XML 82 R67.htm IDEA: XBRL DOCUMENT v3.3.1.900
Supplemental Guarantor Financial Information (Tables)
 12 Months Ended
Dec. 31, 2015
AerCap Aviation Notes [Member]  
Condensed Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Consolidated Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Consolidated Statement Of Comprehensive Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 [Member]  
Condensed Consolidated Balance Sheet

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 Ireland Ltd. and 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 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 Consolidated Income Statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 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 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 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 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 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 Consolidated Statements of Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 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, 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 Consolidated Statement Of Comprehensive Income

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 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, 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.