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Supplemental Guarantor Financial Information | 12 Months Ended
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Dec. 31, 2015
Supplemental Guarantor Financial Information [Abstract] |
Supplemental Guarantor Financial Information | 31. Supplemental guarantor financial information The following supplemental financial information is presented to comply with Rule 3-10 of Regulation S-X. AerCap Aviation Notes In May 2012, AerCap Aviation Solutions B.V. (“AerCap Aviation Solutions”), a 100%-owned finance subsidiary of AerCap Holdings N.V. (the “Parent Guarantor”), issued $300.0 million of 6.375% senior unsecured notes due 2017 (the “AerCap Aviation Notes”). The AerCap Aviation Notes were initially fully and unconditionally guaranteed by the Parent Guarantor. I n November 2012, we entered into a $285.0 million unsecured revolving credit facility which was guaranteed by AerCap Aviation Solutions and AerCap Ireland Limited (“AerCap Ireland”). The guarantee by AerCap Ireland under this facility triggered a springing guarantee under the AerCap Aviation Notes indenture. The following condensed consolidating financial information presents the Condensed Consolidating Balan ce Sheets as of December 31, 2015 and 2014, the Condensed Consolidating Income Statement s, Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement s of Comprehensive Income for t he years ended December 31, 2015, 2014 and 2013 of (i) the Parent Guarantor; (ii) AerCap Aviation Solutions; (iii) AerCap Ireland; (iv) the non-guarantor subsidiaries; (v) elimination entries necessary to consolidate the Parent Guarantor with AerCap Aviation Solutions, AerCap Ireland and the non-guarantor subsidiaries; and (vi) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. Separate financial statements and other disclosures with respect to AerCap Ireland and AerCap Aviation Solutions have not been provided because AerCap Ireland and AerCap Aviation Solutions are 100%-owned by the Parent Guarantor, all guarantees are full and unconditional and the Parent Guarantor’s financial statements have been filed in this annual report for the periods specified by Rules 3-01 and 3-02 of Regulation S-X. A portion of our cash and cash equivalents is held by subsidiaries and access to such cash by us for group purposes is limited.
Condensed Consolidating Balance Sheet
|  | December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 14 |  | - |  | 1,193 |  | 1,196 |  | - |  | 2,403
Restricted cash |  | - |  | - |  | 18 |  | 401 |  | - |  | 419
Flight equipment held for operating leases, net |  | - |  | - |  | 1,034 |  | 31,185 |  | - |  | 32,219
Maintenance rights intangible and lease premium, net |  | - |  | - |  | 80 |  | 3,059 |  | - |  | 3,139
Flight equipment held for sale |  | - |  | - |  | - |  | 71 |  | - |  | 71
Net investment in finance and sales-type leases |  | - |  | - |  | 22 |  | 447 |  | - |  | 469
Prepayments on flight equipment |  | - |  | - |  | - |  | 3,300 |  | - |  | 3,300
Investments including investments in subsidiaries |  | 8,290 |  | - |  | 3,385 |  | 115 |  | (11,675) |  | 115
Intercompany receivables |  | 46 |  | 5 |  | 6,157 |  | 4,652 |  | (10,860) |  | -
Other assets |  | 61 |  | 2 |  | 378 |  | 1,338 |  | - |  | 1,779
Total Assets |  | 8,411 |  | 7 |  | 12,267 |  | 45,764 |  | (22,535) |  | 43,914
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | - |  | 300 |  | 78 |  | 29,429 |  | - |  | 29,807
Intercompany payables |  | 4 |  | - |  | 4,525 |  | 6,331 |  | (10,860) |  | -
Other liabilities |  | 58 |  | 2 |  | 184 |  | 5,437 |  | - |  | 5,681
Total Liabilities |  | 62 |  | 302 |  | 4,787 |  | 41,197 |  | (10,860) |  | 35,488
Total AerCap Holdings N.V. shareholders' equity |  | 8,349 |  | (295) |  | 7,480 |  | 4,490 |  | (11,675) |  | 8,349
Non-controlling interest |  | - |  | - |  | - |  | 77 |  | - |  | 77
Total Equity |  | 8,349 |  | (295) |  | 7,480 |  | 4,567 |  | (11,675) |  | 8,426
Total Liabilities and Equity |  | 8,411 |  | 7 |  | 12,267 |  | 45,764 |  | (22,535) |  | 43,914
Condensed Consolidating Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 7 |  | - |  | 816 |  | 667 |  | - |  | 1,490
Restricted cash |  | - |  | - |  | 7 |  | 710 |  | - |  | 717
Flight equipment held for operating leases, net |  | - |  | - |  | 568 |  | 31,417 |  | - |  | 31,985
Maintenance rights intangible and lease premium, net |  | - |  | - |  | 3 |  | 3,903 |  | - |  | 3,906
Flight equipment held for sale |  | - |  | - |  | - |  | 14 |  | - |  | 14
Net investment in finance and sales-type leases |  | - |  | - |  | 25 |  | 322 |  | - |  | 347
Prepayments on flight equipment |  | - |  | - |  | 2 |  | 3,485 |  | - |  | 3,487
Investments including investments in subsidiaries |  | 7,902 |  | - |  | 2,298 |  | 116 |  | (10,200) |  | 116
Intercompany receivables |  | 534 |  | 260 |  | 6,397 |  | 4,255 |  | (11,446) |  | -
Other assets |  | 18 |  | 3 |  | 229 |  | 1,555 |  | - |  | 1,805
Total Assets |  | 8,461 |  | 263 |  | 10,345 |  | 46,444 |  | (21,646) |  | 43,867
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | - |  | 300 |  | 111 |  | 29,991 |  | - |  | 30,402
Intercompany payables |  | 575 |  | 1 |  | 3,749 |  | 7,121 |  | (11,446) |  | -
Other liabilities |  | 22 |  | - |  | 77 |  | 5,423 |  | - |  | 5,522
Total Liabilities |  | 597 |  | 301 |  | 3,937 |  | 42,535 |  | (11,446) |  | 35,924
Total AerCap Holdings N.V. shareholders' equity |  | 7,864 |  | (38) |  | 6,408 |  | 3,830 |  | (10,200) |  | 7,864
Non-controlling interest |  | - |  | - |  | - |  | 79 |  | - |  | 79
Total Equity |  | 7,864 |  | (38) |  | 6,408 |  | 3,909 |  | (10,200) |  | 7,943
Total Liabilities and Equity |  | 8,461 |  | 263 |  | 10,345 |  | 46,444 |  | (21,646) |  | 43,867
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  | - |  | - |  | 110 |  | 4,882 |  | - |  | 4,992
Net gain on sale of assets |  | - |  | - |  | 14 |  | 169 |  | - |  | 183
Other income (loss) |  | 9 |  | - |  | 430 |  | 476 |  | (802) |  | 113
Total Revenues and other income |  | 9 |  | - |  | 554 |  | 5,527 |  | (802) |  | 5,288
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | - |  | - |  | 52 |  | 1,791 |  | - |  | 1,843
