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Supplemental guarantor financial information (Tables) | 6 Months Ended
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Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract] |
Schedule of maturities of debt financings | The following table provides a summary of the outstanding AGAT/AICDC Notes as of June 30, 2019:
| Maturities of AGAT/AICDC Notes
2019 - remaining | $ | — |
2020 | 1,500,000 |
2021 | 2,600,000 |
2022 | 2,100,000 |
2023 | 1,200,000 |
Thereafter | 4,350,000 |
| $ | 11,750,000 |
Condensed consolidated balance sheet |
Condensed Consolidating Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
| June 30, 2019
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2 |  |  | $ | 155 |  |  | $ | 15 |  |  | $ | 496 |  |  | $ | 115 |  |  | $ | — |  |  | $ | 783 |
Restricted cash | — |  |  | — |  |  | — |  |  | 1 |  |  | 186 |  |  | — |  |  | 187 |
Flight equipment held for operating leases, net | — |  |  | 8,428 |  |  | — |  |  | 3,447 |  |  | 23,380 |  |  | — |  |  | 35,255 |
Maintenance rights and lease premium, net | — |  |  | 500 |  |  | — |  |  | 73 |  |  | 385 |  |  | — |  |  | 958 |
Flight equipment held for sale | — |  |  | 214 |  |  | — |  |  | 48 |  |  | 246 |  |  | — |  |  | 508 |
Net investment in finance and sales-type leases | — |  |  | 496 |  |  | — |  |  | 83 |  |  | 424 |  |  | — |  |  | 1,003 |
Prepayments on flight equipment | — |  |  | 1,003 |  |  | — |  |  | 5 |  |  | 1,954 |  |  | — |  |  | 2,962 |
Investments including investments in subsidiaries | 10,984 |  |  | 1,530 |  |  | 9,214 |  |  | 6,343 |  |  | 136 |  |  | (28,071 | ) |  | 136 |
Intercompany receivables | 150 |  |  | 17,962 |  |  | 200 |  |  | 13,504 |  |  | 5,472 |  |  | (37,288 | ) |  | — |
Other assets | 73 |  |  | 466 |  |  | 111 |  |  | 1,134 |  |  | 939 |  |  | (1,447 | ) |  | 1,276 |
Total Assets | $ | 11,209 |  |  | $ | 30,754 |  |  | $ | 9,540 |  |  | $ | 25,134 |  |  | $ | 33,237 |  |  | $ | (66,806 | ) |  | $ | 43,068 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |
Debt | $ | — |  |  | $ | 16,226 |  |  | $ | 1,436 |  |  | $ | — |  |  | $ | 11,358 |  |  | $ | — |  |  | $ | 29,020 |
Intercompany payables | 2,181 |  |  | 3,510 |  |  | 4,201 |  |  | 12,347 |  |  | 15,077 |  |  | (37,316 | ) |  | — |
Other liabilities | 15 |  |  | 1,786 |  |  | 5 |  |  | 1,627 |  |  | 2,955 |  |  | (1,418 | ) |  | 4,970 |
Total liabilities | 2,196 |  |  | 21,522 |  |  | 5,642 |  |  | 13,974 |  |  | 29,390 |  |  | (38,734 | ) |  | 33,990 |
Total AerCap Holdings N.V. shareholders’ equity | 9,013 |  |  | 9,232 |  |  | 3,898 |  |  | 11,082 |  |  | 3,860 |  |  | (28,072 | ) |  | 9,013 |
Non-controlling interest | — |  |  | — |  |  | — |  |  | 78 |  |  | (13 | ) |  | — |  |  | 65 |
Total Equity | 9,013 |  |  | 9,232 |  |  | 3,898 |  |  | 11,160 |  |  | 3,847 |  |  | (28,072 | ) |  | 9,078 |
Total Liabilities and Equity | $ | 11,209 |  |  | $ | 30,754 |  |  | $ | 9,540 |  |  | $ | 25,134 |  |  | $ | 33,237 |  |  | $ | (66,806 | ) |  | $ | 43,068 |
