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Debt (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Schedule of indebtedness | The following table provides a summary of our indebtedness as of December 31, 2019 and 2018:
|  | As of December 31,
|  | 2019 |  | 2018
Debt obligation |  | Collateral (number of aircraft) |  | Commitment |  | Undrawn amounts |  | Amount outstanding |  | Weighted average interest rate (a) |  | Maturity |  | Amount outstanding
Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |  |
ILFC Legacy Notes |  |  |  | $ | 2,900,000 |  |  | $ | — |  |  | $ | 2,900,000 |  |  | 7.09 | % |  | 2020 - 2022 |  | $ | 4,900,000 |
AerCap Trust & AICDC Notes |  |  |  | 12,500,000 |  |  | — |  |  | 12,500,000 |  |  | 4.13 | % |  | 2020 - 2028 |  | 10,749,864 |
Asia Revolving Credit Facility |  |  |  | 950,000 |  |  | 950,000 |  |  | — |  |  | — |  |  | 2022 |  | 200,000 |
Citi Revolving Credit Facility |  |  |  | 4,000,000 |  |  | 4,000,000 |  |  | — |  |  | — |  |  | 2024 |  | — |
Other unsecured debt |  |  |  | 2,024,000 |  |  | — |  |  | 2,024,000 |  |  | 3.28 | % |  | 2020 - 2023 |  | 1,160,000 |
Fair value adjustment |  |  |  | NA |  |  | NA |  |  | 99,093 |  |  | NA |  |  | NA |  | 177,450 |
TOTAL UNSECURED |  |  |  | $ | 22,374,000 |  |  | $ | 4,950,000 |  |  | $ | 17,523,093 |  |  |  |  |  |  | $ | 17,187,314 |
Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facilities |  | 18 |  |  | 565,312 |  |  | — |  |  | 565,312 |  |  | 2.43 | % |  | 2021 - 2030 |  | 849,372 |
Institutional secured term loans & secured portfolio loans |  | 191 |  |  | 7,303,496 |  |  | — |  |  | 7,303,496 |  |  | 3.62 | % |  | 2022 - 2030 |  | 7,533,028 |
AerFunding Revolving Credit Facility |  | 16 |  |  | 2,500,000 |  |  | 1,624,855 |  |  | 875,145 |  |  | 3.72 | % |  | 2022 |  | 919,484 |
Other secured debt (b) |  | 42 |  |  | 1,062,756 |  |  | — |  |  | 1,062,756 |  |  | 4.06 | % |  | 2021 - 2037 |  | 1,633,099 |
Fair value adjustment |  |  |  | NA |  |  | NA |  |  | (2,835 | ) |  | NA |  |  | NA |  | (2,103 | )
TOTAL SECURED |  |  |  | $ | 11,431,564 |  |  | $ | 1,624,855 |  |  | $ | 9,803,874 |  |  |  |  |  |  | $ | 10,932,880 |
Subordinated |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated notes |  |  |  | 2,250,000 |  |  | — |  |  | 2,250,000 |  |  | 5.18 | % |  | 2045 - 2079 |  | 1,500,000 |
Subordinated debt issued by joint ventures |  |  |  | 47,521 |  |  | — |  |  | 47,521 |  |  | — |  |  | 2020 - 2023 |  | 48,234 |
Fair value adjustment |  |  |  | NA |  |  | NA |  |  | (222 | ) |  | NA |  |  | NA |  | (225 | )
TOTAL SUBORDINATED |  |  |  | $ | 2,297,521 |  |  | $ | — |  |  | $ | 2,297,299 |  |  |  |  |  |  | $ | 1,548,009 |
Debt issuance costs, debt discounts and debt premium |  |  |  | NA |  |  | NA |  |  | (138,135 | ) |  | NA |  |  | NA |  | (160,616 | )
|  | 267 |  |  | $ | 36,103,085 |  |  | $ | 6,574,855 |  |  | $ | 29,486,131 |  |  |  |  |  |  | $ | 29,507,587 |
(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, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives.
(b) In addition to the 42 aircraft, 74 engines are pledged as collateral. The following table provides a summary of the outstanding subordinated debt as of December 31, 2019:
| As of December 31, 2019
| Amount outstanding |  | Weighted average interest rate |  | Maturity
ECAPS Subordinated Notes | $ | 1,000,000 |  |  | 4.00 | % |  | 2065
2045 Subordinated Notes | 500,000 |  |  | 6.50 | % |  | 2045
2079 Subordinated Notes | 750,000 |  |  | 5.88 | % |  | 2079
| $ | 2,250,000 |  |  |  |  |
The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:
| Collateral (Number of aircraft) (a) |  | Amount outstanding |  | Weighted average interest rate |  | Maturity
Institutional secured term loans |  |  |  |  |  |  |
Hyperion | 58 |  | $ | 1,050,000 |  |  | 3.69 | % |  | 2023
Vancouver (b) | 20 |  | 350,000 |  |  | 3.69 | % |  | 2022
Secured portfolio loans |  |  |  |  |  |  |
Celtago & Celtago II | 25 |  | 1,095,174 |  |  | 3.43 | % |  | 2022 - 2024
Cesium | 15 |  | 853,844 |  |  | 3.71 | % |  | 2025
Goldfish | 13 |  | 723,326 |  |  | 3.34 | % |  | 2025
Scandium | 10 |  | 678,953 |  |  | 3.96 | % |  | 2025
Rhodium | 11 |  | 594,619 |  |  | 3.46 | % |  | 2026
Other secured facilities | 39 |  | 1,957,580 |  |  | 3.65 | % |  | 2022 - 2030
| 191 |  | $ | 7,303,496 |  |  |  |  |
(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.
(b) In January 2020, the Vancouver term loan was fully repaid and terminated.
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, 2019:
| Maturities of ILFC Legacy Notes
2020 | $ | 1,000,000 |
2021 | 500,000 |
2022 | 1,400,000 |
| $ | 2,900,000 |
Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2019 were as follows:
| Maturities of debt financing (a)
2020 | $ | 3,454,301 |
2021 | 4,450,347 |
2022 | 6,859,785 |
2023 | 3,532,951 |
2024 | 3,010,218 |
Thereafter | 8,220,628 |
| $ | 29,528,230 |
(a) For further detail on debt maturities, please refer to “Item 5. Operating and Financial Review and Prospects—Contractual obligations”. The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2019:
| Maturities of AGAT/AICDC Notes
2020 | $ | 1,500,000 |
2021 | 2,600,000 |
2022 | 2,100,000 |
2023 | 1,200,000 |
2024 | 1,650,000 |
Thereafter | 3,450,000 |
| $ | 12,500,000 |

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