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v3.22.1

Debt (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of indebtedness | The following table provides a summary of our indebtedness as of December 31, 2021 and 2020:
|  | As of December 31,
|  | 2021 |  | 2020
Debt obligation |  | Collateral (number of aircraft and helicopters) |  | Commitment |  | Undrawn amounts |  | Amount outstanding |  | Weighted average interest rate (a) |  | Maturity |  | Amount outstanding
Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |  |
ILFC Legacy Notes |  |  |  | $ | 1,034,274 |  |  | $ | — |  |  | $ | 1,034,274 |  |  | 6.63 | % |  | 2022 |  | $ | 1,198,888 |
AerCap Trust & AICDC Notes |  |  |  | 34,167,202 |  |  | — |  |  | 34,167,202 |  |  | 3.07 | % |  | 2041 |  | 12,797,126 |
Revolving credit facilities (b) |  |  |  | 9,034,000 |  |  | 9,034,000 |  |  | — |  |  | — |  |  | 2025 |  | — |
Other unsecured debt |  |  |  | 1,874,000 |  |  | — |  |  | 1,874,000 |  |  | 1.83 | % |  | 2024 |  | 1,759,000 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | 4,210 |  |  |  |  |  |  | 21,716 |
TOTAL UNSECURED |  |  |  | $ | 46,109,476 |  |  | $ | 9,034,000 |  |  | $ | 37,079,686 |  |  |  |  |  |  | $ | 15,776,730 |
Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facilities (c) |  | 42 |  |  | 1,276,557 |  |  | — |  |  | 1,276,557 |  |  | 2.08 | % |  | 2033 |  | 1,023,912 |
Institutional secured term loans & secured portfolio loans |  | 277 |  |  | 8,428,534 |  |  | — |  |  | 8,428,534 |  |  | 2.50 | % |  | 2032 |  | 6,989,633 |
AerFunding Revolving Credit Facility |  | 26 |  |  | 2,075,000 |  |  | 1,291,512 |  |  | 783,488 |  |  | 2.85 | % |  | 2025 |  | 2,074,881 |
Other secured debt (d) |  | 23 |  |  | 991,592 |  |  | 290,750 |  |  | 700,842 |  |  | 3.29 | % |  | 2039 |  | 778,273 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | 2,361 |  |  |  |  |  |  | (1,827) |
TOTAL SECURED |  |  |  | $ | 12,771,683 |  |  | $ | 1,582,262 |  |  | $ | 11,191,782 |  |  |  |  |  |  | $ | 10,864,872 |
Subordinated |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated notes |  |  |  | 2,250,000 |  |  | — |  |  | 2,250,000 |  |  | 4.94 | % |  | 2079 |  | 2,250,000 |
Subordinated debt issued by VIEs |  |  |  | 27,219 |  |  | — |  |  | 27,219 |  |  | — |  |  | 2026 |  | 43,521 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | (215) |  |  |  |  |  |  | (219) |
TOTAL SUBORDINATED |  |  |  | $ | 2,277,219 |  |  | $ | — |  |  | $ | 2,277,004 |  |  |  |  |  |  | $ | 2,293,302 |
Debt issuance costs, debt discounts and debt premium |  |  |  |  |  |  |  | (343,794) |  |  |  |  |  |  | (192,823) |
|  | 368 |  |  | $ | 61,158,378 |  |  | $ | 10,616,262 |  |  | $ | 50,204,678 |  |  |  |  |  |  | $ | 28,742,081 |
(a)The weighted average interest rate for our floating rate debt of $9.5 billion is calculated based on the applicable U.S. dollar LIBOR or SOFR 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)Asia Revolver and Citi Revolvers (the “Revolving credit facilities”) (c)An additional $0.8 billion of commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown. (d)In addition to the 23 aircraft, 74 engines are pledged as collateral. The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:
| As of December 31,
| 2021 |  | 2020
| Collateral (Number of aircraft) (a) |  | Amount outstanding |  | Weighted average interest rate |  | Maturity |  | Amount outstanding
Institutional secured term loans |  |  |  |  |  |  |  |  |
Setanta | 94 |  | $ | 2,000,000 |  |  | 2.14 | % |  | 2028 |  | $ | — |
Hyperion | 58 |  | 1,050,000 |  |  | 1.97 | % |  | 2023 |  | 1,050,000 |
Secured portfolio loans |  |  |  |  |  |  |  |  |
Celtago & Celtago II | 25 |  | 869,550 |  |  | 2.77 | % |  | 2025 |  | 984,076 |
Cesium | 15 |  | 726,398 |  |  | 2.78 | % |  | 2025 |  | 791,480 |
Goldfish | 13 |  | 616,649 |  |  | 1.62 | % |  | 2025 |  | 671,060 |
Scandium | 10 |  | 573,770 |  |  | 3.14 | % |  | 2025 |  | 627,555 |
Rhodium | 11 |  | 506,202 |  |  | 2.97 | % |  | 2026 |  | 551,209 |
Other secured facilities | 51 |  | 2,085,965 |  |  | 2.87 | % |  | 2022-2032 |  | 2,314,253 |
| 277 |  | $ | 8,428,534 |  |  |  |  |  |  | $ | 6,989,633 |
(a)These loans are secured by a combination of aircraft and the equity interests in the borrower and certain special purpose entity (“SPE”) subsidiaries of the borrower that own the aircraft. The following table provides a summary of the outstanding subordinated debt as of December 31, 2021:
| As of December 31,
| 2021 |  | 2020
| Amount outstanding |  | Weighted average interest rate |  | Maturity |  | Amount outstanding
ECAPS Subordinated Notes (a) | $ | 1,000,000 |  |  | 3.47 | % |  | 2065 |  | $ | 1,000,000 |
2045 Subordinated Notes | 500,000 |  |  | 6.50 | % |  | 2045 |  | 500,000 |
2079 Subordinated Notes | 750,000 |  |  | 5.88 | % |  | 2079 |  | 750,000 |
| $ | 2,250,000 |  |  |  |  |  |  | $ | 2,250,000 |
(a)Enhanced Capital Advantaged Preferred Securities (“ECAPS”).
Schedule of maturities of debt financings | Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2021 were as follows:
| Maturities of debt financing (a)
2022 | $ | 3,982,938 |
2023 | 7,329,640 |
2024 | 8,910,800 |
2025 | 6,130,155 |
2026 | 5,939,562 |
Thereafter | 18,249,021 |
| $ | 50,542,116 |
(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, 2021:
| Maturities of AGAT/AICDC Notes
2022 | $ | 867,202 |
2023 | 4,700,000 |
2024 | 6,800,000 |
2025 | 3,650,000 |
2026 | 5,250,000 |
Thereafter | 12,900,000 |
| $ | 34,167,202 |

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