Supplemental Guarantor Financial Information (Tables)

12 Months Ended

Dec. 31, 2016


Condensed Consolidating Balance Sheet
	December 31, 2016
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Assets
Cash and cash equivalents	$	4	$	—	$	835	$	1,196	$	—	$	2,035
Restricted cash		—		—		9		320		—		329
Flight equipment held for operating leases, net		—		—		1,136		30,366		—		31,502
Maintenance rights intangible and lease premium, net		—		—		51		2,117		—		2,168
Flight equipment held for sale		—		—		—		107		—		107
Net investment in finance and sales-type leases		—		—		—		757		—		757
Prepayments on flight equipment		—		—		—		3,266		—		3,266
Investments including investments in subsidiaries		9,310		—		4,257		119		(13,567)		119
Intercompany receivables		106		—		8,005		5,726		(13,837)		—
Other assets		104		10		440		951		(168)		1,337
Total Assets	$	9,524	$	10	$	14,733	$	44,925	$	(27,572)	$	41,620
Liabilities and Equity
Debt	$	—	$	300	$	40	$	27,377	$	—	$	27,717
Intercompany payables		978		19		5,701		7,139		(13,837)		—
Other liabilities		22		2		381		5,084		(168)		5,321
Total liabilities		1,000		321		6,122		39,600		(14,005)		33,038

Total AerCap Holdings N.V. shareholders' equity		8,524		(311)		8,611		5,267		(13,567)		8,524
Non-controlling interest		—		—		—		58		—		58
Total Equity		8,524		(311)		8,611		5,325		(13,567)		8,582
Total Liabilities and Equity	$	9,524	$	10	$	14,733	$	44,925	$	(27,572)	$	41,620


Condensed Consolidating Balance Sheet
	December 31, 2015
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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		—		377		1,176		—		1,614
Total Assets	$	8,411	$	5	$	12,266	$	45,602	$	(22,535)	$	43,749
Liabilities and Equity
Debt	$	—	$	298	$	77	$	29,267	$	—	$	29,642
Intercompany payables		4		—		4,525		6,331		(10,860)		—
Other liabilities		58		2		184		5,437		—		5,681
Total liabilities		62		300		4,786		41,035		(10,860)		35,323

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	$	5	$	12,266	$	45,602	$	(22,535)	$	43,749

Condensed Consolidated Income Statement


Condensed Consolidating Income Statement
	Year Ended December 31, 2016
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Revenues and other income
Lease revenue	$	—	$	—	$	157	$	4,711	$	—	$	4,868
Net gain on sale of assets		—		—		—		139		—		139
Other income (loss)		6		—		507		400		(768)		145
Total Revenues and other income		6		—		664		5,250		(768)		5,152
Expenses
Depreciation and amortization		—		—		64		1,727		—		1,791
Asset impairment		—		—		—		82		—		82
Interest expense		—		20		378		1,388		(694)		1,092
Leasing expenses		—		—		26		557		—		583
Transaction, integration and restructuring related expenses		—		—		—		53		—		53
Selling, general and administrative expenses		60		—		68		297		(74)		351
Total Expenses		60		20		536		4,104		(768)		3,952
(Loss) income before income taxes and income of investments accounted for under the equity method		(54)		(20)		128		1,146		—		1,200
Provision for income taxes		7		5		(16)		(169)		—		(173)
Equity in net earnings of investments accounted for under the equity method		—		—		—		13		—		13
Net (loss) income before income from subsidiaries		(47)		(15)		112		990		—		1,040
Income (loss) from subsidiaries		1,094		—		867		112		(2,073)		—
Net income (loss)		1,047		(15)		979		1,102		(2,073)		1,040
Net loss attributable to non-controlling interest		—		—		—		7		—		7
Net income (loss) attributable to AerCap Holdings N.V.	$	1,047	$	(15)	$	979	$	1,109	$	(2,073)	$	1,047


Condensed Consolidating Income Statement
	Year Ended December 31, 2015
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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 Consolidated Statements of Cash Flows

Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2016
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss)	$	1,047	$	(15)	$	979	$	1,102	$	(2,073)	$	1,040
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Income) loss from subsidiaries		(1,094)		—		(867)		(112)		2,073		—
Depreciation and amortization		—		—		64		1,727		—		1,791
Asset impairment		—		—		—		82		—		82
Amortization of debt issuance costs and debt discount		—		1		2		53		—		56
Amortization of lease premium intangibles		—		—		—		20		—		20
Amortization of fair value adjustments on debt		—		—		—		(336)		—		(336)
Accretion of fair value adjustments on deposits and maintenance liabilities		—		—		1		54		—		55
Maintenance rights write off		—		—		23		629		—		652
Maintenance liability release to income		—		—		(19)		(402)		—		(421)
Net gain on sale of assets		—		—		—		(139)		—		(139)
Deferred income taxes		(7)		(5)		16		157		—		161
Restructuring expenses		—		—		—		34		—		34
Other		63		—		(20)		79		—		122
Cash flow from operating activities before changes in working capital		9		(19)		179		2,948		—		3,117
Working capital		1,002		19		(380)		(377)		—		264
Net cash provided by (used in) operating activities		1,011		—		(201)		2,571		—		3,381
Purchase of flight equipment		—		—		(299)		(2,594)		—		(2,893)
Proceeds from sale or disposal of assets		—		—		142		2,225		—		2,367
Prepayments on flight equipment		—		—		—		(947)		—		(947)
Collections of finance and sales-type leases		—		—		—		74		—		74
Movement in restricted cash		—		—		9		81		—		90
Other		—		—		(22)		—		—		(22)
Net cash used in investing activities		—		—		(170)		(1,161)		—		(1,331)
Issuance of debt		—		—		—		3,642		—		3,642
Repayment of debt		—		—		(9)		(5,205)		—		(5,214)
Debt issuance costs paid		—		—		(2)		(33)		—		(35)
Maintenance payments received		—		—		38		758		—		796
Maintenance payments returned		—		—		(30)		(475)		—		(505)
Security deposits received		—		—		20		182		—		202
Security deposits returned		—		—		(3)		(268)		—		(271)
Dividend paid to non-controlling interest holders		—		—		—		(11)		—		(11)
Repurchase of shares and tax withholdings on share-based compensation		(1,021)		—		—		—		—		(1,021)
Net cash (used in) provided by financing activities		(1,021)		—		14		(1,410)		—		(2,417)
Net decrease in cash and cash equivalents		(10)		—		(357)		—		—		(367)
Effect of exchange rate changes		—		—		(1)		—		—		(1)
Cash and cash equivalents at beginning of period		14		—		1,193		1,196		—		2,403
Cash and cash equivalents at end of period	$	4	$	—	$	835	$	1,196	$	—	$	2,035


Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2015
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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 Consolidated Statement Of Comprehensive Income


Condensed Consolidating Statement of Comprehensive Income

	Year Ended December 31, 2016
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss) attributable to AerCap Holdings N.V.	$	1,047	$	(15)	$	979	$	1,109	$	(2,073)	$	1,047
Other comprehensive (loss) income:
Net change in fair value of derivatives, net of tax		—		—		—		6		—		6
Actuarial loss on pension obligations, net of tax		—		—		(2)		—		—		(2)
Total other comprehensive (loss) income		—		—		(2)		6		—		4
Total comprehensive income (loss) attributable to AerCap Holdings N.V.	$	1,047	$	(15)	$	977	$	1,115	$	(2,073)	$	1,051


Condensed Consolidating Statement of Comprehensive Income
	Year Ended December 31, 2015
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.		AerCap Ireland Ltd.		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss) attributable to AerCap Holdings N.V.	$	1,179	$	(15)	$	1,072	$	1,277	$	(2,334)	$	1,179
Other comprehensive income:
Net change in fair value of derivatives, net of tax		—		—		—		—		—		—
Actuarial gain on pension obligations, net of tax		—		—		—		—		—		—
Total other comprehensive income		—		—		—		—		—		—
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
	AerCap Holdings N.V.		AerCap Aviation Solutions B.V.			AerCap Ireland Ltd.			Non- Guarantors			Eliminations				Total
	(U.S. dollar amounts in millions)
Net income (loss) attributable to AerCap Holdings N.V.	$	810		$	(20)		$	700		$	902		$	(1,582)	$	810
Other comprehensive income:
Net 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

AGAT/AICDC Notes [Member]