(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, 2018
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 3 |  |  | $ | 318 |  |  | $ | 6 |  |  | $ | 737 |  |  | $ | 140 |  |  | $ | — |  |  | $ | 1,204 |
Restricted cash | — |  |  | — |  |  | — |  |  | 1 |  |  | 210 |  |  | — |  |  | 211 |
Flight equipment held for operating leases, net | — |  |  | 9,455 |  |  | — |  |  | 3,317 |  |  | 22,280 |  |  | — |  |  | 35,052 |
Maintenance rights and lease premium, net | — |  |  | 569 |  |  | — |  |  | 58 |  |  | 486 |  |  | — |  |  | 1,113 |
Flight equipment held for sale | — |  |  | 26 |  |  | — |  |  | — |  |  | 158 |  |  | — |  |  | 184 |
Net investment in finance and sales-type leases | — |  |  | 494 |  |  | — |  |  | 63 |  |  | 446 |  |  | — |  |  | 1,003 |
Prepayments on flight equipment | — |  |  | 1,338 |  |  | — |  |  | 5 |  |  | 1,682 |  |  | — |  |  | 3,025 |
Investments including investments in subsidiaries | 10,495 |  |  | 1,336 |  |  | 8,774 |  |  | 5,948 |  |  | 133 |  |  | (26,553 | ) |  | 133 |
Intercompany receivables | 130 |  |  | 17,305 |  |  | 67 |  |  | 12,325 |  |  | 5,375 |  |  | (35,202 | ) |  | — |
Other assets | 79 |  |  | 482 |  |  | 101 |  |  | 351 |  |  | 271 |  |  | — |  |  | 1,284 |
Total Assets | $ | 10,707 |  |  | $ | 31,323 |  |  | $ | 8,948 |  |  | $ | 22,805 |  |  | $ | 31,181 |  |  | $ | (61,755 | ) |  | $ | 43,209 |
Liabilities and Equity |  |  |  |  |  |  |  |  |  |  |  |  |
Debt | $ | — |  |  | $ | 17,257 |  |  | $ | 808 |  |  | $ | 8 |  |  | $ | 11,435 |  |  | $ | — |  |  | $ | 29,508 |
Intercompany payables | 1,873 |  |  | 3,480 |  |  | 4,604 |  |  | 11,477 |  |  | 13,768 |  |  | (35,202 | ) |  | — |
Other liabilities | 6 |  |  | 1,791 |  |  | 2 |  |  | 688 |  |  | 2,333 |  |  | — |  |  | 4,820 |
Total liabilities | 1,879 |  |  | 22,528 |  |  | 5,414 |  |  | 12,173 |  |  | 27,536 |  |  | (35,202 | ) |  | 34,328 |
Total AerCap Holdings N.V. shareholders’ equity | 8,828 |  |  | 8,795 |  |  | 3,534 |  |  | 10,565 |  |  | 3,659 |  |  | (26,553 | ) |  | 8,828 |
Non-controlling interest | — |  |  | — |  |  | — |  |  | 67 |  |  | (14 | ) |  | — |  |  | 53 |
Total Equity | 8,828 |  |  | 8,795 |  |  | 3,534 |  |  | 10,632 |  |  | 3,645 |  |  | (26,553 | ) |  | 8,881 |
Total Liabilities and Equity | $ | 10,707 |  |  | $ | 31,323 |  |  | $ | 8,948 |  |  | $ | 22,805 |  |  | $ | 31,181 |  |  | $ | (61,755 | ) |  | $ | 43,209 |
(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 |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended June 30, 2019
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | — |  |  | $ | 324 |  |  | $ | — |  |  | $ | 107 |  |  | $ | 755 |  |  | $ | — |  |  | $ | 1,186 |
Net gain on sale of assets | — |  |  | 33 |  |  | — |  |  | 1 |  |  | 44 |  |  | — |  |  | 78 |
Other income (loss) | 16 |  |  | 176 |  |  | 1 |  |  | 191 |  |  | 66 |  |  | (433 | ) |  | 17 |
