Supplemental guarantor financial information (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
Condensed Financial Information Disclosure [Abstract] |
|
Condensed consolidated balance sheet |
Condensed Consolidating Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
December 31, 2019 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3 |
|
|
$ |
154 |
|
|
$ |
10 |
|
|
$ |
823 |
|
|
$ |
131 |
|
|
$ |
— |
|
|
$ |
1,121 |
|
Restricted cash |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
178 |
|
|
— |
|
|
179 |
|
Flight equipment held for operating leases, net |
— |
|
|
8,874 |
|
|
— |
|
|
3,500 |
|
|
23,497 |
|
|
— |
|
|
35,871 |
|
Maintenance rights and lease premium, net |
— |
|
|
415 |
|
|
— |
|
|
38 |
|
|
356 |
|
|
— |
|
|
809 |
|
Flight equipment held for sale |
— |
|
|
68 |
|
|
— |
|
|
22 |
|
|
247 |
|
|
— |
|
|
337 |
|
Net investment in finance and sales-type leases |
— |
|
|
462 |
|
|
— |
|
|
62 |
|
|
488 |
|
|
— |
|
|
1,012 |
|
Prepayments on flight equipment |
— |
|
|
983 |
|
|
— |
|
|
3 |
|
|
1,968 |
|
|
— |
|
|
2,954 |
|
Investments including investments in subsidiaries |
11,557 |
|
|
1,405 |
|
|
9,320 |
|
|
6,701 |
|
|
123 |
|
|
(28,983 |
) |
|
123 |
|
Intercompany receivables |
182 |
|
|
17,759 |
|
|
64 |
|
|
11,014 |
|
|
4,510 |
|
|
(33,529 |
) |
|
— |
|
Other assets |
79 |
|
|
523 |
|
|
133 |
|
|
1,247 |
|
|
707 |
|
|
(1,346 |
) |
|
1,343 |
|
Total Assets |
$ |
11,821 |
|
|
$ |
30,643 |
|
|
$ |
9,527 |
|
|
$ |
23,411 |
|
|
$ |
32,205 |
|
|
$ |
(63,858 |
) |
|
$ |
43,749 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
$ |
740 |
|
|
$ |
16,943 |
|
|
$ |
1,505 |
|
|
$ |
— |
|
|
$ |
10,298 |
|
|
$ |
— |
|
|
$ |
29,486 |
|
Intercompany payables |
1,748 |
|
|
2,544 |
|
|
4,133 |
|
|
9,989 |
|
|
15,144 |
|
|
(33,558 |
) |
|
— |
|
Other liabilities |
18 |
|
|
1,817 |
|
|
2 |
|
|
1,710 |
|
|
2,651 |
|
|
(1,317 |
) |
|
4,881 |
|
Total liabilities |
2,506 |
|
|
21,304 |
|
|
5,640 |
|
|
11,699 |
|
|
28,093 |
|
|
(34,875 |
) |
|
34,367 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AerCap Holdings N.V. shareholders’ equity |
9,315 |
|
|
9,339 |
|
|
3,887 |
|
|
11,634 |
|
|
4,123 |
|
|
(28,983 |
) |
|
9,315 |
|
Non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
78 |
|
|
(11 |
) |
|
— |
|
|
67 |
|
Total Equity |
9,315 |
|
|
9,339 |
|
|
3,887 |
|
|
11,712 |
|
|
4,112 |
|
|
(28,983 |
) |
|
9,382 |
|
Total Liabilities and Equity |
$ |
11,821 |
|
|
$ |
30,643 |
|
|
$ |
9,527 |
|
|
$ |
23,411 |
|
|
$ |
32,205 |
|
|
$ |
(63,858 |
) |
|
$ |
43,749 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes.