Condensed Consolidated Balance Sheet

Condensed Consolidating Balance Sheet
	December 31, 2016
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Assets
Cash and cash equivalents	$	4	$	829	$	64	$	931	$	207	$	—	$	2,035
Restricted cash		—		—		—		9		320		—		329
Flight equipment held for operating leases, net		—		11,012		—		1,299		19,191		—		31,502
Maintenance rights intangible and lease premium, net		—		1,190		—		52		926		—		2,168
Flight equipment held for sale		—		28		—		—		79		—		107
Net investment in finance and sales-type leases		—		437		—		166		154		—		757
Prepayments on flight equipment		—		3,006		—		5		255		—		3,266
Investments including investments in subsidiaries		9,310		874		7,249		4,941		119		(22,374)		119
Intercompany receivables		106		12,639		1		8,405		5,947		(27,098)		—
Other assets		104		538		60		632		171		(168)		1,337
Total Assets	$	9,524	$	30,553	$	7,374	$	16,440	$	27,369	$	(49,640)	$	41,620
Liabilities and Equity
Debt	$	—	$	17,316	$	—	$	340	$	10,061	$	—	$	27,717
Intercompany payables		978		3,726		5,057		7,067		10,270		(27,098)		—
Other liabilities		22		2,241		11		448		2,767		(168)		5,321
Total liabilities		1,000		23,283		5,068		7,855		23,098		(27,266)		33,038

Total AerCap Holdings N.V. shareholders' equity		8,524		7,270		2,306		8,509		4,289		(22,374)		8,524
Non-controlling interest		—		—		—		76		(18)		—		58
Total Equity		8,524		7,270		2,306		8,585		4,271		(22,374)		8,582
Total Liabilities and Equity	$	9,524	$	30,553	$	7,374	$	16,440	$	27,369	$	(49,640)	$	41,620

(a)

Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.


Condensed Consolidating Balance Sheet
	December 31, 2015
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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		619		41		580		342		(29)		1,614
Total Assets	$	8,411	$	32,491	$	6,422	$	13,643	$	25,742	$	(42,960)	$	43,749
Liabilities and Equity
Debt	$	—	$	19,456	$	—	$	375	$	9,811	$	—	$	29,642
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		26,157		4,886		6,082		21,643		(23,507)		35,323

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	$	32,491	$	6,422	$	13,643	$	25,742	$	(42,960)	$	43,749

(a)

Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.

Condensed Consolidated Income Statement

Condensed Consolidating Income Statement
	Year Ended December 31, 2016
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Revenues and other income
Lease revenue	$	—	$	2,058	$	—	$	205	$	2,605	$	—	$	4,868
Net gain on sale of assets		—		33		—		6		100		—		139
Other income (loss)		6		653		—		552		359		(1,425)		145
Total Revenues and other income		6		2,744		—		763		3,064		(1,425)		5,152
Expenses
Depreciation and amortization		—		770		—		72		949		—		1,791
Asset impairment		—		32		—		—		50		—		82
Interest expense		—		753		184		385		955		(1,185)		1,092
Leasing expenses		—		290		—		27		266		—		583
Transaction, integration and restructuring related expenses		—		—		—		—		53		—		53
Selling, general and administrative expenses		60		120		1		102		308		(240)		351
Total Expenses		60		1,965		185		586		2,581		(1,425)		3,952
(Loss) income before income taxes and income of investments accounted for under the equity method		(54)		779		(185)		177		483		—		1,200
Provision for income taxes		7		(97)		23		(36)		(70)		—		(173)
Equity in net earnings of investments accounted for under the equity method		—		—		—		—		13		—		13
Net (loss) income before income from subsidiaries		(47)		682		(162)		141		426		—		1,040
Income (loss) from subsidiaries		1,094		237		919		701		(867)		(2,084)		—
Net income (loss)		1,047		919		757		842		(441)		(2,084)		1,040
Net loss attributable to non-controlling interest		—		—		—		—		7		—		7
Net income (loss) attributable to AerCap Holdings N.V.	$	1,047	$	919	$	757	$	842	$	(434)	$	(2,084)	$	1,047

(a)

Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.


Condensed Consolidating Income Statement
	Year Ended December 31, 2015
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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.


Condensed Consolidating Income Statement
	Year Ended December 31, 2014
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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 Consolidated Statements of Cash Flows


Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2016
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss)	$	1,047	$	919	$	757	$	842	$	(441)	$	(2,084)	$	1,040
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
(Income) loss from subsidiaries		(1,094)		(237)		(919)		(701)		867		2,084		—
Depreciation and amortization		—		770		—		72		949		—		1,791
Asset impairment		—		32		—		—		50		—		82
Amortization of debt issuance costs and debt discount		—		13		5		4		34		—		56
Amortization of lease premium intangibles		—		7		—		—		13		—		20
Amortization of fair value adjustments on debt		—		(330)		—		—		(6)		—		(336)
Accretion of fair value adjustments on deposits and maintenance liabilities		—		33		—		2		20		—		55
Maintenance rights write off		—		395		—		22		235		—		652
Maintenance liability release to income		—		(206)		—		(19)		(196)		—		(421)
Net gain on sale of assets		—		(33)		—		(6)		(100)		—		(139)
Deferred income taxes		(7)		98		(22)		28		64		—		161
Restructuring expenses		—		—		—		—		34		—		34
Other		63		13		—		(7)		53		—		122
Cash flow from operating activities before changes in working capital		9		1,474		(179)		237		1,576		—		3,117
Working capital		1,002		911		181		(545)		(1,285)		—		264
Net cash provided by (used in) operating activities		1,011		2,385		2		(308)		291		—		3,381
Purchase of flight equipment		—		(594)		—		(298)		(2,001)		—		(2,893)
Proceeds from sale or disposal of assets		—		998		—		158		1,211		—		2,367
Prepayments on flight equipment		—		(937)		—		(9)		(1)		—		(947)
Collections of finance and sales-type leases		—		26		—		22		26		—		74
Movement in restricted cash		—		—		—		9		81		—		90
Other		—		—		—		(22)		—		—		(22)
Net cash used in investing activities		—		(507)		—		(140)		(684)		—		(1,331)
Issuance of debt		—		1,012		35		—		2,595		—		3,642
Repayment of debt		—		(2,825)		(35)		(8)		(2,346)		—		(5,214)
Debt issuance costs paid		—		(9)		—		(2)		(24)		—		(35)
Maintenance payments received		—		292		—		39		465		—		796
Maintenance payments returned		—		(234)		—		(30)		(241)		—		(505)
Security deposits received		—		57		—		25		120		—		202
Security deposits returned		—		(111)		—		(10)		(150)		—		(271)
Dividend paid to non-controlling interest holders		—		—		—		—		(11)		—		(11)
Repurchase of shares and tax withholdings on share-based compensation		(1,021)		—		—		—		—		—		(1,021)
Net cash (used in) provided by financing activities		(1,021)		(1,818)		—		14		408		—		(2,417)
Net (decrease) increase in cash and cash equivalents		(10)		60		2		(434)		15		—		(367)
Effect of exchange rate changes		—		—		—		(1)		—		—		(1)
Cash and cash equivalents at beginning of period		14		769		62		1,366		192		—		2,403
Cash and cash equivalents at end of period	$	4		829		64		931		207		—	$	2,035

(a)

Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.


Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2015
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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.


Condensed Consolidating Statement of Cash Flows
	Year Ended December 31, 2014
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
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
Other		—		—		—		—		—		—		—
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)

Condensed Consolidated Statement Of Comprehensive Income


Condensed Consolidating Statement of Comprehensive Income

	Year Ended December 31, 2016
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss) attributable to AerCap Holdings N.V.	$	1,047	$	919	$	757	$	842	$	(434)	$	(2,084)	$	1,047
Other comprehensive (loss) income:
Net change in fair value of derivatives, net of tax		—		—		—		—		6		—		6
Actuarial loss on pension obligations, net of tax		—		—		—		(2)		—		—		(2)
Total other comprehensive (loss) income		—		—		—		(2)		6		—		4
Total comprehensive income (loss) attributable to AerCap Holdings N.V.	$	1,047	$	919	$	757	$	840	$	(428)	$	(2,084)	$	1,051

(a)

Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.


Condensed Consolidating Statement of Comprehensive Income
	Year Ended December 31, 2015
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss) attributable to AerCap Holdings N.V.	$	1,179	$	1,061	$	929	$	846	$	(567)	$	(2,269)	$	1,179
Other comprehensive income:
Net change in fair value of derivatives, net of tax		—		—		—		—		—		—		—
Actuarial gain on pension obligations, net of tax		—		—		—		—		—		—		—
Total other comprehensive income		—		—		—		—		—		—		—
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.


Condensed Consolidating Statement of Comprehensive Income
	Year Ended December 31, 2014
	AerCap Holdings N.V.		AerCap Global Aviation Trust		AerCap Ireland Capital Designated Activity Company		Guarantors (a)		Non- Guarantors		Eliminations		Total
	(U.S. dollar amounts in millions)
Net income (loss) attributable to AerCap Holdings N.V.	$	810	$	682	$	577	$	856	$	722	$	(2,837)	$	810
Other comprehensive income:
Net 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