Asset impairment |  | - |  | - |  | - |  | 16 |  | - |  | 16
Interest expense |  | 12 |  | 20 |  | 268 |  | 1,397 |  | (597) |  | 1,100
Leasing expenses |  | - |  | - |  | 50 |  | 472 |  | - |  | 522
Transaction, integration and restructuring related expenses |  | - |  | - |  | - |  | 59 |  | - |  | 59
Selling, general and administrative expenses |  | 108 |  | - |  | 202 |  | 277 |  | (205) |  | 382
Total Expenses |  | 120 |  | 20 |  | 572 |  | 4,012 |  | (802) |  | 3,922
(Loss) income before income taxes and income of investments accounted for under the equity method |  | (111) |  | (20) |  | (18) |  | 1,515 |  | - |  | 1,366
Provision for income taxes |  | 28 |  | 5 |  | 2 |  | (225) |  | - |  | (190)
Equity in net earnings of investments accounted for under the equity method |  | - |  | - |  | - |  | 1 |  | - |  | 1
Net (loss) income before income from subsidiaries |  | (83) |  | (15) |  | (16) |  | 1,291 |  | - |  | 1,177
Income (loss) from subsidiaries |  | 1,262 |  | - |  | 1,088 |  | (16) |  | (2,334) |  | -
Net income (loss) |  | 1,179 |  | (15) |  | 1,072 |  | 1,275 |  | (2,334) |  | 1,177
Net loss attributable to non-controlling interest |  | - |  | - |  | - |  | 2 |  | - |  | 2
Net income (loss) attributable to AerCap Holdings N.V. |  | 1,179 |  | (15) |  | 1,072 |  | 1,277 |  | (2,334) |  | 1,179
Condensed Consolidating Income Statement
|  | Year Ended December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  | - |  | - |  | 81 |  | 3,369 |  | - |  | 3,450
Net gain on sale of assets |  | - |  | - |  | 10 |  | 28 |  | - |  | 38
Other income (loss) |  | 25 |  | - |  | 254 |  | 377 |  | (552) |  | 104
Total Revenues and other income |  | 25 |  | - |  | 345 |  | 3,774 |  | (552) |  | 3,592
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | - |  | - |  | 9 |  | 1,273 |  | - |  | 1,282
Asset impairment |  | - |  | - |  | - |  | 22 |  | - |  | 22
Interest expense |  | 13 |  | 20 |  | 244 |  | 932 |  | (428) |  | 781
Leasing expenses |  | - |  | - |  | 96 |  | 46 |  | - |  | 142
Transaction, integration and restructuring related expenses |  | - |  | - |  | - |  | 149 |  | - |  | 149
Selling, general and administrative expenses |  | 83 |  | - |  | 72 |  | 269 |  | (124) |  | 300
Total Expenses |  | 96 |  | 20 |  | 421 |  | 2,691 |  | (552) |  | 2,676
(Loss) income before income taxes and income of investments accounted for under the equity method |  | (71) |  | (20) |  | (76) |  | 1,083 |  | - |  | 916
Provision for income taxes |  | (1) |  | - |  | (93) |  | (43) |  | - |  | (137)
Equity in net earnings of investments accounted for under the equity method |  | - |  | - |  | - |  | 29 |  | - |  | 29
Net (loss) income before income from subsidiaries |  | (72) |  | (20) |  | (169) |  | 1,069 |  | - |  | 808
Income (loss) from subsidiaries |  | 882 |  | - |  | 869 |  | (169) |  | (1,582) |  | -
Net income (loss) |  | 810 |  | (20) |  | 700 |  | 900 |  | (1,582) |  | 808
Net loss attributable to non-controlling interest |  | - |  | - |  | - |  | 2 |  | - |  | 2
Net income (loss) attributable to AerCap Holdings N.V. |  | 810 |  | (20) |  | 700 |  | 902 |  | (1,582) |  | 810
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2013 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  | - |  | - |  | 7 |  | 969 |  | - |  | 976
Net (loss) gain on sale of assets |  | - |  | - |  | (12) |  | 42 |  | 12 |  | 42
Other income (loss) |  | 5 |  | 8 |  | 157 |  | 10 |  | (148) |  | 32
Total Revenues and other income |  | 5 |  | 8 |  | 152 |  | 1,021 |  | (136) |  | 1,050
Expenses |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | - |  | - |  | 3 |  | 335 |  | - |  | 338
Asset impairment |  | - |  | - |  | - |  | 26 |  | - |  | 26
Interest expense |  | 10 |  | 20 |  | 152 |  | 171 |  | (127) |  | 226
Other leasing expenses |  | - |  | - |  | - |  | 49 |  | - |  | 49
Transaction, integration and restructuring related expenses |  | - |  | - |  | - |  | 11 |  | - |  | 11
Selling, general and administrative expenses |  | 18 |  | - |  | 53 |  | 40 |  | (21) |  | 90
Total Expenses |  | 28 |  | 20 |  | 208 |  | 632 |  | (148) |  | 740
(Loss) income before income taxes and income of investments accounted for under the equity method |  | (23) |  | (12) |  | (56) |  | 389 |  | 12 |  | 310
Provision for income taxes |  | - |  | - |  | (6) |  | (20) |  | - |  | (26)
Equity in net earnings of investments accounted for under the equity method |  | - |  | - |  | - |  | 11 |  | - |  | 11
Net (loss) income before income from subsidiaries |  | (23) |  | (12) |  | (62) |  | 380 |  | 12 |  | 295
Income (loss) from subsidiaries |  | 315 |  | - |  | 202 |  | (62) |  | (455) |  | -
Net income (loss) |  | 292 |  | (12) |  | 140 |  | 318 |  | (443) |  | 295
Net income attributable to non-controlling interest |  | - |  | - |  | - |  | (3) |  | - |  | (3)
Net income (loss) attributable to AerCap Holdings N.V. |  | 292 |  | (12) |  | 140 |  | 315 |  | (443) |  | 292
Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) |  | 1,179 |  | (15) |  | 1,072 |  | 1,275 |  | (2,334) |  | 1,177
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries |  | (1,262) |  | - |  | (1,088) |  | 16 |  | 2,334 |  | -
Depreciation and amortization |  | - |  | - |  | 52 |  | 1,791 |  | - |  | 1,843
Asset impairment |  | - |  | - |  | - |  | 16 |  | - |  | 16
Amortization of debt issuance costs and debt discount |  | 1 |  | 1 |  | 9 |  | 35 |  | - |  | 46
Amortization of lease premium intangibles |  | - |  | - |  | - |  | 23 |  | - |  | 23
Amortization of fair value adjustments on debt |  | - |  | - |  | - |  | (443) |  | - |  | (443)
Accretion of fair value adjustments on deposits and maintenance liabilities |  | - |  | - |  | 1 |  | 75 |  | - |  | 76
Maintenance rights write off |  | - |  | - |  | 7 |  | 622 |  | - |  | 629
Maintenance liability release to income |  | - |  | - |  | (4) |  | (240) |  | - |  | (244)
Net gain on sale of assets |  | - |  | - |  | (14) |  | (169) |  | - |  | (183)
Deferred income taxes |  | (28) |  | (5) |  | (2) |  | 145 |  | - |  | 110
Restructuring expenses |  | - |  | - |  | - |  | 49 |  | - |  | 49
Other |  | 64 |  | - |  | 26 |  | - |  | - |  | 90