Total Revenues and other income | 16 |  |  | 533 |  |  | 1 |  |  | 299 |  |  | 865 |  |  | (433 | ) |  | 1,281 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | — |  |  | 112 |  |  | — |  |  | 46 |  |  | 261 |  |  | — |  |  | 419 |
Asset impairment | — |  |  | — |  |  | — |  |  | 12 |  |  | 6 |  |  | — |  |  | 18 |
Interest expense | — |  |  | 236 |  |  | 42 |  |  | 107 |  |  | 315 |  |  | (367 | ) |  | 333 |
Leasing expenses | — |  |  | 24 |  |  | — |  |  | 12 |  |  | 29 |  |  | — |  |  | 65 |
Selling, general and administrative expenses | 15 |  |  | 17 |  |  | — |  |  | 34 |  |  | 64 |  |  | (66 | ) |  | 64 |
Total Expenses | 15 |  |  | 389 |  |  | 42 |  |  | 211 |  |  | 675 |  |  | (433 | ) |  | 899 |
Income (loss) before income taxes and income of investments accounted for under the equity method | 1 |  |  | 144 |  |  | (41 | ) |  | 88 |  |  | 190 |  |  | — |  |  | 382 |
Provision for income taxes | — |  |  | (18 | ) |  | 5 |  |  | (12 | ) |  | (24 | ) |  | — |  |  | (49 | )
Equity in net earnings of investments accounted for under the equity method | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net income (loss) before income from subsidiaries | 1 |  |  | 126 |  |  | (36 | ) |  | 76 |  |  | 167 |  |  | — |  |  | 334 |
Income (loss) from subsidiaries | 330 |  |  | 139 |  |  | 265 |  |  | 279 |  |  | (252 | ) |  | (761 | ) |  | — |
Net income (loss) | $ | 331 |  |  | $ | 265 |  |  | $ | 229 |  |  | $ | 355 |  |  | $ | (85 | ) |  | $ | (761 | ) |  | $ | 334 |
Net income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | (3 | )
Net income (loss) attributable to AerCap Holdings N.V. | $ | 331 |  |  | $ | 265 |  |  | $ | 229 |  |  | $ | 352 |  |  | $ | (85 | ) |  | $ | (761 | ) |  | $ | 331 |
(a) | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |
| Three Months Ended June 30, 2018
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | — |  |  | $ | 406 |  |  | $ | — |  |  | $ | 71 |  |  | $ | 654 |  |  | $ | — |  |  | $ | 1,131 |
Net gain on sale of assets | — |  |  | 23 |  |  | — |  |  | 5 |  |  | 24 |  |  | — |  |  | 52 |
Other income (loss) | 22 |  |  | 192 |  |  | (1 | ) |  | 178 |  |  | 104 |  |  | (483 | ) |  | 12 |
Total Revenues and other income | 22 |  |  | 621 |  |  | (1 | ) |  | 254 |  |  | 782 |  |  | (483 | ) |  | 1,195 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | — |  |  | 145 |  |  | — |  |  | 31 |  |  | 242 |  |  | — |  |  | 418 |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Interest expense | — |  |  | 258 |  |  | 42 |  |  | 108 |  |  | 278 |  |  | (401 | ) |  | 285 |
Leasing expenses | — |  |  | 27 |  |  | — |  |  | 8 |  |  | 68 |  |  | — |  |  | 103 |
Selling, general and administrative expenses | 25 |  |  | 29 |  |  | — |  |  | 36 |  |  | 78 |  |  | (82 | ) |  | 86 |
Total Expenses | 25 |  |  | 459 |  |  | 42 |  |  | 183 |  |  | 680 |  |  | (483 | ) |  | 906 |
(Loss) income before income taxes and income of investments accounted for under the equity method | (3 | ) |  | 162 |  |  | (43 | ) |  | 71 |  |  | 102 |  |  | — |  |  | 289 |
Provision for income taxes | — |  |  | (21 | ) |  | 6 |  |  | (8 | ) |  | (15 | ) |  | — |  |  | (38 | )
