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Debt (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of indebtedness

Export credit facilities

The following table provides details regarding the terms of our outstanding export credit facilities:

	As of December 31, 2018
	Collateral (Number of aircraft)			Amount outstanding				Weighted average interest rate		Maturity
European ECA facilities	28			$	682,410			2.94%		2019 - 2030
US Ex-Im facilities	4			166,962				1.66%		2022 - 2025
	32			$	849,372

The following table provides a summary of our indebtedness as of December 31, 2018 and 2017:

		As of December 31,
		2018																					2017
Debt Obligation		Collateral (Number of aircraft)			Commitment				Undrawn amounts				Amount outstanding				Weighted average interest rate (a)			Maturity			Amount outstanding
Unsecured
ILFC Legacy Notes					$	4,900,000			$	—			$	4,900,000			6.69	%		2019 - 2022			$	5,670,000
AerCap Trust & AICDC Notes					10,749,864				—				10,749,864				4.08	%		2019 - 2028			8,399,864
Asia Revolving Credit Facility					950,000				750,000				200,000				4.01	%		2022			300,000
Citi Revolving Credit Facility					4,000,000				4,000,000				—				—			2021			—
Other unsecured debt					1,326,000				166,000				1,160,000				4.16	%		2020 - 2023			550,000
Fair value adjustment					NA				NA				177,450				NA			NA			286,426
TOTAL UNSECURED					21,925,864				4,916,000				17,187,314										15,206,290
Secured
Export credit facilities		32			849,372				—				849,372				2.69	%		2019 - 2030			1,241,262
Senior Secured Notes					—				—				—				—			—			1,275,000
Institutional secured term loans & secured portfolio loans		280			9,097,528				1,564,500				7,533,028				4.28	%		2020 - 2030			6,253,431
AerFunding Revolving Credit Facility		16			2,500,000				1,580,516				919,484				4.39	%		2022			878,424
Other secured debt (b)		70			1,633,099				—				1,633,099				4.50	%		2019 -2036			2,139,360
Fair value adjustment					NA				NA				(2,103		)		NA			NA			31,482
TOTAL SECURED					14,079,999				3,145,016				10,932,880										11,818,959
Subordinated
ECAPS Subordinated Notes					1,000,000				—				1,000,000				4.65	%		2065			1,000,000
Junior Subordinated Notes					500,000				—				500,000				6.50	%		2045			500,000
Subordinated debt issued by joint ventures					48,234				—				48,234				—			2019 - 2020			55,780
Fair value adjustment					NA				NA				(225		)		NA			NA			(229		)
TOTAL SUBORDINATED					1,548,234				—				1,548,009										1,555,551
Debt issuance costs and debt discounts					NA				NA				(160,616		)		NA			NA			(160,061		)
		398			$	37,554,097			$	8,061,016			$	29,507,587									$	28,420,739

(a) The weighted average interest rate for our floating rate debt is calculated based on the applicable U.S. dollar LIBOR rate as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs and debt discounts. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives.

(b) In addition to the aircraft, 64 engines are pledged as collateral.

The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:

	Collateral (Number of aircraft) (a)		Commitment				Undrawn amounts				Amount outstanding				Weighted average interest rate			Maturity
Institutional secured term loans
Hyperion	94		$	1,500,000			$	—			$	1,500,000			4.55	%		2023
Vancouver	56		750,000				—				750,000				4.55	%		2022
Secured portfolio loans
Scandium	7		772,981				173,500				599,481				4.37	%		2025
Temescal	49		666,969				—				666,969				4.76	%		2023
Celtago	13		659,203				—				659,203				3.37	%		2024
Celtago II	13		580,736				—				580,736				3.90	%		2022
BlowFishFunding	9		533,108				—				533,108				4.34	%		2022
Iridium	8		519,111				—				519,111				4.11	%		2024
Other secured facilities	31		3,115,420				1,391,000				1,724,420				4.20	%		2020 - 2030
	280		$	9,097,528			$	1,564,500			$	7,533,028

(a) These loans are secured by a combination of aircraft and the equity interests in the borrower and certain SPE subsidiaries of the borrower that own the aircraft.

Schedule of maturities of debt financings

The following table provides a summary of the outstanding senior unsecured notes issued by ILFC prior to the ILFC Transaction (the “ILFC Legacy Notes”) as of December 31, 2018:

	Maturities of ILFC Legacy Notes
2019	$	2,000,000
2020	1,000,000
2021	500,000
2022	1,400,000
	$	4,900,000

The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2018:

	Maturities of AGAT/AICDC Notes
2019	$	1,099,864
2020	1,500,000
2021	1,900,000
2022	2,100,000
2023	1,200,000
Thereafter	2,950,000
	$	10,749,864

Maturities of our debt financings (excluding fair value adjustments, debt issuance costs and debt discounts) as of December 31, 2018 were as follows:

	Maturities of debt financing (a)
2019	$	4,108,660
2020	4,008,209
2021	3,783,405
2022	7,246,201
2023	3,414,995
Thereafter	6,931,611
	$	29,493,081

(a) For further detail on debt maturities, please refer to “Item 5. Operating and Financial Review and Prospects—Contractual obligations”.

Schedule of interest rate terms

Borrowings under the AerFunding Revolving Credit Facility bear interest based on the Eurodollar rate plus the applicable margin. The following table presents the applicable margin for the borrowings under the AerFunding Revolving Credit Facility during the periods specified:

	Applicable margin
Borrowing period	2.00	%
Period from December 2020 to December 2021	2.75	%
Period from December 2021 to December 2022	3.50	%

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