|
Condensed Consolidating Balance Sheet
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
3 |
|
|
$ |
318 |
|
|
$ |
6 |
|
|
$ |
737 |
|
|
$ |
140 |
|
|
$ |
— |
|
|
$ |
1,204 |
|
Restricted cash |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
210 |
|
|
— |
|
|
211 |
|
Flight equipment held for operating leases, net |
— |
|
|
9,455 |
|
|
— |
|
|
3,317 |
|
|
22,280 |
|
|
— |
|
|
35,052 |
|
Maintenance rights and lease premium, net |
— |
|
|
569 |
|
|
— |
|
|
58 |
|
|
486 |
|
|
— |
|
|
1,113 |
|
Flight equipment held for sale |
— |
|
|
26 |
|
|
— |
|
|
— |
|
|
158 |
|
|
— |
|
|
184 |
|
Net investment in finance and sales-type leases |
— |
|
|
494 |
|
|
— |
|
|
63 |
|
|
446 |
|
|
— |
|
|
1,003 |
|
Prepayments on flight equipment |
— |
|
|
1,338 |
|
|
— |
|
|
5 |
|
|
1,682 |
|
|
— |
|
|
3,025 |
|
Investments including investments in subsidiaries |
10,495 |
|
|
1,336 |
|
|
8,774 |
|
|
5,948 |
|
|
133 |
|
|
(26,553 |
) |
|
133 |
|
Intercompany receivables |
130 |
|
|
17,305 |
|
|
67 |
|
|
12,325 |
|
|
5,375 |
|
|
(35,202 |
) |
|
— |
|
Other assets |
79 |
|
|
482 |
|
|
101 |
|
|
351 |
|
|
271 |
|
|
— |
|
|
1,284 |
|
Total Assets |
$ |
10,707 |
|
|
$ |
31,323 |
|
|
$ |
8,948 |
|
|
$ |
22,805 |
|
|
$ |
31,181 |
|
|
$ |
(61,755 |
) |
|
$ |
43,209 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt |
$ |
— |
|
|
$ |
17,257 |
|
|
$ |
808 |
|
|
$ |
8 |
|
|
$ |
11,435 |
|
|
$ |
— |
|
|
$ |
29,508 |
|
Intercompany payables |
1,873 |
|
|
3,480 |
|
|
4,604 |
|
|
11,477 |
|
|
13,768 |
|
|
(35,202 |
) |
|
— |
|
Other liabilities |
6 |
|
|
1,791 |
|
|
2 |
|
|
688 |
|
|
2,333 |
|
|
— |
|
|
4,820 |
|
Total liabilities |
1,879 |
|
|
22,528 |
|
|
5,414 |
|
|
12,173 |
|
|
27,536 |
|
|
(35,202 |
) |
|
34,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total AerCap Holdings N.V. shareholders’ equity |
8,828 |
|
|
8,795 |
|
|
3,534 |
|
|
10,565 |
|
|
3,659 |
|
|
(26,553 |
) |
|
8,828 |
|
Non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
67 |
|
|
(14 |
) |
|
— |
|
|
53 |
|
Total Equity |
8,828 |
|
|
8,795 |
|
|
3,534 |
|
|
10,632 |
|
|
3,645 |
|
|
(26,553 |
) |
|
8,881 |
|
Total Liabilities and Equity |
$ |
10,707 |
|
|
$ |
31,323 |
|
|
$ |
8,948 |
|
|
$ |
22,805 |
|
|
$ |
31,181 |
|
|
$ |
(61,755 |
) |
|
$ |
43,209 |
|
(a)
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes.