Equity in net earnings of investments accounted for under the equity method | — |  |  | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | 3 |
Net (loss) income before income from subsidiaries | (3 | ) |  | 141 |  |  | (37 | ) |  | 63 |  |  | 90 |  |  | — |  |  | 254 |
Income (loss) from subsidiaries | 257 |  |  | 77 |  |  | 218 |  |  | 187 |  |  | (177 | ) |  | (562 | ) |  | — |
Net income (loss) | $ | 254 |  |  | $ | 218 |  |  | $ | 181 |  |  | $ | 250 |  |  | $ | (87 | ) |  | $ | (562 | ) |  | $ | 254 |
Net income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to AerCap Holdings N.V. | $ | 254 |  |  | $ | 218 |  |  | $ | 181 |  |  | $ | 250 |  |  | $ | (87 | ) |  | $ | (562 | ) |  | $ | 254 |
(a) | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2019
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | — |  |  | $ | 674 |  |  | $ | — |  |  | $ | 209 |  |  | $ | 1,465 |  |  | $ | — |  |  | $ | 2,348 |
Net gain on sale of assets | — |  |  | 48 |  |  | — |  |  | 5 |  |  | 47 |  |  | — |  |  | 100 |
Other income (loss) | 31 |  |  | 355 |  |  | 1 |  |  | 393 |  |  | 139 |  |  | (881 | ) |  | 38 |
Total Revenues and other income | 31 |  |  | 1,077 |  |  | 1 |  |  | 607 |  |  | 1,651 |  |  | (881 | ) |  | 2,486 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | — |  |  | 236 |  |  | — |  |  | 90 |  |  | 519 |  |  | — |  |  | 845 |
Asset impairment | — |  |  | 3 |  |  | — |  |  | 12 |  |  | 8 |  |  | — |  |  | 23 |
Interest expense | — |  |  | 471 |  |  | 89 |  |  | 216 |  |  | 639 |  |  | (748 | ) |  | 667 |
Leasing expenses | — |  |  | 53 |  |  | — |  |  | 27 |  |  | 77 |  |  | — |  |  | 157 |
Selling, general and administrative expenses | 31 |  |  | 36 |  |  | — |  |  | 68 |  |  | 129 |  |  | (133 | ) |  | 131 |
Total Expenses | 31 |  |  | 799 |  |  | 89 |  |  | 413 |  |  | 1,372 |  |  | (881 | ) |  | 1,823 |
Income (loss) before income taxes and income of investments accounted for under the equity method | — |  |  | 278 |  |  | (88 | ) |  | 194 |  |  | 279 |  |  | — |  |  | 663 |
Provision for income taxes | — |  |  | (35 | ) |  | 11 |  |  | (27 | ) |  | (35 | ) |  | — |  |  | (86 | )
Equity in net earnings of investments accounted for under the equity method | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Net income (loss) before income from subsidiaries | — |  |  | 243 |  |  | (77 | ) |  | 167 |  |  | 248 |  |  | — |  |  | 581 |
Income (loss) from subsidiaries | 566 |  |  | 196 |  |  | 439 |  |  | 433 |  |  | (398 | ) |  | (1,236 | ) |  | — |
Net income (loss) | $ | 566 |  |  | $ | 439 |  |  | $ | 362 |  |  | $ | 600 |  |  | $ | (150 | ) |  | $ | (1,236 | ) |  | $ | 581 |
Net income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | (14 | ) |  | (1 | ) |  | — |  |  | (15 | )
Net income (loss) attributable to AerCap Holdings N.V. | $ | 566 |  |  | $ | 439 |  |  | $ | 362 |  |  | $ | 586 |  |  | $ | (151 | ) |  | $ | (1,236 | ) |  | $ | 566 |
(a) | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.
