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

Supplemental guarantor financial information (Tables)

v3.19.3.a.u2
Supplemental guarantor financial information (Tables)
12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed consolidated balance sheet
Condensed Consolidating Balance Sheet
 
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
)