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, 2017
Dec. 31, 2016
Dec. 31, 2015
Statement of Cash Flows [Abstract]      
Net income (loss) $ 1,080,353 $ 1,039,516 $ 1,177,172
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 1,727,296 1,791,336 1,843,003
Asset impairment 61,286 81,607 16,335
Amortization of debt issuance costs and debt discount 65,420 55,768 45,582
Amortization of lease premium intangibles 13,632 19,836 23,042
Amortization of fair value adjustments on debt (194,728) (335,998) (442,972)
Accretion of fair value adjustments on deposits and maintenance liabilities 31,360 55,210 76,246
Maintenance rights write-off (a) [1] 539,772 652,111 628,643
Maintenance liability release to income (302,408) (421,332) (243,809)
Net gain on sale of assets (229,093) (138,522) (183,328)
Deferred income taxes 157,021 161,340 110,353
Restructuring related expenses 5,097 33,588 49,311
Other 120,489 121,700 90,074
Changes in operating assets and liabilities:      
Trade receivables (10,567) 40,065 48,468
Other assets 55,309 257,190 88,418
Accounts payable, accrued expenses and other liabilities 19,978 (32,183) 33,502
Net cash provided by operating activities 3,140,217 3,381,232 3,360,040
Purchase of flight equipment (3,956,671) (2,892,731) (2,772,110)
Proceeds from sale or disposal of assets 1,779,321 2,366,242 1,568,235
Prepayments on flight equipment (1,268,585) (947,419) (791,546)
Collections of finance and sales-type leases 91,918 74,207 54,975
Movement in restricted cash (35,276) 90,267 297,941
Other (38,102) (21,678) (73,400)
Net cash used in investing activities (3,427,395) (1,331,112) (1,715,905)
Issuance of debt 5,596,402 3,642,166 3,913,840
Repayment of debt (4,695,453) (5,213,724) (4,043,743)
Debt issuance costs paid (81,396) (34,687) (49,417)
Maintenance payments received 756,314 794,711 776,488
Maintenance payments returned (523,403) (505,407) (558,477)
Security deposits received 187,378 201,970 171,408
Security deposits returned (188,362) (270,575) (144,445)
Dividend paid to non-controlling interest holders (266) (10,501) 0
Repurchase of shares and tax withholdings on share-based compensation (1,138,782) (1,021,119) (793,945)
Net cash used in financing activities (87,568) (2,417,166) (728,291)
Net (decrease) increase in cash and cash equivalents (374,746) (367,046) 915,844
Effect of exchange rate changes (1,032) (605) (3,115)
Cash and cash equivalents at beginning of period 2,035,447 2,403,098 1,490,369
Cash and cash equivalents at end of period 1,659,669 2,035,447 2,403,098
Supplemental cash flow information:      
Interest paid, net of amounts capitalized 1,231,539 1,339,095 1,409,860
Income taxes paid, net $ 18,957 $ 61,834 $ 20,178
[1] Maintenance rights write-off consisted of the following:EOL and MR contract maintenance rights expense$355,845 $381,637 $348,366EOL contract maintenance rights write-off due to cash receipt106,433 96,503 118,438MR contract maintenance rights write-off due to maintenance liability release77,494 173,971 161,839Maintenance rights write-off$539,772 $652,111 $628,643