Condensed Consolidating Income Statement |  |  |  |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2018
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Revenues and other income |  |  |  |  |  |  |  |  |  |  |  |  |
Lease revenue | $ | — |  |  | $ | 799 |  |  | $ | — |  |  | $ | 127 |  |  | $ | 1,325 |  |  | $ | — |  |  | $ | 2,251 |
Net gain on sale of assets | — |  |  | 36 |  |  | — |  |  | 13 |  |  | 92 |  |  | — |  |  | 141 |
Other income (loss) | 35 |  |  | 371 |  |  | 2 |  |  | 344 |  |  | 139 |  |  | (869 | ) |  | 22 |
Total Revenues and other income | 35 |  |  | 1,206 |  |  | 2 |  |  | 484 |  |  | 1,556 |  |  | (869 | ) |  | 2,414 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | — |  |  | 296 |  |  | — |  |  | 56 |  |  | 489 |  |  | — |  |  | 841 |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
Interest expense | — |  |  | 442 |  |  | 79 |  |  | 212 |  |  | 536 |  |  | (710 | ) |  | 559 |
Leasing expenses | — |  |  | 63 |  |  | — |  |  | 19 |  |  | 154 |  |  | — |  |  | 236 |
Selling, general and administrative expenses | 49 |  |  | 57 |  |  | — |  |  | 73 |  |  | 151 |  |  | (159 | ) |  | 171 |
Total Expenses | 49 |  |  | 858 |  |  | 79 |  |  | 360 |  |  | 1,346 |  |  | (869 | ) |  | 1,823 |
(Loss) income before income taxes and income of investments accounted for under the equity method | (14 | ) |  | 348 |  |  | (77 | ) |  | 124 |  |  | 210 |  |  | — |  |  | 591 |
Provision for income taxes | 2 |  |  | (44 | ) |  | 10 |  |  | (15 | ) |  | (30 | ) |  | — |  |  | (77 | )
Equity in net earnings of investments accounted for under the equity method | — |  |  | — |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 6 |
Net (loss) income before income from subsidiaries | (12 | ) |  | 304 |  |  | (67 | ) |  | 109 |  |  | 186 |  |  | — |  |  | 520 |
Income (loss) from subsidiaries | 532 |  |  | 152 |  |  | 456 |  |  | 457 |  |  | (443 | ) |  | (1,154 | ) |  | — |
Net income (loss) | $ | 520 |  |  | $ | 456 |  |  | $ | 389 |  |  | $ | 566 |  |  | $ | (257 | ) |  | $ | (1,154 | ) |  | $ | 520 |
Net income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to AerCap Holdings N.V. | $ | 520 |  |  | $ | 456 |  |  | $ | 389 |  |  | $ | 566 |  |  | $ | (257 | ) |  | $ | (1,154 | ) |  | $ | 520 |
(a) | Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.
Condensed consolidated statement of comprehensive income |
Condensed Consolidating Statement of Comprehensive Income |  |  |  |  |  |  |  |
| Three Months Ended June 30, 2019
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Net income (loss) | $ | 331 |  |  | $ | 265 |  |  | $ | 229 |  |  | $ | 355 |  |  | $ | (85 | ) |  | $ | (761 | ) |  | $ | 334 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives, net of tax | — |  |  | — |  |  | — |  |  | (55 | ) |  | (3 | ) |  | — |  |  | (58 | )
Total other comprehensive loss | — |  |  | — |  |  | — |  |  | (55 | ) |  | (3 | ) |  | — |  |  | (58 | )
Comprehensive income (loss) | 331 |  |  | 265 |  |  | 229 |  |  | 300 |  |  | (88 | ) |  | (761 | ) |  | 276 |
Comprehensive income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | — |  |  | (3 | )
Total comprehensive income (loss) attributable to AerCap Holdings N.V. | $ | 331 |  |  | $ | 265 |  |  | $ | 229 |  |  | $ | 297 |  |  | $ | (88 | ) |  | $ | (761 | ) |  | $ | 273 |
(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 |  |  |  |
| Three Months Ended June 30, 2018
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Net income (loss) | $ | 254 |  |  | $ | 218 |  |  | $ | 181 |  |  | $ | 250 |  |  | $ | (87 | ) |  | $ | (562 | ) |  | $ | 254 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives, net of tax | — |  |  | — |  |  | — |  |  | 6 |  |  | 1 |  |  | — |  |  | 7 |
