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Debt | 6 Months Ended
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Jun. 30, 2023
Debt Disclosure [Abstract] |
Debt | Debt As of June 30, 2023, the principal amount of our outstanding indebtedness totaled $46.5 billion, which excluded debt issuance costs, debt discounts and debt premium of $256 million, and our undrawn lines of credit were $11.3 billion, availability of which is subject to certain conditions, including compliance with certain financial covenants. As of June 30, 2023, 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, 2023 and December 31, 2022:
|  | June 30, 2023 |  | December 31, 2022
Debt obligation |  | Collateral (number of aircraft and helicopters) |  | Commitment |  | Undrawn amounts |  | Amount outstanding |  | Weighted average interest rate (a) |  | Maturity |  | Amount outstanding
Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |  |
AerCap Trust (b) & AICDC (c) Notes |  |  |  | $ | 32,100,000 |  |  | $ | — |  |  | $ | 32,100,000 |  |  | 3.06 | % |  | 2041 |  | $ | 32,700,000 |
Revolving credit facilities (d) |  |  |  | 9,300,000 |  |  | 9,300,000 |  |  | — |  |  | — |  |  | 2027 |  | — |
Other unsecured debt |  |  |  | 2,124,500 |  |  | — |  |  | 2,124,500 |  |  | 6.58 | % |  | 2026 |  | 2,010,500 |
TOTAL UNSECURED |  |  |  | $ | 43,524,500 |  |  | $ | 9,300,000 |  |  | $ | 34,224,500 |  |  |  |  |  |  | $ | 34,710,500 |
Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facilities (e) |  | 36 |  |  | 953,844 |  |  | — |  |  | 953,844 |  |  | 2.12 | % |  | 2033 |  | 1,058,269 |
Institutional secured term loans & secured portfolio loans |  | 270 |  |  | 8,277,116 |  |  | 710,500 |  |  | 7,566,616 |  |  | 6.07 | % |  | 2032 |  | 7,499,339 |
AerFunding Revolving Credit Facility |  | 39 |  |  | 2,075,000 |  |  | 991,231 |  |  | 1,083,769 |  |  | 7.20 | % |  | 2027 |  | 717,558 |
Other secured debt (f) |  | 14 |  |  | 727,467 |  |  | 295,569 |  |  | 431,898 |  |  | 5.58 | % |  | 2039 |  | 537,232 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | 1,459 |  |  |  |  |  |  | 1,778 |
TOTAL SECURED |  |  |  | $ | 12,033,427 |  |  | $ | 1,997,300 |  |  | $ | 10,037,586 |  |  |  |  |  |  | $ | 9,814,176 |
Subordinated |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated Notes |  |  |  | 2,250,000 |  |  | — |  |  | 2,250,000 |  |  | 6.59 | % |  | 2079 |  | 2,250,000 |
Subordinated debt issued by VIEs |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,219 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  | (212) |
TOTAL SUBORDINATED |  |  |  | $ | 2,250,000 |  |  | $ | — |  |  | $ | 2,250,000 |  |  |  |  |  |  | $ | 2,277,007 |
Debt issuance costs, debt discounts and debt premium |  |  |  |  |  |  |  | (256,243) |  |  |  |  |  |  | (268,723) |
|  | 359 |  |  | $ | 57,807,927 |  |  | $ | 11,297,300 |  |  | $ | 46,255,843 |  |  |  |  |  |  | $ | 46,532,960 |
(a)The weighted average interest rate for our floating rate debt of $9.8 billion is calculated based on the applicable 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 14 aircraft, 68 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, 2022, filed with the SEC on March 2, 2023. The material changes to our indebtedness since the filing of that report, except for scheduled repayments, are described below. Revolving credit facilities In March 2014, AICDC entered into a senior unsecured revolving credit facility (the “Citi Revolver I”) which was subsequently upsized and amended. In February 2023, AICDC extended the Citi Revolver I, extending its maturity to February 2027. In March 2021, AerCap and AICDC entered into a $4.35 billion unsecured revolving credit agreement (the “Citi Revolver II”). In 2021, the Citi Revolver I was amended such that the terms of both the Citi Revolver I and the Citi Revolver II are the same (the “Citi Revolvers”). In February 2023, the terms of the Citi Revolvers were amended to replace LIBOR with Term SOFR as the relevant reference rate. Secured portfolio loans In March 2023, we entered into a $900 million secured facility agreement with a syndicate of lenders and Crédit Agricole Corporate and Investment Bank, as administrative agent, and a maturity of November 29, 2030. AerCap Trust and AICDC Notes In February 2023, AerCap Trust and AICDC completed the redemption of all $600 million outstanding aggregate principal amount of their 4.125% Senior Notes due 2023. In June 2023, AerCap Trust and AICDC co-issued $1 billion aggregate principal amount of 5.75% senior unsecured notes due 2028. In June 2023, AerCap Trust and AICDC redeemed $1 billion aggregate principal amount of their then-outstanding $1.25 billion aggregate principal amount of 4.50% Senior Notes due 2023

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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