Cash flow from operating activities before changes in working capital |  | (46) |  | (19) |  | 59 |  | 3,195 |  | - |  | 3,189
Working capital |  | 846 |  | 19 |  | 537 |  | (1,231) |  | - |  | 171
Net cash provided by operating activities |  | 800 |  | - |  | 596 |  | 1,964 |  | - |  | 3,360
Purchase of flight equipment |  | - |  | - |  | (299) |  | (2,473) |  | - |  | (2,772)
Proceeds from sale or disposal of assets |  | - |  | - |  | 94 |  | 1,474 |  | - |  | 1,568
Prepayments on flight equipment |  | - |  | - |  | - |  | (792) |  | - |  | (792)
Collections of finance and sales-type leases |  | - |  | - |  | 3 |  | 52 |  | - |  | 55
Movement in restricted cash |  | - |  | - |  | (11) |  | 309 |  | - |  | 298
Other |  | - |  | - |  | - |  | (73) |  | - |  | (73)
Net cash used in investing activities |  | - |  | - |  | (213) |  | (1,503) |  | - |  | (1,716)
Issuance of debt |  | 300 |  | - |  | - |  | 3,614 |  | - |  | 3,914
Repayment of debt |  | (300) |  | - |  | (8) |  | (3,736) |  | - |  | (4,044)
Debt issuance costs paid |  | - |  | - |  | (1) |  | (48) |  | - |  | (49)
Maintenance payments received |  | - |  | - |  | 19 |  | 757 |  | - |  | 776
Maintenance payments returned |  | - |  | - |  | (20) |  | (538) |  | - |  | (558)
Security deposits received |  | - |  | - |  | 20 |  | 151 |  | - |  | 171
Security deposits returned |  | - |  | - |  | (7) |  | (137) |  | - |  | (144)
Repurchase of shares and tax withholdings on share-based compensation |  | (794) |  | - |  | - |  | - |  | - |  | (794)
Net cash (used in) provided by financing activities |  | (794) |  | - |  | 3 |  | 63 |  | - |  | (728)
Net increase in cash and cash equivalents |  | 6 |  | - |  | 386 |  | 524 |  | - |  | 916
Effect of exchange rate changes |  | 1 |  | - |  | (9) |  | 5 |  | - |  | (3)
Cash and cash equivalents at beginning of period |  | 7 |  | - |  | 816 |  | 667 |  | - |  | 1,490
Cash and cash equivalents at end of period |  | 14 |  | - |  | 1,193 |  | 1,196 |  | - |  | 2,403
Condensed Consolidating Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) |  | 810 |  | (20) |  | 700 |  | 900 |  | (1,582) |  | 808
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries |  | (882) |  | - |  | (869) |  | 169 |  | 1,582 |  | -
Dividend received |  | - |  | - |  | 12 |  | - |  | (12) |  | -
Depreciation and amortization |  | - |  | - |  | 9 |  | 1,273 |  | - |  | 1,282
Asset impairment |  | - |  | - |  | - |  | 22 |  | - |  | 22
Amortization of debt issuance costs and debt discount |  | 3 |  | 1 |  | - |  | 82 |  | - |  | 86
Amortization of lease premium intangibles |  | - |  | - |  | - |  | 18 |  | - |  | 18
Amortization of fair value adjustments on debt |  | - |  | - |  | - |  | (331) |  | - |  | (331)
Accretion of fair value adjustments on deposits and maintenance liabilities |  | - |  | - |  | - |  | 72 |  | - |  | 72
Maintenance rights write off |  | - |  | - |  | - |  | 131 |  | - |  | 131
Maintenance liability release to income |  | - |  | - |  | - |  | (92) |  | - |  | (92)
Net gain on sale of assets |  | - |  | - |  | (10) |  | (27) |  | - |  | (37)
Deferred income taxes |  | - |  | - |  | 93 |  | 23 |  | - |  | 116
Other |  | 43 |  | - |  | 7 |  | 52 |  | - |  | 102
Cash flow from operating activities before changes in working capital |  | (26) |  | (19) |  | (58) |  | 2,292 |  | (12) |  | 2,177
Working capital |  | 163 |  | 19 |  | 1,131 |  | (1,176) |  | - |  | 137
Net cash provided by (used in) operating activities |  | 137 |  | - |  | 1,073 |  | 1,116 |  | (12) |  | 2,314
Purchase of flight equipment |  | - |  | - |  | (1,198) |  | (892) |  | - |  | (2,090)
Proceeds from sale or disposal of assets |  | 21 |  | - |  | 737 |  | (188) |  | - |  | 570
Prepayments on flight equipment |  | - |  | - |  | (2) |  | (456) |  | - |  | (458)
Acquisition of ILFC, net of cash acquired |  | - |  | - |  | - |  | (195) |  | - |  | (195)
Collections of finance and sales-type leases |  | - |  | - |  | - |  | 41 |  | - |  | 41
Movement in restricted cash |  | - |  | - |  | 1 |  | 281 |  | - |  | 282
Net cash provided by (used in) investing activities |  | 21 |  | - |  | (462) |  | (1,409) |  | - |  | (1,850)
Issuance of debt |  | 75 |  | - |  | 43 |  | 5,294 |  | - |  | 5,412
Repayment of debt |  | (225) |  | - |  | (10) |  | (4,592) |  | - |  | (4,827)
Debt issuance costs paid |  | - |  | - |  | - |  | (135) |  | - |  | (135)
Maintenance payments received |  | - |  | - |  | 26 |  | 536 |  | - |  | 562
Maintenance payments returned |  | - |  | - |  | - |  | (286) |  | - |  | (286)
Security deposits received |  | - |  | - |  | 9 |  | 98 |  | - |  | 107
Security deposits returned |  | - |  | - |  | (2) |  | (97) |  | - |  | (99)
Dividend paid |  | - |  | - |  | - |  | (12) |  | 12 |  | -
Net cash (used in) provided by financing activities |  | (150) |  | - |  | 66 |  | 806 |  | 12 |  | 734
Net increase in cash and cash equivalents |  | 8 |  | - |  | 677 |  | 513 |  | - |  | 1,198
Effect of exchange rate changes |  | (1) |  | - |  | (1) |  | (2) |  | - |  | (4)
Cash and cash equivalents at beginning of period |  | - |  | - |  | 140 |  | 156 |  | - |  | 296
Cash and cash equivalents at end of period |  | 7 |  | - |  | 816 |  | 667 |  | - |  | 1,490
Condensed Consolidating Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2013 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) |  | 292 |  | (12) |  | 140 |  | 318 |  | (443) |  | 295
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries |  | (315) |  | - |  | (202) |  | 62 |  | 455 |  | -
Dividend received |  | - |  | - |  | 3 |  | - |  | (3) |  | -
Depreciation and amortization |  | - |  | - |  | 3 |  | 335 |  | - |  | 338
Asset impairment |  | - |  | - |  | - |  | 26 |  | - |  | 26
Amortization of debt issuance costs and debt discount |  | 1 |  | 1 |  | 1 |  | 44 |  | - |  | 47
Amortization of lease premium intangibles |  | - |  | - |  | - |  | 9 |  | - |  | 9
Maintenance liability release to income |  | - |  | - |  | - |  | (13) |  | - |  | (13)
Net loss (gain) on sale of assets |  | - |  | - |  | 12 |  | (42) |  | (12) |  | (42)
Deferred income taxes |  | - |  | - |  | 6 |  | 15 |  | - |  | 21
Other |  | 9 |  | - |  | - |  | (12) |  | - |  | (3)