|
Condensed consolidated income statement |
Condensed Consolidating Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
— |
|
|
$ |
1,270 |
|
|
$ |
— |
|
|
$ |
439 |
|
|
$ |
2,973 |
|
|
$ |
— |
|
|
$ |
4,682 |
|
Net gain on sale of assets |
— |
|
|
70 |
|
|
— |
|
|
11 |
|
|
108 |
|
|
— |
|
|
189 |
|
Other income (loss) |
69 |
|
|
739 |
|
|
2 |
|
|
629 |
|
|
239 |
|
|
(1,612 |
) |
|
66 |
|
Total Revenues and other income |
69 |
|
|
2,079 |
|
|
2 |
|
|
1,079 |
|
|
3,320 |
|
|
(1,612 |
) |
|
4,937 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
452 |
|
|
— |
|
|
182 |
|
|
1,042 |
|
|
— |
|
|
1,676 |
|
Asset impairment |
— |
|
|
19 |
|
|
— |
|
|
15 |
|
|
36 |
|
|
— |
|
|
70 |
|
Interest expense |
10 |
|
|
884 |
|
|
224 |
|
|
405 |
|
|
1,107 |
|
|
(1,335 |
) |
|
1,295 |
|
Leasing expenses |
— |
|
|
108 |
|
|
— |
|
|
55 |
|
|
125 |
|
|
— |
|
|
288 |
|
Selling, general and administrative expenses |
63 |
|
|
74 |
|
|
— |
|
|
140 |
|
|
267 |
|
|
(277 |
) |
|
267 |
|
Total Expenses |
73 |
|
|
1,537 |
|
|
224 |
|
|
797 |
|
|
2,577 |
|
|
(1,612 |
) |
|
3,596 |
|
(Loss) income before income taxes and income of investments accounted for under the equity method |
(4 |
) |
|
542 |
|
|
(222 |
) |
|
282 |
|
|
743 |
|
|
— |
|
|
1,341 |
|
Provision for income taxes |
1 |
|
|
(68 |
) |
|
28 |
|
|
(40 |
) |
|
(89 |
) |
|
— |
|
|
(168 |
) |
Equity in net earnings of investments accounted for under the equity method |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6 |
) |
|
— |
|
|
(6 |
) |
Net (loss) income before income from subsidiaries |
(3 |
) |
|
474 |
|
|
(194 |
) |
|
242 |
|
|
648 |
|
|
— |
|
|
1,167 |
|
Income (loss) from subsidiaries |
1,149 |
|
|
68 |
|
|
542 |
|
|
996 |
|
|
(912 |
) |
|
(1,843 |
) |
|
— |
|
Net income (loss) |
$ |
1,146 |
|
|
$ |
542 |
|
|
$ |
348 |
|
|
$ |
1,238 |
|
|
$ |
(264 |
) |
|
$ |
(1,843 |
) |
|
$ |
1,167 |
|
Net income attributable to non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
|
(4 |
) |
|
— |
|
|
(21 |
) |
Net income (loss) attributable to AerCap Holdings N.V. |
$ |
1,146 |
|
|
$ |
542 |
|
|
$ |
348 |
|
|
$ |
1,221 |
|
|
$ |
(268 |
) |
|
$ |
(1,843 |
) |
|
$ |
1,146 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed Consolidating Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
— |
|
|
$ |
1,499 |
|
|
$ |
— |
|
|
$ |
289 |
|
|
$ |
2,749 |
|
|
$ |
— |
|
|
$ |
4,537 |
|
Net gain on sale of assets |
— |
|
|
53 |
|
|
— |
|
|
18 |
|
|
130 |
|
|
— |
|
|
201 |
|
Other income (loss) |
63 |
|
|
648 |
|
|
3 |
|
|
719 |
|
|
275 |
|
|
(1,646 |
) |
|
62 |
|
Total Revenues and other income |
63 |
|
|
2,200 |
|
|
3 |
|
|
1,026 |
|
|
3,154 |
|
|
(1,646 |
) |
|
4,800 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
563 |
|
|
— |
|
|
130 |
|
|
986 |
|
|
— |
|
|
1,679 |
|
Asset impairment |
— |
|
|
4 |
|
|
— |
|
|
9 |
|