Total other comprehensive income | — |  |  | — |  |  | — |  |  | 6 |  |  | 1 |  |  | — |  |  | 7 |
Comprehensive income (loss) | 254 |  |  | 218 |  |  | 181 |  |  | 256 |  |  | (86 | ) |  | (562 | ) |  | 261 |
Comprehensive income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income (loss) attributable to AerCap Holdings N.V. | $ | 254 |  |  | $ | 218 |  |  | $ | 181 |  |  | $ | 256 |  |  | $ | (86 | ) |  | $ | (562 | ) |  | $ | 261 |
(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 |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2019
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Net income (loss) | $ | 566 |  |  | $ | 439 |  |  | $ | 362 |  |  | $ | 600 |  |  | $ | (150 | ) |  | $ | (1,236 | ) |  | $ | 581 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives, net of tax | — |  |  | — |  |  | — |  |  | (89 | ) |  | (5 | ) |  | — |  |  | (94 | )
Total other comprehensive loss | — |  |  | — |  |  | — |  |  | (89 | ) |  | (5 | ) |  | — |  |  | (94 | )
Comprehensive income (loss) | 566 |  |  | 439 |  |  | 362 |  |  | 511 |  |  | (155 | ) |  | (1,236 | ) |  | 487 |
Comprehensive income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | (14 | ) |  | (1 | ) |  | — |  |  | (15 | )
Total comprehensive income (loss) attributable to AerCap Holdings N.V. | $ | 566 |  |  | $ | 439 |  |  | $ | 362 |  |  | $ | 497 |  |  | $ | (156 | ) |  | $ | (1,236 | ) |  | $ | 472 |
(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 |  |  |  |
| Six Months Ended June 30, 2018
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Net income (loss) | $ | 520 |  |  | $ | 456 |  |  | $ | 389 |  |  | $ | 566 |  |  | $ | (257 | ) |  | $ | (1,154 | ) |  | $ | 520 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives, net of tax | — |  |  | — |  |  | — |  |  | 25 |  |  | 3 |  |  | — |  |  | 28 |
Total other comprehensive income | — |  |  | — |  |  | — |  |  | 25 |  |  | 3 |  |  | — |  |  | 28 |
Comprehensive income (loss) | 520 |  |  | 456 |  |  | 389 |  |  | 591 |  |  | (254 | ) |  | (1,154 | ) |  | 548 |
Comprehensive income attributable to non-controlling interest | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total comprehensive income (loss) attributable to AerCap Holdings N.V. | $ | 520 |  |  | $ | 456 |  |  | $ | 389 |  |  | $ | 591 |  |  | $ | (254 | ) |  | $ | (1,154 | ) |  | $ | 548 |
(a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.
Condensed consolidated statements of cash flows |
Condensed Consolidating Statement of Cash Flows |  |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2019
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Net income (loss) | $ | 566 |  |  | $ | 439 |  |  | $ | 362 |  |  | $ | 600 |  |  | $ | (150 | ) |  | $ | (1,236 | ) |  | $ | 581 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries | (566 | ) |  | (196 | ) |  | (439 | ) |  | (433 | ) |  | 398 |  |  | 1,236 |  |  | — |
Depreciation and amortization | — |  |  | 236 |  |  | — |  |  | 90 |  |  | 519 |  |  | — |  |  | 845 |
Asset impairment | — |  |  | 3 |  |  | — |  |  | 12 |  |  | 8 |  |  | — |  |  | 23 |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | — |  |  | 10 |  |  | 2 |  |  | — |  |  | 31 |  |  | — |  |  | 43 |
Amortization of fair value adjustments on debt | — |  |  | (46 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (46 | )
Accretion of fair value adjustments on deposits and maintenance liabilities | — |  |  | 2 |  |  | — |  |  | — |  |  | 5 |  |  | — |  |  | 7 |
Maintenance rights write-off | — |  |  | 68 |  |  | — |  |  | 10 |  |  | 67 |  |  | — |  |  | 145 |
Maintenance liability release to income | — |  |  | (40 | ) |  | — |  |  | (20 | ) |  | (30 | ) |  | — |  |  | (90 | )
Net gain on sale of assets | — |  |  | (48 | ) |  | — |  |  | (5 | ) |  | (47 | ) |  | — |  |  | (100 | )
