Supplemental guarantor financial information

6 Months Ended

Jun. 30, 2019

Condensed Financial Information Disclosure [Abstract]

Supplemental guarantor financial information

The following supplemental financial information is presented to comply with Rule 3-10 of Regulation S-X.

AGAT/AICDC Notes

From time to time since the completion of the ILFC acquisition, AerCap Trust and AICDC have co-issued additional senior unsecured notes (the “AGAT/AICDC” Notes). The proceeds from these offerings have been used for general corporate purposes.

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

The AGAT/AICDC Notes are jointly and severally and fully and unconditionally guaranteed by AerCap Holdings N.V. (the “Parent Guarantor”) and by AerCap Ireland Limited, AerCap Aviation Solutions B.V., ILFC and AerCap U.S. Global Aviation LLC (together, the “Subsidiary Guarantors”).

The following condensed consolidating financial information presents the Condensed Consolidating Balance Sheets as of June 30, 2019 and December 31, 2018, the Condensed Consolidating Income Statements and the Condensed Consolidating Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018, and the Condensed Consolidating Statements of Cash Flows for the six months ended June 30, 2019 and 2018 of (i) the Parent Guarantor; (ii) AerCap Trust; (iii) AICDC; (iv) the Subsidiary Guarantors on a combined basis; (v) the non-guarantor subsidiaries on a combined basis; (vi) elimination entries necessary to consolidate the Parent Guarantor with AerCap Trust and AICDC, the Subsidiary Guarantors and the non-guarantor subsidiaries; and (vii) the Company on a consolidated basis. Investments in consolidated subsidiaries are presented under the equity method of accounting. A portion of our cash and cash equivalents is held by subsidiaries and access to such cash by us for group purposes is limited.

In accordance with Rule 3-10 of Regulation S-X, separate financial statements and other disclosures with respect to AerCap Trust, AICDC and the Subsidiary Guarantors have not been provided, as AerCap Trust, AICDC and the Subsidiary Guarantors are 100%-owned by the Parent Guarantor, all guarantees of the AGAT/AICDC Notes are joint and several and full and unconditional and the Parent Guarantor’s financial statements have been filed for the periods specified by Rules 3-01 and 3-02 of Regulation S-X.

Recent accounting standards adopted during 2019:

Lease accounting

In February 2016, the FASB issued an accounting standard, ASC 842, Leases, that requires lessees to recognize lease-related assets and liabilities on the balance sheet. We adopted the new standard on its required effective date of January 1, 2019 (refer to “Part I. Financial Information—Item 1. Financial Statements (Unaudited)—Note 3—Summary of significant accounting policies”). We periodically enter into intercompany lease agreements whereby a 100% owned AerCap legal entity is both a lessor and a lessee of the aircraft asset. As a lessee of the aircraft, the entity is subject to the ASC 842 requirements. Although these leases are eliminated upon consolidation, they are presented discretely within the supplemental guarantor Condensed Consolidating Balance Sheets. As of June 30, 2019, operating lease ROU assets and liabilities are included in other assets and other liabilities, respectively, in our Condensed Consolidating Balance Sheets. Operating lease-related assets and liabilities in AerCap Trust, AICDC, the Subsidiary Guarantors and the non-guarantor subsidiaries totaled $1.4 billion as of June 30, 2019.



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 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 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 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.