|
31 |
|
|
— |
|
|
44 |
|
Interest expense |
— |
|
|
886 |
|
|
169 |
|
|
290 |
|
|
1,183 |
|
|
(1,354 |
) |
|
1,174 |
|
Leasing expenses |
— |
|
|
112 |
|
|
— |
|
|
50 |
|
|
285 |
|
|
— |
|
|
447 |
|
Selling, general and administrative expenses |
80 |
|
|
100 |
|
|
— |
|
|
139 |
|
|
278 |
|
|
(292 |
) |
|
305 |
|
Total Expenses |
80 |
|
|
1,665 |
|
|
169 |
|
|
618 |
|
|
2,763 |
|
|
(1,646 |
) |
|
3,649 |
|
(Loss) income before income taxes and income of investments accounted for under the equity method |
(17 |
) |
|
535 |
|
|
(166 |
) |
|
408 |
|
|
391 |
|
|
— |
|
|
1,151 |
|
Provision for income taxes |
2 |
|
|
(67 |
) |
|
21 |
|
|
(54 |
) |
|
(47 |
) |
|
— |
|
|
(145 |
) |
Equity in net earnings of investments accounted for under the equity method |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
11 |
|
Net (loss) income before income from subsidiaries |
(15 |
) |
|
468 |
|
|
(145 |
) |
|
354 |
|
|
355 |
|
|
— |
|
|
1,017 |
|
Income (loss) from subsidiaries |
1,031 |
|
|
256 |
|
|
724 |
|
|
692 |
|
|
(718 |
) |
|
(1,985 |
) |
|
— |
|
Net income (loss) |
$ |
1,016 |
|
|
$ |
724 |
|
|
$ |
579 |
|
|
$ |
1,046 |
|
|
$ |
(363 |
) |
|
$ |
(1,985 |
) |
|
$ |
1,017 |
|
Net income attributable to non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Net income (loss) attributable to AerCap Holdings N.V. |
$ |
1,016 |
|
|
$ |
724 |
|
|
$ |
579 |
|
|
$ |
1,046 |
|
|
$ |
(364 |
) |
|
$ |
(1,985 |
) |
|
$ |
1,016 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed Consolidating Income Statement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Revenues and other income |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease revenue |
$ |
— |
|
|
$ |
1,671 |
|
|
$ |
— |
|
|
$ |
214 |
|
|
$ |
2,829 |
|
|
$ |
— |
|
|
$ |
4,714 |
|
Net gain on sale of assets |
— |
|
|
113 |
|
|
— |
|
|
20 |
|
|
96 |
|
|
— |
|
|
229 |
|
Other income (loss) |
49 |
|
|
672 |
|
|
4 |
|
|
577 |
|
|
409 |
|
|
(1,617 |
) |
|
94 |
|
Total Revenues and other income |
49 |
|
|
2,456 |
|
|
4 |
|
|
811 |
|
|
3,334 |
|
|
(1,617 |
) |
|
5,037 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
— |
|
|
630 |
|
|
— |
|
|
87 |
|
|
1,010 |
|
|
— |
|
|
1,727 |
|
Asset impairment |
— |
|
|
9 |
|
|
— |
|
|
3 |
|
|
49 |
|
|
— |
|
|
61 |
|
Interest expense |
— |
|
|
759 |
|
|
176 |
|
|
410 |
|
|
1,108 |
|
|
(1,341 |
) |
|
1,112 |
|
Leasing expenses |
— |
|
|
258 |
|
|
— |
|
|
30 |
|
|
250 |
|
|
— |
|
|
538 |
|
Restructuring related expenses |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
15 |
|
|
— |
|
|
15 |
|
Selling, general and administrative expenses |
97 |
|
|
105 |
|
|
— |
|
|
135 |
|
|
287 |
|
|
(276 |
) |
|
348 |
|
Total Expenses |
97 |
|
|
1,761 |
|
|
176 |
|
|
665 |
|
|
2,719 |
|
|
(1,617 |
) |
|
3,801 |
|
(Loss) income before income taxes and income of investments accounted for under the equity method |