Deferred income taxes | — |  |  | 36 |  |  | (10 | ) |  | 27 |  |  | 35 |  |  | — |  |  | 88 |
Collections of finance and sales-type leases | — |  |  | 20 |  |  | — |  |  | 11 |  |  | 14 |  |  | — |  |  | 45 |
Other | 17 |  |  | (6 | ) |  | — |  |  | 37 |  |  | 37 |  |  | — |  |  | 85 |
Cash flow from operating activities before changes in working capital | 17 |  |  | 478 |  |  | (85 | ) |  | 329 |  |  | 887 |  |  | — |  |  | 1,626 |
Working capital | 302 |  |  | 521 |  |  | (534 | ) |  | (504 | ) |  | 109 |  |  | — |  |  | (106 | )
Net cash provided by (used in) operating activities | 319 |  |  | 999 |  |  | (619 | ) |  | (175 | ) |  | 996 |  |  | — |  |  | 1,520 |
Purchase of flight equipment | — |  |  | (287 | ) |  | — |  |  | (180 | ) |  | (1,016 | ) |  | — |  |  | (1,483 | )
Proceeds from sale or disposal of assets | — |  |  | 250 |  |  | — |  |  | 93 |  |  | 390 |  |  | — |  |  | 733 |
Prepayments on flight equipment | — |  |  | (210 | ) |  | — |  |  | (1 | ) |  | (368 | ) |  | — |  |  | (579 | )
Net cash used in investing activities | — |  |  | (247 | ) |  | — |  |  | (88 | ) |  | (994 | ) |  | — |  |  | (1,329 | )
Issuance of debt | — |  |  | 2,107 |  |  | 630 |  |  | 4 |  |  | 1,416 |  |  | — |  |  | 4,157 |
Repayment of debt | — |  |  | (3,101 | ) |  | — |  |  | (8 | ) |  | (1,510 | ) |  | — |  |  | (4,619 | )
Debt issuance costs paid, net of debt premium received | — |  |  | 5 |  |  | (2 | ) |  | — |  |  | (11 | ) |  | — |  |  | (8 | )
Maintenance payments received | — |  |  | 109 |  |  | — |  |  | 50 |  |  | 199 |  |  | — |  |  | 358 |
Maintenance payments returned | — |  |  | (59 | ) |  | — |  |  | (25 | ) |  | (122 | ) |  | — |  |  | (206 | )
Security deposits received | — |  |  | 79 |  |  | — |  |  | 21 |  |  | 47 |  |  | — |  |  | 147 |
Security deposits returned | — |  |  | (55 | ) |  | — |  |  | (19 | ) |  | (67 | ) |  | — |  |  | (141 | )
Dividend paid to non-controlling interest holders | — |  |  | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Repurchase of shares and tax withholdings on share-based compensation | (320 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (320 | )
Net cash (used in) provided by financing activities | (320 | ) |  | (915 | ) |  | 628 |  |  | 23 |  |  | (51 | ) |  | — |  |  | (635 | )
Net (decrease) increase in cash, cash equivalents and restricted cash | (1 | ) |  | (163 | ) |  | 9 |  |  | (240 | ) |  | (49 | ) |  | — |  |  | (444 | )
Effect of exchange rate changes | — |  |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | — |  |  | (1 | )
Cash, cash equivalents and restricted cash at beginning of period | 3 |  |  | 318 |  |  | 6 |  |  | 738 |  |  | 350 |  |  | — |  |  | 1,415 |
Cash, cash equivalents and restricted cash at end of period | $ | 2 |  |  | $ | 155 |  |  | $ | 15 |  |  | $ | 497 |  |  | $ | 301 |  |  | $ | — |  |  | $ | 970 |
(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 |  |  |  |  |  |  |  |  |  |
| Six Months Ended June 30, 2018
| AerCap Holdings N.V. |  | AerCap Global Aviation Trust |  | AerCap Ireland Capital Designated Activity Company |  | Guarantors (a) |  | Non- Guarantors |  | Eliminations |  | Total
| (U.S. Dollars in millions)
Net income (loss) | $ | 520 |  |  | $ | 456 |  |  | $ | 389 |  |  | $ | 566 |  |  | $ | (257 | ) |  | $ | (1,154 | ) |  | $ | 520 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |
(Income) loss from subsidiaries | (532 | ) |  | (152 | ) |  | (456 | ) |  | (457 | ) |  | 443 |  |  | 1,154 |  |  | — |
Depreciation and amortization | — |  |  | 296 |  |  | — |  |  | 56 |  |  | 489 |  |  | — |  |  | 841 |
Asset impairment | — |  |  | — |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
Amortization of debt issuance costs, debt discount, debt premium and lease premium | — |  |  | 9 |  |  | 3 |  |  | 2 |  |  | 28 |  |  | — |  |  | 42 |
