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

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Statement of Cash Flows [Abstract]      
Net income (loss) $ 1,166,777 $ 1,017,497 $ 1,080,353
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,676,121 1,679,074 1,727,296
Asset impairment 70,149 44,186 61,286
Amortization of debt issuance costs, debt discount, debt premium and lease premium 79,645 76,499 79,052
Amortization of fair value adjustments on debt (79,098) (142,596) (194,728)
Maintenance rights write-off (a) [1] 244,748 287,119 539,772
Maintenance liability release to income (207,849) (228,081) (302,408)
Net gain on sale of assets (188,835) (201,323) (229,093)
Deferred income taxes 162,498 147,588 157,021
Collections of finance and sales-type leases 98,365    
Other 165,527 155,628 156,946
Changes in operating assets and liabilities:      
Trade receivables (8,751) 19,839 (10,567)
Other assets (73,646) 9,800 55,309
Accounts payable, accrued expenses and other liabilities 31 (24,858) 19,978
Net cash provided by operating activities 3,105,682 2,840,372 3,140,217
Purchase of flight equipment (3,359,092) (4,036,194) (3,956,671)
Proceeds from sale or disposal of assets 1,773,766 1,822,601 1,779,321
Prepayments on flight equipment (1,369,400) (1,912,215) (1,268,585)
Collections of finance and sales-type leases 0 94,703 91,918
Other (17) (21,505) (38,102)
Net cash used in investing activities (2,954,743) (4,052,610) (3,392,119)
Issuance of debt 6,539,310 5,589,825 5,596,402
Repayment of debt (6,504,830) (4,360,520) (4,695,453)
Debt issuance costs paid, net of debt premium received (36,592) (57,831) (81,396)
Maintenance payments received 736,423 743,256 756,314
Maintenance payments returned (352,032) (459,326) (523,403)
Security deposits received 232,219 208,259 187,378
Security deposits returned (233,222) (220,452) (188,362)
Dividend paid to non-controlling interest holders and others (6,341) (8,403) (266)
Repurchase of shares and tax withholdings on share-based compensation (639,941) (834,398) (1,138,782)
Net cash (used in) provided by financing activities (265,006) 600,410 (87,568)
Net decrease in cash, cash equivalents and restricted cash (114,067) (611,828) (339,470)
Effect of exchange rate changes (621) 2,738 (1,032)
Cash, cash equivalents and restricted cash at beginning of period 1,415,035 2,024,125 2,364,627
Cash, cash equivalents and restricted cash at end of period 1,300,347 1,415,035 2,024,125
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 1,270,532 1,228,788 1,231,539
Income taxes paid, net $ 2,352 $ 679 $ 18,957
[1]
Maintenance rights write-off consisted of the following:
EOL and MR contract maintenance rights expense
$
76,611

 
$
157,792

 
$
355,845

MR contract maintenance rights write-off due to maintenance liability release
19,848

 
29,656

 
77,494

EOL contract maintenance rights write-off due to cash receipt
148,289

 
99,671

 
106,433

Maintenance rights write-off
$
244,748

 
$
287,119

 
$
539,772