(48 |
) |
|
695 |
|
|
(172 |
) |
|
146 |
|
|
615 |
|
|
— |
|
|
1,236 |
|
Provision for income taxes |
6 |
|
|
(87 |
) |
|
21 |
|
|
(33 |
) |
|
(72 |
) |
|
— |
|
|
(165 |
) |
Equity in net earnings of investments accounted for under the equity method |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9 |
|
|
— |
|
|
9 |
|
Net (loss) income before income from subsidiaries |
(42 |
) |
|
608 |
|
|
(151 |
) |
|
113 |
|
|
552 |
|
|
— |
|
|
1,080 |
|
Income (loss) from subsidiaries |
1,118 |
|
|
167 |
|
|
774 |
|
|
831 |
|
|
(901 |
) |
|
(1,989 |
) |
|
— |
|
Net income (loss) |
$ |
1,076 |
|
|
$ |
775 |
|
|
$ |
623 |
|
|
$ |
944 |
|
|
$ |
(349 |
) |
|
$ |
(1,989 |
) |
|
$ |
1,080 |
|
Net income attributable to non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4 |
) |
|
— |
|
|
(4 |
) |
Net income (loss) attributable to AerCap Holdings N.V. |
$ |
1,076 |
|
|
$ |
775 |
|
|
$ |
623 |
|
|
$ |
944 |
|
|
$ |
(353 |
) |
|
$ |
(1,989 |
) |
|
$ |
1,076 |
|
(a)
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes.
|
Condensed consolidated statement of comprehensive income |
Condensed Consolidating Statement of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Net income (loss) |
$ |
1,146 |
|
|
$ |
542 |
|
|
$ |
348 |
|
|
$ |
1,238 |
|
|
$ |
(264 |
) |
|
$ |
(1,843 |
) |
|
$ |
1,167 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in fair value of derivatives, net of tax |
— |
|
|
— |
|
|
— |
|
|
(84 |
) |
|
(6 |
) |
|
— |
|
|
(90 |
) |
Actuarial loss on pension obligations, net of tax |
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
(86 |
) |
|
(6 |
) |
|
— |
|
|
(92 |
) |
Comprehensive income (loss) |
1,146 |
|
|
542 |
|
|
348 |
|
|
1,152 |
|
|
(270 |
) |
|
(1,843 |
) |
|
1,075 |
|
Comprehensive income attributable to non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
(17 |
) |
|
(4 |
) |
|
— |
|
|
(21 |
) |
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |
$ |
1,146 |
|
|
$ |
542 |
|
|
$ |
348 |
|
|
$ |
1,135 |
|
|
$ |
(274 |
) |
|
$ |
(1,843 |
) |
|
$ |
1,054 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed Consolidating Statement of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Net income (loss) |
$ |
1,016 |
|
|
$ |
724 |
|
|
$ |
579 |
|
|
$ |
1,046 |
|
|
$ |
(363 |
) |
|
$ |
(1,985 |
) |
|
$ |
1,017 |
|
Other comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in fair value of derivatives, net of tax |
— |
|
|
— |
|
|
— |
|
|
(14 |
) |
|
— |
|
|
— |
|
|
(14 |
) |
Actuarial loss on pension obligations, net of tax |
— |
|
|
— |
|
|
— |
|
|
(2 |
) |
|
— |
|
|
— |
|
|
(2 |
) |
Total other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
(16 |
) |
|
— |
|
|
— |
|
|
(16 |
) |
Comprehensive income (loss) |
1,016 |
|
|
724 |
|
|
579 |
|
|
1,030 |
|
|
(363 |
) |
|
(1,985 |
) |
|
1,001 |
|
