization as of June 30, 2022 and December 31, 2021:
June 30, 2022
Gross carrying amountAccumulated
amortization
Net carrying amount
Lease premium$1,112,471 $(150,110)$962,361