Cash flow from operating activities before changes in working capital |  | (13) |  | (11) |  | (37) |  | 742 |  | (3) |  | 678
Working capital |  | (136) |  | 11 |  | 100 |  | 40 |  | - |  | 15
Net cash (used in) provided by operating activities |  | (149) |  | - |  | 63 |  | 782 |  | (3) |  | 693
Purchase of flight equipment |  | - |  | - |  | - |  | (1,783) |  | - |  | (1,783)
Proceeds from sale or disposal of assets |  | - |  | - |  | - |  | 664 |  | - |  | 664
Prepayments on flight equipment |  | - |  | - |  | 20 |  | (233) |  | - |  | (213)
Capital contributions to equity investments |  | - |  | - |  | - |  | (13) |  | - |  | (13)
Collections of finance and sales-type leases |  | - |  | - |  | - |  | 3 |  | - |  | 3
Movement in restricted cash |  | - |  | - |  | - |  | 8 |  | - |  | 8
Net cash provided by (used in) investing activities |  | - |  | - |  | 20 |  | (1,354) |  | - |  | (1,334)
Issuance of debt |  | 150 |  | - |  | - |  | 2,150 |  | - |  | 2,300
Repayment of debt |  | - |  | - |  | (107) |  | (1,783) |  | - |  | (1,890)
Debt issuance costs paid |  | (2) |  | - |  | - |  | (43) |  | - |  | (45)
Maintenance payments received |  | - |  | - |  | 3 |  | 98 |  | - |  | 101
Maintenance payments returned |  | - |  | - |  | - |  | (57) |  | - |  | (57)
Security deposits received |  | - |  | - |  | - |  | 23 |  | - |  | 23
Security deposits returned |  | - |  | - |  | (3) |  | (12) |  | - |  | (15)
Dividend paid |  | - |  | - |  | - |  | (3) |  | 3 |  | -
Net cash provided by (used in) financing activities |  | 148 |  | - |  | (107) |  | 373 |  | 3 |  | 417
Net decrease in cash and cash equivalents |  | (1) |  | - |  | (24) |  | (199) |  | - |  | (224)
Effect of exchange rate changes |  | - |  | - |  | 1 |  | (1) |  | - |  | -
Cash and cash equivalents at beginning of period |  | 1 |  | - |  | 163 |  | 356 |  | - |  | 520
Cash and cash equivalents at end of period |  | - |  | - |  | 140 |  | 156 |  | - |  | 296
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) attributable to AerCap Holdings N.V. |  | 1,179 |  | (15) |  | 1,072 |  | 1,277 |  | (2,334) |  | 1,179
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of tax |  | - |  | - |  | - |  | - |  | - |  | -
Actuarial gain on pension obligations, net of tax |  | - |  | - |  | - |  | - |  | - |  | -
Total other comprehensive income |  | - |  | - |  | - |  | - |  | - |  | -
Share of other comprehensive loss from subsidiaries |  | - |  | - |  | - |  | - |  | - |  | -
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |  | 1,179 |  | (15) |  | 1,072 |  | 1,277 |  | (2,334) |  | 1,179
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) attributable to AerCap Holdings N.V. |  | 810 |  | (20) |  | 700 |  | 902 |  | (1,582) |  | 810
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of tax |  | - |  | - |  | - |  | 5 |  | - |  | 5
Actuarial gain (loss) on pension obligations, net of tax |  | - |  | - |  | 3 |  | (5) |  | - |  | (2)
Total other comprehensive income |  | - |  | - |  | 3 |  | - |  | - |  | 3
Share of other comprehensive income (loss) from subsidiaries |  | 3 |  | - |  | - |  | - |  | (3) |  | -
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |  | 813 |  | (20) |  | 703 |  | 902 |  | (1,585) |  | 813
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2013 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Aviation Solutions B.V. |  | AerCap Ireland Ltd. |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) attributable to AerCap Holdings N.V. |  | 292 |  | (12) |  | 140 |  | 315 |  | (443) |  | 292
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of tax |  | - |  | - |  | - |  | 5 |  | - |  | 5
Actuarial gain on pension obligations, net of tax |  | - |  | - |  | - |  | - |  | - |  | -
Total other comprehensive income |  | - |  | - |  | - |  | 5 |  | - |  | 5
Share of other comprehensive income (loss) from subsidiaries |  | 5 |  | - |  | 5 |  | - |  | (10) |  | -
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |  | 297 |  | (12) |  | 145 |  | 320 |  | (453) |  | 297
AGAT/AICL Notes In May 2014, AerCap Trust and AerCap Ireland Capital Limited co-issued the Acquisition Notes. In September 2014, AerCap Trust and AerCap Ireland Capital Limited co-issued the September 2014 Notes. In June 2015, AerCap Trust and AerCap Ireland Capital Limited co-issued the June 2015 Notes. In October 2015, AerCap Trust and AerCap Ireland Capital Limited co-issued the October 2015 Notes. The AGAT/AICL Notes are jointly and severally and fully and unconditionally guaranteed by the Parent Guarantor and by AerCap Ireland, AerCap Aviation Solutions, International Lease Finance Corporation and AerCap U.S. Global Aviation LLC (together, the “Subsidiary Guarantors”). The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheet s as of December 31, 2015 and 2014, the Condensed Consolidating Income Statement s, Condensed Consolidating Statements of Cash Flows and Condensed Consolidating Statement s of Comprehensive Income for the years ended December 31, 2015, 2014 and 2013 of (i) the Parent Guarantor; (ii) AerCap Trust; (iii) AerCap Ireland Capital Limited; (iv) the Subsidiary Guarantors on a combined basis; (v) the non-guarantor subsidiaries on a combined b asis; (vi) elimination entries necessary to consolidate the Parent Guarantor with AerCap Trust and AerCap Ireland Capital Limited, the Subsidiary Guarantors and the non-guarantor subsidiaries; and (vii) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. A portion of our cash and cash equivalents is held by subsidiaries and access to such cash by us for group purposes is limited. In accordance with Rule 3-10 of Regulation S-X, separate financial statements and other disclosures with respect to AerCap Trust, AerCap Ireland Capital Limited and the Subsidiary Guarantors have not been provided, as AerCap Trust, AerCap Ireland Capital Limited and the Subsidiary Guarantors are 100%-owned by the Parent Guarantor, all guarantees of the AGAT/AICL Notes are joint and several and full and unconditional and the Parent Guarantor’s financial statements have been filed in this annual report for the periods specified by Rules 3-01 and 3-02 of Regulation S-X.