Comprehensive income attributable to non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(1 |
) |
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |
$ |
1,016 |
|
|
$ |
724 |
|
|
$ |
579 |
|
|
$ |
1,030 |
|
|
$ |
(364 |
) |
|
$ |
(1,985 |
) |
|
$ |
1,000 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
Condensed Consolidating Statement of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2017 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Net income (loss) |
$ |
1,076 |
|
|
$ |
775 |
|
|
$ |
623 |
|
|
$ |
944 |
|
|
$ |
(349 |
) |
|
$ |
(1,989 |
) |
|
$ |
1,080 |
|
Other comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in fair value of derivatives, net of tax |
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
2 |
|
|
— |
|
|
15 |
|
Actuarial gain on pension obligations, net of tax |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
— |
|
|
1 |
|
Total other comprehensive (loss) income |
— |
|
|
— |
|
|
— |
|
|
13 |
|
|
3 |
|
|
— |
|
|
16 |
|
Comprehensive income (loss) |
1,076 |
|
|
775 |
|
|
623 |
|
|
957 |
|
|
(346 |
) |
|
(1,989 |
) |
|
1,096 |
|
Comprehensive income attributable to non-controlling interest |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4 |
) |
|
— |
|
|
(4 |
) |
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |
$ |
1,076 |
|
|
$ |
775 |
|
|
$ |
623 |
|
|
$ |
957 |
|
|
$ |
(350 |
) |
|
$ |
(1,989 |
) |
|
$ |
1,092 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes. |
|
Condensed consolidated statements of cash flows |
Condensed Consolidating Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2019 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Net income (loss) |
$ |
1,146 |
|
|
$ |
542 |
|
|
$ |
348 |
|
|
$ |
1,238 |
|
|
$ |
(264 |
) |
|
$ |
(1,843 |
) |
|
$ |
1,167 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Income) loss from subsidiaries |
(1,149 |
) |
|
(68 |
) |
|
(542 |
) |
|
(996 |
) |
|
912 |
|
|
1,843 |
|
|
— |
|
Depreciation and amortization |
— |
|
|
452 |
|
|
— |
|
|
182 |
|
|
1,042 |
|
|
— |
|
|
1,676 |
|
Asset impairment |
— |
|
|
19 |
|
|
— |
|
|
15 |
|
|
36 |
|
|
— |
|
|
70 |
|
Amortization of debt issuance costs, debt discount, debt premium and lease premium |
— |
|
|
18 |
|
|
5 |
|
|
— |
|
|
57 |
|
|
— |
|
|
80 |
|
Amortization of fair value adjustments on debt |
— |
|
|
(78 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(79 |
) |
Maintenance rights write-off |
— |
|
|
132 |
|
|
— |
|
|
37 |
|
|
76 |
|
|
— |
|
|
245 |
|
Maintenance liability release to income |
— |
|
|
(91 |
) |
|
— |
|
|
(40 |
) |
|
(77 |
) |
|
— |
|
|
(208 |
) |
Net gain on sale of assets |
— |
|
|
(70 |
) |
|
— |
|
|
(11 |
) |
|
(108 |
) |
|
— |
|
|
(189 |
) |
Deferred income taxes |
(1 |
) |
|
70 |
|
|
(27 |
) |
|
39 |
|
|
81 |
|
|
— |
|
|
162 |
|
Collections of finance and sales-type leases |
