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Debt | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Debt | Debt As of June 30, 2022, the principal amount of our outstanding indebtedness totaled $48.2 billion, which excluded debt issuance costs, debt discounts and debt premium of $308 million, and our undrawn lines of credit were $10.6 billion, availability of which is subject to certain conditions, including compliance with certain financial covenants. As of June 30, 2022, we remained in compliance with the financial covenants across our various debt obligations. The following table provides a summary of our indebtedness as of June 30, 2022 and December 31, 2021:
|  | June 30, 2022 |  | December 31, 2021
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 |  |  |  | $ | 750,000 |  |  | $ | — |  |  | $ | 750,000 |  |  | 5.88 | % |  | 2022 |  | $ | 1,034,274 |
AerCap Trust (b) & AICDC (c) Notes |  |  |  | 33,300,000 |  |  | — |  |  | 33,300,000 |  |  | 3.05 | % |  | 2041 |  | 34,167,202 |
Revolving credit facilities (d) |  |  |  | 9,034,000 |  |  | 9,034,000 |  |  | — |  |  | — |  |  | 2025 |  | — |
Other unsecured debt |  |  |  | 1,627,500 |  |  | — |  |  | 1,627,500 |  |  | 2.88 | % |  | 2024 |  | 1,874,000 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | 612 |  |  |  |  |  |  | 4,210 |
TOTAL UNSECURED |  |  |  | $ | 44,711,500 |  |  | $ | 9,034,000 |  |  | $ | 35,678,112 |  |  |  |  |  |  | $ | 37,079,686 |
Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facilities (e) |  | 42 |  |  | 1,187,353 |  |  | — |  |  | 1,187,353 |  |  | 2.10 | % |  | 2033 |  | 1,276,557 |
Institutional secured term loans & secured portfolio loans |  | 256 |  |  | 7,762,122 |  |  | — |  |  | 7,762,122 |  |  | 3.74 | % |  | 2032 |  | 8,428,534 |
AerFunding Revolving Credit Facility |  | 26 |  |  | 2,075,000 |  |  | 1,324,574 |  |  | 750,426 |  |  | 3.25 | % |  | 2027 |  | 783,488 |
Other secured debt (f) |  | 18 |  |  | 869,713 |  |  | 290,750 |  |  | 578,963 |  |  | 4.09 | % |  | 2039 |  | 700,842 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | 1,940 |  |  |  |  |  |  | 2,361 |
TOTAL SECURED |  |  |  | $ | 11,894,188 |  |  | $ | 1,615,324 |  |  | $ | 10,280,804 |  |  |  |  |  |  | $ | 11,191,782 |
Subordinated |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated Notes |  |  |  | 2,250,000 |  |  | — |  |  | 2,250,000 |  |  | 5.60 | % |  | 2079 |  | 2,250,000 |
Subordinated debt issued by VIEs |  |  |  | 27,219 |  |  | — |  |  | 27,219 |  |  | — |  |  | 2026 |  | 27,219 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | (214) |  |  |  |  |  |  | (215) |
TOTAL SUBORDINATED |  |  |  | $ | 2,277,219 |  |  | $ | — |  |  | $ | 2,277,005 |  |  |  |  |  |  | $ | 2,277,004 |
Debt issuance costs, debt discounts and debt premium |  |  |  |  |  |  |  | (308,034) |  |  |  |  |  |  | (343,794) |
|  | 342 |  |  | $ | 58,882,907 |  |  | $ | 10,649,324 |  |  | $ | 47,927,887 |  |  |  |  |  |  | $ | 50,204,678 |
(a)The weighted average interest rate for our floating rate debt of $8.6 billion is calculated based on the U.S. dollar LIBOR or SOFR rate, as applicable, 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)AerCap Global Aviation Trust, a Delaware Statutory Trust (“AerCap Trust”). (c)AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland (“AICDC”). (d)Asia Revolver and Citi Revolvers (the “Revolving credit facilities”). (e)An additional $0.8 billion of commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown. (f)In addition to the 18 aircraft, 74 engines are pledged as collateral. Additional details of the principal terms of our indebtedness can be found in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on March 30, 2022. The material changes to our indebtedness since the filing of that report, except for scheduled repayments, are described below. AerFunding Revolving Credit Facility In April 2006, AerFunding entered into a non-recourse senior secured revolving credit facility. In March 2022, AerFunding amended this facility, extending the revolving period to September 2024, following which there is a 30-month term-out period. The final maturity date of the AerFunding Revolving Credit Facility is March 2027. AerCap Trust & AICDC Notes On May 25, 2022, AerCap Trust and AICDC completed the redemption of all $500.0 million outstanding aggregate principal amount of their 4.625% Senior Notes due 2022.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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