Amortization of fair value adjustments on debt | — |  |  | (79 | ) |  | — |  |  | — |  |  | (1 | ) |  | — |  |  | (80 | )
Accretion of fair value adjustments on deposits and maintenance liabilities | — |  |  | 4 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | 10 |
Maintenance rights write-off | — |  |  | 65 |  |  | — |  |  | 7 |  |  | 88 |  |  | — |  |  | 160 |
Maintenance liability release to income | — |  |  | (46 | ) |  | — |  |  | (8 | ) |  | (59 | ) |  | — |  |  | (113 | )
Net gain on sale of assets | — |  |  | (36 | ) |  | — |  |  | (13 | ) |  | (92 | ) |  | — |  |  | (141 | )
Deferred income taxes | (2 | ) |  | 43 |  |  | (10 | ) |  | 15 |  |  | 30 |  |  | — |  |  | 76 |
Other | 35 |  |  | 1 |  |  | — |  |  | 13 |  |  | (1 | ) |  | — |  |  | 48 |
Cash flow from operating activities before changes in working capital | 21 |  |  | 561 |  |  | (74 | ) |  | 181 |  |  | 690 |  |  | — |  |  | 1,379 |
Working capital | 472 |  |  | (1,445 | ) |  | 65 |  |  | 248 |  |  | 625 |  |  | — |  |  | (35 | )
Net cash provided by (used in) operating activities | 493 |  |  | (884 | ) |  | (9 | ) |  | 429 |  |  | 1,315 |  |  | — |  |  | 1,344 |
Purchase of flight equipment | — |  |  | (501 | ) |  | — |  |  | (550 | ) |  | (544 | ) |  | — |  |  | (1,595 | )
Proceeds from sale or disposal of assets | — |  |  | 579 |  |  | — |  |  | 120 |  |  | 497 |  |  | — |  |  | 1,196 |
Prepayments on flight equipment | — |  |  | (296 | ) |  | — |  |  | — |  |  | (572 | ) |  | — |  |  | (868 | )
Collections of finance and sales-type leases | — |  |  | 24 |  |  | — |  |  | 14 |  |  | 8 |  |  | — |  |  | 46 |
Other | — |  |  | — |  |  | — |  |  | — |  |  | (21 | ) |  | — |  |  | (21 | )
Net cash used in investing activities | — |  |  | (194 | ) |  | — |  |  | (416 | ) |  | (632 | ) |  | — |  |  | (1,242 | )
Issuance of debt | — |  |  | 1,793 |  |  | — |  |  | — |  |  | 650 |  |  | — |  |  | 2,443 |
Repayment of debt | — |  |  | (750 | ) |  | — |  |  | (15 | ) |  | (1,477 | ) |  | — |  |  | (2,242 | )
Debt issuance costs paid, net of debt premium received | — |  |  | (16 | ) |  | — |  |  | (1 | ) |  | (23 | ) |  | — |  |  | (40 | )
Maintenance payments received | — |  |  | 126 |  |  | — |  |  | 42 |  |  | 195 |  |  | — |  |  | 363 |
Maintenance payments returned | — |  |  | (94 | ) |  | — |  |  | (9 | ) |  | (173 | ) |  | — |  |  | (276 | )
Security deposits received | — |  |  | 25 |  |  | — |  |  | 28 |  |  | 33 |  |  | — |  |  | 86 |
Security deposits returned | — |  |  | (29 | ) |  | — |  |  | (28 | ) |  | (36 | ) |  | — |  |  | (93 | )
Dividend paid to non-controlling interest holders | — |  |  | — |  |  | — |  |  | — |  |  | (3 | ) |  | — |  |  | (3 | )
Repurchase of shares and tax withholdings on share-based compensation | (509 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (509 | )
Net cash (used in) provided by financing activities | (509 | ) |  | 1,055 |  |  | — |  |  | 17 |  |  | (834 | ) |  | — |  |  | (271 | )
Net (decrease) increase in cash, cash equivalents and restricted cash | (16 | ) |  | (23 | ) |  | (9 | ) |  | 30 |  |  | (151 | ) |  | — |  |  | (169 | )
Effect of exchange rate changes | — |  |  | — |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Cash, cash equivalents and restricted cash at beginning of period | 21 |  |  | 222 |  |  | 14 |  |  | 1,237 |  |  | 530 |  |  | — |  |  | 2,024 |
Cash, cash equivalents and restricted cash at end of period | $ | 5 |  |  | $ | 199 |  |  | $ | 5 |  |  | $ | 1,270 |  |  | $ | 379 |  |  | $ | — |  |  | $ | 1,858 |
(a) Guarantors consist of AerCap U.S. Global Aviation LLC, AerCap Aviation Solutions B.V., AerCap Ireland Ltd. and ILFC.

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