— |
|
|
41 |
|
|
— |
|
|
24 |
|
|
33 |
|
|
— |
|
|
98 |
|
Other |
33 |
|
|
24 |
|
|
— |
|
|
35 |
|
|
74 |
|
|
— |
|
|
166 |
|
Cash flow from operating activities before changes in working capital |
29 |
|
|
991 |
|
|
(216 |
) |
|
523 |
|
|
1,861 |
|
|
— |
|
|
3,188 |
|
Working capital |
(129 |
) |
|
(50 |
) |
|
(470 |
) |
|
(198 |
) |
|
765 |
|
|
— |
|
|
(82 |
) |
Net cash (used in) provided by operating activities |
(100 |
) |
|
941 |
|
|
(686 |
) |
|
325 |
|
|
2,626 |
|
|
— |
|
|
3,106 |
|
Purchase of flight equipment |
— |
|
|
(1,035 |
) |
|
— |
|
|
(584 |
) |
|
(1,740 |
) |
|
— |
|
|
(3,359 |
) |
Proceeds from sale or disposal of assets |
— |
|
|
587 |
|
|
— |
|
|
268 |
|
|
918 |
|
|
— |
|
|
1,773 |
|
Prepayments on flight equipment |
— |
|
|
(560 |
) |
|
— |
|
|
(1 |
) |
|
(808 |
) |
|
— |
|
|
(1,369 |
) |
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Net cash used in investing activities |
— |
|
|
(1,008 |
) |
|
— |
|
|
(317 |
) |
|
(1,630 |
) |
|
— |
|
|
(2,955 |
) |
Issuance of debt |
750 |
|
|
2,866 |
|
|
698 |
|
|
4 |
|
|
2,221 |
|
|
— |
|
|
6,539 |
|
Repayment of debt |
— |
|
|
(3,102 |
) |
|
— |
|
|
(8 |
) |
|
(3,394 |
) |
|
— |
|
|
(6,504 |
) |
Debt issuance costs paid, net of debt premium received |
(10 |
) |
|
(3 |
) |
|
(9 |
) |
|
— |
|
|
(15 |
) |
|
— |
|
|
(37 |
) |
Maintenance payments received |
— |
|
|
215 |
|
|
— |
|
|
104 |
|
|
417 |
|
|
— |
|
|
736 |
|
Maintenance payments returned |
— |
|
|
(89 |
) |
|
— |
|
|
(45 |
) |
|
(218 |
) |
|
— |
|
|
(352 |
) |
Security deposits received |
— |
|
|
100 |
|
|
1 |
|
|
56 |
|
|
75 |
|
|
— |
|
|
232 |
|
Security deposits returned |
— |
|
|
(84 |
) |
|
— |
|
|
(32 |
) |
|
(117 |
) |
|
— |
|
|
(233 |
) |
Dividend paid to non-controlling interest holders |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(6 |
) |
|
— |
|
|
(6 |
) |
Repurchase of shares and tax withholdings on share-based compensation |
(640 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(640 |
) |
Net cash provided by (used in) financing activities |
100 |
|
|
(97 |
) |
|
690 |
|
|
79 |
|
|
(1,037 |
) |
|
— |
|
|
(265 |
) |
Net (decrease) increase in cash and cash equivalents |
— |
|
|
(164 |
) |
|
4 |
|
|
87 |
|
|
(41 |
) |
|
— |
|
|
(114 |
) |
Effect of exchange rate changes |
— |
|
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
3 |
|
|
318 |
|
|
6 |
|
|
738 |
|
|
350 |
|
|
— |
|
|
1,415 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
3 |
|
|
$ |
154 |
|
|
$ |
10 |
|
|
$ |
824 |
|
|
$ |
309 |
|
|
$ |
— |
|
|
$ |
1,300 |
|
|
|
(a) |
Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. AerCap Global Aviation Trust and AerCap Ireland Capital Designated Activity Company, which are presented separately as co-issuers of the AGAT/AICDC Notes, are guarantors of the Junior Subordinated Notes.