Condensed Consolidating Balance Sheet
|  | December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 14 |  | 769 |  | 62 |  | 1,366 |  | 192 |  | - |  | 2,403
Restricted cash |  | - |  | - |  | - |  | 18 |  | 401 |  | - |  | 419
Flight equipment held for operating leases, net |  | - |  | 13,913 |  | - |  | 1,171 |  | 17,135 |  | - |  | 32,219
Maintenance rights intangible and lease premium, net |  | - |  | 1,789 |  | - |  | 82 |  | 1,268 |  | - |  | 3,139
Flight equipment held for sale |  | - |  | 12 |  | - |  | - |  | 59 |  | - |  | 71
Net investment in finance and sales-type leases |  | - |  | 193 |  | - |  | 57 |  | 219 |  | - |  | 469
Prepayments on flight equipment |  | - |  | 3,022 |  | - |  | 6 |  | 272 |  | - |  | 3,300
Investments including investments in subsidiaries |  | 8,290 |  | 633 |  | 6,319 |  | 4,211 |  | 115 |  | (19,453) |  | 115
Intercompany receivables |  | 46 |  | 11,541 |  | - |  | 6,152 |  | 5,739 |  | (23,478) |  | -
Other assets |  | 61 |  | 675 |  | 41 |  | 583 |  | 448 |  | (29) |  | 1,779
Total Assets |  | 8,411 |  | 32,547 |  | 6,422 |  | 13,646 |  | 25,848 |  | (42,960) |  | 43,914
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | - |  | 19,512 |  | - |  | 378 |  | 9,917 |  | - |  | 29,807
Intercompany payables |  | 4 |  | 4,025 |  | 4,872 |  | 5,473 |  | 9,104 |  | (23,478) |  | -
Other liabilities |  | 58 |  | 2,676 |  | 14 |  | 234 |  | 2,728 |  | (29) |  | 5,681
Total Liabilities |  | 62 |  | 26,213 |  | 4,886 |  | 6,085 |  | 21,749 |  | (23,507) |  | 35,488
Total AerCap Holdings N.V. shareholders' equity |  | 8,349 |  | 6,334 |  | 1,536 |  | 7,484 |  | 4,099 |  | (19,453) |  | 8,349
Non-controlling interest |  | - |  | - |  | - |  | 77 |  | - |  | - |  | 77
Total Equity |  | 8,349 |  | 6,334 |  | 1,536 |  | 7,561 |  | 4,099 |  | (19,453) |  | 8,426
Total Liabilities and Equity |  | 8,411 |  | 32,547 |  | 6,422 |  | 13,646 |  | 25,848 |  | (42,960) |  | 43,914
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ire land Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Balance Sheet
|  | December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 7 |  | 225 |  | 14 |  | 1,006 |  | 238 |  | - |  | 1,490
Restricted cash |  | - |  | - |  | - |  | 7 |  | 710 |  | - |  | 717
Flight equipment held for operating leases, net |  | - |  | 14,102 |  | - |  | 781 |  | 17,102 |  | - |  | 31,985
Maintenance rights intangible and lease premium, net |  | - |  | 2,235 |  | - |  | 18 |  | 1,653 |  | - |  | 3,906
Flight equipment held for sale |  | - |  | 5 |  | - |  | - |  | 9 |  | - |  | 14
Net investment in finance and sales-type leases |  | - |  | 29 |  | - |  | 71 |  | 160 |  | 87 |  | 347
Prepayments on flight equipment |  | - |  | 3,154 |  | - |  | 15 |  | 318 |  | - |  | 3,487
Investments including investments in subsidiaries |  | 7,902 |  | 493 |  | 5,242 |  | 3,170 |  | 126 |  | (16,817) |  | 116
Intercompany receivables |  | 534 |  | 10,833 |  | 34 |  | 8,124 |  | 8,638 |  | (28,163) |  | -
Other assets |  | 18 |  | 582 |  | 31 |  | 417 |  | 757 |  | - |  | 1,805
Total Assets |  | 8,461 |  | 31,658 |  | 5,321 |  | 13,609 |  | 29,711 |  | (44,893) |  | 43,867
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt |  | - |  | 19,457 |  | - |  | 453 |  | 10,492 |  | - |  | 30,402
Intercompany payables |  | 575 |  | 4,490 |  | 4,721 |  | 6,012 |  | 12,278 |  | (28,076) |  | -
Other liabilities |  | 22 |  | 2,469 |  | 9 |  | 205 |  | 2,817 |  | - |  | 5,522
Total Liabilities |  | 597 |  | 26,416 |  | 4,730 |  | 6,670 |  | 25,587 |  | (28,076) |  | 35,924
Total AerCap Holdings N.V. shareholders' equity |  | 7,864 |  | 5,242 |  | 591 |  | 6,862 |  | 4,122 |  | (16,817) |  | 7,864
Non-controlling interest |  | - |  | - |  | - |  | 77 |  | 2 |  | - |  | 79
Total Equity |  | 7,864 |  | 5,242 |  | 591 |  | 6,939 |  | 4,124 |  | (16,817) |  | 7,943
Total Liabilities and Equity |  | 8,461 |  | 31,658 |  | 5,321 |  | 13,609 |  | 29,711 |  | (44,893) |  | 43,867
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  | - |  | 2,355 |  | - |  | 134 |  | 2,503 |  | - |  | 4,992
Net gain on sale of assets |  | - |  | 168 |  | - |  | 13 |  | 2 |  | - |  | 183
Other income (loss) |  | 9 |  | 599 |  | 14 |  | 479 |  | 319 |  | (1,307) |  | 113
Total Revenues and other income |  | 9 |  | 3,122 |  | 14 |  | 626 |  | 2,824 |  | (1,307) |  | 5,288
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | - |  | 868 |  | - |  | 65 |  | 910 |  | - |  | 1,843
Asset impairment |  | - |  | 3 |  | - |  | - |  | 13 |  | - |  | 16
Interest expense |  | 12 |  | 780 |  | 164 |  | 359 |  | 735 |  | (950) |  | 1,100
Leasing expenses |  | - |  | 266 |  | - |  | 61 |  | 195 |  | - |  | 522
Transaction, integration and restructuring related expenses |  | - |  | - |  | - |  | 9 |  | 50 |  | - |  | 59
Selling, general and administrative expenses |  | 108 |  | 112 |  | - |  | 257 |  | 262 |  | (357) |  | 382
Total Expenses |  | 120 |  | 2,029 |  | 164 |  | 751 |  | 2,165 |  | (1,307) |  | 3,922
(Loss) income before income taxes and income of investments accounted for under the equity method |  | (111) |  | 1,093 |  | (150) |  | (125) |  | 659 |  | - |  | 1,366
Provision for income taxes |  | 28 |  | (136) |  | 19 |  | 38 |  | (139) |  | - |  | (190)
Equity in net earnings of investments accounted for under the equity method |  | - |  | - |  | - |  | - |  | 1 |  | - |  | 1
Net (loss) income before income from subsidiaries |  | (83) |  | 957 |  | (131) |  | (87) |  | 521 |  | - |  | 1,177
Income (loss) from subsidiaries |  | 1,262 |  | 104 |  | 1,060 |  | 933 |  | (1,090) |  | (2,269) |  | -
Net income (loss) |  | 1,179 |  | 1,061 |  | 929 |  | 846 |  | (569) |  | (2,269) |  | 1,177
Net loss attributable to non-controlling interest |  | - |  | - |  | - |  | - |  | 2 |  | - |  | 2
Net income (loss) attributable to AerCap Holdings N.V. |  | 1,179 |  | 1,061 |  | 929 |  | 846 |  | (567) |  | (2,269) |  | 1,179
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Year Ended December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  | - |  | 789 |  | 10 |  | 220 |  | 2,431 |  | - |  | 3,450
Net gain on sale of assets |  | - |  | 8 |  | - |  | 10 |  | 20 |  | - |  | 38
Other income (loss) |  | 25 |  | 317 |  | - |  | 333 |  | 342 |  | (913) |  | 104
Total Revenues and other income |  | 25 |  | 1,114 |  | 10 |  | 563 |  | 2,793 |  | (913) |  | 3,592
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | - |  | 501 |  | - |  | 53 |  | 728 |  | - |  | 1,282
Asset impairment |  | - |  | 3 |  | - |  | - |  | 19 |  | - |  | 22
Interest expense |  | 13 |  | 443 |  | 18 |  | 317 |  | 715 |  | (725) |  | 781
Leasing expenses |  | - |  | (446) |  | 11 |  | 124 |  | 453 |  | - |  | 142
Transaction, integration and restructuring related expenses |  | - |  | - |  | 94 |  | 26 |  | 29 |  | - |  | 149
Selling, general and administrative expenses |  | 83 |  | 80 |  | 3 |  | 142 |  | 180 |  | (188) |  | 300
Total Expenses |  | 96 |  | 581 |  | 126 |  | 662 |  | 2,124 |  | (913) |  | 2,676
(Loss) income before income taxes and income of investments accounted for under the equity method |  | (71) |  | 533 |  | (116) |  | (99) |  | 669 |  | - |  | 916
Provision for income taxes |  | (1) |  | (56) |  | 10 |  | (33) |  | (57) |  | - |  | (137)
Equity in net earnings of investments accounted for under the equity method |  | - |  | - |  | - |  | - |  | 29 |  | - |  | 29
Net (loss) income before income from subsidiaries |  | (72) |  | 477 |  | (106) |  | (132) |  | 641 |  | - |  | 808
Income (loss) from subsidiaries |  | 882 |  | 205 |  | 683 |  | 988 |  | 79 |  | (2,837) |  | -
Net income (loss) |  | 810 |  | 682 |  | 577 |  | 856 |  | 720 |  | (2,837) |  | 808
Net loss attributable to non-controlling interest |  | - |  | - |  | - |  | - |  | 2 |  | - |  | 2
Net income (loss) attributable to AerCap Holdings N.V. |  | 810 |  | 682 |  | 577 |  | 856 |  | 722 |  | (2,837) |  | 810
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Income Statement
|  | Year Ended December 31, 2013 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue |  | - |  | - |  | - |  | 7 |  | 969 |  | - |  | 976
Net (loss) gain on sale of assets |  | - |  | - |  | - |  | (12) |  | 42 |  | 12 |  | 42
Other income (loss) |  | 5 |  | - |  | - |  | 165 |  | 10 |  | (148) |  | 32
Total Revenues and other income |  | 5 |  | - |  | - |  | 160 |  | 1,021 |  | (136) |  | 1,050
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  | - |  | - |  | - |  | 3 |  | 335 |  | - |  | 338
Asset impairment |  | - |  | - |  | - |  | - |  | 26 |  | - |  | 26
Interest expense |  | 10 |  | - |  | - |  | 172 |  | 171 |  | (127) |  | 226
Other leasing expenses |  | - |  | - |  | - |  | - |  | 49 |  | - |  | 49
Transaction, integration and restructuring related expenses |  | - |  | - |  | 11 |  | - |  | - |  | - |  | 11
Selling, general and administrative expenses |  | 18 |  | - |  | - |  | 53 |  | 40 |  | (21) |  | 90
Total Expenses |  | 28 |  | - |  | 11 |  | 228 |  | 621 |  | (148) |  | 740
(Loss) income before income taxes and income of investments accounted for under the equity method |  | (23) |  | - |  | (11) |  | (68) |  | 400 |  | 12 |  | 310
Provision for income taxes |  | - |  | - |  | - |  | (6) |  | (20) |  | - |  | (26)
Equity in net earnings of investments accounted for under the equity method |  | - |  | - |  | - |  | - |  | 11 |  | - |  | 11
Net (loss) income before income from subsidiaries |  | (23) |  | - |  | (11) |  | (74) |  | 391 |  | 12 |  | 295
Income (loss) from subsidiaries |  | 315 |  | - |  | - |  | 202 |  | (62) |  | (455) |  | -
Net income (loss) |  | 292 |  | - |  | (11) |  | 128 |  | 329 |  | (443) |  | 295
Net income attributable to non-controlling interest |  | - |  | - |  | - |  | - |  | (3) |  | - |  | (3)
Net income (loss) attributable to AerCap Holdings N.V. |  | 292 |  | - |  | (11) |  | 128 |  | 326 |  | (443) |  | 292
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) |  | 1,179 |  | 1,061 |  | 929 |  | 846 |  | (569) |  | (2,269) |  | 1,177
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries |  | (1,262) |  | (104) |  | (1,060) |  | (933) |  | 1,090 |  | 2,269 |  | -
Depreciation and amortization |  | - |  | 868 |  | - |  | 65 |  | 910 |  | - |  | 1,843
Asset impairment |  | - |  | 3 |  | - |  | - |  | 13 |  | - |  | 16
Amortization of debt issuance costs and debt discount |  | 1 |  | 10 |  | 5 |  | 10 |  | 20 |  | - |  | 46
Amortization of lease premium intangibles |  | - |  | 7 |  | - |  | - |  | 16 |  | - |  | 23
Amortization of fair value adjustments on debt |  | - |  | (435) |  | - |  | - |  | (8) |  | - |  | (443)
Accretion of fair value adjustments on deposits and maintenance liabilities |  | - |  | 65 |  | - |  | 1 |  | 10 |  | - |  | 76
Maintenance rights write off |  | - |  | 350 |  | - |  | 17 |  | 262 |  | - |  | 629
Maintenance liability release to income |  | - |  | (141) |  | - |  | (8) |  | (95) |  | - |  | (244)
Net gain on sale of assets |  | - |  | (168) |  | - |  | (13) |  | (2) |  | - |  | (183)
Deferred income taxes |  | (28) |  | 136 |  | (19) |  | (38) |  | 59 |  | - |  | 110
Restructuring expenses |  | - |  | - |  | - |  | - |  | 49 |  | - |  | 49
Other |  | 64 |  | (36) |  | - |  | 34 |  | 28 |  | - |  | 90
Cash flow from operating activities before changes in working capital |  | (46) |  | 1,616 |  | (145) |  | (19) |  | 1,783 |  | - |  | 3,189
Working capital |  | 846 |  | (587) |  | 193 |  | 618 |  | (899) |  | - |  | 171
Net cash provided by operating activities |  | 800 |  | 1,029 |  | 48 |  | 599 |  | 884 |  | - |  | 3,360