|
Condensed Consolidating Statement of Cash Flows
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, 2018 |
|
AerCap Holdings N.V. |
|
AerCap Global Aviation Trust (a) |
|
AerCap Ireland Capital Designated Activity Company (a) |
|
Guarantors (a) |
|
Non- Guarantors |
|
Eliminations |
|
Total |
|
(U.S. Dollars in millions) |
Net income (loss) |
$ |
1,016 |
|
|
$ |
724 |
|
|
$ |
579 |
|
|
$ |
1,046 |
|
|
$ |
(363 |
) |
|
$ |
(1,985 |
) |
|
$ |
1,017 |
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Income) loss from subsidiaries |
(1,031 |
) |
|
(256 |
) |
|
(724 |
) |
|
(692 |
) |
|
718 |
|
|
1,985 |
|
|
— |
|
Depreciation and amortization |
— |
|
|
563 |
|
|
— |
|
|
130 |
|
|
986 |
|
|
— |
|
|
1,679 |
|
Asset impairment |
— |
|
|
4 |
|
|
— |
|
|
9 |
|
|
31 |
|
|
— |
|
|
44 |
|
Amortization of debt issuance costs, debt discount, debt premium and lease premium |
— |
|
|
20 |
|
|
5 |
|
|
2 |
|
|
49 |
|
|
— |
|
|
76 |
|
Amortization of fair value adjustments on debt |
— |
|
|
(142 |
) |
|
— |
|
|
— |
|
|
(1 |
) |
|
— |
|
|
(143 |
) |
Maintenance rights write-off |
— |
|
|
118 |
|
|
— |
|
|
18 |
|
|
151 |
|
|
— |
|
|
287 |
|
Maintenance liability release to income |
— |
|
|
(59 |
) |
|
— |
|
|
(33 |
) |
|
(136 |
) |
|
— |
|
|
(228 |
) |
Net gain on sale of assets |
— |
|
|
(53 |
) |
|
— |
|
|
(18 |
) |
|
(130 |
) |
|
— |
|
|
(201 |
) |
Deferred income taxes |
(2 |
) |
|
65 |
|
|
(21 |
) |
|
54 |
|
|
52 |
|
|
— |
|
|
148 |
|
Other |
52 |
|
|
— |
|
|
— |
|
|
56 |
|
|
48 |
|
|
— |
|
|
156 |
|
Cash flow from operating activities before changes in working capital |
35 |
|
|
984 |
|
|
(161 |
) |
|
572 |
|
|
1,405 |
|
|
— |
|
|
2,835 |
|
Working capital |
781 |
|
|
(228 |
) |
|
(255 |
) |
|
(231 |
) |
|
(62 |
) |
|
— |
|
|
5 |
|
Net cash provided by (used in) operating activities |
816 |
|
|
756 |
|
|
(416 |
) |
|
341 |
|
|
1,343 |
|
|
— |
|
|
2,840 |
|
Purchase of flight equipment |
— |
|
|
(1,228 |
) |
|
— |
|
|
(1,217 |
) |
|
(1,591 |
) |
|
— |
|
|
(4,036 |
) |
Proceeds from sale or disposal of assets |
— |
|
|
759 |
|
|
— |
|
|
245 |
|
|
819 |
|
|
— |
|
|
1,823 |
|
Prepayments on flight equipment |
— |
|
|
(610 |
) |
|
— |
|
|
— |
|
|
(1,303 |
) |
|
— |
|
|
(1,913 |
) |
Collections of finance and sales-type leases |
— |
|
|
36 |
|
|
— |
|
|
20 |
|
|
39 |
|
|
— |
|
|
95 |
|
Other |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(22 |
) |
|
— |
|
|
(22 |
) |
Net cash used in investing activities |
— |
|
|
(1,043 |
) |
|
— |
|
|
(952 |
) |
|
(2,058 |
) |
|
— |
|
|
(4,053 |
) |
Issuance of debt |
— |
|
|
2,383 |
|
|
510 |
|
|
36 |
|
|
2,661 |
|
|
— |
|
|
5,590 |
|
Repayment of debt |
— |
|
|
(2,046 |
) |
|
(100 |
) |
|
(17 |
) |
|
(2,198 |
) |
|
— |
|
|
(4,361 |
) |
Debt issuance costs paid, net of debt premium received |
— |
|
|
(21 |
) |
|
(2 |
) |
|
(1 |
) |
|
(34 |
) |
|
— |
|
|
(58 |
) |
Maintenance payments received |
— |
|
|
245 |
|
|
— |
|
|
86 |
|
|
412 |
|
|
— |
|
|
743 |
|
Maintenance payments returned |
— |
|
|
(161 |
) |
|
— |
|
|
(15 |
) |
|
(283 |
) |
|
— |
|
|
(459 |
) |
Security deposits received |
— |
|
|
63 |
|
|
— |
|
|
58 |
|
|
87 |
|
|
— |
|
|
208 |
|
Security deposits returned |
— |
|
|
(80 |
) |
|
— |
|
|
(39 |
) |
|
(102 |
) |
| |