Purchase of flight equipment |  | - |  | (1,476) |  | - |  | (299) |  | (997) |  | - |  | (2,772)
Proceeds from sale or disposal of assets |  | - |  | 1,083 |  | - |  | 94 |  | 391 |  | - |  | 1,568
Prepayments on flight equipment |  | - |  | (585) |  | - |  | - |  | (207) |  | - |  | (792)
Collections of finance and sales-type leases |  | - |  | 17 |  | - |  | 12 |  | 26 |  | - |  | 55
Movement in restricted cash |  | - |  | - |  | - |  | (11) |  | 309 |  | - |  | 298
Other |  | - |  | (73) |  | - |  | - |  | - |  | - |  | (73)
Net cash used in investing activities |  | - |  | (1,034) |  | - |  | (204) |  | (478) |  | - |  | (1,716)
Issuance of debt |  | 300 |  | 2,500 |  | - |  | - |  | 1,114 |  | - |  | 3,914
Repayment of debt |  | (300) |  | (2,010) |  | - |  | (8) |  | (1,726) |  | - |  | (4,044)
Debt issuance costs paid |  | - |  | (17) |  | - |  | - |  | (32) |  | - |  | (49)
Maintenance payments received |  | - |  | 306 |  | - |  | 24 |  | 446 |  | - |  | 776
Maintenance payments returned |  | - |  | (244) |  | - |  | (20) |  | (294) |  | - |  | (558)
Security deposits received |  | - |  | 97 |  | - |  | 25 |  | 49 |  | - |  | 171
Security deposits returned |  | - |  | (83) |  | - |  | (47) |  | (14) |  | - |  | (144)
Repurchase of shares and tax withholdings on share-based compensation |  | (794) |  | - |  | - |  | - |  | - |  | - |  | (794)
Net cash (used in) provided by financing activities |  | (794) |  | 549 |  | - |  | (26) |  | (457) |  | - |  | (728)
Net increase (decrease) in cash and cash equivalents |  | 6 |  | 544 |  | 48 |  | 369 |  | (51) |  | - |  | 916
Effect of exchange rate changes |  | 1 |  | - |  | - |  | (9) |  | 5 |  | - |  | (3)
Cash and cash equivalents at beginning of period |  | 7 |  | 225 |  | 14 |  | 1,006 |  | 238 |  | - |  | 1,490
Cash and cash equivalents at end of period |  | 14 |  | 769 |  | 62 |  | 1,366 |  | 192 |  | - |  | 2,403
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Irel and Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) |  | 810 |  | 682 |  | 577 |  | 856 |  | 720 |  | (2,837) |  | 808
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries |  | (882) |  | (205) |  | (683) |  | (988) |  | (79) |  | 2,837 |  | -
Dividend received |  | - |  | - |  | - |  | 12 |  | - |  | (12) |  | -
Depreciation and amortization |  | - |  | 501 |  | - |  | 53 |  | 728 |  | - |  | 1,282
Asset impairment |  | - |  | 3 |  | - |  | - |  | 19 |  | - |  | 22
Amortization of debt issuance costs and debt discount |  | 3 |  | 304 |  | - |  | 25 |  | (246) |  | - |  | 86
Amortization of lease premium intangibles |  | - |  | 5 |  | - |  | - |  | 13 |  | - |  | 18
Amortization of fair value adjustments on debt |  | - |  | (325) |  | - |  | - |  | (6) |  | - |  | (331)
Accretion of fair value adjustments on deposits and maintenance liabilities |  | - |  | 38 |  | - |  | 1 |  | 33 |  | - |  | 72
Maintenance rights write off |  | - |  | 68 |  | - |  | 9 |  | 54 |  | - |  | 131
Maintenance liability release to income |  | - |  | (24) |  | - |  | (5) |  | (63) |  | - |  | (92)
Net gain on sale of assets |  | - |  | (8) |  | - |  | (10) |  | (20) |  | - |  | (38)
Deferred income taxes |  | - |  | 56 |  | 10 |  | 33 |  | 17 |  | - |  | 116
Other |  | 43 |  | - |  | - |  | 17 |  | 42 |  | - |  | 102
Cash flow from operating activities before changes in working capital |  | (26) |  | 1,095 |  | (96) |  | 3 |  | 1,212 |  | (12) |  | 2,176
Working capital |  | 163 |  | 389 |  | 110 |  | (718) |  | 194 |  | - |  | 138
Net cash provided by (used in) operating activities |  | 137 |  | 1,484 |  | 14 |  | (715) |  | 1,406 |  | (12) |  | 2,314
Purchase of flight equipment |  | - |  | - |  | - |  | (1,198) |  | (892) |  | - |  | (2,090)
Proceeds from sale or disposal of assets |  | 21 |  | - |  | - |  | 738 |  | (189) |  | - |  | 570
Prepayments on flight equipment |  | - |  | - |  | - |  | (2) |  | (456) |  | - |  | (458)
Acquisition of ILFC, net of cash acquired |  | - |  | (2,400) |  | - |  | 2,205 |  | - |  | - |  | (195)
Collections of finance and sales-type leases |  | - |  | (4) |  | - |  | 12 |  | 33 |  | - |  | 41
Movement in restricted cash |  | - |  | - |  | - |  | (2) |  | 284 |  | - |  | 282
Net cash provided by (used in) investing activities |  | 21 |  | (2,404) |  | - |  | 1,753 |  | (1,220) |  | - |  | (1,850)
Issuance of debt |  | 75 |  | 3,400 |  | - |  | 43 |  | 1,894 |  | - |  | 5,412
Repayment of debt |  | (225) |  | (2,353) |  | - |  | (10) |  | (2,239) |  | - |  | (4,827)
Debt issuance costs paid |  | - |  | (45) |  | - |  | (20) |  | (70) |  | - |  | (135)
Maintenance payments received |  | - |  | 195 |  | - |  | 42 |  | 325 |  | - |  | 562
Maintenance payments returned |  | - |  | (89) |  | - |  | (101) |  | (96) |  | - |  | (286)
Security deposits received |  | - |  | 39 |  | - |  | 9 |  | 59 |  | - |  | 107
Security deposits returned |  | - |  | (2) |  | - |  | (133) |  | 36 |  | - |  | (99)
Dividend paid |  | - |  | - |  | - |  | - |  | (12) |  | 12 |  | -
Net cash (used in) provided by financing activities |  | (150) |  | 1,145 |  | - |  | (170) |  | (103) |  | 12 |  | 734
Net increase in cash and cash equivalents |  | 8 |  | 225 |  | 14 |  | 868 |  | 83 |  | - |  | 1,198
Effect of exchange rate changes |  | (1) |  | - |  | - |  | (2) |  | (1) |  | - |  | (4)
Cash and cash equivalents at beginning of period |  | - |  | - |  | - |  | 140 |  | 156 |  | - |  | 296
Cash and cash equivalents at end of period |  | 7 |  | 225 |  | 14 |  | 1,006 |  | 238 |  | - |  | 1,490
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Statement of Cash Flows
|  | Year Ended December 31, 2013 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) |  | 292 |  | - |  | (11) |  | 128 |  | 329 |  | (443) |  | 295
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries |  | (315) |  | - |  | - |  | (202) |  | 62 |  | 455 |  | -
Dividend received |  | - |  | - |  | - |  | 3 |  | - |  | (3) |  | -
Depreciation and amortization |  | - |  | - |  | - |  | 3 |  | 335 |  | - |  | 338
Asset impairment |  | - |  | - |  | - |  | - |  | 26 |  | - |  | 26
Amortization of debt issuance costs and debt discount |  | 1 |  | - |  | - |  | 2 |  | 44 |  | - |  | 47
Amortization of lease premium intangibles |  | - |  | - |  | - |  | - |  | 9 |  | - |  | 9
Maintenance liability release to income |  | - |  | - |  | - |  | - |  | (13) |  | - |  | (13)
Net loss (gain) on sale of assets |  | - |  | - |  | - |  | 12 |  | (42) |  | (12) |  | (42)
Deferred income taxes |  | - |  | - |  | - |  | 6 |  | 15 |  | - |  | 21
Other |  | 9 |  | - |  | - |  | - |  | (12) |  | - |  | (3)
Cash flow from operating activities before changes in working capital |  | (13) |  | - |  | (11) |  | (48) |  | 753 |  | (3) |  | 678
Working capital |  | (136) |  | - |  | 11 |  | 111 |  | 29 |  | - |  | 15
Net cash (used in) provided by operating activities |  | (149) |  | - |  | - |  | 63 |  | 782 |  | (3) |  | 693
Purchase of flight equipment |  | - |  | - |  | - |  | - |  | (1,783) |  | - |  | (1,783)
Proceeds from sale or disposal of assets |  | - |  | - |  | - |  | - |  | 664 |  | - |  | 664
Prepayments on flight equipment |  | - |  | - |  | - |  | 20 |  | (233) |  | - |  | (213)
Capital contributions to equity investments |  | - |  | - |  | - |  | - |  | (13) |  | - |  | (13)
Collections of finance and sales-type leases |  | - |  | - |  | - |  | - |  | 3 |  | - |  | 3
Movement in restricted cash |  | - |  | - |  | - |  | - |  | 8 |  | - |  | 8
Net cash provided by (used in) investing activities |  | - |  | - |  | - |  | 20 |  | (1,354) |  | - |  | (1,334)
Issuance of debt |  | 150 |  | - |  | - |  | - |  | 2,150 |  | - |  | 2,300
Repayment of debt |  | - |  | - |  | - |  | (107) |  | (1,783) |  | - |  | (1,890)
Debt issuance costs paid |  | (2) |  | - |  | - |  | - |  | (43) |  | - |  | (45)
Maintenance payments received |  | - |  | - |  | - |  | 3 |  | 98 |  | - |  | 101
Maintenance payments returned |  | - |  | - |  | - |  | - |  | (57) |  | - |  | (57)
Security deposits received |  | - |  | - |  | - |  | - |  | 23 |  | - |  | 23
Security deposits returned |  | - |  | - |  | - |  | (3) |  | (12) |  | - |  | (15)
Dividend paid |  | - |  | - |  | - |  | - |  | (3) |  | 3 |  | -
Net cash provided by (used in) financing activities |  | 148 |  | - |  | - |  | (107) |  | 373 |  | 3 |  | 417
Net decrease in cash and cash equivalents |  | (1) |  | - |  | - |  | (24) |  | (199) |  | - |  | (224)
Effect of exchange rate changes |  | - |  | - |  | - |  | 1 |  | (1) |  | - |  | -
Cash and cash equivalents at beginning of period |  | 1 |  | - |  | - |  | 163 |  | 356 |  | - |  | 520
Cash and cash equivalents at end of period |  | - |  | - |  | - |  | 140 |  | 156 |  | - |  | 296
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2015 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) attributable to AerCap Holdings N.V. |  | 1,179 |  | 1,061 |  | 929 |  | 846 |  | (567) |  | (2,269) |  | 1,179
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of tax |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Actuarial gain on pension obligations, net of tax |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total other comprehensive income |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Share of other comprehensive income from subsidiaries |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |  | 1,179 |  | 1,061 |  | 929 |  | 846 |  | (567) |  | (2,269) |  | 1,179
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solut ions B.V., AerCap Ireland Ltd. a nd ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2014 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) attributable to AerCap Holdings N.V. |  | 810 |  | 682 |  | 577 |  | 856 |  | 722 |  | (2,837) |  | 810
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of tax |  | - |  | - |  | - |  | - |  | 5 |  | - |  | 5
Actuarial gain (loss) on pension obligations, net of tax |  | - |  | - |  | - |  | 3 |  | (5) |  | - |  | (2)
Total other comprehensive income |  | - |  | - |  | - |  | 3 |  | - |  | - |  | 3
Share of other comprehensive income (loss) from subsidiaries |  | 3 |  | - |  | - |  | - |  | - |  | (3) |  | -
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |  | 813 |  | 682 |  | 577 |  | 859 |  | 722 |  | (2,840) |  | 813
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.
Condensed Consolidating Statement of Comprehensive Income
|  | Year Ended December 31, 2013 (U.S. dollar amounts in millions)
|  | AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Ltd. |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
Net income (loss) attributable to AerCap Holdings N.V. |  | 292 |  | - |  | (11) |  | 128 |  | 326 |  | (443) |  | 292
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivatives, net of tax |  | - |  | - |  | - |  | - |  | 5 |  | - |  | 5
Actuarial gain on pension obligations, net of tax |  | - |  | - |  | - |  | - |  | - |  | - |  | -
Total other comprehensive income |  | - |  | - |  | - |  | - |  | 5 |  | - |  | 5
Share of other comprehensive income (loss) from subsidiaries |  | 5 |  | - |  | - |  | 5 |  | - |  | (10) |  | -
Total comprehensive income (loss) attributable to AerCap Holdings N.V. |  | 297 |  | - |  | (11) |  | 133 |  | 331 |  | (453) |  | 297
| (a) |  | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC. ILFC was acquired on May 14, 2014 and is not included prior to its acquisition date.

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